Document:

Exhibit
10.50.1

 

April 28th, 2005

 

PERSONAL AND CONFIDENTIAL

 

Mr. William Caldwell

Chief Executive Officer

ACT Holdings, Inc.

381 Plantation Street, Biotech V

Worcester, MA 01605

 

Dear Mr. Caldwell:

 

This letter agreement amends the letter agreement
dated as of December 31st, 2004 between Price Consulting LLC and ACT
Holdings, Inc. This letter agreement confirms the engagement of Price
Consulting LLC (dba as “Green Mountain Finance”) by ACT Holdings, Inc.
(together with its subsidiaries, affiliates, the “Company”) to act as a
financial and strategic consultant to the Company in connection with (i) Financings defined as the raising of
capital from outside investors, foundations, or state and local governments in
exchange for equity or debt securities to be issued by the Company or specific
research commitments by the Company in the case of a grant; (ii) Mergers and Acquisitions defined as the
possible investment, acquisition or other effort by the Company to obtain a
material ownership stake of a material portion of the assets or securities of
one or more potential candidates; and (iii) Strategic
Partnerships and Collaborations defined as the forming of agreements
and alliances with industry partners to further the scientific research and
business goals of the Company.

 

Services. Green Mountain Finance will assist the Company in
the following: (i) strategic planning for financings, mergers and acquisitions,
and strategic partnerships and collaborations; (ii) executing the Company’s
strategic plan in each of the three forementioned categories, including
contacting potential candidates on behalf of the Company for each category and
facilitating discussions between such candidates and the Company; (iii)
providing financial advice and assistance in structuring and closing any
potential transaction with a candidate, which may involve, to the extent
requested by you and appropriate for any transaction, advice and assistance in
connection with defining strategic and financial objectives, reviewing due
diligence information and advising in negotiations of the terms and structure
of any transaction; and (iv) furthering any and all of the Company’s scientific
research and business goals.

 

Term and Option for Employment. This engagement will commence on the date of this
letter agreement for a total term of four years (initial term of one year with
3 automatic renewals on the anniversary date of this

 

 

letter agreement unless otherwise terminated) or
terminate 30 days from the date on which either party receives written notice
from the other party of termination of this engagement for any reason.

 

In
the event the Company terminates this engagement after a “Change of Control,”
as defined in the Company’s Stock Option Plan, then Green Mountain Finance
shall receive compensation including a $50,000 Change of Control fee to be paid
in cash and the immediate vesting of 100% of any unvested options previously
granted to Green Mountain Finance.

 

The
Company reserves and Green Mountain Finance grants an Option during the term of
this agreement for the Company to concurrently cancel this agreement and enter
into an employment agreement with the principal of Green Mountain Finance,
Stephen Price, on similar terms and conditions with respect to services and
compensation as described in this letter agreement. Notwithstanding the
foregoing, the Company agrees that the provisions relating to the payment of
fees, reimbursement of expenses, indemnification and contribution,
confidentiality and waiver of the right to trial by jury will survive any such
termination.

 

Compensation. In connection with
this engagement, the Company agrees to pay Green Mountain Finance compensation
including (a) a monthly retainer fee of $12,500.00 per month or $37,500 per
quarter, with the initial quarter (May, June and July) payable in cash upon
execution of this letter agreement and subsequent monthly payments at the
beginning of each subsequent month (August) for the term of the agreement, and
(b) as described in the prior letter agreement dated December 31, 2004 stock
compensation whereby the Company will grant stock options or warrants to Green
Mountain Finance or Stephen Price (the principal of Green Mountain Finance)
consisting of an initial fully-vested grant of stock options or warrants to
purchase 40,000 shares of common stock of the Company at an exercise price of
$0.25 per share and an additional grant of stock options to purchase 400,000
shares of common stock of the Company with an exercise price, vesting periods,
and other terms similar to those of employee stock options granted to ACT
employees and described in a separate stock option agreement.

 

In addition and as an incentive to meet certain
goals, the Company agrees to award Green Mountain Finance certain cash bonuses
and accelerated vesting of stock options outlined as follows.

 

1)              Upon the Company
raising total capital in the amount of $10 million subsequent to the close of
the Series A Round (and not including the Series A), then Green Mountain
Finance shall receive a cash bonus of $50,000 and an immediate vesting of
previously granted (but not yet vested stock options) to purchase 75,000 shares
of common stock of the Company.

 

2)              Upon the Company
raising total capital in the amount of $50 million subsequent to the close of
the Series A Round, then Green Mountain Finance shall receive a cash bonus of
$125,000 and an immediate vesting of previously granted (but not yet vested
stock options) to purchase 125,000 shares of common stock of the Company.

 

3)              Upon the Company
raising total capital in the amount of $100 million subsequent to the close of
the Series A Round, then Green Mountain Finance shall receive a cash bonus of
$125,000 and an immediate vesting of previously granted (but not yet vested
stock options) to purchase 125,000 shares of common stock of the Company.

 

Any
other awards of cash bonuses or accelerated vesting to Green Mountain Finance
not described in this letter agreement will be at the sole discretion of the
Company.

 

The
Company also agrees to periodically reimburse Green Mountain Finance promptly
when invoiced for all of its reasonable out-of-pocket expenses in connection
with the performance of its services hereunder. Such

 

2

 

expenses may include re-imbursement for health
insurance, office and administrative support, and travel related expenses. Upon
termination of this letter agreement or completion of a Transaction, the
Company agrees to pay promptly in cash any unreimbursed expenses that have
accrued as of such date.

 

Indemnification. The Company agrees to indemnify and hold harmless
Green Mountain Finance and its officers and employees (each such person,
including Green Mountain Finance, an “Indemnified Party”) to the extent fully
permitted by law from and against any losses, claims, damages, expenses, and
liabilities, joint or several (collectively, the “Damages”), to which such
Indemnified Party may become subject in connection with or otherwise relating
to or arising from any transaction contemplated by this letter agreement or the
engagement of or performance of services by an Indemnified Party hereunder, and
will reimburse each Indemnified Party for all fees and expenses (including the
fees and expenses of counsel) (collectively, “Expenses”) as incurred in
connection with investigating, preparing, pursuing or defending any threatened
or pending claim, action, proceeding or investigation (collectively, the “Proceedings”)
arising therefrom, whether or not such Indemnified Party is a formal party to
such Proceeding; provided, that the Company will not be liable to any such
Indemnified Party to the extent that any Damages are found in a final
non-appealable judgment by a court of competent jurisdiction to have resulted
solely from the gross negligence or willful misconduct of the Indemnified Party
seeking indemnification hereunder. This provision will survive the modification
or termination of this letter agreement.

 

Independent Contractor. The Company acknowledges that in performing its
services, Green Mountain Finance is acting as an independent contractor with
duties owing solely to the Company.

 

Confidentiality. The Company further acknowledges that any service,
information or advice, provided by Green Mountain Finance to the Company in
connection with this engagement is for the confidential use of the Company and
may not be disclosed or referred to publicly or to any third party, without our
prior written consent, which consent will not be unreasonably withheld. Green
Mountain Finance will treat confidentially any material non-public information
relating to the Company provided by the Company to Green Mountain Finance
during this engagement, except as (a) required in order to perform our services
under this engagement, including disclosing such information to its officers,
employees, agents and other representatives as necessary, (b) such information
becomes publicly available other than by disclosure by Green Mountain Finance
in violation of the terms hereof or (c) otherwise required by law or judicial
or regulatory process.

 

Miscellaneous. This letter agreement will be governed by and
construed in accordance with the laws of the State of Vermont applicable to
agreements made and to be fully performed therein.

 

Each of the Company and Green Mountain Finance
hereby waives any right it may have to a trial by jury in respect of any claim
brought by or on behalf of either party based upon, arising out of or in
connection with this letter agreement, our engagement hereunder or the
transactions contemplated hereby.

 

This letter agreement may not be amended or
modified except in writing signed by the Company and Green Mountain Finance and
may be executed in two or more counterparts, each of which will be deemed to be
an original, but all of which will constitute one and the same agreement. All rights,
liabilities and obligations hereunder will be binding upon and inure to the
benefit of the Company, Green Mountain Finance, each Indemnified Party and
their respective successors and assigns.

 

3

 

Please confirm our mutual understanding of this
engagement by signing and returning to me the enclosed duplicate copy of this
letter agreement. I am pleased that you have engaged me to act as your
financial and strategic consultant and am looking forward to working with you
on this assignment.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  Price
  Consulting LLC (dba Green Mountain Finance)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen Price

  	
   

  
	
   

  	
   

  	
  Stephen Price

  	
   

  
	
   

  	
   

  	
  Managing Director

  	
   

  

 

 

Agreed to and accepted as

of the above date.

 

	
  ACT Holdings, Inc.

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  William Caldwell

  	
   

  
	
   

  	
  William
  Caldwell

  
	
   

  	
  Chief
  Executive Officer

  

 

4Exhibit 10.51

 

CONSULTING AGREEMENT

 

This Consulting Agreement
(the “Agreement”) is made as of April 1, 2005, by and between Chad Griffin
Consulting, Inc. (hereinafter referred to as “Consultant”), and Advanced Cell
Technology, Inc. (hereinafter referred to as “Client”).

 

In consideration of the
mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

 

1.                                    Scope of Work.  Consultant
shall perform public affairs and strategic communications consulting services
for Client. Such services may include,
but not be limited to, the following:

 

•                  Senior Advising: strategy consulting for
grant procurement, general company strategy advisement, and consulting on
reactive and proactive crisis management

•                  ICOC Relations: representation at ICOC
meetings and ICOC sub-committee meetings (as needed), preparation of ICOC and
ICOC sub-committee meeting briefs, and management of relationships with ICOC staff and members.

•                  Government Relations: management of
relationships with California constitutional officers, staff and other
governmental officials.

•                  Communications Strategy and Message
Development: oversight of the development of collateral materials, management
of relationships with California/National reporters, and management of media
relations.

•                  Advice on National/International legislation
and other state stem cell initiatives.

•                  Provide introductions to prominent (“for
profit”, non profit, institutions/foundations, and individuals) constituencies
supporting the stem cell movement.

•                  Consultant will not perform
financial public relations services for Client.

•                  Consultant will not act as a lobbyist for the Client, as defined by
California state law.

 

2.                                     Term.  This Agreement shall continue in full force
and effect for the period beginning April 1, 2005 and ending April 1, 2006 (12 months).

 

3.                                     Independent Contractor
Status.  Consultant enters into this Agreement as an
independent contractor and for no purpose shall Consultant be deemed to be an
employee or agent of Client.  Client will
not treat Consultant as an employee of Client for purposes of federal or state
income tax withholding, FICA withholding, or any other taxation purpose of law,
including the Internal Revenue Code of 1986, as amended.  No partnership, employment or agency has been
or is intended to be formed by this Agreement. Accordingly, Consultant
understands that Client is not required to provide Consultant with worker’s
compensation, and Consultant acknowledges and understands that Consultant is
solely responsible for payment of federal and state income tax, social
security, and unemployment and disability taxes, if any.

 

 

4.                                      Consideration
and Payment.

 

a.                                       Monthly Payment.  Client
shall pay Consultant $12,000.00 per month (12 payments total) beginning on
April 1, 2005 and ending on March 1, 2006.  Payment shall be owed on the 1st
day of each month of work, and payment shall be made within fifteen (15) days
after receipt of an invoice from Consultant.  This fee is not inclusive of fundraising
services.  Such services would require an
additional compensation agreement.

 

b.                                      Stock: the company will conditionally grant Consultant 24,000 unregistered
warrants @ a conversion price of $ .25 per share subject to the following
vesting schedule.  Beginning on April 31,
2005 and on the last day of the next five (5) months, fifteen hundred (1,500)
warrants will vest each month.  For the
next six (6) months, on the last day of the month, an additional one thousand
(1,000) warrants will vest until fifteen thousand (15,000) warrants are
vested.  On the last day of this
agreement April 1, 2006) an additional nine thousand (9,000) warrants will vest
as a bonus for outstand
performance of services rendered during the prior year subject to the approval
of the CEO of ACT Holdings, Inc.  The
company will use its best efforts to include all warrants in a registration
filing contemplated after the filing of its prior two years of financial
statements with the Security Exchange Commission.

 

c.                                       Expenses.  Client
shall reimburse Consultant for all reasonable and necessary expenses incurred in
connection with the performance of services hereunder (including, but not
limited to, mileage, meals, delivery services, travel (business class),
research, telecommunications, graphic design, reproduction and postage) within
thirty (30) days of the submission of the invoice.  For expenditures of $500 or more, Consultant
shall obtain prior approval of Client.

 

5.                                      Termination.  This
Agreement will cover the period April 1st, 2005 – April 1st,
2006. Client can terminate this agreement for cause, if Consultant is grossly
negligent in the performance of its services.  Said termination shall be effected by the
Client providing Consultant with 30-calendar days written notice of its intent
to terminate.  Within 30 calendar days of
providing said written notice, the Client shall pay Consultant all unpaid fees
and expenses owed to Consultant through the date of termination, as well as a
termination fee of $12,000.  The written
notification will signal a ceasing of any future vesting of stock and the
company and consultant agree that only the vested stock will be retained by the
Consultant.  Upon termination, Consultant
shall immediately provide the Client with all products and files regarding this
account.

 

6.                                      Non-exclusivity.  This
Agreement is not exclusive.  The
Consultant has the right to perform services for others during the term of this
Agreement, provided however, that Consultant shall represent, during the
Agreement, any person or entity that has any interest adverse to Client.

 

7.                                      Indemnification.  Consultant
shall indemnify and hold Client, its agents, officers and employees, harmless
from any and all liability, including attorneys’ fees, arising from or related
to Consultant’s gross negligence, willful misconduct, or breach of this
Agreement.  Client shall indemnify and
hold Consultant, its agents, officers and employees, harmless from any and all liability, including attorneys’
fees, arising from or related to work performed by Consultant pursuant to the
Agreement or with the approval or acquiescence of Client, unless it arises from
Consultant’s gross negligence, willful misconduct, or breach of this Agreement.

 

2

 

8.                                      Non-Assignment.  Neither
party may assign this Agreement without the written consent of the other.

 

9.                                      Governing Law.  This
Agreement shall be governed and construed in accordance with the law of the
State of California.

 

10.                               Integration.  This
Agreement, along with any and all exhibits and any documents incorporated
herein by reference, sets forth the entire and only agreement between
Consultant and Client relative to the subject matter hereof.  Any representation, promise or condition,
whether oral or written, not incorporated herein shall not be binding upon
either party.  No waiver, modification,
or amendment of the terms of this Agreement shall be effective unless made in
writing and signed by an authorized representative of the party sought to be
bound hereby.

 

11.                               Severability.  Should
any part of this Agreement for any reason be declared invalid or void, such
decision shall not affect the remaining portion which will remain in full force
and effect as if this Agreement had been executed with the invalid portion
eliminated.

 

12.                               Captions and Headings;
Counterparts.  All captions, headings, and titles contained
in this Agreement are for convenience and reference purposes only and shall not
be deemed a part of this Agreement.  This
Agreement may be executed and delivered in counterparts, all of which taken
together shall constitute a single instrument.

 

13.                               Notices.  Notices
or correspondence under this Agreement shall be delivered from one party to the
other, by overnight delivery, facsimile, or by registered or certified mail,
directed to the addresses set forth below:

 

	
   

  	
  Consultant:

  	
  CGC Chad Griffin
  Consulting, Inc.

  
	
   

  	
   

  	
  335 N. Maple Drive, Ste
  135

  
	
   

  	
   

  	
  Beverly Hills, CA 90210

  
	
   

  	
   

  	
   

  
	
   

  	
  Client:

  	
  Advanced Cell Technology,
  Inc.

  
	
   

  	
   

  	
  Attn: William Caldwell,
  CEO

  
	
   

  	
   

  	
  381 Plantation Street

  
	
   

  	
   

  	
  Biotech V

  
	
   

  	
   

  	
  Worcester, MA 01605

  

 

15.                                  Arbitration.  All disputes over this Agreement
and issues arising under this Agreement that are not resolved by the parties
shall be submitted to, and settled by, an arbitrator agreeable to both parties
under the auspices of the American Arbitration Association.  Such arbitration shall be binding on the
parties and shall take place in Los Angeles California.  Each party shall bear their own costs and
attorneys’ fees; the prevailing party in the arbitration shall not be entitled
to recover attorneys’ fees or costs from the losing party.

 

3

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written
above.

 

 

	
  Chad Griffin Consulting, Inc:

  	
  Advanced Cell Technology:

  
	
   

  	
   

  
	
  By:

  	
   /s/ Chad H. Griffin

  	
   

  	
  By:

  	
   /s/ William Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Chad H. Griffin

  	
   

  	
  Name:

  	
  William Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  President, Chad Griffin Consulting, Inc.

  	
   

  	
  Title:

  	
  CEO, Advanced Cell Technology

  	
   

  
														

 

4

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