Document:

Exhibit 10.43

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (this “Agreement”)
is entered into on April 1, 2005, by and between Advanced Cell Technology
Holdings, Inc., and its wholly owned subsidiary, Advanced Cell Technology, Inc.
(collectively, “ACT”) and Jonathan F. Atzen (the “Executive”).

 

1.                                      Position and Duties

 

A.                                   Position.  ACT
agrees to employ EXECUTIVE in the position of Senior Vice President and General
Counsel (“GC”).  EXECUTIVE shall report
to the Chief Executive Officer (“CEO”) of ACT, and shall perform any and all
duties now or hereafter assigned to EXECUTIVE by the CEO, as well as any other
duties consistent with the position of GC. 
Further, EXECUTIVE will be appointed Secretary of both corporations and
in this capacity attend all Board of Director meetings and assist both the
Chairman of the Board and the CEO in matters pertaining to the board as
assigned by the Chairman and/or CEO.  EXECUTIVE
shall abide by ACT’s rules, regulations, and practices as they may from
time-to-time be adopted or modified.

 

B.                                     Start Date.  The Executive shall commence full time
employment on April 1, 2005 (the “Start Date”).

 

2.                                      Compensation

 

A.                                   Annual Salary.  ACT shall pay EXECUTIVE an annual salary of
two hundred forty-five thousand dollars ($245,000) (the “Annual Salary”).  The Annual Salary shall be paid in equal bi-monthly
installments, consistent with ACT’s regular pay practices.  Notwithstanding the aforementioned, until ACT
has raised $10 million in investment capital (“Additional Capital”), EXECUTIVE’s
Annual Salary will commence at one hundred ninety-five thousand dollars ($195,000)
annually.  In the event ACT raises
Additional Capital, EXECUTIVE will be paid the difference between his initial
salary and the Annual Salary as if the Annual Salary had been effective from
the Start Date.  For purposes of this Section 2A,
the term “Additional Capital” shall mean any debt or equity financing of $10
million or more raised by the Company subsequent to the Start Date but does not
include the funds raised in connection with the Company’s Series A
Preferred Stock financing.

 

B.                                     Bonus.  Upon the successful completion of his job
responsibilities, in addition to his Annual Salary, EXECUTIVE shall be eligible
to receive an annual bonus that will be determined by the CEO and the Board of
Directors in their sole and absolute discretion.  EXECUTIVE shall

 

 

be entitled to a one-time advance of an annual
bonus in the amount of $40,000 payable in two installments of (1) $25,000
on the Start Date and (2) $15,000 on June 1, 2005.

 

C.                                     Expenses.  ACT shall reimburse EXECUTIVE for reasonable
travel and other business expenses incurred by EXECUTIVE in the performance of
his duties hereunder.  In addition, ACT
shall reimburse Executive for all expenses related to maintaining active status
to practice law in the State of California including annual bar dues,
continuing legal education and related educational seminars and conferences.  ACT shall reimburse the Executive for such
expenses upon presentation of an itemized account and appropriate supporting
documentation, all in accordance with ACT’s applicable policies.

 

3.                                      Benefits

 

EXECUTIVE (and EXECUTIVE’s family members as
applicable) shall be entitled to receive benefits under the following benefit
plans: group life insurance; medical insurance; disability insurance, and
401K/retirement plan.  ACT shall provide
a matching contribution to EXECUTIVE’s 401 K/retirement plan.  ACT may modify, amend or terminate any or all
such benefit plans at any time.  EXECUTIVE’s
rights under any benefit plans now in force or later adopted by ACT shall be
governed solely by the terms of the particular benefit plan.  The Executive shall be eligible to
participate in any other employee benefit plan maintained by ACT for other
executive officers of ACT.  In addition,
EXECUTIVE shall be entitled to the following:

 

A.                                   Vacation:  Three (3) weeks
per year.

B.                                     Sick Days:  Ten (10) days per year.

 

Accrued but unused vacation will accrue to the
next calendar year and may not exceed six (6) weeks in aggregate.

 

4.                                      Stock Options

 

Subject to that certain Consulting Agreement dated
January 14, 2005 by and between ACT and EXECUTIVE, ACT granted to
EXECUTIVE an option to purchase four hundred thousand (400,000) shares of the
Company’s Common Stock at a strike price of $0.85 per share (the “Option”) under
the Company’s employee Stock Option Plan (the “Plan”).  The Options will vest over forty
eight (48) months as follows: 10% of the shares will be vested as of the Start
Date and thereafter l/48th of the remaining number of shares will
vest at the end of each full month of employment.  Vesting will be subject to EXECUTIVE’s
continued employment with the Company and the terms and conditions of the Plan
and a stock option agreement.  Except as
specifically set forth in this Section 4, EXECUTIVE’s rights under the
Plan, or any other stock option plan later adopted by ACT, shall be governed
solely by the terms of the Plan, or the later adopted stock option plan.  Notwithstanding the foregoing upon a Change
in Control (as defined in the Plan), fifty percent (50%) of the then unvested
Options and any other outstanding equity awards shall accelerate.  In addition, the Executive will also be
entitled to acceleration of Options pursuant to Section 10, below.

 

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5.                                      Confidentiality Agreement;
Indemnification Agreement

 

EXECUTIVE shall sign the Confidential Information
and Inventions Agreement (the “Confidentiality Agreement”) in the form attached
hereto as Exhibit A.  The Executive
hereby represents and warrants to ACT that he will comply with all obligation
under the Confidentiality Agreement and further agrees that the provisions of
the Confidentiality Agreement shall survive any termination of this Agreement
or of the Executive’s employment relationship with ACT.  ACT indemnifies all officers and directors to
the maximum extent permitted by law.  EXECUTIVE
shall execute ACT’s standard form of Indemnification Agreement, a copy of which
is attached hereto as Exhibit B.

 

6.                                      Termination of Employment

 

EXECUTIVE understands and agrees that his
employment has no specific term.  This
Agreement, and the employment relationship, may be terminated by either party
with or without cause upon thirty (30) days written notice to the other.  Except as otherwise agreed in writing or as
otherwise provided in this Agreement, upon termination neither ACT nor
EXECUTIVE shall have any further obligation to each other by way of
compensation or otherwise.

 

7.                                      Separation Benefits

 

Upon termination of EXECUTIVE’s employment with
the Company for any reason, EXECUTIVE will receive payment for all unpaid
salary and vacation accrued as of the date of his termination of employment,
and his benefits will be continued under the ACT’s then existing benefit plans
and policies for so long as provided under the terms of such plans and policies
and as required by applicable law.  Under
certain circumstances, and conditioned in each case upon EXECUTIVE’s execution
of a release and waiver of claims against ACT, its officers and directors,
EXECUTIVE will also be entitled to receive severance benefits as set forth
below, but EXECUTIVE will not be entitled to any other compensation, award or
damages with respect to EXECUTIVE’s employment or termination.

 

(a)                                  Definitions.  For purposes of this Section 10, the
following definitions shall apply: “Disability” shall mean EXECUTIVE’s complete inability
to perform his job responsibilities for a period of one hundred eighty (180)
consecutive days or one hundred eighty (180) days in the aggregate in any
twelve (12) month period.  “Cause” means: (i) the failure to properly
perform EXECUTIVE’s job responsibilities, as determined reasonably and in good
faith by the Board; (ii) commission of any act of fraud, gross misconduct
or dishonesty with respect to the Company; (iii) conviction of, or plea of
guilty or “no contest” to, any felony, or a crime involving moral turpitude; or
(iv) material breach of the Confidentiality Agreement. “Good Reason” shall mean (i) any reduction in the
Annual Salary (other than a reduction that is applicable for the other
executive officers of ACT as a part of a general cost reduction program); (ii) any
material reduction in EXECUTIVE’s benefits (iii) a change in EXECUTIVE’s
position or title with ACT or a successor company that materially reduces
EXECUTIVE’s stature or

 

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duties or (iv) a breach by ACT of any of the
material terms, conditions or obligations of ACT under this Agreement that goes
uncured for a period of 30 days

 

(b)                                 Termination for
Cause, Death, Disability, or Resignation.  In
the event of EXECUTIVE’s termination for “Cause”, termination for death or “Disability,”
or his resignation EXECUTIVE will not be entitled to any cash severance
benefits or additional vesting of any equity awards, including stock options.

 

(c)                                  Termination Without Cause or for Good Reason.  In the event of EXECUTIVE’s termination
without Cause or for Good Reason, EXECUTIVE will be entitled to (i) a lump
sum payment in an amount equal to six (6) months Annual Salary, subject to
such payroll deductions and withholdings as are required by law; and (ii) accelerated
vesting of fifty percent (50%) of the then unvested shares subject to the
Option and (iii) ACT shall reimburse EXECUTIVE for the costs of EXECUTIVE’S
group medical and dental insurance premiums under COBRA for six (6) months immediately following
termination of this Agreement; thereafter, EXECUTIVE may continue such coverage
at his own expense in accordance with ACT’s standard policies.

 

(d)                                 Change of Control.  In the event of EXECUTIVE’s termination
without Cause within twelve (12) months following a Change in Control, in lieu
of the benefits set forth in subsection (c) above, you will be
entitled to (i) a lump sum payment in an amount equal to six (6) months
Annual Salary, subject to such payroll deductions and withholdings as are
required by law; and (ii) accelerated vesting of one-hundred percent
(100%) of the then unvested shares subject to the Option.

 

8.                                      Turnover on Termination

 

EXECUTIVE agrees that on or before termination of
employment, he will return to ACT all originals and copies of all or any part
of:

 

a.               Lists and sources
of clients;

 

b.              Proposals to
clients or drafts of proposals;

 

c.               Reports, job
notes, specifications, and drawings pertaining to clients;

 

d.              Any and all other
things, equipment, and written materials obtained by EXECUTIVE during the
course of employment from ACT or any client of ACT.

 

e.               Any and all
inventions or intellectual property developed by EXECUTIVE during the course of
employment.

 

9.                                      Arbitration

 

Except for injunctive proceedings against
unauthorized disclosure of confidential information, any and all claims or
controversies between ACT and EXECUTIVE, including but not limited to

 

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(1) those involving the construction or
application of any of the terms, provisions, or conditions of this Agreement; (2) all
contract or tort claims of any kind; and (3) any claim based on any
federal, state or local law, statute, regulation or ordinance, including claims
for unlawful discrimination or harassment, shall be settled by arbitration in
accordance with the then current Employment Dispute Resolution Rules of
the American Arbitration Association.  Judgment
on the award rendered by the arbitrator(s) may be entered by any court having
jurisdiction thereof.  The location of
the arbitration shall be San Francisco, California.  Unless the parties mutually agree otherwise,
the arbitrator shall be a retired judge selected from a panel provided by the
American Arbitration Association, or the Judicial Arbitration and Mediation
Service (JAMS).

 

ACT shall pay the arbitrators fees and costs.  Each party shall pay for its own costs and
attorneys’ fees, if any.  However, if any
party prevails on a statutory claim which affords the prevailing party
attorneys’ fees, the arbitrator may award reasonable attorneys’ fees and costs
to the prevailing party.

 

EXECUTIVE UNDERSTANDS AND AGREES THAT THIS
AGREEMENT TO ARBITRATE CONSTITUTES A WAIVER OF HIS RIGHT TO A TRIAL BY JURY OF
ANY MATTERS COVERED BY THE ARBITRATION AGREEMENT.

 

10.                               Severability

 

In the event that any of the provisions of this
Agreement shall be held to be invalid or unenforceable in whole or in part,
those provisions to the extent enforceable and all other provisions shall
nevertheless continue to be valid and enforceable as though the invalid or
unenforceable parts had not been included in this Agreement.  In the event that any provision relating to
the time period of restriction shall be declared by a court of competent
jurisdiction to exceed the maximum time period such court deems reasonable and
enforceable, then the time period of restriction deemed reasonable and
enforceable by the court shall become and shall thereafter be the maximum time
period.

 

11.                               Agreement Read and
Understood

 

EXECUTIVE acknowledges that he has
carefully read the terms of this Agreement, that he has had an opportunity to
consult with a representative of his own choosing regarding this Agreement,
that he understands the terms of this Agreement, and that he is entering this
Agreement of his own free will.

 

12.                               Complete Agreement,
Modification; Successors

 

This Agreement is the complete agreement between
the parties on the subjects contained herein and supersedes all previous
correspondence, promises, representations, and agreements, if any, either
written or oral including that certain Consulting Agreement dated January 14,
2005, by and between ACT and EXECUTIVE.  No
provision of this Agreement may be modified except by a

 

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written document signed both by the ACT and
EXECUTIVE.  EXECUTIVE understands and
agrees that he will be required by the Company to execute a comprehensive
Proprietary Information Agreement.  This
Agreement shall be binding upon any successor (whether direct or indirect and
whether by purchase, lease, merger, consolidation, liquidation or otherwise) to
all or substantially all of ACT’s business and/or assets.

 

13.                               Governing Law

 

This Agreement shall be construed and enforced
according to the laws of the State of California.

 

 

	
   

  	
   

  	
   

  	
  EXECUTIVE:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  4.01.05

  	
   

  	
  /s/ Jonathan F. Atzen

  	
   

  
	
   

  	
   

  	
   

  	
  Jonathan F. Atzen

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ACT:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  A.C.T Holdings, Inc. and Advanced Cell
  Technology, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  4/11/05

  	
   

  	
  /s/ William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  	
   

  

 

6Exhibit 10.44

 

EMPLOYMENT
AGREEMENT

 

This Agreement is made
and entered into as of the 1st day of October, 2003, by and between Irina Klimanskaya, (hereinafter referred to as the “Employee”)
and Advanced Cell Technology, Inc., a corporation duly organized and
existing under the laws of the State of Delaware, and having a place of
business at One Innovation Drive, Worcester, Massachusetts 01605.

 

The Company hereby
agrees to employ the Employee and Employee accepts such employment upon the
terms and conditions set forth in this Agreement.

 

1.                                      Duties.

 

1.1                                 Employee shall
serve Company as a Senior Scientist during the term of this Agreement and shall
perform the duties described on Exhibit A attached hereto.  Employee shall perform his duties at such
places and times as the Company may reasonably prescribe, it being understood
that these duties arc initially intended to be performed in Massachusetts but
may require domestic and international travel and relocation within the United
States during the Employment Term.

 

1.2                                 Employee shall
devote his full time and best efforts to the performance of his duties for the
Company and shall not engage in any other business activities during the Employment
Term without prior written consent of the Company.

 

2.                                      Term and Termination.

 

2.1                                 Term: The term of
Employee’s employment under this Agreement will commence on October 6,
2003 (the “Commencement Date”) and continue until terminated as set forth in Section 2.2
of this Agreement.  The Confidential
Information and Inventions Agreement, signed by Employee pursuant to Section 5,
shall remain in effect subsequent to the Employment Term.

 

2.2                                 Termination:

 

(a)                                  Employee’s
employment under this Agreement shall be terminated upon the earliest to occur
of any of the following:

 

(i)                                     the death of the
Employee;

 

(ii)                                  the Employee’s
inability to perform his duties on account of disability or incapacity for a
period of six (6) or more months, as determined by the Company’s
President.

 

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(iii)                               written notice to
Employee that the Company is terminating Employee’s employment hereunder
without cause.  Such written notice to be
signed by both of the Company’s CEO and direct supervisor.

 

(iv)                              the termination
of Employee’s employment by Employee at any time for any reason including,
without limitation, resignation or retirement.

 

(v)                                 the termination
of Employee’s employment by the Company at any time “for cause,” such
termination to take effect immediately upon written notice from the Company to
Employee.  The term “for cause” means a
determination by the Company that Employee (1) refused to obey lawful
orders of the President or other officer of the Company, (2) breached or
neglected his duties or obligations hereunder or under the Employee Confidential
Information, Inventions and Non-Competition Agreement of near or even date
herewith signed by Employee pursuant to Section 5 hereof, (3) committed
any act involving disloyalty, dishonesty or fraud or any act resulting in a
conviction of Employee of a crime, or (4) committed any act constituting a
violation of an important company policy or a violation of criminal or civil
law relating to Employee’s performance of his duties or having the potential to
negatively impact the company. Upon such termination for cause, the only
obligation the Company will have under this Agreement will be to pay Employee’s
unpaid base salary accrued through the date of termination.

 

(b)                                 Upon the
termination of this Agreement pursuant to clauses (ii) or (iii) only
of Section 2.2 (a), Employee shall be given thirty (30) days notice of
such termination and Employee shall be entitled to receive as a severance
payment an amount equal to three (3) months of his base salary, payable in
regular semi-monthly installments during the three (3) months immediately
following the Company’s termination of his employment.

 

Upon the termination of Employee’s
employment for any reason, by either party, the Employee shall immediately
return to the Company any property of the Company in his possession; return of
this property shall be a precondition to the payment of any further
compensation owed by the Company to the Employee, if any.

 

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3.                                      Compensation.  For all services rendered by the Employee, the
Company shall pay to the Employee:

 

3.2                                 Base Salary: Base salary at the rate of $85,000 per
annum, payable in equal semi-monthly installments, $20,000 of which is
acknowledged by Employee to be specific consideration for entering into the restrictive
covenants and the provisions on inventions and patents contained in the
Employee Confidential Information and Inventions Agreement identified in Section 5.

 

3.3                                 Bonuses: The Company may, in its sole discretion,
award additional bonuses or increase Employee’s base salary during the
Employment Term based upon the Employee’s performance as determined unilaterally
by the Company.

 

3.4                                 Stock Options: The Company may,
in its sole discretion, grant to Employee non-transferable stock options issued
under the Company’s Incentive Stock Option Plan (the “Plan”) for shares of
Common Stock of the Company (the “Options”), at an exercise price to be
determined by the Board of Directors of the Company.  Such Options shall be subject to the terms
and conditions of the Plan pursuant to which the grant of the Options is made.

 

Any stock option and/or stock ownership in
the Company by Employee shall not alter the status of his employment or any of
the Company’s rights under Section 2.2.

 

4.                                      Employee Benefit Plans;
Fringe Benefits.

 

Upon satisfaction of any applicable
eligibility requirements, Employee shall be entitled to participate in whatever
other Employee benefit plans are maintained by Company and to enjoy such other
fringe benefits at the same level and on the same terms Company may offer to
other Employees who have similar job responsibilities.

 

5.                                      Confidential Information and
Inventions.

 

In consideration of this Employment
Agreement and the compensation and severance benefits conferred herein,
Employee agrees to sign the Employee Confidential Information and Inventions
Agreement attached hereto as Exhibit B.

 

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6.                                      Third Party Obligations.  Employee warrants that the terms of this Agreement
are not inconsistent with any contractual obligations of Employee to any third party.

 

7.                                      Section Headings.  Section headings contained in this
Agreement are for convenience only and shall in no manner be construed as a
part of this Agreement.

 

8.                                      Amendment.  This Agreement may be amended or modified
only in writing signed by both parties.

 

9.                                      Counterparts.  This Agreement may be executed in two or more
counterparts each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

10.                               Waiver.  The
failure of either party hereto in any one or more incidences to insist upon the
performance of any of the terms or conditions of this Agreement, or to exercise
any rights or privileges conferred in this Agreement, or the waiver of any
breach of any of the terms of this Agreement shall not be construed as waiving
any such terms and the same shall continue to remain in full force and effect
as if no such forbearance or waiver had occurred.

 

11.                               Applicable Law.  This
Agreement shall be construed according to and governed by the laws of the
Commonwealth of Massachusetts, and Employee expressly consents to submit
himself to the jurisdiction of the federal and state courts of the Commonwealth
of Massachusetts.

 

12.                                  Reformation and Severability.  In the event any provision or portion of this
Agreement shall be held invalid or unenforceable by any court of competent
jurisdiction, any such provision or portion may be reformed by the Court so as
to make it valid or enforceable, whereupon the parties agree that said
provision or portion shall be valid and enforceable by or upon them.  Any such holding shall not invalidate or
render unenforceable any other term contained in this Agreement.

 

13.                                  Entire Agreement.  This
Agreement and the Employee Confidential Information, Inventions and
Non-Competition Agreement between Company and Employee of near or even date
herewith embody the entire understanding of the parties with respect to Employee’s
employment with Company and incorporate any previous agreement, written or oral,
relating to such employment.  The
Employee agrees that no other promises or representations of any kind were made
to his by the Company prior to or coincident with his signing of this
Agreement.

 

14.                                  Assignment and Successors.  Employee’s rights under this Agreement shall not
be assignable by the Employee.  This
Agreement may be assigned by Company and shall inure to the benefit of and be
binding upon Company, its successors and assigns.

 

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15.                                 Notices.  Any notice
to be given under this Agreement must be in writing and either delivered in
person or sent by first class certified or registered mail, return receipt
requested, postage prepaid, if to the Company, in care of its President,
Michael D. West, Ph.D., Advanced Cell Technology, Inc., One Innovation
Drive, Worcester, MA 01605, and if to the Employee, at his home address or
addresses as either party shall have designated in writing to the other party
hereto.

 

IN WITNESS WHEREOF,
Company has hereunto caused its corporate name to be signed and sealed, and
Employee has hereunto set his hand, all being done in duplicate originals, with
one original being delivered to each party as of the day and year first above
written.

 

	
  WITNESS:

  	
   

  	
   

  	
  ADVANCED CELL TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Erica L. Milano

  	
   

  	
   

  	
  /s/ Michael D. West

  
	
   

  	
   

  	
   

  	
  By:  Michael D. West, Ph.D.

  
	
   

  	
   

  	
   

  	
  Its:  President & CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Irina Klimanskaya

  
	
   

  	
   

  	
   

  	
  Irina Klimanskaya, Ph.D.

  

 

5

 

EXHIBIT A

 

Description of Duties:

 

1.               Employee shall
report to the Vice-President of Research & Development or such other manager as he or she may direct
from time to time in his or her sole discretion.

 

2.               Employee shall be
responsible for maintaining the Company’s intellectual property portfolio,
including interacting with the Company’s scientific staff in writing and filing
patents, maintaining accurate and complete records of the Company’s patent
portfolio and function as a liaison with the Company’s outside legal counsel.

 

3.               Employee shall
assist in matters relating to licensing of intellectual property to and from third
parties.

 

4.               Employee shall
perform such other duties as Company may determine from time to time in its
sole discretion.

 

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EXHIBIT B

 

Employee
Confidential Information and Inventions

Agreement

 

THIS AGREEMENT is entered into as of the 1st day of October, 2003 by and between
Advanced Cell Technology, Inc.(“ACT”), a Delaware Corporation with offices
at One Innovation Drive, Worcester, Massachusetts (the “Company”), and Irina L. Klimanskaya, an individual (hereinafter sometimes
referred to as “Employee”).

 

1.              INTRODUCTION.  As an employee of the Company you may conceive
or create inventions, improvements, discoveries, technical information, trade
secrets, writings, designs, and other proprietary and confidential information
of value to the Company.  Furthermore,
you may receive or create information of such importance to the Company that it
must be maintained as proprietary and confidential trade secrets and not used
in competition with the Company both during and after termination of your
employment.  In partial consideration and
as a condition of your employment or continued employment by the Company, and because
your position with the Company is one of trust and confidence by reason of your
access to and development of or contact with confidential and proprietary
information of the Company, the Company and you hereby agree as follows:

 

2.              DEFINITIONS.  (a) “Confidential Information” means any
information that Employee learns or develops during the course of employment
with Company that (1) is not generally known to the public, and (2) has
commercial value in Company’s business.  Such
information includes, but is not limited to, inventions (as defined below),
ideas, strategies, forecasts, Company’s sales, process and engineering
information, information about new or future products or services, Company’s
marketing plans and goals, unpublished financial information, lists of Company
customers or prospects, information about customer or prospect purchases and
preferences, information regarding research and development, consulting
processes, management systems, computer software and programs, means of
accessing Company’s computer systems or networks, algorithms, hardware
configurations and any other confidential information which provides Company
with a competitive advantage. Confidential Information also includes
information of third parties regarding which Company has accepted obligations
of confidentiality.

 

(b) “Trade Secret” means information,
including, but not limited to, a formula, pattern, compilation, program,
device, method, technique or process, which both: (a) derives independent
economic value, actual or potential, from not being generally known to or
readily ascertainable by people who can obtain economic value from its
disclosure or use; and (b) is the subject of Company’s efforts to maintain
its secrecy that are reasonable under the circumstances.

 

(c) “Inventions” means all discoveries,
developments, designs, improvements, inventions, trade secrets, formulas,
processes, techniques, computer programs, mask works, know-how and data, made or
conceived or reduced to practice, whether or not patentable or registerable
under copyright or similar statutes, and whether or not shown or described in
writing or reduced to practice.

 

3.              NONDISCLOSURE AND NONCOMPETE.  (a) Employee agrees to keep in strict confidence
and not disclose, in any manner to any person not employed by Company or under
contract with Company, any Confidential Information or Trade Secrets.  Employee further agrees that he will not,
without first obtaining the prior written permission of the president of the
Company, directly or indirectly utilize any Confidential Information or Trade Secrets
in his own business or for the benefit of any person or entity other than the
Company,

 

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or manufacture and/or sell any product or service
that is based in whole or in part on Confidential Information or Trade Secrets.  Employee’s obligations regarding Confidential
Information shall continue during the course of Employee’s employment by
Company and for five years thereafter.  Employee’s
obligations with respect to Trade Secrets shall continue during the course of
Employee’s employment by Company and thereafter for as long as the relevant
information is maintained by Company as a Trade Secret.  Upon termination of Employee’s employment
with Company, for whatever reason, and if requested by Company at any other
time.  Employee agrees to promptly return
to Company all originals and copies of documents, materials, and computer
information containing Confidential Information and/or Trade Secrets, all of
which Employee recognizes is the sole and exclusive property of Company.

 

(b)  Any confidential information or
trade secrets of any former employer or third person possessed by Employee is
to be kept secret and not disclosed to Company as long as such information
remains confidential or secret.

 

(c)  While in the employ of Company,
Employee will not, directly or indirectly for himself or for any other person
render any services as, including, without limitation, an employee, owner,
partner, director, shareholder, independent consultant or agent, to any entity
that is in direct competition with Company, or that operates in or that
operates in the field of cloning mammals or human therapeutic cloning.

 

4.              INVENTIONS AND WORK.  (a) Any
Inventions, work, materials, improvements, concepts, or ideas and the tangible
embodiments of same made or conceived by Employee during his employment and for
3 months thereafter, and related to the business of Company (collectively, the “Work”),
shall be the sole and exclusive property of Company.  During Employee’s employment with the
company, Employee shall keep adequate written and electronic records of his
work (properly witnessed for use as invention records when appropriate), and
shall submit such records to Company when requested or at the termination, of
Employee’s employment.  Employee shall
not reproduce any portion of such notebook records without the prior express
written consent of Company.  Employee
shall promptly and fully report all inventions, improvements, concepts, or ideas
to Company.

 

(b) To the extent any Work performed by
Employee under this Agreement is protectable under U.S. Copyright laws, such
Work shall be considered at “work made for hire” as that phrase is defined by such
laws and shall be owned by and for the express benefit of Company.  In the event it should be established that
any such Work does not qualify as work made for hire, Employee agrees to and
does hereby assign to Company all of its right, title and interest in and to
such Work including, but not limited to, all copyrights therein.  Employee does further hereby assign all of
its right, title and interest in and to all other Works to Company, including
without limitation all patents, trademarks and other proprietary rights
relating thereto, and all extensions and renewals thereof.

 

(c) Both during the term of Employee’s
employment and thereafter, Employee shall fully cooperate with Company in the
protection and enforcement of any intellectual property rights that may derive
as a result of the work performed by Employee during the course of his
employment.  This shall include executing,
acknowledging, and delivering to Company all documents or papers that may be
necessary to enable Company to publish or protect said inventions,
improvements, and ideas.

 

(d) Warranties of Previous Inventions, To the
extent that employee has made or created Inventions, Employee represents and
warrants that the items listed on a separate sheet attached hereto and made a part
hereof is a complete list of all Inventions, as herein defined, made or created
by Employee prior

 

2

 

to Employee’s employment by Company, and which
Employee wishes to exclude from this Agreement.

 

5.              TERMINATION AND SURVIVAL.  Employee’s obligations under this Agreement
shall survive the termination of Employee’s employment by the Company
regardless of the manner or cause of such termination, and said obligations
shall be binding upon Employee’s heirs, executors, administrators and legal
representatives.

 

6.              REMEDY FOR BREACH.  Employee acknowledges that any breach of this
Agreement will constitute immediate and irreparable harm to Company and/or its
successors and assigns, which cannot adequately and fully be compensated by
money damages and will warrant, in addition to all other rights and remedies
afforded by law, injunctive relief, specific performance and/or other equitable
relief.  Company’s rights and remedies
hereunder are cumulative and not exclusive.

 

7.              ADDITIONAL PROVISIONS.  Employee warrants that the terms of this
Agreement are not inconsistent with any contractual obligations of Employee to
any third party.  •  This Agreement shall be governed by the laws
of the Commonwealth of Massachusetts, without regard to principles of conflicts
of law thereof.  •  The Company and Employee believe, in light of
the facts known as of the date hereof, and after considering the nature and
extent of Company’s anticipated business activities, the amount of compensation
to be derived by Employee from the Company, and the damage that could be done
to Company’s business by Employee’s competing with Company, that the foregoing covenant
not to compete is reasonable in time and scope. 
However, if any court should construe the time or scope of the covenant
not to compete to be too broad or extensive, it is the intention of the parties
that the contract be automatically reformed, and as so reformed, enforced, to
the maximum limits which may be found to be reasonable by such court.  •  If any provision hereof is held invalid or unenforceable
by a court of competent jurisdiction, such invalidity shall not affect the
validity or operation of any other provision, and such invalid provision shall
be deemed to be severed from the Agreement. 
•  This
Agreement shall be binding on and shall inure to the benefit of the parties
hereto, and their heirs, administrators, successors, and assigns.  •  This Agreement may be amended, terminated, or
superseded only by an agreement in writing between the Company and Employee
that has been signed and dated by the Company’s President and Chief Executive
Officer.

 

7.              EMPLOYEE HAS READ AGREEMENT.

 

EMPLOYEE ACKNOWLEDGES THAT HE HAS READ AND
UNDERSTANDS THIS COMPLETE AGREEMENT.

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, have caused this Agreement to be executed as of the
day and date first written above.

 

	
   

  	
   

  	
  ADVANCED CELL
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Irina Klimanskaya

  	
   

  	
  By:

  	
  /s/ Michael D. West

  	
   

  
	
  Irina Klimanskaya,

  	
   

  	
  Its:

  	
         President &
  CEO

  	
   

  
	
  S/S No.:

  	
  605-52-294

  	
   

  	
  Printed Name:

  	
  Michael D. West

  	
   

  
								

 

3

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