Document:

Exhibit
10.52

 

CONSULTING AGREEMENT

 

Advanced Cell Technology Holdings, Inc., and its wholly owned
subsidiary (collectively referred to as “ACT”) desire to retain the services of
James G. Stewart (“STEWART”) in the role of Financial Consultant; and STEWART
desires to provide his services to ACT in that capacity.  Accordingly, for and in consideration of the
commitments set forth herein, ACT and STEWART agree as follows:

 

1.                                     Position and Duties

 

ACT
agrees to retain STEWART in the role of Financial Consultant.  STEWART shall report to the Chief Executive
Officer (CEO) of ACT, and shall perform consulting services that are assigned
to STEWART by the CEO of ACT.  In this
consulting capacity, it is expected that STEWART shall provide guidance on a
variety of matters, including, but not limited to, financial consulting on
structuring of financing transactions, input as to corporate structuring
questions, review of strategy or financing documents as appropriate and general
business consulting.

 

2.                                     Compensation

 

A.                                   Stock Options:  ACT
shall compensate STEWART for services to be provided pursuant to this agreement
with the granting of an option to purchase common shares of ACT, pursuant to
the terms and conditions outlined below under “Stock Options”.

 

B.                                     Expenses:  ACT
shall reimburse STEWART for reasonable travel and other business expenses
incurred by STEWART in the performance of his duties hereunder.

 

C.                                     Cash Compensation:  ACT
and STEWART have mutually agreed that no cash compensation will be paid in
connection with this consulting agreement.  As outlined in the “Duration / Conversion” section below,
it is contemplated that STEWART’s role of Financial Consultant may be converted
to a permanent employment arrangement at some future date, and any cash
compensation related to that decision will be finalized in connection with a
permanent employment agreement.

 

3.                                      Stock Options

 

Subject to the approval of the ACT Board of Directors, ACT will grant
STEWART an option to purchase the Company’s Common Stock (the “Option”) under the Company’s employee Stock
Option Plan (the “Plan”) in an amount equal to 400,000 of the
Company’s outstanding shares (inclusive of option reserve and warrants).  The Options will have a “strike price” equal
to the current fair market value of $.85 per share, and will vest as follows:
5% of the shares will be

 

Stewart Employment Agreement

 

 

vested
pursuant to this consulting agreement, and thereafter 1/48th of the
remaining number of shares will vest at the end of each full month of
employment, provided that STEWART’s consulting agreement is converted into a
full-time employment agreement, pursuant to the “Duration / Conversion” section below.
 In the event that full-time employment
is not offered to STEWART, the maximum amount of shares that will vest pursuant
to this consulting agreement is 5% of the shares granted.  Except as specifically set forth in this Section 4,
STEWART’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.

 

4.                                      Competitive Activities

 

During
the term of STEWART’s consulting agreement with ACT and for one (1) year
thereafter, STEWART shall not, for himself or any third party, directly or
indirectly (a) divert or attempt to divert from ACT any business of any kind,
including, without limitation, the solicitation of or interference with any of
its members, sponsors, employees, volunteers, officers or directors, (b)
employ, solicit for employment or recommend for employment any person employed
by ACT, or (c) engage in the formation or promotion of, or be employed by, any
entity that is competitive with ACT.  STEWART
acknowledges that there is a substantial likelihood that the activities
described in this Section 4 would involve the unauthorized use or
disclosure of the ACT’s Proprietary Information and that use or disclosure
would be extremely difficult to detect.  STEWART
has accepted the limitations of this Section 4 as a reasonably practicable
and unrestrictive means of preventing such use or disclosure.

 

5.                                      Inventions/Intellectual
Property Belong to ACT

 

Any
and all inventions, discoveries, improvements or intellectual property which
STEWART has conceived or made or may conceive or make during the period of
employment relating to or in any way pertaining to or connected with the
systems, products, apparatus, or methods employed, manufactured, constructed or
researched by ACT shall be the sole and exclusive property of ACT.

 

The
obligations provided for by this Agreement, except for the requirements as to
disclosure in paragraph 6, do not apply to any rights STEWART may have acquired
in connection with an invention, discovery, improvement or intellectual
property for which no equipment, supplies, facility, or trade secret
information of the ACT was used and which was developed entirely on the STEWART’s
own time and (a) which does not relate directly or indirectly to the business
of ACT or to ACT’s actual or demonstrable anticipated research or development,
or (b) which does not result from any work performed by STEWART for ACT.

 

6.                                      Disclosure of Inventions

 

STEWART
agrees to disclose promptly to ACT all such improvements, discoveries, or
inventions which STEWART has made or may make solely, jointly, or commonly with
others, and to assign as appropriate such improvements, discoveries, inventions
or intellectual property

 

2

 

to
ACT, where the rights are the property of ACT, and agrees to execute and sign
any and all applications, assignments, or other instruments which ACT may deem
necessary in order to enable it, at its expense, to apply for, prosecute, and
obtain Letters Patent of the United States or foreign countries for said
improvements, discoveries, inventions or intellectual property, or in order to
assign or convey to or vest in ACT the sole and exclusive right, title, and
interest in and to said improvements, discoveries, inventions, or patents.

 

This
paragraph is applicable whether or not the invention, discovery, improvement or
intellectual property was made under the circumstances described in paragraph
5.  STEWART agrees to make such
disclosures understanding that they will be received in confidence and that,
among other things, they are for the purpose of determining whether or not
rights to the related invention, discovery, improvement or intellectual
property is the property of ACT.

 

7.                                      Confidential and Proprietary
Information

 

During
his consulting, STEWART will have access to confidential information relating to
such matters as ACT’s trade secrets, systems, procedures, manuals, products,
and clients.  For purposes of this
Agreement, “confidential information” means all information and ideas, in any
form, relating in any manner to the business of ACT or its clients, unless: (i)
the information is or becomes publicly known through lawful means; (ii) the
information was rightfully in STEWART’s possession prior to his employment with
ACT; or (iii) the information is disclosed to STEWART without a confidential
restriction by a third party who rightfully possesses the information and did
not obtain it, either directly or indirectly, from ACT.

 

STEWART
understands and agrees that all confidential information will be kept
confidential by STEWART both during and after his consulting under this
Agreement.  STEWART further agrees that
he will not, without the prior written approval by ACT, disclose such
confidential information, or use such confidential information in any way,
either during the term of this Agreement or at any time thereafter, except as
required in the course of his consulting.

 

8.                                      Duration / Conversion

 

The
duration of this consulting agreement is expected to be 90 days.  At the end of 90 days, ACT may, in its sole
discretion, elect to extend the consulting agreement or offer STEWART full-time
employment at ACT.  In the event that ACT
elects to convert STEWART from a consulting role to the role of full-time
employee, the terms and conditions of such employment will be separately
negotiated and summarized in an Employment Agreement between STEWART and ACT.  This consulting agreement shall not be
construed to imply an offer of employment at the expiration of the initial 90
day period.

 

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9.                                      Turnover on Termination

 

STEWART
agrees that on or before termination of consulting, 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 STEWART during the course of employment from ACT
or any client of ACT.

 

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

 

10.                               Arbitration

 

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

 

STEWART
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.

 

11.                               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

 

4

 

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.

 

12.                             Agreement Read and
Understood

 

STEWART 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.

 

13.                             Complete Agreement,
Modification

 

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.  No provision of this Agreement may be modified
except by a written document signed both by the ACT and STEWART.  STEWART understands and agrees that he will be
required by the Company to execute a comprehensive Proprietary Information
Agreement.

 

14.                            Governing Law

 

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

 

 

	
  Dated: January 14,
  2005

  	
   

  	
  /s/
  James G. Stewart

  	
   

  
	
   

  	
   

  	
  James
  G. Stewart

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: January 14,
  2005

  	
  /s/ William M. Caldwell

  	
   

  
	
   

  	
  Advanced
  Cell Technology, Inc.

  
	
   

  	
  By: William M. Caldwell

  	
   

  
	
   

  	
  Title: Chief Executive
  Officer

  
						

 

5Exhibit
10.53

 

SETTLEMENT
AGREEMENT AND GENERAL RELEASE

 

THIS AGREEMENT entered into this 28 day of January 2005 by and among
Gunnar Engstrom (“Engstrom”), Advanced Cell Technology, Inc. (“ACT”) and A.C.T.
Group, Inc. (“GROUP”);

 

WHEREAS, Engstrom and ACT acknowledge that on or
about September 5, 2001 Engstrom entered into an employment agreement with
GROUP that provided for certain terms and conditions relating to compensation
to be paid to Engstrom, including salary, severance pay and stock options,
during the course of his employment and upon termination of the agreement; and

 

WHEREAS, since the execution of said agreement ACT has at all times
fulfilled the obligations of GROUP in accordance with the terms and conditions
of said employment agreement; and

 

WHEREAS, Engstrom has terminated his employment with ACT and the
parties now mutually agree to amend and alter said employment agreement in
accordance with terms that are satisfactory to all parties;

 

NOW THEREFORE, the parties hereto hereby agree as follows:

 

1.                                      Upon execution of this agreement by Engstrom,
ACT shall pay the gross sum of One Hundred Thousand ($100,000.00) Dollars to
Engstrom, less applicable taxes.  The
payment shall be made in two equal installments of Fifty Thousand ($50,000.00)
Dollars each, the first upon receipt of a copy of this agreement executed by
Engstrom and the second payment on March 1, 2005 or sooner, in the event
that the services required by Engstrom under the terms and conditions of this
agreement have been satisfied.  In addition,
ACT shall grant to Engstrom, options to purchase One Hundred Thousand

 

 

(100,000) shares of ACT common stock.  The options shall have a strike price of
twenty-five cents ($0.25) per share and a cash-less exercise feature and shall
have a term of five (5) years.  ACT will
forward a stock option agreement to Engstrom, within 15 days of the date of the
execution of this agreement.  Said
agreement will negotiated and executed no later than March 1, 2005, and
shall be effective as of April 1, 2005.  The executed option agreement shall be held in
escrow by counsel for Engstrom until April 1, 2005, the date to which
Engstrom has agreed to comply with the terms and conditions of paragraph 4 of
this agreement.  ACT further agrees to
forward to counsel for Engstrom, with the first payment of Fifty Thousand
($50,000.00) Dollars, a fully executed copy of this agreement by
representatives of ACT and GROUP.

 

2.                                        Engstrom, ACT and GROUP, their
representatives, heirs, successors and assigns do hereby mutually release and
forever discharge each other and their parent, affiliated and subsidiary
corporations, their shareholders, officers, directors, agents, employees,
attorneys, successors and assigns from any and all claims, rights, demands,
actions, obligations, liabilities, and causes of action of any kind and nature
and character whatsoever, which they may now have or ever have had against each
other as a result of the employment agreement and any obligations.

 

3.                                        Engstrom, ACT and GROUP further agree that
they will not file, nor cause to be filed, in any court or any governmental
agency, any action, claim, or charge against each other arising from or in
anyway connected with the employment agreement entered into between and among
Engstrom, ACT and GROUP.

 

4.                                        Engstrom agrees to assist ACT and GROUP
telephonically and in person with matters related to identifying and
transferring data relating to the finances and

 

2

 

operation of ACT that he may currently be in possession of, on a
reasonable basis during the period from the execution of this agreement through
April 1, 2005.  It is understood by
the parties that the “in person” assistance to be provided by Engstrom shall be
subject to his availability and within the first 30 days after the execution of
this agreement and shall not be more than 3 full business days.  Engstrom’s obligations under the preceding
statement explicitly excludes any additional consulting services requested by
ACT, which Engstrom agrees to provide to ACT, subject to availability, for
additional compensation.  Engstrom
further agrees upon the execution of this agreement that he will return to ACT
and GROUP any and all confidential or proprietary information and materials,
documents or records relating to ACT’s business that he may still have in his
possession, if any, including all documents related to ACT’s finances and
financial conditions.  ACT shall within
five (5) days of the execution of this agreement remove Engstrom’s name from
its webpage identifying him as the company’s Chief Financial Officer.

 

5.                                      Engstrom further agrees to hold all
proprietary information in confidence and not to directly or indirectly,
disclose, use, copy, publish, summarize, or remove from ACT’s premises any
proprietary information except as specifically authorized in writing by ACT.  As used in this paragraph, proprietary
information means any information in whatever form, tangible or intangible,
directly related to the business of ACT or any affiliated company of ACT, unless
(i) the information is or becomes publicly available through lawful means; (ii)
the information was rightfully in Engstrom’s possession, or part of his general
knowledge, prior to his employment by ACT; or (iii) the information is
disclosed to Engstrom without confidential or proprietary restriction by a
third party who

 

3

 

rightfully possesses the information (without confidential or
proprietary restriction) and did not learn of it, directly or indirectly, from
ACT.

 

6.                                        ACT agrees to promptly pay to the applicable
federal or state agency, any and all taxes and other fees withheld on any
consideration received by Engstrom under this Agreement.  Engstrom agrees that any tax that may be
payable on the consideration received by Engstrom as a result of this
agreement, beyond the taxes taken by ACT prior to payment is his
responsibility.   Engstrom agrees to
indemnify, defend and hold ACT harmless from and against any liability or claim
for any tax or other governmental contribution or any penalty on interest
thereon that may be incurred or demanded as a result of the receipt of the
consideration provided for in this agreement.

 

7.                                        It is understood and agreed that this
settlement agreement shall not be deemed or construed at any time or for any
purpose as an admission of liability by Engstrom, ACT or GROUP.   Engstrom, ACT and GROUP expressly deny the
liability for any and all claims.

 

8.                                        The parties desire to avoid and settle
without litigation future disputes, which may arise between them relative to
this agreement.  Accordingly, the parties
agree to engage in good faith negotiations to resolve any dispute regarding the
terms or obligations they have to each other under this agreement.  In the event they are unable to resolve any
dispute by negotiation then the parties agree to submit the matter to
arbitration.  The arbitration shall be
commenced by Engstrom and ACT each selecting an arbitrator of his or its own
choosing within 15 days after either party calling for arbitration and after
the parties have exhausted all means of negotiation.  Thereafter, within 15 days of their selection
the two designated arbitrators shall select a neutral third

 

4

 

party arbitrator whose duty it will be to schedule a hearing
date(s) within 30 days of his/her appointment, hear and accept evidence, both
oral and written, and to render a decision, which shall be binding on the
parties.

 

9.                                       Engstrom, ACT and GROUP agree that
individuals of their own choice have represented them in the negotiation of
this agreement; they have read this agreement and fully understand its effects.

 

10.                                 Copies of any correspondence or documents
relating to this agreement and the performance of the terms contained herein
shall be forwarded to the following:

 

For Engstrom:

 

James D. O’Brien, Jr., Esq.

MOUNTAIN, DEARBORN & WHITING LLP

370 Main Street

Worcester, MA 01608

(508) 756-2423

 

For GROUP and ACT:

 

Gregory Bonfiglio, Esq.

Anthem Venture Partners

225 Arizona Avenue

Suite 200

Santa Monica, CA 90401

 

5

 

11.                                 The laws of the Commonwealth of Massachusetts
shall govern the terms of this agreement.  In the event that any term of this agreement
shall be found to be null and void, the remaining terms shall continue to have
full force and effect.

 

 

	
   

  	
  /s/ Gunnar Engstrom

  	
   

  
	
   

  	
  Gunnar Engstrom

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ADVANCED CELL TECHNOLOGY,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ William M. Caldwell,
  IV

  	
   

  
	
   

  	
  William M. Caldwell, IV

  	
   

  
	
   

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  A.C.T. GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Michael West

  	
   

  
	
   

  	
  Michael West

  	
   

  

 

6

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