Document:

Exhibit 10.23

 

To:                              Change in Control Buyers
(Exhibit A hereto)

 

Re:                               Share Purchase
Agreements (the “Agreements”) between David C. Merrell and certain other stockholders
of Two Moons Kachinas Corp., a Nevada corporation (respectively, “Two Moons”
and the “Selling Stockholders”) and certain purchasers of such common stock of
(respectively, the “Change in Control Buyers” and the “Change in Control
Transaction” [as defined in the Agreements])

 

Gentlemen:

 

In partial consideration of the Agreements and the Change in Control
Transaction and the Reorganization Transaction, and for the additional sums
outlined in Exhibit A that is attached hereto and incorporated herein by
reference, David C. Merrell (“Merrell”) agrees to pay and indemnify and hold
the Change in Control Buyers (as defined in the Share Purchase Agreements)
harmless from and against any and all claims or past liabilities of any type or
nature whatsoever of Two Moons existing or arising before the Closing of the
Agreements and the Change in Control Transaction and the Reorganization
Transaction (as defined in the Share Purchase Agreements), while representing
that the information contained in the reports and/or registration statements of
Two Moons that have been filed with the Securities and Exchange Commission (the
“SEC Reports”) is true and correct in every material respect and do not contain
any misstatement of a material fact or omit to state a material fact required
or necessary to be stated therein that would make the statements made therein
not misleading:

 

1.                                       Merrell hereby
agrees pay and to indemnify and hold the Change in Control Buyers, their
officers, directors, employees and agents and each person, if any, who controls
them within the meaning of Section 15 of the Securities Act of 1933, as
amended (the “Securities Act”) or Section 20 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and, following the closing of the
Agreements and the Change in Control Transaction, and the Reorganization
Transaction, harmless from and against any and all past claims or liabilities
of any type or nature whatsoever of Two Moons existing or arising prior to or
at such closing, which includes all expenses of Two Moons related to the
Agreements and the Change in Control Transaction and the Reorganization
Transaction, and compromise and settlement of any amounts due and owing to
Merrell for advances or otherwise that were incurred by Two Moons in this
respect prior to the Closing; provided, however, such payment and
indemnification shall include the payment of all pre-closing cash resources of
Two Moons to Merrell, and the sale of all inventory of products to Merrell as
partial consideration of such payment and indemnification

 

2.                                       In case any
action shall be commenced involving any person in respect of which indemnity
may be sought pursuant hereto (the “Indemnified Party”), the Indemnified Party
shall promptly notify the person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing.  A
delay in

 

 

giving notice shall only relieve the
Indemnifying Party of liability to the extent the Indemnifying Party suffers
actual prejudice because of the delay.  The
Indemnifying Party shall have the right, at its option and expense, to
participate in the defense of such a proceeding or claim, but not to control
the defense, negotiation or settlement thereof, which control shall at all
times rest with the Indemnified Party.  The
parties hereto agree to cooperate fully with each other in connection with the
defense, negotiation or settlement of any such proceeding or claim.

 

3.                                       The parties
agree that all of the representations and warranties contained herein shall
survive the Closing and continue to be binding regardless of any investigation
made at any time by any party.

 

4.                                       At any time, and
from time to time, each party will execute such additional instruments and take
such action as may be reasonably requested by the other party to carry out the
intent and purposes of this Agreement.

 

5.                                       Any failure on
the part of any party hereto to comply with any of its obligations, agreements
or conditions hereunder may be waived in writing by the party to whom such
compliance is owed.

 

6.                                       All notices and
other communications hereunder shall be in writing and shall be deemed to have
been given if delivered in person or sent by prepaid first-class registered or
certified mail, return receipt requested, as follows:

 

	
  If to
  Merrell:

  	
   

  	
  9005 Cobble
  Canyon Lane

  Sandy, Utah 84093

  
	
   

  	
   

  	
   

  
	
  If to
  Indemnified Parties:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  To their
  respective addresses in the Share Purchase Agreements

  
	
   

  	
   

  	
   

  
	
  If to Two
  Moons:

  	
   

  	
  9005 Cobble
  Canyon lane

  Sandy, Utah 84093

  

 

7.                                       This Agreement
constitutes the entire agreement between the parties and supersedes and cancels
any other agreement, representation or communication, whether oral or written,
between the parties hereto relating to the transaction contemplated herein or
the subject matter hereof.

 

8.                                       This Agreement
shall be governed by and construed and enforced in accordance with the laws of
the State of Utah, without giving effect to principles of conflicts of laws;
and any action brought to enforce the terms

 

2

 

and provisions of this Agreement or otherwise
related to this Agreement shall be brought only in the state and federal courts
situated in Salt Lake County, Utah.

 

9.                                       This Agreement
shall inure to the benefit of, and be binding upon, the parties hereto and their
successors and assigns.

 

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

 

11.                                 In the event of
default hereunder by either party, the non-defaulting party in any proceeding
to enforce this Agreement shall be entitled to recover attorney’s fees and
costs and such other damages as may have been caused by the default of the
defaulting party.

 

 

	
  Dated:

  	
  l2-31-04

  	
   

  	
  /s/ David C.
  Merrell

  	
   

  
	
   

  	
   

  	
   

  	
  David C.
  Merrell

  

 

3Exhibit 10.24

 

CONVERTIBLE PROMISSORY NOTE

 

	
  $1,000,000

  	
   

  	
  Worcester, Massachusetts

  
	
   

  	
   

  	
  July 12, 2002

  

 

FOR VALUE RECEIVED, Advanced Cell Technology, Inc., a Delaware
corporation (the “Maker”), promises to pay to the order of ACT Group, Inc. (the
“Holder”), the principal sum of One Million Dollars ($1,000,000), or so much
thereof as may be advanced hereunder, with interest from the date hereof upon
said principal sum at a rate of twelve percent (12%) per annum.  This note shall mature and be payable in full
on the earlier of (a) thirty-six months following the issuance by the Maker of
at least $15,000,000 in any single series of preferred Stock of Maker, or (b)
December 31, 2005.

 

The Maker may prepay this note at any time, and from time to time.

 

The Maker waives presentment, demand, notice and protest and agrees to
pay all costs of collection or attempted collection, including reasonable
attorneys’ fees.

 

This Promissory Note shall be governed by and construed in accordance
with the laws of the Commonwealth of Massachusetts.  If any provision of this Promissory Note is
held to be invalid or unenforceable, that provision shall be ineffective to the
extent of such prohibition or shall be modified to conform with applicable law,
without invalidating any other provisions of this Promissory Note.

 

	
  WITNESS:

  	
  MAKER:

  
	
   

  	
   

  
	
   

  	
  ADVANCED CELL TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Cynthia A. Shomphe

  	
   

  	
  By:

  	
  /s/ Gunnar Engstrom

  	
   

  
	
   

  	
  Its Chief Financial OfficerExhibit 10.25

 

PROMISSORY NOTE

 

	
  $150,000

  	
   

  	
  Worcester, Massachusetts

  
	
   

  	
   

  	
  January 31, 2005

  

 

FOR VALUE RECEIVED, ADVANCED CELL TECHNOLOGY, INC., a Delaware
corporation (the “Maker”), promises to pay to the order of PIERCE ATWOOD, a
Maine limited liability partnership (the “Holder”), the principal sum of One
Hundred Fifty Thousand Dollars ($150,000).  Payment of the principal outstanding under
this Note shall be made in lawful U.S. money in immediately available funds to
the Holder in monthly installments of $50,000 payable on the first day of
March, April and May, 2005.

 

All principal outstanding hereunder shall accrue interest at the rate
of ten percent (10%) per annum.  In the
event all principal is paid on a timely basis, interest accrued hereunder shall
be waived by the Holder.  If not paid on
a timely basis, interest shall be due and payable, together with the final
installment of principal due May 2005.

 

The Maker may make prepayments of principal due hereunder at any time
and from time to time without payment of any penalty or premium.  Any such prepayments shall be applied, first,
to any costs due hereunder to the Holder from the Maker, and second, to
unpaid principal.

 

The Maker waives presentment, demand, notice and protest and agrees to
pay all costs of collection or attempted collection, including reasonable
attorneys’ fees.

 

This Promissory Note shall be governed by and construed in accordance
with the laws of the Commonwealth of Massachusetts.  If any provision of this Promissory Note is
held to be invalid or unenforceable, that provision shall be ineffective to the
extent of such prohibition or shall be modified to conform with applicable law,
without invalidating any other provisions of this Promissory Note.

 

	
  WITNESS:

  	
  MAKER:

  
	
   

  	
   

  
	
   

  	
  ADVANCED CELL TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ K Singh

  	
   

  	
  By:

  	
  /s/ William M. Caldwell IV

  	
   

  
	
   

  	
  Its Chief Executive Officer

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