Document:

Exhibit 10.49

 

CONSULTING AGREEMENT

 

Advanced Cell Technology
Holdings, Inc., and its wholly owned subsidiary, Advance Cell Technology, Inc.
(collectively referred to as “ACT”) desire to retain the services of Jonathan
F. Atzen (“ATZEN”) in the role of consultant; and ATZEN desires to provide his
services to ACT in that capacity.  Accordingly,
for and in consideration of the commitments set forth herein, ACT and ATZEN
agree as follows;

 

1.                                      Position and Duties

 

ACT agrees to retain ATZEN
in the role of consultant.  ATZEN shall
also be appointed Assistant Secretary to ACT.  ATZEN shall report to the Chief Executive
Officer (CEO) of ACT, and shall perform consulting services that are assigned
to ATZEN by the CEO of ACT.  In this
consulting capacity, it is expected that ATZEN shall provide guidance on a
variety of matters, including, but not limited to, strategic legal consulting
with respect to corporate governance, financing and general business
consulting.

 

2.                                      Compensation

 

A.                                    Stock Options: ACT shall compensate ATZEN 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 ATZEN for reasonable
travel and other business expenses incurred by ATZEN in the performance of his
duties hereunder.

 

C.                                    Cash Compensation: ACT and ATZEN 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 ATZEN’s role of 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 ATZEN 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

 

 

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
ATZEN’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 ATZEN, 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,
ATZEN’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 ATZEN’s consulting agreement with ACT and for one (1) year
thereafter, ATZEN 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.  ATZEN
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.  ATZEN
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 ATZEN 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 ATZEN
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
ATZEN’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 ATZEN for
ACT.

 

6.                                    Disclosure of Inventions

 

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

 

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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.  ATZEN 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, ATZEN 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 ATZEN’s possession prior to his employment with
ACT; or (iii) the information is disclosed to ATZEN without a confidential
restriction by a third party who rightfully possesses the information and did
not obtain it, either directly or indirectly, from ACT.

 

ATZEN understands and agrees that all confidential information will be
kept confidential by ATZEN both during and after his consulting under this
Agreement.  ATZEN 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 ATZEN full-time
employment at ACT.  In the event that ACT
elects to convert ATZEN 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 ATZEN 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

 

ATZEN 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 ATZEN during the course of employment from ACT or
any client of ACT.

 

e.                                       Any and all inventions or intellectual
property developed by ATZEN 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 ATZEN, 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.

 

ATZEN 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.

 

II.                                   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

 

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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

 

ATZEN 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 ATZEN.  ATZEN 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/ Jonathan F. Atzen

  	
   

  
	
   

  	
  Jonathan
  F. Atzen

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: January 14,
  2005

  	
  /s/ William M. Caldwell

  	
   

  
	
   

  	
  A.C.T. Holdings, Inc.

  
	
   

  	
  Advanced Cell
  Technology, Inc.

  
	
   

  	
  By: William M. Caldwell

  
	
   

  	
  Title: Chief Executive
  Officer

  

 

5Exhibit 10.50

 

December
31st, 2004

 

PERSONAL AND CONFIDENTIAL

 

Mr. William Caldwell

Chief Executive Officer

Advanced Cell Technology

One Innovation Drive

Worcester, MA 01605

 

Dear Mr. Caldwell:

 

This letter agreement
confirms the engagement of Price Consulting LLC (dba as “Green Mountain
Finance”) by Advanced Cell Technology (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 term of one year or terminate 15 days from the date
on which either party receives written notice from the other party of
termination of this engagement for any reason.  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, payable in cash upon execution of this letter agreement and at the
beginning of each subsequent month for the term of the agreement, and (b) stock
compensation whereby the Company will grant stock options to Green Mountain
Finance or Stephen Price (the principal of Green Mountain Finance) consisting
of an initial fully-vested grant of stock options 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.

 

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 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.

 

2

 

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.

 

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.

  	
   

  
	
   

  	
   

  
	
  Advanced Cell Technology

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ William Caldwell

  	
   

  	
   

  
	
   

  	
  William Caldwell

  	
   

  
	
   

  	
  Chief Executive Officer

  	
   

  
						

 

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