Document:

Exhibit 10.39

EMPLOYMENT
AGREEMENT

 

Advanced Cell
Technology, Inc. (“ACT’) desires to retain the services of Michael D. West
(“WEST”) in the capacity of President and Chief Scientific Officer; and WEST
desires to provide his services to ACT in that capacity.  Accordingly, for and in consideration of the
commitments set forth herein, ACT and WEST agree as follows:

 

1.             Position and Duties

 

ACT agrees to employ WEST in the position of
President and Chief Scientific Officer (“President & CSO”).  WEST shall report to the Chief Executive
Officer of ACT, and shall perform any and all duties now or hereafter assigned
to WEST by the Chief Executive Officer of ACT, as well as any other duties
consistent with the position of President & CSO.  WEST shall be a member of the Board of
Directors of the Company.  WEST shall
abide by ACT’s rules, regulations, and practices as they may from time-to-time
be adopted or modified.

 

2.             Compensation

 

A.            Annual Salary.  ACT
shall pay WEST an annual salary of two hundred thousand dollars ($200,000.00).  WEST’s salary shall be paid in equal
bi-monthly installments, consistent with ACT’S regular pay practices.  WEST’s salary may be adjusted from
time-to-time by ACT without affecting this Agreement.  WEST’s annual salary will increase to two
hundred fifty thousand dollars ($250,000.00) if ACT closes an equity financing
that provides at least ten million dollars ($10,000,000) of new money to the
Company.

 

B.            Bonus: In addition to his Annual Salary,
WEST shall be entitled to receive an annual bonus of fifty thousand dollars
($50,000.00) per year beginning in 2005, upon the successful completion of his
job responsibilities.  If WEST’s annual
salary is increased to two hundred fifty thousand dollars ($250,000.00), then
he shall no longer be entitled to any specific annual bonus; however he will
eligible to receive an annual bonus that will be determined by the Board of
Directors in its sole and absolute discretion.

 

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

 

3.             Benefits

 

WEST shall be entitled to receive benefits under the following benefit
plans: group life insurance; medical insurance; and 401K/retirement plan.  ACT may modify, amend or terminate any or all
such benefit plans at any time.  WEST’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.  In
addition, WEST shall be entitled to the following:

 

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

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

 

4.             Stock Options.  Subject
to the approval of the ACT Board of Directors, ACT will grant WEST 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 ten
percent (10.0%) of the Company’s outstanding shares (inclusive of option
reserve and warrants) upon completion of the Series A financing.  The Options will vest over four (4) years
as follows: 50% of the shares will be vested as of the Employment Date and
thereafter 1/48th of the remaining number of shares will vest
at the end of each full month of employment. 
Vesting will depend on WEST’s continued employment with the Company and
will be subject to the terms and conditions of the Plan and a Stock Option
Agreement.  Except as specifically set
forth in this Section 4, WEST’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: (i) upon a
Change in Control (as defined in the Plan), the vesting of fifty percent (50%)
of the then un-vested portion of the Option and any other outstanding equity
awards will be accelerated.

 

5.             Competitive Activities

 

During the term of WEST’s employment with ACT and
for one (1) year thereafter, you 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. WEST
acknowledges that there is a substantial likelihood that the activities
described in this Section 5 would involve the unauthorized use or
disclosure of the ACT’s Proprietary Information and that use or disclosure
would be extremely difficult to detect.  WEST
has accepted the limitations of this Section 5 as a reasonably practicable
and unrestrictive means of preventing such use or disclosure.

 

6.             Inventions/Intellectual Property Belong to ACT

 

Any and all inventions, discoveries, improvements or
intellectual property which WEST 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.

 

2

 

The obligations provided for by this Agreement,
except for the requirements as to disclosure in paragraph 7, do not apply to
any rights WEST 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 WEST’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 WEST for ACT. The parties understand and
agree that this limitation is intended to be consistent with California Labor
Code, Section 2870.

 

7.             Disclosure of Inventions

 

WEST agrees to disclose promptly to ACT all such improvements,
discoveries, or inventions which WEST 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 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 6.  WEST 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.

 

8.             Confidential and Proprietary Information

 

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

 

WEST understands and agrees that all confidential information will be
kept confidential by WEST both during and after his employment under this
Agreement.  WEST 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 employment.

 

3

 

9.             Termination of Employment

 

WEST understands and agrees that his/her 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 WEST shall have any further
obligation to each other by way of compensation or otherwise.

 

10.          Separation
Benefits.  Upon termination of
WEST’s employment with the Company for any reason, WEST 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 WEST’s execution of a release and waiver of claims against
ACT, its officers and directors, WEST will also be entitled to receive
severance benefits as set forth below, but WEST will not be entitled to any
other compensation, award or damages with respect’ to your employment or
termination.

 

(a)           Definitions.  For purposes of this Section 10, the
following definitions shall apply: “Disability” shall mean WEST’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 WEST’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; (iv) breach of any proprietary information and inventions
agreement with the Company; or (v) failure to follow the lawful directions
of the Board.

 

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

 

(c)           Termination
Without Cause.  In the event of WEST’s
termination without “Cause,” he will be entitled to (i) a lump sum payment
in an amount equal to twelve (12) months base 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.

 

(d)           Change
of Control.  In the event of WEST’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
twelve (12) months base salary, subject to such payroll deductions and
withholding as are required by law; and (ii) accelerated vesting of
one-hundred percent (100%) of the then-unvested shares subject to the Option.

 

4

 

11.          Turnover on Termination

 

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

 

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

 

12.          Arbitration

 

Except for injunctive proceedings against unauthorized disclosure of
confidential information, any and all claims or controversies between ACT and
WEST, 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.

 

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

 

5

 

13.          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.

 

14.          Agreement
Read and Understood

 

WEST
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.

 

15.          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 WEST.  WEST understands and agrees that he will be required
by the Company to execute a comprehensive Proprietary Information Agreement.

 

16.          Governing
Law

 

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

 

 

	
  Dated: 

  	
  12-31-04

  	
   

  	
  /s/ Michael D. West

  	
   

  
	
   

  	
  Michael D. West

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: 

  	
  12/31/2004

  	
   

  	
  /s/ William M. Caldwell IV

  	
   

  
	
   

  	
  Advanced Cell Technology, Inc.

  
	
   

  	
  By: William M. Caldwell IV

  
	
   

  	
  Title: Chief Executive Officer

  
						

 

6Exhibit 10.40

 

EMPLOYMENT AGREEMENT

 

This Agreement is made and entered into as of February 1, 2005 by
and between Robert P. Lanza, of Massachusetts, (hereinafter referred to as the “Executive”)
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 Worcester, MA (hereinafter referred to as the “Company”) and its
parent, Advanced Cell Technology Holdings, Inc a Nevada Corporation.  The Company hereby agrees to employ the
Executive and Executive accepts such employment upon the terms and conditions
set forth in this Agreement.

 

1. Duties.

 

1.1 Executive shall serve Company as Vice-President of Medical &
Scientific Development during the term of this Agreement and shall perform the
duties as determined by the Chief Scientific Officer who he will report to for
all scientific matters.  Executive shall
perform his duties at such places and times as the Company may reasonably
prescribe, it being understood that these duties are initially intended to be
performed in Massachusetts but may require domestic and international travel
during the Employment Term.

 

1.2 Executive shall devote all of his time (adjustable to accommodate
an academic appointment) and best efforts to the performance of his duties for
the Company.

 

2. Term and Termination.

 

2.1 Term: The term of Executive’s employment under this Agreement will
commence on February 1, 2005 (the “Commencement Date”) and continue for
four (4) years through January 31, 2009 (the “Employment Term”)
unless sooner terminated as set forth in Section 2.2 of this Agreement.  Upon expiration of the Employment Term, the
parties may by mutual agreement renew this Agreement.  Such renewal must be in writing.  Upon expiration of the Employment Term,
should Executive continue in the Company’s employ and the parties do not
execute a written renewal or new employment agreement, Executive shall be an “Executive
at will” at the same level of compensation and with the same insurance and
fringe benefits as set forth herein. 
With the exception of Sections 5.1 and 6 below, no other terms of this
Agreement shall be applicable subsequent to the Employment Term.

 

2.2 Termination:

 

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

 

(i) the death of the Executive;

 

(ii) the Executive’s mental or physical
inability to perform his duties on account of disability or incapacity for a
period of six (6) or more consecutive months, as determined by a physician
mutually agreed upon.

 

(iii) written notice to Executive that
the Company(s) is terminating Executive’s employment hereunder without
cause.  The executive will receive a
severance payment of one year’s salary; or (b) terminating the Executive’s
employment hereunder for cause.  (iv) the
termination of Executive’s employment by Executive because of a material change
in the duties of Executive at the direction of the Company after written notice
from Executive to the Company of the specific duties and material changes in
Executive’s duties to which he objects, the reasons for his objections, and his
intent to terminate his employment because of such material changes, said
written notice to be served on

 

 

the Company by the Executive within 90 days
of the Executive’s knowledge of such alleged material changes, and the Company’s
failure to modify within thirty (30) days the duties of the Executive to
conform to those duties currently in existence for the previous 90 days.  The sale of the Company or any other change
in control of the Company shall not, in and of itself, constitute a material
change in duties of the Executive.  The
relocation for more than 50 miles of Executive will constitute constructive
termination of executive’s employment without cause.

 

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

 

(vi) the termination of Executive’s
employment by Executive at any time for a material breach by the Company after
written notice of such breach to the Company and the Company’s failure to cure
such breach within thirty (30) days.  In
that event, the company should pay the executive one year salary.  If the Executive is terminated as a result of
the company being sold, merged or acquired by another company, the company
should pay the executive one year of salary.

 

(vii) the termination of Executive’s
employment by the Company at any time “for cause,” such termination to take
effect immediately upon written notice from the Company to Executive.  The term “for cause” means: (i) being
convicted or pleading guilty (or no contest) of a felony, fraud or convicted of
a violation of criminal or civil law relating to or impacting the Executive’s
performance of his duties as determined by the Board of Directors; (ii) the
failure to properly perform executive’s job responsibilities, as determined
reasonably and in good faith by the Board; “for cause” in this instance will
mean that the executive did not make a reasonable and good faith effort to
correct such failure within 30 days of notification; (iii) commission of
any act of gross fraud or misconduct with respect to the Company. Upon such
termination for cause, the only obligation the Company will have under this
Agreement will be to pay Executive’s unpaid base salary accrued through the
date of termination.

 

(b) Upon the termination of this
Agreement pursuant to clauses (ii), (iii) except if terminated for cause, (iv) or
(vi) only of Section 2.2 (a), Executive shall be entitled to receive
as a severance payment an amount equal to one (1) year of his base salary
or the salary, payable in regular semi-monthly installments during the twelve
(12) months immediately following the Company’s termination of his employment.  Executive’s severance payments shall be
reduced by the amount of disability insurance received by Executive.  Company will pay for disability insurance (at
least 70% of base salary).  The severance
payments will be paid in accordance with the Company’s applicable payroll
provisions and shall be reduced by any applicable withholding requirements.

 

(c) A breach by Executive of any
undertaking set forth in Section (iii) as it relates to “for cause”
only, (v) or (vi) hereof shall result in an immediate termination of
this Agreement and the rights of Executive hereunder.

 

Upon the termination of Executive’s employment for any reason, by
either party, the Executive 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 Executive, if any,
pursuant to this Section 2.2 (b).

 

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

 

3.1 Base Salary: Base salary at the rate of $215,000 per annum,
payable in equal semi-monthly installments. 
Base salary is adjustable based on inflation and only upward.

 

3.2 Bonuses: The Company
may, in its sole discretion, award additional bonuses or increase Executive’s
base salary during the Employment Term based upon the Executive’s performance
as determined unilaterally by the Company. 
The Executive will have the opportunity to achieve a $35,000 bonus for
fiscal year 2005 based upon accomplishing certain milestones established by the
Chief Scientific Officer.

 

3.3 Stock Options: The Company shall grant to
Executive stock options issued under a new Employee Stock Ownership Plan issued
by Advanced Cell Technology Holdings, Inc which must have approval by
shareholders and appropriate Regulatory Agencies The options granted to the
employee will be in accordance with the terms and conditions under the plan.  The employee will be issued at a minimum
500,000 or (5%) of the authorized
plan whichever is greater as an initial grant. 
He will be eligible for future grants during the life of this contract
to be recommended by the Chief Scientific Officer and the Chief Executive
Officer and approved by the Board of Directors in their sole discretion.

 

Stock options
will be fully vested if the company is sold, merged or acquired by another
company and the employee is not retained by the new company.  Vesting will accelerate one year if the company is sold, merged or acquired by
another company and the employee is retained by the new company.

 

4. Executive Benefit Plans; Fringe
Benefits.

Upon satisfaction of any applicable eligibility requirements, Executive
shall be entitled to participate in whatever other executive 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 Executives who have similar
job responsibilities.  Disability; the
company will purchase a policy on behalf of the executive of 70% of base salary,
adjustable for inflation.  In case of
disability, the company will continue to pay the 30% of the salary for a year.

 

5. Restrictive Covenants.

In consideration of this Employment Agreement and the severance
benefits conferred herein, Executive agrees to the following:

 

5.1 Confidentiality:
Executive agrees to maintain in strictest confidence all proprietary data and
other confidential information (whether concerning the Company or any of its
customers or proposed customers) obtained or developed by Executive in the
course of his employment with the Company, Such information and data shall
include but not be limited to the Company’s trade secrets, patents, inventions,

 

 

systems, computer programs and software, procedures, manuals,
confidential reports and communications and lists of customers and clients, as
well as Information that the Company may obtain from third parties in
confidence or subject to non-disclosure or similar agreements.  All such information and data is and shall
remain the exclusive property of the Company (or, in certain circumstances, its
particular customer) and shall be used solely for the benefit of the Company.  Any such information and data in Executive’s
possession after termination of his employment shall be promptly returned to
the Company.  Executive’s obligations
under this Section 5.1 shall survive any termination of his employment.

 

5.2 Non-Competition: Executive acknowledges that
he is a key employee of the Company and his talents and services are of
a special, unique, unusual and extraordinary character and are of particular
and peculiar benefit and importance to the Company.  In order for the Company to protect its
interests against the competitive use of any confidential information, knowledge or relationships concerning the
Company and its business to which Executive will have access by virtue of the
special nature of his relationship with the Company and his involvement in its
affairs, and in consideration of the payments made to Executive hereunder and
the agreements of the parties herein.  Executive
agrees that, for so long as this Agreement is in effect and for a period of one
(1) year after this Agreement terminates, Executive will not own (by
ownership of securities or otherwise), manage, operate, control, engage in as
an equity participant or be employed by or act as a consultant to, or be
connected in any manner with, the ownership, management or control of any
business which is competitive with the business presently conducted by the
Company or any prospective business under active consideration by the Company
at the time of termination. In recognition of the geographic extent of the
Company’s existing and anticipated operations and the nature of the Company’s
business and competitive circumstances, the restrictive covenant contained in
this Section 5.2 shall apply
in the US.

 

5.3 Solicitation:
Executive agrees that, for so long as this Agreement is in effect and for a
period of one (1) year after this Agreement terminates, executive shall
not solicit or induce any employee of the Company to leave the employ of the
Company, or to hire or attempt to hire any such employee on behalf of Executive
or on behalf of any other person or entity, and Executive further agrees not to
interfere with, disrupt or attempt to disrupt any past, present or prospective
contractual or other relationship between the Company and any of its clients,
customers, suppliers or employees.

 

5.4 Remedy for Breach: The parties recognize that the services to be
rendered under this Agreement by Executive are special, unique, and of an
extraordinary character, and that in the event of a breach of this Section 5
by Executive, then the Company shall be entitled to institute and prosecute
proceedings in any court of competent jurisdiction in equity, to enforce the
specific performance of any terms, conditions, obligations and requirements of
this Section 5, and/or to enjoin the Executive from continuing those
actions which are in breach of this Agreement, or to take any or all of the
foregoing actions. Nothing herein contained shall be construed to prevent the
pursuit of any other remedy, judicial or otherwise, in case of any breach of
this Section 5.

 

6. Inventions/Intellectual Property and Disclosure of Inventions; Any
and all inventions, discoveries, improvements or intellectual property which
Executive has conceived or made or may conceive or make during the period of
employment relating to or to any way
pertaining to or connected with the systems, products, apparatus, or methods
employed, manufactured, constructed or researched by the Company shall be the
sole and exclusive property of the Company. 
The obligations provided for by this Agreement do not apply to any
rights the Executive may have acquired in connection with any rights the
Executive may have developed entirely on the Executive’s own time so long that
it does not relate directly or indirectly to the business of the Company or the
Company’s actual or demonstrable anticipated research or which does not result
from any work performed by the Executive for the Company.  The Executive agrees to disclose promptly to
the Company all such improvements, discoveries, or inventions which the
Executive has made or may make solely, jointly, or commonly with others.  He further agrees to assign as appropriate
such

 

 

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

 

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 anyone 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 State
of California, and Executive expressly consents to submit himself to the
jurisdiction of the federal and state courts of the State of California 

 

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 embodies the entire understanding of the parties with respect to
Executive’s employment with Company and incorporates any previous agreement,
written or oral, relating to such employment. 
The Executive agrees that no other promises or representations of any
kind were made to him by the
Company prior to or coincident with his signing of this Agreement.

 

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

 

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 CEO, William M.
Caldwell, IV, and/or Michael West at 381 Plantation Street, Worcester, MA
01605, and if to the Executive, 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 Executive 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.

 

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

 

 

	
  Accepted by Executive:

  
	
   

  
	
   

  
	
  /s/ Robert P. Lanza

  	
   

  
	
  Robert P. Lanza

  
	
  Vice-President

  
	
  Medical & Scientific Development

  
	
   

  
	
   

  
	
   

  
	
  ADVANCED CELL TECHNOLOGY, INC. and

  ADVANCED CELL TECHNOLOGY HOLDINGS, INC

  
	
   

  
	
   

  
	
  /s/ William M. Caldwell

  	
   

  
	
  William M. Caldwell

  
	
  Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]