Document:

Exhibit 10.47

 

EMPLOYMENT
AGREEMENT

 

Advanced Cell
Technology, Inc. (“ACT”) desires to retain the services of David Larocca, PhD
(“LAROCCA”) in the capacity of Associate Director;
and desires to provide his services to ACT in that capacity.  Accordingly, for and in consideration of the
commitments set forth herein, ACT and LAROCCA agree as follows:

 

1.                                      Position and Duties

 

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

 

2.                                      Compensation

 

A.                                    Annual Salary.  ACT shall pay LAROCCA an annual salary of one
hundred twenty-five thousand dollars ($125,000.00).  LAROCCA’s salary shall be paid in equal
bi-monthly installments, consistent with ACT’S regular pay practices.  LAROCCA’s salary may be adjusted from
time-to-time by ACT without affecting this Agreement.

 

B.                                    Bonus: Upon the
successful completion of his job responsibilities, in addition to his Annual
Salary.  LAROCCA shall be eligible to receive
an annual bonus that will be recommended by the CSO and approved by the CEO and
the Board of Director’s of ACT in their sole and absolute discretion.  Not withstanding the above, LAROCCA will be
incented upon successfully obtaining up to five grants for fiscal 2005.  For each grant awarded by
his 2005 efforts he will be issued 5000 shares of company stock to be vested in
accordance with the Employee Stock Ownership Plan.

 

C.                                    Expenses: ACT shall
reimburse LAROCCA for reasonable travel and other business expenses incurred by
LAROCCA in the performance of his duties hereunder.  If you and the company mutually agree to have
you relocated, the company will pay for all moving and relocation expenses up
to $15,000.

 

3.                                      Benefits

 

LAROCCA shall be entitled to receive benefits
under the following benefit plans: group life insurance; medical insurance;
disability insurance, end 401K/retirement plan. 
The company will provide coverage from the first day of employment
for LAROCCA’s medical insurance.  ACT

 

 

may modify, amend or terminate any or all such
benefit plans at any time.  LAROCCA’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, LAROCCA 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 LAROCCA 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 40,000 of
the Company’s outstanding shares (inclusive of option reserve and warrants).  The Options will vest over forty eight (48)
months as follows: there will be a 90 day probation period and thereafter 1/45th of the remaining number of shares will
vest at the end of each full month of employment.  Vesting will depend on LAROCCA’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, LAROCCA’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.

 

5.                                      Competitive
Activities

 

During the term of LAROCCA’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.
LAROCCA 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.  LAROCCA
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 LAROCCA 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, apparants, 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 7, do not apply to
any rights LAROCCA may have acquired in connection with an invention,
discovery, improvement or intellectual property for which no equipment,
supplies,

 

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facility, or trade secret information of the ACT
was used and which was developed entirely on the LAROCCA’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 LAROCCA for ACT.

 

7.                                      Disclosure of Inventions

 

LAROCCA agrees to disclose promptly to ACT all
such improvements, discoveries, or inventions which LAROCCA 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.  LAROCCA 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
properly is the property of ACT.

 

8.                                      Confidential and Proprietary Information

 

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

 

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

 

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9.                                      Termination of Employment

 

LAROCCA 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 LAROCCA shall have
any further obligation to each other by way of compensation or otherwise.

 

10.                               Separation Benefits.  Upon termination of LAROCCA’s employment with
the Company for any reason, LAROCCA 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 LAROCCA’s execution of
a release and waiver of claims against ACT, its officers and directors.  LAROCCA will also be entitled to receive
severance benefits as set forth below, but LAROCCA 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 LAROCCA’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
LAROCCA’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 LAROCCA’s termination
for “Cause”, termination for death or “Disability,” or his Resignation LAROCCA
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 LAROCCA’s termination without “Cause,” he will be
entitled to (i) a lump sum payment in an amount equal to three (3) 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.

 

11.                               Turnover on Termination

 

LAROCCA 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;

 

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

 

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

 

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

 

LAROCCA 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.

 

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.

 

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14.                               Agreement Read and
Understood

 

LAROCCA acknowledges
that he has carefully read the terms of this Agreement, that be 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 LAROCCA.  LAROCCA 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:

  	
  2-9-05

  	
   

  	
  /s/ David Larocca

  	
   

  
	
   

  	
   

  	
   

  	
  David Larocca, PhD

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  2/10/05

  	
   

  	
  /s/ William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Advanced Cell Technology, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  By: William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  	
   

  
						

 

6Exhibit 10.48

 

CONSULTING
AGREEMENT

 

William M. Caldwell IV (“Caldwell”) and Advanced Cell Technology, Inc.
(“ACT”) desire to enter into an agreement under which Caldwell will provide
business consulting services to ACT in advance of ACT receiving its next round
of financing. Accordingly, the parties hereby mutually agree as follows:

 

1.                                      Consulting Services.

 

a)                                      Duties.  Caldwell will provide to the
ACT the consulting services related to the Company’s operations, management,
corporate structure and financing.

 

b)                                     Term.  The term of this Agreement
shall commence on September 15, 2004, and shall continue through the date
upon which ACT closes the round of financing contemplated by the Term Sheet
dated August 17, 2004 between ACT and Quantum Merchant Bankers (“Next
Round of Financing”).

 

c)                                      Hours of Work.  Caldwell
shall devote the amount of time necessary to complete the consulting services
required under this Agreement.  The
parties anticipate that Caldwell will work full time on his consulting duties.

 

d)                                     Other Engagements.  Caldwell
may accept other consulting assignments, and engage in other business
activities, so long as they do not interfere with his obligations under this
Agreement.

 

2.                                      Compensation.

 

a)                                      Consulting Fee.  The
ACT will compensate the Caldwell at a rate of ten thousand dollars ($10,000.00)
per month.  Caldwell understands and
agrees that this Consulting fee will accrue during the Term of this Agreement
and shall be paid in full upon the close of the Next Round of Financing.  In exchange for Caldwell deferring payment of
his monthly consulting fee, ACT shall pay Caldwell a bonus of ten thousand
dollars ($10,000.00) upon the close of the Next Round of Financing.

 

b)                                     Expenses.  ACT will reimburse Caldwell
for reasonable travel and other business expenses incurred by Caldwell in the
performance of his duties, Caldwell will provide receipts to the ACT if
necessary.

 

3.                                      Confidential Information.

 

a)                                      General Restrictions.  Caldwell
agrees to maintain the confidentiality of ACT’s proprietary information, trade
secrets and confidential business information and materials disclosed during
the term of this Agreement.  Upon
completion of the consulting services, Caldwell will return all

 

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confidential materials and equipment provided during the term of this
Agreement, except as authorized by ACT.

 

b)                                     Limitation.  Nothing in this Agreement or
any other agreement (i) shall prevent Caldwell from using or disclosing
confidential information to the extent necessary to carry out the
responsibilities in this Agreement; (ii) shall restrict Caldwell’s use or
disclosure of information that is or becomes publicly known through lawful
means, that was rightfully in his possession or part of his general knowledge
prior to the term of this Agreement, or that is disclosed to Caldwell without
confidential or proprietary restrictions by a person who rightfully possesses
the information; or (iii) shall prevent Caldwell from responding to a
lawful subpoena or court order.

 

c)                                      Former Agreements.  The
parties agree that Caldwell will neither use nor disclose the trade secrets,
confidential information or confidential materials of any third parties, and
the ACT will neither ask nor require Caldwell to do so.

 

4.                                      Independent
Contractor Status.  Caldwell is an
independent contractor and is responsible for the payment of all taxes
applicable to the consulting services.  Caldwell
shall be exclusively responsible for the manner and method by which the
consulting services are performed.

 

5.                                      Indemnification.  ACT agrees to indemnify, defend and hold harmless Caldwell against any
liability incurred by Caldwell within the course and scope of the consulting
services provided by Caldwell.

 

6.                                      Termination.  This
Agreement shall be effective until terminated by either party.  Either party may terminate the Agreement by
giving the other party written notice, which shall be effective upon receipt by
the other party (unless a later date is specified in the notice).  Upon termination of this Agreement, ACT shall
compensate Caldwell for all services performed prior to the effective date of
termination and shall reimburse Caldwell for all expenses incurred prior to the
effective date of termination.  Thereafter,
the parties shall owe no further obligations to each other except as provided
in this Agreement.

 

7.                                      Arbitration.  All
claims that Caldwell and ACT may have against each other in any way related to
the subject matter, interpretation, application, or alleged breach of this
Agreement (“Arbitrable Claims”) shall be resolved by binding arbitration in
California in accordance with the rules of the American Arbitration
Association, as amended.  Arbitration
shall be final and binding upon the parties and shall be the exclusive remedy
for all Arbitrable Claims.

 

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8.                                      Miscellaneous Provisions.

 

a)                                    Integration.  The parties agree that all
agreements and understandings between the parties concerning the subject matter
of this Agreement are embodied in this Agreement and any Work Order to which
the parties agreed.  This Agreement shall
supersede all prior or contemporaneous agreements and understandings between
the parties, with respect to any subject covered by this Agreement, except as
otherwise provided in this Agreement.

 

b)                                   Amendments; Waivers.  This
Agreement may not be amended except by an instrument in writing, signed by each
of the parties.  No failure to exercise
and no delay in exercising any right under this Agreement shall operate as a waiver
thereof.

 

c)                                    Assignment; Successors and Assigns.  Neither
party shall assign or otherwise transfer any rights or obligations under this
Agreement, without the written consent of the other party.  Subject to the foregoing, this Agreement shall
be binding upon and shall inure to the benefit of the parties’ respective
heirs, successors, attorneys, and permitted assigns.

 

d)                                   Severability.  If
any provision of this Agreement, or its application to any person, place, or
circumstance, is held by an arbitrator or a court of competent jurisdiction to
be invalid, unenforceable, or void, such provision shall be enforced to the
greatest extent permitted by law, and the remainder of this Agreement and such
provision as applied to other persons, places, and circumstances shall remain
in full force and effect.

 

e)                                    Governing Law.  This
Agreement shall be governed by and construed in accordance with the law of the
State of California.

 

f)                                      Interpretation.  This
Agreement shall be construed as a whole, according to its fair meaning, and not
in favor of or against any party.  Captions
are used for reference purposes only and should be ignored in the interpretation
of the Agreement.

 

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THE UNDERSIGNED HAVE READ AND AGREE TO THE TERMS OF THIS CONSULTING
AGREEMENT, AND HAVE DULY EXECUTED THIS AGREEMENT AS OF OCTOBER 1, 2004.

 

 

	
  William
  M. Caldwell IV

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William M. Caldwell IV                 10/19/04

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Advanced
  Cell Technology, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Michael West                                  10-19-04

  	
   

  	
   

  
	
    By:
  

  	
  Michael West

  	
   

  	
   

  
	
    Title:
  Chief Executive Officer

  	
   

  
					

 

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