Document:

Exhibit 10.45

 

EMPLOYMENT
AGREEMENT

 

This Agreement is made
and entered into as of the 1st day of April 2004, by and
between Sadhana Agarwal, (hereinafter referred to as the “Employee”) 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 One
Innovation Drive, Worcester, Massachusetts 01605.

 

The Company hereby
agrees to employ the Employee and Employee accepts such employment upon the
terms and conditions set forth in this Agreement.

 

1.                                      Duties.

 

1.1                                 Employee shall
serve Company as Director of Cell & Molecular Biology during the term
of this Agreement and shall perform the duties described on Exhibit A
attached hereto.  Employee 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 and relocation
within the United States during the Employment Term.

 

1.2                                 Employee shall
devote his full time and best efforts to the performance of his duties for the
Company and shall not engage in any other business activities during the Employment
Term without prior written consent of the Company.

 

2.                                      Term and Termination.

 

2.1                                 Term: The term of
Employee’s employment under this Agreement will commence on April 1, 2004
(the “Commencement Date”) and continue until terminated as set forth in Section 2.2
of this Agreement.  The Confidential
Information and Inventions Agreement, signed by Employee pursuant to Section 5,
shall remain in effect subsequent to the Employment Term.

 

2.2                                 Termination:

 

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

 

(i)                                     the death of the
Employee;

 

(ii)                                  the Employee’s
inability to perform his duties on account of disability or incapacity for a
period of six (6) or more months, as determined by the Company’s
President.

 

1

 

(iii)                               written notice to
Employee that the Company is terminating Employee’s employment hereunder
without cause.  Such written notice to be
signed by both of the Company’s CEO and direct supervisor.

 

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

 

(v)                                 the termination
of Employee’s employment by the Company at any time “for cause,” such
termination to take effect immediately upon written notice from the Company to
Employee.  The term “for cause” means a
determination by the Company that Employee (1) refused to obey lawful
orders of the President or other officer of the Company, (2) breached or
neglected his duties or obligations hereunder or under the Employee Confidential
Information, Inventions and Non-Competition Agreement of near or even date
herewith signed by Employee pursuant to Section 5 hereof, (3) committed
any act involving disloyalty, dishonesty or fraud or any act resulting in a
conviction of Employee of a crime, or (4) committed any act constituting a
violation of an important company policy or a violation of criminal or civil
law relating to Employee’s performance of his duties or having the potential to
negatively impact the company. Upon such termination for cause, the only
obligation the Company will have under this Agreement will be to pay Employee’s
unpaid base salary accrued through the date of termination.

 

(b)                                 Upon the
termination of this Agreement pursuant to clauses (ii) or (iii) only
of Section 2.2 (a), Employee shall be given thirty (30) days notice of
such termination and Employee shall be entitled to receive as a severance
payment an amount equal to three (3) months of his base salary, payable in
regular semi-monthly installments during the three (3) months immediately
following the Company’s termination of his employment.

 

Upon the termination of Employee’s
employment for any reason, by either party, the Employee 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 Employee, if any.

 

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

 

3.2                                 Base Salary: Base salary at
the rate of $85,000 per annum, payable in equal semi-monthly installments,
$15,000 of which is acknowledged by Employee to be specific consideration for
entering into the restrictive covenants and the provisions on inventions and
patents contained in the Employee Confidential Information and Inventions Agreement
identified in Section 5.

 

3.3                                 Bonuses: The Company
may, in its sole discretion, award additional bonuses or increase Employee’s
base salary during the Employment Term based upon the Employee’s performance as
determined unilaterally by the Company.

 

3.4                                 Stock Options: Subject to the
approval of its board of directors, the Company will grant to Employee
non-transferable stock options issued under the Company’s Incentive Stock
Option Plan (the “Plan”) for a number of shares of common stock of Company (the
“Options”) to be determined at a later date at an exercise price to be
determined in accordance with the Plan.  The
number of shares will be equivalent to half-of-a-percent (0.5%) of the Company’s
Incentive Stock Option pool.  The Options
shall be subject to the terms and conditions of the Plan and any option
agreement pursuant to which the grant of the Options is made.  The Options shall vest pro-rata over the four
years commencing with the date of Employee’s employment with the Company.  All equity rights in the Company represented
by Options granted to you shall be subject to potential future dilution based
on capital transactions that may subsequently occur.

 

Any stock option and/or stock ownership in
the Company by Employee shall not alter the status of his employment or any of
the Company’s rights under Section 2.2.

 

4.                                      Employee Benefit Plans;
Fringe Benefits.

 

Upon satisfaction of any applicable
eligibility requirements, Employee shall be entitled to participate in whatever
other Employee 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 Employees who have similar job responsibilities.

 

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5.                                      Confidential Information and
Inventions.

 

In consideration of this Employment
Agreement and the compensation and severance benefits conferred herein,
Employee agrees to sign the Employee Confidential Information and Inventions
Agreement attached hereto as Exhibit B.

 

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6.                                      Third Party Obligations.  Employee warrants that the terms of this Agreement
are not inconsistent with any contractual obligations of Employee to any third party.

 

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 any
one 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 Commonwealth of Massachusetts, and Employee
expressly consents to submit himself to the jurisdiction of the federal and
state courts of the Commonwealth of Massachusetts.

 

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 and the Employee
Confidential Information, Inventions and Non-Competition Agreement between
Company and Employee of near or even date herewith embody the entire
understanding of the parties with respect to Employee’s employment with Company
and incorporate any previous agreement, written or oral, relating to such
employment.  The Employee agrees that no
other promises or representations of any kind were made to his by the Company
prior to or coincident with his signing of this Agreement.

 

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

 

5

 

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 President, Michael D. West, Ph.D., Advanced Cell
Technology, Inc., One Innovation Drive, Worcester, MA 01605, and if to the
Employee, 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 Employee 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.

 

	
  WITNESS:

  	
   

  	
   

  	
  ADVANCED CELL TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  	
  /s/ Michael D. West

  	
   

  
	
   

  	
   

  	
   

  	
  By:  Michael D. West, Ph.D.

  
	
   

  	
   

  	
   

  	
  Its:  President & CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  	
  /s/ Sadhana Agarwal

  	
   

  
	
   

  	
   

  	
   

  	
  Sadhana Agarwal, Ph.D.

  

 

6

 

EXHIBIT B

 

Employee
Confidential Information and Inventions

Agreement

 

THIS AGREEMENT is entered into as of the 2nd day of March,
2004 by and between Advanced Cell Technology, Inc. (“ACT”), a Delaware
Corporation with offices at One Innovation Drive, Worcester, Massachusetts (the
“Company”), and Sadhana Agarwal, an individual
(hereinafter sometimes referred to as “Employee”).

 

1.              INTRODUCTION.  As an employee of the Company you may
conceive or create inventions, improvements, discoveries, technical
information, trade secrets, writings, designs, and other proprietary and
confidential information of value to the Company.  Furthermore, you may receive or create
information of such importance to the Company that it must be maintained as
proprietary and confidential trade secrets and not used in competition with the
Company both during and after termination of your employment.  In partial consideration and as a condition
of your employment or continued employment by the Company, and because your
position with the Company is one of trust and confidence by reason of your
access to and development of or contact with confidential and proprietary
information of the Company, the Company and you hereby agree as follows:

 

2.              DEFINITIONS.  (a) “Confidential Information” means any
information that Employee learns or develops during the course of employment
with Company that (1) is not generally known to the public, and (2) has
commercial value in Company’s business.  Such
information includes, but is not limited to, inventions (as defined below),
ideas, strategies, forecasts, Company’s sales, process and engineering
information, information about new or future products or services, Company’s
marketing plans and goals, unpublished financial information, lists of Company
customers or prospects, information about customer or prospect purchases and
preferences, information regarding research and development, consulting
processes, management systems, computer software and programs, means of
accessing Company’s computer systems or networks, algorithms, hardware
configurations and any other confidential information which provides Company
with a competitive advantage. Confidential Information also includes
information of third parties regarding which Company has accepted obligations
of confidentiality.

 

(b) “Trade Secret” means information,
including, but not limited to, a formula, pattern, compilation, program,
device, method, technique or process, which both: (a) derives independent
economic value, actual or potential, from not being generally known to or
readily ascertainable by people who can obtain economic value from its
disclosure or use; and (b) is the subject of Company’s efforts to maintain
its secrecy that are reasonable under the circumstances.

 

(c) “Inventions” means all discoveries,
developments, designs, improvements, inventions, trade secrets, formulas,
processes, techniques, computer programs, mask works, know-how and data, made or
conceived or reduced to practice, whether or not patentable or registerable
under copyright or similar statutes, and whether or not shown or described in
writing or reduced to practice.

 

3.              NONDISCLOSURE AND
NONCOMPETE.  (a) Employee agrees to
keep in strict confidence and not disclose, in any manner to any person not
employed by Company or under contract with Company, any Confidential
Information or Trade Secrets.  Employee further
agrees that he will not, without first obtaining the prior written permission
of the president of the Company, directly or indirectly utilize any
Confidential Information or Trade Secrets in his own business or for the
benefit of any person or entity other than the Company,

 

1

 

or manufacture and/or sell any product or service
that is based in whole or in part on Confidential Information or Trade Secrets.  Employee’s obligations regarding Confidential
Information shall continue during the course of Employee’s employment by
Company and for five years thereafter.  Employee’s
obligations with respect to Trade Secrets shall continue during the course of
Employee’s employment by Company and thereafter for as long as the relevant
information is maintained by Company as a Trade Secret.  Upon termination of Employee’s employment
with Company, for whatever reason, and if requested by Company at any other
time, Employee agrees to promptly return to Company all originals and copies of
documents, materials, and computer information containing Confidential
Information and/or Trade Secrets, all of which Employee recognizes is the sole
and exclusive property of Company.

 

(b) Any confidential information or trade
secrets of any former employer or third person possessed by Employee is to be
kept secret and not disclosed to Company as long as such information remains confidential
or secret.

 

(c) While in the employ of Company, Employee
will not, directly or indirectly for himself or for any other person render any
services as, including, without limitation, an employee, owner, partner, director,
shareholder, independent consultant or agent, to any entity that is in direct
competition with Company, or that operates in or that operates in the field of
cloning mammals or human therapeutic cloning.

 

4.              INVENTIONS AND WORK.  (a) Any
Inventions, work, materials, improvements, concepts, or ideas and the tangible
embodiments of same made or conceived by Employee during his employment and for
3 months thereafter, and related to the business of Company (collectively, the “Work”),
shall be the sole and exclusive property of Company.  During Employee’s employment with the
company, Employee shall keep adequate written and electronic records of his
work (properly witnessed for use as invention records when appropriate), and
shall submit such records to Company when requested or at the termination of
Employee’s employment.  Employee shall
not reproduce any portion of such notebook records without the prior express
written consent of Company.  Employee
shall promptly and fully report all inventions, improvements, concepts, or
ideas to Company.

 

(b) To the extent any Work performed by Employee
under this Agreement is protectable under U.S. Copyright laws, such Work shall
be considered at “work made for hire” as that phrase is defined by such laws
and shall be owned by and for the express benefit of Company.  In the event it should be established that
any such Work does not qualify as work made for hire, Employee agrees to and
does hereby assign to Company all of its right, title and interest in and to
such Work including, but not limited to, all copyrights therein.  Employee does further hereby assign all of
its right, title and interest in and to all other Works to Company, including
without limitation all patents, trademarks and other proprietary rights
relating thereto, and all extensions and renewals thereof.

 

(c) Both during the term of Employee’s employment
and thereafter, Employee shall fully cooperate with Company in the protection
and enforcement of any intellectual property rights that may derive as a result
of the work performed by Employee during the course of his employment.  This shall include executing, acknowledging,
and delivering to Company all documents or papers that may be necessary to
enable Company to publish or protect said inventions, improvements, and ideas.

 

(d) Warranties of Previous Inventions.  To the extent that employee has made or
created Inventions, Employee represents and warrants that the items listed on a
separate sheet attached hereto and made a part hereof is a complete list of all
Inventions, as herein defined, made or created by Employee prior

 

2

 

to Employee’s employment by Company, and which
Employee wishes to exclude from this Agreement.

 

5.              TERMINATION AND SURVIVAL.  Employee’s obligations under this Agreement
shall survive the termination of Employee’s employment by the Company
regardless of the manner or cause of such termination, and said obligations
shall be binding upon Employee’s heirs, executors, administrators and legal
representatives.

 

6.              REMEDY FOR BREACH.  Employee acknowledges that any breach of this
Agreement will constitute immediate and irreparable harm to Company and/or its
successors and assigns, which cannot adequately and fully be compensated by
money damages and will warrant, in addition to all other rights and remedies
afforded by law, injunctive relief, specific performance and/or other equitable
relief.  Company’s rights and remedies
hereunder are cumulative and not exclusive.

 

7.     ADDITIONAL
PROVISIONS.  Employee warrants
that the terms of this Agreement are not inconsistent with any contractual
obligations of Employee to any third party. 
•  This Agreement shall be
governed by the laws of the Commonwealth of Massachusetts, without regard to
principles of conflicts of law thereof.  •
 The Company and Employee believe, in
light of the facts known as of the date hereof, and after considering the
nature and extent of Company’s anticipated business activities, the amount of
compensation to be derived by Employee from the Company, and the damage that could
be done to Company’s business by Employee’s competing with Company, that the
foregoing covenant not to compete is reasonable in time and scope.  However, if any court should construe the time
or scope of the covenant not to compete to be too broad or extensive, it is the
intention of the parties that the contract be automatically reformed, and as so
reformed, enforced, to the maximum limits which may be found to be reasonable
by such court.  •  If any provision hereof is held invalid or unenforceable
by a court of competent jurisdiction, such invalidity shall not affect the
validity or operation of any other provision, and such invalid provision shall
be deemed to be severed from the Agreement. 
•  This Agreement shall be binding
on and shall inure to the benefit of the parties hereto, and their heirs,
administrators, successors, and assigns. 
•  This Agreement may be amended, terminated,
or superceded only by an agreement in writing between the Company and Employee
that has been signed and dated by the Company’s President and Chief Executive
Officer.

 

7.              EMPLOYEE HAS READ AGREEMENT.

 

EMPLOYEE ACKNOWLEDGES THAT HE HAS READ AND
UNDERSTANDS THIS COMPLETE AGREEMENT.

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, have caused this Agreement to be executed as of the
day and date first written above.

 

	
   

  	
   

  	
  ADVANCED CELL
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Sadhana Agarwal

  	
   

  	
  By:

  	
  /s/ Michael West

  	
   

  
	
  Sadhana Agarwal, Ph.D.

  	
   

  	
  Its:

  	
  President

  	
   

  
	
  S/S No.:

  	
  017-64- 6646

  	
   

  	
  Printed Name:

  	
  Michael West

  	
   

  
								

 

3Exhibit 10.46

 

EMPLOYMENT
AGREEMENT

 

Advanced
Cell Technology, Inc. (“ACT”) desires to retain the services of, James T
Murai PhD (“MURAI”) 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 MURAI agree as follows:

 

1.                                      Position and Duties

 

ACT agrees to employ MURAI in the position of Associate
Director.  MURAI shall report to the
Chief Scientific Officer (“CSO”) of ACT, and shall perform any and all duties
now or hereafter assigned to MURAI by the CSO of ACT, as well as any other
duties consistent with the position of Associate Director.  MURAI 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
MURAI an annual salary of one hundred twenty-five thousand dollars ($125,000.00).  MURAI’s salary shall be paid in equal
bi-monthly installments, consistent with ACT’S regular pay practices.  MURAI’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, MURAI 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, MURAI will be incented upon successfully
submitting up to five grants for fiscal 2005. 
MURAI will be awarded an additional 5000 shares of stock for achieving
this.

 

C.                                     Expenses:  ACT shall reimburse MURAI for reasonable
travel and other business expenses incurred by MURAI 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

 

MURAI shall be entitled to receive benefits under
the following benefit plans: group life insurance; medical insurance;
disability insurance, and 401K/retirement plan. 
ACT may modify, amend or terminate any or all such benefit plans at any
time.  MURAI’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, MURAI 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 MURAI 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 45,000 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 MURAI’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,
MURAI’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 MURAI’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. MURAI
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.  MURAI
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 MURAI 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 7, do not apply to
any rights MURAI 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 MURAI’s own time and (a) which docs 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 MURAI for ACT.

 

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7.                                      Disclosure of Inventions: MURAI agrees to disclose promptly to ACT all such improvements,
discoveries, or inventions which MURAI 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.  MURAI
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, MURAI 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 MURAI’s possession prior to his employment with ACT; or (iii) the
information is disclosed to MURAI without a confidential restriction by a third
party who rightfully possesses the information and did not obtain it, either
directly or indirectly, from ACT.

 

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

 

9.                                      Termination of Employment

 

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

 

3

 

10.                               Separation Benefits.  Upon termination of MURAI’s employment with
the Company for any reason, MURAI 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 MURAI’s execution of a
release and waiver of claims against ACT, its officers and directors, MURAI
will also be entitled to receive severance benefits as set forth below, but
MURAI 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 MURAI’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 MURAI’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 MURAI’s termination for “Cause”, termination for death or “Disability,”
or his Resignation MURAI 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 MURAI’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

 

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

 

4

 

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

 

MURAI 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.

 

14.                               Agreement Read and
Understood

 

MURAI 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.

 

5

 

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 MURAI.  MURAI 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/ James T. Murai

  	
   

  
	
   

  	
   

  	
   

  	
  James T. Murai, PhD

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  2/17/05

  	
   

  	
  /s/ William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Advanced Cell Technology, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  By: William M. Caldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  	
   

  
						

 

6

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