Document:

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                                                                   Exhibit 10.57
                     Initial Offer Date: September 07, 2007

AMARESH BASU, PH.D.
15213 CALLE JUANITO
SAN DIEGO, CA  92129

Dear: Amaresh

On behalf of MicroIslet, Inc., a Nevada corporation ("MicroIslet") I am pleased
to present you with this employment offer under the following terms and
conditions:

Title:                     Vice-President of Research & Development

Start Date:                October 01, 2007 ("Start Date")

Salary:                    Semi-monthly salary of $6,250.00, paid in accordance
                           with our standard payroll practices, and subject to
                           withholding as required by law. You will be
                           classified as a Regular Full-Time Employee as defined
                           in our Employee Handbook.

Benefits:                  You will be eligible to participate in any benefit
                           plans offered to the employees of MicroIslet,
                           including medical and dental insurance for you and
                           your family. Premiums for medical and dental
                           insurance for you (and your dependents) are currently
                           covered at 100%.

                           MicroIslet observes eleven paid holidays per calendar
                           year. Our Paid Time Off ("PTO") policy is a
                           combination of vacation, personal, and sick days. PTO
                           hours will be accrued per pay period at the rate of
                           no less than fifteen (15) days of PTO per year.

                           A 401k package is available with multiple investment
options.

                           All of the above benefits are subject to change from
time to time.

Position Description:      In this position, you will report to the Chief
                           Executive Officer. You will be responsible to lead
                           the overall Research & Development function of the
                           Company in these areas: regulatory filings, assay
                           development, islet isolation and purification,
                           process development, and preclinical development. You
                           will be responsible for building, leading and
                           mentoring the development team to meet the various
                           stages of the development cycles, to develop
                           strategies and management of development projects, to
                           evaluate external technologies for potential
                           acquisition, to oversee the Research & Development
                           program's budgeting and planning activities, while
                           participating in partnership interactions and other
                           business development activities when requested. In
                           addition you will be responsible for identifying and
                           establishing a network of development capabilities,
                           resources, tools, processes and methods to maximize
                           the Company's success rate and to provide development
                           presentations to MicroIslet Executive Management,
                           Board of Directors, Scientific Advisors, and
                           Partners. Our duties are subject to change at the
                           discretion of MicroIslet management from time to
                           time.

Nature of Employment:      Your employment with MicroIslet will not be for any
                           specific term and may be terminated by you or by
                           MicroIslet at any time, with or without cause and
                           with or without notice. Any contrary representations
                           or agreements, either express or implied, which may
                           have been made to you, are superseded by this offer.
                           The at-will nature of your employment described in
                           this offer letter shall constitute the entire
                           agreement between you and MicroIslet concerning the
                           duration of your employment and the circumstances
                           under which either you or MicroIslet may terminate
                           the employment relationship. No person affiliated
                           with MicroIslet has the authority to enter into any
                           oral agreement that changes the at will status of
                           employment with MicroIslet. The at will term of your

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                           employment can only be changed in a writing signed by
                           you and by the Chief Executive Officer (CEO) or Chief
                           Financial Officer (CFO) of MicroIslet, and the
                           writing must expressly state the parties' intention
                           to modify the at will term of your employment. By
                           signing below and accepting this offer, you
                           acknowledge and agree that the length of your
                           employment, promotions, performance reviews, pay
                           adjustments, bonuses, increases in job duties or
                           responsibilities and other changes during employment
                           will not change the at will term of your employment
                           with MicroIslet, and will not create any implied
                           contract requiring cause for termination of
                           employment. YOUR STOCK OPTION GRANT DOES NOT CREATE
                           ANY IMPLIED PROMISE THAT YOU WILL BE EMPLOYED FOR ANY
                           SPECIFIC DURATION.

Stock Options:             Subject to approval of our Compensation Committee,
                           you will be granted a stock option to purchase shares
                           of common stock as soon as practicable after your
                           Start Date. The option will have an exercise price
                           equal to the fair market value of our common stock on
                           the date of grant, and will include all the terms as
                           defined in the Company's 2005 Equity Incentive Plan
                           The option will vest over three years, with the first
                           vesting date being six months after the grant date,
                           and the balance vesting monthly until the third
                           anniversary of the grant date.

Employment                 Policies: Additional terms of your employment may be
                           set forth in MicroIslet's Employment Policies, as
                           adopted or revised from time to time.

Inventions:                You will be required to sign the attached Proprietary
                           Information and Inventions Agreement ("Inventions
                           Agreement").

References:                The offer in this letter is subject to satisfactory
                           reference and background checks, to be completed by
                           MicroIslet within ten (10) days after execution of
                           this letter by you.

Arbitration:               You will be required to sign a Mutual Agreement to
                           Arbitrate ("Arbitration Agreement").

This letter, the Inventions Agreement, and the Arbitration Agreement constitute
the entire agreement between you and MicroIslet regarding your employment. All
prior or contemporaneous agreements, promises, communications and/or
understandings between you and MicroIslet, whether written or oral are
superseded by this letter, the Inventions Agreement and the Arbitration
Agreement. These agreements may be modified or changed only by a written
agreement signed by the CEO or CFO of MicroIslet, and the writing must expressly
state the parties' intention to modify an agreement by referring to such
agreement by name and date.

If you agree to the terms of your new employment, please sign this offer in the
space provided below signifying that you have read and accept the terms herein.
We look forward to your joining this great team as we pursue the goal of curing
Diabetes.

Sincerely,

/s/ Michael J. Andrews
----------------------
Michael J. Andrews
Chief Executive Officer

Agreed and accepted this 8th day of October, 2007

/s/ Amaresh Basu, Ph.D.
-----------------------
Amaresh Basu, Ph.D.exv10w1

 

EXHIBIT 10.1

EMPLOYMENT AND CONSULTING AGREEMENT

     THIS EMPLOYMENT AND CONSULTING AGREEMENT (this “Agreement”) is made effective as of April 10,
2008 (the “Effective Date”) by and between Paris G. Reece III (“Mr. Reece”) and M.D.C. Holdings,
Inc., a Delaware corporation (the “Company”).

     WHEREAS, Mr. Reece will retire as an officer of the Company effective at the close of business
on the Retirement Date (as defined below); and

     WHEREAS, Mr. Reece has been a loyal and effective employee of the Company and deserves to be
rewarded for his service to the Company; and

     WHEREAS, Mr. Reece and the Company have announced that, after the date of his retirement as an
officer of the Company, Mr. Reece will continue to provide services to the Company on a more
limited basis.

     NOW, THEREFORE, the parties agree as follows:

     1. Retirement from Officer Positions; Continued Employment; Consulting. From the
Effective Date of this Agreement through the Retirement Date, Mr. Reece will remain employed by the
Company on the same terms of his employment as of the Effective Date, and will continue to receive
the same compensation and benefits. Mr. Reece confirms that, effective as of the close of business
on the Retirement Date, he will retire from all officer and director positions with the Company and
the Company’s subsidiaries. The Company and Mr. Reece hereby confirm that Mr. Reece will continue
to be employed as an employee of the Company for the term set forth below, and will thereafter
continue his services as a consultant. On or before the next business day following the Retirement
Date, the Company will pay Mr. Reece: (i) a lump sum payment constituting his pro-rated annual
bonus for 2008 (pro-rated through the Retirement Date and calculated on the basis of $54,275 per
month or $1,787.67 per day); (ii) a lump sum payment consisting of his accrued and unused vacation
as of the Retirement Date, computed based upon his compensation as of that date; and (iii) a lump
sum payment of $17,876.70. These amounts will be subject to applicable withholding.

     1.1 The “Retirement Date” shall mean the later of (a) the close of business on August 1, 2008,
or (b) the close of business on the first business day following the filing of the Company’s
quarterly report on Form 10-Q for the period ending June 30, 2008 and the occurrence of the
Company’s earnings release conference call for that period.

     2. Employment Term. Following the effective date of his retirement, Mr. Reece will
continue to be employed as a Company employee for a term commencing on the first calendar day
following the Retirement Date and ending at the close of business on December 31, 2008 (“Employment
Term”). As an employee, Mr. Reece will perform the duties outlined in Section 4.1 below. Mr.
Reece’s employment with the Company will terminate effective as of the close of business on
December 31, 2008. Mr. Reece shall return all property in the possession of Mr. Reece which is
owned by the Company at the close of business on December 31, 2008 (with the exception of the items
identified in Section 6.3 below). This Agreement may be terminated earlier pursuant to Section 8
below.

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     3. Consulting Term. Effective as of January 1, 2009, and continuing through December
31, 2009 (“Consulting Term”), the Company agrees to engage Mr. Reece as an independent contractor
to perform the duties outlined in Section 4.2 below.

     4. Duties.

     4.1. During the Employment Term, Mr. Reece will perform functions and duties within the scope
of and consistent with the functions and duties performed while he was an officer of the Company,
as they may be reasonably assigned by the Company’s Chief Operating Officer; provided that Mr.
Reece will not be responsible for the public reporting requirements of the Company. Mr. Reece will
report directly to the Company’s Chief Operating Officer. Mr. Reece will not supervise any Company
employees or other personnel.

     4.2. During the Consulting Term, Mr. Reece will perform certain of the same functions and
duties described above, as agreed upon by the parties, when the need for such work arises.

     4.3. The duties performed by Mr. Reece during the Employment Term and the Consulting Term will
not exceed 10 hours per week.

     5. Responsibilities. Mr. Reece agrees to observe, abide by and comply with all
corporate policies and procedures of the Company. Mr. Reece hereby certifies that, since he last
signed a Certificate of Compliance, he is not aware of any violations of the Company’s Corporate
Code of Conduct that have not been reported to the other members of the Company’s Compliance
Committee.

     6. Compensation and Benefits.

     6.1 During the Employment Term:

     6.1.1 Mr. Reece will receive a gross salary of $20,000 per month (to be prorated for
any partial months), less applicable deductions and deductions required by law, payable on
the Company’s regular pay dates.

     6.1.2 Mr. Reece will continue to vest in the Company’s 401(k) plan, according to its
terms; will be eligible for the 2008 Company’s

401(k) matching contribution, if Mr. Reece
remains employed through December 31, 2008; will continue to vest in any equity awards under
the 2001 Equity Incentive Plan (the “Plan”), according to the terms of that Plan and any
award agreements or certificates (“Award Agreements”); and will continue to use the Glenmoor
Country Club membership on the same terms as prior to the Retirement Date.

     6.1.3 The Company will pay the employer’s cost and Mr. Reece will pay the employee’s
cost, if any, for Mr. Reece to continue his coverage under all of the Company’s insurance
plans that Mr. Reece had in place on the Retirement Date. Since Mr. Reece will no longer be
a Company officer and not be eligible to continue in the Exec-U-Care program after the
Retirement Date, Mr. Reece shall be responsible for obtaining and paying the cost of COBRA
coverage for the Exec-U-Care program.

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     6.1.4 At the close of business on December 31, 2008, (i) Mr. Reece will be fully vested
in all shares of restricted stock that were previously awarded to him and that are unvested
as of that date; and (ii) the Company will assign and/or relinquish its rights to Mr. Reece
to the Glenmoor Country Club membership that Mr. Reece has been using, and Mr. Reece will
pay all applicable assignment fees, if any. Mr. Reece will be responsible for all local,
state, federal taxes on this compensation.

     6.1.5 Except as set forth above, Mr. Reece will receive no benefits including, without
limitation, vacation, sick leave, retirement benefits, disability benefits or any other
employer provided benefit or fringe benefit.

     6.2 During the Consulting Term:

     6.2.1 Mr. Reece will receive compensation in the gross amount of $20,000 per month (to
be prorated for any partial months) payable on or before the 10th day of each
month or, at the Company’s discretion, on the Company’s payroll dates for the work to be
performed that month. Mr. Reece shall be entitled only to this compensation and to no other
compensation whatsoever. MR. REECE WILL BE RESPONSIBLE FOR ALL LOCAL, STATE, FEDERAL AND
SELF-EMPLOYMENT TAXES ON THIS COMPENSATION.

     6.2.2 The Company will reimburse Mr. Reece for reasonable out of pocket expenses (other
than commuting expenses incurred in the metropolitan Denver area) incurred in the
performance of the Company’s business.

     6.2.3 Mr. Reece will not receive any benefits including, without limitation, any
medical plan benefits. Mr. Reece shall be responsible for obtaining and paying the cost of
COBRA coverage for any medical plan coverage. Mr. Reece will not vest in any equity awards
during the Consulting Term or as a result of his engagement as a consultant, but rather the
terms of the Plan and the Award Agreements will govern.

     6.3 As additional consideration, Mr. Reece may keep the laptop (cleaned of data and software)
and components (keyboard, monitor, docking station, and charger) that were provided for his use as
of the Retirement Date.

     7. Confidentiality; Non-Solicitation; Non-Compete.

     7.1 Mr. Reece recognizes and acknowledges that he has and will have access to confidential
information of the Company, its subsidiaries and affiliated companies, and that such information
constitutes valuable, special and unique property and trade secrets of the Company, its
subsidiaries and affiliated companies. Mr. Reece agrees that he will not use, disclose or otherwise
permit, and will take all reasonable precautions to prevent any person, firm, corporation, or other
entity from having access to the confidential information of the Company, except for authorized
representatives of the Company, its subsidiaries and affiliated companies, and except as authorized
in writing by the Company.

     7.2 Mr. Reece agrees that, during a term expiring on December 31, 2010, he

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will not induce or attempt to induce (on behalf of himself or any other party) any employee of
the Company (or its subsidiaries) to leave the employment of the Company or its Subsidiaries (the
“Non-Solicitation Obligation”). The Non-Solicitation Obligation shall survive until December 31,
2010.

     7.3 Mr. Reece acknowledges that, should the confidential information described above become
available to one of the Company’s competitors, there is a grave risk that the Company would be
damaged financially as a result. Mr. Reece recognizes that any agreement to maintain the
confidentiality of such information would be difficult to enforce if he went to work for a
competitor of the Company. Therefore, Mr. Reece agrees that for a period continuing through
December 31, 2009, he will not own, control, operate, manage, consult with, be employed by, or
otherwise participate in any business that builds and sells single family detached homes in the
markets in which the Company or its subsidiaries build and sell single family detached homes and
substantially competes with the Company (collectively, the “Competing Business”), provided,
however, Mr. Reece may own stock in a publicly traded company engaged in the Competing Business so
long as his ownership is less than 10% of the outstanding stock of the publicly traded company. Mr.
Reece acknowledges that it is his intent, through his retirement, to work substantially fewer hours
and, accordingly, the compensation set forth above compensates him for any loss that he may incur
as a result of this provision. Any breach of this provision by Mr. Reece will entitle the Company
to such relief, including injunctive relief, as may be permitted by law or equity.

     7.4 In view of the nature of Mr. Reece’s prior and current employment and the information he
has received during the course of his employment, he acknowledges that the Company would be
irreparably harmed by any violation, or threatened violation, of this Section 7 and that,
therefore, the Company shall be entitled to an injunction prohibiting him from any violation or
threatened violation of this Section. Mr. Reece also acknowledges that, in the event that he should
breach any of his obligations under this Section, his employment or engagement will automatically
terminate and he will be entitled to no further salary, compensation or benefits. The obligations
under this Section shall survive the termination or expiration of this Agreement.

     8. Termination. Neither party may terminate this Agreement from the Effective Date
through the end of the Consulting Term of this Agreement unless the other party’s performance or
conduct is in breach of this Agreement. In such event, the non-breaching party may terminate this
Agreement after giving written notice to the breaching party specifying the claimed breach and a
meaningful opportunity to cure such breach.

     9. Dispute.

     9.1 In the event of a dispute, controversy or claim arising out of or relating to this
Agreement, except for any dispute, controversy or claim arising out of or related to Sections 7, 8
or 10 of this Agreement, such matter will be resolved exclusively by binding arbitration in Denver,
Colorado before the Judicial Arbiter Group or other organization agreed upon by both parties. The
Company will pay the expenses of the arbitrator. Each party will bear its own expenses, including
legal fees and expenses, in conducting such arbitration. The arbitrator in such arbitration shall
have no authority to award punitive or special damages to any party. The award of the arbitrator
may be

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enforced in any court of competent jurisdiction.

     9.2 Any claim arising from or pursuant to this Agreement must be made in writing no later than
(i) 90 days after the facts upon which such claim is based were known or would have been discovered
through the exercise of reasonable diligence or (ii) twelve (12) months after the occurrence of
such facts, which ever time first occurs. If the parties are unable to amicably resolve any claim,
an arbitration proceeding must be commenced pursuant to the preceding Section not later than twelve
(12) months after the first to occur of (i) or (ii) of this Section. Any claim not timely made
within the periods set forth in this Section shall be deemed irrevocably waived.

     10. Non-Disparagement. Both parties mutually agree that they will not make any
disparaging public comments or remarks about the other party (including comments or remarks
regarding the Company’s employees and/or directors). The obligations under this Section shall
survive the termination or expiration of this Agreement.

     11. Release. Except for the obligations under this Agreement, Mr. Reece hereby
releases and forever discharges the Company and its subsidiaries and affiliates from any and all
claims, demands or other legal responsibilities of any kind, whether known or unknown, which Mr.
Reece now has, has ever had, or may have in the future against the Company from the beginning of
time through the Effective Date of this Agreement; provided that indemnity obligations to which Mr.
Reece is entitled by law and as contained in the Company’s Bylaws will survive and are not
released. Mr. Reece acknowledges that this release of claims covers claims that he may not know
about. Mr. Reece agrees to sign, at the end of the Consulting Term, a release to the same effect
as set forth above, effective through that date.

     12. Other Agreements/Benefits. This Agreement is in lieu of any severance and all
other agreements or programs that might provide benefits to Mr. Reece. Accordingly, and except as
may be expressly provided otherwise in this Agreement, Mr. Reece hereby waives all benefits or
claims with respect to or under any such other agreements or programs, such as (without limitation)
change-in-control agreements and severance benefits, and any such agreements are hereby cancelled
as to Mr. Reece.

     13. Miscellaneous.

     13.1 Neither party may assign any of its or his rights or obligations under this Agreement
without the prior written consent of the other party.

     13.2 Failure to insist upon strict compliance with any provision hereof shall not be deemed a
waiver of such provision or any other provision hereof.

     13.3 If any provisions of this Agreement shall be held invalid or unenforceable, such
invalidity or unenforceability shall not invalidate or render unenforceable the entire Agreement,
but rather the entire Agreement shall be construed as if not containing the particular invalid or
unenforceable provision or provisions, and the rights and obligations of the parties shall be
construed and enforced accordingly, to effectuate the essential intent and purposes of this
Agreement.

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     13.4 As to the subject matter of this Agreement, there are no oral agreements or
understandings that limit, expand, or otherwise pertain to these matters. This Agreement
constitutes the entire agreement between the parties hereto relative to the subject matter hereof
and supersedes all prior understandings and agreements with respect thereto.

     13.5 Any notice which is required or permitted to be given under this Agreement shall be given
by personal delivery or certified mail, return receipt requested, and directed to the respective
party at its last known address. Unless and until changed, the address of the parties shall be as
follows:

TO: Company

M.D.C. Holdings, Inc.

Attn: General Counsel

4350 South Monaco Street, Suite 500

Denver, CO 80237

TO: Mr. Reece

Paris G. Reece III

1325 Forest Trails Drive

Castle Rock, CO 80108

All notices shall be deemed given on the date of personal delivery or, if mailed postage prepaid by
certified mail, return receipt requested, on the date of delivery appearing on the return receipt
therefor.

     13.6 This Agreement cannot be changed or modified except by a written instrument executed by
both parties.

     13.7 This Agreement shall be deemed to have been made and shall be construed and interpreted
in accordance with the laws of the State of Colorado without regard to choice of law provisions
thereof.

     13.8 The headings and subheadings used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement.

     13.9 This Agreement may be executed in counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument. In the event any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature page were an original thereof.

     13.10 Mr. Reece acknowledges and represents that the Company has advised him that: (1) he has
the right to consult with an attorney before signing this Agreement (and he acknowledges that he
has in fact done so), (2) he is releasing the Company and its affiliates from, among other things,
any claims which he might have against the Company pursuant to the Age Discrimination in Employment
Act (“ADEA”) as amended by the Older Workers’ Benefit Protection Act of 1990; (3) this Agreement
does not cover any

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rights or claims that may arise under the ADEA after the date of execution of this Agreement;
(4) he has twenty-one days to consider this Agreement before signing it (the “21-Day Review
Period”); and (5) he has seven days after signing this Agreement in which to revoke this Agreement
(the “7-Day Revocation Period”) by delivering notice of his desire to revoke to the Company at 4350
South Monaco Street, 5th floor, Denver, Colorado 80237, attention: General Counsel. This Agreement
shall become fully binding upon each of the parties only after expiration of the 7-Day Revocation
Period and the full execution hereof. Mr. Reece hereby waives the 21-Day Review Period.

[Signature page follows]

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IN WITNESS WHEREOF, the undersigned parties have signed this Agreement on the dates set forth
below.

	 	 	 	 	 
	/s/ Paris G. Reece III	 	 
	 	 	 
	Name:

	 	Paris G. Reece III	 	 
	 
	 	 	 	 
	Date:

	 	April 10, 2008	 	 
	 
	 	 	 	 
	 
	M.D.C. HOLDINGS, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael Touff	 	 
	 

	 	 

	 	 
	Name:

	 	Michael Touff	 	 
	 
	 	 	 	 
	Title:

	 	Senior Vice President	 	 
	 
	 	 	 	 
	Date:

	 	April 10, 2008	 	 

[Signature page to Reece Employment and Consulting Agreement]

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