Delaware
|
000-50295
|
87-0656515
|
||
(State
or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
||
381
Plantation Street Worcester, Massachusetts 01605
|
||||
(Address
of principal executive offices, including zip code)
|
||||
(510)
748-4900
|
||||
(Registrant’s
telephone number, including area code)
|
||||
Copies
to:
Thomas
A. Rose, Esq.
David
Manno, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway
New
York, New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
|
||||
(Former
name or former address, if changed since last
report)
|
·
|
Robert
P. Lanza will continue to serve as the Company’s chief scientific officer,
for a term of two years commencing on the Effective Date, subject to
earlier termination as provided therein. The term under the Employment
Agreement may be extended by mutual written
agreement.
|
·
|
The
Company will pay Mr. Lanza a base salary of $375,000 per annum, which may
be increased during the term at the sole discretion of the Company’s board
of directors. The Company may also pay Mr. Lanza annual bonuses in the
Company’s sole discretion.
|
·
|
The
Company will recommend to the Company’s board of directors that the
Company issue to Mr. Lanza restricted common stock in an amount equal to
the greater of (a) 20,000,000 shares or (b) 3% of any newly authorized
employee stock pool. Such issuance will be made by no later than the
January 2010 meeting of the board of
directors.
|
·
|
If
Mr. Lanza’s employment under the Agreement is terminated by the Company
without cause (as defined therein), the Company will pay Mr. Lanza
severance of one year’s base
salary.
|
Exhibit Number
|
Description
of Exhibit
|
|
10.1
|
Employment
Agreement, dated October 1, 2009, between the Company and Robert P.
Lanza
|
ADVANCED
CELL TECHNOLOGY, INC.
|
||
By:
|
/s/
William M. Caldwell, IV
|
|
William
M. Caldwell, IV
|
||
Chief
Executive Officer
|
||
Dated:
November 17, 2009
|