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Exhibit 10.16
CONSULTING AGREEMENT
This Consulting Agreement (this "Agreement") is entered into and effective on September 14, 2007, by and between
Advanced Cell Technology, Inc ("ACT" or the "Company") and Robert W. Peabody ("Consultant").
ACT and Consultant agree as follows:
1. Services to ACTÍž Duties. Consultant has voluntarily resigned from employment with the Company and any and all board
observer rights previously granted to Consultant effective September 14, 2007. Effective as of the date of this Agreement, that
certain Employment Agreement dated February 7, 2005 by and between ACT and Consultant is hereby terminated and of no
further force and effect. ACT agrees to retain Consultant to assist the Company with respect to administrative matters and to
facilitate transition following resignation of Consultant from his role as Vice President of Grant Administration. Consultant shall
report to the Chief Executive Officer (CEO), or his designee, of ACT, and shall perform consulting services that are assigned to
Consultant by the CEO.
2. Compensation.
A. Cash Compensation: Pursuant to the terms of this Agreement and this Section 2A, ACT shall pay Consultant a
monthly consulting fee of $17,083.34 commencing on September 15, 2007 (the "Consulting Fee"). Consultant shall be paid for
final employment services rendered through September 14, 2007 ($3,942.40) and for 9 days of accrued vacation ($7,096.32) equal
to $11,038.72 (the "Final Paycheck"). Consultant shall receive the Consulting Fee for the first month (September 15 th through
October 15 th ) equal to $17,083.34 (the "September Consulting Fee"). The Final Paycheck and the September Consulting Fee will
be delivered to Consultant within five (5) business days following the date of this Agreement. Thereafter, the Consulting Fee
shall be paid within ten (10) business days following receipt of an invoice from Consultant