EXHIBIT 10.126

 

NANCY E. KATZ

4307 Quail Run Place

Danville, CA 94506

 

February 14, 2003

 

Calypte Biomedical Corporation

1265 Harbor Bay Parkway

Alameda, CA 94502

 

Gentlemen:

 

Under my October 31, 2002 Employment Agreement Calypte was to grant me 4,400,000
fully vested stock options at $0.08 per share. These options were exercisable
for a period of 5 years from October 31, 2002. Further, Calypte would provide
cost-free piggyback rights and use its best efforts to register the underlying
shares by approximately the end of February (120 days.). We had previously
agreed to grant and register these options following the 2001 Shareholders’
Meeting that was to be held in February 2003.

 

Calypte now seeks to delay the granting and registration of these shares to
coincide with the new schedule for an annual shareholders’ meeting covering 2001
and 2002. This is expected to take place in May 2003. I agree to postpone my
right to the granting of these shares until that annual meeting occurs, whether
in May or otherwise. In return Calypte agrees to register these shares under the
2000 Equity Incentive Plan at a price of $0.05 per share. These options will
continue to be fully vested and be exercisable for a period of 5 years from the
date of grant.

 

In the further event that the Company does not issue the aforesaid options, then
in that event, the Company will make payment to me of the value of the options
within two (2) years from the date hereof.

 

Very truly yours,

/s/     Nancy E. Katz

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NANCY E. KATZ

 

AGREED TO:

 

CALYPTE BIOMEDICAL CORPORATION

By:

 

/s/     Anthony J Cataldo

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