# EDGAR Filing Document

**Accession Number:** 0001855485
**File Stem:** 0001493152-25-014293
**Filing Date:** 2025-9
**Character Count:** 50421
**Document Hash:** ec992fe5f1cfcd1a1c997dfdb48b5588
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-014293.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001493152-25-014293

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250808

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calidi Biotherapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001855485
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 862967193
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40789
- **FILM NUMBER:** 251327504

**BUSINESS ADDRESS:**
- **STREET 1:** 4475 EXECUTIVE DRIVE
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-794-9600

**MAIL ADDRESS:**
- **STREET 1:** 4475 EXECUTIVE DRIVE
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Light Acquisition Group, Inc.
- **DATE OF NAME CHANGE:** 20210406

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 8, 2025**

**CALIDI BIOTHERAPEUTICS, INC.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40789** | **86-2967193** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **4475 Executive Drive, Suite 200,**<br> **San Diego, California** | **92121** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(858) 794-9600**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | |
|:---|:---|
| **Title of Each Class** | **Name of Each Exchange on Which Registered** |
| Common stock, par value $0.0001 per share CLDI | NYSE American LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01. Entry into a Material Definitive Agreement.**

The description in Item 5.02 below, as it relates to the terms and conditions of the General Release of Claims and Separation Agreement and the Consulting Agreement entered into with Ms. Wendy Pizarro Campbell, copies of which are filed herewith as Exhibits 10.1 and 10.2, respectively, and are incorporated in this Item 1.01 herein by reference.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On September 16, 2025, the Board of Directors of Calidi Biotherapeutics, Inc. (the "Company"), approved the elimination of the position of Chief Legal Officer and, as a result, the termination of the employment agreement with Ms. Wendy Pizarro Campbell (the "Employment Agreement"), effective as of October 17, 2025 ("Effective Date"). Per the terms of the Employment Agreement, Ms. Campbell was given a 30-day written notice of termination. On the Effective Date, and as a result of the termination of the Employment Agreement, Ms. Campbell will cease to serve as an executive officer and Section 16 officer of the Company. The decision to terminate Ms. Campbell's employment was made in connection with the Company's ongoing cost-reduction and operating-efficiency initiatives, including lessening its senior leadership structure to better align with the Company's size, stage of development, and available resources. The Company's decision was not due to any disagreement with Ms. Campbell on any matter relating to the Company's operations, policies, or practices. The Company approved the appointment of the Chief Financial Officer, Andrew Jackson, as Corporate Secretary as of the Effective Date.

In connection with the termination, on September 17, 2025, the Company executed a General Release of Claims and Separation Agreement ("Agreement") with Ms. Campbell. The Agreement contains customary protections, including a general release of claims by Ms. Campbell in favor of the Company and certain other related parties. The Agreement will only go effective after the Revocation Period (which is seven business days from September 17, 2025, and excluding such date). Pursuant to the terms of the Agreement, after the Revocation Period, the Company shall be obligated to pay i) a bonus in the amount of $85,000, upon the successful and effective corporate spin-off, out-licensing, or similar transaction relating to Nova Cell prior to October 31, 2025, and (ii) $212,500 severance pay in the form of compensation continuation over six months pursuant to the Company's regular and customary payroll schedule, less all regular and customary payroll withholdings and shall pay Ms. Campbell's COBRA premiums for six months, commencing October 2025, upon timely election.

Concurrent to entering into the Agreement, the Company also entered into a consulting agreement with Ms. Campbell ("Consulting Agreement"), effective as of October 18, 2025. Pursuant to the Consulting Agreement, Ms. Campbell will be paid a fee of $250 per hour (for a maximum of 20 hours per month), for services rendered to the Company pursuant to the Consulting Agreement. The Consulting Agreement is for an initial term of six months, subject to early termination by either party, with or without reason, at any time, and may be extended upon mutual agreement by the parties after the expiration of the initial six-month term.

The foregoing description of the agreements entered into with Ms. Campbell is not complete and is subject to and qualified in its entirety by reference to the full text of the Agreement and the Consulting Agreement, which agreements are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| Exhibit | **Exhibit Description** |
| 10.1 | [General Release of Claims and Separation Agreement by and between the Company and Wendy Pizarro Campbell dated September 17, 2025.](ex10-1.htm) |
| 10.2 | [Consultation Agreement by and between the Company and Wendy Pizarro Campbell effective October 18, 2025.](ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **CALIDI BIOTHERAPEUTICS, INC.** | **CALIDI BIOTHERAPEUTICS, INC.** |
| Dated: September 19, 2025 |  |  |
|  | By: | */s/ Andrew Jackson* |
|  | Name: | Andrew Jackson |
|  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**Calidi Biotherapeutics, Inc.**

**September 16, 2025**

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| | |
|:---|:---|
| **To:** | **Wendy Pizarro** |

---

---

| | |
|:---|:---|
| **Re:** | **CONFIDENTIAL Separation Agreement** |

---

Dear Wendy:

This letter sets forth the terms of the separation agreement (the "**Agreement**") that Calidi Biotherapeutics, Inc. (the "**Company**") is offering to aid in your employment transition. This Agreement shall be effective on the "Effective Date" specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Separation.** Your employment with the Company is terminated effective **October 17, 2025** (the "**Separation Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Accrued Salary and Paid Time Off.** On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused Paid Time Off earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether you enter into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Severance Payment.** If you sign, date and return this Agreement to the Company and allow it become Effective pursuant to paragraph 14(d) below, then the Company will provide you with the following i) a bonus in the amount of $85,000, upon the successful and effective corporate spin-off, out-licensing, or similar transaction relating to Nova Cell prior to October 31, 2025. This bonus is above and beyond any monies due you stemming from your employment with the Company, and ii) a severance in the amount of $212,500, which is equal to six (6) months of your final base salary (the "Severance Payment"). The Severance Payment will be subject to standard payroll withholdings and deductions, and it will be paid to you in equal installments for six (6) months on the Company's regularly occurring payroll dates, commencing on the first regular payroll date following the Effective Date pursuant to paragraph 14(d). Subject to the Company's discretion, a full and remaining lump sum payment may be made at any time prior to the final payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Equity Awards.** On or by the Final Service Date, the vesting of your outstanding stock options and any other equity awards (the "Options") will cease, and your unvested shares shall terminate, on the later of the Separation Date or the termination or expiration of any consulting agreement (the "Final Service Date"). Your Options are governed by the terms and conditions of your governing grant agreements with the Company and the applicable equity plan, copies of which you have received.

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. COBRA**. Provided you timely elect COBRA coverage, for a period of six (6) months following the Effective Date (or such earlier time you become eligible to enroll in a group health insurance plan by means of subsequent employment or self-employment or the date the continuation period under COBRA expires), the Company will pay on a monthly basis, the monthly premium you and/or your covered dependents, as applicable, are required to pay for the continuing coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"). The Company's obligations under this provision applies to only you and any such dependents who were covered under the Company's health insurance plans as of the Separation Date. If the Company cannot provide you with the foregoing benefit in a manner that is exempt from Section 409A or that is otherwise compliant with applicable law, the Company shall instead pay you the foregoing monthly amount as a taxable monthly payment for the period of six (6) months. You shall be solely responsible for all matters relating to the continuation of coverage pursuant to COBRA, including the election of coverage and the timely payment of premiums or co-pays. You shall notify the Company immediately if you receive new health coverage by means of employment or self-employment. Unless otherwise stated herein, you acknowledge that commencing with the 7<sup>th</sup> month of COBRA coverage, you shall be solely responsible for the payment of COBRA premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. No Other Compensation or Benefits.** You acknowledge and agree that, except as expressly provided in this Agreement, you have not earned and will not receive from the Company any additional compensation or renumeration (including but not limited to base salary, wages, penalties, commissions, bonuses, profit sharing, advances, vacation pay, and any other incentive-based compensation as well as all non-economic and non-compensatory damages to which you are or may become entitled or eligible), and that the Company shall owe you nothing further once you receive the Severance Payment set forth in paragraph 3, above, with the exception of any vested benefits you may have under the express terms of a written ERISA- qualified benefit plan (*e.g.*, 401(k) account) You agree that California Labor Code section 206.5 is not applicable because there is a good faith dispute as to whether the Company owes you any wages. Section 206.5 provides, in pertinent part, as follows: "An employer shall not require the execution of a release of claim right on account of wages due, or to become due, or made as an advance on wages to be earned, unless payment of those wages has been made."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Expense Reimbursements.** You agree that, within fifteen (15) days following the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice.

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 3 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Return of Company Property;** Retention of Laptop. On or by the Final Service Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property which you have in your possession or control, including but not limited to any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). You agree that you will make a diligent search to locate any such documents, property and information within the required timeframe. In addition, if you have used any personally owned computer, server, e-mail system, mobile phone, or portable electronic device (*e.g.*, iPhone, Android device, or iPad) (collectively, "**Personal Systems**") to receive, store, prepare or transmit any Company confidential or proprietary data, materials or information, then on or before the fifth day following the Separation Date, or earlier if requested by the Company, you will provide the Company with a computer-useable copy of all such information and then permanently delete and expunge all such Company confidential or proprietary information from such Personal Systems without retaining any copy or reproduction in any form. This includes but is not limited to the e- mail records and attachments from your e-mail account. Your timely compliance with the provisions of this Section is a condition of your receipt of the Severance Payment. Notwithstanding the foregoing, as an additional item of consideration for your execution of this Agreement and compliance with its terms, the Company agrees to transfer ownership of your Company-issued laptop computer (Company Property Serial No. 0038) to you "as-is" and without any representation or warranty, effective as of the Effective Date. You acknowledge and agree that the Company shall perform its customary restoration procedures, including deleting or removing any Company confidential or proprietary information from the laptop prior to transfer, and the laptop will be provided in its current condition, with no obligation on the part of the Company to provide maintenance or support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Proprietary Information Obligations.** You acknowledge and affirm your continuing obligations under your Proprietary Information and Inventions Assignment Agreement (the "**PIIA**"), which include but are not limited to your continuing obligations not to use or disclose any confidential or proprietary information of the Company. The PIIA is attached hereto as ***<u>Exhibit A</u>* <u>and is incorporated by reference as though fully set forth herein</u>.** You also agree to continue to abide by any confidentiality obligations under the Company's Handbook in effect during the term of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Confidentiality.** The provisions of this Agreement shall be held in strictest confidence by you and shall not be publicized or disclosed in any manner whatsoever; *provided, however,* that: (a) you may disclose this Agreement in confidence to your immediate family; (b) you may disclose this Agreement in confidence to your attorneys, accountants, auditors, tax preparers, and financial advisors; and (c) you may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. If any disclosures are made as provided in this paragraph, each individual shall first be informed of and agree to be bound by this confidentiality clause, or other such disclosures required by law to enforce this Agreement. Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful. Further, nothing in this Agreement prevents or restricts you from enforcing your Section 7 rights under the National Labor Relations Act, participating in section 7 activity (including the right to communicate with former coworkers and/or third parties about terms and conditions of employment or labor disputes, unrelated to the amount of Severance Pay under this Agreement) or other otherwise cooperating with the National Labor Relation Board's investigative process through investigation, testimony, or otherwise with an administrative agency or court. Notwithstanding the foregoing, you agree to waive your right to recover monetary damages in any charge, complaint, or lawsuit filed by you or by anyone else on your behalf.

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 4 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Nondisparagement.** You agree not to disparage the Company, and the Company's officers, directors, employees, shareholders, investors and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that you may respond accurately and fully to any question, inquiry or request for information when required by law, such as through a valid subpoena, court order, or other similar compulsion of law, or as part of a government investigation. The Company will follow its standard neutral reference policy in response to any inquiries regarding you from prospective employers, i.e., only dates of employment and position(s) held will be disclosed. Notwithstanding any provision in this Agreement to the contrary, nothing herein shall prevent you from disclosing to or with others the terms of your employment, including, by way of example, your compensation, benefits, working hours or conditions or other matters that do not constitute non-public, proprietary information of the Company and unrelated to the amount of the Severance Pay, when the communication is not so disloyal, reckless, or maliciously untrue as to lose the protection of the law. Further, nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. No Admissions.** The promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by either party to the other party, and neither party makes any such admission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Cooperation.** You agree to voluntarily cooperate with the Company if you have knowledge of facts relevant to any threatened or pending claim, investigation, audit or litigation against or by the Company, by making yourself reasonably available without further compensation for interviews with the Company or its legal counsel, preparing for and providing deposition testimony, and preparing for and providing trial testimony. You agree to be truthful to the best of your abilities and knowledge with respect to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Release of Claims.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) General Release.** In exchange for the consideration provided to you under this Agreement to which you would not otherwise be entitled, including but not limited to the Severance Payment, you hereby generally and completely release the Company and its parent and subsidiary entities, and their respective current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, investors and assigns (collectively, the "**Released Parties**") of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of your employment with the Company and/or are in any way related to events, acts, conduct, or omissions occurring prior to or on the Effective Date of this Agreement (collectively, the "**Released Claims**").

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Scope of Release.** The Released Claims include, but are not limited to: (i) all claims arising out of or in any way related to your employment with the Company, or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, wages, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (iii) all claims for breach of contract (oral or written), wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, whistleblower, attorneys' fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act of 1967 (as amended) and the Older Workers Benefit Protection Act (collectively, the "**ADEA**"), the federal Family and Medical Leave Act, the California Family Rights Act, the California Labor Code (as amended) and the Private Attorney General Act (PAGA) pursuant to *Labor Code* Section 2699, et seq; (including any and all provisions authorizing you to seek civil penalties against Employer for wage-hour violations and/or relief under California Labor Code section 132(a)), and the California Fair Employment and Housing Act (as amended). In addition, by executing this Agreement, you hereby release any individual PAGA claims and waive your right, if any, to pursue non-individual representative PAGA claims including your right to represent the State in claiming civil penalties for Labor Code violations that you may claim you experienced or that any other employee claims to have experienced. You understand that this Agreement waives your right to serve as a representative of the State in bringing a claim on behalf of the State, and that it precludes you from bringing any claim for civil penalties on behalf of the State arising out of or related to your application for employment, employment, or separation of employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Excluded Claims.** Notwithstanding the foregoing, the following are not included in the Released Claims (the "**Excluded Claims**"): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the Company to which you are a party, the articles, bylaws, or governing agreements of the Company, or under applicable law; (ii) any rights or claims which are not waivable as a matter of law; and (iii) any claim for workers compensation benefits; and (iv) any claims for breach of this Agreement. In addition, nothing in this Agreement prevents you from filing a charge or complaint with the Equal Employment Opportunity Commission, the California Department of Fair Employment and Housing, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (collectively, the "**Government Agencies**"). This Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, as stated above and to the maximum extent permitted by law, you agree to waive your right to recover monetary damages in any charge, complaint, or lawsuit filed by you or by anyone else on your behalf based on the claims that you have released and the rights you have waived by signing this Agreement. You represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or might have against any of the Released Parties that are not included in the Released Claims.

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 6 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) ADEA Waiver.** You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA (the "**ADEA** Waiver"), and that the consideration given for this ADEA Waiver is in addition to anything of value to which you are already entitled. You further acknowledge that you have been advised, as required by the ADEA, that: (i) your ADEA Waiver does not apply to any rights or claims that may arise after the date that you sign this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it earlier); (iv) you have seven (7) days following the date you sign this Agreement to revoke the Agreement by written notification to the Company's Chief Executive Officer at epoma@calidibio.com or Director of Human Resources consultant at chall@calidibio.com; and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after the date that this Agreement is signed by you provided that you do not revoke it (the "**Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Waiver of Unknown Claims. YOU UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.** In giving the releases set forth in this Agreement, which include claims which may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows: **"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in their favor at the time of executing the release and that, if known by them, would have materially affected his or her settlement with the debtor or released party."** You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to your release of claims herein, including but not limited to the release of unknown and unsuspected claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Other Agreements.** You also agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** You are entering into this Agreement knowingly, voluntarily, and with full knowledge of its significance. You have not been coerced, threatened, or intimidated into signing the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** You have been provided with the opportunity to consult with an attorney; You agree to be responsible for your own legal fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** You have read this Agreement in its entirety and you understand and accept the terms and conditions of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** You understand that you may hereafter discover facts different from or in addition to those you now believe to be true and that the release herein shall remain in effect as a complete and general release, notwithstanding any such different or additional facts; and

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| |
|:---|
| **Wendy Pizarro** |
| September 16, 2025 |
| Page 7 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** You understand this Agreement represents the compromise of disputed claims. You represent that, as of the date of this Agreement, you have no pending lawsuits, complaints, petitions, claims or other accusatory pleadings against the Company or any of the other Released Parties in any court of law. You further agree that, to the fullest extent permitted by law, you will not prosecute in any court, whether state or federal, any claim or demand of any type related to the matters released above, it being the intention of the Parties that with the execution of this release, the Released Parties will be absolutely, unconditionally and forever discharged of and from all obligations to or on behalf of you related in any way to the matters discharged herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Representations.** You hereby represent that you have been paid all compensation owed and for all time worked, you have received all the leave and leave benefits and protections for which you are eligible pursuant to applicable laws or the Company's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Miscellaneous**. This Agreement, including ***Exhibit A,*** constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the subject matter hereof with the exception of any arbitration agreements and/or policy agreements signed by you during your employment with the Company regarding confidentiality, non-disclosure, non-solicitation, trade secret, and/or assignment of inventions and other intellectual property provisions to which you were subject. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other agreements, promises, warranties or representations concerning its subject matter. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights hereunder. This Agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile and PDF signatures shall be equivalent to original signatures.

If this Agreement is acceptable to you, please sign and date below within twenty-one (21) calendar days after your receipt and then send me the fully signed Agreement. **The Company's offer contained herein will automatically expire if we do not receive the fully signed Agreement from you within this timeframe.**

We wish you the best in your future endeavors.

---

| |
|:---|
| Sincerely, |
| **Calidi Biotherapeutics, Inc.** |
| */s/ Eric Poma* |
| Eric Poma |
| Chief Executive Officer |

---

---

| |
|:---|
| **Understood and Agreed:** |
| */s/ Wendy Pizarro* |
| Wendy Pizarro |
| Date 09/17/2025 |

---

**EXHIBIT A**

**Proprietary Information and Inventions Agreement**

**Attached**

## Exhibit 10.2

**Exhibit 10.2**

![](ex10-2_001.jpg)

**<u>CONSULTING AGREEMENT</u>**

This Consulting Agreement (this "Agreement") is entered into as of the Effective Date by and between Calidi Biotherapeutics Inc., a Delaware corporation ("Company"), with an address at: 4475 Executive Drive, Suite 200 San Diego, CA 92121 and the party listed in Exhibit A ("Consultant"), collectively ("Parties" or a "Party").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company desires to engage Consultant as an independent contractor, and not as an employee, to assist the Company in its development and growth, on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Consultant desires to use his or her abilities and knowledge to assist the Company in such activities as may be reasonably required from time to time by the Company, as more specifically set forth in <u>Exhibit A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The foregoing recitals express the true intentions of the Parties and are hereby incorporated by this reference into this Agreement.

**AGREEMENT**

In consideration of the foregoing and of the mutual promises set forth herein, and intending to be legally bound, the parties hereto agree as follows:

1. *<u>Engagement</u>.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby engages Consultant to render, as an independent contractor, the services described in <u>Exhibit A</u> attached hereto and such other services as may be reasonably requested by the Company, from time to time. The term "Services" as used herein shall mean the activities described in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consultant hereby accepts the engagement to provide Services to the Company on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company shall keep Consultant informed regarding all matters that are the subject of this Agreement. Company shall cooperate with Consultant and shall reasonably participate in all activities related to the accomplishment of the objectives of this Agreement.

2. *<u>Term and Termination</u>.* The term of this Agreement shall begin as of the Effective Date of this Agreement and shall continue for a period set forth in <u>Exhibit A</u>, unless terminated earlier in accordance with Section 2(a) ("Term"). This Consulting Agreement may be extended only upon mutual written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either Party may terminate this Agreement pursuant to the notice period described in <u>Exhibit A</u> in writing upon notice, with or without cause, to the other Party ("Termination Date"). If terminated earlier than the Term of the Agreement, Consultant shall be entitled to pro-rated compensation up to the Termination Date.

3. *<u>Compensation</u>.* In consideration of the Services to be performed by Consultant, the Company agrees to pay Consultant in the manner and at the rates set forth in <u>Exhibit A</u>. Parties agree that the aggregate compensation paid to the Consultant during the Term, is consistent with fair market value in arm's length transactions, and if applicable, is not determined in a manner that considers the volume of value of any referrals or business otherwise generated between the Consultant and the Company for which payment may be made in whole or in part under federal healthcare programs or otherwise.

![](ex10-2_001.jpg)

4. *<u>Consultant'</u>*<u>s *Business Activities*</u>*.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company hereby acknowledges that the Consultant may be currently engaged with other clients
 and that Consultant may continue in such business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During
 the Term of this Agreement, it is understood that Consultant may not engage in business or
 other activities, which are or may be directly competitive with the business activities of
 the Company, without notifying and obtaining express written consent of the Company.

5. *<u>Confidentiality and Non-Disclosure</u>.* Consultant agrees to abide by the Proprietary Information and Inventions Agreement between the Consultant and Company and is hereby incorporated by reference.

6. *<u>Representations and Warranties</u>.* Consultant represents and warrants (i) that Consultant has no obligations, legal or otherwise, inconsistent with the terms of this Agreement or with Consultant's undertaking this relationship with the Company, (ii) that the performance of the Services called for by this Agreement do not and will not violate any contract with a third party, U.S. or foreign applicable law, rule or regulation or any proprietary, or other right of any third party, (iii) that Consultant will not use in the performance of its responsibilities under this Agreement any confidential information or trade secrets of any other person or entity, (iv) that Consultant has not entered into or will not enter into any agreement (whether oral or written) in conflict with this Agreement, and (v) that Consultant is compliant with, and will comply with, all state and local laws, including FINRA regulations or the Foreign Corrupt Practices Act, if applicable, with respect to the services hereunder. Company represents and warrants (i) that it is a duly formed corporation incorporated under the laws of Delaware, and (ii) that it intends to enforce this agreement as a legally binding obligation of the Company.

7. *<u>Indemnification</u>.* Consultant hereby indemnifies and agrees to defend and hold harmless the Company from and against any and all claims, demands and actions, and any liabilities, damages or expenses resulting therefrom, including court costs and reasonable attorneys' fees, arising out of or relating to the Services performed by Consultant under this Agreement or the representations and warranties made by Consultant pursuant to paragraph 6 hereof which includes any violations of any third party contracts or applicable federal and state laws.

Company hereby indemnifies and agrees to defend and hold Consultant harmless from and against any and all claims, demands and actions, and any liabilities, damages or expenses resulting therefrom, including court costs and reasonable attorneys' fees, arising out of or relating to the Services performed by Company under this Agreement or the representations and warranties made by Company pursuant to paragraph 6 hereof. Company's and Consultant's obligations under this paragraph 7 hereof shall survive the termination, for any reason, of this Agreement.

8. *<u>Attorney's Fees</u>.* Should either party hereto, or any heir, personal representative, successor or assign of either party hereto, resort to litigation to enforce this Agreement, the party or parties prevailing in such litigation shall be entitled, in addition to such other relief as may be granted, to recover its or their reasonable attorneys' fees and costs in such litigation from the party or parties against whom enforcement was sought.

9. *<u>Entire Agreement</u>.* This Agreement contains the entire understanding and agreement between the parties hereto with respect to its subject matter and supersedes any prior or contemporaneous written or oral agreements, representations or warranties between them respecting the subject matter hereof.

![](ex10-2_001.jpg)

10. *<u>Amendment</u>.* This Agreement may be amended only by a writing signed by Consultant and by a representative of the Company duly authorized.

11. *<u>Severability</u>.* If any term, provision, covenant or condition of this Agreement, or the application thereof to any person, place or circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect.

12. *<u>Rights Cumulative</u>.* The rights and remedies provided by this Agreement are cumulative, and the exercise of any right or remedy by either party hereto (or by its successors), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies.

13. *<u>Nonwaiver</u>.* No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an executive officer of the Company or other person duly authorized by the Company.

14. *<u>Agreement to Perform Necessary Acts</u>.* Consultant agrees to perform any further acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement.

15. *<u>Assignment</u>.* Consultant may not assign this Agreement without the Company's prior written consent. This Agreement may be assigned by the Company in connection with a merger, corporate reorganization or sale of all or substantially all of its assets, and in other instances with the Consultant's consent which consent shall not be unreasonably withheld or delayed.

16. *<u>Independent Contractor</u>.* The relationship between Consultant and the Company is that of independent contractor under a "work for hire" arrangement. All work product developed by Consultant shall be deemed owned and assigned to Company. This Agreement is not authority for Consultant to act for the Company as its agent or make commitments for the Company. Consultant will not be eligible for any employee benefits, nor will the company make deductions from fees to the Consultant for taxes, insurance, bonds or the like. Consultant retains the discretion in performing the tasks assigned, within the scope of work specified.

17. *<u>Taxes</u>.* Consultant agrees to pay all taxes that may be imposed upon Consultant with respect to the fees paid to Consultant hereunder.

18. *<u>Governing Law</u>.* This Agreement shall be construed in accordance with, and all actions arising hereunder shall be governed by the laws of the State of California. Consultant agrees to be subject to the exclusive jurisdiction of the federal and state courts located in San Diego County.

19. *<u>Non-Public Information.</u>* Consultant agrees that it will not trade the securities of the Company if Consultant has reviewed or possesses Confidential Information that is or could be considered material non-public information.

20. *<u>Image and Likeness.</u>* Consultant shall provide the Company the right of publicity for the Consultant's name, title, likeness, and image and will sign appropriate releases as needed in connection with any marketing efforts at discretion of Company.

**(Signature Page to Follow)**

![](ex10-2_001.jpg)

**IN WITNESS WHEREOF**, the parties hereto have executed this Consulting Agreement as of the Effective

Date.

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| | | | |
|:---|:---|:---|:---|
| **Calidi Biotherapeutics, Inc.** | **Calidi Biotherapeutics, Inc.** | **Consultant** | **Consultant** |
| Print Name: Eric Poma | Print Name: Eric Poma | Print Name: Wendy Pizarro | Print Name: Wendy Pizarro |
| <u>By:</u> | */s/ Eric Poma* | By: | */s/ Wendy Pizarro* |
| Title: | Chief Executive Officer |  |  |

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![](ex10-2_001.jpg)

**<u>Exhibit A</u>**

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| | |
|:---|:---|
| 1. | <u>Consultant Name</u>: Wendy Pizarro |
|  | <u>Consultant Email and Address:</u> |
| 2. | <u>Term of Agreement</u>: Six (6) Months from Effective Date. Renewable upon mutual written agreement. |
| 3. | <u>Hourly Rate</u>: $250.00/hour |
| 4. | <u>Effective Date</u>: October 18, 2025 |
| 5. | <u>Termination Notice Period</u>: Fifteen (15) days prior to Termination Date |
| 6. | <u>Title</u>: Legal Advisor |
| 7. | <u>Supervisor</u>: Consultant shall report to Eric Poma, Ph.D., Chief Executive Officer |
| 8. | <u>Services</u>: Provide consulting from time to time to support Calidi's legal and contracting needs |
| 9. | <u>Compensation</u>: |
|  | <u>Cash Compensation:</u> The Company shall pay Consultant on an hourly basis (itemized in 15-minute increments) at the Hourly Rate set forth above, and hours shall not exceed 20 hours per month. Consultant must receive prior approval for work by Supervisor before performing work in accordance with this Agreement. Consultant will invoice the Company when the services are complete at the end of each month and shall submit a written invoice to <u>accounting@calidibio.com</u> and <u>epoma@calidibio.com</u> detailing the dates and hours worked pursuant to this Agreement on a monthly basis. Upon approval of the invoice and subject to Consultant's timely submission of such invoice, Company shall pay Consultant within thirty (30) business days of the receipt of the invoice. |
| 10. | <u>Reimbursement for Business Expenses</u>: Consultant shall receive reasonable and customary reimbursement for business expenses incurred on behalf of the Company; provided, however, that Consultant shall provide appropriate receipts and documentation for any such expenses and receive prior written approval from the Supervisor prior to the expensed event. |
| 11. | <u>Miscellaneous</u>: Pursuant to the Company's 2023 Equity Incentive Plan, active, unvested stock options ("Unvested Options") that Consultant held immediately preceding the execution of this Agreement shall continue to vest under each stock option grant's respective vesting schedule. For clarity, Consultant's Unvested Options shall not be considered expired and shall continue to vest in accordance with each stock option grant's vesting schedule and the Company stock option policy until this Agreement expires at the end of its Term or is terminated pursuant to Section 2(a). Upon expiration or termination of this Agreement, Consultant shall have ninety (90) days to exercise Consultant's vested stock options before they expire consistent with the Company's stock option policies. |

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