Document:

INDEMNIFICATION
      AGREEMENT 

    

    

    This
      Agreement made and entered into this 1st day of April, 2008, (the “Agreement”),
      by and between Osiris Corporation, a Delaware corporation (the “Company,” which
      term shall include, where appropriate, any Entity (as hereinafter defined)
      controlled directly or indirectly by the Company) and Ilan Danieli (the
“Indemnitee”):

    

    WHEREAS,
      it is essential to the Company that it be able to retain and attract as
      directors and officers the most capable persons available;

    

    WHEREAS,
      increased corporate litigation has subjected directors and officers to
      litigation risks and expenses, and the limitations on the availability of
      directors and officers liability insurance have made it increasingly difficult
      for the Company to attract and retain such persons;

    

    WHEREAS,
      the Company’s By-laws require
      it to indemnify its directors
      and officers to the fullest extent permitted by law and permit it to make other
      indemnification arrangements and agreements; 

    

    WHEREAS,
      the Company desires to provide Indemnitee with specific contractual assurance
      of
      Indemnitee’s rights to full indemnification against litigation risks and
      expenses (regardless, among other things, of any amendment to or revocation
      of
      the Company’s By-laws Certificate
      of Incorporation or
      any
      change in the ownership of the Company or the composition of its Board of
      Directors); 

    

    WHEREAS,
      the Company intends that this Agreement provide Indemnitee with greater
      protection than that which is provided by the Company’s By-laws; and

    

    WHEREAS,
      Indemnitee is relying upon the rights afforded under this Agreement in
      becoming a
      director and officer of the Company.

    

    NOW,
      THEREFORE, in consideration of the promises and the covenants contained herein,
      the Company and Indemnitee do hereby covenant and agree as follows:

     

    1.    Definitions.

     

    (a)
      “Corporate
      Status” describes the status of a person who is serving or has served
      (i) as a director or officer of the Company, (ii) in
      any capacity with respect to any employee benefit plan of the Company, or
      (iii) as a director, partner, trustee, officer, employee, or agent of any
      other Entity at the request of the Company. For purposes of subsection (iii)
      of
      this Section 1(a), if Indemnitee is
      serving or has served as a director, partner, trustee, officer, employee or
      agent of a Subsidiary, Indemnitee shall be deemed to be serving at the request
      of the Company. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) “Entity”
      shall mean any corporation, partnership, limited liability company, joint
      venture, trust, foundation, association, organization or other legal
      entity.

     

    (c) “Expenses”
      shall mean all fees, costs and expenses incurred by Indemnitee in connection
      with any Proceeding (as defined below), including, without limitation,
      attorneys’ fees, disbursements and retainers (including, without limitation, any
      such fees, disbursements and retainers incurred by Indemnitee pursuant to
      Sections 11 and 12(c) of this Agreement), fees and disbursements of expert
      witnesses, private investigators and professional advisors (including, without
      limitation, accountants and investment bankers), court costs, transcript costs,
      fees of experts, travel expenses, duplicating, printing and binding costs,
      telephone and fax transmission charges, postage, delivery services, secretarial
      services, and other disbursements and expenses.

     

    (d) “Indemnifiable
      Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have
      the meanings ascribed to those terms in Section 3(a) below.

     

    (e) “Liabilities”
      shall mean judgments, damages, liabilities, losses, penalties, excise taxes,
      fines and amounts paid in settlement.

     

    (f) “Proceeding”
      shall mean any threatened, pending or completed claim, action, suit,
      arbitration, alternate dispute resolution process, investigation, administrative
      hearing, appeal, or any other proceeding, whether civil, criminal,
      administrative, arbitrative or investigative, whether formal or informal,
      including a proceeding initiated by Indemnitee pursuant to Section 11 of
      this Agreement to enforce Indemnitee’s rights hereunder.

    

    (g) “Subsidiary”
      shall mean any corporation, partnership, limited liability company, joint
      venture, trust or other Entity of which the Company owns (either directly or
      through or together with another Subsidiary of the Company) either (i) a general
      partner, managing member or other similar interest or (ii) (A) 50% or more
      of
      the voting power of the voting capital equity interests of such corporation,
      partnership, limited liability company, joint venture or other Entity, or (B)
      50% or more of the outstanding voting capital stock or other voting equity
      interests of such corporation, partnership, limited liability company, joint
      venture or other Entity.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    2.    Services
      of Indemnitee.
      In
      consideration of the Company’s covenants and commitments hereunder, Indemnitee
      agrees to serve as a director and officer of the Company. However, this
      Agreement shall not impose any obligation on Indemnitee or the Company to
      continue Indemnitee’s service to the Company beyond any period otherwise
      required by law or by other agreements or commitments of the parties, if
      any.

     

    3.    Agreement
      to Indemnify.
      The
      Company agrees to indemnify Indemnitee as follows:

     

    (a) Proceedings
      Other Than By or In the Right of the Company. Subject to the exceptions
      contained in Section 4(a) below, if Indemnitee was or is a party or is
      threatened to be made a party to any Proceeding (other than an action by or
      in
      the right of the Company) by reason of Indemnitee’s Corporate Status, Indemnitee
      shall be indemnified by the Company against all Expenses and Liabilities
      incurred or paid by Indemnitee in connection with such Proceeding (referred
      to
      herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,”
respectively, and collectively as “Indemnifiable Amounts”).

     

    (b) Proceedings
      By or In the Right of the Company. Subject to the exceptions contained in
      Section 4(b) below, if Indemnitee was or is a party or is threatened to be
      made
      a party to any Proceeding by or in the right of the Company by reason of
      Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company
      against all Indemnifiable Expenses.

     

    (c) Conclusive
      Presumption Regarding Standard of Care.
      In
      making any determination required to be made under Delaware law with respect
      to
      entitlement to indemnification hereunder, the person, persons or entity making
      such determination shall presume that Indemnitee is entitled to indemnification
      under this Agreement if Indemnitee submitted a request therefor in accordance
      with Section 5 of this Agreement, and the Company shall have the burden of
      proof
      to overcome that presumption in connection with the making by any person,
      persons or entity of any determination contrary to that
      presumption.

    

    (d) Additional
      Indemnity.
      In
      addition to, and without regard to any limitations on, the indemnification
      provided for in Section
      3(a) and 3(b)
      of this
      Agreement, the Company shall and hereby does indemnify and hold harmless
      Indemnitee against all Expenses and Liabilities incurred by him or on his behalf
      if, by reason of his Corporate Status, he is, or is threatened to be made,
      a
      party to or participant in any Proceeding (including a Proceeding by or in
      the
      right of the Company), including, without limitation, all liability arising
      out
      of the negligence or active or passive wrongdoing of Indemnitee. The only
      limitation that shall exist upon the Company’s obligations pursuant to this
      Agreement shall be that the Company shall not be obligated to make any payment
      to Indemnitee that is finally determined to be unlawful by the Court of Chancery
      of the State of Delaware.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    4.    Exceptions
      to Indemnification.
      Indemnitee shall be entitled to indemnification under Sections 3(a) and
      3(b) above in all circumstances other than with respect to any specific claim,
      issue or matter involved in the Proceeding out of which Indemnitee’s claim for
      indemnification has arisen, as follows:

     

    (a)
      Proceedings
      Other Than By or In the Right of the Company. If indemnification is
      requested under Section 3(a) and it has been finally adjudicated by the
      Court of Chancery of the State of Delaware that, in connection with such
      specific claim, issue or matter, Indemnitee failed to act (i) in good faith
      and
      (ii) in a manner Indemnitee reasonably believed to be in or not opposed to
      the
      best interests of the Company, or, with respect to any criminal Proceeding,
      Indemnitee had reasonable cause to believe that Indemnitee’s conduct was
      unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts
      hereunder.

     

    (b)
      Proceedings
      By or In the Right of the Company. If indemnification is requested under
      Section 3(b) and 

    

    (i)
      it
      has been finally adjudicated by the Court of Chancery of the State of Delaware
      that, in connection with such specific claim, issue or matter, Indemnitee failed
      to act (A) in good faith and (B) in a manner Indemnitee reasonably believed
      to
      be in or not opposed to the best interests of the Company, Indemnitee shall
      not
      be entitled to payment of Indemnifiable Expenses hereunder; or

    

    (ii)
      it
      has been finally adjudicated by the Court of Chancery of the State of Delaware
      that Indemnitee is liable to the Company with respect to such specific claim,
      Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder
      with respect to such claim, issue or matter unless the Court of Chancery of
      the
      State of Delaware or another court in which such Proceeding was brought shall
      determine upon application that, despite the adjudication of liability, but
      in
      view of all the circumstances of the case, Indemnitee is fairly and reasonably
      entitled to indemnification for such Indemnifiable Expenses which such court
      shall deem proper; or

    

    (iii)
      it
      has been finally adjudicated by the Court of Chancery of the State of Delaware
      that Indemnitee is liable to the Company for an accounting of profits made
      from
      the purchase or sale by the Indemnitee of securities of the Company pursuant
      to
      the provisions of Section 16(b) of the Securities Exchange Act of 1934, the
      rules and regulations promulgated thereunder and amendments thereto or similar
      provisions of any federal, state or local statutory law, Indemnitee shall not
      be
      entitled to payment of Indemnifiable Expenses hereunder.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (c)
      Insurance
      Proceeds. To the extent payment is actually made to the Indemnitee under a
      valid and collectible insurance policy in respect of Indemnifiable Amounts
      in
      connection with such specific claim, issue or matter, Indemnitee shall not
      be
      entitled to payment of Indemnifiable Amounts hereunder except in respect of
      any
      excess beyond the amount of payment under such insurance.

     

    5.    Procedure
      for Payment of Indemnifiable Amounts.
      Indemnitee shall submit to the Company a written request specifying the
      Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of
      this Agreement and the basis for the claim. The Company shall pay such
      Indemnifiable Amounts to Indemnitee promptly upon receipt of its request. At
      the
      request of the Company, Indemnitee shall furnish such documentation and
      information as are reasonably available to Indemnitee and necessary to establish
      that Indemnitee is entitled to indemnification hereunder.

    

    6.    Indemnification
      for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding
      any other provision of this Agreement, and without limiting any such provision,
      to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a
      party to and is successful, on the merits or otherwise, in any Proceeding,
      Indemnitee shall be indemnified against all Expenses and Liabilities incurred
      by
      Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is
      not wholly successful in such Proceeding but is successful, on the merits or
      otherwise, as to one or more but less than all claims, issues or matters in
      such
      Proceeding, the Company shall indemnify Indemnitee against all Expenses and
      Liabilities incurred by Indemnitee or on Indemnitee’s behalf in connection with
      each successfully resolved claim, issue or matter. For purposes of this
      Agreement, the termination of any claim, issue or matter in such a Proceeding
      by
      dismissal, with or without prejudice, by reason of settlement, judgment, order
      or otherwise, shall be deemed to be a successful result as to such claim, issue
      or matter. 

    

    7.    Effect
      of Certain Resolutions.
      Neither
      the settlement or termination of any Proceeding nor the failure of the Company
      to award indemnification or to determine that indemnification is payable shall
      create a presumption that Indemnitee is not entitled to indemnification
      hereunder. In addition, the termination of any proceeding by judgment, order,
      settlement, conviction, or upon a plea of nolo contendere or its equivalent
      shall not create a presumption that Indemnitee did not act in good faith and
      in
      a manner which Indemnitee reasonably believed to be in or not opposed to the
      best interests of the Company or, with respect to any criminal Proceeding,
      had
      reasonable cause to believe that Indemnitee’s action was unlawful.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    8.    Agreement
      to Advance Expenses; Undertaking.
      The
      Company shall advance all Expenses incurred by or on behalf of Indemnitee in
      connection with any Proceeding, including a Proceeding by or in the right of
      the
      Company, in which Indemnitee is involved by reason of such Indemnitee’s
      Corporate Status within ten (10) calendar days after the receipt by the Company
      of a written statement from Indemnitee requesting such advance or advances
      from
      time to time, whether prior to or after final disposition of such Proceeding.
      To
      the extent required by Delaware law, Indemnitee hereby undertakes to repay
      any
      and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is
      finally determined by that Indemnitee is not entitled under this Agreement
      to
      indemnification with respect to such Expenses. This undertaking shall be
      unsecured and made without reference to Indemnitee’s ability to repay any such
      amounts.

    

    9.    Procedure
      for Advance Payment of Expenses.
      Indemnitee shall submit to the Company a written request specifying the
      Indemnifiable Expenses for which Indemnitee seeks an advancement under Section
      8
      of this Agreement, together with documentation evidencing that Indemnitee has
      incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under
      Section 8 shall be made no later than ten (10) calendar days after the Company’s
      receipt of such request.

    

    10.    Indemnification
      for Expenses of a Witness.
      Notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding
      to
      which Indemnitee is not a party, he shall be indemnified against all Expenses
      by
      incurred by him or on his behalf in connection therewith.

    

    11.    Remedies
      of Indemnitee.

     

    (a) Right
      to Petition Court. In the event that Indemnitee makes a request for payment
      of Indemnifiable Amounts under Sections 3 and 5 above or a request for an
      advancement of Indemnifiable Expenses under Sections 8 and 9 above and the
      Company fails to make such payment or advancement in a timely manner pursuant
      to
      the terms of this Agreement, Indemnitee may petition the Court of Chancery
      of
      the State of Delaware to enforce the Company’s obligations under this
      Agreement.

     

    (b)
      Burden
      of Proof. In any judicial proceeding brought under Section 11(a) above,
      the Company shall have the burden of proving that Indemnitee is not entitled
      to
      payment of Indemnifiable Amounts hereunder.

     

    (c)
      Expenses.
      The Company agrees to reimburse Indemnitee in full for any Expenses incurred
      by
      Indemnitee in connection with investigating, preparing for, litigating,
      defending or settling any action brought by Indemnitee under Section 11(a)
      above, or in connection with any claim or counterclaim brought by the Company
      in
      connection therewith, whether or not Indemnitee is successful in whole or in
      part in connection with any such action.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (d) Failure
      to Act Not a Defense. The failure of the Company (including its Board of
      Directors or any committee thereof, independent legal counsel, or stockholders)
      to make a determination concerning the permissibility of the payment of
      Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this
      Agreement shall not be a defense in any action brought under Section 11(a)
      above, and shall not create a presumption that such payment or advancement
      is
      not permissible.

    

    12.    Defense
      of the Underlying Proceeding.

    

    (a) Notice
      by Indemnitee.
      Indemnitee agrees to notify the Company promptly upon being served with any
      summons, citation, subpoena, complaint, indictment, information, or other
      document relating to any Proceeding which may result in the payment of
      Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder;
      provided, however, that the failure to give any such notice shall not disqualify
      Indemnitee from the right, or otherwise affect in any manner any right of
      Indemnitee, to receive payments of Indemnifiable Amounts or advancements of
      Indemnifiable Expenses unless the Company’s ability to defend in such Proceeding
      is materially and adversely prejudiced thereby.

    

    (b) Defense
      by Company.
      Subject
      to the provisions of the last sentence of this Section 12(b) and of Section
      12(c) below, the Company shall have the right to defend Indemnitee in any
      Proceeding which may give rise to the payment of Indemnifiable Amounts
      hereunder; provided, however that the Company shall notify Indemnitee of any
      such decision to defend within ten (10) calendar days of receipt of notice
      of
      any such Proceeding under Section 12(a) above. The Company shall not, without
      the prior written consent of Indemnitee, consent to the entry of any judgment
      against Indemnitee or enter into any settlement or compromise which (i) includes
      an admission of fault of Indemnitee or (ii) does not include, as an
      unconditional term thereof, the full release of Indemnitee from all liability
      in
      respect of such Proceeding, which release shall be in form and substance
      reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to
      a
      Proceeding brought by Indemnitee under Section 11(a) above or pursuant to
      Section 20 below. 

    

    (c) Indemnitee’s
      Right to Counsel.
      Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to
      which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i)
      Indemnitee reasonably concludes that he or she may have separate defenses or
      counterclaims to assert with respect to any issue which may not be consistent
      with the position of other defendants in such Proceeding, (ii) a conflict of
      interest or potential conflict of interest exists between Indemnitee and the
      Company, or (iii) if the Company fails to assume the defense of such proceeding
      in a timely manner, Indemnitee shall be entitled to be represented by separate
      legal counsel of Indemnitee’s choice at the expense of the Company. In addition,
      if the Company fails to comply with any of its obligations under this Agreement
      or in the event that the Company or any other person takes any action to declare
      this Agreement void or unenforceable, or institutes any action, suit or
      proceeding to deny or to recover from Indemnitee the benefits intended to be
      provided to Indemnitee hereunder, Indemnitee shall have the right to retain
      counsel of Indemnitee’s choice, at the expense of the Company, to represent
      Indemnitee in connection with any such matter.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    13.    Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to Indemnitee as follows:

    

    (a) Authority.
      The
      Company has all necessary power and authority to enter into, and be bound by
      the
      terms of, this Agreement, and the execution, delivery and performance of the
      undertakings contemplated by this Agreement have been duly authorized by the
      Company.

    

    (b) Enforceability.
      This
      Agreement, when executed and delivered by the Company in accordance with the
      provisions hereof, shall be a legal, valid and binding obligation of the
      Company, enforceable against the Company in accordance with its terms, except
      as
      such enforceability may be limited by applicable bankruptcy, insolvency,
      moratorium, reorganization or similar laws affecting the enforcement of
      creditors’ rights generally.

    

    14.    Insurance.
      The
      Company shall maintain a policy or policies of insurance with a reputable
      insurance company providing the Indemnitee with coverage for losses from
      wrongful acts in the aggregate amount of at least $7 million. For so long as
      Indemnitee shall remain an director or officer of the Company and with respect
      to any such prior service, in all policies of director and officer liability
      insurance, Indemnitee shall be named as an insured in such a manner as to
      provide Indemnitee the same rights and benefits as are accorded to the most
      favorably insured of the Company’s officers and directors. 

    

    15.    Contract
      Rights Not Exclusive.
      The
      rights to payment of Indemnifiable Amounts and advancement of Indemnifiable
      Expenses provided by this Agreement shall be in addition to, but not exclusive
      of, any other rights which Indemnitee may have at any time under applicable
      law,
      the Company’s Certificate of Incorporation or By-laws, or any other agreement,
      vote of stockholders or directors (or a committee of directors), or otherwise,
      both as to action in Indemnitee’s official capacity and as to action in any
      other capacity as a result of Indemnitee’s serving as an director or officer of
      the Company.

    

    16.    Successors.
      This
      Agreement shall be (a) binding upon all successors and assigns of the Company
      (including any transferee of all or a substantial portion of the business,
      stock
      and/or assets of the Company and any direct or indirect successor by merger
      or
      consolidation or otherwise by operation of law) and (b) binding on and shall
      inure to the benefit of the heirs, personal representatives, executors and
      administrators of Indemnitee. This Agreement shall continue for the benefit
      of
      Indemnitee and such heirs, personal representatives, executors and
      administrators after Indemnitee has ceased to have Corporate
      Status.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    17.    Subrogation.
      In the
      event of any payment of Indemnifiable Amounts under this Agreement, the Company
      shall be subrogated to the extent of such payment to all of the rights of
      contribution or recovery of Indemnitee against other persons, and Indemnitee
      shall take, at the request of the Company, all reasonable action necessary
      to
      secure such rights, including the execution of such documents as are necessary
      to enable the Company to bring suit to enforce such rights.

    

    18.    Change
      in Law.
      To the
      extent that a change in Delaware law (whether by statute or judicial decision)
      shall permit broader indemnification or advancement of expenses than is provided
      under the terms of the By-laws and this Agreement, Indemnitee shall be entitled
      to such broader indemnification and advancements, and this Agreement shall
      be
      deemed to be amended to such extent. 

    

    19.    Severability.
      Whenever possible, each provision of this Agreement shall be interpreted in
      such
      a manner as to be effective and valid under applicable law, but if any provision
      of this Agreement, or any clause thereof, shall be determined by the Court
      of
      Chancery of the State of Delaware to be illegal, invalid or unenforceable,
      in
      whole or in part, such provision or clause shall be limited or modified in
      its
      application to the minimum extent necessary to make such provision or clause
      valid, legal and enforceable, and the remaining provisions and clauses of this
      Agreement shall remain fully enforceable and binding on the
      parties.

    

    20.    Indemnitee
      as Plaintiff.
      Except
      as provided in Section 10(c) of this Agreement and in the next sentence,
      Indemnitee shall not be entitled to payment of Indemnifiable Amounts or
      advancement of Indemnifiable Expenses with respect to any Proceeding brought
      by
      Indemnitee against the Company, any Entity which it controls, any director
      or
      officer thereof, or any third party, unless the Board of Directors of the
      Company has consented to the initiation of such Proceeding. This Section shall
      not apply to counterclaims or affirmative defenses asserted by Indemnitee in
      an
      action brought against Indemnitee.

    

    21.    Modifications
      and Waiver.
      Except
      as provided in Section 18 above with respect to changes in Delaware law
      which broaden the right of Indemnitee to be indemnified by the Company, no
      supplement, modification or amendment of this Agreement shall be binding unless
      executed in writing by each of the parties hereto. No waiver of any of the
      provisions of this Agreement shall be deemed or shall constitute a waiver of
      any
      other provisions of this Agreement (whether or not similar), nor shall such
      waiver constitute a continuing waiver.

    

    22.    General
      Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed to have been duly given (a) when delivered by hand,
      (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed
      by certified or registered mail with postage prepaid, on the third business
      day
      after the date on which it is so mailed:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
            	(i)	
              If
                to Indemnitee, to:

            

    

    

    Ilan
      Danieli

    143
      Sandpiper Key

    Secaucus,
      NJ 07094

    

    
      	
            	(ii)	
              If
                to the Company, to:

            

    

    

    Osiris
      Corporation

    5995
      Avebury Road, Suite 704

    Mississauga,
      Ontario L5R 3T8

    Attn:
      Petter Etholm, CEO

    

    or
      to
      such other address as may have been furnished in the same manner by any party
      to
      the others.

    

    23.    Governing
      Law; Consent to Jurisdiction; Service of Process.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware without regard to its rules of conflict of laws. Each of
      the
      Company and the Indemnitee hereby irrevocably and unconditionally consents
      to
      submit to the exclusive jurisdiction of the Court of Chancery of the State
      of
      Delaware and the courts of the United States of America located in the State
      of
      Delaware (the "Delaware Courts") for any litigation arising out of or relating
      to this Agreement and the transactions contemplated hereby (and agrees not
      to
      commence any litigation relating thereto except in such courts), waives any
      objection to the laying of venue of any such litigation in the Delaware Courts
      and agrees not to plead or claim in any Delaware Court that such litigation
      brought therein has been brought in an inconvenient forum. Each of the parties
      hereto agrees, (a) to the extent such party is not otherwise subject to service
      of process in the State of Delaware, to appoint and maintain an agent in the
      State of Delaware as such party's agent for acceptance of legal process, and
      (b)
      that service of process may also be made on such party by prepaid certified
      mail
      with a proof of mailing receipt validated by the United States Postal Service
      constituting evidence of valid service. Service made pursuant to (a) or (b)
      above shall have the same legal force and effect as if served upon such party
      personally within the State of Delaware. For purposes of implementing the
      parties' agreement to appoint and maintain an agent for service of process
      in
      the State of Delaware, each such party does hereby appoint The Corporation
      Trust
      Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801,
      as
      such agent and each such party hereby agrees to complete all actions necessary
      for such appointment.

    

    [signature
      page follows]

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

     

    
      	 	
              OSIRIS
                CORPORATION

               

              By: 
                /s/
                PETTER ETHOLM

               

              Petter
                Etholm, CEO

               

              /s/
                ILAN DANIELI

               

              Ilan
                DanieliEMPLOYMENT
      AGREEMENT

     

    Agreement,
      dated as of April 1, 2008 (the “Agreement”), by and between Shells Seafood
      Restaurants, Inc., a Delaware corporation with its principal office at 16313
      N.
      Dale Mabry Highway, Suite 100, Tampa, Florida 33618 (“Shells” or the "Company"),
      and Marc Bernstein (the "Executive"), currently residing at
      [address].

     

    WHEREAS,
      the parties desire to enter into this Agreement in order to assure the Company
      of the services of the Executive and to set forth the duties and compensation
      of
      the Executive, all upon the terms and conditions hereinafter set forth;
      and

     

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual promises,
      representations and covenants contained herein, the parties hereto agree as
      follows:

     

    1.  Duties.
      The
      Company shall employ the Executive, and the Executive shall serve as the Chief
      Executive Officer of the Company, during the Employment Term (as hereinafter
      defined). During the Employment Term, the Executive shall perform such duties
      and functions as the Company's Board of Directors shall from time to time
      determine and the Executive shall comply in the performance of his duties with
      the policies, and be subject to the direction, of the Board of Directors of
      the
      Company. Except as may be expressly otherwise consented to in writing by the
      Board of Directors, the Executive covenants and agrees to and shall devote
      his
      full working time, attention and efforts toward the performance of his duties
      and responsibilities hereunder. The Executive shall not, directly or indirectly,
      without the prior written consent of the Company's Board of Directors, as owner,
      partner, joint venturer, stockholder, employee, consultant, corporate officer
      or
      director, engage or become financially interested in any other duties or
      pursuits which interfere with the performance of his duties hereunder, or which
      even if non-interfering, may be inimical or contrary to the best interests
      of
      the Company. During the Employment Term, Executive shall relocate to and be
      resident in the state of Florida.

     

    2.  Term;
      Severance.

     

    a.  Term.
      The
      term of this Agreement and the term of employment (the "Employment Term") of
      the
      Executive shall commence April 14, 2008 and continue through April 13, 2011
      (the
      "Termination Date") unless sooner terminated in accordance with the terms
      hereof; provided, however, that the Termination Date (and, consequently, the
      Employment Term) shall be extended automatically for successive one year periods
      unless either party hereto gives the other such party written notice of its
      or
      his intention not to extend this Agreement, ninety (90) days prior to the
      Termination Date (or, if applicable, any anniversary of the Termination
      Date).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    b.  Severance.
      Except
      as provided in Section 5(b) hereof, in the event the Company terminates the
      Executive's employment for any reason other than cause (as defined in Section
      5
      hereof), the permanent disability (as defined in Section 6 hereof) of the
      Executive, or the death of the Executive, the parties agree that, provided
      Executive executes a general release of all claims against the Company, its
      officers, directors and affiliates, and abides by all restrictive covenants
      of
      this Agreement including, without limitation, the provisions relating to
      non-competition, non-solicitation and confidentiality, Executive shall be
      entitled to receive: (1) as severance pay the then effective base salary of
      the
      Executive, for a period commencing on any such date of termination and ending
      on
      the earlier of (i) the six-month anniversary of such date or (ii) the date
      upon
      which Executive commenced to be employed by another entity or person (the
“Severance Period”), in all such instances, payable in equal installments in
      accordance with the Company's normal salary payment policies, and (2) payment
      of
      the Executive’s and Executive’s eligible dependents’ COBRA continuation health
      coverage premiums for the six month period following the date of termination
      or,
      if earlier, until the Executive and Executive’s dependents cease to be eligible
      for such coverage or until the Executive commences employment with another
      entity or person. Any amounts so paid to the Executive pursuant to the
      provisions of this Section 2(b) shall be in lieu of any and all other payments
      due and owing to the Executive under the terms of this Agreement or otherwise.
      It is agreed that subsequent to any such termination for which severance is
      owed, the Executive shall in good faith reasonably assist during the Severance
      Period in the transition to another person or persons selected to perform the
      duties of the CEO/President of the Company; provided, however, that the
      Executive shall not be required to devote any specified minimum amount of time
      toward such transition activities. In the event that the Company terminates
      Executive's employment for "cause" (as defined in Section 5 hereof), or due
      to
      the "permanent disability" of the Executive (as defined in Section 6 hereof)
      or
      the death of the Executive, or in the event that the Executive terminates the
      agreement (as provided in Section 5(c) hereof), Executive shall not be entitled
      to receive any further payment hereunder other than for accrued but unpaid
      compensation and except as may be specifically otherwise provided pursuant
      to
      any stock option granted to Executive by the Company. 

     

    3.  Compensation.

     

    a.  Salary.
      During
      the Employment Term, the Executive shall receive a base salary at the rate
      of
      $338,000 per annum (“Base Salary”), subject to any increases approved by the
      Board of Directors or an appropriate committee thereof. The Executive's Base
      Salary shall be payable in installments in accordance with the Company's normal
      salary payment policies, and shall be subject to such payroll deductions as
      are
      required by law or applicable employee benefit programs.

     

    b.  Bonus.
      Executive shall be eligible for a guaranteed bonus of $40,000 in Executive’s
      first year of employment. Executive shall be eligible for bonuses in subsequent
      years in amounts, if any, to be determined in the sole discretion of the
      Company’s Board of Directors or an appropriate committee thereof, based upon a
      mutually agreed upon business plan which the Executive will present to the
      Board
      of Directors, or an appropriate committee thereof, within ninety (90) days
      of
      the commencement of Executive’s employment. All bonuses, if any, will be paid
      within fifteen (15) days of the date that the Company receives its annual
      audited financial statements from its independent certified public accountants
      for the then applicable year. The Executive must be employed on the date that
      the bonus is paid in order to be entitled to receive any bonus.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    c.  Expenses.
      In
      addition to the Base Salary provided for in Section 3(a) hereof, the Company
      shall reimburse the Executive, upon presentation by the Executive of suitable
      documented expense accounts, for any reasonable travel or other out-of-pocket
      business expenses incurred by the Executive in rendering the services hereunder
      on behalf of the Company and which are incurred pursuant to the Company's
      expense reimbursement policies. The Executive shall comply with restrictions
      and
      shall keep records in compliance with the Company's policy and procedures
      related to travel and entertainment expenses, and as may be otherwise required
      for tax or accounting purposes.

     

    d. Relocation
      Expenses.
      Executive shall relocate to Florida during the first month of the Employment
      Term, and the Company shall reimburse Executive for reasonable expenses related
      to such relocation, not to exceed $10,000.

     

    e. Stock
      Option Awards.
      The
      Company agrees that, on the date hereof, Executive shall be awarded an option
      to
      purchase 3,530,692 shares of the Company’s common stock. The option exercise
      price per share will be equal to the closing price per share on the date hereof.
      The option will vest in 36 equal monthly increments beginning April 30, 2008,
      subject to the Executive’s continuing employment or service with the Company on
      each applicable vesting date. The option will terminate if and to the extent
      it
      is not approved by the Company’s stockholders at the 2008 annual meeting. The
      Company will use its reasonable efforts to ensure that such approval is
      obtained. The stock option shall be governed by and subject to the terms and
      conditions of a stock option agreement between the Company and the Executive,
      substantially in the form annexed as Exhibit A hereto. 

     

    f. Vacations.
      The
      Executive shall be entitled to up to four weeks of paid vacation in each
      calendar year. The Executive shall also be entitled to the same standard paid
      holidays given by the Company to senior executives generally, all as determined
      from time to time by the Board of Directors of the Company or an appropriate
      committee thereof. No more than one week of vacation time shall cumulate from
      year to year.

     

    g. Automobile
      and Housing.
      During
      the Employment Term, the Executive shall be entitled to a housing and automobile
      allowance of $3,000 per month, plus maintenance, reimbursement for the cost
      of
      gasoline used for daily commutation to work and for business travel (all in
      accordance with Section 3(c) hereof), and automobile insurance. 

     

    h. Life,
      Health and Disability Insurance.
      Executive shall be entitled to participate in the Company's health benefit
      program and entitled to the same health, life and disability insurance paid
      for
      by the Company to senior executives generally, all as determined from time
      to
      time by the Board of Directors of the Company or an appropriate committee
      thereof. 

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    4. 
Place
      of Performance.
      In
      connection with his employment by the Company, and except for travel required
      for Company business, the Executive shall be based at the principal executive
      offices of the Company, presently located in the Tampa, Florida area or, from
      time to time, at the discretion of the Company, at other locations utilized
      by
      the Company which are located within 100 miles of the Company's present
      executive offices.

     

    5. 
Termination
      by the Company or by Executive.

     

    (a) Termination
      by the Company.
      The
      Company may terminate Executive's employment at any time, upon notice by the
      Company to the Executive, for cause or for any other reason which would not
      constitute cause. Termination by the Company for "cause" shall mean termination
      because of: (a) Executive's refusal to perform, or continual neglect of, his
      duties or obligations hereunder (other than breaches of the covenants set forth
      in Sections 1, 7 and 8 hereof which events are governed by clause (e) below),
      in
      any such instance which is materially and demonstrably injurious to the Company
      and which neglect or failure to act is not remedied within thirty (30) days
      after written notice thereof to the Executive by the Company; (b) Executive's
      conviction (which, through lapse of time or otherwise, is not subject to appeal)
      of any crime or offense involving money or other property of the Company or
      any
      of its subsidiaries or which constitutes a felony in the jurisdiction involved,
      (c) Executive's performance of any act or his failure to act, for which if
      Executive were prosecuted and convicted, would constitute a crime or offense
      involving money or property of the Company or any of its subsidiaries, or which
      would constitute a felony in the jurisdiction involved, (d) any attempt by
      Executive to secure improperly any personal profit in connection with the
      business of the Company or any of its subsidiaries, which individually or in
      the
      aggregate is materially and demonstrably injurious to the Company and which,
      to
      the extent such material and demonstrable injury is capable of being cured,
      is
      not remedied within thirty (30) days after written notice thereof to the
      Executive by the Company, (e) any breach by Executive of any of the terms of
      Section 1, 7 or 8 of this Agreement, in any such instance which is materially
      and demonstrably injurious to the Company and which breach is not remedied
      within thirty (30) days after written notice thereof to the Executive by the
      Company. 

     

    (b) Change
      in Control.
      In the
      event that, within six months of a Change in Control of the Company (as later
      defined), (i) Executive is terminated without cause or (ii) Executive terminates
      his employment with the Company due to (a) a significant diminution in
      Executive’s job responsibilities or title or compensation or (b) the Executive
      being required to relocate outside of the Tampa, Florida market (which shall
      mean to a location which is more than 50 miles outside of the city borders
      of
      Tampa) and, in any such instance, provided the Executive executes a general
      release of all claims against the Company, its officers, directors and
      affiliates and abides by the provisions of Sections 7 and 8(a) (iii) and (iv)
      hereof, then all the Executive’s unvested 

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    stock
      options will vest immediately, and Executive shall be entitled to receive (1)
      a
      severance payment equal to six months’ then effective base salary, payable in
      equal installments commencing from the date of the Change in Control, in
      accordance with the Company’s then general salary payment policies, and (2)
      payment of the Executive’s and Executive’s eligible dependents’ COBRA
      continuation health coverage premiums for the six month period following the
      date of termination or, if earlier, until the Executive and Executive’s
      dependents cease to be eligible for such coverage or until the Executive
      commences employment with another entity or person. Such payments, if any,
      shall
      be in lieu of any amount provided for in Section 2(b) hereof. For purposes
      of
      this Agreement, a “Change in Control” shall be deemed to have occurred if (i)
      there shall be consummated (a) any consolidation or merger of the Company in
      which the Company is not the continuing or surviving corporation or pursuant
      to
      which shares of the Company’s Common Stock, would be converted into cash,
      securities or other property, other than a merger of the Company in which the
      holders of the Common Stock immediately prior to the merger have not less than
      50.1% of the ownership of common stock of the surviving corporation immediately
      after the merger, or (b) any sale, lease, exchange or other transfer (in one
      transaction or a series of related transactions) of all, or substantially all,
      of the assets of the Company, or (ii) the stockholders of the Company shall
      approve any plan or proposal for liquidation or dissolution of the Company,
      or
      (iii) any person (as such term is used in Section 13(d) and 14(d)(2) of the
      Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who, at the
      time of the execution of this Agreement, does not own 5% or more of the
      Company’s outstanding Common Stock, shall become the beneficial owner (within
      the meaning of Rule 13d-3 under the Exchange Act) of 35% or more of the
      outstanding Common Stock other than pursuant to a plan or arrangement entered
      into by such person and the Company, or (iv) during any period of two
      consecutive years commencing on the date hereof, individuals who at the
      beginning of such period constitute the entire Board of Directors shall cease
      for any reason to constitute a majority thereof, unless the election, or the
      nomination for election by the Company’s stockholders, of a majority of the new
      directors was approved by a vote of at least two-thirds of the directors then
      still in office who were directors at the beginning of the period. 

     

    (c) Termination
      by the Executive.
      The
      Executive may terminate his employment with the Company at any time, upon notice
      by the Executive to the Company.

     

    6. 
Death;
      Disability.
      If the
      Executive shall die or become "permanently disabled" during the term of this
      Agreement, this Agreement and all benefits hereunder shall terminate, except
      that such termination shall not affect any vested rights which the Executive
      may
      have at the time of his death pursuant to any insurance or other death benefit
      plans or arrangements of the Company, which rights shall continue to be governed
      by the provisions of such plans and agreements. For the purposes of this
      Agreement, the Executive shall be deemed to be "permanently disabled" if, during
      the term hereof, because of ill health, physical or mental disability, or for
      other causes beyond the Executive's control, the Executive shall have been
      unable, or unwilling, to perform the essential functions of his job hereunder
      for ninety (90) consecutive days or for a total period of one hundred twenty
      (120) days in any twelve month period during the term of this Agreement, whether
      consecutive or not. Notwithstanding anything to the contrary contained herein,
      during any period that the Executive fails to perform the essential functions
      of
      his job hereunder as a result of his disability (but prior to the termination
      of
      this Agreement as a result of such disability), (i) the Executive shall continue
      to receive his full salary at the rate then in effect and all benefits provided
      herein, provided that payments made to the Executive pursuant to this Section
      6
      shall be reduced by the sum of the amounts, if any, payable to the Executive
      at
      or prior to the time of any such payment under any disability benefit insurance,
      plan or program of, or provided by, the Company and (ii) the Company shall
      have
      the right to hire any other individual or individuals to perform such duties
      and
      functions as the Company shall desire, including those duties heretofore
      performed by the Executive.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    7. 
Protection
      of Confidential Information.

     

    a.
       Confidential
      Information.
      The
      Executive acknowledges that his employment by the Company will, throughout
      the
      term of this Agreement, bring him in contact with many confidential affairs
      of
      the Company not readily available to the public, and plans for future
      developments. In recognition of the foregoing, the Executive covenants and
      agrees that he will not, directly or indirectly, use or intentionally disclose
      or permit to be known to anyone outside of the Company any confidential matters
      of the Company, except with the Company's prior written consent or as required
      by court order, law or subpoena, or other legal compulsion to disclose, with
      appropriate confidentiality obligations, or when reasonably necessary during
      Executive’s employment by the Company for the Executive to perform his job
      duties hereunder. In the event that Executive shall be required by legal process
      to disclose any confidential matter, Executive shall give the Company ten days
      (or, if not reasonably possible, such lesser number of days as is reasonably
      possible) prior written notice prior to such disclosure.

     

    b. Company
      Property.
      All
      information and documents relating to the Company shall be the exclusive
      property of the Company and the Executive shall use commercially reasonable
      best
      efforts to prevent any publication or disclosure thereof. Upon termination
      of
      the Executive's employment with the Company, all documents, records, reports,
      writings and other similar documents containing confidential information,
      including copies thereof, and any other Company property then in the Executive's
      possession or control shall be returned and left with the Company.

     

    c. Company
      Policy.
      The
      Executive will execute the Company’s Annual Questionnaire Relating to Conflicts
      of Interest, Insider Trading, Questionable Payments, Political Contributions,
      Violations of Law and Confidentiality, all the terms and provisions of which
      are
      incorporated herein as if fully set forth herein.

     

    8.
       
Covenant
      Not To Compete; Non-Solicitation.

     

    a. Covenant
      Not to Compete.
      The
      Executive agrees that during his employment by the Company (which shall be
      deemed to include the period during which the Executive is receiving any
      severance payments, as set forth in Section 2 hereof) 

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    and
      for
      the twenty-four months immediately following the Employment Term (including
      any
      extensions thereof, as provided herein), the Executive shall not either directly
      or indirectly, (i) whether by establishing a new business or by joining an
      existing one, and whether as a principal, employee, stockholder, officer,
      director, broker, agent, consultant, corporate officer, licensor or in any
      other
      capacity, compete with the Company or any of its affiliates in the seafood
      segment of the restaurant business or become associated with a business
      enterprise which competes with any business operation of the Company or its
      affiliates in the seafood segment of the restaurant business, or any business
      operation of the Company or its affiliates in the seafood segment of the
      restaurant business planned and known by the Executive prior to the Executive's
      termination of employment, in the State of Florida and any other geographical
      areas in which the Company then has market presence; provided, however, that
      if
      the Company terminates Executive's employment without cause (as defined in
      Section 5 hereof), Executive shall not be subject to the provisions of this
      Section 8; (ii) divert business from the Company or its affiliates or solicit,
      accept or procure business from, divert the business of, or attempt to convert
      to other methods of using the same or similar services or products as are
      provided by the Company or its affiliates, any customer of the Company or its
      affiliates; (iii) interfere, in any manner, with the Company's or its
      affiliates’ customer and vendor/supplier relationships; or (iv) solicit for
      employment, employ or otherwise engage the services of, any employee or agent
      of
      the Company or its affiliates, or any person who was an employee or agent of
      the
      Company or its affiliates within the six months immediately preceding the
      cessation of Executive's employment with the Company. A restaurant shall be
      deemed to be in the seafood segment of the restaurant business if it holds
      itself out as primarily a purveyor of seafood by means of the use of the term
      “seafood", "fish" or other term traditionally associated with a food source
      which comes from the ocean waters (or any variation on any of the foregoing)
      in
      its name or in its advertising. 

     

    b. Divisibility.
      The
      Executive and the Company intend that this covenant not to compete shall be
      construed as a series of separate covenants, one for each county and each
      product line. If, in any judicial proceeding, a court shall refuse to enforce
      any one or more of the separate covenants deemed included in subsection (a)
      of
      this Section 8, then such unenforceable covenant shall be deemed severed from
      this Agreement for the purposes of such judicial proceeding to the extent
      necessary to permit the remaining separate covenants to be enforced.

     

    c. Reasonableness.
      The
      Executive acknowledges that the territorial and time limitations set forth
      in
      this Section 8 are reasonable and properly required for the adequate protection
      of the business of the Company and its subsidiaries and affiliates. In the
      event
      any such territorial or time limitation is deemed to be unreasonable by a court
      of competent jurisdiction, the Executive agrees to the reduction of the
      territorial or time limitation to the area or period which such court deems
      reasonable.

     

    d. Independent
      Obligation.
      The
      existence of any claim or cause of action by the Executive against the Company
      shall not constitute a defense to the enforcement by the Company of the
      foregoing restrictive covenants, but such claim or cause of action shall be
      litigated separately.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    9. 
Successors;
      Binding Agreement.
      This
      Agreement and all rights of the Executive hereunder shall inure to the benefit
      of, and shall be enforceable by, the Executive's personal or legal
      representatives, executors, administrators, successors, heirs, distributees,
      devisees and legatees. If the Executive should die while any amount would still
      be payable to him hereunder if he had continued to live, all such amounts,
      unless otherwise provided herein, shall be paid in accordance with the terms
      of
      this Agreement to the Executive's devisee, legatee or other designee or, if
      there be no such designee, to the Executive's estate. This Agreement shall
      bind
      any successors, purchasers, subsidiaries, affiliates and assigns of the
      Company.

     

    10. 
Notice.
      For the
      purposes of this Agreement, notices, demands and all other communications
      provided for in the Agreement shall be in writing and shall be deemed to have
      been duly given when delivered against receipt therefore or three days after
      being mailed by United States certified mail, return receipt requested, postage
      prepaid, addressed as follows:

     

    If
      to the
      Executive:  Marc
      Bernstein

    

    

    With
      a
      copy to: 

    

     

    If
      to the
      Company:   Shells
      Seafood Restaurant, Inc.

                16313
      N. Dale Mabry Highway, Suite 100

                Tampa,
      Florida 33618

    

    With
      a
      copy to:        Sheldon
      G. Nussbaum, Esq.

                Fulbright
      & Jaworski L.L.P.

                666
      Fifth Avenue

                New
      York, New York 10103

     

    or
      to
      such other address as either party may have furnished to the other in writing
      in
      accordance herewith, except that notice of change of address shall be effective
      only upon receipt.

     

    11. 
Miscellaneous.
      No
      provisions of this Agreement may be modified, waived or discharged unless such
      waiver, modification or discharge is agreed to in writing and signed by the
      Executive and such officers of the Company as may be specifically designated
      by
      its Board of Directors. No waiver by either party hereto at any time of any
      breach by the other party hereto of, or compliance with, any condition or
      provision of this Agreement to be performed by such other party shall be deemed
      a waiver of similar or dissimilar provisions or conditions at the same or at
      any
      prior or subsequent time.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    12. 
Validity.
      The
      invalidity or unenforceability of any provision or provisions of this Agreement
      shall not affect the validity or enforceability of any other provision of this
      Agreement, which shall remain in full force and effect.

     

    13. 
Entire
      Agreement.
      With
      the exception of the terms and conditions of the benefit and compensation plans
      applicable to the Executive, this Agreement sets forth the entire agreement
      and
      understanding of the parties hereto in respect of the subject matter contained
      herein, and supersedes all prior agreements, promises, covenants, arrangements,
      communications, representations or warranties, whether oral or written, by
      any
      officer, employee or representative of any party hereto or any predecessor
      of
      any party hereto.

     

    14. 
Non-Assignability.
      This
      Agreement is entered into in consideration of the personal qualities of the
      Executive and may not be, nor may any right or interest hereunder be, assigned
      by him without the prior written consent of Company. It is expressly understood
      and agreed that this Agreement, and the rights accruing and obligations owed
      to
      the Company hereunder, and the obligations to be performed by the Company
      hereunder, may be assigned by the Company to any of its successors or
      assigns.

     

    15. 
Equitable
      Relief.
      The
      Executive recognizes that the services to be rendered by him hereunder are
      of a
      special, unique, extraordinary and intellectual character involving skill of
      the
      highest order and giving them peculiar value, the loss of which cannot be
      adequately compensated for in damages. In the event of a breach of this
      Agreement by the Executive, the Company shall be entitled to injunctive relief
      or any other legal or equitable remedies. The remedies provided in this
      Agreement shall be deemed cumulative and the exercise of one shall not preclude
      the exercise of any other remedy at law or in equity for the same event or
      any
      other event.

     

    16. 
Indemnification;
      Litigation Expenses.

     

    (a) Indemnification.
      In
      addition to any indemnification obligations the Company has or may have toward
      the Executive under applicable law, the Company shall indemnify the Executive
      for any and all costs, expenses, awards, claims, judgments, attorneys' fees
      or
      any other damage or injury to the Executive for the Executive's actual or
      alleged actions or failure to act during his employment with the Company, in
      all
      instances in a manner consistent with this Agreement and as permitted by
      applicable law, including the Executive's employment or serving at the request
      of the Company as an officer or director of a subsidiary or affiliate of the
      Company.

     

    (b) Litigation
      Expenses.
      In the
      event of litigation in connection with or concerning the interpretation, breach
      of enforcement of this Agreement, the prevailing party shall be entitled to
      recover all costs and expenses incurred by such party in connection therewith,
      including reasonable attorneys fees.

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    17.
       
Choice
      of Law.
      

     

    (a)
       This
      Agreement is to be governed by and interpreted under the laws of the State
      of
      Florida without regard to its conflict of laws principles. 

     

    (b)  
      Any
      controversy or claim arising out of or relating to this Agreement or the breach
      thereof or otherwise arising out of the Executive's employment or the
      termination of that employment (including, without limitation, any claims of
      unlawful employment discrimination whether based on age or otherwise) shall,
      to
      the fullest extent permitted by law, be settled by arbitration in any forum
      and
      form agreed upon by the parties or, in the absence of such an agreement, under
      the auspices of the American Arbitration Association ("AAA") in Tampa, Florida,
      in accordance with the Employment Dispute Resolution Rules of the AAA,
      including, but not limited to, the rules and procedures applicable to the
      selection of arbitrators.  Judgment upon the award rendered by the
      arbitrator may be entered in any court having jurisdiction thereof.  This
      Section 17 (b) shall be specifically enforceable.  Notwithstanding the
      foregoing, this Section 17 (b) shall not preclude either party from pursuing
      a
      court action for the sole purpose of obtaining a temporary restraining order
      or
      a preliminary injunction in circumstances in which such relief is appropriate;
      provided that any other relief shall be pursued through an arbitration
      proceeding pursuant to this Section 17 (b).

     

    18. 
Representations
      And Agreements of the Executive.
      The
      Executive represents and warrants that he is free to enter into this Agreement
      and to perform the duties required hereunder, and that there are no employment
      contracts or understandings, restrictive covenants or other restrictions,
      whether written or oral, preventing the performance of his duties hereunder.
      The
      Executive agrees to submit to a medical examination and to cooperate and supply
      such other information and documents as may be required by any insurance company
      in connection with the Executive's inclusion in any insurance or fringe benefit
      plan or program as the Company shall be required hereunder or shall determine
      from time to time to obtain, or in connection with, in the Company's sole
      discretion, the Company's obtaining life insurance for its benefit on the life
      of the Executive.

     

    19. 
Survival.
      The
      termination of the Executive's employment hereunder shall not affect the
      enforceability of Sections 2, 3, 5, 7, 8, 9, 14, 15, 16, 17, 18, 19 and 20
      hereof.

     

    20. 
Section
      409A Delayed Payment Requirements.
      Notwithstanding any provision to the contrary in this Agreement or in any
      employee plan or other agreement, plan, policy or program of the Company, any
      payment otherwise required to be made to the Executive on account of his
      separation from service (including, without limitation, payments and benefits
      payable under Section 2(b)), to the extent such payment is properly treated
      as
      deferred compensation subject to Section 409A of the Internal Revenue Code
      of
      1986 and the regulations and other applicable guidance issued by the Internal
      Revenue Service thereunder, shall be delayed until the first business day after
      the expiration of six months from the date of the termination of the Executive’s
      employment or, if earlier, the date of his death. On the delayed payment date,
      there shall be paid to the Executive (or his estate, as the case may be) in
      a
      single cash payment an amount equal to the aggregate amount of the payments
      delayed pursuant to the preceding sentence. Notwithstanding the foregoing,
      the
      Executive shall be solely responsible, and the Company shall have no liability,
      for any taxes, acceleration of taxes, interest or penalties arising under
      Section 409A of the Code.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    21. 
Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original but all of which together shall constitute one and
      the
      same instrument.

     

    22. 
Headings.
      The
      Section headings appearing in this Agreement are for the purposes of easy
      reference and shall not be considered a part of this Agreement or in any way
      modify, demand or affect its provisions.

     

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first written above.

    

    

    SHELLS
      SEAFOOD RESTAURANTS, INC.

    

    

    

    By:
      /s/
      Philip R
      Chapman                           

          
      Name: Philip R. Chapman

          
      Title: Chairman of the Board of Directors

     

                                   /s/
      Marc Bernstein           

           Marc
      Bernstein

    

    

    
      
         

      

      
        -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]