Document:

Revenue Sharing

 Exhibit 10.21 
  
 REVENUE SHARING AGREEMENT 
  
 This REVENUE SHARING AGREEMENT is made as of the
3rd day of October, 2002, between Stem Cell Preservation Technologies, Inc. (“Company”) and
CRYO-CELL International Inc. (“Purchaser”). 
  
 Preamble 
  
 WHEREAS, Company stores stem cell specimens for its customers (“Primary Stored Specimens”) and charges its customers a fee for
such storage, as well as a fee for storage of stem cell specimens from the same customer for backup purposes (“Secondary Specimens”); and 
  
 WHEREAS, Purchaser desires to purchase the opportunity to share in revenues received by Company with respect to Primary Stored Specimens received from residents of the States of Illinois and New York.

  
 ACCORDINGLY, in consideration of the mutual covenants contained herein, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to the following: 
  
 1.    Revenue Sharing. 
  
 (a)    Simultaneously with the execution of this Agreement, Purchaser shall deliver to Company $600,000, and shall no later than November 20th, 2002, deliver to Company 645,161 shares of CRYO-CELL common stock
which has not been registered and is subject to the SEC Rule 144 holding period. 
  
 (b)    The Company agrees to pay to Purchaser $17.50 per year (the “Revenue Share”) for each Primary Stored Specimen as follows: 
  
 Purchaser shall be entitled to a Revenue Share with respect to all Primary Stored Specimens received from residents of the States of Illinois and New York
until such time as the Company is storing 50,000 such specimens from each state respectively (the “Revenue Share Specimens”). Once the 50,000 stored specimen level is reached for each state, Purchaser shall not be entitled to any further
Revenue Sharing over and above the aforementioned ongoing 50,000 paid for specimens. However, if one or more of the Revenue Sharing Specimens is removed from storage, Purchaser will be entitled to a Revenue Share with respect to the next Primary
Stored Specimens received by the Company from a resident of either Illinois or New York respectively, until the number of Revenue Share Specimens is again equal to 50,000 for each state respectively. Purchaser shall not be entitled to any Revenue
Share with respect to Secondary Specimens. 

 

  
 (c)    Company shall pay Purchaser the
Revenue Share within thirty days after the end of each calendar month with respect to revenues received by Company in such month that are subject to the Revenue Share. 
  
 (d)    Purchaser shall be entitled to its Revenue Share for so long as Company, or its successors or assignees continue to store these
stem cell specimens. 
  
 (e)    Purchaser shall have no obligations to make any
further payments to Company other than those set forth in Section 1(a). 
  
 2.    Representations and Warranties of Company.    Company hereby represents and warrants to Purchaser that: 
  
 (a)    Company is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has the corporate
power and authority to carry on its business as it is now being conducted and to enter into this Agreement and perform its obligations hereunder. 
  
 (b)    Company has made available to Purchaser a copy of its Form SB-2 filed with the Securities and Exchange Commission on June 3, 2002 (the “SB-2”) and that the
information contained therein is true and correct in all material respects as of the date thereof. 
  
 3.    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 4.    Arbitration.    The parties agree that arbitration shall be the sole and exclusive remedy to redress any dispute, claim
or controversy between them involving this Agreement or its interpretation, or relating in any way to the Revenue Share purchased by Purchaser hereunder. All such disputes, claims or controversies (hereinafter “Disputes”) shall be disposed
of as follows: (a) the aggrieved party must submit all Disputes in writing to the other party within thirty (30) days of the occurrence complained of; (b) if the Dispute is not resolved within thirty (30) days thereafter, either Party may refer the
Dispute to the Washington, D.C. office of the American Arbitration Association (“AAA”) for arbitration. The arbitrator shall be chosen and the arbitration shall be conducted in accordance with the Commercial Arbitration Rules of the AAA.
The expense of the arbitrator shall be shared equally by Company and the Purchaser. Arbitration shall take place in Bethesda, MD. 
  
 The arbitrator shall have no authority to change any of the provisions of this Agreement, whether by alterations, additions to or subtractions from its terms. 
  
 The arbitrator shall not be empowered to award damages, and each party hereby irrevocably waives any damages, in excess of compensatory damages. The award of the arbitrator
shall be final and binding on the parties. The parties hereby agree that the federal and state courts located in Bethesda, MD shall have jurisdiction to confirm and 

 

  
 enter judgment upon any arbitration award with respect to any dispute which is arbitrable as set forth
herein. The arbitration provisions of this Agreement shall survive the termination or expiration of this Agreement. 
  
 5.    Entire Agreement.    This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all previous verbal and written
agreements between the parties hereto with respect to such subject matter. 
  
 6.    Amendment.    This Agreement may only be amended by a written instrument executed by both of the parties hereto. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  
 
	 STEM CELL PRESERVATION TECHNOLOGIES, INC.
 
	 
	 By:
 	 	 /s/    RONALD B. RICHARD
 

	  	 	 Name:  Ronald B. Richard
  
 

 
  
 
	  
 CRYO-CELL INTERNATIONAL, INC. 
 
	 
	 By:
 	 	 /s/    JOHN V. HARGISS
 

	  	 	 Name:  John V. HargissCompensation

 Exhibit 10.22 
  
 CHAIRMAN OF THE BOARD COMPENSATION 
  

	 	•
	 
	100,000 options for CCEL Common Stock vesting on October 3, 2002, and priced at the market close on October 3, 2002. These are 5-year options. 

  

	 	•
	 
	Annual compensation is $150,000, retroactive in 2002, to June 2002. 
 

  

	 	•
	 
	When, and if, specified the Company achieves benchmarks, the Chairman of the Board will receive 25,000 options for CCEL Common Stock on the date each benchmark
is achieved by the Company. The price of each option entitlement when, and if, each benchmark is achieved by the Company will be $6.00 per share or the closing market price on the day each benchmark is achieved, whichever is lower. 

  
 The benchmarks and the date of each of the 25,000 share option entitlements, are: 
  

	 	1.
	 
	25,000 options for CCEL Common Stock on the date when, and if the Company becomes a National NASDAQ Company; 
 

  

	 	2.
	 
	25,000 options for CCEL Common Stock on the date when, and if, the Company’s shareholder equity reaches $50,000,000. 
 

 

	 	3.
	 
	25,000 options for CCEL Common Stock on the date when, and if, the Company’s annual net profits reach $10,000,000. 
 

 

	 	4.
	 
	25,000 options for CCEL Common Stock on the date when, and if, the market price of CCEL Common Stock reaches $10.00 per share. 
 

 

	 	•
	 
	All of the options are 5-year options.Employment Agreement-John Hargiss

  
 Exhibit 10.23 
  
 AGREEMENT 
  
 CRYO-CELL International,
Inc. and John V. Hargiss agree by these presents as follows: 
  
 Mr. Hargiss is retained as President and Chief
Executive Officer of the Company at an annual salary of $200,000. In addition: 
  
 1.  He
will receive 50,000 options for the common stock of the Company at market value as of the date of this agreement. He will receive an additional 25,000 options for the common stock of the Company at market value on July 1, 2003. He will receive an
additional 25,000 options for the common stock of the Company at the market value on July 1, 2004. 
  
 2.  He will receive a salary and equity participation review on January 2, 2003. Such review will consider salary and equity adjustments based upon over all performance of the Company and the planning and execution of
programs, which increase shareholder value. Benchmarks for assessing and evaluating satisfactory progress will include: 
  
 a) Qualification of the Company for a national listing on NASDAQ 
  
 b)
Suitable increases in stockholder’s equity. 
  
 c) Recruitment, placement, and integration of
necessary staff to insure continuing fulfillment of the Company’s mission. 
  
 d) Maximizing
company profits consistent with increases in shareholder’s value in the Company. 
  
 3.  The Company will implement a cash bonus program for Executives involving opportunities for bonus awards that are keyed to performance criteria and a percentage of base salaries. 
  
 4.  The Company and Mr. Hargiss will enter into an additional agreement which will provide: 

 
 5.  In the event of a Change in Corporate Control, the vesting of any stock options or other awards
granted to the Executive under the terms of the Company’s Stock Option Plan shall become immediately vested in full and, in the case of stock options, exercisable in full. 
  
 For purposes of this Agreement, a “Change in Corporate Control” shall include any of the following events: 
  
 (1)  The acquisition in one or more transactions of more than thirty percent of the Company’s outstanding
common stock by any corporation or other person or group (within the meaning of Section 14(d)(3) of the Securities and Exchange Act of 1934, as amended). 
  
 (2)  Any merger or consolidation of the Company into or with another corporation in which the Company is not the surviving entity, or any
transfer or sale of substantially all of 

 

 the assets of the Company or any merger or consolidation of the Company into or with another corporation in which the
Company is the surviving entity and in connection with such merger of consolidation, all or part of the outstanding shares of common stock shall be changed into or exchanged for other stock or securities of any other person, or cash, or any other
property. 
  
 (3)  Any person, or group of persons, announces a tender offer for at lease
thirty percent (30%) of the Company’s common stock. 
  
 6.  This agreement shall be
for a period of one year from the date hereof and may be renewed for successive periods of one year or more upon mutual agreement of the parties. 
  
 Signed this 18th day of June 2002, by: 
  
 
	 
	 /s/    Mercedes Walton      
 
	 	  	 	 /s/    John V. Hargiss      
 

	 Mercedes Walton
 Chairman of the Board
 CRYO-CELL International, Inc.
 On behalf of the Board of Directors
 	 	  	 	 John V. Hargiss
 Chief Executive Officer
 CRYO-CELL International, Inc.

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