Document:

EXHIBIT 10.2

                                                    EXHIBIT
      10.2

     

                        EMPLOYMENT
      CONTRACT

     

     

    THIS
      AGREEMENT
      made
      effective from the first (1st)
      day of
      November, 2006,    BETWEEN:

    

    QUICK-MED
      TECHNOLOGIES, INC.,
      a
      corporation existing under the laws of the State of Nevada, with its head office
      in the City of Gainesville, in the State of Florida (hereinafter referred to
      as
      the "Company")

    -
      and
      -

    

    GERALD
      M. OLDERMAN,
      an
      individual resident in the City of Bedford, in the State of Massachusetts
      (hereinafter referred to as the "VP RD&C " or “Jerry
      Olderman”).

     

    WHEREAS
      the VP
      RD&C has previously served, and continues to serve, the Company under
      contract as a Consultant, and formerly serving as the Acting Vice President
      of
      Research, Development and Commercialization (VP RD&C), of the
      Company;

     

    AND
      WHEREAS
      the
      Board of Directors of the Company recognizes the VP RD&C will continue to
      make valuable contributions to development of products and their
      commercialization as well as the productivity and profitability of the Company,
      that the VP RD&C has gained expertise relating to the business of the
      Company and that it is in the best interests of the Company to secure the future
      employment of the VP RD&C with the Company pursuant to the provisions of
      this Agreement; 

     

    AND
      WHEREAS
      the
      Company and the VP RD&C have agreed employment of the VP RD&C by the
      Company will be in accordance with the provisions of this Agreement, to continue
      as VP R&D, with the VP RD&C to remain the Company’s Vice President of
      R&D and Commercialization”;

     

          AND
      WHEREAS
      in order
      to satisfy management continuity concerns of the Company’s lenders, financial
      promoters and potential strategic partners and clients, a long-term employment
      contract with the VP RD&C is critical to the Company;

     

    NOW
      THEREFORE,
      in
      consideration of the mutual covenants and agreements hereinafter contained,
      the
      parties hereto covenant and agree, each with the other, as follows:

     

     

    	1.  	
            Definitions

          

     

    	1.1.  	
            In
              addition to terms defined elsewhere in this Agreement, the following
              terms
              shall have the following meanings: 

          

     

    "Common
      Shares"
      means
      shares of common voting stock of the Company which are entitled to one vote
      per
      share at any meeting of the Company’s shareholders;

    

    "Compensation"
      means
      salary and all benefits the VP RD&C is receiving or entitled to at the time
      of Change of Control, including but not limited to bonuses, common stock, stock
      options, pension benefits, medical plan benefits, vacation pay, personal day
      and
      insurance premiums. 

    

    "Dollars"
      or
      "$"
      means
      lawful currency of the United States of America;

    

    Revenue"
      means
      new sources and levels of revenue added after the effective date of this
      Agreement, including all sales or licensing revenues, cash received via research
      agreements, revenues from options to license or similar funds received from
      third parties and/or entities that the Company has established relationships
      with since its inception, with all such revenues to be determined in accordance
      with U.S. generally accepted accounting principles; 

    

    "Person"
      includes an individual, partnership, corporation and any other entity or
      association;

    

    "Termination
      Date"
      means:

     

    	(a)  	
            the
              effective date that the VP RD&C 's employment with the Company is
              terminated by the Company; or

          

     

    	(b)  	
            the
              date the VP RD&C provides to the Company written notice of election to
              treat the VP RD&C's employment as terminated as contemplated by
              subsections 9.1(b) and (c) of this Agreement;
              and

          

     

    "this
      Agreement"
      and
      terms such as "hereof",
      "herein"
      and
      similar expressions mean this Agreement, as amended, supplemented or modified
      in
      writing from time to time.

     

    	2.  	
            Position;
              Title

          

     

    	2.1.  	
            The
              Company agrees to employ Jerry Olderman during the term of the Agreement
              as its VP RD&C, with power and authority to render services for and on
              behalf of the Company to lead the development of new technologies,
              new and
              improved products and to assist in the development of new business
              opportunities as well as to oversee on a daily basis the efficient
              management of all aspects of the Company's technical operations including
              all staff (employees and consultants), vendors and customers, new business
              development, patents and to undertake such other duties as may from
              time
              to time be assigned to or vested in the VP RD&C by the Board of
              Directors, provided, however, that the Company’s Board of Directors shall
              not impose any employment constraints or duties which would require
              the VP
              RD&C to violate any law, statutes, ordinance, rule or regulation now
              or hereinafter in effect. 

          

     

    	2.2.  	
            The
              VP RD&C agrees, during the term of this Agreement, to devote his full
              working time, attention and abilities to the business and affairs of
              the
              Company, to serve the Company faithfully and to use his best efforts
              to
              promote the Company’s interests. 

          

     

    	3.  	
            Remuneration

          

     

    	3.1.  	
            The
              Company agrees to pay Jerry Olderman a base salary of One Hundred Thirty
              Two Thousand ($132,000.00) Dollars per annum, payable in equal semimonthly
              payments on the 15th
              and the end of each month hereafter. 

          

     

    	a.  	
            The
              annual base salary will be reviewed and revised by the Compensation
              Committee and linked to his performance (as Vice President of Research
              Development and Commercialization as outlined in Appendix A), and the
              performance of the Company.. The Committee may link some of the annual
              increase or bonus to the Shareholders interests by allocating a portion
              of
              the compensation to performance-based equity or stock
              options.

          

     

    	b.  	
            Annual
              adjustments to the compensation will reflect the Company’s success in
              adding new Revenue streams and increases in Shareholder value The Company
              agrees to complete an annual review, at the end of the fiscal year,
              of the
              Officer's base salary, stock options and other executive compensation
              programs and at that time the Compensation committee will recommend
              to the
              Board of Directors adjustments based on the Company’s
              performance.

          

     

     

    	3.2.  	
            Within
              twelve
              (12) months following the effective date of this Agreement, the Company
              will pay Jerry Olderman a signing bonus of $100,000.00 cash to be vested
              as follows: (1) $25,000 on the effective date of the Agreement; (2)
              $25,000 on February 1st, 2007, if VP RD&C has continuously provided
              services to the Company to that date; (3) $25,000 on May 1st, 2007,
              if VP
              RD&C has continuously provided services to the Company to that date;
              and (4) $25,000 on August 1st, 2007, if VP RD&C has continuously
              provided services to the Company to that date. In addition, the Company
              will issue to Jerry Olderman, in his personal name, 45,000 shares of
              restricted Common Stock. Cash payments may be deferred over a period
              of
              time not to exceed 24 months in concert with the company’s efficient cash
              flow..

          

     

    	3.3.  	
            The
              Company currently has no executive benefits plan and the VP RD&C is
              NOT entitled to benefits hereunder. However, should the Company adopt
              an
              executive benefits plan in future (and during the term of this Agreement),
              the VP RD&C shall become entitled to participate in the Company's
              executive benefits plan as may be in effect at any given time, subject
              to
              satisfying any insurability requirements established by the carrier
              or
              carriers providing the benefits. In the meantime, the VP RD&C is
              entitled to various insurance benefits in accordance with the Company’s
              applicable insurance contracts and policies and applicable state law.
              These benefits shall include:

          

     

    	·  	
            Health
              insurance;

          

     

    	        ·  	
            If
              the VP RD&C has a comparable plan, the Company will pay for that plan
              instead of the Company’s plan;

          

     

    	    ·  	
            Disability
              insurance; and

          

     

    	3.4.  	
            The
              VP RD&C shall be entitled to participate in the Supplemental Executive
              Retirement Benefit and Deferred Compensation Agreement if one is
              established by the Company.

          

     

    	3.5.  	
            The
              VP RD&C shall be entitled to ten (10) sick days paid time, for each
              calendar year beginning January 1st,
              2006, which can be accumulated. All requests for sick days shall be
              made
              by the VP RD&C in accordance with the Company’s policy in
              effect.

          

     

    	4.  	
            Expenses

          

     

    	4.1.  	
            The
              Company agrees to reimburse the VP RD&C for all travel and other
              expenses actually and properly incurred by the VP RD&C in connection
              with the VP RD&C's duties. The VP RD&C shall provide statements
              and vouchers for all such expenses in accordance with the Company's
              reimbursement policy as established from time to
              time.

          

     

    	4.2.  	
            The
              Company shall provide for an annual physical examination performed
              by a
              physician of the VP RD&C’s choice, and including such diagnostic tests
              as are ordered by such physician. All information, including any test
              results, that is a product of the physical examination shall be provided
              to the Company but shall remain the VP RD&C’s personal property and
              shall be maintained in confidence by the Company. Such information
              may be
              released by the Company to third parties only with prior written
              authorization from the VP RD&C.

          

     

    	5.  	
            Vacation
              

          

     

    	5.1.  	
            The
              VP RD&C shall be entitled annually to four weeks of paid vacation, and
              three additional days for every additional year of employment. The
              timing
              of such vacation in any year is subject to the reasonable direction
              of the
              Chairman of the Board and the Board of Directors. The VP RD&C will
              advise the Chairman of the Board and the Board of Directors of planned
              vacation periods. If vacation days are not utilized such unused vacation
              shall be paid in full at the current salary rate with any escalation
              clauses that are appropriate. The provisions of this section are subject
              to change in accordance with the Company’s policies in effect from time to
              time.

          

     

    	6.  	
            Change
              of Control

          

     

    	6.1.  	
            The
              Board of Directors shall not approve any change of control, as defined
              herein unless the acquiring corporation or controlling person assumes
              the
              responsibility for this Agreement and all payments due hereunder. In
              addition, all outstanding stock options and Common Shares and any
              warrant(s) to acquire additional Common Shares, if not yet vested,
              shall
              be vested immediately to the VP RD&C. The term, “change of control,”
              shall be defined as either the sale, lease, exchange, transfer, or
              other
              disposition to any person, entity, or group of persons of fifty percent
              (50%) or more of the assets of the Company, or an action by the Directors
              regarding any reorganization, merger, or consolidation of the Company,
              in
              each case, pursuant to which the persons who were Directors of the
              Company
              immediately prior to such reorganization, merger, or consolidation,
              do not
              immediately thereafter constitute more than fifty percent (50%) of
              the
              combined voting power entitled to vote generally in the election of
              directors of the reorganized, merged, or consolidated Company’s Board of
              Directors.

          

     

    	7.  	
            Confidentiality,
              Non-Competition and
              Non-Solicitation

          

     

    	7.1.  	
            The
              VP RD&C agrees as a condition of the VP RD&C's employment
              hereunder to execute the Confidentiality and Non-Competition Agreement
              attached hereto as Schedule "B" (the "Non-Competition Agreement") which
              is
              included and forms a part hereof

          

     

    	8.  	
            Term
              and Termination of Agreement

          

     

    	8.1.  	
            Subject
              to the provisions of Section 12 of this Agreement (termination for
              just
              cause), this Agreement shall continue and remain in full force for
              one (1)
              year from January 1, 2007 and automatically renew on the anniversary
              date
              for one (1) year unless the Board of Directors acts to terminate the
              agreement.

          

     

    	8.2.  	
            The
              VP RD&C has the right to terminate this Agreement by providing the
              Company written notice with a termination date effective one month
              after
              giving of the notice (the “Termination Date”). The VP RD&C shall
              receive remuneration, benefits (if in effect) and expenses contemplated
              by
              this Agreement and any options to acquire Common Stock which may have
              vested up to and including the effective Termination Date, but the
              VP
              RD&C shall be obligated to apply his entitlement to paid vacation to
              the period between date of such written notice and the effective
              Termination Date, and the VP RD&C shall not be entitled to any other
              remuneration, reimbursement or payment
              whatsoever.

          

     

    	8.3.  	
            The
              Company has the right to terminate this Agreement and the VP RD&C's
              employment hereunder at any time without just cause by providing the
              VP
              RD&C with written notice which shall provide for a Termination Date
              effective as of the date of the said notice and the Company shall,
              at the
              same time, do the following:

          

     

    	(a)  	
            That
              the Company shall pay to the VP RD&C, within one week following the
              date of written notice of termination, or at such earlier or later
              time as
              may be mutually agreed upon between the Company and the VP RD&C, a
              settlement payment equal to the total of:

          

     

    	(i)  	
            an
              amount equal to twelve (12) months of monthly Compensation payable
              to the
              VP RD&C under this Agreement; plus

          

     

    	(b)  	
            That
              all stock options previously granted by the Company to the VP RD&C
              that have vested must be exercised within one
              year.

          

     

    	8.4.  	
            The
              employment of the VP RD&C shall be deemed terminated pursuant to
              subsection 8.3 hereof if the Company unilaterally changes the terms
              of the
              employment relationship such that the VP RD&C does not continue to be
              employed at a level of responsibility or a level of Compensation at
              least
              commensurate with the VP RD&C's existing level of responsibility and
              Compensation immediately prior to the said change and the VP RD&C
              elects in a written notice to the Company to treat the VP RD&C's
              employment as being terminated as a result of either such reduction
              with
              the said termination being effective as at the date of the said written
              notice. This Section 9.4 with respect to deemed termination of the
              VP
              RD&C’s employment shall be triggered should the Company appoint any
              individual other than the VP RD&C to the position of VP RD&C,
              without the VP RD&C’s express prior written consent to such
              appointment, and in such circumstances, all shares of common stock
              underlying the warrant(s) issued to the VP RD&C in accordance with
              Section 3.4 hereof shall vest immediately and be exercisable by the
              VP
              RD&C.

          

     

    	9.  	
            Release

          

     

    	9.1.  	
            In
              consideration of payment to the VP RD&C of the aforesaid amounts and
              additional provisions of this Agreement, the VP RD&C agrees to tender
              the VP RD&C's immediate resignation in a form satisfactory to the
              Company acting reasonably and forever release and discharge the Company
              from any and all obligations to pay any further amounts or benefits
              the VP
              RD&C with respect to the VP RD&C's employment or termination
              thereof.

          

     

    	10.  	
            Time
              of Essence 

          

     

    	10.1.  	
            Time
              shall be of the essence in this Agreement and all amendments hereto.
              

          

     

    	11.  	
            Subsequent
              Employment

          

     

    	11.1.  	
            The
              VP RD&C shall not be bound in any manner whatsoever to rebate to the
              Company nor to forgive any claim against the Company with respect to
              any
              amounts or benefits payable in the event of the VP RD&C's subsequent
              reemployment in any manner whatsoever, so long as the VP RD&C complies
              with his obligations under the Confidentiality and Non-Competition
              Agreement.

          

     

    	12.  	
            Termination
              for Cause

          

     

    	12.1.  	
            Notwithstanding
              the other provisions of this Agreement, the Company shall be entitled
              to
              terminate this Agreement and the VP RD&C's employment hereunder
              forthwith for just cause without any further notice or payment in lieu
              of
              notice. In the event of such termination for just cause, the other
              provisions of this Agreement shall not apply, but this shall not impact
              the enforceability of the Non-Competition Agreement between the Company
              and the VP RD&C included as Schedule “B”
              hereto.

          

     

    	12.2.  	
            For
              purposes of this Agreement, the Company shall have just cause to terminate
              the VP RD&C’s employment without compensation upon the occurrence of
              any of the following during the term of this
              Agreement:

          

     

    	(a)  	
            The
              VP RD&C abuses alcohol or other substances while performing his duties
              for the Company which abuse negatively affects the performance of his
              duties, such abuse is habitual, and the VP RD&C fails to seek
              competent abuse counseling within 30 days of written notice by the
              Board
              of Directors;

          

     

    	(b)  	
            The
              VP RD&C is convicted of a felony for any crime involving moral
              turpitude; 

          

     

    	(c)  	
            The
              VP RD&C is convicted of a felony for engaging in fraudulent conduct,
              theft or embezzlement in connection with his duties for the Company;
              or
              

          

     

    	(d)  	
            The
              VP RD&C commits any material breach of this Agreement or the Company’s
              Bylaws, and such material breach shall continue for a period of thirty
              (30) days after written notice of the alleged breach is provided to
              the VP
              RD&C by the Board of Directors.

          

     

    	13.  	
            Prior
              Agreements/Entire
              Agreement/Conflicts

          

     

    	13.1.  	
            It
              is acknowledged and agreed by the Company and the VP RD&C that this
              Agreement, including the Position description and Roles and
              Responsibilities attached as Schedule "A" hereto and the Non-Competition
              Agreement attached hereto as Schedule "B", constitutes the entire
              agreement between the parties and any and all prior agreements, written
              or
              verbal, express or implied, between the parties relating to or in any
              way
              connected with employment of the VP RD&C by the Company are hereby
              rendered null and void and are superseded by the terms of this
              Agreement.

          

     

    	13.2.  	
            In
              the event of any conflict between the terms of the Non-Competition
              Agreement and the terms of this Agreement, the terms of this Agreement
              shall prevail. 

          

     

    	14.  	
            Construction
              and Enforcement

          

     

    
      	 	
              15.1

            	
              This
                Agreement shall be construed in accordance with the laws of the State
                of
                Florida, without application of the principles of conflicts of laws.
                If it
                becomes necessary for any party to institute legal action to enforce
                the
                terms and conditions of this Agreement, the successful party will
                be
                awarded reasonable attorneys' fees at all trial and appellate levels,
                expenses and costs. Any suit, action or proceeding with respect to
                this
                Agreement shall be brought in the state or federal courts located
                in Palm
                Beach County in the State of
                Florida.

            

    

     

    	15.  	
            Further
              Assurances

          

     

    	15.1.  	
            Each
              of the parties shall from time to time and at all times do all such
              further acts and execute and deliver all such further deeds and documents
              as shall be reasonably required in order to fully perform the terms
              of
              this Agreement.

          

     

    	16.  	
            Enurement

          

     

    	16.1.  	
            This
              Agreement shall enure to the benefit of and be binding upon the parties
              and their respective heirs, executors, administrators, successors and,
              in
              the case of the Company, its assigns.

          

     

    	17.  	
            Notice

          

     

    	17.1.  	
            Any
              notice or other instrument required or permitted to be delivered or
              served
              on the other party hereto shall be sufficiently given to or served
              on such
              party if in writing and delivered by hand in a sealed envelope addressed
              to such party and left, during normal business hours, at the following
              addresses:

          

     

    	17.2.  	
            (a)       
              if
              to the VP RD&C: Gerald
              M. Olderman, Ph.D.17
              Pickman Drive Bedford,
              MA 01730

          

     

    (b)
        if
      to the
      Company: Quick-Med
      Technologies Inc.

    3427
      SW
      42nd
      Way

    Gainesville,
      Florida 32608

    Attention:
      Chairman; CEO; CFO; Secretary

    

    Either
      the Company or the VP RD&C may, by notice delivered in accordance with this
      section, change the address for notices set out above. 

     

    

          IN
      WITNESS
      WHEREOF
      the
      parties hereto have duly executed this Agreement as of the date first above
      written.

     

    QUICK-MED
      TECHNOLOGIES, INC.

    

    

    ________/s/
      David S. Lerner__________

    David
      S.
      Lerner, President 

     

    SIGNED,
      SEALED AND DELIVERED

    In
      the
      presence of:

    

    

    ___/s/
      Myrna Olderman, RDH__________ __/s/
      GeraldM.Olderman________________

    Witness         GERALD
      M. OLDERMANStock Option Extension Agreement_B. Reuter

    EXHIBIT
      10.35

     

    STOCK
      OPTION EXTENSION AGREEMENT

    

    This
      Stock Option Extension Agreement (“Agreement”) is entered into as of July 25,
      2006 (the “Effective Date”), by and between Cytori Therapeutics, Inc., a
      Delaware corporation located at 3020 Callan Road, San Diego, CA 92121 (the
      “Company”), and Bruce A. Reuter, an employee
      of the Company (the
      “Optionee”).

    

    WHEREAS,
      as of July 25, 2006 Optionee holds a combined total of 224,686 vested stock
      options to purchase shares of the Company’s common stock under the Company’s
      1997 Incentive Stock Option Plan (the “1997 Plan”) and/or the Company’s 2004
      Employee Stock Option Plan (the “2004 Plan”) (collectively the “Plans”);
      and

    

    WHEREAS,
      Company agrees to modify the Plan agreements to extend the expiration dates
      for
      the exercise of stock options under the Plans subject to certain restrictions
      and conditions on the sale of shares of the Company’s common stock held by
      Optionee, and certain other consideration from the Optionee. 

    

    NOW,
      THEREFORE, the Company and the Optionee agree as follows:

    

    (a)
      The
      right of the Optionee to exercise Two Hundred and Twenty Four Thousand, Six
      Hundred and Eighty Six (224,686) fully vested Plan stock options (which consists
      of all of Optionee’s vested stock Options as of the Effective Date) is hereby
      extended to December 31, 2007, irrespective of the date that Optionee’s services
      to the Company terminate.

    

    (b)
      The
      exercise extension provided for in Section (a) above is subject to the following
      conditions and restrictions: 

    

    (i)
      Immediately upon termination of Optionee’s employment as provided for in the
      Employment Agreement between the Company and Optionee, Optionee shall execute
      and sign a full release of all claims against the Company in the form attached
      as Exhibit I, which is that Company’s standard employment related release of
      claims. 

    

    (ii)
      No
      shares of common stock of the Company owned by Optionee may be sold by or on
      behalf of Optionee during the initial 90-day period from July 25, 2006 through
      October 23, 2006; (b) Optionee may sell up to 56,173 shares of common stock
      owned by him beginning October 24, 2006; (c) and Optionee may sell an additional
      56,171 beginning on January 21, 2007 and each ninety days thereafter until
      July
      20, 2007 when 100% of Optionee’s shares of common stock in the Company shall be
      fully tradable. The trade restrictions listed above shall be eliminated once
      the
      per-share trading price of the Company’s common stock on the Nasdaq exchange
      closes at or above $13 per share, or if the 30 day average daily stock volume
      reaches 50,000 shares.

    

    (c)
      All
      stock options previously granted to Optionee that are not vested as of the
      Effective Date of this Agreement are hereby terminated as of the Effective
      Date.

    

    (d)
      Except as specifically set forth herein, all other terms and conditions of
      the
      Plans and the Plan Agreements shall remain in full force and
      effect.

    

    IN
      WITNESS WHEREOF, this Agreement has been executed and delivered by

    the
      parties on the Effective Date.

    

    
      	
              OPTIONEE:

               

              Bruce
                A. Reuter

               

              /s/
                Bruce A. Reuter

               

            	
              COMPANY:

               

              Cytori
                Therapeutics, Inc.

               

              By:
                /s/
                Christopher J. Calhoun 

              Name:
                Christopher J. Calhoun

              Title: Chief
                Executive Officer

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