Document:

Severance Agreement and General Release

 Exhibit 10.3 
 SEVERANCE AGREEMENT AND GENERAL RELEASE 
 This SEVERANCE AGREEMENT AND
GENERAL RELEASE (“Agreement”) is made and entered into by OXYGEN BIOTHERAPEUTICS, INC. (the “Company”) and Kirk Harrington (“Employee”). Throughout the remainder of the Agreement, the Company and Employee may be
collectively referred to as “the parties.” 
 The Company employed Employee as Senior Vice President. The employment
relationship terminated, effective November 30, 2010. The parties desire that the employment termination be on mutually agreeable terms and to avoid all litigation relating to the employment relationship and its termination, and Employee
desires severance benefits. Accordingly, the parties have agreed upon the terms described herein 
 Employee represents that he
has carefully read the entire Agreement, understands its consequences, and voluntarily enters into it. 
 In consideration of
the above and the mutual promises and good and valuable consideration set forth below, the sufficiency of which is acknowledged by the parties, Employee and the Company agree as follows: 

1. SEPARATION. Employee’s employment by the Company terminated effective November 30, 2010 (“Termination
Date”). 
 2. SEVERANCE BENEFITS. The Company will pay Employee a lump sum amount equal to $70,000 (less any
applicable taxes and withholdings). This amount shall be paid after the revocation period set forth in Paragraph 7 below expires. 
 In addition, after the revocation period set forth in Paragraph 7 below expires, the Company shall reimburse Employee for premium payments he makes under the Consolidated Budget Reconciliation Act
(“COBRA”) to continue his and his family’s health insurance coverage through June 30, 2011. All reimbursements for COBRA payments shall be made as soon as practicable following Employee’s submission of proof of timely
payments to the Company; provided, however, that all such claims for reimbursement shall be submitted by Employee and paid by the Company no later than ten months following the Termination Date. Any obligation for the Company to make payments for
COBRA reimbursement under this Paragraph 2 shall immediately cease when Employee is employed by an entity providing health insurance coverage, and Employee shall promptly inform the Company of any such employment. 

In addition, after the revocation period set forth in Paragraph 7 below expires, the Company will pay Employee $100,000 (less any
applicable taxes and withholding) if and when it receives a final award letter and authorization to begin expensing against that award from the U.S. Army Medical Research and Materiel Command 

 
(USAMRMC) in connection with the Company’s grant application #GRANT10662863 for the project entitled, “Preclinical and clinical studies of Oxycyte, a novel traumatic brain injury
therapeutic for combat casualties.” 
 The Company has paid all outstanding PHIL legal fees. No further payments are owed
in connection with those fees, and none will be paid. 
 The severance benefits afforded under this Agreement are in lieu of any
other compensation or benefits to which Employee otherwise might be entitled, and payment of these severance benefits is conditioned upon Employee’s compliance with the terms of this Agreement. 

3. RELEASE. In consideration of the benefits conferred by this Agreement, EMPLOYEE (ON BEHALF OF HIMSELF AND HIS
ASSIGNS, HEIRS, AND OTHER REPRESENTATIVES) RELEASES THE COMPANY, ITS PREDECESSORS, SUCCESSORS, AND ASSIGNS AND ITS AND/OR THEIR PAST, PRESENT, AND FUTURE OWNERS, PARENTS, SUBSIDIARIES, AFFILIATES, PREDECESSORS, SUCCESSORS, ASSIGNS, OFFICERS,
DIRECTORS, EMPLOYEES, EMPLOYEE BENEFIT PLANS (TOGETHER WITH ALL PLAN ADMINISTRATORS, TRUSTEES, FIDUCIARIES, AND INSURERS), AND AGENTS (“RELEASEES”) FROM ALL CLAIMS AND WAIVES ALL RIGHTS, KNOWN OR UNKNOWN, HE MAY HAVE OR CLAIM
TO HAVE RELATING TO HIS EMPLOYMENT WITH THE COMPANY, ITS PREDECESSORS, SUBSIDIARIES, OR AFFILIATES OR HIS SEPARATION THEREFROM arising before the execution of this Agreement, including, but not limited to, claims: (i) for
discrimination, harassment, retaliation, or accommodation arising under federal, state, or local laws prohibiting age (including, but not limited to, claims under the Age Discrimination in Employment Act of 1967 (ADEA), as amended), sex, national
origin, race, religion, disability, veteran status, or other protected class discrimination, harassment, or retaliation for protected activity; (ii) for compensation and benefits (including, but not limited to, claims under the Employee
Retirement Income Security Act of 1974 (ERISA), as amended, the Fair Labor Standards Act of 1938 (FLSA), as amended, the Family Medical Leave Act of 1993 (FMLA), as amended, and similar federal, state, and local laws); (iii) arising under
federal, state, or local law of any nature whatsoever (including, but not limited to, constitutional, statutory, tort, express or implied contract, or other common law); and (iv) for attorneys’ fees. The release of claims set forth in this
paragraph does not apply to claims for workers’ compensation benefits or unemployment benefits filed with the applicable state agencies or to claims for vested retirement benefits. 

4. COVENANT NOT TO SUE. Employee will not sue Releasees on any matters relating to his employment arising before the
execution of this Agreement or join as a party with others who may sue Releasees on any such claims; provided, however, this paragraph will not: (i) bar claims for workers’ compensation or unemployment benefits referenced in paragraph 3
above, (ii) bar a challenge under the Older Workers Benefit Protection Act of 1990 (OWBPA) to the enforceability of the waiver and release of ADEA claims set forth in this Agreement, or (iii) apply when

  
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prohibited by law. If Employee does not abide by this paragraph, then: (i) he will reimburse the Company for all payments made on his behalf under this Agreement and indemnify Releasees for
all expenses that they incur in defending the action; and (ii) Releasees will be relieved of their obligations hereunder. 

5. AGENCY CHARGES/INVESTIGATIONS. Nothing in this Agreement shall prohibit Employee from filing a charge or participating
in an investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission or other governmental agency with jurisdiction concerning the terms, conditions, and privileges of his employment; provided, however, that by signing
this Agreement, Employee waives his right to, and shall not seek or accept, any monetary or other relief of any nature whatsoever in connection with any such charges, investigations, or proceedings. 

6. COMPANY INFORMATION AND PROPERTY. Employee shall not, at any time after his employment terminates: (i) disclose,
use, or aid third parties in obtaining or using any confidential or proprietary Company information or (ii) access or attempt to access Company computer systems or networks or any resources or data that reside thereon. Confidential or
proprietary Company information is information relating to the Company, the Company’s parents, subsidiaries, or affiliates, or any aspect of their business that is not generally available to the public, their competitors, or other third parties
or ascertainable through common sense or general business or technical knowledge. Nothing in this Agreement shall relieve Employee from any confidentiality, proprietary information, secrecy, non-compete, non-disclosure, non-solicitation, or
invention rights and assignment obligations under any previously executed agreements. 
 All records, files, or other materials
maintained by or under the control, custody, or possession of the Company or its agents in their capacity as such shall be and remain the Company’s property. Before the Termination Date, Employee shall: (i) return all Company property
(including, but not limited to, credit cards; keys; company cars; cell phones; air cards; access cards; thumb drives, laptops, hand-held devices, smart phones, and other computer hardware and software; records; files; documents; company manuals; and
other documents in whatever form they exist, whether electronic, hard copy, or otherwise, including all copies, notes, or summaries thereof) that he created, received, or otherwise obtained in connection with his employment; (ii) permanently
delete any Company information that may reside on his personal (i.e., not company-owned) computers or electronic devices; and (iii) fully cooperate with the Company in winding up his work and transferring that work to those
individuals designated by the Company. 
 7. RIGHT TO REVIEW AND REVOKE. The Company delivered this Agreement to
Employee on December 3, 2010 via email and desires that he have adequate time and opportunity to review and understand the consequences of entering into it. Accordingly, the Company advises his to consult with an attorney prior to executing it,
that he has twenty-one days within which to consider it, and that he 

  
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may not execute it prior to the Termination Date. In the event that he does not return an executed copy of the Agreement to the Company by no later than the 22nd calendar day after receiving it or the Termination Date, whichever
occurs later, the Agreement and the obligations of the Company herein shall become null and void. Employee may revoke the Agreement during the seven-day period immediately following his execution of it. The Agreement will not become effective or
enforceable until the revocation period has expired. To revoke the Agreement, a written notice of revocation must be delivered to Chris Stern at 2530 Meridian Parkway, Suite 3078, Durham, North Carolina 27713. 

8. CONFIDENTIALITY AND NONDISPARAGEMENT. Employee and the Company shall keep the terms and provisions of this Agreement
confidential, and Employee represents and warrants that since receiving this Agreement he has not disclosed, and going forward will not disclose, the terms and provisions of this Agreement to third parties, except as required by law. Notwithstanding
the above, the terms and provisions of this Agreement may be revealed to members of Employee’s immediate family or to an attorney consulted for legal advice, provided that such persons agree to maintain the confidentiality of the Agreement.
Employee represents and warrants that since receiving this Agreement, he: (i) has not made, and going forward will not make, disparaging, defaming, or derogatory remarks about the Company or its products, services, business practices,
directors, officers, managers, or employees to anyone; and (ii) has not taken, and going forward will not take, any action that may impair the relations between the Company and its vendors, customers, employees, or agents or that may be
detrimental to or interfere with the Company or its business. 
 9. OTHER. Except as expressly provided in this
Agreement, this Agreement supersedes all other understandings and agreements, oral or written, between the parties and constitutes the sole agreement between the parties with respect to its subject matter. Each party acknowledges that no
representations, inducements, promises, or agreements, oral or written, have been made by any party or by anyone acting on behalf of any party, that are not embodied in this Agreement, and no agreement, statement, or promise not contained or
described in this Agreement shall be valid or binding on the parties. No change or modification of this Agreement shall be valid or binding on the parties unless such change or modification is in writing and is signed by the parties. Employee’s
or the Company’s waiver of any breach of a provision of this Agreement shall not waive any subsequent breach by the other party. If a court of competent jurisdiction holds that any provision or sub-part thereof contained in this Agreement is
invalid, illegal, or unenforceable, that invalidity, illegality, or unenforceability shall not affect any other provision in this Agreement. 
 This Agreement is intended to avoid all litigation relating to Employee’s employment with the Company and his separation therefrom; therefore, it is not to be construed as the Company’s
admission of any liability to him – liability that the Company denies. 

  
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 This Agreement shall apply to, be binding upon, and inure to the benefit of the
parties’ successors, assigns, heirs, and other representatives and be governed by North Carolina law, without regard to the conflicts of laws principles thereof, and the applicable provisions of federal law. The state and federal courts in
North Carolina shall be the exclusive venues for the adjudication of all disputes arising out of this Agreement, and Employee consent to the exercise of personal jurisdiction over Employee in any such adjudication and hereby waives any and all
objections and defenses to the exercise of such personal jurisdiction. 
 CAUTION! READ BEFORE SIGNING. THIS AGREEMENT
CONTAINS A RELEASE OF ALL CLAIMS. 
 IN WITNESS WHEREOF, the parties have entered into this Agreement on the day and
year written below. 
 EMPLOYEE REPRESENTS THAT HE HAS CAREFULLY READ THE ENTIRE AGREEMENT, UNDERSTANDS ITS CONSEQUENCES, AND
VOLUNTARILY ENTERS INTO IT. 
  

									
		 		 	
					
		 	/S/ Kirk Harrington	 		 		 	12/6/2010
		 	Kirk Harrington      	 		 		 	Date

  

									
	OXYGEN BIOTHERAPEUTICS, INC.	 		 	
					
	By:	 	/S/ Chris Stern	 		 		 	12/7/2010
		 	Chris Stern	 		 		 	Date
		 	Title: Chief Executive Officer	 		 		 	

  
 5Employment Agreement

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is
effective as of December 1, 2010, between Oxygen Biotherapeutics, Inc., a Delaware corporation (hereinafter sometimes referred to as “OBI” or the “Corporation”) and Michael Jebsen (“Jebsen”). 

1. TERM OF EMPLOYMENT. OBI hereby employs Jebsen and Jebsen hereby accepts employment with OBI for the period beginning on
December 1, 2010 and ending on November 30, 2011; thereafter, this Agreement and Jensen’s employment hereunder shall be automatically renewed on a yearly basis unless canceled or renegotiated. As used herein, the phrase
“Employment Term” refers to the entire period of employment of Jebsen by OBI hereunder, whether for the period provided above, or whether terminated earlier as hereinafter provided, or extended either by operation of this paragraph or by
mutual agreement of OBI and Jebsen. In the event OBI wishes to cancel this agreement as of November 30, 2011, or at the end of any annual renewal period thereafter, it shall give 120 days’ prior written notice to Jebsen. 

2. DUTIES OF JEBSEN. 
 2.1 General Duties. Jebsen shall serve as Executive Vice President of Finance and Administration and Chief Financial Officer of OBI. 

2.2 Specific Duties. Jebsen’s responsibilities shall be to act as the Chief Financial Officer of the Corporation with overall
responsibility for all of the day to day financial activities of the Corporation. Subject to approval by the Board of Directors, Jebsen shall serve as an Officer of OBI. Jebsen shall have the duties and responsibilities customarily held or assigned
to a Chief Financial Officer including without limitation overall responsibility for all financial and fiscal management aspects of company operations and coordinating the administrative, business planning, accounting and budgeting efforts of the
company. 
 2.3 Work Base. Jebsen’s work base shall be Durham, North Carolina. 

2.4 Devotion of Time to OBI’s Business. Jebsen shall devote whatever time, ability and attention to the business of OBI
during the term of this Agreement as is reasonably required to fulfill his responsibilities. 
 2.5 Certain non-competing
activities. OBI acknowledges that Jebsen is allowed to serve on board of director’s of other non-competing companies. As long as these activities do not interfere with Jebsen’s duties for OBI, OBI acknowledges and agrees to those
activities. 
 3. COMPENSATION OF JEBSEN. 
 3.1 Base Salary. As compensation for services hereunder, OBI shall pay Jebsen a base annual salary of $210,000, payable as per company regulations (currently payments twice a month). 

3.2 Stock Compensation. Additionally, Jebsen shall receive for the duration of this agreement 12,500 options of common stock per
year, in accordance with the Stock Plan in effect. 
 3.3 Additional Compensation. 

(a) Annual Bonus. Jebsen shall be eligible for a cash bonus payable at year’s end starting December 31, 2010. The bonus
shall be $50,000 based on 100% achievement of annual goals. There is no cap on the bonus for achievements exceeding 100% of goals. 
 (b) Compensation Review. The Chief Executive Officer will perform an annual performance evaluation and may recommend an increase in compensation, subject to approval from the Board of Directors.
Additional compensation to be awarded to Jebsen may be in the form of cash, stock options or other consideration deemed appropriate by the CEO and Board. 
 (c) Options. Jebsen shall receive 667 options per month as compensation for holding the position of Corporate Secretary. This compensation shall cease beginning on the first day of the month
following Jebsen’s removal from this office. 

 4. JEBSEN BENEFITS. 

4.1 Use of Automobile. OBI shall pay all expenses of one automobile to be used in part by Jebsen in the course of his employment,
at a flat expense of Eight Hundred Dollars ($800.00) per month during the term hereof. 
 4.2 Medical, Dental Insurance
Coverage. OBI shall provide Jebsen with medical and dental insurance coverage on the same basis as provided for other senior management employees of OBI. 
 4.3 401 (k) Plan. OBI shall continue to implement and Jebsen shall be entitled to participate, to the maximum extent allowed by law, in a retirement plan under Internal Revenue Code
Section 401 (k). 
 4.4. Time Off. Jebsen shall be entitled to paid and unpaid time off as per the company plan in
effect. 
 4.5 Stock Options and Plans. Jebsen shall participate in the 1999 Stock Plan and shall be eligible to
participate in other OBI stock option and related plans as determined by the Board of Directors. Stock options shall be granted as per Section 3 of this agreement. All options granted to Jebsen shall be fully vested ten-year options. Jebsen
shall be entitled to participate in additional grants of options on terms and conditions as are specified by the Board of Directors, consistent with the 1999 Stock Plan, or amendments thereto. 

5. BUSINESS EXPENSES. 
 5.1 Entertainment Expenses. The services required by OBI require Jebsen to incur travel, entertainment, and other expenses on behalf of OBI. OBI will promptly reimburse Jebsen for all reasonable
business expenses incurred by Jebsen in promoting the business of OBI, including expenditures for entertainment, gifts, and travel. 
 5.2 Other Business Expenses. OBI will promptly reimburse Jebsen for all other business expenses reasonably incurred by Jebsen in connection with the business of OBI. 

6. TERMINATION OF EMPLOYMENT. 
 6.1 Resignation, Retirement, Death or Disability. Jebsen’s employment hereunder shall be terminated at any time by Jebsen’s resignation or by Jebsen’s retirement at or after
attainment of age 70 (“Retirement”), death or his inability to perform his duties under this Agreement, with or without reasonable accommodation, because of a physical or mental illness (“Disability”). 

6.2 Termination for Cause. Jebsen’s employment hereunder may be terminated for Cause. “Cause” shall only mean
willful misconduct, conflict of interest or breach of fiduciary duty, or a material breach of any provision of this Agreement. 

6.3 Expiration. Jebsen’s employment hereunder shall be terminated upon expiration of the Employment Term as provided in
Section 1. 
 6.4 Resignation for Good Reason. Jebsen may regard Jebsen’s employment as being constructively
terminated and may, therefore, resign within ninety (90) days of Jebsen’s discovery of any one of the following events which will constitute “Good Reason” for such resignation: 

(a) Without Jebsen’s express written consent, the assignment to Jebsen of any duties materially inconsistent with Jebsen’s
current position, duties, responsibilities and status with OBI, or any subsequent removal of Jebsen from, or any failure to re-elect Jebsen to any such position; 
 (b) Without Jebsen’s express written consent, the termination and/or material reduction in Jebsen’s staff reporting and available to Jebsen; 

(c) A material reduction or diminution by the Corporation of Jebsen’s compensation. For purposes of this provision, a
“material” reduction or diminution shall be deemed to occur if Jebsen’s overall compensation package is reduced by 5% or more from its then-current level. 
 (d) A failure by Corporation to maintain any of the Jebsen benefits to which Jebsen was entitled at a level substantially equal to or greater than the value of those Jebsen benefits in effect prior to
such reduction in benefits, through the continuation of the same or substantially similar plans, programs and policies; or the taking of any action by OBI or its affiliates which would materially affect Jebsen’s participation in or reduce
Jebsen’s benefits under any such plans, programs or policies, or deprive Jebsen of any material fringe benefits enjoyed by Jebsen; 

 (e) OBI or any affiliate requiring Jebsen to relocate or to be based anywhere other than
where Jebsen was based for the one year period prior to such relocation; except for required travel on OBI’s or affiliate’s business to an extent substantially consistent with Jebsen’s business travel obligations; 

(f) Any purported termination of Jebsen’s employment by OBI or the Board which is not effected pursuant to the requirements of this
Section 6 with respect to Death, Retirement, Disability or Termination for Cause; and 
 (g) Receipt of notice by Jebsen
that the Agreement will not be renewed pursuant to Section 1. 
 (h) The occurrence of any of the following: 

(1) A merger or consolidation where OBI is not the consolidated or surviving entity; 

(2) A sale or transfer of all or substantially all of the assets of OBI; 

(3) Voluntary or involuntary dissolution of OBI; or 

(4) A change in control of OBI. For purposes of this provision, a change in control shall be defined to include:

 (i) The acquisition by any person, entity or group of affiliated persons or entities of twenty five percent
(25%) or more of the issued and outstanding stock of the Company; or 
 (ii) Any transaction or occurrence
which results in a majority of the then-current Directors no longer, after such transaction or occurrence, constituting a majority of the entire Board of Directors. 
 6.5 Damages for Breach of Agreement. In the event of the breach of this Agreement by either OBI or Jebsen resulting in damages to the other party may recover from the party breaching the Agreement
any and all damages that may be sustained. 
 7. PAYMENTS TO JEBSEN UPON TERMINATION. 

7.1 Death, Disability or Retirement. In the event of Jebsen’s Retirement, Death or Disability, all benefits generally
available to Jebsen as of the date of such an event shall be payable to Jebsen or Jebsen’s estate without reduction, in accordance with the terms of any plan, contract, understanding or arrangement forming the basis for such payment. Jebsen
shall be entitled to such other payments as might arise from any other plan, contract, understanding or arrangement between Jebsen and OBI at the time of any such event. 
 7.2 Termination for Cause or Resignation without Good Reason. In the event Jebsen is terminated by OBI for Cause or Jebsen resigns for other than a Good Reason, neither OBI nor an affiliate shall
have any further obligation to Jebsen under this Agreement or otherwise, except to the extent provided in any other plan, contract, understanding or arrangement, or Section 8, or as may be required by law. Any bonuses earned under
Section 3(a) hereof shall immediately be paid in full. 
 7.3 Termination Without Cause or Resignation For Good
Reason. Subject to other provisions in this Section 7 to the contrary, upon the occurrence of a termination without Cause, which shall include but not be limited to, a Resignation for Good Reason as defined in Section 6.4, OBI shall:

 (a) Pay to Jebsen, or in the event of Jebsen’s subsequent death, to Jebsen’s surviving spouse, or if none, to
Jebsen’s estate, as severance pay or liquidated damages, or both, a sum equal to one year of base salary, payable under this Agreement pursuant to Section 3 immediately prior to such termination. 

(b) Pay to Jebsen the economic value of replacement cost for substantially identical benefits during a period of one year for those
benefits to which the Jebsen is entitled to immediately prior to the termination. 
 (c) Notwithstanding any provision in the
1999 Stock Plan or amendments thereto, or in any other plan which may be adopted by the Corporation with respect to stock options, all options granted to or owned by Jebsen shall immediately become exercisable for cashless exercise. 

(d) Any bonuses earned under Section 3(a) hereof shall immediately be paid in full. 

 8. COVENANT NOT TO COMPETE. 

8.1 Scope of Covenant. Jebsen agrees that he shall not, either directly or indirectly, carry on, participate, or engage in, either
as Jebsen, employer, principal, agent, consultant, owner, part-owner, co-venturer, officer, director, shareholder, partner, manager, operator, financier, employee, salesman, or in any other individual or representative or participating capacity, any
business which develops or markets oxygen biotherapeutics for a period of two (2) years from the date of separation from OBI in the area of the Continental United States. 
 8.2 Interpretation. Should any portion or provision of this covenant not to compete be found by a court of competent jurisdiction to be overly broad, it is the express intent of the parties hereto
that such provisions shall nevertheless be enforced to the maximum extent permitted by law and shall govern and apply to as much geographical area and/or time duration, not to exceed that which is set forth above, as possible. This agreement shall
not be interpreted for or against either party on the ground that such party drafted the agreement, or any provision thereof. 

9. CONFIDENTIALITY PROVISION. 
 9.1 Proprietary Information Defined. The following terms shall have the meanings respectively set forth for them below: 
 (a) “Proprietary Information” shall mean any and all inventions, research, designs, products, processes, formulae, know-how, customer lists, customer requirements information, trade secrets
and/or other non-public information or data comprising or related to the business of Corporation as the same is carried on from time to time; 
 (b) “Proprietary Rights” shall mean all trademarks, patents, copyrights, rights of creators and/or similar rights and privileges, whether domestic or foreign, statutory or at common law, filed
or not filed, perfected or unperfected, or otherwise, relating to any Proprietary Information; 
 (c) “Proprietary
Proceeds” shall mean all proceeds and products of any Proprietary Information and/or Proprietary Rights; and 
 (d)
“Proprietary Assets” shall mean Proprietary Information and/or Proprietary Rights and/or Proprietary Proceeds, considered collectively or separately. 
 (e) “Proprietary Information” and “Proprietary Assets” shall not include any information or other item that is known to the public or known in the industry in which OBI is engaged, or
which subsequently becomes publicly known by lawful means. 
 9.2 Acknowledgement of OBI’s Proprietary Information.
Jebsen agrees and acknowledges that any and all Proprietary Information (together with all Proprietary Rights and/or Proprietary Proceeds relating thereto) wholly or partially created, developed or further developed, perfected and/or completed by
Jebsen, acting alone or jointly with others at any time during Jebsen’s employment with OBI, shall immediately upon creation, completion and/or development become or have become, and shall at all times thereafter remain, the sole and exclusive
property of OBI. 
 9.3 OBI’s Property. Jebsen specifically agrees and acknowledges that (a) any and all
Proprietary Assets, however, whenever and from whomever acquired by OBI, are and shall at all times remain the sole and exclusive property of OBI, (b) Jebsen shall not use, possess, disclose, transfer and/or otherwise deal with any such
Proprietary Assets at any time during his employment with OBI other than specifically within the scope of his employment and in furtherance of the business and affairs of OBI, and (c) Jebsen shall not use, possess, disclose, transfer and/or
otherwise deal with any Proprietary Assets at any time after the termination of his employment with OBI under any circumstances whatsoever. 
 9.4 Jebsen’s Duties. Jebsen agrees that he shall, both throughout the term of his employment with OBI and at any and all times following the termination thereof, execute and deliver all such
further instruments and documents, and do and perform all such further acts and things, as may be necessary or helpful and/or as may be reasonably requested by OBI in furtherance of the purposes and intent of this Agreement. By way of illustration
and not by way of limitation of the foregoing, Jebsen specifically agrees that he shall: 
 (a) Immediately communicate and
thoroughly describe to OBI in writing any and all such Proprietary Information as is described in Section 9.1 above; 

 (b) Promptly execute and deliver all such instruments or agreements of assignment and/or
transfer as OBI may from time to time request to carry out the purposes and intent of Section 9.1 above; 
 (c) Assist
OBI, at such times and in such manner as OBI may request, in connection with OBI’s efforts to secure, apply for, renew or otherwise perfect Proprietary Rights with respect to any and all Proprietary Information; and 

(d) Upon termination of his employment with OBI, immediately deliver to OBI any and all written recorded or other physical evidence of
any and all Proprietary Assets in his possession or under his control; 
 PROVIDED, that in consideration of the foregoing, OBI
agrees that all reasonable costs and expenses incurred by Jebsen, including reasonable compensation for his time in complying with the provisions of this Section 9 shall be for OBI’s account. 

9.5 Disclosure of Information. Jebsen will not, during the employment term or after, disclose or use any Proprietary Information
or permit disclosure to any person, firm, corporation, association or other entity if such disclosure would be detrimental to OBI. 
 9.6 Survival. It is specifically understood and agreed by both such parties that this Agreement shall survive Jebsen’s employment with OBI and/or the making and/or termination of any contract
or agreement with respect thereto. 
 10. GENERAL PROVISIONS. 

10.1 Notices. Any notices to be given hereunder by each party to the other may be effected by personal delivery in writing or by
mail registered or certified, postage prepaid with return receipt requested. Notices delivered personally shall be deemed communicated as of actual receipt; mailed notices shall be deemed communicated as of two (2) days after mailing.

 10.2 Violation of Other Agreements. OBI hereby warrants to Jebsen that the execution of this Agreement will not
violate any outstanding agreements or covenants to which OBI is a party. Further, OBI hereby warrants that the execution of this Agreement and the performance of its terms hereunder do not violate any provisions of the By-Laws of OBI. 

10.3 Applicable Law. This Agreement shall be construed under the laws of the State of California and may not be altered or
modified except by an agreement in writing, signed by both parties. 
 10.4 Arbitration. Any dispute, controversy or
claim arising out of or in respect to this Agreement (or its validity, interpretation or enforcement), the employment relationship, the termination of the employment relationship or the subject matter hereof shall at the request of either party be
submitted to and settled by arbitration conducted before a single arbitrator in Durham County, North Carolina in accordance with the Employment Dispute Arbitration Rules of the American Arbitration Association. The issue of arbitrability shall be
governed by the Federal Arbitration Act (9 U.S.C. §§ 1-16). The arbitrator in such action shall not be authorized to change or modify any provision of this Agreement. Judgment upon the award rendered by the arbitrator may be entered by any
court having jurisdiction thereof. Arbitration shall be the exclusive remedy of Jebsen and OBI and the award of the arbitrator shall be final and binding upon the parties. 
 10.5 Entire Agreement. This Agreement supersedes any and all other or previous agreements, either oral or in writing, between the parties hereto with respect to the employment of Jebsen by OBI and
contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever. This Agreement shall not supersede, affect or amend the 1999 Stock Plan (or amendments thereto), or any other stock option or
similar plans adopted by OBI, or any other Jebsen benefit plan in effect during the Employment Term; provided, however, that, should any provision of this Agreement contradict or be inconsistent with any provision of any stock option Plan, or any
amendment thereto, or with the terms of any other Jebsen benefit plan, the terms of this Agreement shall govern. 
 10.6
Partial Invalidity. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or
invalidated in any way. 

 10.7 Merger or Consolidation. OBI hereby agrees that it shall not merge or
consolidate into or with or sell substantially all its assets to any firm, entity, company or person until such other firm, entity, company or person expressly agrees, in writing, to assume and discharge the duties and obligations of OBI under this
Agreement. This Agreement shall be binding upon the parties hereto, their successors, beneficiaries, heirs and personal representatives. 
 10.8 Amendments and Waivers. This Agreement shall not be varied, altered, waived, modified, changed or in any way amended in any of its parts except by an instrument in writing, executed by the
parties hereto, or by their legal representatives. A waiver by either party of any of the terms of this Agreement in any instance shall not be deemed or construed to be a waiver of such term or condition for the future or of any subsequent breach
thereof. 
 10.9 Directors and Officers Liability Insurance. The Corporation shall purchase and maintain in effect
Directors and Officers Liability insurance, naming Jebsen as an insured, in an amount not less than $5,000,000, for the Employment Term. Said Directors and Officers Liability insurance shall provide for coverage for Jebsen, in the event Jebsen is
terminated, dies, resigns or retires, for any post-termination claims made against Jebsen that arose during the period Jebsen served as a director, Jebsen and/or officer of OBI. 

Executed at Durham, North Carolina. 
  

					
		 	EMPLOYER:
		
		 	Oxygen Biotherapeutics, Inc.
			
	Dated: 7 December 2010	 	By:	 	 /s/ Chris J. Stern

		 		 	Chris J. Stern, Chairman & CEO
		
		 	EMPLOYEE:
		
		 	Michael Jebsen:
			
	Dated: 7 December 2010	 	By:	 	 /s/ Michael Jebsen

		 	Michael Jebsen

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]