Document:

ex10_1.htm

    
      
        

      

    

     

    QUICK-MED
      TECHNOLOGIES, INC.

     

    LADD
      GREENO EMPLOYMENT AGREEMENT

     

    This
      Employment Agreement (the “Agreement”) is entered into as of
      August 6, 2007 (the “Effective Date”) by and between Quick-Med
      Technologies, Inc. (the “Company”) and J. Ladd Greeno
      (“Executive”).

     

    1.         
         Duties and Scope of Employment.

     

    (a)           Positions
      and Duties.  Executive began employment with the Company on June
      11, 2007 (the “Start Date”).  As of the Effective
      Date, Executive will serve as the Company’s Chief Executive Officer (the “CEO”)
      and will report to the Company’s Board of Directors (the
“Board”).  Executive will render such business and
      professional services in the performance of his duties, consistent with
      Executive’s position as the CEO of the Company, as will reasonably be assigned
      to him by the Board.  The period Executive is employed by the Company
      under this Agreement is referred to herein as the “Employment
      Term”.

     

    (b)           Board
      Membership.  Executive will be appointed to serve as a member of
      the Board, subject to any required Board and/or stockholder
      approval.

     

    (c)           Obligations.

     

    (i)           From
      the Start Date and through the Employment Term, Executive will perform his
      duties faithfully and to the best of his ability and will devote his full
      business efforts and time to the Company.  From the Start Date and
      through the Employment Term, Executive agrees that he will not engage in any
      other employment, occupation, consulting or other business activity directly
      related to the business in which the Company is now involved or becomes involved
      during Executive’s employment with the Company, nor will Executive engage in any
      other business activities that conflict with Executive’s obligations to the
      Company.  Executive agrees that he will not serve on the board of
      directors of any other Company without the prior approval of the
      Board.

     

    (ii)           Executive
      hereby represents and warrants to the Company that Executive is not party to
      any
      contract, understanding, agreement or policy, written or otherwise, that would
      be breached by Executive’s entering into, or performing services under, this
      Agreement.  Executive further represents that he has disclosed to the
      Company in writing all threatened, pending, or actual claims that are unresolved
      and still outstanding, in each case, against Executive of which he is aware,
      if
      any, as a result of his employment with his previous employer (or any other
      previous employer) or his membership on any boards of directors.

     

    2.       
          At-Will Employment.  Executive and the
      Company agree that Executive’s employment with the Company constitutes “at-will”
employment.  Executive and the Company acknowledge that this
      employment relationship may be terminated at any time, upon written notice
      to
      the other party, with or without cause, at the option either of the Company
      or
      Executive.  However, as described in this Agreement, Executive may be
      entitled to severance benefits depending upon the circumstances of Executive’s
      termination of employment.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    3.         
         Compensation.

     

     

    (a)           Base
      Salary.  During the Employment Term, the Company will pay
      Executive an annual salary of Two Hundred Fifty Thousand Dollars ($250,000)
      as
      compensation for his services (such annual salary, as is then effective, to
      be
      referred to herein as “Base Salary”).  The Base
      Salary will be paid periodically in accordance with the Company’s normal payroll
      practices and will be subject to the usual, required
      withholdings.  The Base Salary will be reviewed by the Board on an
      annual basis and will be subject to increase in the Company’s
      discretion.

     

    (b)           Bonus.  Executive
      will be eligible to receive an annual bonus (the “Annual Bonus” of up to fifty
      percent (50%) of the Base Salary, less applicable tax withholdings, upon the
      achievement of performance objectives that will be reasonably determined by
      the
      Board or the Board’s Compensation Committee in consultation with Executive
      within forty-five (45) days after the Effective Date, and annually thereafter
      as
      part of the Company’s annual planning process. However, in no event shall
      Executive’s performance objectives be established until the plans and
      performance objectives of the Company and all other managers that are to be
      established or approved by the Board or the Compensation Committee have been
      established, approved, and aligned with Executive’s performance objectives. The
      Annual Bonus will be due and payable to the Executive no later than two months
      after the close of each fiscal year for which the Annual Bonus is
      payable.  The Annual Bonus shall be made by the Company in the form of
      cash unless the Board, in good faith, determines that the Company has
      insufficient funds to pay the Annual Bonus in cash, in which case the bonus
      shall be paid in the form of fully-vested equity.  Nothing in this
      paragraph limits the Board in its discretion from providing additional
      equity-based compensation greater than what is described herein.

     

    (c)           Equity
      Awards.

     

    (i)           Executive
      will be eligible to receive awards of stock options, restricted stock or other
      equity awards pursuant to any plans or arrangements the Company may have in
      effect from time to time.  The Board or its committee will determine
      in its discretion whether Executive will be granted any such equity awards
      and
      the terms of any such award in accordance with the terms of any applicable
      plan
      or arrangement that may be in effect from time to time.

     

    (ii)           Subject
      to Board approval, the Company will grant Executive two options (each, an
“Option”, and together, the “Options”) to
      purchase that number of shares of the Company’s common stock equal to five
      percent (5%) of the Company’s outstanding equity on the date of grant,
      calculated on a fully diluted basis and taking into account any equity
      commitments to other employees that were made as of the Start Date and which
      remain outstanding as of the grant date (the “Share
      Number”).  The first Option will be granted, subject to Board
      approval, on the Effective Date with respect to twenty-five percent (25%) of
      the
      Share Number at an exercise price of $0.75 per share and will be fully vested
      and immediately exercisable on the date of grant.  The second Option
      will be granted, subject to Board approval, at a date determined by the Board,
      but no later than October 1, 2007, and will be granted with respect to
      seventy-five percent (75%) of the Share Number.  The second Option
      will vest and become exercisable as to 1/16th of the
      shares
      subject to the Option on each three (3)-month anniversary of the Start Date,
      subject to Executive’s continued service with the Company through each such
      date.  Each Option will have a maximum term of five
      (5)-years.  The second Option will have an exercise price equal to the
      fair market value of the underlying shares as of the date of grant of the
      relevant Option, calculated in a manner to comply with Section 409A (as defined
      below).  Each Option will be subject to the terms and conditions of
      the equity award grant agreements set out at Exhibit A and B, respectively.
      Notwithstanding the foregoing or anything in the Agreement to the contrary,
      except in the event of a Change in Control, if before the one (1) year
      anniversary of the Start Date (A) the Company terminates Executive’s employment
      for Cause (as defined below) or (B) Executive voluntary resigns from his
      employment with the Company for any or no reason except Good Reason (as defined
      below), the vested shares subject to the Options will be forfeited and Executive
      will have no further rights thereunder.  The shares subject to the
      Options will be held in escrow until the one (1) year anniversary of the Start
      Date.  The Company agrees to use its best efforts to file a Form S-8
      to register the Shares to be issued under the Options as soon as
      practicable.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    4.      
           Employee Benefits.  During the
      Employment Term, Executive will be eligible to participate in accordance with
      the terms of all Company employee benefit plans, policies and arrangements
      that
      are applicable to other senior executive officers of the Company, as such plans,
      policies and arrangements may exist from time to time.   The
      Company reserves the right to cancel or change the benefit plans and programs
      it
      offers to its employees at any time.

     

    5.           
       Vacation.  During the Employment Term, Executive will be
      entitled to paid vacation of four (4) weeks per year in accordance with the
      Company’s vacation policy, prorated for calendar year 2007.  The
      timing and duration of specific vacations will be mutually and reasonably agreed
      to by the parties hereto.

     

    6.         
         Expenses.  The Company will reimburse
      Executive for reasonable travel, entertainment and other expenses incurred
      by
      Executive in the furtherance of the performance of Executive’s duties hereunder,
      in accordance with the Company’s expense reimbursement policy as in effect from
      time to time.

     

    7.        
          Location/Relocation.  As of the
      Effective Date, Executive will work from home; however, Executive may be asked
      to develop a Company office in the Boston area.  If during the
      Employment Term the Company and Executive mutually agree to relocate Executive’s
      principal place of employment to Florida or another area, the Company will
      reimburse Executive for: (a) reasonable moving and travel expenses incurred
      by
      Executive and his family during any relocation in connection with his employment
      with the Company, (b) insurance for Executive’s possessions during such
      relocation, and (c) certain reasonable real estate and legal fees incurred
      in
      connection with the relocation.  The Company will reimburse Executive
      for the relocation expenses detailed in this paragraph with the intent of cash
      neutrality up to an aggregate amount to be mutually agreed by the Executive
      and
      the Company.

     

    8.         
         Temporary Accommodations.  During the
      Employment Term, if Executive is required to meet with Company employees and
      consultants for an extended period of time, the Company will provide Executive
      with temporary accommodations in close proximity to the Company’s office in
      either Gainesville or Boca Raton, Florida, or such other
      location.  The Company will provide Executive similar temporary
      accommodations in the event of an interim relocation.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    9.           Tax
      Filing/Legal Assistance.  The Company will reimburse Executive for
      reasonable fees incurred for tax and/or legal professional assistance in
      connection with the negotiation, review, preparation and execution of this
      Agreement.  Such fees must be pre-approved by the
      Company.

     

    10.           Tax
      Gross Up.  To the extent that the Company’s reimbursement of
      payments to or provision of temporary accommodations for the Executive as is
      provided for in this Agreement is considered taxable income to the Executive,
      the Company shall pay the Executive an amount such that the net after-tax
      payment shall be at least equal to all tax liabilities associated with any
      payments made or accommodations provided to the Executive by the Company
      pursuant to this Agreement.

     

    11.           Termination
      of Employment.  In the event Executive’s employment with the
      Company terminates for any reason, Executive will be entitled to any
      (a) unpaid Base Salary accrued up to the effective date of termination;
      (b) unpaid, but earned and accrued Annual Bonus for any completed fiscal
      year as of his termination of employment, provided that CEO was not terminated
      for Cause that was attributable to conduct during the performance period;
      (c) pay for accrued but unused vacation; (d) benefits or compensation
      as provided under the terms of any employee benefit and compensation agreements
      or plans applicable to Executive; (e) unreimbursed expenses required to be
      reimbursed to Executive; and (f) rights to indemnification Executive may
      have under the Company’s Articles of Incorporation, Bylaws, the Agreement, or
      separate indemnification agreement, as applicable.  In addition,
      depending on the reason for termination, Executive may be entitled to the
      amounts and benefits specified in Section 12.

     

    12.           Severance.

     

    (a)           Termination
      without Cause; Resignation for Good Reason; Resignation In Connection with
      a
      Change of Control.  If (i) the Company terminates Executive’s
      employment without Cause, (ii) Executive resigns from his employment with the
      Company for Good Reason (as defined below), or (iii) Executive resigns from
      his
      employment with the Company for any or no reason within one hundred eighty
      (180)
      days following a Change of Control (as defined below), then, subject to Section
      16, Executive will receive:

     

    (i)           Subject

      to Section 14, continuing payments of severance pay at a rate equal to his
      Base
      Salary as then in effect (less applicable tax withholdings) for twelve (12)
      months from the date of such termination, payable in accordance with the
      Company’s normal payroll policies; and

     

    (ii)           Subject
      to Section 14, the Company shall pay to the Executive the Executive’s Annual
      Bonus for the fiscal year in which the Executive’s employment under this
      Agreement terminated, which shall be pro-rated to reflect the number of days
      of
      the fiscal year during which the Executive was employed by the
      Company.  For purposes of this Section 12(a)(ii), the Company’s Board
      of Directors shall determine, in good faith, the amount of the Annual
      Bonus.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    (iii)           Executive
      will be eligible to receive the same level of health (i.e., medical, vision
      and
      dental) coverage and other benefits as in effect for Executive, and, if
      applicable, Executive’s dependents, on the day immediately preceding Executive’s
      termination at the same cost to him as was in effect on the day prior to his
      separation from service; provided, however, that (1) Executive
      constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the
      Internal Revenue Code of 1986, as amended (the “Code”); and (2)
      Executive elects continuation coverage pursuant to the Consolidated Omnibus
      Budget Reconciliation Act of 1985, as amended (“COBRA”), within
      the time period prescribed pursuant to COBRA.  The Company will
      reimburse Executive’s COBRA premiums until the earlier of (A) twelve (12) months
      from Executive’s termination, or (B) until Executive obtains substantially
      similar coverage under another employer’s group insurance plan.

     

    (b)           Termination
      for Cause, Death or Disability; Resignation without Good Reason or Not In
      Connection with a Change of Control.  If (i) the Company
      terminates Executive’s employment for Cause, (ii) Executive’s employment
      terminates due to death or Disability (as defined below), or (ii) Executive
      resigns his employment with the Company without Good Reason (other than a
      resignation that is within one hundred eighty (180) days following a Change
      of
      Control), then (1) all vesting will terminate immediately with respect to
      Executive’s outstanding equity awards; (2) all payments of compensation by the
      Company to Executive hereunder will terminate immediately (except as to amounts
      already earned, including unused and accrued vacation); and (3) Executive
      will  not be eligible for severance or other benefits, except in
      accordance with any generally applicable Company plans or policies as are then
      in effect.

     

    13.           Change
      of Control.

     

    (a)           If
      the Company undergoes a Change of Control before the one (1) year anniversary
      of
      the Start Date, fifty percent (50%) of the unvested shares subject to
      Executive’s outstanding equity awards will immediately vest and become
      exercisable or released from the Company’s repurchase or reacquisition
      right.

     

    (b)           If
      the Company undergoes a Change of Control on or after the one (1) year
      anniversary of the Start Date, one hundred percent (100%) of the unvested shares
      subject to Executive’s outstanding equity awards will immediately vest and
      become exercisable or released from the Company’s repurchase or reacquisition
      right.

     

    14.           Code
      Section 409A.  Notwithstanding anything to the contrary in this
      Agreement, if Executive is a “specified employee” within the meaning of Section
      409A of the Code and any final regulations and guidance promulgated thereunder
      (“Section 409A”) at the time of Executive’s separation from
      service, then any severance payments payable pursuant to this Agreement and
      any
      other severance payments or separation benefits which may be considered deferred
      compensation under Section 409A (together, the “Deferred Compensation Separation
      Benefits”) otherwise due to Executive on or within the six (6) month period
      following Executive’s separation from service will accrue during such six (6)
      month period and will become payable in a lump sum payment on the date six
      (6)
      months and one (1) day following the date of Executive’s separation from
      service.  On or before the date of the Executive’s separation from
      service, the Company shall place the Deferred Compensation Separation Benefits
      into an escrow account which shall earn interest at the short-term applicable
      federal rate pending payout to the Executive as provided for in this
      Section.  All subsequent payments, if any, will be payable in
      accordance with the payment schedule applicable to each payment or
      benefit.  It is the intent of this Agreement to comply with the
      requirements of Section 409A so that none of the severance payments and benefits
      to be provided hereunder will be subject to the additional tax imposed under
      Section 409A, and any ambiguities herein will be interpreted to so
      comply.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    15.           Additional
      Limitation.

     

    (a)           Anything
      in this Agreement to the contrary notwithstanding, in the event that any
      compensation, payment or distribution by the Company to or for the benefit
      of
      the Executive, whether paid or payable or distributed or distributable pursuant
      to the terms of this Agreement or otherwise (the “Severance Payments”), would be
      subject to the excise tax imposed by Section 4999 of the Code, the following
      provisions shall apply:

     

    (i)           If
      the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the
      total of the federal, state, and local income and employment taxes payable
      by
      the Executive on the amount of the Severance Payments which are in excess of
      the
      Threshold Amount, are greater than or equal to the Threshold Amount, the
      Executive shall be entitled to the full benefits payable under this
      Agreement.

     

    (ii)           If
      the Threshold Amount is less than (x) the Severance Payments, but greater than
      (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2)
      the
      total of the federal, state, and local income and employment taxes on the amount
      of the Severance Payments which are in excess of the Threshold Amount, then
      the
      benefits payable under this Agreement shall be reduced (but not below zero)
      to
      the extent necessary so that the maximum Severance Payments shall not exceed
      the
      Threshold Amount.  To the extent that there is more than one method of
      reducing the payments to bring them within the Threshold Amount, the Executive
      shall determine which method shall be followed; provided that if the Executive
      fails to make such determination within 15 business days after the Company
      has
      sent the Executive written notice of the need for such reduction, the Company
      may determine the amount of such reduction in its sole discretion.

     

    (b)           For
      the purposes of Section 15(a), “Threshold Amount” shall mean three times the
      Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code
      and the regulations promulgated thereunder less one dollar ($1.00); and “Excise
      Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any
      interest or penalties incurred by the Executive with respect to such excise
      tax.

     

    (c)           The
      determination as to which of the alternative provisions of Section 15(a)(i)
      above shall apply to the Executive shall be made by a nationally recognized
      accounting firm selected by the Company (the “Accounting Firm”), which shall
      provide detailed supporting calculations both to the Company and the Executive
      within 15 business days of the Date of Termination, if applicable, or at such
      earlier time as is reasonably requested by the Company or the
      Executive.  For purposes of determining which of the alternative
      provisions of Section 15(a)(i) above shall apply, the Executive shall be deemed
      to pay federal income taxes at the highest marginal rate of federal income
      taxation applicable to individuals for the calendar year in which the
      determination is to be made, and state and local income taxes at the highest
      marginal rates of individual taxation in the state and locality of the
      Executive’s residence on the Date of Termination, net of the maximum reduction
      in federal income taxes which could be obtained from deduction of such state
      and
      local taxes.  Any determination by the Accounting Firm shall be
      binding upon the Company and the Executive.

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    16.           Conditions
      to Receipt of Severance; No Duty to Mitigate.

     

    (a)           Separation
      Agreement and Release of Claims.  The receipt of any severance or
      other benefits pursuant to Section 12 will be subject to Executive signing
      and
      not revoking a separation agreement and release of claims in the form set out
      at
      Exhibit C.  No severance or other benefits will be paid or provided
      until the separation agreement and release agreement becomes
      effective.

     

    (b)           Non-solicitation
      and non-compete.  The receipt of any severance or other benefits
      pursuant to Section 12 will be subject to Executive agreeing that during
      the Employment Term and Continuance Period (as defined below), Executive will
      not (i) solicit any employee of the Company (other than Executive’s personal
      assistant) for employment other than at the Company, or (ii) directly or
      indirectly engage in, have any ownership interest in or participate in any
      entity that as of the date of termination, competes with the Company in any
      substantial business of the Company or any business reasonably expected to
      become a substantial business of the Company.  Executive’s passive
      ownership of not more than 1% of any publicly traded company and/or 5% ownership
      of any privately held company will not constitute a breach of this Section
      8(b).

     

    (c)           Non-disparagement.  During
      the Employment Term and Continuance Period (as defined below), (i) Executive
      will not knowingly and materially disparage, criticize, or otherwise make any
      derogatory statements regarding the Company; and (ii) the Company and its
      officers and directors will not knowingly and materially disparage, criticize,
      or otherwise make any derogatory statements regarding the
      Executive.  Notwithstanding the foregoing, nothing contained in this
      agreement will be deemed to restrict the Executive, the Company or any of the
      Company’s current or former officers and/or directors from providing information
      to any governmental or regulatory agency (or in any way limit the content of
      any
      such information) to the extent they are requested or required to provide such
      information pursuant to applicable law or regulation.

     

    (d)           Other
      Requirements.  Executive’s receipt of continued severance payments
      will be subject to Executive continuing to comply with the terms of this Section
      16 as well as Sections 17 and 18 below.

     

    (e)           No
      Duty to Mitigate.  Executive will not be required to mitigate the
      amount of any payment contemplated by this Agreement, nor will any earnings
      that
      Executive may receive from any other source reduce any such
      payment.

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    17.           Confidential
      Information.

     

    (a)           Company
      Information.  The Executive agrees at all times during the term of
      his employment and thereafter, to hold in strictest confidence, and not to
      use,
      except for the benefit of the Company, or to disclose to any person, firm or
      corporation without written authorization of the Board of Directors of the
      Company, any Confidential Information of the Company.  The Executive
      understands that “Confidential Information” means any Company proprietary
      information, technical data, trade secrets or know-how, including, but not
      limited to, research, product plans, products, services, databases, customer
      lists and customers (including, but not limited to, customers of the Company
      on
      whom the Executive called or with whom the Executive became acquainted during
      the term of his employment), markets, software, developments, inventions,
      processes, formulas, technology, designs, drawings, engineering, hardware
      configuration information, marketing, finances or other business information
      disclosed to the Executive by the Company either directly or indirectly, in
      writing, orally, by drawings, or by observation of parts or equipment to the
      extent that the Company maintained such information as confidential during
      the
      Executive’s employment.  The Executive further understands that
      Confidential Information does not include any of the foregoing items which
      has
      become publicly known and made generally available through no wrongful act
      of
      the Executive or of others who were under confidentiality obligations as to
      the
      item or items involved.

     

    (b)           Former
      Employer Information.  The Executive agrees that he will not,
      during his employment with the Company, improperly use or disclose any
      proprietary information or trade secrets of any former or concurrent employer
      or
      other person or entity and that he will not bring onto the premises of the
      Company any unpublished document or proprietary information belonging to any
      such employer, person or entity unless consented to in writing by such employer,
      person or entity.

     

    (c)           Third
      Party Information.  The Executive recognizes that the Company has
      received and in the future will receive from third parties their confidential
      or
      proprietary information subject to a duty on the Company’s part to maintain the
      confidentiality of such information and to use it only for certain limited
      purposes.  The Executive agrees to hold all such confidential or
      proprietary information in the strictest confidence and not to disclose it
      to
      any person, firm or corporation or to use it except as necessary in carrying
      out
      his work for the Company consistent with the Company’s agreement with such third
      party.

     

    (d)             Returning
      Company Documents.  The Executive agrees that, at the time of his
      separation of service from the Company, he will deliver to the Company (and
      will
      not keep in his possession, recreate or deliver to anyone else) any and all
      devices, records, data, notes, reports, proposals, lists, correspondence,
      specifications, drawings, blueprints, sketches, materials, equipment, other
      documents or property, or reproductions of any aforementioned items developed
      by
      him pursuant to his employment with the Company or otherwise belonging to the
      Company, its successors or assigns.

     

    18.           Inventions.

     

    (a)           Inventions
      Retained and Licensed.  Executive has attached as
Exhibit D, a list describing all inventions, original works of
      authorship, developments, improvements, and trade secrets which were made by
      him
      prior to his employment with the Company, which belong to him, which relate
      to
      the Company’s proposed business, products or research and development, and which
      are not assigned to the Company hereunder (collectively referred to as “Prior
      Inventions”); or, if no such list is attached, the Executive represents that
      there are no such Prior Inventions.  If in the course of the
      Executive’s employment with the Company, he incorporates into any invention,
      improvement, development, product, copyrightable material or trade secret any
      invention, improvement, development, concept, discovery or other proprietary
      information owned by him or in which he has an interest, the Company is hereby
      granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual,
      worldwide license to make, have made, modify, use and sell such item as part
      of
      or in connection with such product, process or machine.

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (b)           Assignment
      of Inventions. The Executive agrees that he will promptly make full written
      disclosure to the Company, will hold in trust for the sole right and benefit
      of
      the Company, and hereby assign to the Company, or its designee, all his right,
      title, and interest in and to any and all inventions, original works of
      authorship, developments, concepts, improvements or trade secrets, whether
      or
      not patentable or registrable under copyright or similar laws, which the
      Executive may solely or jointly conceive or develop or reduce to practice,
      or
      cause to be conceived or developed or reduced to practice, during the period
      of
      time the Executive is in the employ of the Company (collectively referred to
      as
"Inventions").  The Executive further acknowledges
      that all original works of authorship which are made by him (solely or jointly
      with others) within the scope of and during the period of his employment with
      the Company and which are protectible by copyright are “works made for hire,” as
      that term is defined in the United States Copyright Act.

     

    (c)           Inventions
      Assigned to the United States.  The Executive agrees to assign to
      the United States government all his right, title, and interest in and to any
      and all Inventions whenever such full title is required to be in the United
      States by a contract between the Company and the United States or any of its
      agencies.

     

    (d)           Maintenance
      of Records.  The Executive agrees to keep and maintain adequate
      and current written records of all Inventions made by him (solely or jointly
      with others) during the term of his employment with the Company.  The
      records will be in the form of notes, sketches, drawings, and any other format
      that may be specified by the Company.  The records will be available
      to and remain the sole property of the Company at all times.

     

    (e)           Patent
      and Copyright Registrations.  The Executive agrees to assist the
      Company, or its designee, at the Company’s expense, in every proper way to
      secure the Company’s rights in the Inventions and any copyrights, patents, mask
      work rights or other intellectual property rights relating thereto in any and
      all countries, including the disclosure to the Company of all pertinent
      information and data with respect thereto, the execution of all applications,
      specifications, oaths, assignments and all other instruments which the Company
      shall deem necessary in order to apply for and obtain such rights and in order
      to assign and convey to the Company, its successors, assigns and nominees the
      sole and exclusive rights, title and interest in and to such Inventions, and
      any
      copyrights, patents, mask work rights or other intellectual property rights
      relating thereto.  The Executive further agrees that his obligation to
      execute or cause to be executed, when it is in his power to do so, any such
      instrument or papers shall continue after the termination of this
      Agreement.  If the Company is unable because of the Executive’s mental
      or physical incapacity or for any other reason to secure his signature to apply
      for or to pursue any application for any United States or foreign patents or
      copyright registrations covering Inventions or original works of authorship
      assigned to the Company as above, then the Executive hereby irrevocably
      designates and appoint the Company and its duly authorized officers and agents
      as his agent and attorney in fact, to act for and in his behalf and stead to
      execute and file any such applications and to do all other lawfully permitted
      acts to further the prosecution and issuance of letters patent or copyright
      registrations thereon with the same legal force and effect as if executed by
      the
      Executive.

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    19.           Definitions.

     

    (a)           Cause.  For
      purposes of this Agreement, “Cause” shall mean the
      Executive’s:

     

    (i)          
       Willful and fraudulent misrepresentation as to Executive’s qualifications
      to be CEO of the Company;

     

    (ii)           Indictment
      for, conviction of or plea of nolo contendre to any crime of fraud or
      theft;

     

    (iii)           Willful
      misconduct or gross negligence on the part of the Executive in the performance
      of his duties under this Agreement resulting in material adverse effect on
      the
      finances or reputation of the Company;

     

    (iv)           Conflict
      of interest or breach of fiduciary duty owed by the Executive to the
      Company;

     

    (v)           Willful
      breach or habitual neglect of significant and material duties Executive is
      required to perform under this Agreement;

     

    (vi)           Breach
      of a material covenant in this Agreement; or

     

    (vii)           Material
      or repeated violations or material or repeated non-observance of any term of
      this Agreement;

     

    Provided
      that the conduct described in Sections 19(a)(iv) – (vii) shall not constitute
      Cause unless such conduct has continued for a period of at least 30 days after
      the Executive has received written notice from the Company’s Board of Directors
      of its belief that such conduct may give rise to a termination for Cause under
      this Agreement and Executive has nevertheless failed to remedy such conduct
      to
      the good faith satisfaction of the Board of Directors.

     

    (b)           Change
      of Control.  For purposes of this Agreement, “Change of
      Control” will mean the occurrence of any of the following
      events:

     

    (i)       
          A sale of all or substantially all of the Company’s
      assets; or

     

    (ii)           Any
      merger, consolidation or other transaction of the Company with or into another
      corporation, entity or person, other than a transaction in which the holders
      of
      at least a majority of the voting securities of the Company outstanding
      immediately prior to such transaction continue to hold (either by the voting
      securities remaining outstanding or by their being converted into voting
      securities of the surviving entity) a majority of the total voting power
      represented by the voting securities of the Company, or such surviving entity,
      outstanding immediately after such transaction.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    (c)           Good
      Reason.  For purposes of this Agreement, “Good
      Reason” means the occurrence of any of the following, without
      Executive’s express written consent:

     

    (i)           A
      material reduction in Executive’s base salary;

     

    (ii)           A
      material reduction in Executive’s authority, duties or
      responsibilities;

     

    (iii)           A
      requirement that the Executive report to a corporate officer of employee, as
      opposed to the Company’s Board of Directors;

     

    (iv)           A
      material relocation of Executive’s primary place of employment, provided
      however, that in no instance will such a relocation be deemed material if it
      is
      less than fifty (50) miles from the Company’s location at which Executive
      performs most of his services immediately prior to such relocation;
      or

     

    (v)           A
      material breach by the Company of any of its obligations under this
      Agreement;

     

    provided
      that Executive notifies the Company in writing of such event within 30 days
      of
      its occurrence and further provides the Company thirty (30) days to remedy
      the
      situation before terminating his employment no more than ninety (90) days after
      such occurrence.

     

    (d)           Continuance
      Period.  For purposes of this Agreement, “Continuance
      Period” will mean the period of time beginning on the date of the
      termination of Executive’s employment and ending on the date on which Executive
      is no longer receiving Base Salary payments under Section 12.

     

    (e)           Disability.  For
      purposes of this Agreement, “Disability” will mean Executive’s
      absence from his responsibilities with the Company on a full-time basis for
      one
      hundred twenty (120) calendar days in any consecutive one hundred eighty (180)
      day period as a result of Executive’s mental or physical illness or
      injury.  The Company plans to, but has not yet implemented a Long Term
      Disability Policy.  During the Employment Term, Executive will be
      eligible to participate in the Company’s Long Term Disability benefits as
      applicable to other senior executive officers of the Company to the extent
      that
      such Long Term Disability Policy exists.

     

    20.           Indemnification.  Subject
      to applicable law, Executive will be provided indemnification to the maximum
      extent permitted by the Company’s Articles of Incorporation or Bylaws,
      including, if applicable, any directors and officers insurance policies, with
      such indemnification to be on terms determined by the Board or any of its
      committees, but on terms no less favorable than provided to any other Company
      executive officer or director and subject to the terms of any separate written
      indemnification agreement.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    21.           Assignment.  This
      Agreement will be binding upon and inure to the benefit of (a) the heirs,
      executors and legal representatives of Executive upon Executive’s death, and
      (b) any successor of the Company.  Any such successor of the
      Company will be deemed substituted for the Company under the terms of this
      Agreement for all purposes.  For this purpose,
“successor” means any person, firm, corporation, or other
      business entity which at any time, whether by purchase, merger, or otherwise,
      directly or indirectly acquires all or substantially all of the assets or
      business of the Company.  None of the rights of Executive to receive
      any form of compensation payable pursuant to this Agreement may be assigned
      or
      transferred except by will or the laws of descent and
      distribution.  Any other attempted assignment, transfer, conveyance,
      or other disposition of Executive’s right to compensation or other benefits will
      be null and void.

     

    22.           Notices.  All
      notices, requests, demands and other communications called for hereunder will
      be
      in writing and will be deemed given (a) on the date of delivery if
      delivered personally; (b) one (1) day after being sent overnight by a
      well-established commercial overnight service, or (c) four (4) days after
      being mailed by registered or certified mail, return receipt requested, prepaid
      and addressed to the parties or their successors at the following addresses,
      or
      at such other addresses as the parties may later designate in
      writing:

     

    
      	
               

            	
              If
                to the Company:

            

    

     

    
      	
               

            	
              Attn:
                Chairman of the Compensation
                Committee

            

    

     

    
      	
               

            	
              c/o
                Corporate Secretary

            

    

    
      	
               

            	
              3427
                SW 42nd
                Way

            

    

    
      	
               

            	
              Gainesville,
                FL  32608

            

    

     

    
      	
               

            	
              If
                to Executive:

            

    

     

    
      	
               

            	
              at
                the last residential address known by the Company with a copy to
                the
                Executive’s counsel:

            

    

     

    
      	
               

            	
              Heidi
                Goldstein Shepherd

            

    

    
      	
               

            	
              Goodwin
                Procter LLP

            

    

    
      	
               

            	
              Exchange
                Place

            

    

    
      	
               

            	
              Boston,
                MA 02109

            

    

     

    23.           Severability.  If
      any provision hereof becomes or is declared by a court of competent jurisdiction
      to be illegal, unenforceable, or void, this Agreement will continue in full
      force and effect without said provision.

     

    24.           Arbitration.  The
      Parties agree that any and all disputes arising out of the terms of this
      Agreement and the interpretation of its terms, or any disputes arising out
      of
      Executive’s employment by the Company, Executive’s service as an officer or
      director of the Company, or Executive’s compensation and benefits, and any of
      the matters herein released will be subject to binding
      arbitration.  In the event of a dispute, the parties (or their legal
      representatives) will promptly confer to select a Single Arbitrator mutually
      acceptable to both parties.  If the Parties cannot agree on an
      Arbitrator, then the moving party may file a Demand for Arbitration with JAMS
      in
      Boston, Massachusetts who will be selected and appointed consistent with the
      its  Employment Arbitration Rules & Procedures (the “JAMS RULES”),
      except that such Arbitrator must have the qualifications set forth in this
      paragraph.  Any arbitration will be conducted in a manner consistent
      with the JAMS Rules, supplemented by the Massachusetts Rules of Civil
      Procedure.  The Parties further agree that the prevailing party in any
      arbitration will be entitled to injunctive relief in any court of competent
      jurisdiction to enforce the arbitration award.  The Parties
      hereby agree to waive their right to have any dispute between them resolved
      in a
      court of law by a judge or jury.  This paragraph will not
      prevent either party from seeking injunctive relief (or any other provisional
      remedy) from any court having jurisdiction over the Parties and the subject
      matter of their dispute relating to Executive’s obligations under this Agreement
      and the Employee Agreement.  If the Executive is the prevailing party
      in any court action concerning either the Employer’s or the Executive’s rights
      or obligations under this Agreement, the Employer shall reimburse the Executive
      for all of the reasonable attorney’s fees and costs that the Executive incurs in
      connection with such proceeding and shall make a further payment to compensate
      the Executive for all tax liabilities associated with such reimbursement and
      with such supplemental payment.  

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    25.           Integration.  This
      Agreement , together with the equity award grant agreements that describe
      Executive’s outstanding equity awards, represents the entire agreement and
      understanding between the parties as to the subject matter herein and supersedes
      all prior or contemporaneous agreements whether written or oral.  No
      waiver, alteration, or modification of any of the provisions of this Agreement
      will be binding unless in a writing and signed by duly authorized
      representatives of the parties hereto.  In entering into this
      Agreement, no party has relied on or made any representation, warranty,
      inducement, promise, or understanding that is not in this
      Agreement.  To the extent that any provisions of this Agreement
      conflict with those of any other agreement to be signed upon Executive’s hire,
      the terms in this Agreement will prevail.

     

    26.           Waiver
      of Breach.  The waiver of a breach of any term or provision of
      this Agreement, which must be in writing, will not operate as or be construed
      to
      be a waiver of any other previous or subsequent breach of this
      Agreement.

     

    27.           Survival.  The
      Company’s and Executive’s responsibilities under Sections 12, 16, 17 and 18 will
      survive the termination of this Agreement.

     

    28.           Headings.  All
      captions and Section headings used in this Agreement are for convenient
      reference only and do not form a part of this Agreement.

     

    29.           Tax
      Withholding.  All payments made pursuant to this Agreement will be
      subject to withholding of applicable taxes.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    30.           Governing
      Law.  This Agreement will be governed by the laws of the state of
      Massachusetts without regard to its conflict of laws provisions.

     

    31.           Acknowledgment.  Executive
      acknowledges that he has had the opportunity to discuss this matter with and
      obtain advice from his private attorney, has had sufficient time to, and has
      carefully read and fully understands all the provisions of this Agreement,
      and
      is knowingly and voluntarily entering into this Agreement.

     

    32.           Counterparts.  This
      Agreement may be executed in counterparts, and each counterpart will have the
      same force and effect as an original and will constitute an effective, binding
      agreement on the part of each of the undersigned.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
      of
      the Company by a duly authorized officer, as of the day and year written
      below.

     

    COMPANY:

     

    QUICK-MED
      TECHNOLOGIES, INC.

     

    

    
      	
              /s/
                Michael R. Granito

            	 	
              Date:
                AUGUST 6, 2007

            
	
              MICHAEL
                R. GRANITO

            	 	 
	
              CHAIRMAN

            	 	 
	 	 	 
	 	 	 
	
              EXECUTIVE:

            	 	 
	 	 	 
	 	 	 
	
              /s/
                J. Ladd Greeno

            	 	
              Date:
                AUGUST 6, 2007

            
	
              J.
                LADD GREENO

            	 	 

    

     

    

    [SIGNATURE
      PAGE TO LADD GREENO EMPLOYMENT AGREEMENT]

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    Equity
      Award Grant Agreement

     

    (First
      Option)

     

     

    This
      Stock Option Agreement (this "Agreement") is made and
      entered into as of the Date of Grant set forth below (the "Date of
      Grant") by and between Quick-Med Technologies, Inc., a Nevada
      corporation (the "Company"), and the Optionee named
      below. ("Optionee").  Capitalized terms not
      defined herein shall have the meanings ascribed to them in the Employment
      Agreement dated July __, 2007 between the Optionee and the Company (the
"Employment Agreement").

     

    Optionee:

     

    Social
      Security Number:

     

    Optionee's
      Address:

     

    Total
      Option Shares:

     

    Exercise
      Price per Share:

     

    Date
      of Grant:

     

    Vesting
      Start Date:

     

    Expiration
      Date:

    (unless
      earlier terminated under Section 3 hereof)

     

    Type
      of Stock Option:   Nonqualified Stock
      Option

     

    1.            
      Grant of Option. The Company hereby grants to Optionee
      an option (this "Option") to purchase up to the total
      number of shares of common stock of the Company set forth above as Total Option
      Shares (collectively, the "Shares") at the Exercise
      Price Per Share set forth above (the "Exercise
      Price"), subject to all of the terms and conditions of this
      Agreement.

     

    2.     
             Vesting; Exercise
      Period.

     

    2.1           Vesting
      of Shares. This Option shall be immediately and fully
      exercisable.

     

    2.2           Expiration.
      This Option shall expire on the Expiration Date set forth above and must be
      exercised, if at all, on or before the earlier of the Expiration Date or the
      date on which this Option is earlier terminated in accordance with the
      provisions of Section 3 hereof.

     

    3.       
           Termination.

     

    3.1           Termination
      for Any Reason Except for Cause. If Optionee is terminated for any reason
      including Optionee's death, Disability but excluding Cause, then this Option
      may
      be exercised by Optionee no later than one (1) year following such Termination
      Date, but in any event no later than the Expiration Date.

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    3.2           Termination
      for Cause. If Optionee is terminated for Cause, this Option will expire on
      the Optionee’s date of Termination.

     

    3.3           No
      Obligation to Employ. Nothing in this Agreement shall confer on Optionee any
      right to continue in the employ of, or other relationship with, the Company
      or
      any Parent or Subsidiary of the Company, or limit in any way the right of the
      Company or any Parent or Subsidiary of the Company to terminate Optionee's
      employment or other relationship at any time, with or without
      Cause.

     

    3.4           Leave
      of Absence. Military, sick or bona fide leave shall not be deemed a
      termination of employment or other association, provided that it does not exceed
      the longer of ninety (90) days or the period during which the absent Optionee’s
      reemployment rights, if any, are guaranteed by statute or by
      contract.

     

    4.        
          Manner of Exercise.

     

    4.1           Stock
      Option Exercise Agreement. To exercise this Option, Optionee (or in the case
      of exercise after Optionee's death, Optionee's executor, administrator, heir
      or
      legatee, as the case may be) must deliver to the Company an executed stock
      option exercise agreement in the such other form as may be approved by the
      Company from time to time (the "Exercise Agreement"),
      which shall set forth, inter alia, Optionee's election to exercise this Option,
      the number of Shares being purchased, any restrictions imposed on the Shares
      and
      any representations, warranties and agreements regarding Optionee's investment
      intent and access to information as may be required by the Company to comply
      with applicable securities laws. If someone other than Optionee exercises this
      Option, then such person must submit documentation reasonably acceptable to
      the
      Company that such person has the right to exercise this Option.

     

    4.2           Limitations
      on Exercise. This Option may not be exercised unless such exercise is in
      compliance with all applicable federal and state securities laws, as they are
      in
      effect on the date of exercise. This Option may not be exercised as to fewer
      than 100 Shares unless it is exercised as to all Shares as to which this Option
      is then exercisable.

     

    4.3           Payment.
      The Exercise Agreement shall be accompanied by full payment of the Exercise
      Price for the Shares being purchased in cash (by check), or where permitted
      by
      law:

     

    (a)           by
      cancellation of indebtedness of the Company to the Optionee;

     

    (b)           by
      surrender of shares of the Company's common stock that either: (1) have been
      owned by Optionee for more than six (6) months and have been paid for within
      the
      meaning of SEC Rule 144 (and, if such shares were purchased from the Company
      by
      use of a promissory note, such note has been fully paid with respect to such
      shares); or (2) were obtained by Optionee in the open public market; and (3)
      are
      clear of all liens, claims, encumbrances or security interests;

     

    (c)           by
      waiver of compensation due or accrued to Optionee for services
      rendered;

     

    (d)           provided
      that a public market for the Company's stock exists: (1) through a "same day
      sale" commitment from Optionee and a broker-dealer that is a member of the
      National Association of Securities Dealers or a member firm of the Swiss Stock
      Exchange (a "Qualified Dealer") whereby Optionee
      irrevocably elects to exercise this Option and to sell a portion of the Shares
      so purchased to pay for the Exercise Price and whereby the Qualified Dealer
      irrevocably commits upon receipt of such Shares to forward the exercise price
      directly to the Company; or (2) through a "margin" commitment from Optionee
      and
      a Qualified Dealer whereby Optionee irrevocably elects to exercise this Option
      and to pledge the Shares so purchased to the Qualified Dealer in a margin
      account as security for a loan from the Qualified Dealer in the amount of the
      Exercise Price, and whereby the Qualified Dealer irrevocably commits upon
      receipt of such Shares to forward the Exercise Price directly to the Company;
      or

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    (e)           by
      any combination of the foregoing.

     

    4.4           Tax
      Withholding. Prior to the issuance of the Shares upon exercise of this
      Option, Optionee must pay or provide for any applicable federal or state
      withholding obligations of the Company. If the Committee permits, Optionee
      may
      provide for payment of withholding taxes upon exercise of this Option by
      requesting that the Company retain Shares with a Fair Market Value equal to
      the
      minimum amount of taxes required to be withheld. In such case, the Company
      shall
      issue the net number of Shares to the Optionee by deducting the Shares retained
      from the Shares issuable upon exercise.

     

    4.5           Issuance
      of Shares. Provided that the Exercise Agreement and payment are in form and
      substance reasonably satisfactory to counsel for the Company, the Company shall
      issue the Shares registered in the name of Optionee, Optionee's authorized
      assignee, or Optionee's legal representative, and shall deliver certificates
      representing the Shares with the appropriate legends affixed
      thereto.

     

    5.       
           Compliance with Laws and Regulations.
The exercise of this Option and the issuance and transfer
      of Shares
      shall be subject to compliance by the Company and Optionee with all applicable
      requirements of federal and state securities laws and with all applicable
      requirements of any stock exchange on which the Company's Common Stock may
      be
      listed at the time of such issuance or transfer.

     

    6.     
             Nontransferability of
      Option. This Option may not be transferred in any
      manner other than by will or by the laws of descent and distribution and may
      be
      exercised during the lifetime of Optionee only by Optionee. The terms of this
      Option shall be binding upon the executors, administrators, successors and
      assigns of Optionee.

     

    7.       
           Privileges of Stock
      Ownership. Optionee shall not have any of the
      rights of a stockholder with respect to any Shares until the Shares are issued
      to Optionee.

     

    8.      
            Interpretation.
Any dispute regarding the interpretation
      of this Agreement shall be
      submitted by Optionee or the Company to the Compensation Committee for
      review.

     

    9.     
             Entire
      Agreement. This Agreement and the Employment
      Agreement constitute the entire agreement and understanding of the parties
      hereto with respect to the subject matter hereof and supersede all prior
      understandings and agreements with respect to such subject matter.  If
      there is a conflict between this Agreement and the Employment Agreement, the
      Employment Agreement shall control.

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    10.           Notices.
      Any notice required to be given or delivered to the Company under
      the
      terms of this Agreement shall be in writing and addressed to the Corporate
      Secretary of the Company at its principal corporate offices. Any notice required
      to be given or delivered to Optionee shall be in writing and addressed to
      Optionee at the address indicated above or to such other address as such party
      may designate in writing from time to time to the Company. All notices shall
      be
      deemed to have been given or delivered upon: personal delivery; three (3) days
      after deposit in the United States mail by certified or registered mail (return
      receipt requested); one (1) business day after deposit with any return receipt
      express courier (prepaid); or one (1) business day after transmission by
      facsimile.

     

    11.           Successors
      and Assigns. The Company may assign any of its
      rights under this Agreement. This Agreement shall be binding upon and inure
      to
      the benefit of the successors and assigns of the Company. Subject to the
      restrictions on transfer set forth herein, this Agreement shall be binding
      upon
      Optionee and Optionee's heirs, executors, administrators, legal representatives,
      successors and assigns.

     

    12.           Governing
      Law. This Agreement shall be governed by and
      construed in accordance with the internal laws of the State of Nevada, without
      regard to that body of law pertaining to choice of law or conflict of
      law.

     

    13.           Acceptance.
      Optionee hereby acknowledges receipt of a copy of this Agreement.
      Optionee has read and understands the terms and provisions thereof, and accepts
      this Option subject to all the terms and conditions of this Agreement. Optionee
      acknowledges that there may be adverse tax consequences upon exercise of this
      Option or disposition of the Shares and that the Company has advised Optionee
      to
      consult a tax advisor prior to such exercise or disposition.

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be executed
      in duplicate by its duly authorized representative and Optionee has executed
      this Agreement in duplicate as of the Date of Grant.

     

    

    
      	
              QUICK-MED
                TECHNOLOGIES, INC. 

            	 	
              OPTIONEE

            	 
	 	 	 	 	 
	
              QUICK-MED
                TECHNOLOGIES, INC. 

            	 	
              J.
                LADD GREENO

            	 
	 	 	 	 	 
	
              By:

            	 
              	 	 
              	 
	 	
              Name:

            	 	
              (Signature)

            	 
	 	
              Title:

            	 	 	 

    

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    Exhibit
      B

     

    Equity
      Award Grant Agreement

     

    (Second
      Option)

     

    This
      Stock Option Agreement (this "Agreement") is made and
      entered into as of the Date of Grant set forth below (the "Date of
      Grant") by and between Quick-Med Technologies, Inc., a Nevada
      corporation (the "Company"), and the Optionee named
      below. ("Optionee").  Capitalized terms not
      defined herein shall have the meanings ascribed to them in the Employment
      Agreement dated July __, 2007 between the Optionee and the Company (the
"Employment Agreement").

     

    Optionee:

     

    Social
      Security Number:

     

    Optionee's
      Address:

     

    Total
      Option Shares:

     

    Exercise
      Price per Share:

     

    Date
      of Grant:

     

    Vesting
      Start Date:

     

    Expiration
      Date:

    (unless
      earlier terminated under Section 3 hereof)

     

    Type
      of Stock Option:   Nonqualified Stock
      Option

     

     

    1.          
       Grant of Option. The Company hereby grants
      to Optionee an option (this "Option") to purchase up
      to the total number of shares of common stock of the Company set forth above
      as
      Total Option Shares (collectively, the "Shares") at
      the Exercise Price Per Share set forth above (the "Exercise
      Price"), subject to all of the terms and conditions of this
      Agreement.

     

    2.        
         Vesting; Exercise
      Period.

     

    2.1           Vesting
      of Shares. This Option shall be exercisable as it vests.

     

    (a)           Subject
      to the terms and conditions of this Agreement, this Option shall become
      exercisable as to portions of the Shares as follows: (a) this Option shall
      not
      be exercisable with respect to any of the Shares until the 3-month anniversary
      of the Date of Grant (the “First Vesting Date”); (b)
      if Optionee has continuously provided services to the Company, or any parent
      or
      subsidiary of the Company, at all times during the time period beginning on
      the
      Date of Grant and ending on the First Vesting Date, then on the First Vesting
      Date, this Option shall become exercisable as to 1/16th of the Shares; and (c)
      thereafter this Option shall become exercisable as to an additional 1/16th of the Shares upon each
      3-month anniversary of the First Vesting Date; provided that Optionee has
      continuously provided services to the Company, or any parent or subsidiary
      of
      the Company, during the relevant year; and provided further that this Option
      shall cease to vest upon Optionee’s termination of employment with the Company.
      However, if the Company undergoes a Change of Control (i) before the one (1)
      year anniversary of the Start Date, fifty percent (50%) of the unvested Shares
      subject to this Option will immediately vest and become exercisable or released
      from the Company’s repurchase or reacquisition right, and (ii) if the Company
      undergoes a Change of Control on or after the one (1) year anniversary of the
      Start Date, one hundred percent (100%) of the unvested Shares subject to this
      Option will immediately vest and become exercisable or released from the
      Company’s repurchase or reacquisition right. The Optionee shall in no event be
      entitled under this Option to purchase a number of shares of the Company’s
      Common Stock greater than the “Total Option Shares.”

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    2.2           Vesting
      of Options. Shares that are vested pursuant to the schedule set forth in
      Section 2.1 hereof are “Vested Shares.” Shares that
      are not vested pursuant to the schedule set forth in Section 2.1 hereof are
      “Unvested Shares.”

     

    2.3           Expiration.
      This Option shall expire on the Expiration Date set forth above and must be
      exercised, if at all, on or before the earlier of the Expiration Date or the
      date on which this Option is earlier terminated in accordance with the
      provisions of Section 3 hereof.

     

    3.           
      Termination.

     

    3.1           Termination
      for Any Reason Except for Cause. If Optionee is Terminated for any reason
      including Optionee's death, Disability but excluding Cause, then this Option
      to
      the extent (and only to the extent) that it is vested in accordance with the
      schedule set forth in Section 2.1 hereof on the Termination Date, may be
      exercised by Optionee no later than one (1) year following such Termination
      Date, but in any event no later than the Expiration Date.

     

    3.2           Termination
      for Cause. If Optionee is Terminated for Cause, this Option will expire on
      the Optionee’s date of Termination.

     

    3.3           No
      Obligation to Employ. Nothing in this Agreement shall confer on Optionee any
      right to continue in the employ of, or other relationship with, the Company
      or
      any Parent or Subsidiary of the Company, or limit in any way the right of the
      Company or any Parent or Subsidiary of the Company to terminate Optionee's
      employment or other relationship at any time, with or without
      Cause.

     

    3.4           Leave
      of Absence. Military, sick or bona fide leave shall not be deemed a
      termination of employment or other association, provided that it does not exceed
      the longer of ninety (90) days or the period during which the absent Optionee’s
      reemployment rights, if any, are guaranteed by statute or by
      contract.

     

    4.        
         Manner of Exercise.

     

    4.1           Stock
      Option Exercise Agreement. To exercise this Option, Optionee (or in the case
      of exercise after Optionee's death, Optionee's executor, administrator, heir
      or
      legatee, as the case may be) must deliver to the Company an executed stock
      option exercise agreement in the such other form as may be approved by the
      Company from time to time (the "Exercise Agreement"),
      which shall set forth, inter alia, Optionee's election to exercise this Option,
      the number of Shares being purchased, any restrictions imposed on the Shares
      and
      any representations, warranties and agreements regarding Optionee's investment
      intent and access to information as may be required by the Company to comply
      with applicable securities laws. If someone other than Optionee exercises this
      Option, then such person must submit documentation reasonably acceptable to
      the
      Company that such person has the right to exercise this Option.

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    4.2           Limitations
      on Exercise. This Option may not be exercised unless such exercise is in
      compliance with all applicable federal and state securities laws, as they are
      in
      effect on the date of exercise. This Option may not be exercised as to fewer
      than 100 Shares unless it is exercised as to all Shares as to which this Option
      is then exercisable.

     

    4.3           Payment.
      The Exercise Agreement shall be accompanied by full payment of the Exercise
      Price for the Shares being purchased in cash (by check), or where permitted
      by
      law:

     

    (a)           by
      cancellation of indebtedness of the Company to the Optionee;

     

    (b)           by
      surrender of shares of the Company's common stock that either: (1) have been
      owned by Optionee for more than six (6) months and have been paid for within
      the
      meaning of SEC Rule 144 (and, if such shares were purchased from the Company
      by
      use of a promissory note, such note has been fully paid with respect to such
      shares); or (2) were obtained by Optionee in the open public market; and (3)
      are
      clear of all liens, claims, encumbrances or security interests;

     

    (c)           by
      waiver of compensation due or accrued to Optionee for services
      rendered;

     

    (d)           provided
      that a public market for the Company's stock exists: (1) through a "same day
      sale" commitment from Optionee and a broker-dealer that is a member of the
      National Association of Securities Dealers or a member firm of the Swiss Stock
      Exchange (a "Qualified Dealer") whereby Optionee
      irrevocably elects to exercise this Option and to sell a portion of the Shares
      so purchased to pay for the Exercise Price and whereby the Qualified Dealer
      irrevocably commits upon receipt of such Shares to forward the exercise price
      directly to the Company; or (2) through a "margin" commitment from Optionee
      and
      a Qualified Dealer whereby Optionee irrevocably elects to exercise this Option
      and to pledge the Shares so purchased to the Qualified Dealer in a margin
      account as security for a loan from the Qualified Dealer in the amount of the
      Exercise Price, and whereby the Qualified Dealer irrevocably commits upon
      receipt of such Shares to forward the Exercise Price directly to the Company;
      or

     

    (e)           by
      any combination of the foregoing.

     

    4.4           Tax
      Withholding. Prior to the issuance of the Shares upon exercise of this
      Option, Optionee must pay or provide for any applicable federal or state
      withholding obligations of the Company. If the Committee permits, Optionee
      may
      provide for payment of withholding taxes upon exercise of this Option by
      requesting that the Company retain Shares with a Fair Market Value equal to
      the
      minimum amount of taxes required to be withheld. In such case, the Company
      shall
      issue the net number of Shares to the Optionee by deducting the Shares retained
      from the Shares issuable upon exercise.

     

    4.5           Issuance
      of Shares. Provided that the Exercise Agreement and payment are in form and
      substance reasonably satisfactory to counsel for the Company, the Company shall
      issue the Shares registered in the name of Optionee, Optionee's authorized
      assignee, or Optionee's legal representative, and shall deliver certificates
      representing the Shares with the appropriate legends affixed
      thereto.

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    5.         
         Compliance with Laws and
      Regulations. The exercise of this Option and the
      issuance and transfer of Shares shall be subject to compliance by the Company
      and Optionee with all applicable requirements of federal and state securities
      laws and with all applicable requirements of any stock exchange on which the
      Company's Common Stock may be listed at the time of such issuance or
      transfer.

     

    6.         
         Nontransferability of Option.
This Option may not be transferred
      in any manner other than by will or
      by the laws of descent and distribution and may be exercised during the lifetime
      of Optionee only by Optionee. The terms of this Option shall be binding upon
      the
      executors, administrators, successors and assigns of Optionee.

     

    7.       
           Privileges of Stock
      Ownership. Optionee shall not have any of the
      rights of a stockholder with respect to any Shares until the Shares are issued
      to Optionee.

     

    8.        
          Interpretation.
Any dispute regarding the interpretation
      of this Agreement shall be
      submitted by Optionee or the Company to the Compensation Committee for
      review.

     

    9.         
         Entire Agreement.
This Agreement and the Employment
      Agreement constitute the entire
      agreement and understanding of the parties hereto with respect to the subject
      matter hereof and supersede all prior understandings and agreements with respect
      to such subject matter.  If there is a conflict between this Agreement
      and the Employment Agreement, the Employment Agreement shall
      control.

     

    10.           Notices.
      Any notice required to be given or delivered to the Company under
      the
      terms of this Agreement shall be in writing and addressed to the Corporate
      Secretary of the Company at its principal corporate offices. Any notice required
      to be given or delivered to Optionee shall be in writing and addressed to
      Optionee at the address indicated above or to such other address as such party
      may designate in writing from time to time to the Company. All notices shall
      be
      deemed to have been given or delivered upon: personal delivery; three (3) days
      after deposit in the United States mail by certified or registered mail (return
      receipt requested); one (1) business day after deposit with any return receipt
      express courier (prepaid); or one (1) business day after transmission by
      facsimile.

     

    11.           Successors
      and Assigns. The Company may assign any of its
      rights under this Agreement. This Agreement shall be binding upon and inure
      to
      the benefit of the successors and assigns of the Company. Subject to the
      restrictions on transfer set forth herein, this Agreement shall be binding
      upon
      Optionee and Optionee's heirs, executors, administrators, legal representatives,
      successors and assigns.

     

    12.           Governing
      Law. This Agreement shall be governed by and
      construed in accordance with the internal laws of the State of Nevada, without
      regard to that body of law pertaining to choice of law or conflict of
      law.

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    13.           Acceptance.
      Optionee hereby acknowledges receipt of a copy of this Agreement.
      Optionee has read and understands the terms and provisions thereof, and accepts
      this Option subject to all the terms and conditions of this Agreement. Optionee
      acknowledges that there may be adverse tax consequences upon exercise of this
      Option or disposition of the Shares and that the Company has advised Optionee
      to
      consult a tax advisor prior to such exercise or disposition.

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be executed
      in duplicate by its duly authorized representative and Optionee has executed
      this Agreement in duplicate as of the Date of Grant.

     

    

    
      	
              QUICK-MED
                TECHNOLOGIES, INC. 

            	 	
              OPTIONEE

            	 
	 	 	 	 	 
	
              QUICK-MED
                TECHNOLOGIES, INC. 

            	 	
              J.
                LADD GREENO

            	 
	 	 	 	 	 
	
              By:

            	  
              	 	  
              	 
	 	
              Name:

            	 	
              (Signature)

            	 
	 	
              Title:

            	 	 	 

    

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    Release
      Agreement

     

     

    For
      and
      in consideration of the payments and other benefits described in the Employment
      Agreement dated as of July __, 2007 (the “Agreement”) by and by
      and between Quick-Med Technologies, Inc. (the “Company”) and J.
      Ladd Greeno (the “Executive”), and for other good and valuable
      consideration, Executive on his own behalf and on behalf of his respective
      heirs, family members, executors, agents, and assigns, hereby releases the
      Company and its current and former officers, directors, employees, agents,
      investors, attorneys, shareholders, administrators, affiliates, divisions,
      and
      subsidiaries, and predecessor and successor corporations and assigns
      (collectively, the “Releasees”) from any and all claims,
      whether known or unknown, suspected or unsuspected, that Executive may possess
      against any of the Releasees arising from any omissions, acts, facts, or damages
      that have occurred up until and including the Effective Date of this Agreement,
      including, without limitation:

     

    a.          
        any and all claims relating to or arising from Executive’s
      employment relationship with the Company and the termination of that
      relationship;

     

    b.       
           any and all claims relating to, or arising from,
      Executive’s right to purchase, or actual purchase of shares of stock of the
      Company, including, without limitation, any claims for fraud, misrepresentation,
      breach of fiduciary duty, breach of duty under applicable state corporate law,
      and securities fraud under any state or federal law;

     

    c.      
            any and all claims for wrongful discharge of
      employment; termination in violation of public policy; discrimination;
      harassment; retaliation; breach of contract, both express and implied; breach
      of
      covenant of good faith and fair dealing, both express and implied; promissory
      estoppel; negligent or intentional infliction of emotional distress; fraud;
      negligent or intentional misrepresentation; negligent or intentional
      interference with contract or prospective economic advantage; unfair business
      practices; defamation; libel; slander; negligence; personal injury; assault;
      battery; invasion of privacy; false imprisonment; conversion; and disability
      benefits;

     

    d.       
           any and all claims for violation of any federal,
      state, or municipal statute, including, but not limited to, Title VII of
      the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation
      Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act;
      the
      Fair Labor Standards Act, except as prohibited by law; the Fair Credit Reporting
      Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
      Protection Act; the Employee Retirement Income Security
      Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family
      and Medical Leave Act, except as prohibited by law; the Sarbanes-Oxley Act
      of
      2002; the Uniformed Services Employment and Reemployment Rights Act; and the
      Massachusetts Fair Employment Practice Act;

     

    e.         
         any and all claims for violation of the federal or any state
      constitution;

     

    f.      
            any and all claims arising out of any other
      laws and regulations relating to employment or employment
      discrimination;

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    g.         
         any claim for any loss, cost, damage, or expense arising out
      of any dispute over the non-withholding or other tax treatment of any of the
      proceeds received by the Executive as a result of this Agreement;
      and

     

    h.      
            any and all claims for attorneys’ fees and
      costs.

     

    Executive
      agrees that the release set forth in this section shall be and remain in effect
      in all respects as a complete general release as to the matters
      released.  Notwithstanding anything else herein to the contrary, this
      Release shall not affect:  (i) the obligations of the Company set
      forth in the Agreement or other obligations that, in each case, by their terms,
      are to be performed after the date hereof by the Company (including, without
      limitation, obligations to Executive under any stock option, stock award or
      agreements or obligations under any pension plan or other benefit or deferred
      compensation plan, all of which shall remain in effect in accordance with their
      terms); (ii) obligations to indemnify Executive respecting acts or omissions
      in
      connection with Executive’s service as a director, officer or employee of the
      Company; (iii) any right Executive may have as a shareholder of the Company;
      (iv) any right Executive may have to obtain contribution in the event of the
      entry of judgment against Executive as a result of any act or failure to act
      for
      which both Executive and the Company are jointly responsible; (v) claims that
      cannot be released as a matter of law; or (vi) any rights or claims that may
      arise after the Effective Date of this Agreement.

     

    Executive
      acknowledges that he is waiving and releasing any rights he may have under
      the
      Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and
      release is knowing and voluntary.  Executive acknowledges that he has
      been advised by this writing that: (a) he should consult with an attorney
prior to executing this Release; (b) he has twenty-one (21) days within
      which to consider this Release; (c) he has seven (7) days following his
      execution of this Release to revoke this Release; (d) this Release shall not
      be
      effective until after the revocation period has expired; and (e) nothing in
      this
      Release prevents or precludes Executive from challenging or seeking a
      determination in good faith of the validity of this waiver under the ADEA,
      nor
      does it impose any condition precedent, penalties, or costs for doing so, unless
      specifically authorized by federal law.  In the event Executive signs
      this Agreement and returns it to the Company in less than the 21-day period
      identified above, Executive hereby acknowledges that he has freely and
      voluntarily chosen to waive the time period allotted for considering this
      Agreement.

     

    This
      Release is final and binding and may not be changed or modified except in a
      writing signed by both parties.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Parties have executed this Agreement on the respective
      dates set forth below.

    

    

    
      	 	 	 	
              J.
                Ladd Greeno, an individual 

            	 
	 	 	 	 	 	 
	
              Dated:

            	  
              	 	 	 	 
	 	 	 	
              J.
                Ladd Greeno 

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	
              QUICK-MED
                TECHNOLOGIES 

            	 
	 	 	 	 	 	 
	
              Dated:

            	  
              	 	
              By

            	 	 
	 	 	 	 	
              [OFFICER
                NAME]

            	 
	 	 	 	 	
              [OFFICER
                TITLE]

            	 

    

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

     

    
      	
               

            	
              To:

            	
              Quick-Med
                Technologies, Inc.

            

    

     

    
      	
               

            	
              From:

            	
              J.
                Ladd Greeno

            

    

     

    
      	
               

            	
              Date:

            	
              August
                6, 2007

            

    

     

    
      	
               

            	
              SUBJECT:

            	
              Prior
                Inventions

            

    

     

    The
      following is a complete list of all inventions or improvements relevant to
      the
      subject matter of my employment by the Company that have been made or conceived
      or first reduced to practice by me alone or jointly with others prior to my
      engagement by the Company:

     

    
      	
               

            	
              o�

            	
              No
                inventions or improvements

            

    

     

    
      	
               

            	
              ☑

            	
              See
                below:

            

    

     

    
      	
            	
               

            	
                    See
                attached list of
                publications.                                                                                    
                

            

    

     

    
      	
            	
               

            	
              _______________________________________________________________

            

    

     

    
      	
            	
               

            	
              _______________________________________________________________

            

    

     

    
      	
               

            	
              ☑

            	
              Additional
                sheets attached

            

    

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    

    J.
      Ladd Greeno

    Selected
      Publications

     

    
 

    Moody-Stuart,
      Mark, J. Ladd Greeno, and Jonathan B Shopley.. “Profits with Principles—the
      Transformation of Royal Dutch/Shell.” Prism. Fourth Quarter,
      1998.

    

    Greeno,
      J. Ladd, Gilbert S. Hedstrom, and Jonathan Shopley. “The Sustainable
      Development Challenge: Using EH&S to Create Business Value and
      Strategic Advantage” in Corporate Environmental Strategy. Volume 5,
      Number 3, Elsevier Science, 1998.

    

    Ross,
      Christopher E.H., J. Ladd Greeno, and Albert Sherman. “Scenario Thinking:
      Planning for Futures You Want and the Futures You Just Might Get).”
Prism. Third Quarter, 1997.

    

    Greeno,
      J. Ladd. “Managing the Environmental Challenge for Business Success:
      Implications for the Oil and Gas Industry.” Paper presented to the World Forum
      on Energy and the Environment—Strategies for a Sustainable World. Centro
      International de Educación y Desarrollo (CIED). Caracas, Venezuela. November,
      1997.

    

    Greeno,
      J. Ladd and John S. Willson. “New Frontiers in Environmental Management” in
      Kolluru, Rao V., et al., editors. Risk Assessment and Management
      Handbook. New York: McGraw-Hill, Inc., 1996.

    

    Greeno,
      J. Ladd, Karen Blumenfeld, and S. Nasir Ali. “Rethinking the Environment for
      Business Advantage.” Prism. First Quarter, 1996.

    

    Greeno,
      J. Ladd (individual contributor, along with eleven other experts) “Perspectives:
      The Challenge of Going Green.” Harvard Business Review. Volume 72, Number
      4. July- August 1994.

    

    Greeno,
      J. Ladd, “Corporate Environmental Excellence and Stewardship: Five Critical
      Tasks of Top Management” in Total Quality Environmental Management,
      Volume 3, Number 4, 1994.

    

    Willson,
      John S. and J. Ladd Greeno. “Doing More With Less: Improving Environmental
      Productivity” Prism. Third Quarter, 1994.

    

    Greeno,
      J. Ladd. “Corporate Environmental Excellence and Stewardship” in Kolluru, Rao
      V., editor. Environmental Strategies Handbook. New York: McGraw-Hill,
      Inc., 1993.

    

    Greeno,
      J. Ladd. “The Director as Environmental Steward.” Directors & Boards
      Volume 18, Number 1. Fall 1993.

    

    Willson,
      John S. and J. Ladd Greeno. “Business and the Environment: The Shape of Things
      to Come.” Prism. Third Quarter, 1993.

     

    
      
         

        Greeno
          Publications

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Greeno,
      J. Ladd and S. Noble Robinson. “Rethinking Corporate Environmental Management.”
Columbia Journal of World Business, Volume XXVII, Nos. III & IV,
      1992.

    

    Greeno,
      J. Ladd, Gilbert S. Hedstrom, and William F. Wescott. “The View from Rio.”
Prism. Third Quarter, 1992.

    

    Graham,
      Ann B., J. Ladd Greeno, Gilbert S. Hedstrom, Patricia A Mahon, Stephen
      Poltorzycki, S. Noble Robinson, and John S. Willson. Managing the Global
      Environmental Challenge. New York: Business International/The Economist
      Group, 1992.

    

    DiBerto,
      Maryanne, J. Ladd Greeno, Gilbert S. Hedstrom, Ralph L. Rhodes, Ann C. Smith,
      and William A. Yodis. ICC Guide to Effective Environmental Auditing.
      Paris: ICC Publishing SA, 1991. (Also published as Guía CCI para un Proceso
      de Auditoría Medioambiental Eficaz. Paris: CCI, 1991.)

    

    Greeno,
      J. Ladd. “Environmental Excellence: Meeting the Challenge.” Prism. Third
      Quarter, 1991.

    

    Greeno,
      J. Ladd, Bernhard Metzger, and Karen Blumenfeld. “The Environmental Leadership
      Strategy: A New Imperative for Management.” Paper presented to The Second Annual
      Joseph H. Lauder Institute Conference, The Wharton School of the University
      of
      Pennsylvania. February, 1991.

    

    Greeno,
      J. Ladd. “Corporate Environmental Excellence: Why–Who–What–When– Where.” Paper
      based on featured presentation at the Corporate Environmental Excellence
      Conference. February, 1991.

    

    Greeno,
      J. Ladd. “Environment on Business’s Agenda.” Los Angeles Times. January
      9, 1991.

    

    Greeno,
      J. Ladd, Ronald A. N. McLean, and Frank Annighofer. “The New Environmental
      Stewardship.” Prism. Second Quarter, 1990.

    

    Stricoff,
      R. Scott, Lisa M. Benedixen, J. Ladd Greeno, Thomas McKelvey, Henry Ozog,
      Stephen Poltorzycki, and R. Peter Stickles. Guidelines for the Technical
      Management of Chemical Process Safety. New York: American Institute of
      Chemical Engineers, Center for Chemical Process Safety, 1989.

    

    Greeno,
      J. Ladd, Gilbert S. Hedstrom, and Maryanne DiBerto. The Environmental,
      Health, and Safety Auditor’s Handbook. Cambridge: Arthur D. Little, Inc.
      1988.

    

    Greeno,
      J. Ladd, Gilbert S. Hedstrom, and Maryanne DiBerto. Environmental Auditing:
      Fundamentals and Techniques. New York: John Wiley & Sons, 1985. (Also
      published in Japanese by Japan Management Association, 1993.)

    
      
         

        Greeno
          Publications

      

      
        2

        
          

        

      

      
        
        

      

    

    Funkhouser,
      John T. and J. Ladd Greeno, “The Growth and Evolution of Environmental Auditing”
in Harrison, L. Lee, editor. Environmental Auditing Handbook. New York:
      McGraw-Hill, 1984.

    

    Greeno,
      J. Ladd and Gilbert S. Hedstrom. “Alternative Approaches to Environmental
      Auditing” in Harrison, L. Lee, editor. Environmental Auditing Handbook.
      New York: McGraw-Hill, 1984.

    

    Greeno,
      J. Ladd and Gilbert S. Hedstrom. “How To Size Up Your Auditing Program” in
      Harrison, L. Lee, editor. Environmental Auditing Handbook. New York:
      McGraw-Hill, 1984.

    

    Greeno,
      J. Ladd. “Look Beyond Compliance in Assessing Risks.” The Wall Street
      Journal, Manager’s Journal. December 17, 1984.

     

     

    Greeno
      Publications

    3Exhibit
      4.6e

    

    FIFTH
      AMENDMENT TO 

    4%
      CONVERTIBLE PROMISSORY NOTE

     

    FIFTH
      AMENDMENT, dated as of April 4, 2007, TO 4% CONVERTIBLE PROMISSORY NOTE, dated
      May 12, 2004, made by and between Delta Mutual, Inc., a Delaware corporation,
      with its principal offices located at 111 North Branch Street, Sellersville,
      PA
      18960 (the “Borrower”) and Neil Berman, an individual, of 21346 St. Andrews
      Boulevard, # 421, Boca Raton, FL 33433 (the “Holder”). Capitalized terms used
      herein and not otherwise defined herein shall have the meaning assigned to
      such
      term in the Original Note.

    

    WHEREAS,
      the Borrower and the Holder are parties to that certain 4% Convertible
      Promissory Note, dated May 12, 2004, as
      amended,
      (the
“Original Note”) pursuant to which the Borrower has borrowed the amount of
      $193,740 from the Holder; 

    

    WHEREAS,
      the Original Note provides that the Maturity Date shall be April 10, 2007;
      and

    

    WHEREAS,
      the Borrower and the Holder have agreed to extend the Maturity Date and to
      amend
      Section 1.6 of the Original Note in order to provide the Borrower with
      additional time to secure financing; and

    

    WHEREAS,
      in accordance with the terms and conditions of the Original Note, the Borrower
      and the Holder hereby approve the amendment of the Original Note as set forth
      herein.

    

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

    

    1.  By
      their
      respective execution of this AMENDMENT, the Borrower and the Holder
      agree that Section 1.6 of the Original Note is hereby amended to read in its
      entirety as follows: “Maturity Date” shall mean September 10,
      2007.

    

    2.  Except
      as
      expressly provided herein, the Original Note shall continue in full force and
      effect. 

    

    3.  This
      FIFTH AMENDMENT supercedes any and all prior written or oral agreements with
      respect to the Original Note, and may be executed by facsimile and in
      counterparts, which, taken together, shall be deemed an original and shall
      constitute a single AMENDMENT.

     

    SIGNATURE
      PAGE FOLLOWS

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Borrower and the Holder have executed this Fifth Amendment
      as of the date first written above.

     

    
      	
              DELTA
                MUTUAL INC. 

              (BORROWER)
                

               

               

            	 	 	
              NEIL
                BERMAN

               (HOLDER)

            
	By: 
              /s/ Peter Russo	 	 	By: 
/s/
              Neil Berman
	
              
                

              

              Peter
                F. Russo 

              President
                & CEO 

            	 	 	
              
                

              

              Neil
                Berman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]