Document:

Exhibit 10.27

 

SEVERANCE AGREEMENT AND MUTUAL RELEASE

 

This Severance
Agreement and Mutual Release (“Agreement”) is made and entered into by and
between CYTORI THERAPEUTICS, INC., formerly known as MACROPORE BIOSURGERY, INC.
(the “Company”) and SHARON SCHULZKI.

 

WHEREAS,
SHARON SCHULZKI has been employed by the Company in one of the following
capacities since July 17, 2000: Vice President of Marketing and Sales,
Senior Vice President of Spine, and Chief Operating Officer;

 

WHEREAS,
SHARON SCHULZKI was on a paid leave of absence effective June 22, 2005 and
an unpaid leave of absence effective June 27, 2005;

 

WHEREAS, the
parties have now decided to sever the employment relationship and SHARON
SCHULZKI desires to receive enhanced severance pay in exchange for the releases
contained in this Agreement;

 

WHEREAS,
SHARON SCHULZKI and the Company desire to ensure a completely amicable parting
and to settle fully and finally any and all differences or claims that might
otherwise arise out of SHARON SCHULZKI’s employment with the Company and the
cessation of her employment;

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, it is
agreed as follows:

 

1.                                       Termination Of Employment Relationship. The parties mutually agree that
the employment relationship shall terminate and cease effective as of August 5,
2005 (“Termination Date”).

 

2.                                       Consideration. In consideration of this
Agreement, CYTORI THERAPEUTICS, INC. agrees to pay SHARON SCHULZKI a lump sum
of seven (7) times her monthly salary (total = $155,164.00) less standard
tax and withholding requirements. The Company also agrees to allow SHARON
SCHULZKI a two (2) year period of time from the Termination Date to
exercise One Hundred Percent (100%) of her vested stock options, which equals
Two Hundred Fifty Three Thousand, Seven Hundred Forty Three (253,743) options,
upon the terms provided in the 1997 MACROPORE BIOSURGERY, INC. Stock Option and
Stock Purchase Plan and the 2004 Equity Incentive Plan.

 

3.                                       Confidentiality. The parties understand
and agree that this Agreement, and the matters discussed in negotiating its
terms, are entirely confidential. It is therefore expressly understood and
agreed that SHARON SCHULZKI will not reveal, discuss, publish or in any way
communicate any of the terms, amount or fact of this Agreement to any person,
organization or other entity, except as may be required by law and except to
SHARON SCHULZKI’s immediate family members and professional representatives,
who shall be informed of and bound by this confidentiality clause. It is also
agreed and understood that the Company may make any disclosure of the terms of
the agreement as may be required by law.

 

4.                                       Release Of Claims By Sharon Schulzki. Except for the payments and benefits
set forth in this Agreement, SHARON SCHULZKI, for herself and her heirs,
successors and assigns, does hereby waive, release, acquit and forever
discharge Company, and Company’s parents, subsidiaries, affiliates, and related
entities or companies, and all past and present officers, directors, shareholders,
employees, agents, partners, attorneys, heirs, successors, and assigns,
(hereinafter “Company Released Parties”) from any and all claims, actions,
charges, complaints and causes of action (hereinafter collectively referred to
as “claims”), of whatever nature, whether known or unknown, which exist or may
exist on SHARON SCHULZKI’s behalf against Company Released Parties as of the
date of this Agreement, including but not limited to any and all tort claims,
contract claims, wage claims, commission claims, bonus claims, overtime claims,
wrongful termination claims, public policy claims, retaliation claims,
statutory claims, personal injury claims, emotional distress claims, privacy
claims, defamation claims, fraud claims, and any and all claims arising under
any federal, state or other governmental statute, law, regulation or ordinance
relating to employment, including but not limited to Title VII of the Civil
Rights Act of 1964, as amended, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, the Family and Medical Leave Act, the Fair
Labor Standards Act, the Employee Retirement Income Security Act, the
California Labor Code, and the California Fair Employment and Housing Act
covering discrimination in employment, including race, color, religious creed,
national origin, ancestry, physical or mental disability, medical condition,
marital status, military status, family care leave, pregnancy, sex, sexual
orientation, age, and harassment or retaliation.

 

5.                                       Release
Of Claims By Cytori Therapeutics, Inc.  Except for the obligations
of SHARON SCHULZKI set forth in this Agreement and the provisions of Sections 6
and 7, below, the Company, for itself and its parents, subsidiaries,
affiliates, and related entities or companies, and all past and present
officers, directors, shareholders, members, employees, agents, partners,
attorneys, heirs, successors and assigns, does hereby waive, release, acquit
and forever discharge SHARON SCHULZKI and her heirs, successors and assigns (“Schulzki
Released Parties”), from any and all claims, actions, charges, complaints and
causes of action (hereinafter collectively referred to as “claims”), of
whatever nature, whether known or unknown, which exist or may exist against the
Schulzki

 

 

Released
Parties as of the date of this Agreement, including but not limited to any and
all tort claims, contract claims, defamation claims, breach of duty and/or
loyalty claims, public policy claims, and any and all claims arising under any
federal, state or other governmental statute, law, regulation or ordinance,
except as provided below.

 

6.                                       Claims
Not Released The Company. Notwithstanding the release language set
forth in Sections 5 and 7 by the Company, the releases described herein do not
apply to any claims by the Company against SHARON SCHULZKI for theft, fraud,
embezzlement, misappropriation of funds or trade secrets, or breach of
confidentiality obligations by SHARON SCHULZKI. The Company is not presently
aware of any such claims against SHARON SCHULZKI, but expressly reserves the
right to bring such claims (if any), notwithstanding the release language
contained in Sections 5 and 7 to the contrary.

 

7.                                       Waiver
Of Rights Under Section 1542. It is further understood and agreed
by the parties hereto that each of them, as a condition of this Agreement
(except as set forth in Section 6 above), hereby expressly waive and
relinquish any and all claims, rights or benefits that she or it may have
against the other under California Civil Code section 1542, which provides
as follows:

 

“A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release which if known by him or her must have materially
affected his or her settlement with the debtor.”

 

In connection
with such waiver and relinquishment, each party hereby acknowledges that she or
it or their respective attorneys may hereafter discover claims or facts in
addition to, or different from, those which are now known or believed to exist,
but that each party expressly agrees to fully, finally and forever settle and
release any and all claims, known or unknown, suspected or unsuspected, which
exist or may exist on their behalf against the other at the time of execution
of this Agreement, including, but not limited to, any and all claims relating
to or arising from SHARON SCHULZKI’s employment with the Company or the
termination of that employment, except for those claims identified in Section 6,
above.

 

8.                                       Continuing Obligations Regarding Confidential Or
Proprietary Information. SHARON SCHULZKI agrees to abide by all
the surviving provisions of the Employment, Confidentiality, and Assignment
Agreement which she executed on July 18, 2000, including but not limited
to, promises to protect all confidential and proprietary information of
Company.

 

9.                                       Release
Of Age Discrimination Claims. SHARON SCHULZKI agrees to the release of
all known and unknown claims, including expressly the waiver of any rights or
claims arising out of the Federal Age Discrimination in Employment Act (“ADEA”)
29 U. S. C. § 621, et seq., and in connection with such waiver:

 

a.                                       SHARON
SCHULZKI is hereby advised to consult with an attorney prior to signing this
Agreement.

b.                                      SHARON
SCHULZKI shall have a period of twenty one (21) days from the date of receipt
of this Agreement in which to consider the terms of the Agreement. SHARON
SCHULZKI may at her option execute this Agreement at any time during the 21-day
period.

c.                                       SHARON
SCHULZKI may revoke this Agreement at any time during the first seven (7) days
following her execution of this Agreement, and this Agreement shall not be
effective or enforceable until the seven-day period has expired.

 

10.                                 Employer Property And Trade Secrets. SHARON
SCHULZKI will return to CYTORI THERAPEUTICS, INC. any and all of its property
and documents which she may have in her possession. Including but not limited
to the following:

 

•                  All computers
and related accessories (printers, etc.)

•                  Cameras, video
equipment, etc.

•                  Samples

•                  Literature

 

SHARON
SCHULZKI further agrees never to disclose to any person or entity any
confidential or proprietary information of or about CYTORI THERAPEUTICS, INC.,
except upon the express authorization and consent of Company.

 

11.                                 COBRA. SHARON SCHULZKI hereby
acknowledges that Company has advised her that pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985 (COBRA) she has a right to elect
continued coverage under Company’s group health plan, at her own expense, for a
period of up to eighteen months from the date of her termination.

 

12.                                 Non-Disparagement. Company and SHARON
SCHULZKI agree that neither party will at any time defame, disparage or impugn
the reputation of the other in any future communications with any third-party
or entity.  “Disparage,” as used in this
Agreement, means to make any statement, written or oral, that casts another
party in a negative light of any kind, or implies or attributes any negative
quality to another party.

 

2

 

13.                                 Liquidated Damages For Breach Of Non-Disparagement.
In the event SHARON SCHULZKI breaches any component of the
Non-Disparagement clause contained in the above Section 12 at any time, SHARON
SCHULZKI acknowledges and agrees that it would be impractical or extremely
difficult to ascertain the amount of actual damages to Company. For this
reason, SHARON SCHULZKI agrees that any violation of the Non-Disparagement
provision of this Agreement shall result in the imposition of liquidated
damages, and not as a penalty, in the amount of Seven-Thousand Dollars
($7,000.00), per each occurrence, to be paid by SHARON SCHULZKI to Company,
which represents the reasonable compensation for the loss incurred because of
the breach.

 

14.                                 Ownership
Of Claims. SHARON SCHULZKI represents and warrants that she is the sole
and lawful owner of all rights, title and interest in and to all released
matters, claims and demands as herein contained and that there has been no
assignment or other transfer of any interest of any claim or demand which she
may have against Company.

 

15.                                 Successors And Assigns. It is further
expressly understood and agreed by SHARON SCHULZKI that this Agreement and all
of its terms shall be binding upon each party’s respective representatives,
heirs, executors, administrators, successors and assigns.

 

16.                                 No
Admission Of Wrongdoing. This Agreement shall not in any way be
construed as an admission by the released parties of any acts of wrongdoing
whatsoever against SHARON SCHULZKI or any other person.

 

17.                                 Entire
Agreement. This Agreement and Release sets forth the entire agreement
between the parties hereto, and fully supersedes any and all prior agreements
or understandings between the parties hereto pertaining to the subject matter
hereof.

 

18.                                 Venue.
Any proceeding brought to enforce this agreement shall be brought in San
Diego Co., CA.

 

19.                                 Construction.
If any provision herein shall be deemed void, invalid, unenforceable, or
otherwise stricken, in whole or in part, this Agreement shall be deemed amended
to delete or modify, as necessary, the offending provision or provisions and to
alter the bounds thereof in order to render it valid and enforceable. The
parties hereby agree to substitute a valid provision that will most closely
approximate the economic/legal effect and intent or the invalid provision. The
parties agree to execute any additional documents that may reasonably be
necessary to effectuate the purposes of this agreement.

 

I HAVE READ
AND CAREFULLY CONSIDERED THIS SEVERANCE AGREEMENT AND MUTUAL RELEASE, AND HAVE
HAD A REASONABLE PERIOD OF TIME TO CONSIDER THIS AGREEMENT PRIOR TO SIGNING. CYTORI THERAPEUTICS, INC. HAS INDICATED THAT
I AM FREE TO DISCUSS THIS AGREEMENT WITH MY FAMILY AND HAVE IT REVIEWED BY MY
ATTORNEY PRIOR TO SIGNING IF I SO DESIRE. I AM SIGNING THIS AGREEMENT FREELY
AND VOLUNTARILY.

 

	
  Signed: 

  	
  /s/ Sharon Schulzki

  	
   

  	
  Date: 

  	
  8/5/05

  	
   

  
	
   

  	
  SHARON SCHULZKI

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CYTORI THERAPEUTICS, INC.

  	
   

  
	
   

  	
   

  
	
  Signed: 

  	
  /s/ Christopher Calhoun

  	
   

  	
  Date: 

  	
  8/10/05

  	
   

  
	
   

  	
  CHRISTOPHER CALHOUN

  	
   

  	
   

  
	
   

  	
  CEO

  	
   

  	
   

  

 

3EXHIBIT 10.28

 

CYTORI THERAPEUTICS, INC.

 

CONSULTING SERVICES AGREEMENT

 

THIS CONSULTING SERVICES AGREEMENT (“Agreement”) is entered into
effective as of July 15, 2005 (“Effective Date”) by and between CYTORI
THERAPEUTICS, INC., a Delaware corporation with a principal place of business
at 3020 Callan Road, San Diego, California 92121 (“Company”), and John K.
Fraser, an individual (“Consultant”).

 

1.                                       Services.

 

1.1 Consultant agrees to perform such research and development
consulting (“Services”) as requested by Company, which may be modified from
time to time as directed by Marc H. Hedrick or Christopher J. Calhoun.  Consultant shall devote not less than 30
hours per week in performing the Services. Company and Consultant shall, from
time to time but not less frequently than two times per week, confer about
Services currently being performed and what Services that the Company desires
to have performed within the next 3 to 5 days. During these conferences, which
may take place in person or via teleconference, the Company and Consultant
shall reach an agreement as to the nature, scope, timing and location of such
future Services.

 

1.2 Upon Company’s request, Consultant shall submit progress reports to
Company of the Services to be provided under this Agreement. The progress
reports shall include, at a minimum, the status of the Services,
recommendations, the expected date of completion, estimated cost, explanation
for any delays, problem reports and problem resolution plans.

 

1.3 Company may remove Consultant from any project or other assignment
at any time without penalty or additional payment of any kind.

 

1.4 Consultant shall perform all Services in a careful, professional
and workmanlike manner. Consultant will coordinate Services under the general
direction of Marc H. Hedrick with respect to the results to be achieved by the
Services. However, Consultant shall determine, in his sole discretion, the
manner and means by which such Services shall be performed.

 

1.5 Consultant shall, while working on Company’s premises: (i) observe
Company’s rules and policies relating to the security of, access to or use
of such premises and confidential information; (ii) shall not be permitted
to remove any property of Company or a third party supplier of Company from
Company’s premises without the prior written consent of Company.

 

1.6 Consultant may perform services for any third party so long as this
Agreement is not breached (including but not limited to the provisions
regarding confidentiality and ownership) and Consultant’s ability to perform
the Services required by this Agreement is not impaired; provided, however,
that during the term of the Agreement (including any extensions thereof),
Consultant shall not directly or indirectly provide consulting or any other
type of service to any other company in the fields of adult stem cell or
adipose tissue research and commercialization, including but not limited to
adipose derived stem cells and other adipose tissues for regenerative medical
applications. Consultant acknowledges and agrees that, notwithstanding any
other provision of this Agreement, Company may terminate this Agreement
immediately for any breach by Consultant of this Section in addition to
all other rights and remedies Company may have and this Section shall
survive such a termination.

 

1.7 Consultant shall comply with all applicable laws, regulations,
ordinances and other governmental rules in performing under this
Agreement.

 

2.               Fees, Invoice and Payment, Expenses.

 

2.1 As full consideration for Consultant’s performance of Services and
assignment of rights under this Agreement: Company shall pay Consultant at a
rate of $15,000 (Fifteen Thousand Dollars) per month.

 

2.2 Company reserves the right to require from Consultant waivers,
releases and other documentation relating to amounts due Consultant hereunder
before payment to Consultant.

 

2.3 Company shall pay Consultant in arrears, twice per month for the
Services provided. All payments shall be made in US Dollars.

 

2.4 Company shall not be liable for payment of any expenses or other
charges unless the charges shall have been expressly approved in writing by
Company prior to Consultant’s incurring the charges. Requests for reimbursement
shall be in a form reasonably acceptable to Company and shall include adequate
documentation of expenses for which reimbursement is sought.

 

2.5 Company’s payment to Consultant shall not constitute acceptance of
the corresponding Services and the payment shall be

 

 

subject to
adjustments and offset for failures of Consultant to meet the requirements in
this Agreement as determined by Company.

 

2.6 Company shall reimburse any pre-approved travel expenses incurred
by Consultant while rendering Services under this Agreement, provided the
expenses are reasonable and necessary. Such expenses shall include reasonable
and necessary travel (including coach class airfare for domestic travel), and
lodging in connection with Services performed under this Agreement. Requests
for reimbursement shall be in a form reasonably acceptable to Company and shall
include adequate documentation of expenses for which reimbursement is sought.
Payment of reimbursable travel expenses will be remitted by Company within
thirty (30) days of receipt of such documentation from Consultant.

 

3.               Ownership of Work Product.

 

3.1 As used in this Agreement, (a) the term “Work Product” means
any and all methods, products, product improvements, product modifications,
processes, diagram(s), data, databases, designs, documentation, specification,
formulas, inventions, innovations, know-how, plans, procedures,
recommendations, reports, techniques, writings of any nature and any other work
developed, written, made, conceived or reduced to practice in the course of or
arising out of the Services performed by or on behalf of Consultant under this
Agreement; and (b) the term “IP Rights” means any and all patents and
patent applications (including any divisions, substitutions, continuations,
continuations-in-part, reissues, reexaminations, or extensions), copyrights,
trade secrets and other intellectual property and proprietary rights.

 

3.2 Both parties acknowledge and agree that all right, title and
interest and ownership of any and all Work Product shall be made available to
and shall reside in the Company. Inventions, and any patent or patent
application, copyrights or other IP Rights shall be owned solely by Company.

 

3.3 During the term of this Agreement, and at any time thereafter,
Consultant shall assist Company, upon request from Company (and, if requested
after termination of this Agreement, with reasonable further compensation to
Consultant) in taking any action that may be reasonably necessary to secure,
perfect, register, maintain and defend Company’s right, title and interest in
the Work Product, including without limitation Company’s IP Rights.

 

4.               Term and Termination.

 

4.1 This Agreement commences on the Effective Date and shall continue
for a period of six months from the Effective Date.

 

4.2 In addition, Company may terminate this Agreement upon thirty (30)
days prior written notice to Consultant for any reason.

 

4.3 Upon any termination of this Agreement, Consultant shall cease
performing any and all Services contemplated hereunder.

 

4.4 Upon any termination of this Agreement for any reason, Consultant
shall, within five (5) days of the termination (or completion), return or
otherwise provide to Company all of the Confidential Information (as defined
below in Section 7. l), and any product, equipment or other materials
provided by Company to Consultant. In addition, Consultant shall provide to
Company or destroy (at Company’s option) any and all documents, memoranda,
notes, and other tangible embodiments, in electronic or non-electronic form,
prepared by or on behalf of Consultant based on or which include Confidential
Information to the extent necessary to remove all such Confidential Information
from Consultant’s possession or control. Upon Company’s request, Consultant
shall certify in writing that Consultant has complied with this Section 4.4.
Consultant shall continue to keep all Company Confidential Information
confidential.

 

4.5 Termination of this Agreement shall be in addition to any and all
other legal rights that Company may have against Consultant, and all remedies
shall be cumulative.

 

4.6 The following Sections shall survive any termination or expiration
of this Agreement: Sections 1.7, 3, 4.4, 4.5, 4.6, 5, 6, 7 -15.

 

5.               Warranties and Limitations of
Liability.

 

5.1 Consultant represents and warrants that (i) the Services will
be completed in a professional and workmanlike manner and shall comply in all
respects with this Agreement; (ii) the Work Product does not and will not
infringe any third party’s IP Rights and are free from any liens, encumbrances
or claims; and (iii) the Services shall be performed solely by Consultant
who is fully authorized to lawfully work in the United States.

 

2

 

6.               Indemnification.

 

6.1 Consultant shall defend, indemnify and hold Company, its affiliates
and their respective directors, officers, employees, and agents harmless from
and against any and all claims, actions, demands, suits, losses, liabilities,
judgments, awards, expenses and costs (including, without limitation,
reasonable attorneys’ fees and expenses) (each a “Claim”) arising out of or
related in any way to: (i) an actual or alleged infringement or violation
by the Services or Work Product of any third party’s IP Right; (ii) any
act or omission by Consultant under this Agreement; (iii) any breach by
Consultant of any of his representations and warranties herein; and (iv) any
actual or alleged violation by Consultant of any law, statute, regulation or
ordinance.

 

7.               Confidentiality and Nondisclosure.

 

7.1 As used in this Agreement, “Confidential Information” means any and
all technical and non-technical information owned by or licensed to Company and
disclosed or provided to Consultant, including without limitation the Work
Product and information related to Company’s past, current, future and proposed
products and services, and information concerning Company’s adult stem cell or
adipose tissue research and commercialization, including but not limited to
adipose derived stem cells and other adipose tissues for regenerative medical
applications, research, purchasing, manufacturing, customer lists, business
forecasts, sales and merchandising, and marketing plans and information. In
addition, Confidential Information shall mean any third party’s proprietary or
confidential information disclosed to Consultant in the course of performance
of any and all Services under this Agreement.

 

7.2 Company retains sole and exclusive ownership, right, title and
interest in and to all of the Confidential Information. Consultant shall
protect any Confidential Information disclosed under this Agreement by using
the same degree of care as Consultant uses to protect his own trade secrets of
a similar nature, but in any event no less than a reasonable standard of care.

 

7.3 Consultant will not, at any time during the term of this Agreement
or thereafter, disclose any

 

Confidential
Information to any third party or, except as provided under this Agreement, use
any Confidential Information for its or their own benefit or for the benefit of
any third party. Consultant shall promptly notify Company of any unauthorized
use or disclosure of the Confidential Information.

 

7.4 Consultant acknowledges that (i) the restrictions and
obligations contained in this Section 7 are reasonable and necessary to
protect Company’s legitimate interests; (ii) in the event of a violation
of these restrictions or a breach of these obligations, remedies at law shall
be inadequate and violation or breach may cause irreparable damages to Company
within a short period of time; and (iii) Company shall be entitled to
injunctive relief, without posting bond or other security, against Consultant
for each and every violation or breach, provided the enjoined party is given
lawful notice of the proceeding and an opportunity to appear.

 

8.               Independent Contractors.

 

8.1 Consultant is an independent contractor. Nothing contained in this
Agreement shall be deemed or construed to create a joint venture, partnership,
principal-agent or employment relationship between the parties.

 

8.2 Unless otherwise expressly provided in this Agreement, each party shall
be responsible for its own costs and expenses in performing under this
Agreement.

 

8.3 Consultant shall bear and be solely responsible for (i) paying
all travel, housing, and other expenses which Consultant may be entitled to
receive in connection with performing under this Agreement except as otherwise
expressly provided herein; and (ii) withholding, reporting and paying, as
applicable, all federal, state and local income tax withholding, social
security taxes, workers compensation, state unemployment, health or disability
insurance, retirement benefits, or other similar benefits or taxes or levies,
if any.

 

9.                                       Assignment.
Consultant agrees and acknowledges that all of his services are personal in
nature.  Consultant shall not, in whole
or in part, assign his rights or delegate any duties under this Agreement
without Company’s prior written consent, which may be withheld in Company’s
sole discretion. Without limiting the generality of the foregoing, Consultant
specifically agrees that he will not enter into any subcontract to furnish all
or any portion of the Services without prior written approval fiom Company. Any
attempted assignment or delegated duty without the required consent shall be
void. Company may assign this Agreement. This Agreement shall be binding upon
and inure to the benefit of the parties, their successors and permitted
assigns.

 

10.                                 Governing
Law. This Agreement and the rights and obligations of the parties shall be
governed and construed by the substantive laws of the State of California as
applied to contracts that are executed and performed entirely in California.
Exclusive jurisdiction and venue for any dispute arising out of or related to
this Agreement shall lie with the federal and state courts located in and
serving San Diego County, California.

 

11.                                 Use
of Name. Consultant agrees not to use Company’s name or logo in any
advertising or as a reference for any promotional purposes without Company’s
prior written consent.

 

3

 

12.                                 Complete
Agreement. This Agreement, including its Exhibits, supersede all prior and contemporaneous
agreements and understandings between the parties, both oral and written, with
respect to its subject matter and constitutes the complete agreement and
understanding between the parties, unless modified in writing and signed by
both parties.

 

13.                                 Severability.
If a court of competent jurisdiction holds any provision of this Agreement, or
its application, invalid or unenforceable, that provision shall be amended to
achieve as nearly as possible the same economic effect as the original
provision, and the remainder of this Agreement shall remain in full force and
effect.

 

14.                                 Notices.
Any notice required or permitted to be given by either party under this
Agreement shall be in writing and shall be deemed effective when hand-delivered
or sent by registered mail, return receipt requested or by confirmed facsimile
transmission to the signatory of each party to this Agreement as specified in
the first paragraph of this Agreement or other address as either party may
specify to the other party in the future in conformity with this Section.

 

15.         Miscellaneous.

 

15.1 Any and all rights and remedies of a party upon the other party’s
breach of or default under this Agreement (whether expressly conferred by this
Agreement or otherwise) shall be deemed cumulative with and not exclusive of
any other right or remedy conferred by this Agreement or by law or equity on
the party, and the exercise of any one remedy shall not preclude the exercise
of any other. No delay or failure by either party to act in the event of a
breach or default hereunder shall be construed as a waiver of that or any
succeeding breach or a waiver of the provision itself. The captions and
headings appearing in this Agreement are for reference only and shall not be
considered in construing this Agreement.

 

15.2 This Agreement may be executed in any number of counterparts, each
of which shall be an original as against any party whose signature appears and
all of which together shall constitute one and the same instrument.

 

15.3 In the event of litigation between the parties concerning this
Agreement, the prevailing party shall be entitled to its reasonable attorneys’
fees and costs.

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

 

	
  CONSULTANT:

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  Cytori
  Therapeutics, Inc.

  
	
   

  	
   

  
	
  /s/ John K.
  Fraser

  	
   

  	
  By: 

  	
  /s/
  Christopher J. Calhoun

  	
   

  
	
  John K.
  Fraser, Ph.D

  	
   

  
	
   

  	
  Name:
  Christopher J. Calhoun

  
	
   

  	
   

  
	
   

  	
  Title: CEO

  
					

 

4

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