Document:

Exhibit
10.2

IRREVOCABLE VOTING PROXY 

THIS IRREVOCABLE VOTING PROXY (the “Proxy”) as of February 13,
2007 is made by and among Isonics Corporation (“Isonics”) and Boris Rubizhevsky
and Nancy Rubizhevsky (“Shareholders,” and with Isonics, the “Parties”).

RECITALS

WHEREAS, the Shareholders are Shareholders of Isonics;

WHEREAS, as additional consideration to Isonics for entering into a Settlement
Agreement and Mutual Release by which Mr. Rubizhevsky resigned from certain
positions with Isonics and accepted certain consideration for the remaining
term of his employment with Isonics, the Shareholders desires to enter into
this Agreement for the purpose of granting an irrevocable proxy to exercise
certain voting rights of shares of stock of Isonics at the next Shareholders’
meeting to be held no later than December 31, 2007.

NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants and agreements hereinafter set forth, the parties hereto agree
as follows:

ARTICLE I

SHARES SUBJECT TO AGREEMENT

1.1           Shares
Subject to Agreement.  The shares
subject to the irrevocable proxy provided in Section 2 are such shares of
common stock of Isonics (the “Shares”) that are:

(a)          As of the date hereof, held in the names of the Shareholders
in the amounts set forth opposite the Shareholders’ name and in the name of
Shareholders’ affiliate on Schedule 1 attached hereto;

(b)         Any future issuance of voting shares of Capital Stock of Isonics to the
Shareholders, provided
however, that this
Agreement is in effect at the time of such issuance.

1.2           Adjustment of
Shares.  In the event that the number
of outstanding shares of common stock is increased by a stock dividend, stock
split, or similar recapitalization of Isonics, any additional shares issued to
either Shareholders shall be deemed Shares within the meaning of this
Agreement.  

 1
 

 

ARTICLE II

GRANT OF PROXY

2.1           Grant
of Proxy.  Upon the execution of this
Agreement and when presented to the Shareholders of Isonics for approval, the Shareholders
hereby irrevocably grants to the president of Isonics his Proxy to cast his vote
for:

(a)           The approval of the 2007
Restructuring Equity Plan; and

(b)           The approval of amendments to the
2005 Stock Option Plan.

2.2           Revocation
of Prior Proxies.  The Shareholders
hereby revoke and cancel any and all proxies in respect of the Shares existing
prior to the date of this Agreement, and agree to grant no further proxies for
the subject matter hereof.

2.3           Expiration.  This grant of a proxy expires unless
exercised by the Proxy holder not later than December 31, 2007.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERSS

The Shareholders represents and warrants to Isonics the following:

3.1           Requisite Power
and Authority.   The Shareholders has all the necessary power
and authority under all applicable provisions of law to execute and deliver
this Agreement and to carry out its provisions. All action on Shareholders’
part required for the lawful execution and delivery of this Agreement has been
taken.  Upon execution and delivery, this
Agreement will be valid and binding obligation of Shareholders, enforceable in
accordance with their terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other laws of general application
affecting enforcement of creditors’ rights, and (b) general principles of
equity that restrict the availability of equitable remedies.

3.2           Ownership of
Shares.  The Shareholders are the
beneficial owners of the Shares specified in Schedule 1 hereto opposite his
name and that he  does  not own directly or indirectly, any other
shares of common stock of Isonics as of the date hereof.  There are no outstanding subscriptions,
options, warrants, rights, calls, commitments, conversion rights, rights of
exchange, plans or other agreements providing for the purchase, issuance or
sale of the Shares, other than as contemplated by this Agreement.

 2
 

 

ARTICLE IV

TERMINATION OF AGREEMENT

4.1           Termination.  This Agreement shall terminate upon casting
of all of the proxy votes as contemplated by Section 2.1 above or as set forth
in Section 2.3 above.

ARTICLE V

MISCELLANEOUS

5.1           Governing
Law/Venue.  This Agreement
shall be deemed to be made in, governed by, interpreted under and construed in
all respects in accordance with the laws of the State of Colorado, irrespective
of the place of domicile or residence of any Party, and without giving effect
to any choice or conflict of laws provision or rule.  In the event of controversy arising out of
the interpretation, construction, performance or breach of this Agreement, the
Parties hereby agree and consent to the jurisdiction and venue of the District
Court for Jefferson County, Colorado.

5.2           Remedies.  The Parties shall have all the remedies
available to them for breach of this Agreement by law or in equity.  The Parties further agree that in addition to
all other remedies available at law or in equity, the Parties will be entitled
to specific performance of the obligations of each party to this Agreement and
immediate injunctive relief.  The Parties
also agree that if an action is brought in equity to enforce a party’s
obligations, no Shareholders will assert as a defense that there is an adequate
remedy at law.

5.3           Successors and
Assigns.   Except as otherwise expressly provided herein,
the provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the Parties hereto.  Without limitation of the foregoing, should
the Shareholders sell any shares of common stock, the Shareholders will
specifically advise the purchaser thereof that such shares are subject to this
proxy unless such obligation is released by Isonics in writing.

5.4           Entire Agreement.   This Agreement, the Exhibits and Schedules
hereto, constitute the full and entire understanding and agreement between the
Parties with regard to the subject matter hereof and no Party shall be liable
or bound to any other in any manner by any representations, warranties,
covenants and agreements except as specifically set forth herein.

5.5           Amendment and Waiver.  This Agreement may not be amended or
modified.

5.6           Notices.   Any
notices or other communications required or permitted hereunder shall be deemed
sufficiently given if personally delivered to it or sent by registered mail or
certified mail, postage prepaid, or by prepaid telegram addressed as follows:

 3
 

 

	
  If to Isonics, to:

  	
  Isonics Corporation

  
	
   

  	
  5906 McIntyre Street

  
	
   

  	
  Golden, CO 80403

  
	
   

  	
  Attention:

  	
  President

  
	
   

  	
  Telephone:

  	
  (303) 279-7900

  
	
   

  	
  Facsimile:

  	
  (303-279-7300

  
	
   

  	
   

  	
   

  
	
  If to Shareholders:

  	
  At such address on Isonics’s stockholder ledger

  

 

or such other addresses as shall be furnished in writing by any party
in the manner for giving notices hereunder, and any such notice or
communication shall be deemed to have given as of  the date so delivered, mailed or telegraphed.

5.7           Attorneys’ Fees.   In
the event that any dispute among the Parties to this Agreement should result in
litigation, the prevailing party in such dispute shall be entitled to recover
from the losing party all fees, costs and expenses of enforcing any right of
such prevailing party under or with respect to this Agreement.

5.8           Titles and
Subtitles.   The titles of the sections and subsections of
the Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

5.9           Counterparts.   This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument. The execution of this Agreement may be
transmitted by facsimile signatures.

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement and Irrevocable Proxy as of the date first above written.

	
  ISONICS CORPORATION

  	
   

  	
  SHAREHOLDERS

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Boris Rubizhevsky

  
	
  Name

  	
  John Sakys, CFO

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Nancy Rubizhevsky

  

 

 4
 

 

SCHEDULE 1

CURRENT SHARE OWNERSHIP

	
  SHAREHOLDERS

  	
   

  	
  CERTIFICATE NO.

  	
   

  	
  SHARES OF COMMON STOCK

  	
   

  
	
  Boris
  Rubizhevsky

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (directly and as custodian)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  200,000
  covered by this Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nancy
  Rubizhevsky

  	
   

  	
   

  	
   

  	
  *

  	
   

  

*              To be adjusted by a 1:4 reverse
stock split to be completed on February 13, 2007.

 

 5Exhibit
10(d)

CONSULTING
AGREEMENT

As amended January 1, 2007

THIS CONSULTING
AGREEMENT (“Agreement”) amends the original Consulting Agreement dated January
20, 2002 as of the 29th day of December 2006, between Frederick County Bank, a
Maryland corporation (“Bank”), and Raymond Raedy  (“Raedy”).

RECITALS

WHEREAS,
Raedy was the primary incorporator of the Bank, prepared all of the initial
regulatory filings, wrote and developed the Feasibility Study and Business
Plan, and

Whereas, Raedy has
special knowledge regarding regulatory work and applications pertaining to
banks, and

Whereas, the Bank
desires to engage Raedy as an independent consultant, and Raedy desires to
accept such engagement,

NOW, THEREFORE, in
consideration of the recitals, the mutual covenants and agreements herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement,
intending to be legally bound, agree as follows:

1.             Certain Definitions. As used
in this Agreement, the following terms have the meanings set forth below:

1.1 “Commencement
Date” means January 1, 2007.

1.2 “Bank Board”
means the Board of Directors of Frederick County Bank.

1.3 “Chairman”
means the Chairman of the Board of Frederick County Bank.

1.4 “Person” means
any individual, firm, association, partnership, corporation, limited liability
company, group, governmental agency or other authority, or other organization
or entity.

1.5  “President” means the President of Frederick
County Bank

2.             Scope of Work; Term.

2.1 Scope of
Work. Bank hereby engages Raedy to aid in facilities management and such
other consulting projects as determined by the President of the Bank and agreed
to by Raedy.  In carrying out such
assignments, Raedy will be the sole judge as to the scope of work and how the
assignment will be carried out. 

2.2 Term.
The term of this Agreement shall commence on January 1, 2007, and continue
until December 31, 2007 (the “Term”), unless sooner terminated in accordance
with the provisions of this Agreement.

3.                                       Compensation
and Benefits.  As full compensation
pursuant to this Agreement and the covenants contained herein, Bank shall pay
to Mr. Raedy the following:

3.1 Consulting
Fee.   Raedy shall be paid a
Consulting Fee of $40,000 for this extended one-year period.  The Bank shall pay the Consulting Fee in a
lump sum on the first business day of 2008 or in equal installments during the
consulting year, per the election of Raedy.

3.2 Taxes.
Raedy, as an independent contractor, is solely responsible for all income and
self-employment taxes.

3.3 Benefits.  Raedy will not be entitled to any benefits
that the Bank offers to its employees.

3.4 Work Area.
The Bank shall provide Raedy with a telephone with a designated number, and an
email address to send and receive documents related to the Bank’s business, in
order to carry out his duties under this Agreement.

3.5 Expenses.  The Bank shall reimburse Raedy for all
reasonable expenses he incurs, on behalf of the Bank, while carrying out his
duties under this Agreement.

4.           Termination of Agreement.
This Agreement may be terminated prior to the expiration of the Term as
provided below.

              4.1 Definition of Cause.
For purposes of this Agreement, “Cause” means:

(a) any act of theft,
fraud, intentional misrepresentation or similar conduct by Raedy in connection
with or associated with the services rendered by  Raedy to the Bank under this Agreement;

(b) any Bank
Regulatory Agency action or proceeding against Raedy as a result of his
negligence fraud, malfeasance or misconduct; or

(c) any of the
following conduct on the part of Raedy that has not been corrected or cured
within thirty (30) days after having received written notice from the Bank
Board detailing and describing such conduct:

(i)    the use of drugs, alcohol or other
substances by Raedy to an extent which materially interferes with or
prevents  Raedy from performing his
duties under this Agreement; or

(ii)    willful or intentional misconduct on the
part of  Raedy that results in
substantial injury to the Bank or any of its subsidiaries or affiliates.

4.2  Termination by Bank.  The Bank shall have the right to cancel and
terminate this Agreement for Cause immediately on written notice.

4.3  If this Agreement is terminated for any
reason whatsoever, whether listed above or for any other reason, the Bank shall
be obligated to pay Raedy, or his estate, the balance of his Consulting Fee due
under this Agreement or outlined in Section 3.1.

 5.         
Confidentiality; Non-Competition; Non-Interference.

5.1 Confidential
Information. Raedy, during the course of this Agreement with the Bank, may
have access to and become familiar with various confidential and proprietary
information of the Bank, its subsidiaries and/or affiliates (“Confidential
Information”), including, but not limited to: business plans; operating
results; financial statements and information; customer data (including lists,
names and requirements); feasibility studies; personnel related information
(including compensation, compensation plans, and staffing plans); internal
working documents and communications; and other materials related to the
businesses or activities of the Bank, its subsidiaries and/or affiliates which
is made available only to employees with a need to know or which is not
generally made available to the public. Failure to mark any Confidential
Information as confidential, proprietary or protected information shall not
affect its status as part of the Confidential Information subject to the terms
of this Agreement.

5.2 Nondisclosure.  Raedy hereby covenants and agrees that he
shall not at any time, directly or indirectly, disclose, divulge, reveal,
report, publish, or transfer any Confidential Information to any Person, or use
Confidential Information in any way or for any purpose, except as required in
the course of his this Agreement with the Bank. The covenant set forth in this
Section 5.2 shall not apply to information now known by the public or which
becomes known generally to the public (other than as a result of a breach of
this Article 5 by Raedy) or information that is customarily shown or disclosed.

5.3 Documents.
All files, papers, records, documents, compilations, summaries, lists, reports,
notes, databases, tapes, sketches, drawings, memoranda, and similar items
(collectively, “Documents”), whether prepared by Mr. Raedy, or otherwise
provided to or coming into the possession of Raedy, that contain any
proprietary information about or pertaining or relating to the Bank, its
subsidiaries and/or affiliates and/or their businesses (“Proprietary
Information”) shall at all times remain the exclusive property of the Bank.
Promptly after a request by the Bank Board or at the termination of this
Agreement, Raedy shall take reasonable efforts to (i) return to the Bank all
Documents in any tangible form (whether originals, copies or reproductions) and
all computer disks containing or embodying any Document or Proprietary
Information and (ii) purge and destroy all Documents and Proprietary
Information in any intangible form (including computerized, digital or other
electronic format) as may be requested in writing by the Chairman, and Raedy
shall not retain in any tangible form any such Document or any summary,
compilation, synopsis or abstract of any Document or Proprietary Information.

5.4  Reasonableness.  Raedy has carefully read and considered the
provisions of this Article 5 and, having done so, agrees that the restrictions
and agreements set forth in this Article 5 are fair and reasonable and are reasonably
required for the protection of the interests of the Bank and its business,
shareholders, directors, officers and employees. Raedy further agrees that the
restrictions set forth in this Agreement will not impair or unreasonably
restrain his ability to earn a livelihood.

If any court of
competent jurisdiction should determine that the duration or scope of any
provision or restriction set forth in this Article 5 exceeds the maximum
duration or scope that is reasonable and enforceable under applicable law, the
parties agree that said provision shall automatically be modified and shall be
deemed to extend only over the maximum duration and/or scope as to which such
provision or restriction said court determines to be valid and enforceable
under applicable law, which determination the parties direct the court to make,
and the parties agree to be bound by such modified provision or restriction.

6.                                       Assignability.  Raedy shall have no right to assign this
Agreement or any of his rights or obligations hereunder to another party or
parties.

7.                                     Governing
Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Maryland applicable to contracts executed and to be
performed therein.

8.                                       Notices.
All notices, requests, demands and other communications required to be given or
permitted to be given under this Agreement shall be in writing and shall be
conclusively deemed to have been given:

(1) when hand delivered to the other party, or

(2) when received
by facsimile at the address a number set forth below provided however,
that notices given by facsimile shall not be effective unless either a
duplicate copy of such  facsimile notice
is promptly given by depositing same in a United States post office first-class
postage prepaid and addressed to the parties as set forth below, or the
receiving party delivers a written confirmation of receipt for such notice
either by facsimile or any other method permitted under this sub additionally,
any notice given by facsimile shall be deemed received on the next business day
if such notice is received after 5:00 p.m. (recipient’s  time) or on a non-business day); or

(3)  three (3) business days after the same have
been deposited in a United States post office with first class certified mail, return
receipt, postage prepaid and addressed to the 
parties  as set forth below; or

(4) the next business day
after same have been deposited with a national overnight delivery service
reasonably approved by the parties (Federal Express and DHL WorldWide Express
being deemed approved by the parties), postage prepaid, addressed to the
parties as set forth below with next-business-day delivery guaranteed, provided
that the sending party received a confirmation of delivery from the delivery
service provider. The address of a party set forth below may be changed by that
party by written notice to the other from time to time pursuant to this
Article.

	
  To:

  	
   

  	
  John N. Burdette

  	
   

  	
  To:

  	
   

  	
  Mr. Raymond Raedy

  
	
   

  	
   

  	
  Chairman of the
  Board

  	
   

  	
   

  	
   

  	
  8208 Ridgelea Court

  
	
   

  	
   

  	
  Frederick County
  Bank

  	
   

  	
   

  	
   

  	
  Frederick, MD 21702

  
	
   

  	
   

  	
  P.O. Box 1100

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Frederick, MD
  21702

  	
   

  	
   

  	
   

  	
   

  

 

9.                                     Entire
Agreement. This Agreement contains all of the agreements and understandings
between the parties hereto with respect to this Agreement and supersedes all
prior agreements, arrangements and understandings related to the subject matter
hereof. No oral agreements or written correspondence shall be held to affect
the provisions hereof. No representation, promise, inducement or statement of
intention has been made by either party that is not set forth in this
Agreement, and neither party shall be bound by or liable for any alleged
representation, promise, inducement or statement of intention not so set forth.

10.                                 Headings.
The Article and Section headings contained in this Agreement are for reference
purposes only and shall not in any way affect the meaning or interpretation of
this Agreement.

11.                                 Severability.
Should any part of this Agreement for any reason be declared or held illegal,
invalid or unenforceable, such determination shall not affect the legality,
validity or enforceability of any remaining portion or provision of this
Agreement, which remaining portions and provisions shall remain in force and
effect as if this Agreement has been executed with the illegal, invalid or
unenforceable portion thereof eliminated.

12.                                 Amendment:
Waiver. Neither this Agreement nor any provision hereof may be amended,
modified, changed, waived, discharged or terminated except by an instrument in
writing signed by the party against which enforcement of the amendment,
modification, change, waiver, discharge or termination is sought. The failure
of either party at any time or times to require performance of any provision
hereof shall not in any manner affect the right at a later time to enforce the
same. No waiver by either party of the breach of any term, provision or
covenant contained in this Agreement, whether by conduct or 

                                                otherwise,
in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such breach, or a waiver of the breach of any other
term, provision or covenant contained in this Agreement.

13.                                 Gender
and Tense. As used in this Agreement, the masculine, feminine and neuter
gender, and the singular or plural number, shall each be deemed to include the
other or others whenever the context so indicates.

14.                                 Binding
Effect. This Agreement is and shall be binding upon, and inures to the
benefit of, the Bank, its successors and assigns, and Raedy and his heirs,
executors, administrators, and personal and legal representatives.

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

	
  FREDERICK COUNTY BANK

  	
     RAYMOND RAEDY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John N.
  Burdette

  	
     By:

  	
  /s/ Raymond Raedy

  
	
  Title:

  	
   Chairman of the Board

  	
   

  	
   

  
	
  Date:

  	
   December 29, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]