Document:

Exhibit 10.25

 

SEPARATION
AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General Release
is made and entered into by and between CYTORI THERAPEUTICS, INC. (Company) and
JOHN K. FRASER.

 

WHEREAS, JOHN K. FRASER has been employed by
CYTORI THERAPEUTICS, INC. in the one of the following capacities since November 14,
2002: Vice-President of Stem Cell Banking and Technology; Vice President of
Research and Technology - Biologics and Vice President of Research and Technology
- Regenerative Cell Technology;

 

WHEREAS, for sound business reasons and in
the best interests of JOHN K. FRASER and the Company, the Company and JOHN K.
FRASER have agreed to end JOHN K. FRASER’s employment with the Company
effective 7-15-05;

 

WHEREAS, JOHN K. FRASER and the Company do
not anticipate that there

 

will be any disputes between them or legal
claims arising out of JOHN K. FRASER’s Separation from the Company, the parties
nevertheless 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
JOHN K. FRASER’s employment with the Company relative to the termination of his
employment;

 

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

 

1.                                       Separation from Employment Relationship. The employment relationship shall terminate
and cease as of July 15, 2005 (Separation Date).

 

2.                                       Consideration. In consideration of this Separation Agreement and General Release,
Company agrees as follows: (i) to pay JOHN K.  FRASER’s COBRA premiums for himself, his wife
and children for continued coverage under Company’s group health plan for a
period of six months, and (ii) the Company shall accelerate and vest
21,349 of JOHN K. FRASER’s unvested stock options as of the Effective Date, and
shall extend the exercise term for such accelerated options, and for 80,855 of
JOHN K. FRASER’s previously vested shares (for a total of 102,204 stock
options) for a period of two years from the Effective Date of this Agreement; after
which all such rights shall immediately terminate.

 

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 JOHN

 

K. FRASER 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 Employee’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 Company may make
any disclosure of the terms of the agreement as may be required by law.

 

4.                                       Release of Claims. JOHN K. FRASER, for himself and his heirs, successors and assigns, does
hereby agree to 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 “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 JOHN K. FRASER’s behalf
against 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.                                       Waiver of Rights Under Section 1542. It is further understood and agreed
that JOHN K. FRASER hereby expressly waives and relinquishes any and all
claims, rights or benefits that he may have 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 favor at the time
of executing the release which if known by his must have materially affected
his settlement with the debtor.”

 

 

In connection
with such waiver and relinquishment, JOHN K. FRASER acknowledges that he may
hereafter discover claims or facts in addition to or different from those which
he now knows or believes to exist with respect to the matters released herein,
and he 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 his behalf against the Released Parties at the time of execution of
this Agreement, including, but not limited to, any and all claims relating to
or arising from his employment with Company or the termination of that
employment.

 

6.                                       Continuing Obligations Regarding Confidential or
Proprietary Information.
JOHN K. FRASER agrees to
abide by all the surviving provisions of the Employment, Confidentiality, and
Assignment Agreement which he executed on November 13, 2002, including but
not limited to, promises to protect all confidential and proprietary
information of Company.

 

7.                                       Release Of Age Discrimination Claims. JOHN K. FRASER 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.                                       JOHN
K. FRASER is hereby advised to consult with an attorney prior to signing this
Agreement.

b.                                      JOHN
K. FRASER 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. JOHN K.
FRASER may at his option execute this Agreement at any time during the 21-day
period.

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

 

8.                                       Employer Property And Trade Secrets. JOHN K. FRASER will return to Company any and all of its property and
documents which he may have in his possession. Including but not limited to the
following:

 

•                  Cameras, video
equipment etc.

•                  Company Files
and Information

 

JOHN K. FRASER
further agrees never to disclose to any person or entity any confidential or
proprietary information of or about Company, except upon the express
authorization and consent of Company.

 

9.                                       COBRA. JOHN K. FRASER
hereby acknowledges that Company has advised him that pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) he has a right
to elect continued coverage under Company’s group health plan, at his own
expense, for a period of thirty six months from the date of his termination.

 

10.                                 Non-Disparagement. Company and JOHN K. FRASER agree
that JOHN K. FRASER will not at any time defame, disparage or impugn the
reputation of Company or any employees of Company 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.

 

11.                                 Liquidated Damages For Breach Of Non-Disparagement. In the event JOHN K. FRASER breaches
any component of the Non-Disparagement clause contained in the above Section 10
at any time, JOHN K. FRASER acknowledges and agrees that it would be impractical
or extremely difficult to ascertain the amount of actual damages to Company.
For this reason, JOHN K. FRASER 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 JOHN K. FRASER to
Company, which represents the reasonable compensation for the loss incurred
because of the breach.

 

12.                                 Ownership of Claims. JOHN K. FRASER represents and warrants that he 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 he may have against
Company.

 

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

 

14.                                 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 JOHN K. FRASER or any
other person.

 

15.                                 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.

 

1

 

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

 

17.                                 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 of 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 SEPARATION AGREEMENT AND GENERAL RELEASE, AND
HAVE HAD A REASONABLE PERIOD OF TIME TO CONSIDER THIS AGREEMENT PRIOR TO
SIGNING. COMPANY 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/ John K. Fraser

  	
   

  	
  Date: 

  	
  7/15/05

  	
   

  
	
   

  	
  JOHN K. FRASER

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CYTORI THERAPEUTICS, INC.

  	
   

  
	
   

  	
   

  
	
  Signed: 

  	
  /s/ Christopher Calhoun

  	
   

  	
  Date: 

  	
  7/27/05

  	
   

  
	
   

  	
  CHRISTOPHER CALHOUN

  	
   

  	
   

  
	
   

  	
  CEO

  	
   

  	
   

  

 

2Exhibit 10.26

 

SETTLEMENT AGREEMENT

 

THIS SETTLEMENT AGREEMENT (this “Agreement”) is made and entered into
as of August 9, 2005 by and among MAST Biosurgery AG, a Swiss corporation
(“MAST AG”), MAST Biosurgery, Inc., a Delaware corporation and a
wholly-owned subsidiary of MAST AG (“MAST, Inc.” and, together with MAST
AG, “MAST”), and Cytori Therapeutics, Inc., a Delaware corporation
formerly incorporated under the name MacroPore Biosurgery, Inc. (“Cytori”
and, together with MAST AG and MAST, Inc., the “parties”). Capitalized
terms used but not defined herein shall have the respective meanings attributed
to such terms in the Asset Purchase Agreement, by and between MAST AG and
MacroPore Biosurgery, Inc., dated as of May 7, 2004 (as the same has
subsequently been amended through the date hereof, the “Asset Purchase
Agreement”).

 

WHEREAS, on June 2, 2005, MacroPore Biosurgery, Inc. filed
with the American Arbitration Association under the Reference Number 50 180 T
00234 05 a demand for arbitration (the “Arbitration”) asserting claims arising
out of or relating to MAST’s obligations under the Asset Purchase Agreement and
related documentation (the “Demand”);

 

WHEREAS, on June 23, 2005, MAST responded to the Demand by filing
with the American Arbitration Association an answer and counterclaims arising
out of or relating to MacroPore Biosurgery, Inc.’s obligations under the
Asset Purchase Agreement and related documentation (the “Counterclaims”);

 

WHEREAS, on June 30, 2005, MacroPore Biosurgery, Inc. and
MAST AG executed a term sheet providing, among other things, for a partial
settlement of the claims set forth in the Demand and in the Counterclaims and
certain agreements in respect of MacroPore Biosurgery, Inc.’s Japanese
Thin Film Business (as defined below); and

 

WHEREAS, on July 11, 2005, MacroPore Biosurgery, Inc. changed
its corporate name to Cytori Therapeutics, Inc.

 

NOW THEREFORE, the Parties agree as follows:

 

1.                                       Mutual
Releases and Related Matters.

 

(a)                                  Releases
by Cytori. Cytori hereby irrevocably waives, relinquishes, fully and forever
releases and discharges (i) any and all claims arising out of, or relating
to, or in connection with, the matters set forth in the Demand (including,
without limitation, any claims Cytori may have against MAST or any of MAST AG’s
or MAST Inc.’s directors, officers, employees, agents, affiliates,  shareholders or subsidiaries in respect of
MAST’s obligations under Section 2.4(b) of the Asset Purchase
Agreement), other than and excluding any such claims (collectively, the “Cytori
Japan Claims”) arising out of, or relating to, or in connection with, the
development, manufacturing, marketing and sale of Field of Use Bioabsorbable
Implants in the Territory of Japan (the “Japanese Thin Film Business”) and (ii) any Liens and security
interests granted to Cytori pursuant to Section 2.10 of the Asset Purchase
Agreement.

 

(b)                                 Release
by MAST. MAST hereby irrevocably waives, relinquishes, fully and forever
releases and discharges any and all claims it may have against Cytori or any of
Cytori’s directors, officers, employees, agents, affiliates, shareholders or
subsidiaries arising out of, relating to, or in connection with, the matters
set forth in the Counterclaims, other than and excluding any such claims
(collectively, the “MAST Japan Claims”)
arising out of, or relating to, or in connection with, the Purchase
Right (including, without limitation, MAST’s claim that Cytori depleted the
economic value of the Purchase Right) and the Japanese Thin Film Business.

 

(c)                                  Korean
Matters. Cytori shall use reasonable efforts to assist MAST in transitioning
the distribution of Bioabsorbable Implants in Korea from Dongbang Healthcare
Products Co., Ltd. (“Dongbang”) to a Korean distributor designated by MAST by
causing Dongbang to transfer any Authorizations to such new distributor. Such
efforts by Cytori are not intended to include any obligation of Cytori
representatives to travel to Korea for this specific purpose.

 

(d)                                 Rights
under the Asset Purchase Agreement. For the avoidance of doubt, any and all
obligations of MAST pursuant to Section 2.4(b), 2.4(c) and 2.10 of
the Asset Purchase Agreement shall be deemed satisfied in full and Cytori shall
have no further rights under such provisions.

 

(e)                                  Sublease.
As promptly as practicable following the execution of this Agreement, the
Parties shall enter into a sublease agreement for the premises currently
occupied by MAST at 6749 Top Gun Street, San Diego, CA 92121, such sublease to
be on terms reasonably acceptable to MAST and Cytori (the “Sublease”). For the
avoidance of doubt, nothing in this Agreement shall be construed as a release
of any rights or claims that any Party may have pursuant to the terms of the
Sublease or currently unknown claims related to MAST’s occupation of the
Premises (e.g., related to environmental contamination or property damage).

 

 

2.                                       Certain
Agreements Relating to the Japanese Thin Film Business.

 

(a)                                  Negotiations
in Respect of the Japanese Thin Film Business. Promptly following the execution
hereof, MAST and Cytori shall negotiate in good faith regarding the acquisition
by MAST of Cytori’s Japanese Thin Film Business on terms and conditions
mutually agreeable to MAST and Cytori (such period of negotiation, the “Negotiation
Period”). Without limiting any rights to due diligence MAST may have pursuant
to Section 2.12(e) of the Asset Purchase Agreement, Cytori
acknowledges and agrees that MAST shall have the right, during such Negotiation
Period, to conduct customary (with respect to substance and scope) business,
legal and accounting due diligence in respect of Cytori’s Japanese Thin Film
Business, and MAST and Cytori shall cooperate with each other with respect to
such due diligence; provided that, unless and until MAST and Cytori agree
otherwise, neither MAST nor any of its officers, employees, equity holders or
advisors (including, for the avoidance of doubt, Dr. Kai Deusch) shall,
during such Negotiation Period, directly contact or interact with Senko, Cytori’s
regulatory advisors in Japan, the Japanese Ministry of Health, Labor and
Welfare, or any of their respective employees or agents (collectively, the “Restricted
Third Parties”) and, provided, further, that it shall not be deemed a lack of
good faith on Cytori’s part if Cytori does not agree to any direct contact or
interaction of Dr. Kai Deusch with any Restricted Third Party during the
Negotiation Period. The Negotiation Period may be terminated at any time by
either MAST or Cytori in its respective sole discretion by written notice to
the other Party.

 

(b)                                 Amendment
to Business Development Agreement. The Business Development Agreement by and
among MAST AG and Cytori, dated as of May 13, 2004 (the “Business
Development Agreement”), shall hereby be amended by deleting, in their
entirety, the provisions of Section 4.2 and Article 5 by replacing
such provisions with the words “[intentionally omitted].”

 

(c)                                  Following
Expiration of the Negotiation Period. Upon termination of the Negotiation
Period by either Party, MAST retains the right to pursue the MAST Japan Claims
and Cytori retains the right to pursue the Cytori Japan Claims, in each case in
accordance with and subject to the provisions of the Asset Purchase Agreement.

 

(d)                                 Matters
Relating to Cytori’s Japan Study. Promptly after the execution of this
Agreement, Cytori will provide to MAST a copy of the protocol of its proposed
clinical study conducted in support of the Japanese Thin Film Business (the “Japan
Study”). MAST shall have the right to comment on such protocol and Cytori shall
consider any such comments. Until all or any part of the Japan Study becomes
generally publicly available (other than through the fault of MAST), MAST will
not contact or communicate with, or attempt to contact or communicate with any
third person or institution participating in the Japan Study; provided that,
notwithstanding the foregoing, MAST shall have the right to contact or
communicate with any of its existing or prospective customers regarding matters
unrelated to the Japan Study. MAST agrees to supply all Bioabsorbable Film
Implants reasonably required for the conduct of the Japan Study; provided that
MAST shall receive full credit (on a $50 per sheet basis) in respect of such
supply upon the earlier to occur of (i) Cytori
and MAST agreeing on a supply by MAST of Bioabsorbable Film Implants for the
Territory of Japan or (ii) Cytori and MAST agreeing on the acquisition by
MAST of Cytori’s Japanese Thin Film Business.

 

3.                                       Matters
Pertaining to Pending Arbitration.  As
soon as reasonably practicable upon the execution of this Agreement, MAST and Cytori shall dismiss all
claims set forth in the Demand and in the Counterclaims in their entirety by
notification in writing to the American Arbitration Association (the “AAA”) case manager. Notwithstanding
anything in this Agreement to the contrary, if the Parties fail to reach
agreement regarding an acquisition by MAST of Cytori’s Japanese Thin Film
Business within the Negotiation Period, then, at any time following the
termination of the Negotiation Period by either Party, MAST may reassert and
pursue the MAST Japan Claims and Cytori may reassert and pursue the Cytori
Japan Claims by filing the appropriate documentation with the AAA, provided that, if MAST so elects
to assert and pursue any MAST Japan Claims, the arbitral tribunal shall make a
determination as to whether MAST or Cytori is the prevailing party in such
arbitration and, if MAST is so found to be the prevailing party, Cytori shall
promptly reimburse MAST for any filing fees paid by MAST to the AAA (up to a maximum amount of
$10,000) in connection with any such filing. In determining the “prevailing
party” for purposes of the foregoing sentence, the amount of damages awarded,
if any, shall not be the determinative factor.

 

4.                                       Certain
Representations and Warranties. Each of MAST, Inc. and Cytori represents
and warrants that it is a corporation duly formed, validly existing and in good
standing under the laws of the State of Delaware. MAST AG represents and
warrants that it is a corporation duly formed, validly existing and in good
standing under the laws of Switzerland. Each Party further represents and
warrants that it has all necessary power and authority to enter into this
Agreement to carry out the transactions contemplated herein, that all actions
required to be taken by or on behalf of such Party to authorize it to execute,
deliver and perform its obligations under this Agreement have been taken, and
that this Agreement constitutes the legal, valid and binding obligation of such
Party, enforceable against such Party in accordance with its terms, except as
the same may be affected by bankruptcy, insolvency, moratorium or similar laws,
or by legal or equitable principles relating to or limiting the rights of
contracting parties generally. Each Party further represents and warrants that
it currently has no actual knowledge of claims against any other Party hereto
beyond those set forth in the Demand and the Counterclaims, respectively;
provided that this representation and warranty shall not be construed as
prohibiting either Party from pursuing or asserting any claims that have not
been released by such Party in accordance with Section 1 hereof or of
which such Party acquires knowledge after the date hereof.

 

2

 

5.                                       Miscellaneous.

 

(a)                                  No
Admission. This Agreement represents a compromise of disputed claims, and it
shall not be construed as an admission or any evidence that any Party hereto
has breached any obligation.

 

(b)                                 Further
Assurances. The parties shall execute such documents and do such other things
and acts as may be necessary to perform and fully carry out the terms and
purposes of this Agreement, including, without limitation, all such documents
and other things and acts that may be necessary to release any Liens or
security interests that Cytori may have in respect of any intellectual property
of MAST.

 

(c)                                  Application
of Agreement Only to the Parties. Subject to Section 5(i) below, this
Agreement is intended to confer rights and benefits only on the Parties and
their respective directors, officers, employees, agents, affiliates,
shareholders or subsidiaries, and only with respect to the matters described in
it.

 

(d)                                 Breach
of Terms of this Agreement. It is understood and agreed that the releases
contained in Section 1 shall not be construed to include any claims that
may arise between the Parties for breach of the terms of this Agreement.
Nothing in this Agreement shall bar the Parties from enforcing their respective
rights as provided herein.

 

(e) Advice of Counsel. This Agreement is the product of informed
negotiations. The Parties acknowledge that they have been represented by
counsel of their own choosing in connection with the negotiation and drafting
of this Agreement.                       The
language used in this Agreement shall be deemed to be language chosen by the
Parties hereto to express their mutual intent.

 

(f) Entire Agreement. This
Agreement constitutes and comprises the complete and entire agreement among the
Parties, and fully expresses the intentions of the Parties. All agreements,
covenants, representations and warranties, of any kind or nature, express or
implied, oral or written, made by the Parties or their attorneys concerning
this Agreement are fully set forth, expressed and contained herein. All prior
and contemporaneous conversations, negotiations, term sheets, possible and
alleged agreements, representations, covenants, and warranties concerning this
Agreement are merged herein, and except as expressly set forth herein, all such
prior and contemporaneous conversations, negotiations, possible and alleged
agreements, representations, covenants, warranties or omissions concerning the
subject matter hereof are null, void, unenforceable, immaterial, and have not
been relied upon in any way by any Party hereto.

 

(g)                                 Confidentiality.
The letter agreement by and between MAST and MacroPore Biosurgery, Inc.,
dated June 22, 2005, shall govern this Agreement, the good faith
negotiations and due diligence contemplated by Section 2(a) above,
and MAST’S review of the Japan Study; provided that either Cytori shall have
the right to disclose the terms of the Agreement as required by applicable
security laws.

 

(h)                                 Governing
Law; Arbitration. This Agreement shall be governed by and interpreted in
accordance with the laws of the State of California, including all matters of
construction, validity, performance and enforcement, without giving effect to
principles of conflict of laws and without application of the United Nations
Convention for the International Sale of Goods. Any dispute arising out of or
relating to this Agreement (including
the formation, interpretation or alleged breach thereof) shall be settled by
final and binding arbitration conducted under the auspices of, and in
accordance with, the Commercial Arbitration Rules of the American
Arbitration Association, by a tribunal of three arbitrators in San Francisco,
California. The results of such arbitration proceedings shall be binding upon
the Parties hereto, and judgment may be entered upon the arbitration award in
any court having jurisdiction thereof. Notwithstanding the foregoing, either
party may seek interim injunctive relief from any court of competent
jurisdiction. Each of the Parties hereto expressly and irrevocably consents and
submits to the non-exclusive jurisdiction of each state and federal court
located in California in connection with any legal proceedings hereunder.

 

(i)                                     Successors. This Agreement shall be binding
upon, and inure to the benefit of, the Parties hereto, and each of them jointly
and severally, and to each of their successors and assigns.

 

(j)                                     Costs of Settlement. Except as otherwise
expressly provided herein, MAST and Cytori shall each pay their own expenses
(including, but not limited to, all compensation and expenses of counsel)
incident to this Agreement and the preparation for, and consummation of, the
transactions provided for herein.

 

(k)                                  Modification
in Writing. No change or modification
or termination of this Agreement shall be valid unless it is contained in a
writing and signed by the Parties hereto.

 

(l)                                     Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original and
all of which together shall constitute one instrument. Delivery of signed
counterparts by facsimile or other electronic means shall be fully as effective
as if the original counterparts were executed and delivered.

 

(m)                               Asset Purchase Agreement and Business
Development Agreement. The Asset Purchase Agreement and the Business

 

3

 

Development Agreement (each as amended or modified by this Agreement)
shall remain in full force and effect.

 

(Remainder of page intentionally blank;
signatures follow on next page)

 

4

 

IN WITNESS WHEREOF, this Agreement has been
duly executed and delivered on behalf of the parties as of the date first above
written.

 

 

	
   

  	
  MAST BIOSURGERY AG

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Urs Felder

  	
   

  
	
   

  	
  By: 

  	
  /s/ Corinne Welti

  	
   

  
	
   

  	
  Its: Directors

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAST BIOSURGERY, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kai Deusch

  	
   

  
	
   

  	
  Its:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CYTORI THERAPEUTICS, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Mark E. Saad

  	
   

  
	
   

  	
  Its:

  	
  Chief Financial Officer

  	
   

  

 

5

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