Document:

Exhibit
10.28

OSIRIS THERAPEUTICS, INC.

Consulting
Agreement

 

 

November,
1995

 

Gentlemen:

 

This letter confirms our agreement between
Osiris Therapeutics, Inc. (“the Company”) and Friedli Corporate Finance AG (“Friedli”)
in connection with the investments by Friedli in the Company and to provide
financial consulting services pursuant to the following procedures, terms and
conditions:

 

1.             Term

The Company hereby retains
Friedli, and Friedli hereby accepts such engagement, for a term commencing on
November 1, 1995 and terminating on November 1, 2002, or such earlier date upon
which this Agreement or specific duties under this Agreement shall terminate.

 

2.             The
Company’s Obligation

(a)           At Friedli’s request, the Company
will furnish written quarterly status reports

to Friedli describing both,
positive and negative events, until such time as the Company becomes public.

 

(b)                                 At Friedli’s
request, the Company as its own expenses will make presentations to investors
in Switzerland and Luxembourg.

 

3.             First Right of Refusal

The Company grants Friedli
the first right of refusal of any new equity or debt financing with thirty (30)
days written notice to Friedli.

 

4.             Proxy and other Shareholder
Material

The Company agrees to mail
proxy and any other shareholder material for any ordinary or extraordinary
shareholder meeting to the Friedli investors at least thirty (30) days in
advance.

 

5.             IPO
Allocation

The Company agrees to
provide a preemptive right to Friedli to allocate 10% of the offering in case
of an IPO.

 

6.             Expenditure Veto Right

The Company agrees, that Friedli
has the veto right on any single capital expenditure or single contract of
US$500,000 or more until a new equity investment of $5,000,000 or more is
completed after the closing of the Series D Preferred Stock financing.

 

 

 

7.             Duties
and Representations of Friedli

(a)           Friedli shall provide services to the Company in the form
of consultation, advice and assistance upon the reasonable request of the
Company and at such times as are convenient to Friedli in its reasonable
discretion.  Such services may include,
but are not limited to, (i) providing general business, financial and
investment advice to the Company during the term of this Agreement, and (ii) serving
as a liaison between Friedli clients/investors and the Company by disseminating
information, including proxy and other shareholder material, to such investors
on behalf of the Company.

 

(b)           Friedli agrees to use its best efforts in performing the
foregoing services.

 

8.             Compensation

(a)           In consideration of the services to be provided by Friedli
hereunder, the

Company shall pay Friedli
US$ 4,000 per month upon the instructions of Peter Friedli.

(b)           The Company will also pay Friedi upon
request up to US$ 15,000 per year for expenses such as travelling, etc.

 

9.             Status
of Consultant

                                                Friedli agrees
to render services to the Company as an independent contractor to, and not as
an employee, of the Company.  Friedli
acknowledges and agrees, that it will be an independent contractor for all
purposes including, but not limited to, payroll and tax purposes, and that
Friedli shall not represent itself to be an employee or officer of the Company.

 

10.           Termination

                                                This agreement
may be terminated by the Company or Friedli upon thirty (30) days prior written
notice to the other party.  If terminated
by the Company, the full balance through November 1, 2002 of the consulting fee
will be immediately due.

 

11.           Confidentiality

                                                Except as the
Company may otherwise consent for Company’s benefit,  Friedli agrees to keep confidential and not
to disclose or make any use of at any time either during or subsequent to the
term of this Agreement, any inventions, trade secrets, confidential
information, knowledge, data or other information of the Company relating to
products, processes, know-how, designs, formulas, test data, customer lists,
business plans, marketing plans and strategies, pricing strategies, or other
information pertaining to the Company or any of its affiliates.

 

12.           Assignment

                                                The terms of
this Agreement shall inure to the benefit of the respective successors and
permitted assigns of the parties hereto, and the obligations and liabilities
assumed in this Agreement by the parties hereto shall be binding upon their
respective successors and permitted assigns. 
This Agreement may not be assigned by the Company or Friedli without the
prior written consent of the other part hereto.

 

13.           Governing
Law

                                                This Agreement
shall be governed by the laws of the State of Maryland without giving effect to
principles of conflicts of law.

 

 

 

14.                                 Counterparts

                                                This Agreement
may be executed in any number of counterparts, each of which shall be deemed to
be an original and all of which together shall be deemed to be the same
agreement.

 

If the foregoing is in accord with your
understanding of our agreement, please sign in the space provided below and
return a signed copy of this letter to the Company.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
  OSIRIS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James S. Burns

  
	
   

  	
   

  	
  James S. Burns, President
  & CEO

  
	
   

  	
   

  	
   

  

 

	
  Accepted and agreed:

  	
   

  	
   

  
	
  FRIEDLI CORPORATE FINANCE
  AG

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter Friedli

  	
   

  	
   

  
	
   

  	
  Peter
  Friedli

  	
   

  	
   

  

 

 

 

OSIRIS THERAPEUTICS, INC.

 

 

[LOGO]

OSIRIS

 

 

January,
2002

 

 

Gentlemen:

 

This letter confirms the amendment of Section
1 of the Consulting Agreement between Osiris Therapeutics, Inc. and Friedli
Corporate Finance AG.  As approved by the
Board of Directors at the telephonic meeting of December 4, 2001, the
termination date of the Consulting Agreement is hereby amended to extend for an
additional 5 year period to November 1, 2007. 
All other provision of the November, 1995 Consulting Agreement remain in
force pursuant to the stated procedures, terms and conditions.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  OSIRIS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alfred Seidel

  
	
   

  	
   

  	
  Alfred
  Seidel, CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  1/22/02

  
	
   

  	
   

  	
   

  

 

 

 

	
  Accepted and agreed:

  
	
   

  
	
  FRIEDLI CORPORATE FINANCE AG

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter Friedli

  	
   

  
	
   

  	
  Peter
  Friedli

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  Feb.
  8/02

  	
   

  

 

 

 

 

July 15, 2002

 

 

Gentlemen:

 

This
letter confirms the amendment of Section 1 of the Consulting Agreement between
Osiris Therapeutics, Inc. and Friedli Corporate Finance AG.  As approved by a unanimous written consent of
the Board of Directors today, the termination date of the Consulting Agreement
is hereby amended to extend to December 31, 2008.  All other provisions of the November 1995
Consulting Agreement remain in force pursuant to the stated procedures, terms
and conditions.

	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
  OSIRIS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alfred E. Seidel

  
	
   

  	
   

  	
  Alfred
  E. Seidel, CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  July
  15, 2002

  
				

 

 

	
  Accepted and agreed:

  	
   

  
	
  FRIEDLI CORPORATE FINANCE AG

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter Friedli

  	
   

  
	
   

  	
  Peter
  Friedli

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  July
  16, 2002

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

OSIRIS THERAPEUTICS, INC.

 

 

[LOGO]

OSIRIS

 

 

August
26, 2005

 

 

Peter Friedli

Friedli Corporate Finance

Freigustrasse 5

8002 Zürich

Switzerland

 

 

Dear Peter,

 

Please let this letter serve as a formal
request to extend the current consulting agreement between Friedli Corporate
Finance and Osiris Therapeutics, Inc. for an additional three years.  The terms of this extension will be the same
as the current agreement.

 

	
  Sincerely,

  
	
   

  
	
  /s/ C. Randal Mills

  
	
   

  
	
  C. Randal Mills, Ph.D.

  
	
  President and Chief
  Executive Officer

  	
  December
  31, 2011Exhibit 10.29

___________, 2006

Osiris Therapeutics, Inc.

2001 Aliceanna Street

Baltimore, Maryland 21231

 

Gentlemen:

This letter confirms that
the November 1995 Consulting Agreement, as amended to date (the “Agreement”),
between Osiris Therapeutics, Inc. (“Osiris”) and Friedli Corporate Finance AG,
now Friedli Corporate Finance, Inc. (individually and collectively, “Friedli”),
will terminate upon the closing of an initial public offering of Osiris Common
Stock pursuant to the Securities Act of 1933, as amended (the “IPO”).  By this letter, Friedli waives any and all
rights and releases Osiris from any and all claims arising under the Agreement
that occurred in the past, are currently in process, or may occur in the
future, including: (a) any and all rights pursuant to paragraph 3 of the
Agreement arising from equity or debt financings of Osiris, including any right
of first refusal with respect to the IPO, and (b) any and all rights under
paragraph 5 of the Agreement, including any right to the allocation of any
portion of the shares to be issued and sold in the IPO.  In addition, Friedli (a) confirms that
paragraph 3 of the Agreement and any right of first refusal with respect to
equity or debt financings of Osiris was canceled by Osiris and Friedli in accordance
with the terms of the Settlement Agreement dated August 22, 2003 relating to
Civil Action No. 24-C-02-000903, and (b) agrees to and does hereby indemnify
Osiris against any and all claims at any time existing or arising out of any
instructions given or delivered to Osiris by Friedli or its representatives as
the liaison between Friedli clients and investors and Osiris, including as regarding
the delivery, ownership or transfer of any shares of capital stock of Osiris,
or any rights, options or warrants in respect thereof.

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  FRIEDLI CORPORATE
  FINANCE AG

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Peter Friedli

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  OSIRIS THERAPEUTICS,
  INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C. Randal Mills, CEO

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

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