Document:

Exhibit 10.2

    
      
        

      

    

    Employment
      Agreement

    

    This
      Employment Agreement (“Agreement”)
      dated
      September 21, 2005, is entered into between LIFECELL CORPORATION, a Delaware
      corporation, having its principal place of business at One Millenium Way,
      Branchburg, New Jersey 08876 (“Employer”),
      and
      STEVEN T. SOBIESKI, an individual residing at 8 Yellow Brook Drive, Colts Neck,
      New Jersey 07722 (“Employee”).

    

    WHEREAS,
      Employer desires to continue to employ Employee; and

    

    WHEREAS,
      Employee is willing to accept such continued employment on the terms and
      conditions set forth in this Agreement.

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual agreements set forth herein, Employer and Employee
      hereby agree as follows:

    

    ARTICLE
      I

    EMPLOYMENT;
      POSITION, DUTIES AND RESPONSIBILITIES

    

    1.01        
      Employment.
      Employer agrees to, and does hereby, continue to employ Employee, and Employee
      agrees to, and does hereby accept, such continued employment, upon the terms
      and
      subject to the conditions set forth in this Agreement. 

    

    1.02        
      Position,
      Duties and Responsibilities.
      During
      the Term (as defined in Section 2.01 below), and prior to a Change in Control
      (as defined in Section 4.02(D)(ii) below), Employee shall serve as Chief
      Financial Officer of Employer and shall have such responsibilities, duties
      and
      authority consistent with such position as may, from time to time, be assigned
      by the Board of Directors of Employer (the “Board”),
      the
      President/CEO of Employer and/or the President/CEO’s nominee. During the Term,
      and after a Change in Control, Employee shall serve as Chief Financial Officer
      of Employer and/or in such other executive level position or capacity that
      is
      consistent with Employee’s education, background and experience as Employer
      shall reasonably request and shall have such responsibilities, duties and
      authority consistent with such position(s) as may, from time to time, be
      assigned by the Board, the President/CEO of Employer and/or the President/CEO’s
      nominee. Employee’s employment by Employer shall be full-time and exclusive to
      Employer, Employee shall serve Employer faithfully and to the best of Employee’s
      ability, and Employee shall devote all of Employee’s business time, attention,
      skill and efforts exclusively to the business and affairs of Employer (including
      its affiliates) and the promotion of its interests. 

    

    ARTICLE
      II

    TERM

    

    2.01        
      Term
      of Employment.
      Employee’s continued employment under this Agreement shall commence as of the
      date of this Agreement (the “Commencement
      Date”)
      and
      shall continue until terminated by either Employer or Employee pursuant to
      Article IV hereof (the “Term”).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

    COMPENSATION
      AND EXPENSES

    

    3.01        
      Compensation
      and Benefits.
      For all
      services rendered by Employee in any capacity during the Term, including,
      without limitation, services as an officer, director or member of any committee
      of Employer, or any affiliate or division thereof, Employee shall be compensated
      as follows (subject, in each case, to the provisions of Article IV
      below):

    

    (A)          
      Base
      Salary.
      During
      the Term, Employer shall pay to Employee a base salary at the rate of $232,000
      on an annualized basis (the “Base
      Salary”).
      Employee’s Base Salary shall be subject to periodic adjustments (but not
      decreases) as the Board and/or the Compensation Committee of Employer (the
      “Compensation
      Committee”)
      shall,
      in its discretion, deem appropriate. As used in this Agreement, the term
“Base
      Salary”
shall
      refer to Base Salary as may be adjusted from time to time.
      Base
      Salary shall be payable in accordance with the customary payroll practices
      of
      Employer.

    

    (B)         
       Annual
      Bonus.
      During
      the Term, Employee also will be eligible to participate in Employer’s incentive
      compensation plan in place from time to time and applicable to similarly
      situated employees. Employer reserves the right to amend or rescind the
      incentive compensation plan at any time in its discretion. In connection with
      Employee’s participation in the incentive compensation plan, Employee will be
      eligible to receive an annual discretionary bonus (the “Annual
      Bonus”).
      The
      amount of the Annual Bonus, if any, will be determined by the Board and/or
      the
      Compensation Committee in its discretion and will be related to the achievement
      of agreed upon management objectives, which objectives shall be subject to
      Board
      and/or Compensation Committee approval. Employee’s target Annual Bonus for
      calendar year 2005 is 35% of Base Salary on an annualized basis. The Annual
      Bonus, if any, will be determined as of the end of each calendar year during
      the
      Term and shall be payable within thirty (30) days following the end of such
      calendar year. Except as otherwise specifically set forth in Section 4.02 below,
      to be eligible to receive the Annual Bonus, or any portion thereof, Employee
      must be employed by Employer both at the time the amount of the Annual Bonus,
      if
      any, is determined, and at the time the Annual Bonus, if any, is to be paid.
       

    

    (C)          
      Equity
      Compensation.

    

    (i)  
      During
      the Term, pursuant to the terms and conditions of the LifeCell Corporation
      Equity Compensation Plan adopted on July 19, 2005 (the “2005
      Plan”)
      or any
      successor equity compensation plan as may be in place from time to time,
      Employee shall be eligible to receive, from time to time, Awards in amounts,
      and
      subject to such terms, conditions and restrictions, as determined by the
      Compensation Committee in its sole discretion. Awards granted to Employee,
      if
      any, will be subject the terms and conditions established within the 2005 Plan
      (as amended from time to time) or any successor equity compensation plan as
      may
      be in place from time to time, as applicable, and the separate option agreement,
      restricted stock purchase agreement or stock award agreement between Employer
      and Employee that sets forth the terms and conditions of the Award (e.g.,
      exercise price, expiration date and vesting schedule of Options; the restricted
      period and/or other restrictions such as performance objectives relating to
      Stock Awards). Capitalized terms used in this Section 3.01(C)(i) and not
      otherwise defined in this Agreement shall have the meanings assigned thereto
      in
      the 2005 Plan.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (ii) 
      Notwithstanding
      any provision of the (a) 2005 Plan or any predecessor plan thereto, including
      clause (iii) of Section 16(b) of the 2005 Plan, (b) terms of any outstanding
      Nonstatutory Stock Options granted to Employee prior to the Commencement Date
      under the 2005 Plan or any predecessor plan thereof, or (c) terms of any Options
      (whether Nonstatutory Stock Options or Incentive Stock Options) that may be
      granted to Employee under the 2005 Plan on or subsequent to the Commencement
      Date to the contrary, Nonstatutory Stock Options granted to Employee under
      the
      2005 Plan or any predecessor plan prior to the Commencement Date and Options
      (whether Nonstatutory Stock Options or Incentive Stock Options) granted to
      Employee under the 2005 Plan on or subsequent to the Commencement Date shall
      not
      be canceled pursuant to the 2005 Plan in connection with a Corporate Transaction
      Event, unless Employee has been provided an opportunity to exercise such Options
      (whether or not then exercisable) for a period of no less than three days prior
      to the date of such Corporate Transaction Event. For purposes of this Section
      3.01(C)(ii), capitalized terms used in the preceding sentence and not otherwise
      defined in this Agreement shall have the meanings assigned thereto in the 2005
      Plan. 

    

    (iii)
      Except
      as
      otherwise may be specifically set forth in a separate option agreement,
      restricted stock purchase agreement or stock award agreement entered into
      between Employer and Employee after the Commencement Date, upon the occurrence
      of a Change in Control (as defined in Section 4.02(D)(ii) below) during the
      Term, all stock options and any other equity-based compensation shall become
      vested immediately and, if applicable, exercisable by Employee for a period
      of
      the longer of the exercise period in effect immediately prior to the Change
      in
      Control or the period ending ninety (90) days after the effective date of the
      Change in Control. 

     

    (D)          
      Benefits.
      During
      the Term, Employee shall be entitled to participate in all Employer's employee
      benefit plans and programs (excluding severance plans, if any) as Employer
      generally maintains from time to time during the Term for the benefit of its
      employees, in each case subject to the eligibility requirements, enrollment
      criteria and the other terms and provisions of such plans or programs. Employer
      may amend, modify or rescind any employee benefit plan or program and/or change
      employee contribution amounts to benefit costs without notice in its
      discretion.

    

    (E)          
      Vacation
      Sick and Personal Days.
      During
      the Term, Employee shall be entitled to paid sick days and other paid time
      off
      in accordance with Employer's policies with respect to such sick days and other
      paid time off in place from time to time. 

    

    3.02        Expenses.
      Employee shall be entitled to receive reimbursement from Employer for reasonable
      out-of-pocket expenses incurred by Employee during the Term in connection with
      the performance of Employee’s duties and obligations under this Agreement,
      according to Employer's expense account and reimbursement policies in place
      from
      time to time and provided that Employee shall submit reasonable documentation
      with respect to such expenses.

    
      
        
        

      

      
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    ARTICLE
      IV

    TERMINATION

    

    4.01        Events
      of Termination.
      This
      Agreement and Employee’s employment hereunder shall terminate upon the
      occurrence of any one or more of the following events:

    

    (A)         
      Death.
      In the
      event of Employee’s death, this Agreement and Employee’s employment hereunder
      shall automatically terminate on the date of death.

    

    (B)         
      Disability.
      To the
      extent permitted by law, in the event of Employee’s physical or mental
      disability that prevents Employee from performing Employee’s duties under this
      Agreement for a period of at least 90 consecutive days in any 12-month period
      or
      120 non-consecutive days in any 12-month period, Employer may terminate this
      Agreement and Employee’s employment hereunder upon giving notice of termination
      to Employee.

    

    (C)         
      Termination
      by Employer for Cause.
      Employer may, at its option, terminate this Agreement and Employee’s employment
      hereunder for Cause (as defined below) upon giving notice of termination to
      Employee. Except as set forth in Section 4.02(D) below, as used in this
      Agreement the term “Cause”
shall
      mean Employee’s (i) conviction of, guilty plea to or confession of guilt of a
      felony or a criminal act involving moral turpitude, (ii) commission of a
      fraudulent, illegal or dishonest act in respect of Employer or its successors,
      (iii) willful misconduct or gross negligence that reasonably could be expected
      to be injurious to the business, operations or reputation of Employer or its
      successors (monetarily or otherwise), (iv) material violation of Employer's
      policies or procedures in effect from time to time; provided, however, to the
      extent such violation is subject to cure, Employee will have a reasonable
      opportunity to cure such violation after written notice thereof, (v) material
      failure to perform Employee’s duties as assigned to Employee from time to time;
      provided, however, to the extent such failure is subject to cure, Employee
      will
      have a reasonable opportunity to cure such non-performance after written notice
      thereof, (vi) breach of the terms of the Covenants Agreement (as defined in
      Section 5.03 below), or (vii) other material breach of Employee’s
      representations, warranties, covenants and other obligation under this
      Agreement; provided, however, to the extent such breach of a covenant or other
      obligation is subject to cure, Employee will have a reasonable opportunity
      to
      cure such breach after written notice thereof.

    

    (D)         
      Without
      Cause by Employer.
      Employer may, at its option, at any time terminate this Agreement and Employee’s
      employment hereunder for no reason or for any reason whatsoever (other than
      for
      Cause or as a result of Employee’s death or Disability) by giving written notice
      of termination to Employee.

    

    (E)         
      Termination
      By Employee.
      Employee
      may terminate this Agreement and Employee’s employment hereunder for any reason
      or no reason by giving thirty (30) days prior written notice of termination
      to
      Employer; provided, however, that Good Reason (as defined in Section
      4.02(D)(iii) below) only shall apply for purposes of Section 4.02(D) below.
      Following Employee’s delivery of written notice of termination to Employer,
      Employer reserves the right to accept Employee's notice of termination and
      to
      accelerate such notice and make Employee's termination effective immediately,
      or
      on any other date prior to Employee's intended last day of work as Employer
      deems appropriate.

    
      
        
        

      

      
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    (F)         
      Mutual
      Agreement.
      This
      Agreement and Employee's employment hereunder may be terminated at any time
      by
      the mutual agreement of Employer and Employee.

    

    4.02        
      Employer’s
      Obligations Upon Termination.
      

    

    (A)        
       Termination
      by Employer for Cause; Termination by Employee; Mutual Agreement.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Sections 4.01(C), 4.01(E), or 4.01(F) above, then this Agreement
      and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligation under this Agreement or otherwise shall be to (i) pay to Employee
      any
      Base Salary earned, but not yet paid, prior to the effective date of such
      termination, (ii) reimburse Employee for any expenses incurred by Employee
      through the effective date of such termination in accordance with Section 3.02
      hereof, and (iii) pay and/or provide any amounts or benefits that are vested
      amounts or vested benefits or that Employee is otherwise entitled to receive
      under any plan, program, policy or practice (with the exception of those, if
      any, relating to severance) on the date of termination, in accordance with
      such
      plan, program, policy, or practice (clauses (i), (ii) and (iii) of this sentence
      are collectively referred to herein as the “Accrued
      Obligations”).

    

    (B)         
      Death;
      Disability.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Sections 4.01(A) or 4.01(B) above, then this Agreement and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligation under this Agreement or otherwise shall be to (i) pay and/or provide,
      as applicable, the Accrued Obligations, and (ii) subject to Employee’s or
      Employee’s estate’s, as applicable, execution, delivery, and non-revocation of a
      general release in a form satisfactory to Employer (the “Release”)
      (which
      Release, among other things, will include a general release of Employer, its
      affiliates and their respective officers, directors, managers, members,
      shareholders, partners, employees and agents from all liability and other terms
      deemed necessary by Employer for its protection; provided, however, the Release
      will preserve (a) Employee’s rights, if any, to indemnification by Employer, (b)
      Employee’s rights, if any, as a shareholder of Employer, and (c) Employee’s
      rights, if any, under the terms of this Agreement that are intended to survive
      the termination of this Agreement and Employee’s employment hereunder), pay to
      Employee or Employee’s estate, as applicable, the Prorata Bonus (as defined
      below). The Prorata Bonus shall be payable in equal installments over a twelve
      (12)-month period in accordance with Employer’s customary payroll practices,
      commencing on the next regular paydate following 180 days after the date of
      Employee’s termination of employment with Employer; provided, however, Employer
      will commence installment payments of the Prorata Bonus on the next regular
      paydate following the eighth (8th)
      day
      after Employee’s or Employee’s estate’s, as applicable, execution and delivery
      of the Release if commencement of payment at such time will not violate the
      applicable requirements of Section 409(A) of the Internal Revenue Code (the
      “Code”).
      As
      used in this Agreement, “Prorata
      Bonus”
shall
      mean the product of: (i) the greater of (a) the Annual Bonus that Employee
      received attributable to performance during the full fiscal year immediately
      prior to the date of Employee’s termination of employment with Employer, or (b)
      Employee’s target Annual Bonus for the fiscal year in which the date of
      termination of Employee’s employment with Employer occurred; and (ii) a
      fraction, the numerator of which is the number of days in the fiscal year in
      which the date of termination occurs through the effective date of Employee’s
      termination of employment and the denominator of which is 365.

    
      
        
        

      

      
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    (C)         
      Termination
      by Employer without Cause.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Section 4.01(D) above, then this Agreement and Employee’s employment
      with Employer shall terminate and Employer’s sole obligation under this
      Agreement or otherwise shall be to (i) pay and/or provide, as applicable, the
      Accrued Obligations, (ii) subject to Employee’s execution, delivery, and
      non-revocation of the Release, (a) pay to Employee an aggregate amount equal
      to
      the Salary Continuation Payment (as defined below) and the Prorata Bonus
      (collectively, the “Severance
      Payment”),
      (b)
      with respect to stock options granted to Employee prior to the Commencement
      Date, such options will continue to vest in accordance with the vesting schedule
      set forth in the applicable Stock Option Agreement between Employee and Employer
      for a period of twelve (12) months following the termination of Employee’s
      employment with Employer and Employee will have until the earlier of (1) the
      10
      year anniversary of the date of grant, or (2) the 12-month anniversary of the
      termination of Employee’s employment, to exercise such options (to the extent
      vested), (c) with respect to stock options granted to Employee on or after
      the
      Commencement Date, Employee shall have until the earlier of (1) the 10 year
      anniversary of the date of grant, or (2) one day less than the 3 month
      anniversary of the date of Employee’s termination of employment, to exercise
      such number of options as would have become exercisable had Employee continued
      to be employed by Employer for a period of 12-months following the date of
      Employee’s termination of employment with Employer, (d) with respect to only the
      restricted stock award covering 50,000 shares of Employer’s common stock granted
      to Employee pursuant to the restricted stock award agreement dated July 20,
      2005
      between Employee and Employer (the “7/20/05
      RSA Agreement”),
      the
      restrictions on the Restricted Stock (as defined in the 7/20/05 RSA Agreement)
      that would have otherwise lapsed had Employee continued to be employed by
      Employer for a period of 12-months following the date of Employee’s termination
      of employment with Employer shall be deemed to have lapsed on the date of
      termination, and (e) if Employee timely elects COBRA coverage and (1) provided
      Employee continues to make contributions to such continuation coverage equal
      to
      Employee’s contribution in effect immediately preceding the date of Employee’s
      termination of employment with Employer, Employer shall pay the remaining
      portion of Employee’s healthcare continuation payments under COBRA for a twelve
      (12)-month period following the date of Employee’s termination of employment
      with Employer, and (2) provided that Employee’s COBRA coverage remains in
      effect, during the period commencing on the twelve (12)-month anniversary and
      ending on the eighteen (18)-month anniversary of Employee’s termination of
      employment, Employer shall absorb the entire cost of Employee’s health care
      continuation coverage under COBRA. In the event that Employee becomes eligible
      to obtain healthcare coverage from a new employer, Employer’s obligation to pay
      its portion or all, as applicable, of Employee’s healthcare continuation
      payments shall cease. Employee understands and acknowledges that Employee is
      obligated to inform Employer (or its successor) if Employee becomes eligible
      to
      obtain healthcare coverage from a new employer before the eighteen (18)-month
      anniversary of Employee’s termination of employment. The Severance Payment shall
      be payable in equal installments over a twelve (12)-month period in accordance
      with Employer’s customary payroll practices, commencing on the next regular
      paydate following 180 days after the date of Employee’s termination of
      employment with Employer; provided, however, Employer will commence installment
      payments of the Severance Payment on the next regular paydate following the
      eighth (8th)
      day
      after Employee’s execution and delivery of the Release if commencement of
      payment at such time will not violate the applicable requirements of Section
      409(A) of the Code. As used in this Section 4.02(C), the term “Salary
      Continuation Payment”
shall
      mean an amount equal to the product of: (i) one (1); and (ii) Employee’s
      annualized Base Salary in effect immediately prior to the date of termination
      of
      Employee’s employment with Employer.

    
      
        
        

      

      
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    (D)         
      Trigger
      Event Termination.
      Notwithstanding the provisions of Sections 4.02(A) and 4.02(C) above, upon
      the
      occurrence of a Trigger Event (as defined below) and in lieu of any payments
      or
      benefits pursuant to Sections 4.02(A) or 4.02(C) above, this Agreement and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligations shall be to (i) pay and/or provide, as applicable, the Accrued
      Obligations, and (ii) subject to Employee’s execution, delivery and
      non-revocation of the Release, (a) pay to Employee an aggregate amount equal
      to
      the Two Year Amount (as defined below), and (b) if Employee timely elects COBRA
      coverage and (1) provided that Employee continues to make contributions to
      such
      continuation coverage equal to Employee’s contribution amount to medical
      insurance in effect immediately preceding the Trigger Event, Employer or its
      successor shall pay the remaining portion of Employee’s healthcare continuation
      payments under COBRA during the twelve (12)-month period following the Trigger
      Event, and (2) provided that Employee’s COBRA coverage remains in effect, during
      the period commencing on the twelve (12)-month anniversary of the Trigger Event
      and ending on the eighteen (18)-month anniversary of the Trigger Event, Employer
      shall absorb the entire cost of Employee’s health care continuation coverage
      under COBRA. In the event that Employee becomes eligible to obtain healthcare
      coverage from a new employer prior to the eighteen (18)-month anniversary of
      the
      Trigger Event, Employer’s or its successor’s obligation to pay its portion or
      all, as applicable, of Employee’s healthcare continuation payments shall cease.
      Employee understands and acknowledges that Employee is obligated to inform
      Employer (or its successor) if Employee becomes eligible to obtain healthcare
      coverage from a new employer before the eighteen (18)-month anniversary of
      the
      Trigger Event. The Two Year Amount shall be payable on the next regular paydate
      following 180 days after the date of the Trigger Event; provided, however,
      Employer will pay the Two Year Amount on the next regular pay date following
      the
      expiration of the revocation period set forth in the Release, if payment at
      such
      time will not violate the applicable requirements of Section 409(A) of the
      Code.
      As used in this Agreement, the following terms shall have the following
      meanings:

    

    (i) 
      “Trigger
      Event”
shall
      mean either (a) termination of Employee’s employment with Employer or any
      successor at any time during the period beginning six (6) months prior to the
      effective date of a Change in Control and ending twelve (12) months after the
      Change in Control, other than (y) a termination by Employer for Cause (as
      defined in this Section 4.02(D) below), or (z) a termination by Employee without
      Good Reason pursuant to Section 4.01(E) above, (b) termination of Employee’s
      employment with Employer as a result of the failure, upon a Change in Control,
      of either Employer or any successor to all or a substantial portion of
      Employer’s business and/or or assets to continue Employee’s employment as an
      executive officer of Employer or such successor for a period of at least twelve
      (12) months after the effective date of the Change in Control, with a salary
      at
      least equal to the Base Amount (as defined below) and a bonus each year equal
      to
      not less than the Annual Bonus that Employee received attributable to
      performance during the full fiscal year immediately preceding the effective
      date
      of the Change in Control, or (c) following a Change in Control, termination
      of
      employment by Employee after failure of Employer or its successor to acknowledge
      or assume in writing the obligations to Employee set forth in this Agreement
      after request by Employee. For
      purposes of the definition of “Trigger Event” only, “Cause”
shall
      mean (i) conviction of any crime that constitutes a felony or a criminal offense
      involving moral turpitude, or (ii) intentionally engaging in conduct that is
      materially injurious to Employer or its successor that is not cured within
      a
      reasonable period of time after notice from Employer.

    
      
        
        

      

      
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    (ii)  
      a “Change
      in Control”
shall
      be deemed to have occurred if: 

    

    (a) 
      Any person, firm or corporation acquires directly or indirectly the Beneficial
      Ownership (as defined in Section 13(d) of the Securities Exchange Act of 1934,
      as amended) of any voting security of Employer and immediately after such
      acquisition, the acquirer has Beneficial Ownership of voting securities
      representing 50% or more of the total voting power of all the then-outstanding
      voting securities of Employer; or

    

    (b) 
      The individuals (x) who, as of the date hereof constitute the Board (the
      "Original
      Directors")
      or (y)
      who thereafter are elected to the Board and whose election, or nomination for
      election, to the Board was approved by a vote of at least 2/3 of the Original
      Directors then still in office (such Directors being called "Additional
      Original Directors")
      or (z)
      who are elected to the Board and whose election or nomination for election
      to
      the Board was approved by a vote of at least 2/3 of the Original Directors
      and
      Additional Original Directors then still in office, cease for any reason to
      constitute a majority of the members of the Board; or

    

    (c) 
      The stockholders of Employer shall approve a merger, consolidation,
      recapitalization or reorganization (or consummation of any such transaction
      if
      stockholder approval is not sought or obtained), other than any such transaction
      which would result in more than 66% of the total voting power represented by
      the
      voting securities of the surviving entity outstanding immediately after such
      transaction being Beneficially Owned by holders of outstanding voting securities
      of Employer immediately prior to the transaction, with the voting power of
      each
      such continuing holder relative to such other continuing holders being not
      altered substantially in the transaction; or

    

    (d)
       The stockholders of Employer shall approve a plan of complete liquidation
      of Employer or an agreement for the sale, lease or disposition by Employer
      of
      all or a substantial portion of Employer’s assets (i.e.,
      50% or
      more in value of the total assets of Employer) other than to a subsidiary or
      affiliate.

    

    (iii) 
      “Good
      Reason”
      means:

    

    (a) 
      the failure of Employer or its successor, without Employee’s prior consent, to
      pay any amounts due to Employee or to fulfill any other material obligations
      to
      Employee under this Agreement, other than failures that are remedied by Employer
      or its successor within 15 days after receipt of written notice thereof given
      by
      Employee;

    

    (b) 
      the failure of Employer or its successors to maintain Employee’s position as an
      executive officer with duties consistent with that of an executive officer,
      and
      given the overall size and structure of Employer or its successor, Employee
      no
      longer reports to the functional head of the functional business unit to which
      Employee is assigned;

    
      
        
        

      

      
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    (c) 
      any decrease, without Employee’s consent, in the Base Amount, the Annual Bonus
      (based upon the Annual Bonus that Employee received attributable to performance
      during the full fiscal year immediately preceding the effective date of the
      Change in Control), or in the level or in the value of Employee’s benefits
      (unless the benefit(s) changes are applicable to all executive level employees);
      

    

    (d) 
      any move of the offices of Employer or its successor without Employee’s consent,
      such that Employee would be required to commute more than 25 miles more each
      way
      than Employee commutes immediately prior to the relocation; or

    

    (e) 
      continued employment of Employee by Employer or its successor would be
      substantially likely to cause Employee to breach a material obligation which
      Employee reasonably believes is owed by Employee to any prior employer or any
      other third party.

    

    Notwithstanding
      the foregoing, placing Employee on a paid leave for up to 90 days, pending
      a
      determination of whether there is a basis to terminate Employee for “Cause,”
shall not constitute a “Good Reason.” Employee shall be deemed to have consented
      to any act or event that would otherwise give rise to “Good Reason,” unless
      Employee provides written notice of termination for Good Reason to Employer
      within ninety (90) days following the action or event constituting Good
      Reason.

    

    (iv) 
      “Two
      Year Amount”
shall
      mean two (2) times the sum of (a) the Base Amount, and (b) the Bonus Amount
      (as
      defined below) ); provided, however, in the event that the Trigger Event occurs
      on or after July 1 of any calendar year, the Two Year Amount also shall include
      an amount equal only to 50% of Employee’s target Annual Bonus for the fiscal
      year in which the Trigger Event occurred.. 

    

    (v)  
      “Base
      Amount”
shall
      mean the annualized Base Salary in effect immediately prior to the Trigger
      Event. 

    

    (vi)
      “Bonus
      Amount”
shall
      mean either (a) the Annual Bonus that Employee received attributable to
      performance during the full fiscal year immediately preceding the Trigger Event;
      or (b) Employee’s target Annual Bonus for the fiscal year in which the Trigger
      Event occurred, whichever is higher. 

    

    ARTICLE
      V

    MISCELLANEOUS

    

    5.01         
      Benefit
      of Agreement and Assignment.
      This
      Agreement shall inure to the benefit of Employer, its affiliates and their
      respective successors and assigns (including, without limitation, the purchaser
      of all or substantially all of the assets) and shall be binding upon Employer
      and its successors and assigns. This Agreement shall also inure to the benefit
      of and be binding upon Employee and Employee’s heirs, administrators, executors
      and assigns. Employee may not assign or delegate Employee’s duties under this
      Agreement, without the prior written consent of Employer.

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    5.02          
      Notices.
       All
      notices, requests, demands and other communications required or permitted
      hereunder shall be given in writing and shall be deemed to have been duly given
      (i) on the date delivered if personally delivered, (ii) upon receipt by the
      receiving party of any notice sent by registered or certified mail (first-class
      mail, postage pre-paid, return receipt requested) or (iii) on the date targeted
      for delivery if delivered by nationally recognized overnight courier or similar
      courier service, addressed in the case of Employer to:

    

    
      	
              LifeCell
                Corporation.

            	
              with
                a copy to:

            
	
              One
                Millenium Way

            	
              Lowenstein
                Sandler PC

            
	
              Branchburg,
                New Jersey 08876

            	
              65
                Livingston Avenue

            
	
              Attn:
                President

            	
              Roseland,
                New Jersey 07068

            
	 	
              Attn:
                Martha L. Lester, Esq.

            

    

    

    and
      in
      the case of Employee to:

    

    

    
      	
              Steven
                T. Sobieski

            	
              with
                a copy to:

            
	
              8
                Yellow brook Drive

            	
              Morgan
                Lewis

            
	
              Colts
                Neck, New Jersey 07222

            	
              1701
                Market Street

            
	 	Philadelphia,
              PA
              19103
	 	
              Attn:
                Robert Lichtenstein, Esq.

            

    

    

    

    Any
      party
      may notify the other party in writing of the change in address by giving notice
      in the manner provided in this Section 5.02. Service of process in connection
      with any suit, action or proceeding (whether arbitration or otherwise) may
      be
      served on each party hereto anywhere in the world by the same methods as are
      specified for the giving of notices under this Agreement. 

    

    5.03         
      Confidentiality,
      Assignment of Contributions and Inventions, Non-Competition and Non-Solicitation
      Agreement.
      Employee acknowledges and confirms that the Confidentiality, Assignment of
      Contributions and Inventions, Non-Competition and Non-Solicitation Agreement
      executed by Employee in favor of Employer on July 20, 2005 (“Covenants
      Agreement”),
      the
      terms of which are incorporated herein by reference, remains in full force
      and
      effect and binding upon Employee. The Covenants Agreement shall survive the
      termination of this Agreement and Employee’s employment by Employer for the
      applicable period(s) set forth therein.

    

    5.04         
      Entire
      Agreement.
      Except
      with respect to the terms of any outstanding written agreements relating to
      equity compensation grants not modified by the terms of this Agreement, this
      Agreement and the Covenants Agreement contain the entire agreement of the
      parties hereto with respect to the terms and conditions of Employee's employment
      during the Term and activities following termination of this Agreement and
      Employee’s employment with Employer and supersedes any and all prior agreements
      and understandings, whether written or oral, between the parties with respect
      to
      the subject matter of this Agreement or the Covenants Agreement, including,
      without limitation, the offer letter from Employee to Employee dated May 22,
      2000, as amended by the letter dated May 12, 2003, and the letter agreement
      re:
      change in control dated December 14, 2000. Neither this Agreement nor the
      Covenants Agreement may be changed or modified except by an instrument in
      writing, signed by both the President/CEO of Employer or the Chairman of the
      Compensation Committee and Employee.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    5.05         
      Indemnification;
      D&O Insurance.
      Employer shall indemnify Employee against all claims arising out of Employee’s
      actions or omissions occurring during Employee’s employment with Employer to the
      fullest extent provided (A) by Employer’s Certificate of Incorporation and/or
      Bylaws, (B) under Employer’s Directors and Officers Liability and general
      insurance policies, and (C) under the Delaware General Corporation Law, as
      each
      may be amended from time to time. Employer agrees it will continue to maintain
      Directors and Officers Liability and general insurance policies to fund the
      indemnity described above in the same amount and to the same extent it maintains
      such coverage for the benefit of its other officers and directors. 

    

    5.06.         
      Representation
      and Warranties.
      Employee represents and warrants to Employer that (i) Employee has the legal
      capacity to execute and perform this Agreement, (ii) this Agreement and the
      Covenants Agreement are valid and binding agreements enforceable against
      Employee according to their terms, and (iii) the execution and performance
      of
      this Agreement by Employee does not violate or conflict with the terms of any
      existing agreement or understanding to which Employee is a party or by which
      Employee may be bound.

    

    5.07         
      No
      Attachment.
      Except
      as required by law, no right to receive payments under this Agreement shall
      be
      subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
      charge, pledge, or hypothecation or to execution, attachment, levy, or similar
      process or assignment by operation of law, and any attempt, voluntary or
      involuntary, to effect any such action shall be null, void and of no effect;
      provided, however, that nothing in this Section 5.07 shall preclude the
      assumption of such rights by executors, administrators or other legal
      representatives of Employer or his estate and their assigning any rights
      hereunder to the person or persons entitled thereto.

    

    5.08         
      Source
      of Payment.
      All
      payments provided for under this Agreement shall be paid in cash from the
      general funds of Employer. Employer shall not be required to establish a special
      or separate fund or other segregation of assets to assure such payments, and,
      if
      Employer shall make any investments to aid it in meeting its obligations
      hereunder, Employee shall have no right, title or interest whatever in or to
      any
      such investments except as may otherwise be expressly provided in a separate
      written instrument relating to such investments. Nothing contained in this
      Agreement, and no action taken pursuant to its provisions, shall create or
      be
      construed to create a trust of any kind, or a fiduciary relationship, between
      Employer and Employee or any other person. To the extent that any person
      acquires a right to receive payments from Employer hereunder, such right,
      without prejudice to rights which employees may have, shall be no greater than
      the right of an unsecured creditor of Employer.

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    5.09         
      Limitation
      as to Amounts Payable.
      Notwithstanding anything set forth in this Agreement to the contrary, if any
      payment or benefit Employee would receive from Employer (or its successor)
      pursuant to a Change in Control or otherwise (“Payment”)
      would
      (i) constitute a “parachute payment” within the meaning of Section 280G of the
      Code and (ii) but for this sentence, be subject to the excise tax imposed by
      Section 4999 of the Code (the “Excise
      Tax”),
      then
      such Payment shall be reduced to the Reduced Amount. The “Reduced
      Amount”
shall
      be either (x) the largest portion of the Payment that would result in no portion
      of the Payment being subject to the Excise Tax or (y) the largest portion,
      up to
      and including the total, of the Payment, whichever amount, after taking into
      account all applicable federal, state and local employment taxes, income taxes,
      and the Excise Tax (all computed at the highest applicable marginal rate),
      results in Employee’s receipt, on an after-tax basis, of the greater amount of
      the Payment notwithstanding that all or some portion of the Payment may be
      subject to the Excise Tax. If a reduction in payments or benefits (or a
      cancellation of the acceleration of vesting of stock options or equity awards)
      constituting “parachute payments” is necessary so that the Payment equals the
      Reduced Amount, such reduction and/or cancellation of acceleration shall occur
      in the order that provides the maximum economic benefit to Employee. In the
      event that acceleration of vesting of stock option or equity award compensation
      is to be reduced, such acceleration of vesting also shall be canceled in the
      order that provides the maximum economic benefit to Employee. The accounting
      firm engaged by Employer for general audit purposes as of the day prior to
      the
      effective date of the Change in Control shall perform the foregoing
      calculations. If the accounting firm so engaged by Employer is also serving
      as
      accountant or auditor for the individual, entity or group effecting the Change
      in Control or is otherwise unwilling or unable to make such determinations,
      Employer shall appoint a nationally recognized accounting firm to make the
      determinations required under this Section 5.09. Employer shall bear all
      expenses with respect to the determinations by such accounting firm required
      to
      be made under this Section 5.09. The accounting firm engaged to make the
      determinations under this Section 5.09 shall provide its calculations, together
      with detailed supporting documentation, to Employer and Employee as soon as
      practicable after the date on which Employee’s right to a Payment is triggered
      (if requested at that time by Employer (or its successor) or Employee) or such
      other time as requested by Employer or Employee. If the accounting firm
      determines that no Excise Tax is payable with respect to a Payment, either
      before or after the application of the Reduced Amount, it shall furnish Employer
      (or its successor) with an opinion reasonably acceptable to Employee that no
      Excise Tax will be imposed with respect to such Payment. Any good faith
      determinations of the accounting firm made under this Section 5.09 shall be
      final, binding, and conclusive upon Employer (or its successor) and
      Employee.

    

    5.10         
      No
      Waiver.
      The
      waiver by other party of a breach of any provision of this Agreement shall
      not
      operate or be construed as a continuing waiver or as a consent to or waiver
      of
      any subsequent breach hereof.

    

    5.11         
      Headings.
      The
      Article and Section headings in this Agreement are for the convenience of
      reference only and do not constitute a part of this Agreement and shall not
      be
      deemed to limit or affect any of the provisions hereof.

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    5.12         
      Governing
      Law and Dispute Resolution.
      Any and
      all actions or controversies arising out of this Agreement, Employee’s
      employment or the termination hereof or thereof, including, without limitation,
      tort claims, shall be construed and enforced in accordance with the internal
      laws of the State of New Jersey, without regard to the choice of law principles
      thereof. Except
      with respect to Employer’s and Employee’s right to seek injunctive or other
      equitable relief (including, without limitation, pursuant to the Covenants
      Agreement), any dispute, controversy or claim based on, arising out of or
      relating to the interpretation and performance of this Agreement, Employee’s
      employment or any termination hereof or thereof or any matter relating to the
      foregoing shall be solely submitted to and finally settled by arbitration by
      a
      single arbitrator in accordance with the then-current rules of the American
      Arbitration Association (“AAA”),
      including without limitation any claims for discrimination under any applicable
      federal, state or local law or regulation. Any such arbitration shall be
      conducted in the New Jersey office of the AAA located closest to Employer’s New
      Jersey office. The single arbitrator shall be appointed from the AAA’s list of
      arbitrators by the mutual consent of the parties or, in the absence of such
      consent, by application of any party to the AAA. A decision of the arbitrator
      shall be final end binding upon the parties. The parties agree that this Section
      5.12 shall be grounds for dismissal of any court action commenced by either
      party with respect to this Agreement, other than (i) post-arbitration actions
      seeking to enforce an arbitration award and (ii) actions seeking appropriate
      equitable or injunctive relief , including, without limitation, pursuant to
      the
      Covenants Agreement. Employer shall pay the pay the fees of the arbitrator
      and
      each party shall be responsible for its own legal fees, costs of its experts
      and
      expenses of its witnesses. The arbitrator’s remedial authority shall equal the
      remedial power that a court with competent jurisdiction over the parties and
      their dispute would have. Any
      award
      rendered shall be final, binding and conclusive (without the right to an appeal,
      unless such appeal is based on fraud by the other party in connection with
      the
      arbitration process) upon the parties and any judgment on such award may be
      enforced in any court having jurisdiction, unless otherwise provided by
      law.
      Employer
      and Employee acknowledge that it is the intention of the parties that this
      Section 5.12 shall apply to all disputes, controversies and claims, including,
      without limitation, any rights or claims Employee may have under the Age
      Discrimination in Employment Act of 1967, the Americans with Disabilities Act,
      Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the New Jersey
      Law
      Against Discrimination, the Conscientious Employee Protection Act, the New
      Jersey Civil Rights Act, and all other federal, state or local laws, rules
      or
      regulations relating to employment discrimination or otherwise pertaining to
      this Agreement, Employee’s employment or termination thereof. Employer
      and Employee knowingly and voluntarily agree to this arbitration provision
      and
      acknowledge that arbitration shall be instead of any civil litigation, meaning
      that Employee and Employer are each waiving
      any rights to a jury trial.

    

    5.13         
      Validity.
      The
      invalidity or enforceability of any provision or provisions of this Agreement
      or
      the Covenants Agreement shall not affect the validity or enforceability of
      any
      other provision or provisions of this Agreement or the Covenants Agreement,
      which shall remain in full force and effect.

    

    5.14         
      Employee
      Withholdings and Deductions.
      All
      payments to Employee hereunder shall be subject to such withholding and other
      employee deductions as may be required by law.

    

    5.15         
      Counterparts.
      This
      Agreement may be executed in one more counterparts, each of which shall be
      deemed to be an original but all of which together will constitute one and
      the
      same instrument.

    

    5.16         
      Agreement
      to Take Actions.
      Each
      party to this Agreement shall execute and deliver such documents, certificates,
      agreements and other instruments, and shall take all other actions, as may
      be
      reasonably necessary or desirable in order to perform his/her or its obligations
      under this Agreement.

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    5.17         
      Survival.
      The
      terms of Section 4.02 and Article V of this Agreement shall survive the
      termination of this Agreement and Employee’s employment hereunder.

    

    IN
      WITNESS WHEREOF, Employer and Employee have duly executed this Agreement as
      of
      the date first written above.

    

    
      	 	
              EMPLOYER:

            	 
	 	 	 	 
	 	
              LIFECELL
                CORPORATION.

            	 
	 	 	 	 
	 	 	 	 
	 	
              BY:

            	
              /s/
                Paul G. Thomas

            	 
	 	 	
              Paul
                G. Thomas, President and CEO

            	 
	 	 	 	 
	 	 	 	 
	 	
              EMPLOYEE:

            	 
	 	 	 	 
	 	
              /s/
                Steven T. Sobieski

            	 
	 	
              Steven
                T. Sobieski

            	 

    

     

     

    -14-Exhibit 10.3

    
      
        

      

    

    Employment
      Agreement

    

    This
      Employment Agreement (“Agreement”)
      dated
      September 21, 2005, is entered into between LIFECELL CORPORATION, a Delaware
      corporation, having its principal place of business at One Millenium Way,
      Branchburg, New Jersey 08876 (“Employer”),
      and
      LISA N. COLLERAN, an individual residing at 68 Morgan Lane, Basking Ridge,
      New
      Jersey 07920 (“Employee”).

    

    WHEREAS,
      Employer desires to continue to employ Employee; and

    

    WHEREAS,
      Employee is willing to accept such continued employment on the terms and
      conditions set forth in this Agreement.

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual agreements set forth herein, Employer and Employee
      hereby agree as follows:

    

    ARTICLE
      I

    EMPLOYMENT;
      POSITION DUTIES AND RESPONSIBILITIES

    

    1.01        
      Employment.
      Employer agrees to, and does hereby, continue to employ Employee, and Employee
      agrees to, and does hereby accept, such continued employment, upon the terms
      and
      subject to the conditions set forth in this Agreement. 

    

    1.02        
      Position,
      Duties and Responsibilities.
      During
      the Term (as defined in Section 2.01 below), and prior to a Change in Control
      (as defined in Section 4.02(D)(ii) below), Employee shall serve as Senior Vice
      President, Commercial Operations of Employer and/or in such other position
      or
      capacity with a title of at least Senior Vice President or its equivalent and
      that is consistent with Employee’s education, background and experience as
      Employer shall reasonably request and shall have such responsibilities, duties
      and authority consistent with such position(s) as may, from time to time, be
      assigned by the Board of Directors of Employer (the “Board”), the President/CEO
      of Employer and/or the President/CEO’s nominee. During the Term, and after a
      Change in Control, Employee shall serve as Senior Vice President, Commercial
      Operations of Employer and/or in such other executive level position or capacity
      that is consistent with Employee’s education, background and experience as
      Employer shall reasonably request and shall have such responsibilities, duties
      and authority consistent with such position(s) as may, from time to time, be
      assigned by the Board, the President/CEO of Employer and/or the President/CEO’s
      nominee. Employee’s employment by Employer shall be full-time and exclusive to
      Employer, Employee shall serve Employer faithfully and to the best of Employee’s
      ability, and Employee shall devote all of Employee’s business time, attention,
      skill and efforts exclusively to the business and affairs of Employer (including
      its affiliates) and the promotion of its interests. 

    

    ARTICLE
      II

    TERM

    

    2.01        
      Term
      of Employment.
      Employee’s continued employment under this Agreement shall commence as of the
      date of this Agreement (the “Commencement
      Date”)
      and
      shall continue until terminated by either Employer or Employee pursuant to
      Article IV hereof (the “Term”).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

    COMPENSATION
      AND EXPENSES

    

    3.01        
      Compensation
      and Benefits.
      For all
      services rendered by Employee in any capacity during the Term, including,
      without limitation, services as an officer, director or member of any committee
      of Employer, or any affiliate or division thereof, Employee shall be compensated
      as follows (subject, in each case, to the provisions of Article IV
      below):

    

    (A)        
      Base
      Salary.
      During
      the Term, Employer shall pay to Employee a base salary at the rate of $260,750
      on an annualized basis (the “Base
      Salary”).
      Employee’s Base Salary shall be subject to periodic adjustments (but not
      decreases) as
      the
      Board and/or the Compensation Committee of Employer (the “Compensation
      Committee”)
      shall,
      in its sole discretion, deem appropriate. As used in this Agreement, the term
      “Base
      Salary”
shall
      refer to Base Salary as may be adjusted from time to time.
      Base
      Salary shall be payable in accordance with the customary payroll practices
      of
      Employer.

    

    (B)        
      Annual
      Bonus.
      During
      the Term, Employee also will be eligible to participate in Employer’s incentive
      compensation plan in place from time to time and applicable to similarly
      situated employees. Employer reserves the right to amend or rescind the
      incentive compensation plan at any time in its discretion. In connection with
      Employee’s participation in the incentive compensation plan, Employee will be
      eligible to receive an annual discretionary bonus (the “Annual
      Bonus”).
      The
      amount of the Annual Bonus, if any, will be determined by the Board and/or
      the
      Compensation Committee in its discretion and will be related to the achievement
      of agreed upon management objectives, which objectives shall be subject to
      Board
      and/or Compensation Committee approval. Employee’s target Annual Bonus for
      calendar year 2005 is 35% of Base Salary on an annualized basis. The Annual
      Bonus, if any, will be determined as of the end of each calendar year during
      the
      Term and shall be payable within thirty (30) days following the end of such
      calendar year. Except as otherwise specifically set forth in Section 4.02 below,
      to be eligible to receive the Annual Bonus, or any portion thereof, Employee
      must be employed by Employer both at the time the amount of the Annual Bonus,
      if
      any, is determined, and at the time the Annual Bonus, if any, is to be paid.
       

    

    (C)        
      Equity
      Compensation.
      

    

    (i)   
      During the Term, pursuant to the terms and conditions of the LifeCell
      Corporation Equity Compensation Plan adopted on July 19, 2005 (the “2005
      Plan”)
      or any
      successor equity compensation plan as may be in place from time to time,
      Employee shall be eligible to receive, from time to time, Awards in amounts,
      and
      subject to such terms, conditions and restrictions, as determined by the
      Compensation Committee in its sole discretion. Awards granted to Employee,
      if
      any, will be subject the terms and conditions established within the 2005 Plan
      (as amended from time to time) or any successor equity compensation plan as
      may
      be in place from time to time, as applicable, and the separate option agreement,
      restricted stock purchase agreement or stock award agreement between Employer
      and Employee that sets forth the terms and conditions of the Award (e.g.,
      exercise price, expiration date and vesting schedule of Options; the restricted
      period and/or other restrictions such as performance objectives relating to
      Stock Awards). Capitalized terms used in this Section 3.01(C)(i) and not
      otherwise defined in this Agreement shall have the meanings assigned thereto
      in
      the 2005 Plan.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (ii)  
      Notwithstanding any provision of the (a) 2005 Plan or any predecessor plan
      thereto, including clause (iii) of Section 16(b) of the 2005 Plan, (b) terms
      of
      any outstanding Nonstatutory Stock Options granted to Employee prior to the
      Commencement Date under the 2005 Plan or any predecessor plan thereof, or (c)
      terms of any Options (whether Nonstatutory Stock Options or Incentive Stock
      Options) that may be granted to Employee under the 2005 Plan on or subsequent
      to
      the Commencement Date to the contrary, Nonstatutory Stock Options granted to
      Employee under the 2005 Plan or any predecessor plan prior to the Commencement
      Date and Options (whether Nonstatutory Stock Options or Incentive Stock Options)
      granted to Employee under the 2005 Plan on or subsequent to the Commencement
      Date shall not be canceled pursuant to the 2005 Plan in connection with a
      Corporate Transaction Event, unless Employee has been provided an opportunity
      to
      exercise such Options (whether or not then exercisable) for a period of no
      less
      than three days prior to the date of such Corporate Transaction Event. For
      purposes of this Section 3.01(C)(ii), capitalized terms used in the preceding
      sentence and not otherwise defined in this Agreement shall have the meanings
      assigned thereto in the 2005 Plan.

    

    (iii)
      Except as otherwise may be specifically set forth in a separate option
      agreement, restricted stock purchase agreement or stock award agreement entered
      into between Employer and Employee after the Commencement Date, upon the
      occurrence of a Change in Control (as defined in Section 4.02(D)(ii) below)
      during the Term, all stock options and any other equity-based compensation
      shall
      become vested immediately and, if applicable, exercisable by Employee for a
      period of the longer of the exercise period in effect immediately prior to
      the
      Change in Control or the period ending ninety (90) days after the effective
      date
      of the Change in Control. Notwithstanding the foregoing, with respect to the
      restricted stock award consisting of a retention stock award and a performance
      stock award granted to Employee pursuant to the restricted stock award agreement
      between Employer and Employee dated as of July 20, 2005 (the “Special
      2005 Restricted Stock Award Agreement”),
      in
      the event of a Change in Control on or prior to the Vesting Date, the
      restrictions applicable to all of the Retention Shares and the restrictions
      applicable to only 29,978 of the Performance Shares shall lapse. For purposes
      of
      the preceding sentence only, capitalized terms that otherwise are not defined
      in
      this Agreement shall have the meanings assigned thereto in the Special 2005
      Restricted Stock Award Agreement.

    

    (D)        
      Benefits.
      During
      the Term, Employee shall be entitled to participate in all Employer's employee
      benefit plans and programs (excluding severance plans, if any) as Employer
      generally maintains from time to time during the Term for the benefit of its
      employees, in each case subject to the eligibility requirements, enrollment
      criteria and the other terms and provisions of such plans or programs. Employer
      may amend, modify or rescind any employee benefit plan or program and/or change
      employee contribution amounts to benefit costs without notice in its
      discretion.

    

    (E)        
      Vacation
      Sick and Personal Days.
      During
      the Term, Employee shall be entitled to paid sick days and other paid time
      off
      in accordance with Employer's policies with respect to such sick days and other
      paid time off in place from time to time. 

    

    3.02        
      Expenses.
      Employee shall be entitled to receive reimbursement from Employer for reasonable
      out-of-pocket expenses incurred by Employee during the Term in connection with
      the performance of Employee’s duties and obligations under this Agreement,
      according to Employer's expense account and reimbursement policies in place
      from
      time to time and provided that Employee shall submit reasonable documentation
      with respect to such expenses.

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

    TERMINATION

    

    4.01        
      Events
      of Termination.
      This
      Agreement and Employee’s employment hereunder shall terminate upon the
      occurrence of any one or more of the following events:

    

    (A)        
      Death.
      In the
      event of Employee’s death, this Agreement and Employee’s employment hereunder
      shall automatically terminate on the date of death.

    

    (B)        
      Disability.
      To the
      extent permitted by law, in the event of Employee’s physical or mental
      disability that prevents Employee from performing Employee’s duties under this
      Agreement for a period of at least 90 consecutive days in any 12-month period
      or
      120 non-consecutive days in any 12-month period, Employer may terminate this
      Agreement and Employee’s employment hereunder upon giving notice of termination
      to Employee.

    

    (C)        
      Termination
      by Employer for Cause.
      Employer may, at its option, terminate this Agreement and Employee’s employment
      hereunder for Cause (as defined below) upon giving notice of termination to
      Employee. For purposes hereof, “Cause”
shall
      mean Employee’s (i) conviction of, guilty plea to or confession of guilt of a
      felony or a criminal act involving moral turpitude, (ii) commission of a
      fraudulent, illegal or dishonest act in respect of Employer or its successors,
      (iii) willful misconduct or gross negligence that reasonably could be expected
      to be injurious to the business, operations or reputation of Employer or its
      successors (monetarily or otherwise), (iv) material violation
      of Employer's policies or procedures in effect from time to time; provided,
      however, to the extent such violation is subject to cure, Employee will have
      a
      reasonable opportunity to cure such violation after written notice thereof,
      (v)
      material failure to perform Employee’s duties as assigned to Employee from time
      to time; provided, however, to the extent such failure is subject to cure,
      Employee will have a reasonable opportunity to cure such non-performance after
      written notice thereof, (vi) breach of the terms of the Covenants Agreement
      (as
      defined in Section 5.03 below), or (vii) other material breach of Employee’s
      representations, warranties, covenants and other obligation under this
      Agreement; provided, however, to the extent such breach of a covenant or other
      obligation is subject to cure, Employee will have a reasonable opportunity
      to
      cure such breach after written notice thereof.

    

    (D)        
      Without
      Cause by Employer.
      Employer may, at its option, at any time terminate this Agreement and Employee’s
      employment hereunder for no reason or for any reason whatsoever (other than
      for
      Cause or as a result of Employee’s death or Disability) by giving written notice
      of termination to Employee.

    

    (E)        
      Termination
      By Employee.
      Employee
      may terminate this Agreement and Employee’s employment hereunder for any reason
      or no reason by giving thirty (30) days prior written notice of termination
      to
      Employer; provided, however, that Good Reason (as defined in Section
      4.02(D)(iii) below) only shall apply for purposes of Section 4.02(D) below.
      Following Employee’s delivery of written notice of termination to Employer,
      Employer reserves the right to accept Employee's notice of termination and
      to
      accelerate such notice and make Employee's termination effective immediately,
      or
      on any other date prior to Employee's intended last day of work as Employer
      deems appropriate.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    (F)        
      Mutual
      Agreement.
      This
      Agreement and Employee's employment hereunder may be terminated at any time
      by
      the mutual agreement of Employer and Employee.

    

    4.02        
      Employer’s
      Obligations Upon Termination.
      

     

    (A)  
      Termination
      by Employer for Cause; Termination by Employee; Mutual Agreement.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Sections 4.01(C), 4.01(E), or 4.01(F) above, then this Agreement
      and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligation under this Agreement or otherwise shall be to (i) pay to Employee
      any
      Base Salary earned, but not yet paid, prior to the effective date of such
      termination, (ii) reimburse Employee for any expenses incurred by Employee
      through the effective date of such termination in accordance with Section 3.02
      hereof, and (iii) pay and/or provide any amounts or benefits that are vested
      amounts or vested benefits or that Employee is otherwise entitled to receive
      under any plan, program, policy or practice (with the exception of those, if
      any, relating to severance) on the date of termination, in accordance with
      such
      plan, program, policy, or practice (clauses (i), (ii) and (iii) of this sentence
      are collectively referred to herein as the “Accrued
      Obligations”).

    

    (B)    
      Death;
      Disability.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Sections 4.01(A) or 4.01(B) above, then this Agreement and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligation under this Agreement or otherwise shall be to (i) pay and/or provide,
      as applicable, the Accrued Obligations, and (ii) subject to Employee’s or
      Employee’s estate’s, as applicable, execution, delivery, and non-revocation of a
      general release in a form satisfactory to Employer (the “Release”)
      (which
      Release, among other things, will include a general release of Employer, its
      affiliates and their respective officers, directors, managers, members,
      shareholders, partners, employees and agents from all liability and other terms
      deemed necessary by Employer for its protection; provided, however, the Release
      will preserve (a) Employee’s rights, if any, to indemnification by Employer, (b)
      Employee’s rights, if any, as a shareholder of Employer, and (c) Employee’s
      rights, if any, under the terms of this Agreement that are intended to survive
      the termination of this Agreement and Employee’s employment hereunder), pay to
      Employee or Employee’s estate, as applicable, the Prorata Bonus (as defined
      below). The Prorata Bonus shall be payable in equal installments over a twelve
      (12)-month period in accordance with Employer’s customary payroll practices,
      commencing on the next regular paydate following 180 days after the date of
      Employee’s termination of employment with Employer; provided, however, Employer
      will commence installment payments of the Prorata Bonus on the next regular
      paydate following the eighth (8th)
      day
      after Employee’s or Employee’s estate’s, as applicable, execution and delivery
      of the Release if commencement of payment at such time will not violate the
      applicable requirements of Section 409(A) of the Internal Revenue Code (the
      “Code”).
      As
      used in this Agreement, “Prorata
      Bonus”
shall
      mean the product of: (i) the greater of (a) the Annual Bonus that Employee
      received attributable to performance during the full fiscal year immediately
      prior to the date of Employee’s termination of employment with Employer, or (b)
      Employee’s target Annual Bonus for the fiscal year in which the date of
      termination of Employee’s employment with Employer occurred; and (ii) a
      fraction, the numerator of which is the number of days in the fiscal year in
      which the date of termination occurs through the effective date of Employee’s
      termination of employment and the denominator of which is 365.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    (C)  
       Termination
      by Employer without Cause.
      In the
      event of a termination of this Agreement and Employee’s employment hereunder
      pursuant to Section 4.01(D) above, then this Agreement and Employee’s employment
      with Employer shall terminate and Employer’s sole obligation under this
      Agreement or otherwise shall be to (i) pay and/or provide, as applicable, the
      Accrued Obligations, (ii) subject to Employee’s execution, delivery, and
      non-revocation of the Release, (a) pay to Employee an aggregate amount equal
      to
      the Salary Continuation Payment (as defined below) and the Prorata Bonus
      (collectively, the “Severance
      Payment”),
      and
      (b) if Employee timely elects COBRA coverage and (1) provided Employee continues
      to make contributions to such continuation coverage equal to Employee’s
      contribution in effect immediately preceding the date of Employee’s termination
      of employment, Employer shall pay the remaining portion of Employee’s healthcare
      continuation payments under COBRA for a twelve (12)-month period following
      the
      date of Employee’s termination of employment with Employer, and (2) provided
      that Employee’s COBRA coverage remains in effect, during the period commencing
      on the twelve (12)-month anniversary and ending on the eighteen (18)-month
      anniversary of Employee’s termination of employment with Employer, Employer
      shall absorb the entire cost of Employee’s health care continuation coverage
      under COBRA. In the event that Employee becomes eligible to obtain healthcare
      coverage from a new employer, Employer’s obligation to pay its portion or all,
      as applicable, of Employee’s healthcare continuation payments shall cease.
      Employee understands and acknowledges that Employee is obligated to inform
      Employer (or its successor) if Employee becomes eligible to obtain healthcare
      coverage from a new employer before the eighteen (18)-month anniversary of
      Employee’s termination of employment. The Severance Payment shall be payable in
      equal installments over a twelve (12)-month period in accordance with Employer’s
      customary payroll practices, commencing on the next regular paydate following
      180 days after the date of Employee’s termination of employment with Employer;
      provided, however, Employer will commence installment payments of the Severance
      Payment on the next regular paydate following the eighth (8th)
      day
      after Employee’s execution and delivery of the Release if commencement of
      payment at such time will not violate the applicable requirements of Section
      409(A) of the Code. As used in this Section 4.02(C), the term “Salary
      Continuation Payment”
shall
      mean an amount equal to the product of: (i) one (1); and (ii) Employee’s
      annualized Base Salary in effect immediately prior to the date of termination
      of
      Employee’s employment with Employer.

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (D)   
      Trigger
      Event Termination.
      Notwithstanding the provisions of Sections 4.02(A) and 4.02(C) above, upon
      the
      occurrence of a Trigger Event (as defined below) and in lieu of any payments
      or
      benefits pursuant to Sections 4.02(A) or 4.02(C) above, this Agreement and
      Employee’s employment with Employer shall terminate and Employer’s sole
      obligations shall be to (i) pay and/or provide, as applicable, the Accrued
      Obligations, and (ii) subject to Employee’s execution, delivery and
      non-revocation of the Release, (a) pay to Employee an aggregate amount equal
      to
      the Trigger Event Amount (as defined below), and (b) if Employee timely elects
      COBRA coverage and (1) provided that Employee continues to make contributions
      to
      such continuation coverage equal to Employee’s contribution amount to medical
      insurance in effect immediately preceding the Trigger Event, Employer or its
      successor shall pay the remaining portion of Employee’s healthcare continuation
      payments under COBRA during the twelve (12)-month period following the Trigger
      Event, and (2) provided that Employee’s COBRA coverage remains in effect, during
      the period commencing on the twelve (12)-month anniversary of the Trigger Event
      and ending on the eighteen (18)-month anniversary of the Trigger Event, Employer
      shall absorb the entire cost of Employee’s health care continuation coverage
      under COBRA. In the event that Employee becomes eligible to obtain healthcare
      coverage from a new employer prior to the eighteen (18) month anniversary of
      the
      Trigger Event, Employer’s or its successor’s obligation to pay its portion or
      all, as applicable, of Employee’s healthcare continuation payments shall cease.
      Employee understands and acknowledges that Employee is obligated to inform
      Employer (or its successor) if Employee becomes eligible to obtain healthcare
      coverage from a new employer before the eighteen (18)-month anniversary of
      the
      Trigger Event. The Trigger Event Amount shall be payable in equal installments
      over an eighteen (18) month period or, in the event that the Trigger Event
      occurs on or after the twelve (12) month anniversary of the Commencement Date,
      over a twenty four (24) month period, in accordance with Employer’s or its
      successor’s customary payroll practices, commencing 180 days following the date
      of termination of Employee’s employment; provided, however, Employer will
      commence installment payments of the Trigger Event Amount on the next regular
      pay date following the expiration of the revocation period set forth in the
      Release, if commencement of payment at such time will not violate the applicable
      requirements of Section 409(A) of the Code. As used in this Agreement, the
      following terms shall have the following meanings:

    

    (i)  
      Trigger
      Event”
shall
      mean either (a) termination of Employee’s employment with Employer or any
      successor at any time during the period beginning six (6) months prior to the
      effective date of a Change in Control (as defined below) and ending twelve
      (12)
      months after the Change in Control, other than (x) a termination by Employer
      for
      Cause pursuant to Section 4.01(C) above, (y) a termination as a result of
      Employee’s death or Disability pursuant to Sections 4.01(A) or 4.01(B) above, or
      (z) a termination by Employee without Good Reason (as defined below) pursuant
      to
      Section 4.01(E) above, or (b) following a Change in Control, termination of
      employment by Employee after failure of Employer or its successor to acknowledge
      or assume in writing the obligations to Employee set forth in this Agreement
      after request by Employee. 

    

    (ii)  
      a “Change
      in Control”
shall
      be deemed to have occurred if: 

    

    (a)  
      Any person, firm or corporation acquires directly or indirectly the Beneficial
      Ownership (as defined in Section 13(d) of the Securities Exchange Act of 1934,
      as amended) of any voting security of Employer and immediately after such
      acquisition, the acquirer has Beneficial Ownership of voting securities
      representing 50% or more of the total voting power of all the then-outstanding
      voting securities of Employer; or

    

    (b) 
      The individuals (x) who, as of the date hereof constitute the Board (the
      "Original
      Directors")
      or (y)
      who thereafter are elected to the Board and whose election, or nomination for
      election, to the Board was approved by a vote of at least 2/3 of the Original
      Directors then still in office (such Directors being called "Additional
      Original Directors")
      or (z)
      who are elected to the Board and whose election or nomination for election
      to
      the Board was approved by a vote of at least 2/3 of the Original Directors
      and
      Additional Original Directors then still in office, cease for any reason to
      constitute a majority of the members of the Board; or

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    (c) 
      The stockholders of Employer shall approve a merger, consolidation,
      recapitalization or reorganization (or consummation of any such transaction
      if
      stockholder approval is not sought or obtained), other than any such transaction
      which would result in more than 66% of the total voting power represented by
      the
      voting securities of the surviving entity outstanding immediately after such
      transaction being Beneficially Owned by holders of outstanding voting securities
      of Employer immediately prior to the transaction, with the voting power of
      each
      such continuing holder relative to such other continuing holders being not
      altered substantially in the transaction; or

    

    (d) 
      The stockholders of Employer shall approve a plan of complete liquidation of
      Employer or an agreement for the sale, lease or disposition by Employer of
      all
      or a substantial portion of Employer’s assets (i.e.,
      50% or
      more in value of the total assets of Employer) other than to a subsidiary or
      affiliate.

    

    (iii)  
      “Good
      Reason”
      means:

     

    (a) 
      the failure of Employer or its successor, without Employee’s prior consent, to
      pay any amounts due to Employee or to fulfill any other material obligations
      to
      Employee under this Agreement, other than failures that are remedied by Employer
      or its successor within 30 days after receipt of written notice thereof given
      by
      Employee;

    

    (b) 
      the failure of Employer or its successors to maintain Employee’s position as an
      executive officer with duties consistent with that of an executive officer,
      and
      given the overall size and structure of Employer or its successor, Employee
      no
      longer reports to the functional head of the functional business unit to which
      Employee is assigned; 

    

    (c)  
      any material decrease in Employee’s Base Amount (as defined below);
      or

    

    (d) 
      any move of the offices of Employer or its successor without Employee’s consent,
      such that Employee would be required to commute more than 25 miles more each
      way
      than Employee commutes immediately prior to the relocation.

    

    Notwithstanding
      the foregoing, placing Employee on a paid leave for up to 90 days, pending
      a
      determination of whether there is a basis to terminate Employee for “Cause,”
shall not constitute a “Good Reason.” Employee shall be deemed to have consented
      to any act or event that would otherwise give rise to “Good Reason,” unless
      Employee provides written notice of termination for Good Reason to Employer
      within ninety (90) days following the action or event constituting Good
      Reason.

    

    (iv) 
      “Trigger
      Event Amount”
shall
      mean: (a) if the Trigger Event occurs prior to the twelve (12) month anniversary
      of the Commencement Date, one and one-half (1.5) times the sum of (1) the Base
      Amount, and (2) the Bonus Amount (as defined below); or (b) if the Trigger
      Event
      occurs on or after the twelve (12) month anniversary of the Commencement Date,
      two (2) times the sum of (1) the Base Amount, and (2) the Bonus Amount;
      provided, however, in the event that the Trigger Event occurs on or after July
      1
      of any calendar year, the Trigger Event Amount also shall include an amount
      equal only to 50% of Employee’s target Annual Bonus for the fiscal year in which
      the Trigger Event occurred.

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    (v)  
      “Base
      Amount”
shall
      mean the annualized Base Salary in effect immediately prior to the Trigger
      Event. 

    

    (vi) 
      “Bonus
      Amount”
shall
      mean either (a) the Annual Bonus that Employee received attributable to
      performance during the full fiscal year immediately preceding the Trigger Event;
      or (b) Employee’s target Annual Bonus for the fiscal year in which the Trigger
      Event occurred, whichever is higher. 

    

    ARTICLE
      V 

    MISCELLANEOUS

    

    5.01        
      Benefit
      of Agreement and Assignment.
      This
      Agreement shall inure to the benefit of the Employer, its affiliates and their
      respective successors and assigns (including, without limitation, the purchaser
      of all or substantially all of the assets) and shall be binding upon Employer
      and its successors and assigns. This Agreement shall also inure to the benefit
      of and be binding upon Employee and Employee’s heirs, administrators, executors
      and assigns. Employee may not assign or delegate Employee’s duties under this
      Agreement, without the prior written consent of Employer.

    

    5.02        
      Notices.
       All
      notices, requests, demands and other communications required or permitted
      hereunder shall be given in writing and shall be deemed to have been duly given
      (i) on the date delivered if personally delivered, (ii) upon receipt by the
      receiving party of any notice sent by registered or certified mail (first-class
      mail, postage pre-paid, return receipt requested) or (iii) on the date targeted
      for delivery if delivered by nationally recognized overnight courier or similar
      courier service, addressed in the case of Employer to:

    

    
      	
              LifeCell
                Corporation.

            	
              with
                a copy to:

            
	
              One
                Millenium Way

            	
              Lowenstein
                Sandler PC

            
	
              Branchburg,
                New Jersey 08876

            	
              65
                Livingston Avenue

            
	
              Attn:
                President

            	
              Roseland,
                New Jersey 07068

            
	 	
              Attn:
                Martha L. Lester, Esq.

            

    

    

    and
      in
      the case of Employee to:

    

    
      	
              Lisa
                N. Colleran

            	
              with
                a copy to:

            
	
              68
                Morgan Lane

            	
              Morgan
                Lewis

            
	
              Basking
                Ridge, NJ 07920

            	
              1701
                Market Street

            
	 	
              Philadelphia,
                PA 19103

            
	 	
              Attn:
                Robert Lichtenstein, Esq

            

    

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    Any
      party
      may notify the other party in writing of the change in address by giving notice
      in the manner provided in this Section 5.02. Service of process in connection
      with any suit, action or proceeding (whether arbitration or otherwise) may
      be
      served on each party hereto anywhere in the world by the same methods as are
      specified for the giving of notices under this Agreement. 

    

    5.03        
      Confidentiality,
      Assignment of Contributions and Inventions, Non-Competition and Non-Solicitation
      Agreement.
      Employee acknowledges and confirms that the Confidentiality, Assignment of
      Contributions and Inventions, Non-Competition and Non-Solicitation Agreement
      executed by Employee in favor of Employer on July 20,
      2005
      (“Covenants
      Agreement”),
      the
      terms of which are incorporated herein by reference, remains in full force
      and
      effect and binding upon Employee. The Covenants Agreement shall survive the
      termination of this Agreement and Employee’s employment by Employer for the
      applicable period(s) set forth therein. 

    

    5.04        
      Entire
      Agreement.
      Except
      with respect to the terms of any outstanding written agreements relating to
      equity compensation grants not modified by the terms of this Agreement, this
      Agreement and the Covenants Agreement contain the entire agreement of the
      parties hereto with respect to the terms and conditions of Employee's employment
      during the Term and activities following termination of this Agreement and
      Employee’s employment with Employer and supersedes any and all prior agreements
      and understandings, whether written or oral, between the parties with respect
      to
      the subject matter of this Agreement or the Covenants Agreement, including,
      without limitation, the offer letter from Employee to Employee dated November
      22, 2002. Neither this Agreement nor the Covenants Agreement may be changed
      or
      modified except by an instrument in writing, signed by both the President/CEO
      of Employer or the Chairman of the Compensation Committee and
      Employee.

    

    5.05        
      Indemnification;
      D&O Insurance.
      Employer shall indemnify Employee against all claims arising out of Employee’s
      actions or omissions occurring during Employee’s employment with Employer to the
      fullest extent provided (A) by Employer’s Certificate of Incorporation and/or
      Bylaws, (B) under Employer’s Directors and Officers Liability and general
      insurance policies, and (C) under the Delaware General Corporation Law, as
      each
      may be amended from time to time. Employer agrees that it will continue to
      maintain Directors and Officers Liability and general insurance policies to
      fund
      the indemnity described above in the same amount and to the same extent it
      maintains such coverage for the benefit of its other officers and directors.
      

    

    5.06.        
      Representation
      and Warranties.
      Employee represents and warrants to Employer that (i) Employee has the legal
      capacity to execute and perform this Agreement, (ii) this Agreement and the
      Covenants Agreement are valid and binding agreements enforceable against
      Employee according to their terms, and (iii) the execution and performance
      of
      this Agreement by Employee does not violate or conflict with the terms of any
      existing agreement or understanding to which Employee is a party or by which
      Employee may be bound.

    

    5.07        
      No
      Attachment.
      Except
      as required by law, no right to receive payments under this Agreement shall
      be
      subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
      charge, pledge, or hypothecation or to execution, attachment, levy, or similar
      process or assignment by operation of law, and any attempt, voluntary or
      involuntary, to effect any such action shall be null, void and of no effect;
      provided, however, that nothing in this Section 5.07 shall preclude the
      assumption of such rights by executors, administrators or other legal
      representatives of Employer or his estate and their assigning any rights
      hereunder to the person or persons entitled thereto.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    5.08        
      Source
      of Payment.
      All
      payments provided for under this Agreement shall be paid in cash from the
      general funds of Employer. Employer shall not be required to establish a special
      or separate fund or other segregation of assets to assure such payments, and,
      if
      Employer shall make any investments to aid it in meeting its obligations
      hereunder, Employee shall have no right, title or interest whatever in or to
      any
      such investments except as may otherwise be expressly provided in a separate
      written instrument relating to such investments. Nothing contained in this
      Agreement, and no action taken pursuant to its provisions, shall create or
      be
      construed to create a trust of any kind, or a fiduciary relationship, between
      Employer and Employee or any other person. To the extent that any person
      acquires a right to receive payments from Employer hereunder, such right,
      without prejudice to rights which employees may have, shall be no greater than
      the right of an unsecured creditor of Employer.

    

    5.09        
      Limitation
      as to Amounts Payable.
      Notwithstanding anything set forth in this Agreement to the contrary, if any
      payment or benefit Employee would receive from Employer (or its successor)
      pursuant to a Change in Control or otherwise (“Payment”)
      would
      (i) constitute a “parachute payment” within the meaning of Section 280G of the
      Code and (ii) but for this sentence, be subject to the excise tax imposed by
      Section 4999 of the Code (the “Excise
      Tax”),
      then
      such Payment shall be reduced to the Reduced Amount. The “Reduced
      Amount”
shall
      be either (x) the largest portion of the Payment that would result in no portion
      of the Payment being subject to the Excise Tax or (y) the largest portion,
      up to
      and including the total, of the Payment, whichever amount, after taking into
      account all applicable federal, state and local employment taxes, income taxes,
      and the Excise Tax (all computed at the highest applicable marginal rate),
      results in Employee’s receipt, on an after-tax basis, of the greater amount of
      the Payment notwithstanding that all or some portion of the Payment may be
      subject to the Excise Tax. If a reduction in payments or benefits (or a
      cancellation of the acceleration of vesting of stock options or equity awards)
      constituting “parachute payments” is necessary so that the Payment equals the
      Reduced Amount, such reduction and/or cancellation of acceleration shall occur
      in the order that provides the maximum economic benefit to Employee. In the
      event that acceleration of vesting of stock option or equity award compensation
      is to be reduced, such acceleration of vesting also shall be canceled in the
      order that provides the maximum economic benefit to Employee. The accounting
      firm engaged by Employer for general audit purposes as of the day prior to
      the
      effective date of the Change in Control shall perform the foregoing
      calculations. If the accounting firm so engaged by Employer is also serving
      as
      accountant or auditor for the individual, entity or group effecting the Change
      in Control or is otherwise unwilling or unable to make such determinations,
      Employer shall appoint a nationally recognized accounting firm to make the
      determinations required under this Section 5.09. Employer shall bear all
      expenses with respect to the determinations by such accounting firm required
      to
      be made under this Section 5.09. The accounting firm engaged to make the
      determinations under this Section 5.09shall provide its calculations, together
      with detailed supporting documentation, to Employer and Employee as soon as
      practicable after the date on which Employee’s right to a Payment is triggered
      (if requested at that time by Employer (or its successor) or Employee) or such
      other time as requested by Employer or Employee. If the accounting firm
      determines that no Excise Tax is payable with respect to a Payment, either
      before or after the application of the Reduced Amount, it shall furnish Employer
      (or its successor) with an opinion reasonably acceptable to Employee that no
      Excise Tax will be imposed with respect to such Payment. Any good faith
      determinations of the accounting firm made under this Section 5.09 shall be
      final, binding, and conclusive upon Employer (or its successor) and
      Employee.

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    5.10        
      No
      Waiver.
      The
      waiver by other party of a breach of any provision of this Agreement shall
      not
      operate or be construed as a continuing waiver or as a consent to or waiver
      of
      any subsequent breach hereof.

    

    5.11        
      Headings.
      The
      Article and Section headings in this Agreement are for the convenience of
      reference only and do not constitute a part of this Agreement and shall not
      be
      deemed to limit or affect any of the provisions hereof.

    

    5.12        
      Governing
      Law and Dispute Resolution.
      Any and
      all actions or controversies arising out of this Agreement, Employee’s
      employment or the termination hereof or thereof, including, without limitation,
      tort claims, shall be construed and enforced in accordance with the internal
      laws of the State of New Jersey, without regard to the choice of law principles
      thereof. Except
      with respect to Employer’s and Employee’s right to seek injunctive or other
      equitable relief (including, without limitation, pursuant to the Covenants
      Agreement), any dispute, controversy or claim based on, arising out of or
      relating to the interpretation and performance of this Agreement, Employee’s
      employment or any termination hereof or thereof or any matter relating to the
      foregoing shall be solely submitted to and finally settled by arbitration by
      a
      single arbitrator in accordance with the then-current rules of the American
      Arbitration Association (“AAA”),
      including without limitation any claims for discrimination under any applicable
      federal, state or local law or regulation. Any such arbitration shall be
      conducted in the New Jersey office of the AAA located closest to Employer’s New
      Jersey office. The single arbitrator shall be appointed from the AAA’s list of
      arbitrators by the mutual consent of the parties or, in the absence of such
      consent, by application of any party to the AAA. A decision of the arbitrator
      shall be final end binding upon the parties. The parties agree that this Section
      5.12 shall be grounds for dismissal of any court action commenced by either
      party with respect to this Agreement, other than (i) post-arbitration actions
      seeking to enforce an arbitration award and (ii) actions seeking appropriate
      equitable or injunctive relief , including, without limitation, pursuant to
      the
      Covenants Agreement. Employer shall pay the pay the fees of the arbitrator
      and
      each party shall be responsible for its own legal fees, costs of its experts
      and
      expenses of its witnesses. The arbitrator’s remedial authority shall equal the
      remedial power that a court with competent jurisdiction over the parties and
      their dispute would have. Any
      award
      rendered shall be final, binding and conclusive (without the right to an appeal,
      unless such appeal is based on fraud by the other party in connection with
      the
      arbitration process) upon the parties and any judgment on such award may be
      enforced in any court having jurisdiction, unless otherwise provided by
      law.
      Employer
      and Employee acknowledge that it is the intention of the parties that this
      Section 5.12 shall
      apply to all disputes, controversies and claims, including, without limitation,
      any rights or claims Employee may have under the Age Discrimination in
      Employment Act of 1967, the Americans with Disabilities Act, Title VII of the
      Civil Rights Act of 1964, the Equal Pay Act, the New Jersey Law Against
      Discrimination, the Conscientious Employee Protection Act, the New Jersey Civil
      Rights Act, and all other federal, state or local laws, rules or regulations
      relating to employment discrimination or otherwise pertaining to this Agreement,
      Employee’s employment or termination thereof. Employer
      and Employee knowingly and voluntarily agree to this arbitration provision
      and
      acknowledge that arbitration shall be instead of any civil litigation, meaning
      that Employee and Employer are each waiving
      any rights to a jury trial.

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    5.13        
      Validity.
      The
      invalidity or enforceability of any provision or provisions of this Agreement
      or
      the Covenants Agreement shall not affect the validity or enforceability of
      any
      other provision or provisions of this Agreement or the Covenants Agreement,
      which shall remain in full force and effect.

    

    5.14        
      Employee
      Withholdings and Deductions.
      All
      payments to Employee hereunder shall be subject to such withholding and other
      employee deductions as may be required by law.

    

    5.15        
      Counterparts.
      This
      Agreement may be executed in one more counterparts, each of which shall be
      deemed to be an original but all of which together will constitute one and
      the
      same instrument.

    

    5.16        
      Agreement
      to Take Actions.
      Each
      party to this Agreement shall execute and deliver such documents, certificates,
      agreements and other instruments, and shall take all other actions, as may
      be
      reasonably necessary or desirable in order to perform his/her or its obligations
      under this Agreement.

    

    5.17        
      Survival.
      The
      terms of Section 4.02 and Article V of this Agreement shall survive the
      termination of this Agreement and Employee’s employment hereunder.

    

    

    IN
      WITNESS WHEREOF, Employer and Employee have duly executed this Agreement as
      of
      the date first written above.

    

    
      	 	
              EMPLOYER:

            	 
	 	 	 	 
	 	
              LIFECELL
                CORPORATION.

            	 
	 	 	 	 
	 	 	 	 
	 	
              BY:

            	
              /s/
                Paul G. Thomas

            	 
	 	 	
              Paul
                G. Thomas, President and CEO

            	 
	 	 	 	 
	 	
              EMPLOYEE:

            	 
	 	 	 	 
	 	
              /s/
                Lisa N. Colleran

            	 
	 	
              Lisa
                N. Colleran

            	 

    

     

     

    -13-

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