Document:

Exhibit 10.2

CRDENTIA CORP.

NOTICE OF RESTRICTED STOCK BONUS AWARD

	
  Grantee’s Name and Address:

  	
   

  	
  John Kaiser

  
	
   

  	
   

  	
  1536 Vine Street

  
	
   

  	
   

  	
  Paso Robles, CA 93446

  

 

You (the “Grantee”) have
been granted shares of Common Stock of the Company (the “Award”), subject to
the terms and conditions of this Notice of Restricted Stock Bonus Award (the “Notice”)
and the Restricted Stock Bonus Award Agreement (the “Agreement”) attached
hereto, as follows.  Unless otherwise
defined herein, the terms defined in the Agreement shall have the same defined
meanings in this Notice.

	
  Award Number

  	
   

  	
  5

  
	
   

  	
   

  	
   

  
	
  Date of Award

  	
   

  	
  March 26, 2007

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement Date

  	
   

  	
  March 26, 2007

  
	
   

  	
   

  	
   

  
	
  Total Number of Shares

  	
   

  	
   

  
	
  of Common Stock Awarded

  	
   

  	
   

  
	
  (the “Shares”)

  	
   

  	
  2,000,000

  

 

Vesting Schedule:

Subject to the Grantee’s
Continuous Service and other limitations set forth in this Notice and the
Agreement, the Shares will “vest” in accordance with the following schedule:

Twenty-five
percent (25%) of the Total Number of Shares shall vest twelve (12) months after
the Vesting Commencement Date. 
One-thirty-sixth (1/36th) of the remaining unvested Shares shall vest at
the end of the 13th month and each month thereafter, such that the Shares will
be one hundred percent (100%) vested after forty-eight (48) months of
Continuous Services from Vesting Commencement Date.

In addition, in
the event the Grantee’s Continuous Service is terminated without Cause or
voluntarily by the Grantee with Good Reason at any time prior to the first
anniversary of the Vesting Commencement Date, twenty-five percent (25%) of the
Shares that would have vested on the first anniversary of the Vesting
Commencement Date shall vest on the date of such termination.  On and after the first anniversary of the
Vesting Commencement Date, vesting shall cease upon the date of termination of
the Grantee’s Continuous Service for any reason.

Notwithstanding
the foregoing, in the event of a Corporate Transaction, all outstanding Shares
shall automatically become fully vested and be released from any repurchase or
forfeiture rights on the six (6) month anniversary of the effective date of
such Corporate Transaction (the “Transition Period”), subject to the Grantee
remaining in Continuous Service with the Company or its successor for the
purpose of providing acquisition and transition support to the Company or its 

 1
 

successor throughout the
Transition Period; provided, however, that if the Company or its successor
terminates the Grantee’s Continuous Service without Cause prior to the end of
the Transition Period, all outstanding Shares shall become fully vested and be
released from any repurchase or forfeiture rights on such termination date.

In the event the
Grantee’s Continuous Service is terminated for any reason (other than as
described above), any Restricted Shares (as defined below) held by the Grantee
immediately following such termination of Continuous Service shall be deemed
reconveyed to the Company and the Company shall thereafter be the legal and
beneficial owner of the Restricted Shares and shall have all rights and
interest in or related thereto without further action by the Grantee.  The foregoing forfeiture provisions set forth
in this Notice as to Restricted Shares shall apply to the new capital stock or
other property (including cash paid other than as a regular cash dividend)
received in exchange for the Shares in consummation of any transaction
described in Section 14 of the Agreement and such stock or property shall
be deemed Additional Securities for purposes of the Agreement, but only to the
extent the Shares are at the time covered by such forfeiture provisions.

For purposes of this
Notice and the Agreement, the term “vest” shall mean, with respect to any
Shares, that such Shares are no longer subject to forfeiture to the
Company.  Shares that have not vested are
deemed “Restricted Shares.”  If the
Grantee would become vested in a fraction of a Restricted Share, such
Restricted Share shall not vest until the Grantee becomes vested in the entire
Share.

During any authorized
leave of absence, the vesting of the Shares as provided in this schedule shall
be suspended after the leave of absence exceeds a period of three (3)
months.  Vesting of the Shares shall
resume upon the Grantee’s termination of the leave of absence and return to
service to the Company or a Related Entity. 
The Vesting Schedule of the Shares shall be extended by the length of
the suspension.

In the event of the
Grantee’s change in status from Employee, Director or Consultant to any other
status of Employee, Director or Consultant, the Shares shall continue to vest
in accordance with the Vesting Schedule set forth above.

The Award shall be
subject to the provisions of Section 14 of the Agreement in the event of a
Corporate Transaction.

IN WITNESS WHEREOF, the
Company and the Grantee have executed this Notice and agree that the Award is
to be governed by the terms and conditions of this Notice and the Agreement.

	
   

  	
  Crdentia Corp.,

  
	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James TerBeest

  
	
   

  	
   

  	
  James TerBeest

  
	
   

  	
   

  	
  Chief Financial
  Officer

  

 

THE
GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY
DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE 

 2
 

(NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES
HEREUNDER).  THE GRANTEE FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE NOR THE AGREEMENT SHALL
CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S
CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT
OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY
TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE
GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY,
THE GRANTEE’S STATUS IS AT WILL.

As a condition to
receiving the Shares, the Grantee agrees to refrain from making an election
pursuant to Section 83(b) of the Code with respect to the Shares.

The Grantee acknowledges
receipt of the Agreement and represents that he or she is familiar with the
terms and provisions thereof, and hereby accepts the Award subject to all of
the terms and provisions hereof and thereof. 
The Grantee has reviewed this Notice and the Agreement in their
entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Notice and fully understands all provisions of this Notice and
the Agreement.  The Grantee hereby agrees
that all questions of interpretation and administration relating to this Notice
and the Agreement shall be resolved by the Board in accordance with
Section 11 of the Agreement.  The
Grantee further agrees to the venue selection and waiver of a jury trial in
accordance with Section 12 of the Agreement.  The Grantee further agrees to notify the
Company upon any change in the residence address indicated in this Notice.

	
  Dated: March 27, 2007

  	
   

  	
  Signed:

  	
  /s/ John Kaiser

  
	
   

  	
   

  	
   

  	
  John Kaiser

  

 

 3

Award Number: 
5

CRDENTIA CORP.

RESTRICTED STOCK BONUS AWARD AGREEMENT

1.             Issuance of Shares.  Crdentia, a Delaware corporation (the “Company”),
hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted
Stock Bonus Award (the “Notice”), the Total Number of Shares of Common Stock
Awarded set forth in the Notice (the “Shares”), subject to the Notice and this
Restricted Stock Bonus Award Agreement (the “Agreement”).  All Shares issued hereunder will be deemed
issued to the Grantee as fully paid and nonassessable shares, and the Grantee
will have the right to vote the Shares at meetings of the Company’s
stockholders.  The Company shall pay any
applicable stock transfer taxes imposed upon the issuance of the Shares to the
Grantee hereunder.

2.             Transfer Restrictions.  The Shares issued to the Grantee hereunder
may not be sold, transferred by gift, pledged, hypothecated, or otherwise
transferred or disposed of by the Grantee prior to the date when the Shares
become vested pursuant to the Vesting Schedule set forth in the Notice.  Any attempt to transfer Restricted Shares in
violation of this Section 2 will be null and void and will be disregarded.

3.             Escrow of Stock. 
For purposes of facilitating the enforcement of the provisions of this
Agreement, the Grantee agrees, immediately upon receipt of the certificate(s)
for the Restricted Shares, to deliver such certificate(s), together with an
Assignment Separate from Certificate in the form attached hereto as Exhibit A,
executed in blank by the Grantee with respect to each such stock certificate,
to the Secretary or Assistant Secretary of the Company, or their designee, to
hold in escrow for so long as such Restricted Shares have not vested pursuant
to the Vesting Schedule set forth in the Notice, with the authority to take all
such actions and to effectuate all such transfers and/or releases as may be
necessary or appropriate to accomplish the objectives of this Agreement in
accordance with the terms hereof.  The
Grantee hereby acknowledges that the appointment of the Secretary or Assistant
Secretary of the Company (or their designee) as the escrow holder hereunder
with the stated authorities is a material inducement to the Company to make
this Agreement and that such appointment is coupled with an interest and is
accordingly irrevocable.  The Grantee
agrees that such escrow holder shall not be liable to any party hereto (or to
any other party) for any actions or omissions unless such escrow holder is
grossly negligent relative thereto.  The
escrow holder may rely upon any letter, notice or other document executed by
any signature purported to be genuine and may resign at any time.  Upon the vesting of Restricted Shares, the
escrow holder will, without further order or instruction, transmit to the
Grantee the certificate evidencing such Shares.

4.             Additional Securities and Distributions.

(a)           Any securities or cash received
(other than a regular cash dividend) as the result of ownership of the
Restricted Shares (the “Additional Securities”), including, but not by way of
limitation, warrants, options and securities received as a stock dividend or
stock split, or as a result of a recapitalization or reorganization or other
similar change in the Company’s 

 1
 

capital structure,
including but not limited to, a Corporate Transaction, shall be retained in
escrow in the same manner and subject to the same conditions and restrictions
as the Restricted Shares with respect to which they were issued, including,
without limitation, the Vesting Schedule set forth in the Notice.  The Grantee shall be entitled to direct the
Company to exercise any warrant or option received as Additional Securities
upon supplying the funds necessary to do so, in which event the securities so
purchased shall constitute Additional Securities, but the Grantee may not
direct the Company to sell any such warrant or option.  If Additional Securities consist of a
convertible security, the Grantee may exercise any conversion right, and any
securities so acquired shall constitute Additional Securities.  In the event of any change in certificates
evidencing the Shares or the Additional Securities by reason of any
recapitalization, reorganization or other transaction that results in the
creation of Additional Securities, the escrow holder is authorized to deliver
to the issuer the certificates evidencing the Shares or the Additional
Securities in exchange for the certificates of the replacement securities.

(b)           The Company shall disburse to the
Grantee all regular cash dividends with respect to the Shares and Additional
Securities (whether vested or not), less any applicable withholding
obligations.

5.             Taxes.

(a)           No Section 83(b) Election.  As a condition to receiving the Shares, the
Grantee agrees to refrain from making an election pursuant to
Section 83(b) of the Code with respect to the Shares.

(b)           Tax Liability. The Grantee is ultimately liable and
responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect
to any tax withholding obligations that arise in connection with the
Award.  Neither the Company nor any
Related Entity makes any representation or undertaking regarding the treatment
of any tax withholding in connection with the grant or vesting of the Award or
the subsequent sale of Shares subject to the Award.  The Company and its Related Entities do not
commit and are under no obligation to structure the Award to reduce or
eliminate the Grantee’s tax liability.

(c)           Payment of Withholding Taxes. Prior to any event in connection
with the Award (e.g., vesting) that the Company determines may result in any
tax withholding obligation, whether United States federal, state, local or
non-U.S., including any employment tax obligation (the “Tax Withholding
Obligation”), the Grantee must arrange for the satisfaction of the minimum
amount of such Tax Withholding Obligation in a manner acceptable to the
Company.

(i)            By Share Withholding.  The Grantee authorizes the Company to, upon
the exercise of its sole discretion, withhold from those Shares issuable to the
Grantee the whole number of Shares sufficient to satisfy the minimum applicable
Tax Withholding Obligation.  The Grantee
acknowledges that the withheld Shares may not be sufficient to satisfy the
Grantee’s minimum Tax Withholding Obligation. 
Accordingly, the Grantee agrees to pay to the Company or any Related
Entity as soon as practicable, including through additional payroll
withholding, any amount of the Tax Withholding Obligation that is not satisfied
by the withholding of Shares described above.

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(ii)           By
Sale of Shares.  Unless the
Grantee determines to satisfy the Tax Withholding Obligation by some other
means in accordance with clause (iii) below, the Grantee’s acceptance of this
Award constitutes the Grantee’s instruction and authorization to the Company
and any brokerage firm determined acceptable to the Company for such purpose to
sell on the Grantee’s behalf a whole number of Shares from those Shares
issuable to the Grantee as the Company determines to be appropriate to generate
cash proceeds sufficient to satisfy the minimum applicable Tax Withholding
Obligation.  Such Shares will be sold on
the day such Tax Withholding Obligation arises (e.g., a vesting date) or as
soon thereafter as practicable.  The
Grantee will be responsible for all broker’s fees and other costs of sale, and
the Grantee agrees to indemnify and hold the Company harmless from any losses,
costs, damages, or expenses relating to any such sale.  To the extent the proceeds of such sale exceed
the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay
such excess in cash to the Grantee.  The
Grantee acknowledges that the Company or its designee is under no obligation to
arrange for such sale at any particular price, and that the proceeds of any
such sale may not be sufficient to satisfy the Grantee’s minimum Tax
Withholding Obligation.  Accordingly, the
Grantee agrees to pay to the Company or any Related Entity as soon as
practicable, including through additional payroll withholding, any amount of
the Tax Withholding Obligation that is not satisfied by the sale of Shares
described above.

(iii)          By
Check, Wire Transfer or Other Means. At any time not less than five
(5) business days (or such fewer number of business days as determined by the
Board) before any Tax Withholding Obligation arises (e.g., a vesting date), the
Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by
delivering to the Company an amount that the Company determines is sufficient
to satisfy the Tax Withholding Obligation by (x) wire transfer to such
account as the Company may direct, (y) delivery of a certified check
payable to the Company, or (z) such other means as specified from time to
time by the Board.

6.             Stop-Transfer Notices.  In order to ensure compliance with the
restrictions on transfer set forth in this Agreement or the Notice, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if
any, and, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records.

7.             Refusal to Transfer.  The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement or (ii) to treat
as owner of such Shares or to accord the right to vote or pay dividends to any
purchaser or other transferee to whom such Shares shall have been so
transferred.

8.             Restrictive Legends.  The Grantee understands and agrees that the
Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership
of the Shares together with any other legends that may be required by the
Company or by state or federal securities laws:

THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT CERTAIN
RESTRICTED STOCK BONUS AWARD AGREEMENT BETWEEN THE COMPANY AND THE NAMED 

 3
 

STOCKHOLDERS.  THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SUCH AGREEMENT, A COPY OF WHICH IS
ON FILE WITH THE SECRETARY OF THE COMPANY.

9.             Entire Agreement: Governing Law.  The Notice and this Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and the Grantee with respect to the subject matter hereof, and may not
be modified adversely to the Grantee’s interest except by means of a writing
signed by the Company and the Grantee. 
These agreements are to be construed in accordance with and governed by
the internal laws of the State of Texas without giving effect to any choice of
law rule that would cause the application of the laws of any jurisdiction other
than the internal laws of the State of Texas to the rights and duties of the
parties.  Should any provision of the
Notice or this Agreement be determined to be illegal or unenforceable, the
other provisions shall nevertheless remain effective and shall remain
enforceable.

10.           Headings.  The captions used in this Agreement are
inserted for convenience and shall not be deemed a part of this Agreement for
construction or interpretation.

11.           Administration and Interpretation.  Any question or dispute regarding the
administration or interpretation of the Notice or this Agreement shall be
submitted by the Grantee or by the Company to the Board.  The resolution of such question or dispute by
the Board shall be final and binding on all persons.

12.           Venue and Waiver of Jury Trial.  The parties agree that any suit, action, or
proceeding arising out of or relating to the Notice or this Agreement shall be
brought in the United States District Court for the Northern District of Texas
(or should such court lack jurisdiction to hear such action, suit or
proceeding, in a Texas state court in the County of Dallas) and that the
parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest
extent permitted by law, any objection the party may have to the laying of
venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT
THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this
Section 12 shall for any reason be held invalid or unenforceable, it is
the specific intent of the parties that such provisions shall be modified to
the minimum extent necessary to make it or its application valid and
enforceable.

13.           Notices.  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express
mail courier service or upon deposit in the United States mail by certified
mail (if the parties are within the United States), with postage and fees
prepaid, addressed to the other party at its address as shown in these
instruments, or to such other address as such party may designate in writing
from time to time to the other party.

14.           Definitions.  As used herein, the following definitions
shall apply:

 4
 

 

(a)           “Applicable Laws” means the
legal requirements applicable to the issuance of Awards, if any, under
applicable provisions of federal securities laws, state corporate and
securities laws, the Code, the rules of any applicable stock exchange or
national market system, and the rules of any non-U.S. jurisdiction applicable
to Awards granted to residents therein.

(b)           “Award” means the issuance of
Restricted Stock hereunder.

(c)           “Board” means the Board of
Directors of the Company and shall include any committee of the Board or
Officer of the Company to which the Board has delegated its authority under
this Agreement.

(d)           “Cause” means, with respect to
the termination by the Company or a Related Entity of the Grantee’s Continuous
Service, that such termination is for “Cause” as such term is expressly defined
in a then-effective written agreement between the Grantee and the Company or
such Related Entity, or in the absence of such then-effective written agreement
and definition, is based on, in the determination of the Board, the Grantee’s:  (i) performance of any act or failure to
perform any act in bad faith and to the detriment of the Company or a Related
Entity; (ii) dishonesty, intentional misconduct or material breach of any
agreement with the Company or a Related Entity; or (iii) commission of a
crime involving dishonesty, breach of trust, or physical or emotional harm to
any person.

(e)           “Code” means the Internal
Revenue Code of 1986, as amended.

(f)            “Common Stock” means the
common stock of the Company.

(g)           “Company” means Crdentia Corp., a Delaware corporation.

(h)           “Consultant” means any person
(other than an Employee or a Director, solely with respect to rendering
services in such person’s capacity as a Director) who is engaged by the Company
or any Related Entity to render consulting or advisory services to the Company
or such Related Entity.

(i)            “Continuous Service” means
that the provision of services to the Company or a Related Entity in any
capacity of Employee, Director or Consultant, is not interrupted or
terminated.  In jurisdictions requiring
notice in advance of an effective termination as an Employee, Director or
Consultant, Continuous Service shall be deemed terminated upon the actual
cessation of providing services to the Company or a Related Entity
notwithstanding any required notice period that must be fulfilled before a
termination as an Employee, Director or Consultant can be effective under
Applicable Laws.  The Grantee’s Continuous
Service shall be deemed to have terminated either upon an actual termination of
Continuous Service or upon the entity for which the Grantee provides services
ceasing to be a Related Entity. 
Continuous Service shall not be considered interrupted in the case of
(i) any approved leave of absence, (ii) transfers among the Company,
any Related Entity, or any successor, in any capacity of Employee, Director or 

 5
 

Consultant, or
(iii) any change in status as long as the individual remains in the
service of the Company or a Related Entity in any capacity of Employee,
Director or Consultant (except as otherwise provided in the Award
Agreement).  An approved leave of absence
shall include sick leave, military leave, or any other authorized personal
leave.

(j)            “Corporate Transaction” means
any of the following transactions, provided, however, that the Board shall
determine under parts (iv) and (v) whether multiple transactions are related,
and its determination shall be final, binding and conclusive:

(i)            a merger or consolidation in which
the Company is not the surviving entity, except for a transaction the principal
purpose of which is to change the state in which the Company is incorporated;

(ii)           the sale, transfer or other
disposition of all or substantially all of the assets of the Company (including
the capital stock of the Company’s subsidiary corporations);

(iii)          the complete liquidation or
dissolution of the Company;

(iv)          any reverse merger or series of
related transactions culminating in a reverse merger (including, but not
limited to, a tender offer followed by a reverse merger) in which the Company
is the surviving entity but (A) the shares of Common Stock outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger
into other property, whether in the form of securities, cash or otherwise, or
(B) in which securities possessing more than fifty percent (50%) of the
total combined voting power of the Company’s outstanding securities are
transferred to a person or persons different from those who held such
securities immediately prior to such merger or the initial transaction
culminating in such merger, but excluding
any such transaction or series of related transactions that the Board
determines shall not be a Corporate Transaction; or

(v)           acquisition
in a single or series of related transactions by any person or related group of
persons (other than the Company or by a Company-sponsored employee benefit
plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange
Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Board determines
shall not be a Corporate Transaction.

(k)           “Director” means a member of
the Board or the board of directors of any Related Entity.

(l)            “Disability” means as such
term is expressly defined in a then-effective written agreement between the
Grantee and the Company or such Related Entity, or in the absence of such
then-effective written agreement and definition, as defined under the long-term
disability policy of the Company or the Related Entity to which the Grantee
provides services regardless of whether the Grantee is covered by such
policy.  In the absence of a written
agreement containing a definition of disability and if the Company or the
Related Entity to which the Grantee provides service does not have a long-term
disability plan in place, “Disability” means that a Grantee is unable to carry
out the responsibilities and functions of the position held by the Grantee by
reason of any medically determinable physical or mental impairment for a

 6
 

 period of not less than ninety (90)
consecutive days.  A Grantee will not be
considered to have incurred a Disability unless he or she furnishes proof of
such impairment sufficient to satisfy the Board in its discretion.

(m)          “Employee” means any person, including an Officer or
Director, who is in the employ of the Company or any Related Entity, subject to
the control and direction of the Company or any Related Entity as to both the
work to be performed and the manner and method of performance.  The payment of a director’s fee by the
Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

(n)           “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

(o)           “Fair Market Value” means, as
of any date, the value of Common Stock determined as follows:

(i)            If the Common Stock is listed on one
or more established stock exchanges or national market systems, including
without limitation The Nasdaq National Market or The Nasdaq SmallCap Market of
The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price
for such stock (or the closing bid, if no sales were reported) as quoted on the
principal exchange or system on which the Common Stock is listed (as determined
by the Board) on the date of determination (or, if no closing sales price or
closing bid was reported on that date, as applicable, on the last trading date
such closing sales price or closing bid was reported), as reported in The Wall
Street Journal or such other source as the Board deems reliable;

(ii)           If the Common Stock is regularly
quoted on an automated quotation system (including the OTC Bulletin Board) or
by a recognized securities dealer, its
Fair Market Value shall be the closing sales price for such stock as quoted on
such system or by such securities dealer on the date of determination,
but if selling prices are not reported, the Fair Market Value of a share of
Common Stock shall be the mean between the high bid and low asked prices for
the Common Stock on the date of determination (or, if no such prices were
reported on that date, on the last date such prices were reported), as reported
in The Wall Street Journal or such other source as the Board deems reliable; or

(iii)          In
the absence of an established market for the Common Stock of the type described
in (i) and (ii), above, the Fair Market Value thereof shall be determined by
the Board in good faith.

(p)           “Good Reason” means the
occurrence of any of the following events or conditions unless consented to by
the Grantee (and the Grantee shall be deemed to have consented to any such
event or condition unless the Grantee provides written notice of the Grantee’s
non-acquiescence within 30 days of the effective time of such event or
condition):

(i)            a change in the Grantee’s position
with the Company which materially reduces the Grantee’s level of
responsibility;

(ii)           a reduction in the Grantee’s base
salary, unless the base salaries of all executive employees holding the
position of vice president or above are reduced by the same percentage as the
Grantee’s base salary; or

 7
 

 

(iii)          a material breach of the
then-effective written employment agreement between the Grantee and the Company
or such Related Entity.

(q)           “Officer” means a person who
is an officer of the Company or a Related Entity within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

(r)            “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code.

(s)           “Related Entity” means any
Parent or Subsidiary of the Company and any business, corporation, partnership,
limited liability company or other entity in which the Company or a Parent or a
Subsidiary of the Company holds a substantial ownership interest, directly or
indirectly.

(t)            “Share” means a share of the
Common Stock.

(u)           “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code.

END OF
AGREEMENT

 8
 

 

EXHIBIT A

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE
RECEIVED, John Kaiser hereby sells, assigns and transfers unto                                          ,
                             
(        ) shares of the
Common Stock of Crdentia Corp., a Delaware corporation (the “Company”),
standing in his name on the books of, the Company represented by Certificate
No. __ herewith, and does hereby irrevocably constitute and appoint the
Secretary of the Company attorney to transfer the said stock in the books of
the Company with full power of substitution.

DATED:                             

	
  

  	
   

  	
  /s/

  	
  John Kaiser

  

 

[Please
sign this document but do not date it. 
The date and information of the transferee will be completed if and when
the shares are assigned.]

 

 9Exhibit 10.1

AMENDMENT
TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDMENT
(the “Amendment”) is made and entered into as
of March 28, 2007 by and between Advanstar, Inc., a Delaware corporation (the “Company”) and Joseph Loggia (“Executive”).

WHEREAS, on April
1, 2005, the Company and Executive entered into an Amended and Restated
Employment Agreement (the “Employment Agreement”);
and

WHEREAS, the
Company and Executive mutually agree to amend the Employment Agreement, as set
forth below.

NOW, THEREFORE, in
consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree to amend the Employment Agreement as follows:

1.             Section 6(a) is amended by replacing
the reference to “$2.0 million” with “No bonus” and replacing both references
to “$4.0 million” with “1.0 million”.

2.             This Amendment shall be null and
void and of no force and effect if  (a)
the Agreement and Plan of
Merger (“Merger Agreement”), dated as of the
date hereof, among Advanstar Holdings Corp, a Delaware corporation and sole
owner of AI (“AHC”), the Company, VSS-AHC
Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of the
Company (“Merger Sub”), and DLJ Merchant Banking
III, Inc., is not executed by all parties, or (b) the Merger
contemplated by the Merger Agreement is not consummated on or before the 120th
day after the date of this Amendment.

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

IN WITNESS
WHEREOF, the parties hereto have executed this Amendment the date and year
first above written.

	
   

  	
  ADVANSTAR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ERIC LISMAN

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ JOSEPH LOGGIA

  
	
   

  	
  Joseph Loggia

  

 

 2

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