Document:

Stock Option Extension Agreement_E. Scarbrough

    Exhibit
      10.36

    

    STOCK
      OPTION EXTENSION AGREEMENT

    

    This
      Stock Option Extension Agreement (“Agreement”) is entered into as of July 25,
      2006 (the “Effective Date”), by and between Cytori Therapeutics, Inc., a
      Delaware corporation located at 3020 Callan Road, San Diego, CA 92121 (the
      “Company”), and Elizabeth A. Scarbrough, an employee
      of the Company (the
      “Optionee”).

    

    WHEREAS,
      as of July 25, 2006 Optionee holds a combined total of 103,878 vested stock
      options to purchase shares of the Company’s common stock under the Company’s
      1997 Incentive Stock Option Plan (the “1997 Plan”) and/or the Company’s 2004
      Employee Stock Option Plan (the “2004 Plan”) (collectively the “Plans”);
      and

    

    WHEREAS,
      Company agrees to modify the Plan agreements to extend the expiration dates
      for
      the exercise of stock options under the Plans subject to certain restrictions
      and conditions on the sale of shares of the Company’s common stock held by
      Optionee, and Optionees agreement to execute a release of claims. 

    

    NOW,
      THEREFORE, the Company and the Optionee agree as follows:

    

    (a)
      The
      right of the Optionee to exercise One Hundred and Three Thousand, Eight Hundred
      and Seventy Eight (103,878) fully vested Plan stock options (which consists
      of
      all of Optionee’s vested stock Options as of the Effective Date) is hereby
      extended to December 31, 2007, irrespective of the date that Optionee’s services
      to the Company terminate.

    

    (b)
      The
      exercise extension provided for in Section (a) above is subject to the following
      conditions and restrictions: 

    

    (i)
      Immediately upon termination of Optionee’s employment as provided for in the
      Employment Agreement between the Company and Optionee, Optionee shall execute
      and sign a full release of all claims against the Company in the form attached
      as Exhibit I, which is that Company’s standard employment related release of
      claims. In the event Employee elects not to sign the release of claims
      immediately upon the termination of the Employment Agreement, Employee agrees
      that all then outstanding Employee Stock Options shall then immediately
      terminate.

    

    (ii)
      No
      shares of common stock of the Company owned by Optionee may be sold by or on
      behalf of Optionee during the initial 90-day period from July 25, 2006 through
      October 23, 2006; (b) Optionee may sell up to 25,971 shares of common stock
      owned by her beginning October 24, 2006; (c) and Optionee may sell an additional
      25,969 shares beginning on January 21, 2007 and each ninety days thereafter
      until July 20, 2007 when 100% of Optionee’s shares of common stock (and/or
      options exercisable for common stock) in the Company shall be fully tradable.
      The trade restrictions listed above shall be eliminated once the per-share
      trading price of the Company’s common stock on the Nasdaq exchange closes at or
      above $13 per share, or if the 30 day average daily stock volume reaches 50,000
      shares.

    

    (c)
      All
      stock options previously granted to Optionee that are not vested as of the
      Effective Date of this Agreement are hereby terminated as of the Effective
      Date.

    

    (d)
      Except as specifically set forth herein, all other terms and conditions of
      the
      Plans and the Plan Agreements shall remain in full force and
      effect.

    

    IN
      WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
      on the Effective Date.

    

    
      	
              OPTIONEE:

               

              Elizabeth
                A. Scarbrough

               

              /s/
                Elizabeth A. Scarbrough

               

               

            	
              COMPANY:

               

              Cytori
                Therapeutics, Inc.

               

              By:
                /s/
                Mark E. Saad 

              Name:
                Mark E. Saad

              Title: Chief
                Financial OfficerEmployment Agreement_B. Reuter

    EXHIBIT
      10.37

    EMPLOYMENT
      AGREEMENT

     

    THIS
      AGREEMENT is entered into as of July 25, 2006 (the “Effective Date”), by and
      between Cytori Therapeutics, Inc., a Delaware corporation located at 3020 Callan
      Road, San Diego, CA 92121 (“Company”), and Bruce A. Reuter, an individual
      (“Employee”). 

    

    Whereas,
      the Company has eliminated the position of Senior Vice President, Business
      Development on July 25, 2006; and

    

    Whereas,
      the Company and Employee wish to continue the Employment relationship in a
      new
      capacity through January 20, 2007; 

    

    Now
      therefore, in consideration of the mutual promises made by the parties to this
      Agreement, the parties agree as follows: 

    

    1.
      Duties
      and Compensation 

    

    (a)
      Employee is engaged by the Company as its Strategic Business Development Advisor
      with duties as directed by the CEO and otherwise customarily associated with
      that position. 

    

    (b)
      The
      Company shall pay to Employee in exchange for the services to be rendered
      hereunder a salary of Seventeen Thousand Five Hundred Dollars [$17,500.00]
      per
      month, payable twice a month on the fifteenth and last days of each month during
      which this Agreement is in force. 

    

    2.
      Guaranteed Duration 

    

    The
      term
      of this Agreement shall commence on July 25, 2006 and shall end on January
      20,
      2007 (the”Term”) unless extended by mutual agreement. The employment
      relationship created by this Agreement is “at will” and may be terminated by
      either the Company or Employee at any time, with or without cause. Should the
      Company terminate Employee without cause prior to January 20, 2007, Employee
      shall receive, as severance, the balance of his monthly salary payments that
      would have otherwise been payable from such date of early termination through
      January 20, 2007, plus Four Thousand Three Hundred and Seventy Five Dollars
      [$4,375]. 

    

    3.
      Other
      Compensation / Benefits

    

    Employee
      understands and agrees that by his employment hereunder he shall not earn or
      accrue the right to any additional paid time off (or “PTO”), nor shall he be
      eligible from the Effective Date of this Agreement to the vesting of any stock
      options through the Company’s incentive stock option programs during the term of
      this Agreement. Employee also understands and agrees that he is eligible to
      participate in the Company’s flexible benefits plan for 2006/2007, but he agrees
      not to submit for reimbursement of amounts in excess of that which he has paid
      into the plan.

    

    Employee
      understands and agrees that he shall be entitled to participate in all other
      standard benefits offered by the Company. 

    

    4.
      Agreement Relating to Confidential Information 

    

    Employee
      agrees that he shall continue to be covered by the Company’s Employment,
      Confidentiality and Assignment Agreement which he executed on May 17, 2001.
      

    

    5.
      Noninterference 

    

    While
      employed by the Company and for two (2) years immediately following the
      termination of employment, Employee agrees not to interfere with the business
      of
      the Company by soliciting, attempting to solicit, inducing, or otherwise causing
      any employee of the Company to terminate his or her employment in order to
      become an employee, consultant or independent contractor to
      or for
      any competitor of the Company. 

    

    Employee
      agrees that the duties under Sections 4 and 5 of this Agreement shall survive
      termination of employment with the Company. 

    

    6.
      Governing Law

    

    This
      Agreement and the rights and obligations of the parties shall be governed and
      construed by the substantive laws of the State of California as applied to
      contracts that are executed and performed entirely in California. Exclusive
      jurisdiction and venue for any dispute arising out of or related to this
      Agreement shall lie with the federal and state courts located in and serving
      San
      Diego County, California.

    

    7.
      Complete Agreement; Amendments 

    

    This
      Agreement, together with the Stock Option Extension Agreement and the
      Employment, Confidentiality and Assignment Agreement between Employee and the
      Company, are the entire agreement of the parties with respect to the subject
      matter hereof and thereof and may not be amended, supplemented, canceled or
      discharged except by written instrument executed by both parties hereto. If
      either party should waive any breach of any provision
      of this Agreement, he, she or it shall not thereby be deemed to have waived
      any
      preceding or succeeding breach of the same or any other provision of this
      Agreement. 

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the Effective
      Date.

     

    
      	
              EMPLOYEE:

               

              Bruce
                A. Reuter

               

               

              /s/
                Bruce A. Reuter

            	
              COMPANY:

               

              Cytori
                Therapeutics, Inc.

               

               

              By:
                /s/
                Christopher J. Calhoun 

              Name:
                Christopher J. Calhoun

              Title: Chief
                Executive Officer

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