Document:

Exhibit 10.130

                              EMPLOYMENT AGREEMENT

          AGREEMENT  made as of the  12th  day of  August,  2003 by and  between
CALYPTE  BIOMEDICAL  CORPORATION,  having a place of business at 1265 Harbor Bay
Parkway,  Alameda,  CA 94502  (hereinafter  referred to as  "EMPLOYER")  and JAY
OYAKAWA,  residing at 820 Glenmere,  Los Angeles, CA 90049 (hereinafter referred
to as "EMPLOYEE").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS,  the  EMPLOYER is engaged in the  business of  developing  and
marketing    urine-based    diagnostic   products   and   services   for   Human
Immunodeficiency Virus (HIV-1); and

         WHEREAS,  the EMPLOYER is desirous of employing EMPLOYEE,  and EMPLOYEE
wishes to be employed by EMPLOYER in  accordance  with the terms and  conditions
set forth in this Agreement.

                  NOW,  THEREFORE,  IN CONSIDERATION OF THE MUTUAL COVENANTS AND
                  PROMISES  AND  OTHER  GOOD  AND  VALUABLE  CONSIDERATION,  THE
                  RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, IT IS MUTUALLY AGREED
                  AS FOLLOWS:

         1.  EMPLOYMENT  DUTIES AND TERM:  EMPLOYER and EMPLOYEE  agree to enter
into an Employment  Agreement,  and the within Employment Agreement is effective
as of June 1,  2003.  The  EMPLOYER  does  hereby  employ,  engage  and hire the
EMPLOYEE as Chief  Operating  Officer of EMPLOYER for a period of five (5) years
commencing  June 1, 2003 and  terminating  May 30, 2008.  The duties of EMPLOYEE
shall  include,  but not be limited to, acting as President and Chief  Operating
Officer of EMPLOYER.  EMPLOYEE will perform  services on behalf of EMPLOYER with
respect to the management and general supervision of the business of EMPLOYER.

         2. GOOD FAITH PERFORMANCE OF DUTIES:  The EMPLOYEE agrees that he will,
at  all  times,  faithfully,  industriously,  and to the  best  of his  ability,
experience  and  talent,  perform  all of the duties that may be required of and
from him, pursuant to the expressed and implicit term hereof.

         3.  COMPENSATION:  EMPLOYER   shall  pay  to  the   EMPLOYEE,  and  the
EMPLOYEE agrees to accept from the EMPLOYER,  in full payment for the EMPLOYEE's
services  hereunder,  compensation  at the  rate of  $350,000.  $100,000  of the
$350,000  will be deferred  until the Company,  as  determined  by the Executive
Chairman, is in a position to pay the full salary. EMPLOYEE will be paid every 2
weeks during the term of the within Agreement.

                    In   addition,   EMPLOYER   agrees   to   issue   additional
compensation to EMPLOYEE in the form of shares or rights to shares or options to
purchase shares of common stock of the EMPLOYER as follows: the shares or rights
to shares or option grant will be mutually agreed upon between the  Compensation
Committee of EMPLOYER's  Board of Directors and EMPLOYEE,  based on the expected
capital structure of the Company as determined no later than August 31, 2003.

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                    Further,  EMPLOYEE  will be entitled to receive an incentive
bonus from time to time as granted to executive  management by the  Compensation
Committee of the Board of Directors.

                    In addition,  EMPLOYER agrees to reimburse  EMPLOYEE for all
expenses reasonably incurred by EMPLOYEE in the performance of his duties during
the  term  of his  employment.  EMPLOYEE  agrees  to  provide  adequate  written
documentation as may be required with respect to said expenses.

                    4. MOVING ALLOWANCE:  EMPLOYER agrees to pay EMPLOYEE moving
expenses not to exceed the sum of $5,000 upon  submission of verified  bills for
said expenses.

                    5. HOUSING  ALLOWANCE:  EMPLOYER agrees to provide a housing
allowance  to  EMPLOYEE  from June 1, 2003 at the rate of $1,250 per month until
such time as the Company begins payment of a salary of at least $350,000.

                    6.  VACATION:  Paid  vacation  (taken  consecutively  or  in
segments) in accordance  with the EMPLOYER's  policies  generally  applicable to
other  executives  of the Company  from time to time,  taken at such times as is
reasonably  consistent with proper  performance by Employee of Employee's duties
and responsibilities hereunder.

                    7.  TERMINATION  WITHOUT CAUSE OR CHANGE IN CONTROL:  In the
event that the Employment  Agreement is terminated by EMPLOYER without cause, or
EMPLOYER  sells an amount of its  outstanding  and  issued  common  stock to any
entity or third party which results in a change of control of EMPLOYER,  then in
such event,  all stock  options  granted to EMPLOYEE per  Paragraph  "3" of this
Agreement  will be  immediately  vested in  EMPLOYEE,  and all  payments  due to
EMPLOYEE for the full term of the Agreement will be due to EMPLOYEE. Definitions
of such events follow those in the current contract of the Executive Chairman.

                    8.  DEDICATION  OF TIME:  EMPLOYEE  shall  devote all of his
working  time,  attention,  knowledge  and skill solely and  exclusively  to the
business and interest of the  EMPLOYER.  The EMPLOYEE  expressly  agrees that he
will not,  during the term  hereof or for one (1) year from the  termination  of
this  Agreement,  be involved  directly or indirectly,  in any form,  fashion or
manner, as a partner, officer, director, stockholder (owning in excess of 4.9%),
advisor,  consultant or employee in any other business  similar to or in any way
competing  with the business of the EMPLOYER.  Nothing herein  contained  shall,
however,  limit the rights of the EMPLOYEE to own up to 5% of the capital  stock
or other securities of any  corporation,  whose stock or securities are publicly
owned or  traded  regularly  on a  public  exchange  or in the  over-the-counter
market,  or to prevent the EMPLOYEE from investing  financially  in, or limiting
the EMPLOYEE's rights to invest financially in, other businesses not allied with
or competing with the business of the EMPLOYER, as long as EMPLOYEE continues to
devote all of his  working  time,  attention,  knowledge  and skill,  solely and
exclusively  to the  business  and interest of the  EMPLOYER.  EMPLOYEE  will be
permitted to serve on the Board of Directors of publicly owned companies.

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         9.  CONFIDENTIALITY:  During the terms of EMPLOYEE's  employment  under
this  Agreement,  and for one (1) year  thereafter,  the  EMPLOYEE  specifically
agrees that he will not, at any time,  in any  fashion,  form or manner,  either
directly or  indirectly,  use,  divulge,  disclose or communicate to any person,
firm or corporation,  in any manner whatsoever,  any confidential or proprietary
information of any kind, nature or description  concerning any matters affecting
or relating to the  business of the  EMPLOYER  including,  without  limiting the
generality of the foregoing, any of its customers, its manner of operations, its
plans, its ideas, processes,  programs, its intellectual property or other data,
information or materials of any kind,  nature or description,  without regard to
whether  any or all of the  foregoing  matters  shall  be  deemed  confidential,
material or important.  The parties hereto  stipulate that, as between them, the
same are important, material,  confidential and gravely affect the effective and
successful  conduct of the business of the EMPLOYER and its  goodwill,  and that
any breach of the terms of this Paragraph is a material breach  thereof,  except
where  the  EMPLOYEE  shall  be  acting  on  behalf  of the  EMPLOYER.  EMPLOYEE
understands  and agrees that, in the event that EMPLOYEE  violates the terms and
conditions,  as  stated  in  this  Paragraph,  that he  will  be  subject  to an
injunction and damages,  and understands  and agrees that  EMPLOYER's  remedy to
prevent  further or continued  damages  will  include a petition for  injunctive
relief.  EMPLOYEE expressly acknowledges that the restrictions contained in this
Paragraph are reasonable and are properly  required for the adequate  protection
of the EMPLOYER's interests.

                    EMPLOYEE  further  understands and agrees that EMPLOYER,  in
entering into this  Agreement,  is relying upon  EMPLOYEE's  representation  and
warranty that all trade secrets and other  proprietary  information  of EMPLOYER
will be kept strictly  confidential  by EMPLOYEE and not utilized by EMPLOYEE in
any manner  whatsoever  other  than on  EMPLOYER's  behalf  during the course of
EMPLOYEE's employment with EMPLOYER.

                    10.  NON-COMPETITION:  EMPLOYEE agrees that, during the term
of this Agreement and for one (1) year after  termination  hereof, he shall not,
for himself or any third  party,  directly or  indirectly,  divert or attempt to
divert from the EMPLOYER or its  subsidiaries  or affiliates any business of any
kind in which it is engaged or employed,  solicit for  employment,  or recommend
for employment any person employed by the EMPLOYER or by any of its subsidiaries
or affiliates, during the period of such person's employment and for a period of
one (1) year thereafter.  EMPLOYEE expressly  acknowledges that the restrictions
contained in this  paragraph are  reasonable  and are properly  required for the
adequate protection of the EMPLOYER's interests.

                    11. EARLY TERMINATION: It is expressly understood and agreed
that the terms of this  Agreement,  may be terminated  by the EMPLOYER  prior to
June 1, 2008, upon the occurrence of any of the following events:

                    (a)  Automatically  and without notice upon the death of the
EMPLOYEE;  it is also  understood  that  EMPLOYEE  will be entitled to three (3)
months' salary which will be payable to his estate;

                    (b)  Persistent  absenteeism  on the  part of the  EMPLOYEE,
which in the  reasonable  judgment of the Board of  Directors  of the Company is
having  or  will  have a  material  adverse  effect  on the  performance  of the
EMPLOYEE's duties under this Agreement;

                    (c)  Deliberate  and  willful   failure  to  perform  normal
services and duties required of EMPLOYEE  pursuant to this Agreement,  except if
the  performance  of such duties or  services  would  result in a  violation  of
EMPLOYEE's fiduciary responsibility to the Company and its shareholders or is in
a violation of applicable laws;

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                    (d)  Any  willful  act  or  failure  to  act,  which  in the
reasonable  opinion of the Board, is in bad faith and to the material  detriment
of the EMPLOYER;

                    (e)  Conviction  of a felony  involving  moral  turpitude or
dishonesty;

                    (f) Total or partial disability of the EMPLOYEE for a period
of three (3) consecutive  months or ninety (90) days, in the aggregate,  so that
he is prevented from satisfactorily performing a substantial part of his duties;
it being further  understood  and agreed that any proceeds  received by EMPLOYEE
from a policy of disability  benefits  insurance or any other proceeds  received
from any Federal,  State or Municipal  agency of government  will be credited to
the amount of compensation paid to EMPLOYEE by EMPLOYER; and

                    (g) Fraudulent misconduct of the EMPLOYEE.

                                        The Agreement shall not be terminated by
                                        any:

                                        (a) Merger or  consolidation,  where the
Company is not the consolidating or surviving; or

                                        (b)  Transfer  of all  or a  substantial
majority of the assets of the Company;

                                        (c)  Acquisition  or  control  of  fifty
percent (50%) or more of the Company's issued and voting equity share capital by
any party, or by parties acting in concert or under common control.

                    In the event of any merger or  consolidation  or transfer of
all, or a substantial  majority,  of the assets of the Company or acquisition or
control of fifty  percent  (50%) (or an amount of stock  ownership  that has the
ability to elect the Board of Directors  of  EMPLOYER) or more of the  Company's
issued  and voting  equity  share  capital by any party or by parties  acting in
concert or under  common  control,  the  surviving  or  resulting  entity or the
transferee  or  transferees  of the  Company's  assets or its  issued and voting
equity  share  capital,  shall be bound by, and shall have the  benefit  of, the
provision of this Agreement,  and the Company shall endeavor to take all actions
necessary to ensure that such entity or transferee or transferees shall be bound
by the  provisions of the  Agreement.  Moreover,  in the event of such merger or
consolidation, or transfer of all or a substantial majority of the assets of the
Company or acquisition of the Company of the Company's  issued and voting equity
share  capital as  aforesaid,  the  EMPLOYEE  may, at his  option,  at any time,
continue his employment  under the terms of this  Agreement,  or upon giving not
less than  thirty  (30) days  notice at any time,  by  registered  mail,  to the
registered  office  of  the  Company,  requiring  the  Company  to  effect  full
settlement of all the EMPLOYEE's entitlements under the terms of this Agreement,
which settlement  shall also include the payment of EMPLOYEE's  remuneration for
the full term of the Agreement.

                    12.   BENEFITS:   EMPLOYER  agrees  that  EMPLOYEE  will  be
entitled,  during the term,  to all  fringe  benefits  in effect  for  executive
officers of the EMPLOYER, such as Blue Cross/ Blue Shield and Major Medical

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                    13. NO WAIVER:  The parties  hereto do further agree that no
waiver or  modification  of this  Agreement  or of any  covenant,  condition  or
limitation herein contained, shall be valid, unless in writing and duly executed
by the party to be charged therewith, and that no evidence of any proceedings or
litigation  between  either of the  parties  arising  out of or  affecting  this
Agreement or the rights and  obligations of any party  hereunder  shall be valid
and binding unless such waiver or modification is in writing, duly executed, and
the parties  further  agree that the  provisions  of this  paragraph  may not be
waived except as herein set forth.

                    14. GOVERNING LAW: The parties hereto agree that it is their
intention and covenant that this Agreement and the  performance  hereunder shall
be construed in accordance  with and under the laws of the State of  California,
and that the terms hereof may be enforced in any court of competent jurisdiction
in an action  for  specific  performance  which  may be  instituted  under  this
Agreement,  and that in the  event of any  dispute  or claim  under  the  within
Agreement, that same will be resolved in the Courts of the State of California.

                    15.LIMITED  INDEMNIFICATION:  EMPLOYER indemnifies and holds
harmless  EMPLOYEE from any claims of any type against EMPLOYER that arise prior
to the date of the commencement of this Agreement.

                    16. OPPORTUNITY TO REVIEW: EMPLOYEE and EMPLOYER warrant and
represent that each has had sufficient and adequate  opportunity to consult with
independent counsel concerning the within Agreement,  and has requested that the
firm of Baratta & Goldstein prepare the within Agreement, and is aware that said
firm is relying  upon the within  representation  prior to the parties  entering
into the Agreement herein.

                    17 NOTICES: All notices required or permitted to be given by
either party hereunder shall be in writing and mailed by registered mail, return
receipt requested and by regular mail to the other party addressed as follows:

                                    If to EMPLOYER at:
                                    CALYPTE BIOMEDICAL CORPORATION
                                    1265 Harbor Bay Parkway
                                    Alameda, CA 94502

                                    If to EMPLOYEE at:
                                    JAY OYAKAWA
                                    820 Glenmere
                                    Los Angeles, CA 90049

Any notice mailed,  as provided above,  shall be deemed completed on the date of
receipt, or five (5) days from the postmark on said postal receipt.

                    18. CAPTION HEADINGS: Caption headings in this Agreement are
provided merely for convenience and are of no force and effect.

                    19. ENTIRE AGREEMENT:  This Agreement contains the total and
entire Agreement between the parties and shall, as of the effective date hereof,
supersede  any and  all  other  Agreements  between  the  parties.  The  parties
acknowledge and agree that neither of them has made any representations that are
not specifically set forth herein,  and each of the parties hereto  acknowledges
that he or it has relied upon his or its own judgment in entering into same, and
that the  within  Agreement  has been  approved  by the  EMPLOYERS  compensation
committee and its board of directors.

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                    IN WITNESS  WHEREOF,  the parties  have  hereunto  set their
hands and seals the day, month and year first above written.

CALYPTE BIOMEDICAL CORPORATION

By: /s/ ANTHONY J. CATALDO
--------------------------------------
Anthony J. Cataldo, Executive Chairman

/s/ JAY OYAKAWA
--------------------------------------
EMPLOYEE

Calypte\Employment Agt - Oyakawa

                                       6EXHIBIT 10.131

            SEPARATION AGREEMENT, MUTUAL RELEASE AND WAIVER OF CLAIMS

                  This Separation Agreement, Mutual Release and Waiver of Claims
("Agreement")  is entered into by and between Nancy E. Katz (hereafter  referred
to as  "Katz"),  on the  one  hand,  and  Calypte  Biomedical  Corporation,  its
subsidiary and affiliated entities and the predecessors,  successors and assigns
of each (hereafter referred to as the "Company"),  on the other hand,  effective
upon the  expiration of the  Revocation  Period  described in Paragraph 14 below
(the  "Effective  Date").  Together,  Katz and the Company  shall be referred to
herein as "the Parties".

                  1) Katz  resigned her  employment as Chief  Executive  Officer
with the Company effective June 2, 2003 (the  "Resignation  Date") and she shall
resign her  position as a director of the Company  effective as of the date both
Parties have executed this Agreement.

                  2) The text of the press  release to be issued by the  Company
regarding Katz's  resignation as Chief Executive Officer and as a Board Director
is attached  hereto as Exhibit A. This press  release shall not be issued by the
Company  until such date as both  Parties  have  executed  this  Agreement.  The
Company  acknowledges  and  agrees  that it will not make (and it will cause its
officers,  directors,  employees and agents not to make) any statements (whether
written or oral) to the  press,  third  parties  (including  but not  limited to
headhunters and prospective  employers of Katz and/or their agents) or employees
which are inconsistent with Exhibit A or disparaging of Katz in any way.

                  3) On or before June 30, 2003,  the Company shall issue Katz a
check in the  amount  of  $23,446.10  plus  interest  at a rate of 8% per  month
accrued  as of  June  2,  2003,  which  represents  outstanding  expenses  (plus
interest) due to her from the Company as follows:

                           a)   $17,446.16  in   unreimbursed   business-related
expenses  which were properly  incurred by Katz during her  employment  with the
Company; and

                           b) $6,000 in unreimbursed car allowance  payments due
to Katz from the Company for the period  November 1, 2002  through  June 1, 2003
(equivalent to payments of $750 per month during the applicable period)

                  4) In  return  for  Katz's  release  and  waiver  of claims in
Paragraph 8 and the other  provisions of this  Agreement,  the Company agrees to
provide certain benefits to Katz as follows:

                           (a)  the  Company   shall  pay  Katz  the  amount  of
$312,692.32 as follows:

                  (i) commencing  immediately and continuing  until such time as
the  Company  closes  funding  (whether  in a  single  placement  or  cumulative
placements) of $5 million or more, which funding total(s) shall be calculated as
of June 2, 2003 (the

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"Funding"),  Katz will serve as a  consultant  to the  Company and shall be paid
amounts equal to bi-monthly  payments of an annual consulting fee of $312,692.32
(e.g., two payments of $13,028.85 each month),  in accordance with the timing of
the  Company's  regular  payroll  practices,  for a period  of one year from the
Effective  Date  such  that  the full  $312,692.32  shall be paid to Katz by the
Company on or before the one-year anniversary of the Effective Date. The Company
warrants and represents  that these payments shall be prioritized by the Company
for all purposes  (including but not limited to disclosure  purposes) as payroll
obligations  due to Katz from the  Company,  but that such  payments in fact are
consulting  fees to be paid  without  any  withholdings  or  deductions  and the
Company  shall  timely  issue Katz a Form 1099  reporting  such payment as other
income; and

                  (ii) on the effective  date of the close the Funding,  if any,
the Company  shall pay Katz the full  payment  amount of  $312,692.32,  less any
payments  made in  accordance  with  the  preceding  subparagraph.  The  Company
warrants and represents that its payment  obligation to Katz as described herein
shall be prioritized by the Company for all purposes  (including but not limited
to disclosure purposes) as a payroll obligation due to her from the Company. The
Parties  agree any payment  made by the Company to Katz under this  subparagraph
shall constitute  consideration for cancellation of Katz's Employment  Agreement
with the Company dated October 31, 2002 (the  "Employment  Agreement")  and that
the  payment  of  such  amount  does  not  constitute  "wages"  or  "nonemployee
compensation"   for  federal  or  state  income  or  employment   tax  purposes.
Accordingly,  the Company  agrees that it shall not withhold any taxes from this
payment  and that it shall  timely  issue Katz a Form 1099 misc  reporting  such
payment as other income.

                           (b) The  Company  acknowledges  and agrees  that Katz
shall remain a participant on the Company's  health insurance plan with the same
level of coverage  and  benefits  as during her  employment  as Chief  Executive
Officer for such time as she  receives  payments  from the  Company  pursuant to
subparagraph  4(a),  above,  and the Company  warrants and  represents  that the
applicable health insurance plan documents permit the Company to allow her to do
so;  thereafter,  the Company shall timely  provide Katz with the  documentation
necessary for her to continue her coverage under the Company's  health insurance
plan through COBRA.

                           (c) The Company  shall pay Katz her car  allowance of
$750 per  month  (paid by the  Company  in the form of a check  payable  to Katz
issued on or before the first day of each month and  pro-rated  for any  partial
month(s))  for such  time as she  receives  payments  from the  Company  payroll
pursuant to subparagraph  4(a),  above. The Company warrants and represents that
its payment  obligation to Katz as described herein shall be prioritized for all
purposes  (including  but not  limited  to  disclosure  purposes)  as a  payroll
obligation due to her from the Company.

                           (d) The Company  acknowledges  and agrees that on May
29, 2003, it granted Katz options to purchase a total of 1,544,476 shares of the
Company's  common stock  pursuant to the Company's  2000 Equity  Incentive  Plan
("Plan")  by means of five  separate  grants  on May 29,  2003 as  follows:  (1)
146,667  shares  (fully  vested and

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exercisable  as of the date of  grant),  (2)  165,833  shares  (50%  vested  and
exercisable  as of the date of  grant  and 50%  vested  and  exercisable  on the
one-year  anniversary of the date of grant), (3) 62,573 shares (fully vested and
exercisable  as of the date of grant),  (4)  1,084,167  shares  (50%  vested and
exercisable  as of the date of  grant  and 50%  vested  and  exercisable  on the
one-year  anniversary  of the date of grant) and (5) 85,236 shares (fully vested
and exercisable as of the date of grant) (cumulatively, the "Katz Options"). The
Company further  acknowledges and agrees that,  notwithstanding  anything to the
contrary in the Plan, in the stock option grants or agreements,  or in any other
agreement  between Katz and the  Company,  the Katz Options are fully vested and
exercisable  by Katz and shall  remain  exercisable  by Katz for a period of two
years from the Resignation Date (i.e.,  until June 2, 2005) as to 919,476 of the
shares subject to the Katz Options and that the remaining 625,000 shares subject
to the Katz Options (e.g.,  the unvested shares described in (2) and (4) of this
subparagraph 4(d)) shall vest and become exercisable by Katz on May 29, 2004 and
shall  remain  exercisable  by Katz for a period of two years from that  vesting
date (i.e. until May 29, 2006). The Company warrants and represents that it will
use its best efforts to cooperate  with Katz at such time(s) as she may exercise
all or some of the shares  subject to the Katz  Options in respect of a same day
exercise and sale of such shares in order that cash generated from any such sale
be  used  for  the  payment  of  the  exercise  price  and  satisfaction  of tax
obligations.  The Company  acknowledges and agrees that the Katz Options have an
exercise  price of $0.32 per share,  with the  exception  of the grant of 85,235
shares (e.g., the grant described in (5) of this subparagraph  4(d)), which have
an exercise price of $0.01 per share.  The Company  warrants and represents that
the Katz Options were  granted in all respects in  accordance  with the terms of
the Plan and the Company  further  warrants  and  represents  that the shares of
common stock underlying the Katz Options shall be registered by the Company with
the  Securities  and  Exchange  Commission  for resale when the shares of common
stock  underlying  the Plan are so  registered.  The Company shall make its best
efforts to so register said shares as soon as possible and in no event any later
than July 1, 2003.

                  5) The Company  acknowledges and agrees that Katz's duties and
obligations as an employee of the Company ceased,  the Employment  Agreement has
been  terminated,  and Katz has no further duties or  obligations  thereunder or
otherwise,  as of June 2, 2003.  The Company also  acknowledges  and agrees that
Katz has no  continuing  obligations  as either an  officer or  director  of the
Company  and that  she has no  continuing  fiduciary  duties  whatsoever  to the
Company  as of the  date  she  executes  this  Agreement.  The  Company  further
acknowledges  and agrees that it will  indemnify,  defend and hold Katz (and her
heirs and  representatives)  harmless  against  any and all  claims  and  losses
(including  reasonable  attorneys  fees  actually  incurred)  arising out of her
employment  with,  and service as a Board  member to, the Company to the maximum
extent allowed in accordance with the Certification of Incorporation and by-laws
of the Company, any applicable insurance policies and applicable law.

                  6) Katz has the right to consult an attorney before  executing
this Agreement and the general  release and waiver of claims  contained  herein.
Pursuant to the Age Discrimination in Employment Act of 1967 ("ADEA"), 29 U.S.C.
ss.621 ET SEQ.,  as amended by the Older  Workers  Benefit  Protection  Act, the
Company hereby advises her to do so.

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                  7) In order to receive the  benefits  described  herein,  Katz
must sign and return this Agreement no later than twenty-one (21) days after its
June 12, 2003,  delivery to her, although she may sign and return this Agreement
before that date if she chooses to do so.

                  8) MUTUAL RELEASE AND WAIVER OF CLAIMS

                           a. Except as other  expressly  provided below in this
Paragraph  8(a),  Katz,  on  behalf  of  herself,  her  family  members,  heirs,
successors and assigns hereby fully waives, releases, and forever discharges the
Company,  its subsidiary and affiliated entities and anyone connected with them,
including  but not  limited  to their  past  and  present  officers,  directors,
attorneys,   management  staff,  employees,   and  agents,  and  the  parent(s),
affiliates, subsidiaries,  predecessors,  successors, and assigns of each of the
foregoing (collectively, the "Releasees") from any and all claims, past, present
or future (including claims for costs and attorneys' fees), damages,  penalties,
demands, actions, liabilities,  judgments, liens, losses, indebtedness or causes
of action of any kind,  known or unknown,  suspected or  unsuspected,  which she
ever had or now has against one or more of the Releasees up to and including the
date she executes this Agreement.  Notwithstanding the foregoing,  Katz does not
release any rights or claims she may have to  indemnity  and/or  defense as more
fully described in Paragraph 5, above, or otherwise as a matter of contract, law
or equity  arising out of or relating to her  employment  with,  or service as a
Board Member to, the Company.

                           b. The Company,  on behalf of itself,  its subsidiary
and  affiliated  entities  and anyone  connected  with them,  including  but not
limited  to its and  their  past and  present  officers,  directors,  attorneys,
management  staff,  employees,  and  agents,  and  the  parent(s),   affiliates,
subsidiaries,  predecessors,  successors,  and assigns of each of the foregoing,
hereby fully  waives,  releases,  and forever  discharges  Katz from any and all
claims,  past,  present or future  (including  claims  for costs and  attorneys'
fees),  damages penalties,  demands,  actions,  liabilities,  judgments,  liens,
losses,  indebtedness  or  causes  of  action  of any  kind,  known or  unknown,
suspected or unsuspected, which it and/or they ever had or now have against Katz
up to and including the date it executes this Agreement. For avoidance of doubt,
this release does not include a release of any claims Company  shareholders  may
have against Katz in her capacity as an officer or director of the Company.

                           c.  Except  as  otherwise  specifically  provided  in
Paragraphs  8(a) and 8(b),  the releases  contained in Paragraphs  8(a) and 8(b)
include,  but are not limited to, all claims arising out of the  negotiation and
execution  of this  Agreement  and any and all claims which the Parties may have
against each other,  up to and including  the date they execute this  Agreement,
including  but not  limited to any and all  employment-related  claims,  such as
claims for damages  arising  from claims of age  discrimination  under the ADEA,
claims  under  California  Fair  Employment  and Housing  Act,  claims under the
California Labor Code,  claims under Title VII of the 1964 Civil Rights Act, the
Americans with  Disabilities  Act, and any claims in tort or contract related to
Katz's employment with the Company, or the termination of Katz's employment with
the Company,  or to any acts or omissions of the Releasees,  or anyone connected
with them.

                                       4
<PAGE>

                           d. It is possible that other  injuries or damages not
now known to Katz or the Company will develop or be discovered after the date of
this  Agreement,  and this Agreement is expressly  intended to cover and include
all such  injuries or damages,  including  all rights of action  therefor  which
arise out of or relate to,  directly or indirectly,  the claims released by this
Agreement.  Katz and the Company hereby  expressly,  knowingly,  and voluntarily
waive the  provisions  of  Section  1542 of the  California  Civil  Code and any
similar  provision  of state or  federal  law now in  effect or in effect in the
future. Section 1542 provides as follows:

                  "A  general  release  does not  extend  to  claims  which  the
creditor does not know or suspect to exist in his favor at the time of executing
the release,  which if known by him must have materially affected his settlement
with the debtor."

Katz  understands  that any rights or claims under the ADEA that may arise after
the date she executes this Agreement are not waived

                  9) The Parties will not sue or initiate against each other any
action or proceeding,  or participate in same,  individually or as a member of a
class,  under any contract  (express or implied),  law, or regulation,  federal,
state,  or local,  pertaining in any manner  whatsoever to the released  claims,
except to enforce the terms of this Agreement.  The Parties specifically warrant
and represent that neither of them have any pending  complaint or charge against
the other in any state or federal  court or any local,  state or federal  agency
based on Katz's  employment with the Company,  or on any other events  occurring
prior to their execution of this Agreement.

                  10) The  Parties  warrant  and  represent  that  they have not
assigned or transferred to any person not a party to this Agreement any released
claim or portion thereof.

                  11) The Parties understand that each of them believes that she
or it has acted  properly,  and not  unlawfully in any respect.  Nothing in this
Agreement is intended to be nor will it be alleged to constitute  evidence of or
be an admission by either Party of any liability, omission, or wrongdoing or any
kind whatever,  nor shall this Agreement be offered or received into evidence or
otherwise filed or lodged in any proceeding  against the other Party,  except as
may be necessary to prove the terms of this Agreement or to enforce the same.

                  12) The  Parties  acknowledge  and  agree  that the  exclusive
jurisdiction  and venue  for any  dispute  arising  out of or  relating  to this
Agreement shall be the state or federal courts located in the county of Alameda,
California.  The  prevailing  party in any such action shall be awarded its fees
and costs,  including but not limited to its attorney's  fees,  expert fees, and
all costs of suit, whether or not recoverable by statute or rule.

                  13) This Agreement  constitutes the entire  agreement  between
the   Parties  and   supersedes   all  prior  or   contemporaneous   agreements,
representations   or   understandings,   regarding  Katz's  employment  and  the
termination  thereof,  with the exception of the stock option agreements between
Katz and the Company  (and any

                                        5
<PAGE>

documents related thereto). In entering this Agreement, neither Party has relied
on any  representations  made  by the  other  Party  (or  any  of  that  Party's
representatives),  except  as  expressly  set  forth  herein  in  writing.  This
Agreement may not be changed  orally but only in a writing signed by Katz and an
authorized  representative  of the Company.  This  Agreement  shall be construed
under and governed by the laws of the State of  California,  without  regard for
its  conflict  of law  provisions.  If any  part  of  this  Agreement  shall  be
determined to be illegal,  invalid or unenforceable,  the remaining parts of the
Agreement  will  not be  affected  thereby  and any  such  illegal,  invalid  or
unenforceable  part  shall not be deemed  to be a part of this  Agreement.  This
Agreement  may be  signed  in  counterparts,  each of which  shall be  deemed an
original  of one and the  same  agreement,  and  facsimile  signatures  shall be
acceptable as originals.

                  14)  Katz  shall  have up to  seven  (7)  days  from  the date
immediately  following  her  execution  of this  Agreement  during which she may
revoke her acceptance  (the  "Revocation  Period").  Any such revocation must be
communicated to the Company in writing within the Revocation Period. Katz hereby
is  advised  in  writing  that this  Agreement  shall not  become  effective  or
enforceable until the Revocation Period has expired.

Date: June 26,  2003                        /s/ NANCY E. KATZ
                                            -------------------------------
                                            NANCY E. KATZ
h

                                            CALYPTE BIOMEDICAL CORPORATION

Date: June 27, 2003                         /s/ ANTHONY J. CATALDO
                                            --------------------------------
                                            TONY CATALDO
                                            Chairman, Board of Directors

                                       6

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