Document:

Placement Agent Agreement

 EXHIBIT 10.2 
 Empire Asset Management Company 
 2 Rector Street, 15th Floor 
 New York, NY 10006 
 July 17, 2008

 CONFIDENTIAL 
 Cardium Therapeutics, Inc.

 3611 Valley Centre Drive, Suite 525 
 San Diego, CA 92130

 Attn: Tyler Dylan, Chief Business Officer 
 Dear Dr. Dylan:

 This letter (the “Agreement”) constitutes the agreement between Empire Asset Management Company
(“Empire” or the “Placement Agent”) and Cardium Therapeutics, Inc. (the “Company”), that Empire shall serve as the exclusive placement agent for the Company, on a “reasonable efforts”
basis, in connection with the proposed placement (the “Placement”) of up to $3,340,380 of registered securities (the “Securities”) of the Company, including shares (the “Shares”) of the
Company’s common stock, par value $0.0001 per share (the “Common Stock”) and warrants to purchase shares of Common Stock (the “Warrants”). The terms of such Placement and the Securities shall be mutually agreed
upon by the Company and the purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein constitutes that Empire would have the power or authority to bind the Company or any Purchaser or an
obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement shall be collectively referred to herein as the
“Transaction Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing Date.” The Company expressly acknowledges and agrees that Empire’s obligations hereunder are on a
reasonable efforts basis only and that the execution of this Agreement does not constitute a commitment by Empire to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of
Empire with respect to securing any other financing on behalf of the Company. 
 SECTION 1. Compensation and other Fees. 
 As compensation for the services provided by Empire hereunder, the Company agrees to pay to Empire: 
 (A) The fees set forth below with respect to the Placement: 
 a) A cash fee payable immediately upon the closing of the Placement equal to 6.5% of the 
 aggregate gross
proceeds raised in the Placement. 
 b) Placement Agent warrants to purchase that number of shares of Common Stock equal to 6% of the
aggregate number of Shares sold in the Placement. Such warrants shall have the same terms as the Warrants issued to the Purchasers in the Placement except that such warrants (i) shall have an exercise price equal to the last sale price as
reported by the American Stock Exchange on the Closing Date; (ii) shall not contain Section 3(b) of the form of Warrant or any similar provision permitting an adjustment to the exercise price upon a subsequent equity sale; and
(iii) shall not be transferable except as permitted by FINRA Rule 2710. 

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 (B) The Company also agrees to reimburse Empire’s expenses up to a maximum of $15,000. Such
reimbursement shall be payable immediately upon the closing of the Placement. 
 SECTION 2. REGISTRATION STATEMENT. 
 The Company represents and warrants to, and agrees with, the Placement Agent that:
 (A) The Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3
(Registration File No. 333-147947) under the Securities Act of 1933, as amended (the “ Securities Act”), which became effective on December 19, 2007, for the registration under the Securities Act of the Shares and
Warrants. At the time of such filing, the Company met the requirements of Form S-3 under the Securities Act. Such registration statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule.
The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules and Regulations”) of the Commission promulgated thereunder, a supplement to the form of prospectus
included in such registration statement relating to the placement of the Shares and Warrants and the plan of distribution thereof and has advised the Placement Agent of all further information (financial and other) with respect to the Company
required to be set forth therein. Such registration statement, including the exhibits thereto, as amended at the date of this Agreement, is hereinafter called the “Registration Statement”; such prospectus in the form in which it
appears in the Registration Statement is hereinafter called the “Base Prospectus”; and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base
Prospectus as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and
include the documents incorporated by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), on or before the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,” “amendment” or
“supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or the
issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules and other information which is
“contained,” “included,” “described,” “referenced,” “set forth” or “stated” in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as
the case may be. No stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has been initiated or, to
the Company’s knowledge, is threatened by the Commission. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act and the “Time of Sale
Prospectus” means the preliminary prospectus, if any, together with the free writing prospectuses, if any, used in connection with the Placement, including any documents incorporated by reference therein. 
 (B) The Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the
Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and
did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit 

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to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus, the Time of Sale
Prospectus, if any, and the Prospectus Supplement, each as of its respective date, comply in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of Sale
Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable
Rules and Regulations, and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect to Incorporated
Documents incorporated by reference in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference in the Base Prospectus,
the Time of Sale Prospectus, if any, or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, as applicable,
and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. No post-effective amendment to the
Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. There are
no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period.
There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which have not been
described or filed as required. 
 (C) The Company is not eligible to use free writing prospectuses in connection with the Placement.

 (D) The Company has delivered, or will as promptly as practicable deliver, to the Placement Agent complete conformed copies of the
Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the
Prospectus Supplement, as amended or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior to
the Closing Date, any offering material in connection with the offering and sale of the Shares other than the Base Prospectus, the Time of Sale Prospectus, if any, the Prospectus Supplement, the Registration Statement, copies of the documents
incorporated by reference therein and any other materials permitted by the Securities Act. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES. The
Company hereby makes the representations and warranties set forth below to the Placement Agent. 
 (A) Organization and
Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation , with the requisite power and authority to own and use its
properties and assets and to carry on its business as currently conducted. 
 (B) Authorization; Enforcement. The Company has the
requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of the
Transaction Documents by the Company and the consummation by it of the transactions contemplated 

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thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors
or its stockholders in connection therewith other than in connection with the “Required Approvals” (as defined in subsection 3(D) below). Each Transaction Document has been (or upon delivery will have been) duly executed by the
Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies. 
 (C) No Conflicts. The execution, delivery and performance of the Transaction Documents by
the Company, the issuance and sale of the Securities and the consummation by the Company of the other transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any
Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any
Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not have or reasonably be expected to result in a Material Adverse Effect (as defined in the Securities Purchase Agreement included in the Transaction Documents. 
 (D) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other “Person” (defined as an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind, including, without limitation, any Trading Market) in connection with the execution, delivery
and performance by the Company of the Transaction Documents, other than such filings as are required to be made under applicable Federal and state securities laws (collectively, the “Required Approvals”). 
 (E) Approvals. The issuance and listing on the American Stock Exchange (“AMEX”) of the Shares does not require the approval of the
Company’s shareholders. 
 (F) FINRA Affiliations. There are no affiliations with any Financial Industry Regulatory
Authority (FINRA) member firm among the Company’s officers, directors or, to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Base Prospectus. 
 (G) Incorporation by Reference. Each of the representations and warranties (together with any related disclosure schedules thereto) made in
that certain Securities Purchase Agreement dated as of July 18, 2008, between the Company, and each purchaser identified on the signature pages thereto to the purchasers thereunder is hereby incorporated herein by reference (as though fully restated
herein) and is hereby made to, and in favor of, Empire. 

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 SECTION 4. INDEMNIFICATION.  
 (a) Indemnification of the Placement Agent. The Company agrees to indemnify, defend and hold harmless the Placement Agent, its directors and
officers, and each person, if any, who controls the Placement Agent within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and
against any loss, damage, claim or liability, to which, jointly or severally, the Placement Agent or any such person may become subject under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, the common law
or otherwise, (including in settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as such loss, damage, claim or liability (or actions in respect thereof as contemplated below) arises out of
or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in the Base Prospectus, Prospectus Supplement or the Time of Sale Prospectus, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; and, in the case of (i) and (ii) above, to promptly
reimburse the Placement Agent and each such controlling person for any and all reasonable expenses (including reasonable fees and disbursements of counsel) as such expenses are incurred by the Placement Agent or such controlling person in connection
with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity shall not apply to any loss, claim, damage, liability or expense to the
extent, but only to the extent, it arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in or omitted from any Base Prospectus, Prospectus Supplement or the Time of Sale Prospectus in reliance
upon and in conformity with information concerning the Placement Agent furnished in writing by or on behalf of the Placement Agent to the Company expressly for use therein or (iii) any untrue statement or alleged untrue statement made by the
Company in Section 3 hereof or the failure by the Company to perform when and as required any agreement or covenant contained herein. 
 (b) Indemnification of the Company. The Placement Agent agrees to indemnify, defend and hold harmless the Company, its directors and officers, and any person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, claim, damage, liability or expense, as incurred to which, jointly or severally,
the Company or any such person may become subject under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, the common law or otherwise (including in settlement of any litigation, if such settlement is
effected with the written consent of the Placement Agent), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue
statement or alleged untrue statement of a material fact contained in the Base Prospectus, Prospectus Supplement or the Time of Sale Prospectus, or the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, in the case of each of (i) and (ii) above, to the extent but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Base Prospectus, Prospectus Supplement or the Time of Sale Prospectus in reliance upon and in conformity with information concerning the Placement
Agent furnished in writing by or on behalf of the Placement Agent to the Company expressly for use therein, and to reimburse the Company, or any such director, officer or controlling person for any legal and other expense reasonably incurred by the
Company (including reasonable fees and disbursements of counsel), or any such director, officer or controlling person in 

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connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. Notwithstanding the
provisions of this Section 5(b), in no event shall any indemnity by the Placement Agent under this Section 5 (b) exceed the total compensation actually received by the Placement Agent in accordance with Section 1 hereto.

 (c) Notice and Procedures. If any action, suit or proceeding (each, a “Proceeding”) is brought against a person
(an “indemnified party”) in respect of which indemnity may be sought against the Company or the Placement Agent (as applicable, the “indemnifying party”) pursuant to subsection (a) or (b),
respectively, of this Section 5, such indemnified party shall promptly notify such indemnifying party in writing of the institution of such Proceeding and such indemnifying party shall assume the defense of such Proceeding, including the
employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; provided, however, that the omission to so notify such indemnifying party shall not relieve such indemnifying party from any
liability which such indemnifying party may have to any indemnified party or otherwise, except to the extent the indemnifying party does not otherwise learn of the Proceeding and such failure results in the forfeiture by the indemnifying party of
substantial rights or defenses. The indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless
(i) the employment of such counsel shall have been authorized in writing by the indemnifying party in connection with the defense of such Proceeding, (ii) the indemnifying party shall not have, within a reasonable period of time in light
of the circumstances, employed counsel to defend such Proceeding or (iii) such indemnified party or parties shall have reasonably concluded, based on the advice of counsel, that there may be defenses available to it or them which are different
from, additional to or in conflict with those available to such indemnifying party (in which case such indemnifying party shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties with respect to
such defenses), in any of which events such reasonable fees and expenses with respect to such defenses shall be borne by such indemnifying party and paid as incurred (it being understood, however, that such indemnifying party shall not be liable for
the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding). An
indemnifying party shall not be liable for any settlement of any Proceeding effected without its written consent but, if settled with its written consent or if there be a final judgment for the plaintiff, such indemnifying party agrees to indemnify
and hold harmless the indemnified party or parties from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this Section 5(c) , then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding
effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have fully reimbursed the indemnified
party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days’ prior notice of its intention to settle. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include
an admission of fault or culpability or a failure to act by or on behalf of such indemnified party. 
 (d) Contribution. If the
indemnification provided for in this Section 5 is unavailable to an indemnified party under subsections (a) or (b) of this Section 5 or insufficient to hold an indemnified party harmless in respect of
any losses, claims, damages, liabilities or expenses referred to therein, then 

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each applicable indemnifying party shall, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified
party as a result of the losses, claims, damages, liabilities or expenses referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on
the one hand and the Placement Agent on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand in connection with the statements or omissions that
resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Placement Agent on the other hand shall be deemed to be
in the same respective proportions as the total net proceeds from the offering of the Securities (before deducting expenses) received by the Company and the total placement agent commissions received by the Placement Agent, in each case as set forth
on the cover of the Prospectus, bear to the aggregate public offering price of the Securities. The relative fault of the Company on the one hand and the Placement Agent on the other hand shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or by the Placement Agent, on the other hand, and the
parties’ relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Placement Agent agree that it would not be just and equitable if contribution pursuant to
this subsection (d) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this Section 5(d). The
amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section 5(d) shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending against any action or claim which is the subject of this Section 5(d). Notwithstanding the provisions of this Section 5(d), the Placement Agent shall not be
required to contribute any amount in excess of the total commissions received by such Placement Agent in accordance with Section 1(a). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (e)
Representations and Agreements to Survive Delivery. The obligations of the Company under this Section 5 shall be in addition to any liability which the Company may otherwise have. The indemnity and contribution agreements
contained in this Section 5 and the covenants, warranties and representations of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of the Placement Agent, any person who controls the Placement Agent within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or any affiliate of or
counsel to the Placement Agent, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and
(iii) the issuance and delivery of the Securities. The Company and the Placement Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company’s
officers or directors in connection with the issuance and sale of the Securities, or in connection with the Registration Statement or the Prospectus. 
 SECTION 5. ENGAGEMENT TERM. Empire’s engagement hereunder will expire on August 27, 2008, unless extended by the mutual agreement of the parties. The engagement may be terminated by either the Company or Empire at
any time upon 10 days’ written notice. Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification, contribution and the Company’s obligations to pay fees and reimburse expenses
contained herein and the Company’s obligations contained in the Indemnification Provisions will survive any expiration or termination of this 

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Agreement. In addition, the Company hereby retains Empire to serve as its principal investment advisor and banking firm commencing upon consummation of the
Closing through December 31, 2008, during which term, the Company and Empire agree to consult with each other regarding all of the Company’s financing needs, and the Company agrees to use its commercially reasonable efforts to permit
Empire to participate in all such financings undertaken. In furtherance of the foregoing, the Company agrees to notify Empire prior to initiating contact or otherwise consulting directly or indirectly with third party sources of capital with respect
to financing matters. Empire’s services with respect to the foregoing may include the following: (i) identifying and developing a list of potential offerees, including institutional investors to be contacted by Empire in connection with
soliciting interest in the financing transaction (“Offeree List”); (ii) contacting and seeking to elicit interest from one or more parties on the Offeree List to participate in the financing transaction; (iii) coordinating
inquiries from potential offerees, and assisting in the preparation of additional documents and due diligence as may be requested by potential offerees; (iv) assisting in evaluating and negotiating the terms and conditions of any transaction;
and (v) assistance with respect to negotiating documents and facilitation in closing the financing transaction. The Company and Empire shall negotiate in good faith to determine a mutually acceptable level of compensation with respect to the
applicable financing transaction. 
 SECTION 6. CONFIDENTIALITY. In the course of its services under this Agreement, the Placement Agent will
have access to Confidential Information (as defined below) concerning the Company. The Placement Agent agrees that all Confidential Information will be treated by the Placement Agent as confidential in all respects. The Placement Agent hereby agrees
that it and its dealers, affiliates and representatives shall: (i) use the Confidential Information solely for the purposes of its engagement hereunder; and (ii) not disclose any Confidential Information to any other party except to those
Placement Agent representatives who need to know such information for the purposes of the Placement Agent’s engagement hereunder and who have been advised of such confidentiality restrictions. The term “Confidential
Information” shall mean all information, whether written or oral, which is or has been disclosed by the Company or their respective affiliates, agents or representatives to the Placement Agent or any of its representatives in connection
with the transactions contemplated hereby, which is not in the public domain, but shall not include: (i) information which is publicly disclosed other than by the Placement Agent in violation of this Agreement; (ii) information which is
obtained by the Placement Agent from a third party that (x) has not violated, or obtained such information in violation of, any obligation to the Company or its affiliates with respect to such information, and (y) does not require the
Placement Agent to refrain from disclosing such information; and (iii) information which is required to be disclosed by the Placement Agent or its outside counsel under compulsion of law (whether by oral question, interrogatory, subpoena, civil
investigative demand or otherwise) or by order of any court or governmental or regulatory body to whose supervisory authority the Placement Agent is subject; provided that, in such circumstance, the Placement Agent will give the Company prior
written notice promptly following Placement Agent’s knowledge or determination of such requirement of disclosure and cooperate with the Company to minimize the scope of any such disclosure. The Placement Agent’s obligation under this
section shall continue after the date of expiration, termination or completion of this Agreement or the Placement Agent’s engagement hereunder. 
 SECTION 7. EMPIRE INFORMATION. The Company agrees that any information or advice rendered by Empire in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and,
except as otherwise required by law, the Company will not disclose the advice or information (other than to its representatives who need to know such information) in any manner without Empire’s prior written consent. 
 SECTION 8. NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not
a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that Empire is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities
to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of Empire hereunder. 

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 SECTION 9. CLOSING. The obligations of the Placement Agent and the Purchasers, and the closing of the
sale of the Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company and its Subsidiaries contained herein, to the accuracy of the statements of the Company
and its Subsidiaries made in any certificates pursuant to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions: 
 (A) No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have
been initiated or threatened by the Commission, and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement or otherwise) shall have been
complied with. Any filings required to be made by the Company in shall have been timely filed with the Commission. 
 (B) The Placement
Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base Prospectus or the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a
fact which, in the opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not
misleading. 
 (C) All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and
validity of each of this Agreement, the Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably
satisfactory in all material respects to counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information that they may reasonably request in writing to enable them to pass upon such matters.

 (D) The Placement Agent shall have received from outside counsel to the Company such counsel’s written opinion, addressed to the
Placement Agent and the Purchasers dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent, which opinion shall include a “10b-5” representation from such counsel. 
 (E) Neither the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements included or
incorporated by reference in the Base Prospectus, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as set forth in or contemplated by the Base Prospectus and (ii) since such date there shall not have been any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any
change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its Subsidiaries, otherwise
than as set forth in or contemplated by the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, the effect of which, in any such case described in clause (i) or (ii), is, in the reasonable and good faith
judgment of the Placement Agent after consultation with the Company, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base
Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement. 
 (F) The Common Stock is registered under the Exchange
Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized for trading on the AMEX, and satisfactory evidence of such actions shall have been provided to the Placement Agent. The Company shall have taken no action

 Cardium Therapeutics, Inc. 
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designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending from trading
the Common Stock from AMEX, nor has the Company received any information suggesting that the Commission or AMEX is contemplating terminating such registration or listing. 
 (G) Subsequent to the execution and delivery of this Agreement, there shall not have occurred any of the following: (i) trading in securities generally on the New York Stock Exchange, the NASDAQ Global
Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the AMEX or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or minimum or
maximum prices or maximum ranges for prices shall have been established on any such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking
moratorium shall have been declared by federal or state authorities or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become
engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by
the United States, or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial conditions in the United States or elsewhere, if the effect of any such event in clause (iii) or
(iv) makes it, in the reasonable and good faith judgment of the Placement Agent after consultation with the Company, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated
by the Base Prospectus and the Prospectus Supplement. 
 (H) No action shall have been taken and no statute, rule, regulation or order
shall have been enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or
operations of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the
Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company. 
 (I) The
Company shall have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement, including as an exhibit thereto this Agreement. 
 (J) The Company shall have entered into subscription agreements with each of the Purchasers and such agreements shall be in full force and effect and shall contain representations and warranties of the Company as
agreed between the Company and the Purchasers. 
 (K) The FINRA shall have raised no objection to the fairness and reasonableness of the
terms and arrangements of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, an Issuer Filing with the FINRA Corporate Financing
Department pursuant to NASD Rule 2710 with respect to the Registration Statement and pay all filing fees required in connection therewith. 
 (L) Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as the Placement Agent may reasonably request. 
 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Placement Agent. 
 SECTION 10. Governing Law. This
Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior written
consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their 

 Cardium Therapeutics, Inc. 
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respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or
conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the
Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in
any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any
provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding. 
 SECTION 11. Entire Agreement/Misc. This Agreement embodies the entire agreement and understanding between the
parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both Empire and the
Company. The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, as applicable. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the
same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile or .pdf signature page were an original thereof. 
 SECTION 12. Notices. Any and all notices or
other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the business day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

 [SIGNATURE PAGE FOLLOWS] 

 Cardium Therapeutics, Inc. 
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 Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Empire the enclosed
copy of this Agreement. 
  

			
	Very truly yours,
	
	EMPIRE ASSET MANAGEMENT COMPANY
		
	By:	 	/s/ Gregg Zeoli
		 	Gregg Zeoli
		 	President & CEO
		
		 	Address for notice:
		 	 2 Rector Street, 15th Floor
 New York, NY 10006

 Facsimile No.: 212.417.8229

  

			
	 Accepted and Agreed to as of
 the date first
written above:

	
	Cardium Therapeutics, Inc.
		
	By:	 	/s/ Tyler M. Dylan
		 	 Tyler M. Dylan

		 	Chief Business Officer

 Address for notice: 
 3611 Valley Centre Drive, Suite 525 
 San Diego, CA 92130 
 Facsimile No.: 858.436.1011 
 With a copy to: 
 Bell,
Boyd & Lloyd, LLP 
 3580 Carmel Mountain Road, Suite 200 
 San Diego, CA 92130 
 Attention: David A. Fisher 
 Facsimile No.: (858) 509-7461Escrow Deposit Agreement

 EXHIBIT 10.3 
 ESCROW DEPOSIT AGREEMENT 
 This ESCROW
DEPOSIT AGREEMENT (this “Agreement”) dated as of the 2nd day of July 2008, by and among Cardium Therapeutics, Inc., a Delaware
corporation (the “Company”), having an address at 3611 Valley Centre Drive, Suite 525, San Diego, California 92130, Empire Asset Management Company (“Placement Agent”), having an address at 2 Rector Street,
15th Floor, New York, NY 10006 and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 261 Madison Avenue, New York NY 10016. All capitalized terms not herein defined shall have the
meaning ascribed to them in that certain Securities Purchase Agreement dated as of the closing date of the Offering, as amended or supplemented from time-to-time, including all attachments, schedules and exhibits thereto (the “Purchase
Agreement”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the terms of the Purchase Agreement the Company desires to sell (the “Offering”) of up to $3,340,380 of
securities of the Company; and 
 WHEREAS, unless the Company consummates the Offering by August 27, 2008 (the
“Termination Date”) with purchasers that have executed Purchase Agreements by July 27, 2008, the Offering shall terminate and all funds shall be returned to the subscribers in the Offering; and 
 WHEREAS, the Company and Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement Agent
shall instruct subscribers introduced to the Company by Placement Agent (the “Subscribers”) to deposit checks and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for
Cardium Therapeutics, Inc.,” and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth; and 
 WHEREAS, the Company and Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the
Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and 
 WHEREAS, the Company and
Placement Agent warrant to the Escrow Agent that a copy of each document that has been delivered to Subscribers and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I. 

 NOW, THEREFORE, IT IS AGREED as follows: 
 1. Delivery of Escrow Funds. 
 (a) Placement Agent
and the Company shall instruct Subscribers to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow Agent for Cardium Therapeutics, Inc.,” or wire transfer to Signature Bank, 261 Madison Avenue, New York NY
10016, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Cardium Therapeutics, Inc., Account No. 1501099321, in each case, with the name, address and social security number or taxpayer identification number of the
individual or entity making payment. In the event any Subscriber’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Subscriber, then Placement Agent and/or the Company agree to
promptly provide Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at Signature Bank entitled “Signature Bank, as Escrow Agent for Cardium Therapeutics, Inc.”
(the “Escrow Account”). 
 (b) The collected funds deposited into the Escrow Account are referred to as the “Escrow
Funds.” 
 (c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds
deposited into the Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Company
and Placement Agent promptly thereof. 
 (d) Escrow Agent shall hold all Escrow Funds in the Escrow Account free from any lien, claim or
offset of Escrow Agent, except as set forth herein. 
 2. Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance
with the following: 
 (a) In the event that the Company and Placement Agent advise the Escrow Agent in writing that the Offering has been
terminated (the “Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest or deduction, penalty or expense. 
 (b) Provided that the Escrow Agent does not receive the Termination Notice in accordance with paragraph 2(a), the Escrow Agent shall, upon receipt of
written instructions, in the form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent, received from the Company and Placement Agent on or before the Termination Date, pay the Escrow
Funds in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions. Such instructions must be received by the Escrow Agent no later than
3:00 PM Eastern Time on a Banking Day for the Escrow Agent to process such instructions that Banking Day. 
  

 2 

 (c) If by 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written
instructions from the Company and Placement Agent regarding the disbursement of the Escrow Funds, then the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest or deductions, penalty or expense. The Escrow Funds
returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent. 
 (d) The Escrow Agent shall not be required
to pay any uncollected funds or any funds that are not available for withdrawal. 
 (e) If the Termination Date or any date that is a
deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately precedes that date. A Banking Day is any day other
than a Saturday, Sunday or a day that a New York State chartered bank is not legally obligated to be opened. 
 (f) The Company may reject or
cancel any subscription for its securities in whole or in part. If payment for any such rejected or canceled subscription has been delivered to Escrow Agent, the Company and the Placement Agent will inform the Escrow Agent of the rejection or
cancellation, and Escrow Agent upon receiving such notice shall promptly return such funds to said Subscriber, but in no event prior to those funds becoming collected and available for withdrawal. 
 3. Acceptance by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that: 
 (a) The Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by
Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as to the
genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures of each individual authorized to act singly on behalf of the Company and Placement Agent are stated in
Schedule II, which is attached hereto and made a part hereof. The Company and Placement Agent may each remove or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with
this Agreement, which notice shall include the true signature for any new authorized signatories. 
 (b) The Escrow Agent may act relative
hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful
misconduct or gross negligence. 
 (c) Placement Agent and the Company agree to indemnify and hold the Escrow Agent harmless from and against
any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) 

  

 3 

 
claimed against or incurred by Escrow Agent, in good faith, arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by a
breach of this Escrow Agreement by the Escrow Agent or by the Escrow Agent’s gross negligence or willful misconduct. 
 (d) In the event
that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court
of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction. 
 (e) The Escrow Agent shall have no
duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow
Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received
by the Escrow Agent have been collected and are available for withdrawal. 
 4. Resignation and Termination of the Escrow Agent. The Escrow Agent may
resign at any time by giving 30 days’ prior written notice of such resignation to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold the Escrow Funds which it
receives until the end of such 30-day period. In such event, the Escrow Agent shall not take any action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement, until the Company has designated a
banking corporation, trust company, attorney or other person as successor. Upon receipt of such written designation signed by Placement Agent and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall
thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with a
clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with
respect to the Escrow Funds. 
 5. Termination. The Company and Placement Agent may terminate the appointment of the Escrow Agent hereunder upon
written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event of such termination, the Company and Placement Agent shall, within 30 days of such
notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and Placement Agent, turn over to such successor escrow agent all of the Escrow Funds; provided, however,
that if the Company and Placement Agent fail to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt
of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Signature Bank shall be relieved of all further obligations and released from all liability thereafter
arising with respect to the Escrow Funds and under this Agreement. 
  

 4 

 6. Investment. All funds received by the Escrow Agent shall be invested only in non-interest bearing bank accounts
at Signature Bank. 
 7. Compensation. Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $3,500, which fee
shall be paid by the Company promptly following the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all costs and expenses incurred in good faith in connection with this Agreement or the Escrow
Account, including reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the
amount of any fee which has been paid, or to be reimbursed or paid for any costs or expenses that have been incurred or become due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. To the
extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing. 

8. Notices. All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 If to Placement Agent: 
 Empire Asset Management Company 
 2 Rector Street, 15th Floor, 
 New York, NY 10006 
 Attention: Gregg Zeoli

 Fax: 212.417.8229 
  

 5 

 If to the Company: 
 Cardium Therapeutics, Inc. 
 3611 Valley Centre Drive, Suite 525 
 San Diego, CA 92130 
 Attn: Christopher J.
Reinhard, Chief Executive Officer 
 Fax: (858) 436-1011 
 If to Escrow Agent: 
 Signature Bank 
 261 Madison Avenue 
 New York NY 10016

 Attention: Cliff Broder, Group Director & Senior Vice President 
 Fax: 646-822-1359 
 9. General. 
 (a) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and
to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. Each of the
parties hereto hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated by this Agreement. 
 (b) This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

 (c) All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the
parties hereto, as well as their respective successors and assigns. 
 (d) This Agreement may be amended, modified, superseded or canceled,
and any of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of
any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more
instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may assign any rights, duties or
obligations hereunder unless all other parties have given their prior written consent. 
  

 6 

 (e) If any provision included in this Agreement proves to be invalid or unenforceable, it shall not
affect the validity of the remaining provisions. 
 (f) This Agreement and any modification or amendment of this Agreement may be executed in
several counterparts or by separate instruments and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto. 
 10. Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this
Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original copy of his or her
signature in overnight mail to the address of the other party. 
  

 7 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

  

													
	CARDIUM THERAPEUTICS, INC.	 		 	EMPIRE ASSET MANAGEMENT COMPANY
					
	By:	 	/s/ C. Reinhard	 		 	By:	 	/s/ Gregg Zeoli
		 	Name:	 	C. Reinhard	 		 		 	Name:	 	Gregg Zeoli
		 	Title:	 	CEO	 		 		 	Title:	 	President & CEO

  

					
	SIGNATURE BANK
		
	By:	 	/s/ [illegible]
		 	Name:	 	[illegible]
		 	Title:	 	VP
		
	By:	 	/s/ Cliff Broder
		 	Name:	 	Cliff Broder
		 	Title:	 	SVP

  

 8 

 Schedule I 
 OFFERING DOCUMENTS 
  

 9 

 Schedule II 
 The Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of the Company and Placement Agent. 
  
  

			
	
	CARDIUM THERAPEUTICS, INC.
		
	Name	  	True Signature
		
	 Christopher Reinhard
	  	/s/ Christopher Reinhard
		
	 Tyler Dylan
	  	/s/ Tyler Dylan 
	
	EMPIRE ASSET MANAGEMENT COMPANY
		
	Name	  	True Signature
		
	 Gregg Zeoli
	  	/s/ Gregg Zeoli
		
	 Robert Giannini
	  	/s/ Robert Giannini

  

 10 

 Exhibit A 
 FORM OF ESCROW RELEASE NOTICE 
 Date:
                 , 2008 
 Signature Bank 
 261 Madison Avenue 
 New York NY 10016 
 Attention: Cliff Broder, Group Director & Senior Vice President 
 Dear Mr. Broder: 
 In accordance with the terms of paragraph 2(c) of an Escrow Deposit Agreement dated as of June __, 2008 (the “Escrow
Agreement”), by and between Cardium Therapeutics, Inc. (the “Company”), Signature Bank (the “Escrow Agent”) and Empire Asset Management Company (“Placement Agent”), the Company and Placement Agent hereby notify the
Escrow Agent that the closing will be held on                  , 2008 for gross proceeds of
$            . 
 PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions
attached): 
 Cardium Therapeutics, Inc.: $  
 Empire
Asset Management Company: $  
 [others] 
 Very truly
yours, 
 Cardium Therapeutics, Inc. 
 By:                  
 Name:             
 Title:                
 Empire Asset Management Company

 By:                  
 Name:             
 Title:                
  

 11

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