EXHIBIT 10.37
EMPLOYMENT AGREEMENT
THIS
AGREEMENT is entered into as of July 25, 2006 (the
“Effective Date”), by and between Cytori
Therapeutics, Inc., a Delaware corporation located at 3020
Callan Road, San Diego, CA 92121 (“Company”), and
Bruce A. Reuter, an individual
(“Employee”).
Whereas,
the Company has eliminated the position of Senior Vice
President, Business Development on July 25, 2006;
and
Whereas,
the Company and Employee wish to continue the Employment
relationship in a new capacity through January 20,
2007;
Now
therefore, in consideration of the mutual promises made by the
parties to this Agreement, the parties agree as
follows:
1.
Duties and Compensation
(a)
Employee is engaged by the Company as its Strategic Business
Development Advisor with duties as directed by the CEO and
otherwise customarily associated with that
position.
(b)
The Company shall pay to Employee in exchange for the services
to be rendered hereunder a salary of Seventeen Thousand Five
Hundred Dollars [$17,500.00] per month, payable twice a month
on the fifteenth and last days of each month during which this
Agreement is in force.
2.
Guaranteed Duration
The
term of this Agreement shall commence on July 25, 2006 and
shall end on January 20, 2007 (the”Term”) unless
extended by mutual agreement. The employment relationship
created by this Agreement is “at will” and may be
terminated by either the Company or Employee at any time, with
or without cause. Should the Company terminate Employee
without cause prior to January 20, 2007, Employee shall
receive, as severance, the balance of his monthly salary
payments that would have otherwise been payable from such date
of early termination through January 20, 2007, plus Four
Thousand Three Hundred and Seventy Five Dollars
[$4,375].
3.
Other Compens
|
