This Employment Agreement (“Agreement”) is entered into this 16
day of February 2009, by and
between James Flounlacker (the “Executive”) and ReGen Biologics, Inc. (“ReGen” or the “Company”).
WHEREAS, the Company wishes to retain the services of Executive; and
WHEREAS, the Executive desires to be employed by the Company;
NOW, THEREFORE, in consideration of the promises and mutual agreements made herein, the
sufficiency of which the parties expressly acknowledge, and intending to be legally bound hereby, the Company
and Executive agree as follows:
1. Employment Term . The Company shall employ the Executive for a one-year term beginning on
February 16, 2009 (“Effective Date”). Thereafter, this Agreement will automatically renew for one-year terms,
unless either party provides the other party with ninety (90) days advance written notice of the parties’ intent not
2. Employment Duties . Executive will serve in a full-time capacity as Senior Vice President of
Administration of the Company. Executive shall be responsible for the following activities of the Company:
management, coordination or oversight of key objectives, projects and processes, including but not limited to
coordination of the implementation of the sales strategy and plan for the Company’s products in the United
States, and other duties as assigned by the Chief Executive Officer or his designee. Executive shall report directly
to the Chief Executive Officer.
3. Compensation .
The Company shall pay Executive a base salary of $230,000 per annum, to be paid
in approximately equal bi-weekly installments, minus regular payroll withholdings. The Compensation Committee
of the Board of Directors shall review Executive’s base salary at the beginning of each calendar year during its
annual compensation review. Such compensation may be adjusted by the Company by mutual agreement with
Executive at such annual rev