This Employment Agreement (“Agreement”) is entered into this 23rd day of March 2004, by and between
Brion D. Umidi (the “Executive”) and ReGen Biologics, Inc (the “Company”), acting on behalf of itself and its
wholly owned subsidiary, Rbio, Inc. (“ReGen”).
WHEREAS, the Company and ReGen wish to retain the services of Executive, and
WHEREAS, the Executive desires to be employed by the Company and ReGen,
NOW, THEREFORE, in consideration of the promises and mutual agreements made herein, and intending to
be legally bound hereby, the Company and Executive agree as follows:
1. Employment Term . The Company, on behalf of itself and ReGen, shall employ the Executive for
consecutive one-year terms beginning on January 1 of each calendar year, with the provisions of this Agreement
deemed to have been in effect as of July 15, 2002.
2. Employment Duties . Executive will serve in a full-time capacity as Senior Vice President and Chief
Financial Officer of both the Company and ReGen. Executive shall be responsible for the following activities of
the Company and ReGen: accounting and reporting activities, contract management and legal coordination,
Board of Director meeting preparation and support, shareholder relations, support of capital financing activities
and related matters, and other related duties as assigned by the Chairman and Chief Executive Officer. Executive
shall report directly to the Chairman and Chief Executive Officer.
3. Compensation . Executive’s base salary is $175,000 per annum, to be paid in equal bi-weekly
installments, which amount shall be increased to $180,250 effective January 1, 2004. 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 reviews.
4. Benefits .