MEDICOR LTD
EX-10.2
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<TYPE>EX-10.2
<SEQUENCE>9
<FILENAME>a03-5042_1ex10d2.htm
<DESCRIPTION>EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT
AGREEMENT STOCK OPTION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Employment Agreement Stock Option (Stock Option
#EO29), dated as of October 27, 2003,
is by and between <b><font style="font-weight:bold;text-transform:uppercase;">MediCor Ltd. and its
subsidiaries</font></b> (collectively, the &#147;Corporation&#148;), and <b><font style="font-weight:bold;text-transform:uppercase;">Jim J. McGhan</font></b> (the &#147;Employee&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of October 27, 2003, the Employee will
receive an Employment Option (the &#147;Option&#148;) of <b><font style="font-weight:bold;">ONE HUNDRED TWENTY </font></b><b><font style="font-weight:bold;">THOUSAND (120,000)</font></b> shares of the
Corporation&#146;s Common Stock, at a composite price of <b><font style="font-weight:bold;">ONE DOLLAR AND FIFTY</font></b><b><font style="font-weight:bold;"> CENTS ($1.50)</font></b> per share to be vested as
follows: <b><font style="font-weight:bold;">25%
PER YEAR FOR EACH FULL YEAR OF EMPLOYMENT FROM THE EMPLOYMENT DATE.</font></b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Option will expire seven (7) years from the Employment Date
identified in&#160; the Employment Agreement,
or upon termination of employment (as herein provided), whichever first
occurs.&#160; The Option is not a part of the
Corporation&#146;s Stock Compensation Plan (if any), is not transferable and may be
exercised only by the Employee, the Employee&#146;s executor or spouse.&#160; Continued employment with the Corporation is
a condition of the vesting of the Options.&#160;
The Option may be exercised within six (6) months of the termination of
employment of the Employee, unless the Employee&#146;s employment is terminated &#147;For
Cause&#148; as provided in Section 5 of the Employment Agreement, in which case the
un-vested portion of the Option terminates at the date of termination of the
Employee.&#160; The Employee will execute
such other documents and make such representations as may be required for
securities or other regulatory compliance.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of shares and the option price subject to
the Option shall be adjusted for any stock dividend, split-up, combination or
exchange of shares, or any other similar change.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a Change of Control in ownership of
the Corporation (defined for the purpose of this Agreement as the purchase of
more than fifty percent (50%) of the Corporation&#146;s outstanding shares by a
shareholder who, at the date of this Agreement is not a shareholder of the
Corporation), all shares of the Option shall vest and be available for purchase
within thirty (30) days of notification by the Corporation to the Employee of
the Change of Control.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b>, the parties hereto have executed this
Employment Agreement Stock Option to be effective as of the 27<sup>th</sup> day
of October 2003.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CORPORATION:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">MediCor Ltd.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:21.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; /s/ Donald
  K. McGhan</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="58%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:58.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Donald K. McGhan</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:5.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="58%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:58.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:Chairman of the Board</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYEE:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="63%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:63.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.02%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jim J.
  McGhan</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jim J. McGhan</font></p>
  </td>
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  <td width="260" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="142" style="border:none;"></td>
  <td width="281" style="border:none;"></td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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