Exhibit 10.17


 


 


EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of May 19, 2022, by and between Cardio Diagnostics, Inc., a Delaware
corporation (the “Company”), and Khullani Abdullahi (the “Employee” and together with the
Company referred to as the “Parties”) to become effective as of the date hereof (the “Effective Date”).
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:


1.
Positions and Duties. 


(a)
Position. The Employee shall initially serve as Vice President of Revenue and Strategy of
the Company. The Company may change the Employee’s position and/or title to those of another senior executive officer as the Company’s
needs change. 


(b)
Duties. The Employee shall perform for the Company the duties that are customarily associated
with being a senior executive officer that are consistent with her experience and skills and such other duties as may be assigned to the
Employee from time to time by the Company’s Chief Executive Officer (the “CEO”) that are consistent with the
duties normally performed by those performing the role of the most senior executives of similar entities. Employee shall be primarily
responsible for the tasks set forth on Exhibit A, principally among them the development of a revenue-generating processes.


 


(c)
Reporting. The Employee shall report directly to the CEO.


(d)
Devotion of Time. The Employee shall devote such working time, attention, knowledge, skills
and efforts as may be required to fulfill the Employee’s duties hereunder and not less than a full-time (40 hours per week) commitment.


(e)
Location. The Employee’s principal place of work shall be located in Chicago, Illinois,
or such other location as the parties may agree upon from time to time.


(f)
Company Policies. The Employee agrees to comply with the policies and procedures of the Company
as may be adopted and changed from time to time. If this Agreement conflicts with such policies or procedures, this Agreement shall control.


(g)
Fiduciary Duties. The Employee owes a duty of loyalty to the Company, as well as a duty to
perform his duties in a manner that is in the best interests of the Company.


2.
Term. The term of this Agreement shall be for a three (3) year period commencing on the Effective
Date (the “Initial Term”). The term of this Agreement shall automatically renew for an additional year (each, a “Renewal
Term”) following the Initial Term and any Renewal Term unless either Party provides written notice to the other Party at least
sixty (60) days before the end of the Initial Term or any Renewal Term, as applicable, that it does not desire to renew this Agreement,
in which case this Agreement shall expire at the end of the Initial Term or any Renewal Term, as applicable. The Initial Term and any
Renewal Term are referred to herein collectively as the “Term”.






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3.
Compensation and Related Matters. The Company shall provide the Employee with the compensation
and benefits set forth in this Section 3 during the Term. Authority to take action under this Section 3 with respect to
the Employee’s compensation and benefits may be delegated by the Board to its compensation committee and/or the CEO.


(a)
Base Salary. The Company shall pay the Employee for all services rendered a base salary of
Two Hundred Thousand Twenty Dollars ($220,000) per year (the “Base Salary”), payable in accordance with the Company’s
payroll procedures, subject to customary withholdings and employment taxes. The Base Salary shall be evaluated annually by the Board for
increase only.


(b)
Annual Bonus. The Employee will be eligible to receive an annual cash bonus (the “Annual
Bonus”) for each fiscal year during the Term based on the extent to which, in the discretion of the Board, the Employee achieves
or exceed specific and measurable individual and Company performance objectives established by the Board and communicated to the Employee
in advance. 


(c)
Long Term Incentive Awards. The Employee shall be eligible to participate in any long-term
incentive plan that may be available to similarly positioned executives. The Board may determine to grant long-term incentive awards in
cash or in equity awards settled in shares of the Company’s stock, including but not limited to stock options, restricted stock
and performance shares. In the event the Employee terminates service as a Good Leaver, any requirements under a long-term incentive award
held by the Employee shall be deemed to have been satisfied by the Company immediately prior to such termination. A “Good Leaver”
means that, during the Term, either the Employee has resigned for Good Reason (as defined in Section 4(e) below), the Company has
terminated the Employee’s employment without Cause (as defined in Section 4(d) below or the Employee terminates employment
on account of death or Disability (as defined in Section 4(b) below). For avoidance of doubt, being a Good Leaver entitles the
Employee to be fully vested with respect to any restricted stock, stock options, or other equity rights with vesting conditions based
solely on continued employment, and to be entitled to payment with respect to any long-term incentive award subject to corporate or business
goals to the extent that such goals are met during the performance period on the same basis as if the Employee had remained continuously
employed with the Company.


(d)
Paid Time Off. During the term, the Employee shall be entitled to fifteen (15) business days
of paid time off (“PTO”) per calendar year which shall be accrued ratably during the calendar year, to be taken at
such times and intervals as shall be agreed to by Company and the Employee in their reasonable discretion. The Employee shall be entitled
to accrue a maximum of fifteen (15) business days of paid time off. When the maximum accrual is reached, no additional PTO time will accrue
until Employee uses one or more accrued PTO days. Accrued and unused PTO shall be forfeited at the end of a fiscal year, or otherwise
in accordance with the Company’s policy.


(e)
Business Expenses. The Employee shall be entitled to prompt reimbursement of reasonable and
usual business expenses incurred on behalf of Company in accordance with the Company’s expense reimbursement policy.


(f)
Benefit Plans. The Employee shall be entitled to continue to participate in or receive benefits
under any employee benefit plan or arrangement which is or may, in the future, be made available by the Company to its employees, subject
to and on a basis consistent with the terms, conditions and overall administration of such plan or arrangement. 


4.
Termination. The Employee’s employment hereunder may be terminated during the Term without
any breach of this Agreement under the following circumstances:


(a)
Death. The Employee’s employment hereunder shall terminate upon the Employee’s
death.


(b)
Disability. The Company may terminate the Employee’s employment if the Employee is disabled
and, because of the disability, is unable to perform the essential functions of the Employee’s then existing position or positions
under this Agreement with or without reasonable accommodation. This provision is not intended to reduce any rights the Employee may have
pursuant to any law.






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(c)
Termination by the Company for Cause. At any time during the Term, the Company may terminate
the Employee’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) conduct
by the Employee constituting a material act of willful misconduct in connection with the performance of the Employee’s duties that
results in loss, damage or injury that is material to the Company; (ii) the commission by the Employee of (A) any felony or (B) a misdemeanor
in which dishonesty or fraud is a material element, (iii) continued, willful and deliberate non-performance by the Employee of the Employee’s
duties hereunder (other than by reason of the Employee’s physical or mental illness, incapacity or disability); (iv) a material
breach by the Employee of Section 6 of this Agreement that results in loss, damage or injury that is material to the Company; (v)
willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities,
after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known
to be relevant to such investigation or the willful inducement of others to fail to cooperate or to produce documents or other materials
in connection with such investigations; or (vi) fraud, embezzlement or theft against the Company or any of its Affiliates (as defined
in Section 6(a) below). With respect to the events in (i), (iii) and (iv) herein, the Company shall have delivered written notice
to the Employee of its intention to terminate the Employee’s employment for Cause, which notice specifies in reasonable detail the
circumstances claimed to give rise to the Company’s right to terminate the Employee’s employment for Cause and the Employee
shall not have cured such circumstances to the extent such circumstances are reasonably susceptible to cure as determined by the Board
in good faith within thirty (30) days following the Company’s delivery of such notice. For avoidance of doubt, “Cause”
shall not include (w) below par or below average operational performance, in and of itself; (x) expense reimbursement disputes in which
the Employee acts in reasonable good faith; (y) occasional, customary and de minimis use of the Company’s property for personal
purposes; and (z) acting in good faith upon advice of Company’s legal counsel.


(d)
Termination without Cause. At any time during the Term, the Company may terminate the Employee’s
employment hereunder without Cause by providing the Employee with sixty (60) days advance written notice. Any termination by the Company
of the Employee’s employment under this Agreement that does not constitute a termination for Cause under Section 4(c) and
does not result from the death or Disability of the Employee under Sections 4(a) or 4(b) shall be deemed a termination without
Cause under this Section 4(d). Any suspension of the Employee’s employment with pay or benefits pending an investigation
of alleged improper activities by the Employee that, if determined to be accurate, would be grounds for a Cause termination, shall not
be considered a termination of the Employee’s employment without Cause or provide with Good Reason to terminate employment. 


(e)
Termination by the Employee. At any time during the Term, the Employee may terminate his employment
hereunder for any reason, including, but not limited to, Good Reason. For purposes of this Agreement, “Good Reason”
shall mean that the Employee has complied with the “Good Reason Process” (hereinafter defined) following the occurrence
of any of the following events: (i) a material diminution in the Employee’s responsibilities, authority or duties; (ii) the material
breach of this Agreement by the Company, including but not limited to a failure to pay Base Salary or Annual Bonus as provided for under
this Agreement; (iii) any relocation of the Employee’s principal place of business to a location more than 30 miles from the Employee’s
current office location as specified in Paragraph 1(e); provided, however, that this clause (iii) will not apply to the extent that any
new office location is less than 30 miles from the Employee’s residence; or (iv) a change in control of the Company. “Good
Reason Process” shall mean (i) the Employee reasonably determines in good faith that a “Good Reason” condition has
occurred; (ii) the Employee notifies the Company in writing of the occurrence of the Good Reason condition within (60) days of the occurrence
of such condition; (iii) the Employee cooperates in good faith with the Company’s efforts, for a period of sixty (60) days following
such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition
continues to exist; and (v) the Employee terminates his employment within thirty (30) days after the end of the Cure Period. If the Company
cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.


(f)
Notice of Termination. Except for termination as specified in Section 4(a), any termination
of the Employee’s employment shall be communicated by written Notice of Termination by the terminating Party to the other Party
hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon.


(g)
Date of Termination. “Date of Termination” shall mean the earliest of the
following: (i) if the Employee’s employment is terminated by the Employee’s death, the date of the Employee’s death;
(ii) if the Employee’s employment is terminated on account of Disability under Section 4(b) or by the Company for Cause under
Section 4(c), the date on which Notice of Termination is given that follows any applicable required cure period; (iii) if the Employee’s
employment is terminated by the Company under Section 4(d), thirty (30) days after the date on which a Notice of Termination is
given; (iv) if the Employee’s employment is terminated by the Employee under Section 4(e) without Good Reason, thirty (30)
days after the date of which a Notice of Termination is given or such shorter period agreed to by the Company; or (v) if the Employee’s
employment is terminated by the Employee under Section 4(e) with Good Reason, the date on which Notice of Termination is given
after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Employee gives a Notice of Termination to the Company,
the Company may unilaterally accelerate the Date of Termination but such acceleration shall nevertheless be deemed a termination by the
Employee on the accelerated date for purposes of this Agreement. For purposes of determining the time when the lump sum portion of the
Severance Amount, if any, is to be paid under Section 5(b)(i) of this Agreement, “Date of Termination” means
the Employee’s separation from service as defined under Section 409A. 






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5.
Compensation upon Termination.


(a)
Accrued Benefits. If the Employee’s employment with the Company is terminated for any
reason during the Term, or if the Term is not renewed, the Company shall pay or provide the Employee (or the Employee’s authorized
representative or estate) any earned but unpaid Base Salary or Annual Bonus for services rendered through the Date of Termination, unpaid
expense reimbursements, and accrued but unused paid time off (the “Accrued Benefits”) within thirty (30) days. With
respect to vested compensation or benefits the Employee may have under any employee benefit or compensation plan, program or arrangement
of the Company, payment will be made to the Employee under the terms of the applicable plan, program or arrangement.


(b)
Termination by the Company without Cause or by the Employee with Good Reason. If the Employee’s
employment is terminated by the Company without Cause as provided in Section 4(d), or the Employee terminates his employment for
Good Reason as provided in Section 4(e), or the Employee terminates employment at the end of the Term after the Company provides
notice of intent not to renew pursuant to Section 1 for reasons other than would provide grounds for a Cause termination, then
the Company shall, through the Date of Termination, pay the Employee his or her Accrued Benefits. If the Employee signs a general release
of claims substantially in the form which is attached as Exhibit B to this Agreement) (the “Release”) within
twenty-one (21) days of the receipt of the form of the Release (extended to forty-five (45) days in the event of a group termination or
exit incentive program) and does not revoke such Release during the seven-day revocation period:


(i)
the Company shall pay the Employee an amount equal to one third (1/3) times the sum of the Employee’s
most recent Base Salary and target Annual Bonus (but determined prior to any action involving Base Salary that would constitute Good Reason)
(the “Severance Amount”). To the extent that such Severance Amount exceeds the 409A Separation Pay Limit (as defined
below), such amount shall be paid in a single lump sum on the regular payroll date of the Company, pertaining to then current salaried
employees of the Company, (“payroll date”) next following the first anniversary date of the Employee’s Date of
Termination. The portion of the Severance Amount that does not exceed the 409A Separation Pay Limit shall be paid in substantially equal
amounts on each payroll date over a one year period; and


(ii)
the Company shall pay the Employee an amount in cash equal to the Company’s premium amounts
paid for coverage of Employee at the time of the Employee’s termination of coverage under the Company’s group medical, dental
and vision programs for a period of four (4) months, to be paid directly to the Employee at the same times such payments would be paid
on behalf of a current employee for such coverage; provided, however:


(A)
No payments shall be made under this paragraph (ii) unless and until the Employee timely elects continued
coverage under such plan(s) pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended (“COBRA”);



(B)
This paragraph (ii) shall not be read or construed as placing any restrictions upon amounts paid
under this paragraph (ii) as to their use;


(C)
Payments under this paragraph (ii) shall cease as of the earliest to occur of the following:


(1)
the Employee is no longer eligible for and continuing to receive the COBRA coverage elected in subparagraph
(A);


(2)
the time period set forth in the first sentence of this paragraph (ii);






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(3)
the date on which the Employee first becomes eligible to enroll in a group health plan in which eligibility
is based on employment with an employer, and


(4)
if the Company in good faith determines that payments under this paragraph (ii) would result in a
discriminatory health plan pursuant to the Patient Protection and Affordable Care Act of 2010, as amended.


(iii)
If the Employee has opted out of the Company’s group medical, dental and vision programs during
the coverage year in which termination occurs, the Company shall add to the Severance Amount an amount equal to 4 months of the Company’s
monthly amount paid to employees who opt out from such coverage. 


(iv)
Each individual payment of Severance Amount under Section 5(b)(i), Section 5(b)(ii),
and Section 5(b)(iii) of this Agreement, shall be deemed to be a separate “payment” for purposes and within the meaning of
Treasury Regulation Section 1.409A-2(b)(2)(iii).


(v)
Each individual payment of the Severance Amount under Section 5(b)(i), Section 5(b)(ii),
and Section 5(b)(iii) of this Agreement, which are considered “non-qualified deferred compensation” (“NQDC”)
under Section 409A shall be made on the date(s) provided herein and no request to accelerate or defer any such payment under this Agreement
shall be considered or approved for any reason whatsoever, except as permitted under Section 409A and as the Company allows in its sole
discretion. The Company may in its sole discretion accelerate or defer (but not beyond the time limit set forth below) any severance payments
which do not constitute NQDC in order to allow for the payment of taxes due, but not beyond the time limit specified for such payment
such that the payment would be treated as NQDC. Subject to the requirements of Section 409A, if any severance payment or reimbursement
under Section 5(b) of this Agreement is determined in good faith by the Company to constitute NQDC payable to a “specified
employee” as defined under Section 409A, then the Company shall make any such payment not earlier than the earlier of: (x) the first
payroll date which is six (6) months following the Employee’s separation from service (as defined under Section 409A) with the Company,
or (y) the date of Employee’s death.


(vi)
for purposes of this Section 5, “Section 409A” means Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder.


(vii)
for purposes of this Section 5, “409A Separation Pay Limit” means two times the
lesser of (x) the Employee’s annual compensation during the calendar year preceding the year of the termination of employment;
and (y) the adjusted compensation limit under Code Section 401(a)(17) in effect for the year of the termination.


6.
Confidential Information, Non-solicitation, and Cooperation.


(a)
Definitions.


(i)
As used in this Agreement, “Affiliate” means, as to any Person, (i) any other
Person which directly, or indirectly through one or more intermediaries, controls such Person or is consolidated with such Person in accordance
with GAAP, (ii) any other Person which directly, or indirectly through one or more intermediaries, is controlled by or is under common
control with such Person, or (iii) any other Person of which such Person owns, directly or indirectly, fifty percent (50%) or more of
the common stock or equivalent equity interests. As used herein, the term “control” means possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities
or otherwise.


(ii)
As used in this Agreement, “Person” means an individual, a corporation, a partnership,
a limited liability company, an association, a trust or any other entity or organization.






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(b)
Confidential Information. As used in this Agreement, “Confidential Information”
means information belonging to the Company or its Affiliates which is of value to the Company or any of its Affiliates in the course of
conducting its business (whether having existed, now existing, or to be developed or created during Employee’s employment by Company)
and the disclosure of which could result in a competitive or other disadvantage to the Company or its Affiliates. Confidential Information
includes, without limitation, contract terms and rates; negotiating and contracting strategies; financial information, reports, and forecasts;
inventions, improvements and other intellectual property; product plans or proposed product plans; trade secrets; designs, processes or
formulae; software; market or sales information, plans or strategies; employee, customer, patient, provider and supplier information;
information from patient medical records; financial data; insurance reimbursement methodologies, strategies and practices; product and
service pricing methodologies, strategies and practices; contracts with physicians, providers, provider networks, payors, physician databases
and contracts with hospitals; regulatory and clinical manuals; and business plans, prospects and opportunities (such as possible acquisitions
or dispositions of businesses or facilities) that have been discussed or considered by the Company or its Affiliates, including, without
limitation, the management of the Company or its Affiliates. Confidential Information includes information developed by the Employee in
the course of the Employee’s employment by the Company, as well as other information to which the Employee may have access in connection
with the Employee’s employment. Confidential Information also includes the confidential information of others with which the Company
or its Affiliates has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in
the public domain, unless due to breach of the Employee’s duties under Section 6(b), unless otherwise due to Employee’s
breach of the obligations in this Agreement, or unless due to violation of another Person’s obligations to the Company or its Affiliates
that Employee should have taken reasonable measures to prevent but that Employee did not take.


(c)
Confidentiality. The Employee understands and agrees that the Employee’s employment
creates a relationship of confidence and trust between the Company and the Employee with respect to all Confidential Information. At all
times, both during the Employee’s employment with the Company and after the Employee’s termination from employment for any
reason, the Employee shall keep in confidence and trust all such Confidential Information, and shall not use, disclose, or transfer any
such Confidential Information without the written consent of the Company, except as may be necessary within the scope of Employee’s
duties with Company and in the ordinary course of performing the Employee’s duties to the Company or as otherwise provided in Section
6(d) below. Employee understands and agrees not to sell, license or otherwise exploit any products or services which embody or otherwise
exploit in whole or in part any Confidential Information or materials. Employee acknowledges and agrees that the sale, misappropriation,
or unauthorized use or disclosure in writing, orally or by electronic means, at any time of Confidential Information obtained by Employee
during or in connection with the course of Employee’s employment constitutes unfair competition. Employee agrees and promises not
to engage in unfair competition with Company or its Affiliates, either during employment, or at any time thereafter.


(d)
Protected Rights. Notwithstanding anything to the contrary in this Section 6, this
Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with the Employee’s protected rights
under federal, state or local law to, without notice to the Company, (i) communicate or file a charge with a government regulator; (ii)
participate in an investigation or proceeding conducted by a government regulator; or (iii) receive an award paid by a government regulator
for providing information.


(e)
Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical
property, whether or not pertaining to Confidential Information, that are furnished to the Employee by the Company or its Affiliates or
are produced by the Employee in connection with the Employee’s employment will be and remain the sole property of the Company and
its Affiliates. The Employee shall return to the Company all such materials and property as and when requested by the Company. In any
event, the Employee shall return all such materials and property immediately upon termination of the Employee’s employment for any
reason. The Employee shall not retain any such material or property or any copies thereof after such termination. It is specifically agreed
that any documents, card files, notebooks, programs, or similar items containing customer or patient information are the property of the
Company and its Affiliates regardless of by whom they were compiled.


(f)
Disclosure Prevention. The Employee will take all reasonable precautions to prevent the inadvertent
or accidental exposure of Confidential Information.


(g)
Removal of Material. The Employee will not remove any Confidential Information from the Company’s
or its Affiliate’s premises except for use in the Company’s business, and only consistent with the Employee’s duties
with the Company.






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(h)
Copying. The Employee agrees that copying or transferring Confidential Information (by any
means) shall be done only as needed in furtherance of and for use in the Company’s and its Affiliate’s business, and consistent
with the Employee’s duties with the Company. The Employee further agrees that copies of Confidential Information shall be treated
with the same degree of confidentiality as the original information and shall be subject to all restrictions herein.


(i)
Computer Security. During the Employee’s employment with the Company, the Employee agrees
only to use Company’s and its Affiliate’s computer resources (both on and off the Company’s premises) for which the
Employee has been authorized and granted access. The Employee agrees to comply with the Company’s policies and procedures concerning
computer security.


(j)
E-Mail. The Employee acknowledges that the Company retains the right to review any and all
electronic mail communications made with employer provided email accounts, hardware, software, or networks, with or without notice, at
any time.


(k)
Assignment. The Employee acknowledges that any and all inventions, discoveries, designs, developments,
methods, modifications, improvements, trade secrets, processes, software, formulae, data, “know-how,” databases, algorithms,
techniques and works of authorship whether or not patentable or protectable by copyright or trade secret, made or conceived, first reduced
to practice, or learned by the Employee, either alone or jointly with others, during the Term that (i) relate to or are useful in the
business of the Company or its Affiliates, or (ii) are conceived, made or worked on at the expense of or during the Employee’s work
time for the Company, or using any resources or materials of the Company or its Affiliates, or (iii) arise out of tasks assigned to the
Employee by the Company (together “Proprietary Inventions”) will be the sole property of the Company or its Affiliates.
The Employee acknowledges that all work performed by the Employee is on a “work for hire” basis and the Employee hereby assigns
or agrees to assign to the Company the Employee’s entire right, title and interest in and to any and all Proprietary Inventions
and related intellectual property rights. The Employee agrees to assist the Company to obtain, maintain and enforce intellectual property
rights for Proprietary Inventions in any and all countries during the Term, and thereafter for as long as such intellectual property rights
exist.


(l)
Non-solicitation. Employee agrees and covenants that, at any time during Employee’s
employment with the Company and for a period of twelve (12) months immediately following the termination of Employee’s relationship
with the Company for any reason, whether with or without cause, Employee shall not, either on Employee’s own behalf or on behalf
of any other Person: (i) solicit the services of or entice away, directly or indirectly, any Person employed or engaged by or otherwise
providing services to the Company or its Affiliates (this provision does not prohibit the Employee’s post-termination acceptance
of unsolicited applications for employment); or (ii) take any illegal action or engage in any unfair business practice, including, without
limitation, any misappropriation of confidential, proprietary or trade secret information of the Company or its Affiliates, as a result
of which relations between the Company or its Affiliates, and any of their customers, clients, suppliers, distributors or others, may
be impaired or which might otherwise be detrimental to the business interests or reputation of the Company or its Affiliates.


(m)
Third-Party Agreements and Rights. The Employee hereby confirms that the Employee is not bound
by the terms of any agreement with any previous employer or other party which restricts in any way the Employee’s use or disclosure
of information or the Employee’s engagement in any business except as Employee has previously provided written notice to Company
and has attached to this Agreement. The Employee represents to the Company that the Employee’s execution of this Agreement, the
Employee’s employment with the Company and the performance of the Employee’s proposed duties for the Company will not violate
any obligations the Employee may have to any previous employer or other party. In the Employee’s work for the Company, the Employee
will not disclose or use any information in violation of any agreements with or rights of any such previous employer or other party, and
the Employee will not bring to (by any means) the premises of the Company any copies or other tangible embodiments of non-public information
belonging to or obtained from any such previous employment or other party.






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(n)
Litigation and Regulatory Cooperation. During and after the Employee’s employment, the
Employee shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or that may be
brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while the Employee was
employed by the Company. The Employee’s full cooperation in connection with such claims or actions shall include, but not be limited
to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after the Employee’s employment, the Employee also shall cooperate fully with the Company in connection
with any investigation or review of any federal, state, or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while the Employee was employed by the Company. The Company shall reimburse the Employee for any reasonable
out of pocket expenses incurred in connection with the Employee’s performance of obligations pursuant to this Section. “Full
cooperation” shall not be construed to in any way require any violation of law or any testimony that is false or misleading.


(o)
Enforcement; Injunction. The Employee acknowledges and agrees that the restrictions contained
in this Agreement are reasonable and necessary to protect the business and interests of the Company and its Affiliates, do not create
any undue hardship for the Employee, and that any violation of the restrictions in this Agreement would cause the Company and its Affiliates
substantial irreparable injury. Accordingly, the Employee agrees that a remedy at law for any breach or threatened breach of the covenants
or other obligations in Section 6 of this Agreement would be inadequate and that the Company, in addition to any other remedies
available, shall be entitled to obtain preliminary and permanent injunctive relief to secure specific performance of such covenants and
to prevent a breach or contemplated or threatened breach of this Agreement without the necessity of proving actual damage and without
the necessity of posting bond or security, which the Employee expressly waives. Moreover, the Employee will provide the Company a full
accounting of all proceeds and profits received by the Employee as a result of or in connection with a breach of Section 6 of this
Agreement. Unless prohibited by law, the Company shall have the right to retain any amounts otherwise payable by the Company to the Employee
to satisfy any of the Employee’s obligations as a result of any breach of Section 6 of this Agreement. The Employee hereby
agrees to indemnify and hold harmless the Company and its Affiliates from and against any damages incurred by the Company or its Affiliates
as assessed by a court of competent jurisdiction as a result of any breach of Section 6 of this Agreement by the Employee. The
prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs if it prevails in any action to enforce Section
6 of this Agreement. It is the express intention of the parties that the obligations of Section 6 of this Agreement shall survive
the termination of the Employee’s employment. The Employee agrees that each obligation specified in Section 6 of this Agreement
is a separate and independent covenant that shall survive any termination of this Agreement and that the unenforceability of any of them
shall not preclude the enforcement of any other covenants in Section 6 of this Agreement. No change in the Employee’s duties
or compensation shall be construed to affect, alter or otherwise release the Employee from the covenants herein. 


7.
Successors and Assigns. This Agreement shall be assignable to and shall be binding upon and
inure to the benefit of, the Company’s successors and assigns, including, without limitation, successors through merger, name change,
consolidation, or sale of a majority of the Company’s stock or assets, and shall be binding upon the Employee. The Employee shall
not have the right to assign his rights or obligations under this Agreement.


8.
Severability. The provisions of this Agreement are severable. If any provision of this Agreement
is determined to be unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent
permitted by law. If such provision cannot be modified to be enforceable, the provision shall be severed from this Agreement to the extent
unenforceable. The remaining provisions and any partially enforceable provisions shall remain in full force and effect.


9.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed
by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by
any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver
of any subsequent breach.


10.
Notices. Whenever any notice is required hereunder, such notice shall
be deemed to have been effectively delivered or given and received on the date personally delivered or on the date sent via email to the
respective party to whom it is directed and confirmed by return email within three (3) business days, provided that if confirmation by
email is not received within such time, a copy of such notice is also delivered to the person via overnight delivery at the known address
of such person or, if not known, then to the corporate headquarters and to the attention of such person.






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11.
Publicity. The Employee hereby grants to the Company the right to use the Employee’s
name and likeness, without additional consideration, on, in and in connection with technical, marketing and/or disclosure materials published
by or for the Company for the duration of Employee’s employment with Company.


12.
Conflicting Obligations and Rights. The Employee agrees to inform the Company of any apparent
conflicts between the Employee’s work for the Company and (a) any obligations the Employee may have to preserve the confidentiality
of another’s proprietary information or materials or (b) any rights the Employee claims to any inventions or ideas before using
the same on the Company’s behalf. Otherwise, the Company may conclude that no such conflict exists and the Employee agrees thereafter
to make no such claim against the Company. The Company shall receive such disclosures in confidence and consistent with the objectives
of avoiding any conflict of obligations and rights or the appearance of any conflict of interest.


13.
Notification of New Employer. In the event that the Employee leaves the employ of the Company,
voluntarily or involuntarily, the Employee agrees to inform any subsequent employer of the Employee’s obligations under Section
6 of this Agreement. The Employee further hereby authorizes the Company to notify the Employee’s new employer about the Employee’s
obligations under Section 6 of this Agreement.


14.
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect
to the subject matter hereof and supersedes any previous oral or written communications, negotiations, representations, understandings,
or agreements between them. Any modification of this Agreement shall be effective only if set forth in a written document signed by the
Employee and a duly authorized officer of the Company.


15.
Amendment. This Agreement may be amended or modified only by a written instrument signed by
the Employee and by a duly authorized representative of the Company.


16.
Non-Interference. Notwithstanding anything to the contrary set forth in this Agreement or
in any other agreement between the Employee and the Company, nothing in this Agreement or in any other agreement shall limit the Employee’s
ability, or otherwise interfere with the Employee’s rights, to (a) file a charge or complaint with the Equal Employment Opportunity
Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission,
or any other federal, state, or local governmental agency or commission (each a “Government Agency”), (b) communicate
with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency,
including providing documents or other information, without notice to the Company, (c) receive an award for information provided to any
Government Agency, or (d) engage in activity specifically protected by Section 7 of the National Labor Relations Act, or any other federal
or state statute or regulation.


17.
Governing Law/Consent to Jurisdiction and Venue. The laws of the State of Illinois shall govern
this Agreement. If Illinois’ conflict of law rules would apply another state’s laws, the Parties agree that Illinois law shall
still govern. Any and all claims arising out of or relating to this Agreement shall be brought in a state or federal court of competent
jurisdiction in Illinois. The Parties consent to the personal jurisdiction of the state and/or federal courts located in Cook County,
Illinois. The Parties waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper
venue, in any action brought in such courts.


18.
Obligations of Successors. The Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place.






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19.
Limitation on Payments in Certain Events. 


(a)Limitation
on Payments. Notwithstanding anything to the contrary in Section 3 and Section 5 of this Agreement, if any payment or
distribution that the Employee would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute
a “parachute payment” within the meaning of Section 280G of the Code), and (b) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any
amounts of the Payment are paid to the Employee, which of the following alternative forms of payment would maximize the Employee’s
after-tax proceeds: (i) payment in full of the entire amount of the Payment (a “Full Payment”), or (ii) payment of
only a part of the Payment so that the Employee receives that largest Payment possible without being subject to the Excise Tax (a “Reduced
Payment”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and
the Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income taxes which could be obtained
from a deduction of such state and local taxes), results in the Employee’s receipt, on an after-tax basis, of the greater amount
of the Payment, notwithstanding that all or some portion the Payment may be subject to the Excise Tax.


(b)The
independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the date the first
Payment is due shall make all determinations required to be made under this Section 18. If the independent registered public accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, group or entity effecting the transaction, the
Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required
to be made hereunder.


(c)The
independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with
detailed supporting documentation, to the Company and the Employee at such time as requested by the Company or the Employee. If the independent
registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application
of the Reduced Payment, it shall furnish the Company and the Employee with an opinion reasonably acceptable to the Employee that no Excise
Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final,
binding and conclusive upon the Parties.


20.
Counterparts. This Agreement may be executed in any number of counterparts, including, but
not limited to, electronically signed or scanned images, each of which when so executed and delivered shall be taken to be an original;
but such counterparts shall together constitute one and the same document.


[Signature Page Follows]




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IN WITNESS WHEREOF, this
Agreement has been executed as a sealed instrument by the Company by its duly authorized officer, and by the Employee, as of the date
first above written.



COMPANY:


CARDIO DIAGNOSTICS, INC.:


 


By: Meeshanthini Dogan    
Meeshanthini Dogan,  Chief Executive Officer


Date: May 22, 2022    


 


EMPLOYEE:


 


/s/ Khullani Abdullahi   
Khullani
Abdullahi


Date: May 22, 2022



 




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EXHIBIT A


Description of Duties and Responsibilities


Responsible for all revenue-generating processes.


 


Reporting directly to the Chief Executive Officer,
but also work collaboratively with the President and Chief Medical Officer, as well as our marketing, technical and support teams.


 


Primary responsibilities in this role, include:


 


		·	Collaborate with the CEO and other members of the executive team to define
and refine go-to-market and revenue growth strategies, and set revenue goals.



 


		·	Build and operationalize departmental systems and predictable, repeatable
and scalable processes to drive revenue growth.



 


		·	Ensure alignment and synergy of business development, sales, marketing and
customer success efforts. 



 


		·	Help maximize reach across multiple revenue channels through strategic sales
and marketing efforts.



 


		·	Define, track, and meet or exceed agreed upon Key Performance Indicators
to achieve revenue goals and ensure sustainable growth. 



 


		·	Direct sales, marketing and customer success activities and processes to
drive recurring revenue from existing customers and generate new business.



 


		·	Translate market data into strategic actions to drive revenue growth.



 


		·	Manage budget across various revenue functions.



 








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EXHIBIT B


Release of Claims


I, _________________, in
consideration of and subject to the performance by CARDIO DIAGNOSTICS, INC., a Delaware corporation (the “Company”)
of its obligations under the Employment Agreement, dated as of ___________ _, 20__ (as amended from time to time, the “Agreement”),
do hereby release and forever discharge as of the date of my execution of this release (this “Release”) the Company,
its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee
benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants
and agents of each of the foregoing in their official and personal capacities (collectively, the “Released Parties”)
to the extent provided below.


		1.	I understand that any payments or benefits paid or granted to me under Section
5(b) of the Agreement represent, in part, consideration for signing this Release and are not salary, wages or benefits to which I
was already entitled. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program,
policy or arrangement maintained or hereafter established by the Company or its affiliates.



		2.	Releases.



I knowingly and voluntarily
(on behalf of myself, my spouse, my heirs, executors, administrators, agents and assigns, past and present) fully and forever release
and discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross
claims, counterclaims, demands, debts, liens, contracts, covenants, suits, rights, obligations, expenses, judgments, compensatory damages,
liquid damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, orders and liabilities of whatever
kind of nature, in law and in equity, in contract of in tort, both past and present (through the date this General Release becomes effective
and enforceable) and whether known or unknown, vested or contingent, suspected, or claimed, against the Company or any of the Released
Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or relate to my employment
with, or my separation or termination from, the Company up to the date of my execution of this Release (including, but not limited to,
any allegation, claim of violation arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991;
the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act), the Equal Pay Act of
1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining
and Notification Act; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act; or their state or local counterparts;
or under any other federal, state or local civil or human rights law, or under any other local state or federal law, regulation or ordinance;
or under any public policy, contract of tort, or under common law; or arising under any policies, practices or procedures of the Company;
or any claim for wrongful discharge, breach of the Agreement, infliction of emotional distress or defamation; or any claim for costs,
fees, or other expenses, including attorneys’ fees incurred in these matters) (collectively, the “Claims”).


Employee agrees that this Agreement is
intended to include all claims, if any, that Employee may have against the Company, and that this Agreement extinguishes those claims.


		3.	I represent that I have made no assignment of transfer of any right, claim,
demand, cause of action, or other matter covered by Section 2 above.



		4.	In signing this Release, I acknowledge and intend that it shall be effective
as a bar to each and every one of the claims, demands and causes of action herein above mentioned or implied. I expressly consent that
this Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating
to unknown and unsuspected claims up to the date of my execution of this Release, if any, as well as those relating to any other claims
hereinabove mentioned. I acknowledge and agree that this waiver is an essential and material term of this Release and that without such
waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a claim seeking
damages against the Company, this Release shall serve as a complete defense to such claims as to my rights and entitlements. I further
agree that I am not aware of any pending charge or complaint of the type described in Section 2 above as of the date of my execution
of this Release.







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		5.	I agree that neither this Release, nor the furnishing of the consideration
for this Release, shall be deemed or constructed at any time to be an admission or acknowledgement by the Company, any Released Party
or myself of any improper or unlawful conduct.



		6.	I agree and acknowledge that the provisions, conditions, and negotiations
of this Release are confidential and agree not to disclose any information regarding the terms, conditions and negotiations of this Release,
nor transfer any copy of this Release to any person or entity, other than my immediate family and any tax, legal or other counsel or advisor
I have consulted regarding the meaning or effect hereof or as required by applicable law, and I will instruct each of the foregoing not
to disclose the same to anyone.



		7.	Notwithstanding anything in the Release to the contrary, nothing in this
Release shall be deemed to affect, impair, relinquish, diminish, or in any way affect any rights or claims in any respect to (i) any vested
rights or other entitlements that I may have as of the date of my execution of this Release under the Company’s 401(k) plan; (ii)
any other vested rights or other entitlements that I may have as of the date of my execution of this Release under any employee benefit
plan or program, in which I participated in my capacity as an employee of the Company; (iii) my rights under the Agreement; or (iv) my
rights under the Release.



		8.	I understand that I continue to be bound by Section 6 of the Agreement.



		9.	Whenever possible, each provision of this Release shall be interpreted in
such a manner as to be effective and valid under applicable law, but if any provisions of this Release are held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Release shall be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provisions had never been contained herein.



		10.	This Release shall be governed by and construed in accordance with the laws
of the State of Florida, without giving effect to the conflict of laws principles of the State of Florida.



BY SIGNING THIS RELEASE,
I REPRESENT AND AGREE THAT:


		(i)	I HAVE READ IT CAREFULLY;



		(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS,
INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED;



		(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;



		(iv)	THE COMPANY IS HEREBY ADVISING ME TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING
IT, I HAVE HAD THE OPPORTUNITY TO SO CONSULT, AND HAVE AVAILED MYSELF OF SUCH ADVICE TO THE EXTENT I HAVE DEEMED NECESSARY TO MAKE A VOLUNTARY
AND INFORMED CHOICE TO EXECUTE THIS RELEASE;



		(v)	I HAVE HAD AT LEAST TWENTY ONE (21) DAYS [45 DAYS IN CONNECTION WITH A GROUP
TERMINATION OR EXIT INCENTIVE PLAN] FOLLOWING THE DATE OF TERMINATION OF MY EMPLOYMENT TO CONSIDER THIS RELEASE;



		(vi)	CHANGES TO THIS RELEASE, WHETHER MATERIAL OR IMMATERIAL, DO NOT RESTART
THE RUNNING OF THE 21-DAY [OR 45 DAY] CONSIDERATION PERIOD;



 






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		(vii)	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE
TO REVOKE IT, SUCH REVOCATION TO BE RECEIVED IN WRITING BY THE COMPANY BY THE END OF THE SEVENTH DAY AFTER THE DATE HEREOF, AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;



		(viii)	I HAVE SIGNED THIS RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE
OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND



		(ix)	I AGREE THAT THE PROVISIONS OF THIS RELEASE MAY NOT BE AMENDED, WAIVED OR
MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.



DATED AS OF ________,
20__


___________________________________________

[Name]


 






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