Exhibit 10.19


 


ADVISORY
BOARD AGREEMENT


 


THIS
ADVISORY BOARD AGREEMENT (this “Agreement”) is entered into on
Jan 21, 2019 (the “Effective Date”) by and between BIOLIFE4D Corporation, a Delaware corporation
(the “Company”), and Stephen M. Simes (“Advisor”).


 


RECITALS


 


WHEREAS,
the Company desires to obtain the services of Advisor to serve on the Company’s Board of Advisors (the “Advisory Board”)
and the Advisor desires to serve on the Advisory Board, upon the following terms and conditions.


 


NOW,
THEREFORE, in consideration of the foregoing recital, which is incorporated into and made a part of the Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:


AGREEMENT


 


1.
Advisory Board Member. The Company hereby retains Advisor as a member of the Advisory Board, and Advisor accepts such position.


 


2.
Term. The term of this Agreement (the “Term”) shall be the period commencing on the Effective Date
and terminating upon the later of either (1) 1 years from the Effective Date, or (2) upon 30-day written notice delivered by either party
to the other for any or no reason.


 


3.
Position, Duties, Responsibilities.


 


Duties.
Advisor shall perform those services (“Services”) as reasonably requested by the Company from time to time, including
but not limited to the Services described on Exhibit A attached hereto. Advisor shall make himself reasonably available to answer questions,
provide advice and provide Services to the Company upon reasonable request from the Company.


 


Independent
Contractor. No Conflict. It is understood and agreed, and it is the intention of the parties hereto, that Advisor is an independent contractor,
and not the employee, agent, joint venture, or partner of the Company for any purposes whatsoever. To the extent necessary, Advisor shall
be solely responsible for any and all taxes related to the receipt of any compensation under this Agreement. Advisor hereby represents
warrants and covenants that Advisor has the right, power and authority to enter into this Agreement and that neither the execution nor
delivery of this Agreement, nor the performance of the Services by Advisor will conflict with or result in a breach of the terms, conditions
or provisions of, or constitute a default under, any contract, covenant or instrument under which Advisor is now or hereinafter becomes
obligated.


 


4.
Compensation, Benefits, Expenses.


 


Compensation.
As consideration for certain of the Services to be rendered by Advisor hereunder, the Company shall pay Advisor the Compensation as defined
on Exhibit A attached hereto.


 




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Reimbursement
of Expenses. The Company shall promptly reimburse Advisor for any reasonable costs and expenses incurred by Advisor in connection with
any Services specifically requested by the Company and actually performed by Advisor pursuant to the terms of this Agreement. Each such
expenditure or cost shall be reimbursed only if: (i) with respect to costs in excess of $100, individually, Advisor receives prior approval
from the Company’s CEO for such expenditure or cost, and (ii) with respect to costs in less than $100, individually, provided Advisor
furnishes to the Company adequate records and other documents reasonably acceptable to the Company evidencing such expenditure or cost.
Company shall reimburse Advisor for any reasonable expenses incurred by Advisor in connection with his in-person attendance at a Company
board meeting in excess of 50 miles from Company’s principal place of business (currently Lincolnshire, IL), such expenses to include
transportation, airline flights, hotels, and meals.


 


5.
Proprietary Information; Work Product; Non-Disclosure.


 


Proprietary
Information Defined. The Company has and/or will conceive, develop and/or own, and continues to conceive and develop, certain property
and intellectual rights and information, including, but not limited to, its business plans and objectives, products and services, client
customer and employee information, financial projections, marketing plans, marketing materials, logos, and designs, and technical data,
inventions, research, recipes, processes, know how, marketing strategies, algorithms, formulae franchises, databases, computer programs,
computer software and other trade secrets, information relating to patents issued patents pending, patent applications, trademarks service
marks, copyrights, inventions know-how or trade secrets, or otherwise to research and development efforts, methodologies, testing, engineering,
manufacturing, sales, finances or operations (such as but not limited to processes, formulae, methods designs schematics plans techniques,
devices, manufacturing and/or testing procedures sales, personnel information or data), intangible assets and industrial or proprietary
property rights which may or may not be related directly or indirectly to the Company’s business and all documentation, media or
other tangible embodiment of or relating to any of the foregoing and all proprietary rights therein of the Company (all of which are
hereinafter referred to as the “Proprietary Information”). Although certain information may be generally known in
the relevant industry, the fact that the Company uses it may not be so known. In such instance, the knowledge that the Company uses the
information would comprise Proprietary Information. Furthermore, the fact that various fragments of information or data may be generally
known in the relevant industry does not mean that the manner in which the Company combines them, and the results obtained thereby, are
known. In such instance, that would also comprise Proprietary Information.


 




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General
Restrictions on Use. Advisor agrees to hold all Proprietary Information in confidence and not to, directly or indirectly, disclose
use copy, publish, summarize, or remove from the Company’s premises any Proprietary Information (or remove from the premises
any other property of the Company), except (i) during the Term to the extent authorized and necessary to carry out Advisor’s
responsibilities under this Agreement, and (ii) after termination of this Agreement, only as specifically authorized in writing by
the Company. Advisor shall protect the Proprietary Information against unauthorized use or disclosure with at least the same degree
of care that Advisor uses to protect its own proprietary or confidential information of a similar nature, but in no event less than
a reasonable degree of care. Notwithstanding the foregoing, such restrictions shall not apply to: (x) information which Advisor can
show was rightfully in Advisor’s possession at the time of disclosure by the Company; (y) information which Advisor can show
was received from a third party who lawfully developed the information independently of the Company or obtained such information
from the Company under conditions which did not require that it be held in confidence or (z) information which, at the time of
disclosure, is generally available to the public. The Company may use the name of Advisor without the prior written approval of
Advisor only so long as any such usage is limited to reporting factual events or circumstances only. Information not requiring prior
written approval of Advisor or affiliated entity shall include but is not limited to using Advisor’s name, picture biography
and any information or videos regarding Advisor which is public. Company and/or Advisor may state that Advisor is a member of
Company s Advisory Board and/or is providing strategic advice and/or services and/or direction to Company and may use information
pertaining to Advisor for purposes including but not limited to Company website marketing, advertising, and fundraising.


 


Ownership
of Work Product. All Company Work Product (as hereinafter defined) shall be considered work(s) made for hire by Advisor for the sole
benefit of the Company and shall belong exclusively to the Company and its designees. “Company Work Product” shall
mean any and all works, ideas, inventions, improvements, discoveries designs, writings, works of authorship, processes, formulas, intellectual
property, patents and all other documentation (whether or not patentable or copyrightable or constituting trade secrets and whether or
not reduced to writing or practice), that are authored conceived, developed, first reduced to practice or discovered by Advisor (whether
alone or with others) (i) in the performance of the Services, (ii) that derive from information or materials Advisor received from Company
or (iii) that relate to or result from the actual or anticipated business, work, research or investigation of Company. All Company Work
Product shall be promptly and fully disclosed by Advisor to Company. Advisor hereby assigns all right, title and interest in and to such
Work Product (including all intellectual property embodied therein) to Company. At Company’ request and expense, Advisor shall
execute, acknowledge and deliver such assignments, declarations, certificates and other documents as Company may consider necessary or
appropriate to properly evidence Company’s right, title and interest in the Company Work Product, and all intellectual property
rights embodied therein, including, but not limited to, all copyrights and patent rights, and to obtain full protection therefor. Advisor
shall execute any and all applications for domestic and foreign patents copyrights or other proprietary rights and do such other acts
(including, among other things, the execution and delivery of instruments of further assurance or confirmation) requested by Company
to assign the Company Work Product to Company and to permit Company to file, obtain and enforce any patents copyrights or other proprietary
rights in the Company Work Product. Advisor’s obligation to execute, or cause to be executed, any such instrument or paper, shall
indefinitely survive the termination or expiration of Advisor’s service on the Advisory Board. All Company Work Product and all
information related thereto shall be considered Proprietary Information and shall be subject to all of the restrictions set forth in
this Agreement.


 


Return
of Proprietary Information. Upon termination of this Agreement, Advisor shall promptly deliver to the Company all drawings blueprints,
manuals, specification documents, documentation, source or object codes, tape discs and any other storage media letters, notes, notebooks,
reports, flowcharts, and all other materials in its possession or under its control relating to the Proprietary Information and/or Services,
as well as all other property belonging to the Company which is then in Advisor’s possession or under its control except one copy
of this Agreement to be used solely to ensure compliance with this Agreement.


 




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Remedies.
Nothing in this Section 5 is intended to limit any remedy of the Company under applicable state or federal law.


 


6.
Notice of Competitive Services and Non-solicitation of Employees. During the Term and for 6 months thereafter, Advisor shall
not provide, other than on behalf of the Company, any services, as an advisor, employee, consultant or otherwise, to any person, company
or entity that undertakes tissue and/or organ engineering or fabrication, bioprinting, cardio related toxicity testing or cardio related
efficacy testing. Advisor agrees that during the term of this Agreement and for a period of three years thereafter, Advisor will not,
other than on behalf of or for the benefit of Company: (i) recruit or hire any employee, independent contractor or advisor of Company,
or otherwise attempt to solicit or induce any such employee, independent contractor or advisor to leave the employment of or terminate
their relationship or provisions of services with, Company; or (ii) otherwise interfere with Company’s business relationship with
any client, vendor, independent contractor or other party with whom Company engages in business.


 


7.
Miscellaneous.


 


Notices.
Any notice required or otherwise made pursuant to this Agreement shall be in writing, sent by registered or certified mail properly
addressed, or by email to the other party using the information set forth above or such other information as may be designated by
written notice to the other party. Notice shall be deemed effective (i) three business days following the date of sending such
notice if by mail, (ii) on the day following deposit with an overnight courier, if sent by overnight courier, (iii) upon receipt if
by personal delivery, or (iv) upon confirmation of receipt if by email.


 


b.
Indemnification. From and after the date hereof and for as long as Advisor shall serve the Company, the Company will eliminate personal
liability, to the person serving as an advisor to the Company, to the fullest extent allowed by law. Such indemnification shall be no
less than that enjoyed by officers and fiduciary directors of the Company. Advisor will be indemnified by the Company, for any claim
made against Advisor, regardless of when the claim is made. Such indemnification shall cover any claim liability, loss, cost or expense
(including reasonable attorneys’ fees) arising out of or resulting from service as an advisor provided that Advisor acted in good
faith and in a manner Advisor reasonably believed to be in, or not opposed to, the best interest of the Company and, with respect to
any criminal action or proceeding, had no reasonable cause to believe Advisor’s conduct was unlawful.


 


c.
Entire Agreement. This Agreement and any documents attached hereto as Exhibits constitute the entire agreement and understanding
between the parties with respect to the subject matter herein and therein and supersede and replace any and all prior agreements and
understandings, whether oral or written with respect to such matters. The provisions of this Agreement may be waived, altered, amended
or replaced in whole or in part only upon the written consent of both parties to this Agreement.


 


d.
Severability, Enforcement. If for any reason, any provision of this Agreement shall be determined to be invalid or inoperative, the
validity and effect of the other provisions herein shall not be affected thereby, provided that no such severability shall be effective
if it causes a material detriment to any party.


 




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e.
Governing Law. The validity interpretation, enforceability, and performance of this Agreement shall be governed by and construed
in accordance with the laws of the State of Illinois, and the state and federal courts located in Cook County, Illinois shall have exclusive
jurisdiction of all suits and proceedings arising out of or in connection with this Agreement. Each party hereby submits to the jurisdiction
of said courts in Cook County, Illinois for purposes of any such suit or proceeding, and waives any claim that any such forum is an inconvenient
forum.


 


f.
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
(B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY
AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION.


 


g.
Injunctive Relief. The parties agree that in the event of any breach or threatened breach of any of the covenants in Section 5 or
6 the damage or imminent damage to the value and the goodwill of the Company’s business will be irreparable and extremely difficult
to estimate, making any remedy at law or in damages inadequate. Accordingly, the parties agree that the Company shall be entitled to
injunctive relief against Advisor in the event of any breach or threatened breach of any such provisions by Advisor (without having to
post bond), in addition to any other relief (including damages) available to the Company under this Agreement or under applicable state
or federal law.


 


h.
Attorneys’ Fees. The prevailing party in any claim or litigation in connection with this Agreement shall be entitled to recover
from the non-prevailing party all costs and expenses, including, without limitation the prevailing party’s reasonable attorneys’
and paralegals’ fees and costs in connection with any such claim or litigation.


 


i.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which
together shall constitute one agreement.


 


j.
Survival. The rights and obligations contained in sections 5 and 6 will survive any termination or expiration of this Agreement.


 




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IN
WITNESS WHEREOF, each party hereto has duly executed this Agreement as of the Effective Date.

 


	COMPANY:
    BIOLIFE4D CORPORATION	 	ADVISOR
	 	 	 	 	 
	Signature:	/s/
    Steven Morris	 	Signature:	/s/
    Stephen M. Simes
	 	 	 	 	 
	Print
    Name:	Steven
    Morris	 	Print
    Name:	Stephen
    M. Simes
	 	 	 	 	 
	Title:	CEO	 	 	 





 






    	 



     


    

 


EXHIBIT
A


 


“Services”:


 


	 	● 	Participate
    in bi-weekly video conference calls, if scheduled, and quarterly meetings.
	 	● 	Participate
    in an annual on-site meeting with the Company’s executives and other Advisory Board members.
	 	● 	Be
    reasonably accessible to the Company to provide guidance on strategy, business development, client acquisition financing and other
    varied issues on an as-needed basis.
	 	● 	Help
    identify, advise on and potentially recruit potential employees, consultants directors, advisors, investors and other services providers
    to the Company.
	 	● 	Provide
    introductions to potential clients and partners.
	 	● 	Such
    other purposes and objectives as the Company may establish from time to time.


 


“Compensation”:


 


Company
shall: (a) grant to Advisor 2,500 shares of common stock of Company (the “Grant”), which Grant shall be
made within 30 days of execution of the Effective Date, (b) grant to advisor 2,500 shares of common stock of the Company for each
year that this Agreement is renewed after the first year and Advisor has served for the entire year, and (c) grant to Advisor 10,000
options to purchase common stock of Company at an exercise price equal to the fair market value of such common units as of the date
hereof, as reasonably determined by Company (the “Option”). The Option shall be granted no later than 90
days following the execution of this agreement pursuant to a separate agreement containing customary terms and conditions acceptable
to Company, including, but not limited to, the following vesting schedule: (i) 50% of the Option shall vest on the one year
anniversary of the Effective Date (the “Initial Vesting Date”); and (ii) the remaining 50% of the Option
shall vest on the two year anniversary of the Effective Date.