Exhibit
10.7


 


ADVISORY
BOARD AGREEMENT


 


THIS
ADVISORY BOARD AGREEMENT (this “Agreement”) is entered into on July 11, 2017 (the “Effective
Date”) by and between BIOLIFE4D Corporation, a Delaware corporation (the “Company”), and Dr.
Shayn Peirce-Cottler (“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) 2 years from the Effective Date, or (2) upon immediate written notice delivered by either party to the other
for any or no reason.


 


3.
Position, Duties, Responsibilities.




 


a. 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.


 


b. 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. The aforementioned notwithstanding, Company understands and agrees that Advisor owes certain duties,
including, but not limited to, duties of loyalty and confidentiality to, and is an employee of, the University of Virginia. Company further
understands and agrees that, to the extent Advisor’s duties as an employee of the University of Virginia conflict with those obligations
incurred pursuant to this Advisory Board Agreement, such duties to the University of Virginia


 




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shall
supersede such obligations incurred under this Advisory Board Agreement.


 


4.
Compensation, Benefits, Expenses.




 


a. 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.


 


b. 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 or CFO or other executive 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, such expenses to include transportation, airline flights, hotels, and meals.


 


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




 


a. 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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b. 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 was rightfully in Advisor’s possession
at the time of disclosure by the Company; (y) information which 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 and not in a way to express endorsement of the company or its products on behalf of the Advisor.
Information not requiring prior written approval of Advisor or affiliated entity shall include using Advisor’s name, picture, biography
and any information or videos regarding Advisor which is public. Company may state that Advisor is a member of Company’s Advisory
Board and/or is providing strategic scientific and/or biomedical engineering advice and/or services and/or direction to Company, and
may use information pertaining to Advisor for Company website. The Company has no right to use the name of the University of Virginia
for any purpose without the University of Virginia’s express written permission except as content in Advisor’s biography.


 


c. 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 Proprietary Information Advisor received from Company,
or (iii) that 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 Company 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.


 




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d. 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.


 


e. 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 provide
the Company with prior written notice if Advisor intends to provide any services, as an advisor, employee, consultant or otherwise, to
any person, company or entity that competes directly with the Company, such written notice to include the name of the competitor, provided
however that if such services are performed in satisfaction of Advisors work for the University of Virginia then no prior notification
shall be required.. 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.




 


a. 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 through facsimile electronic means if by email.


 


b. 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.


 




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c. 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.


 


d. 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.


 


e. 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.


 


f. 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 may be irreparable and extremely difficult to estimate.
Accordingly, the parties agree that the Company shall be entitled to seek injunctive relief against Advisor in the event of any breach
or threatened breach of any such provisions by Advisor in addition to any other relief (including damages) available to the Company under
this Agreement or under applicable state or federal law.


 


g. 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.


 


h. 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.


 




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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/
    Shayn Peirce Cottler
	 	 	 	 	 
	Print Name:	 Steven Morris	 	Print
    Name:	Shayn
    Peirce-Cottler, Ph.D.
	 	 	 	 	 
	Title:	CEO	 	 	 


 




    	 



     


    

 


EXHIBIT
A


 


“Services”:


 


		●	Participate
                                            in quarterly meetings.
		●	Be
                                            reasonably accessible to the Company to provide guidance on overall strategy, laboratory
                                            setup and development, research strategy, research development and implementation, and other
                                            varied issues on an as-needed basis.
		●	Help
                                            identify, advise on and potentially recruit potential employees, consultants, directors,
                                            advisors and other services providers to the Company who are not employees of the University
                                            of Virginia or the University of Virginia Medical center.



 


“Compensation”:


 


Company
shall: (a) pay Advisor $2,500 upon execution of this Agreement and $2,500 per 90 days until Company consummates fundraising
in excess of $5,000,000 (a “Qualified Financing”); (b) after Company consummates a Qualified Financing, pay Advisor an
amount equal to $5,000 per calendar quarter thereafter, payable within 10 days after the beginning of each such calendar quarter;
(c) grant to Advisor 2,500 shares of common stock of Company (the “Grant”), which Grant shall be made
within 180 days of the Effective Date and (d) 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 1 year 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 two year anniversary of the Effective Date (the
“Initial Vesting Date”); and (ii) the remaining 50% of the Option shall vest on the three year anniversary
of the Effective Date.