Exhibit 10.15


 


SEVERANCE AGREEMENT


 


THIS SEVERANCE AGREEMENT is
made as of January 21, 2021 (the “Effective Date”), by and between MaxCyte, Inc., a Delaware corporation (the "Company"),
and Amanda Murphy (the "Executive").


 


WHEREAS, the Company considers
it essential to its best interests and to the best interests of its shareholders and customers to foster the continuous employment of
its key management personnel; and


 


WHEREAS, the Company desires
to provide the Executive with certain severance benefits in the event the employment of the Executive is terminated after the Effective
Date under certain circumstances.


 


NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as follows:


 


1.            Defined
Terms. Definitions of certain capitalized terms used in this Agreement are provided in Section 8 and elsewhere in this Agreement.


 


2.            Term
of Agreement. This Agreement shall become effective on the date hereof and shall remain in effect indefinitely thereafter. Notwithstanding
the foregoing, this Agreement shall terminate upon the earlier of (i) the Date of Termination, in the event the Executive’s
employment is terminated by the Company for Cause or is terminated by the Executive without Good Reason, or (ii) the expiration of
the Severance Period.


 


3.            Agreement
of The Company. In order to induce the Executive to remain in the employ of the Company, the Company agrees, under the terms and subject
to the conditions set forth herein, including timely executing and not revoking the Release Agreement presented by the Company and complying
with the notice requirements in Section 6, that, upon the occurrence of a Triggering Event after the Effective Date, provided that
such Triggering Event constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h),
without regard to any alternative definition thereunder, a “Separation from Service”), the Company shall provide to the Executive
the benefits described in this Section 3 (collectively, the "Severance Benefits").


 


(a)            Severance
Payment and Accelerated Vesting. The benefits that the Executive is eligible to receive under this Section 3(a) only are
determined by whether the Triggering Event precedes or occurs on or within the specified period following a Change of Control:


 


(i)            Change
of Control. If the Triggering Event occurs on or within twenty-four (24) Months following a Change of Control, in lieu of any further
salary payments to the Executive for periods subsequent to the Date of Termination, the Company shall provide the Executive with the following:


 


(1)            The
Company will pay to the Executive in equal monthly installments over the Severance Period a severance amount, in cash, equal to (1) 
the Executive's Annual Base Salary divided by twelve (12) for the duration of the Severance Period, subject to standard payroll deductions
and withholdings, plus (2) the Executive’s Target Bonus, prorated for the number of months set forth in the Severance Period,
subject to standard payroll deductions and withholding. These payments will begin on the first day of the month that is at least five
(5) business days after the Release Effective Date, as defined below.


 






    	 		 



     


    

 


(2)            100%
of the unvested shares subject to any stock options granted to the Executive that remain outstanding and would otherwise not be vested
and exercisable as of the Executive’s date of termination will be treated as vested and exercisable as of Executive’s date
of termination.


 


(ii)            No
Change of Control.


 


(1)            If
the Triggering Event occurs at any time prior to a Change of Control, in lieu of any further salary payments to the Executive for periods
subsequent to the Date of Termination, the Company shall pay to the Executive in equal monthly installments over the Severance Period
a severance amount, in cash, equal to the Executive's Annual Base Salary divided by twelve (12) for the duration of the Severance Period,
subject to standard payroll deductions and withholdings, and less any amounts paid to the Executive with respect to the Severance Period
under the Company’s Short Term or Long Term Disability Plan. These payments will begin on the first day of the month that is at
least five (5) business days after the Release Effective Date. For clarity, if the Executive’s employment is terminated for
any reason, whether by the Executive or the Company and whether with our without Cause or Good Reason, after twenty-four (24) Months following
a Change of Control, the Executive shall not receive, nor be entitled to, any severance pay or benefits under the terms of this Agreement.


 


(2)            If
the Triggering Event occurs at any time within one-hundred eighty (180) days prior to a Change of Control, 100% of the unvested shares
subject to any stock options granted to the Executive that remain outstanding and would otherwise not be vested and exercisable as of
the Executive’s date of termination will be treated as vested and exercisable as of Executive’s date of termination.


 


(b)            COBRA
Payments. Upon the occurrence of a Triggering Event, if the Executive timely elects continued coverage under COBRA for himself/herself
and his/her covered dependents under the Company’s group health plans following the date of termination, then the Company will pay,
as and when due to the insurance carrier or COBRA administrator (as applicable), the Executive’s COBRA premiums until the earliest
of (A) the end of the Severance Period (B) the expiration of the Executive’s eligibility for the continuation coverage
under COBRA, or (C) the date when the Executive becomes eligible for substantially equivalent health insurance coverage in connection
with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA
Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment
of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2)  of the Code or any
statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended
by the 2010 Health Care and Education Reconciliation Act), then provided the Executive remains eligible for reimbursement in accordance
with this Section, in lieu of providing the COBRA premiums, the Company will instead pay the Executive on the last day of each remaining
month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax
withholdings for the remainder of the COBRA Payment Period. If the Executive becomes eligible for coverage under another employer's group
health plan through self-employment or otherwise cease to be eligible for COBRA during the period provided in this clause, the Executive
must immediately notify the Company of such event, and all payments and obligations under this clause will cease.


 






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(c)            Other
Plans. The severance pay and other benefits provided for in this Section 3 shall be in lieu of, and not in addition to, any other
severance or termination pay to which the Executive may be entitled under any general Company severance or termination plan, program,
practice, or arrangement, but shall be in addition to any acceleration of vesting of stock options to which the Executive may become entitled
based on the occurrence of a Change in Control under any Stock Option Agreement to which the Executive is a party.


 


(d)            Timing
of Payments. The payments provided for in Sections 3 shall be made monthly following the Date of Termination, beginning on the first
of the month that is at least five (5) business days after the Release Effective Date, subject to the requirements of Section 7(a).
Further the first payment shall include the Executive's Annual Base Salary prorated for the number of days which equals the period of
time from the Date of Termination to the Release Effective Date, subject to standard payroll deductions and withholdings.


 


(e)            Conditions
to Receiving the Severance Benefits. The obligation of the Company to provide the Severance Benefits to the Executive shall be subject
to the Executive, by the 60th day following the date of Executive’s Separation from Service, signing and delivering to the Company
the Company’s then-standard Release Agreement of known and unknown claims against the Company, its officers, directors, and shareholders,
which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is referred to as the “Release
Effective Date”). The Company’s current standard Release Agreement is attached as Exhibit A.


 


4.            Non-Exclusivity
of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit,
bonus, incentive, or other plan or program provided by the Company (except for any severance or termination policies, plans, programs,
or practices covered in Section 3(d)) and for which the Executive may qualify, nor shall anything herein limit or reduce such rights
as the Executive may have under any other agreements with the Company (except for any severance or termination agreement). Amounts which
are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company shall be payable
in accordance with such plan or program, except as explicitly modified by this Agreement.


 






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5.            Termination
Procedures.


 


(a)            Notice
of Termination. Any termination of the Executive's employment (other than by reason of death) must be preceded by a written Notice
of Termination from the terminating party to the other party hereto. For purposes of this Agreement, a "Notice of Termination"
shall mean a notice which shall (i) specify the date of termination (the "Date of Termination") which shall not be more
than three (3) months from the date such Notice of Termination is given, (ii) indicate the notifying party's opinion regarding
the specific provisions of this Agreement that will apply upon such termination and (iii) set forth in reasonable detail the facts
and circumstances claimed to provide a basis for the application of the provisions indicated. Termination of the Executive's employment
shall occur on the specified Date of Termination even if there is a dispute between the parties pursuant to Section 5(b) hereof
relating to the provisions of this Agreement applicable to such termination.


 


(b)            Dispute
Concerning Applicable Termination Provisions. If within ten (10) days of receiving the Notice of Termination the party receiving
such notice notifies the other party that a dispute exists concerning the provisions of this Agreement that apply to such termination,
the dispute shall be resolved either by mutual written agreement of the parties or by expedited commercial arbitration under the rules of
the American Arbitration Association, pursuant to the procedures set forth in Section 7(n) hereof. The parties shall pursue
the resolution of such dispute with reasonable diligence. Within five (5) days of such a resolution, any party owing any payments
pursuant to the provisions of this Agreement shall make all such payments together with interest accrued thereon at the Wall Street Journal
Prime Rate; provided however, that if the Company is required to provide the Severance Benefits under Section 3, then the timing
of payment will be in accordance with Section 3(e).


 


6.            Notice
Requirements in the Event of Termination by the Executive. In consideration of the Company’s agreement to make the payments
and to provide the benefits provided for in Section 3 hereof and as an express condition to receiving the Severance Benefits, the
Executive agrees (a) to provide the Company with three (3) months’ Notice of Termination of his/her voluntary termination
of his/her employment with the Company, other than for Good Reason, and to comply with the notice and cure periods set forth in the definition
of Good Reason upon termination for Good Reason (in each case, the “Notice of Termination Period”), (b) to continue to
perform his/her duties as an employee of the Company throughout the Notice of Termination Period, (c) to cooperate with the Company
in the transfer of his/her duties to a successor employee during the Notice of Termination Period, and (d) notwithstanding any action
he/she may take to the contrary, (i) during the Notice of Termination Period he/she shall be deemed to be an employee of the Company
and (ii) the Notice of Termination Period shall be deemed to be “during the term of employment” for purposes of the Invention,
Non-Disclosure, and non-Competition Agreement entered into between the Executive and the Company.


 


7.            Miscellaneous.


 


(a)            Application
of Section 409A. It is intended that all of the severance payments and benefits payable under this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of Section 409A of the Code and the regulations and other guidance
thereunder and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Sections
1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A. If not
so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates
by reference all required definitions and payment terms. No severance payments or benefits will be made under this Agreement unless the
Executive’s termination of employment constitutes a Separation from Service. For purposes of Section 409A (including, without
limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), the Executive’s right to receive any installment
payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series of separate payments
and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. To the extent that
any severance payments are deferred compensation under Section 409A, and are not otherwise exempt from the application of Section 409A,
then, if the period during which the Executive may consider and sign the Release Agreement spans two calendar years, the severance payments
will not begin until the second calendar year. If the Company determines that the severance payments or benefits provided under this Agreement
constitutes “deferred compensation” under Section 409A and if the Executive is a “specified employee” of
the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of the Executive’s Separation
from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A,
the timing of the severance payments and benefits will be delayed as follows: on the earlier to occur of (a) the date that is six
months and one day after the Executive’s Separation from Service, and (b) the date of the Executive’s death (such earlier
date, the “Delayed Initial Payment Date”), the Company will (i) pay to the Executive a lump sum amount equal to the sum
of the severance benefits that the Executive would otherwise have received through the Delayed Initial Payment Date if the commencement
of the payment of the severance benefits had not been delayed pursuant to this Section 7(a) and (ii) commence paying the
balance of the severance benefits in accordance with the applicable payment schedule set forth in Section 3. No interest shall be
due on any amounts deferred pursuant to this Section 7(a).


 






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(b)            No
Mitigation. The Company agrees that, if the Executive's employment by the Company is terminated in a manner that results in the obligation
of the Company to provide Severance Benefits hereunder, the Executive shall not be required to seek other employment or to attempt in
any way to reduce any amounts payable to the Executive by the Company pursuant to this Agreement. Further, the amount of any payment or
benefit provided for under this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment
by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise,
other than by payments under the Company’s Short Term or Long Term Disability Plan as provided for in Section 3(a) and
COBRA premiums in accordance with Section 3(b).


 


(c)            Successors.
In addition to any obligations imposed by law upon any successor to the Company, the Company shall be obligated to require any successor
(whether direct or indirect, by purchase, merger, consolidation, operation of law, or otherwise) to all or substantially all of the business
and/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 it if no such succession had taken place; in the event of such a succession, references to the "Company"
herein shall thereafter be deemed to include such successor. Failure of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to terminate his employment and
thereafter to receive the Severance Benefits.


 


(d)            Incompetency.
Any benefit payable to or for the benefit of the Executive, if legally incompetent, or incapable of giving a receipt therefor, shall be
deemed paid when paid to the Executive's guardian or to the party providing or reasonably appearing to provide for the care of such person,
and such payment shall fully discharge the Company.


 






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(e)            Death.
This Agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.


 


(f)            Notices.
For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed
to the respective addresses set forth below, to the Executive’s Company-issued email address, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only
upon actual receipt:


 


To the Company:


 


MaxCyte, Inc.


Attention: CEO


22 Firstfield Road, Suite 110


Gaithersburg, MD 20878


 


With a copy to:


 


MaxCyte, Inc.


Attention: Legal


22 Firstfield Road, Suite 110


Gaithersburg, MD 20878


 


To the Executive:


 


Name: Amanda Murphy


Address: 422 Ninth Street


Wilmette, IL 60091


 


(g)            Modification,
Waiver. No provision of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed
to in writing and signed by the Executive and such officer as may be specifically designated by the Board or its delegee. No waiver by
either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time.


 


(h)            Entire
Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which are not expressly set forth in this Agreement. In the event of conflicting provisions with respect to
the subject matter hereof as between this Agreement and any other agreement or representation (of any kind) made between Executive and
Company, this Agreement shall govern.


 


(i)            Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Maryland
without regard to principles of conflicts of laws thereof.


 






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(i)            Withholding.
Any Severance Benefits provided for hereunder shall be provided net of any applicable withholding required under federal, state, or local
law and of any additional withholding to which the Executive has agreed.


 


(j)            Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.


 


(k)            Survival.
In the event a Triggering Event occurs prior to the termination of this Agreement, the right of the Executive to receive the Severance
Benefits shall survive the termination of this Agreement


 


(l)            No
Right To Continued Employment. Nothing in this Agreement shall be deemed to give any Executive the right to be retained in the employ
of the Company, or to interfere with the right of the Company to discharge the Executive at any time and for any lawful reason, subject
in all cases to the terms of this Agreement. By executing a copy of this Agreement, the Executive acknowledges and agrees that he is an
at will employee of the Company.


 


(m)            No
Assignment Of Benefits. Except as otherwise provided herein or by law, no right or interest of the Executive under this Agreement
shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation
by execution, levy, garnishment, attachment, pledge, or in any manner; no attempted assignment or transfer thereof shall be effective;
and no right or interest of the Executive under this Agreement shall be liable for, or subject to, any obligation or liability of the
Executive.


 


(n)            Arbitration
Procedures. The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of
disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s termination
of employment or termination of this Agreement, may not be in the best interests of either the Executive or the Company, and may result
in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or
relating to the negotiation, execution, performance or termination of this Agreement or the Executive’s employment, including, but
not limited to, any claim arising out of this Agreement, claims 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, the Americans with Disabilities Act of 1990, Section 1981 of
the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar
federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment,
shall be settled by binding arbitration in accordance with the National Rules for the Resolution of Employment Disputes of the American
Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between
the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be the Washington,
DC metropolitan area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes, and judgment
upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses
and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided however,
that at the Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree
that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination
of the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions of this
Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress
in any other forum, except as otherwise expressly provided in this Agreement. By election arbitration as the means for final settlement
of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State
or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement.
The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion
will be made for trial by jury.


 






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(o)            Reduction
Of Benefits By Legally Required Benefits. Notwithstanding any other provision of this Agreement to the contrary, if the Company is
obligated by law or by contract (other than under this Agreement) to pay severance pay, a termination indemnity, notice pay, or the like,
or if the Company is obligated by law or by contract to provide advance notice of separation ("Notice Period"), then any Severance
Benefits hereunder shall be reduced by the amount of any such severance pay, termination indemnity, notice pay, or the like, as applicable,
and by the amount of any pay received by the Executive with respect to any Notice Period.


 


(p)            Headings.
The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Agreement, and
shall not be employed in the construction of this Agreement.


 


8.            Definitions.


 


(a)            "Annual
Base Salary" means the Executive's total base salary during the twelve (12) month period preceding the Executive's Date of Termination.


 


(b)            "Board"
means the Board of Directors of the Company.


 


(c)            “Cause”
or for or with “Cause” means with respect to the Executive any of the following as determined by the Board, in its
sole discretion, (a) fraud or intentional misrepresentation, (b) embezzlement, misappropriation or conversion of assets or opportunities
of the Company, (c) acts or omissions that are in bad faith or constitute gross negligence, or willful or reckless misconduct, or
(d) conviction, plea of guilty or nolo contendere, or judicial determination of civil liability, based on a federal or state
felony or serious criminal or civil offense.


 


(d)            “Change
of Control” means any one of the following events:


 


(i)            The
date that any Person (other than the Company, any employee benefit plan of the Company or any entity holding shares of Common Stock or
other securities of the Company for or pursuant to the terms of any such plan) in a transaction or series of transactions, has become
the beneficial owner, directly or indirectly (with beneficial ownership determined as provided in Rule 13d-3, or any successor rule,
under the Exchange Act), of securities of the Company entitling such person to fifty percent (50%) or more of all votes (without consideration
of the rights of any class or stock to elect directors by a separate class vote) to which all stockholders of the Company would be entitled
in the election of the Board, were an election held on such date; provided, however, notwithstanding the foregoing, a Change of
Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on
account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Person that acquires the Company’s
securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through
the issuance of equity securities, or (C) solely because the level of ownership held by any Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change of Control would occur (but for the operation
of this clause) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person
becomes the owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the
percentage of the then outstanding voting securities owned by the Subject Person over the designated percentage threshold, then a Change
in Control will be deemed to occur;


 






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(ii)            the
date, during any period of two consecutive years, when individuals who at the beginning of such period constitute the Board of the Company
cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the stockholders
of the Company, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors
at the beginning of such period; or


 


(iii)            the
consummation of: (1) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately
prior to the merger or consolidation, do not beneficially own, immediately after the merger or consolidation, shares of the corporation
issuing cash or securities in the merger or consolidation entitling such stockholders to fifty percent (50%) or more of all votes (without
consideration of the rights of any class of stock to elect directors by a separate class vote) to which all stockholders of such corporation
would be entitled in the election of directors, or where the members of the Board or the Company, immediately prior to the merger or consolidation,
do not, immediately after the merger or consolidation, constitute a majority of the board of directors of the corporation issuing cash
or securities in the merger or consolidation; or (2) a sale or other disposition of all or substantially all the assets of the Company
and its subsidiaries, other than a sale or other disposition to an entity, more than 50% of the combined voting power of the voting securities
of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the outstanding voting securities
of the Company immediately prior to such sale or other disposition;


 


but only if the applicable transaction otherwise
constitutes a “change in control event” for purposes of Section 409A of the Code and Treas. Reg. §1.409A-3(i)(5).


 


(e)            “Code”
shall mean the Internal Revenue Code of 1986, as amended.


 


(f)            "Date
of Termination" has the meaning assigned to such term in Section 5(a) hereof.


 


(g)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


(h)            "Good
Reason" means the occurrence of any of the following events:


 


(i)            any
action by the Company which results in a material reduction in Executive’s duties (including responsibilities and/or authorities),
excluding for this purpose an isolated and inadvertent action not taken in bad faith that is remedied by the Company promptly after receipt
of notice thereof given by the Executive, and provided, however, that a change in job position shall not be deemed a “material reduction”
in and of itself unless the Executive’s new duties are materially reduced from the prior duties;


 






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(ii)            a
change in the Executive’s title (unless agreed to by Executive) or a reduction by the Company in the Executive's annual base salary
as in effect on the date hereof or as the same may be increased from time to time, except for an across the board salary reduction affecting
all senior executives of the Company and which is implemented before a Change of Control occurs; and


 


(iii)            the
failure by the Company to honor all the terms and provisions of this Agreement or any other agreement between the Executive and the Company;


 


provided, however, that in order to resign
for Good Reason, the Executive must (1) provide written notice to the Company’s [General Counsel] within 30 days after the
first occurrence of the event giving rise to Good Reason setting forth the basis for the Executive’s resignation, (2) allow
the Company at least 30 days from receipt of such written notice to cure such event, and (3) if such event is not reasonably cured
within such period, the Executive’s resignation from all positions the Executive then holds with the Company is effective not later
than 90 days after the expiration of the cure period.


 


(i)            “Notice
Period” has the meaning ascribed to such term in Section 7(o) hereof.


 


(j)            "Notice
of Termination" has the meaning assigned to such term in Section 5(a) hereof.


 


(k)            “Notice
of Termination Period” has the meaning assigned to such term in Section 6 hereof.


 


(l)            “Person”
means a "person" as used in Sections 3(a)(9) and 13(d) of the Exchange Act, or any group of Persons acting in concert
that would be considered “persons acting as a group” within the meaning of Treas. Reg. §1.409A-3(i)(5).


 


(m)            “Severance
Benefits” has the meaning assigned to such term in Section 3 hereof.


 


(n)            "Severance
Period" means the nine (9) month period following the Date of Termination.


 


(o)            “Target
Bonus” means of the greater of (i) the actual bonus amount earned by the Executive under the Company’s bonus plan
with respect to the calendar year prior to the calendar year in which the Termination Date occurs, (ii) the actual bonus amount earned
by the Executive under the Company’s bonus plan for the calendar year in which the Termination Date occurs, or (iii) the Executive’s
target bonus amount under the Company’s bonus plan for the calendar year in which the Termination Date occurs.


 


(p)            "Triggering
Event" means (i) the termination of the Executive's employment by the Company, other than a termination for Cause, or (ii) a
termination of the Executive's employment by the Executive for Good Reason, in each case prior to a Change of Control or on or within
twenty-four months following a Change of Control.


 






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IN WITNESS WHEREOF, the Company
has caused this Agreement to be executed by its duly authorized officer, and the Executive has executed this Agreement, all as of the
day and year first above written.


 


[signature page follows]


 


	MAXCYTE, INC.	 
	 	 
	By: 	/s/ Douglas A. Doerfler	 
	Douglas A. Doerfler	 
	President & CEO	 
	 	 
	EXECUTIVE	 
	 	 
	By: 	/s/ Amanda Murphy	 
	Amanda Murphy	 
	CFO	 



 






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Exhibit A


 


RELEASE


 


In consideration
of the agreement of MaxCyte, Inc. (the “Company”) to enter into that certain MaxCyte, Inc. Severance Agreement,
dated as of               ,
20     (the “Severance Agreement”), with and the
promises and covenants of the Company and the undersigned made thereunder, the undersigned, on behalf of himself and his respective heirs,
representatives, executors, family members, and assigns hereby fully and forever releases and discharges the Company, and its past, present
and future directors, officers, employees, agents, attorneys, investors, administrators, affiliates, divisions, subsidiaries, predecessors,
successors, and assigns (collectively the “Company Parties”) from and against, and agrees not to sue or otherwise institute
or cause to be instituted any legal, alternative dispute resolution, or administrative proceeding concerning, any claim, duty, obligation,
or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he may possess
arising from any omissions, acts, or facts that have occurred through the date his employment terminates, including without limitation
(individually a “Claim” and collectively “Claims”):


 


1.            Any
and all claims relating to or arising from his employment by the Company and the termination of such employment, including allegations
that any of the Company Parties has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and
fair dealing;


 


2.            Any
and all claims under the Severance Agreement or any other agreement or understanding governing the service relationship between the Company
and the undersigned;


 


3            Any
and all claims against any of the Company Parties for wrongful discharge, termination in violation of good policy, discrimination, breach
of contract, both expressed or implied, covenants of good faith or fair dealing, both expressed or implied, promissory estoppel, negligent
or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with
contract or prospective economic advantage, unfair business practice, defamation, libel, slander, negligence, personal injury, assault,
battery, invasion of privacy, false imprisonment, or conversion;


 


4.            Any
and all claims against any of the Company Parties has discriminated against the Undersigned on the basis of age, race, color, sex (including
sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income,
entitlement to benefits, any union activities or other protected category or has otherwise violated any federal, state or municipal statute,
including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of
1974, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act, the Genetic Information Nondiscrimination Act, the Family
and Medical Leave Act, the Fair Employment Practice Act of Maryland, Md. Code Ann., State Government, tit. 20, the Older Workers Benefit
Protection Act, the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation,
the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act, the Fair Credit Reporting Act, the National
Labor Relations Act; and all amendments to each such Acts as well as the regulations issued there under;


 


5.            Any
and all claims based on the violation of the federal or any state constitution;


 






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6.            Any
and all claims for attorneys’ fees and costs.


 


Notwithstanding the foregoing, other than events
expressly contemplated by this Release the Undersigned does not waive or release rights or Claims that may arise from events that occur
after the date this waiver is executed, nor any right under the Severance Agreement, and the Undersigned is not releasing any right of
indemnification he may have for any liabilities arising from his actions within the course and scope of his employment with the Company.
Also excluded from this Release are any Claims which cannot be waived by law, including, without limitation, any rights the Undersigned
may have under applicable workers’ compensation laws and his/her right, if applicable, to file or participate in an investigative
proceeding of any federal, state or local governmental agency. Nothing in this Release shall prevent the Undersigned from filing, cooperating
with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department
of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission
or any other federal government agency, or similar state or local agency (“Government Agencies”), or exercising any rights
pursuant to Section 7 of the National Labor Relations Act. The Undersigned further understands this Release does not limit his ability
to voluntarily communicate with any Government Agencies 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. While this Release does not
limit the Undersigned’s right to receive an award for information provided to the Securities and Exchange Commission, the Undersigned
understands and agrees that, he is otherwise waiving, to the fullest extent permitted by law, any and all rights he may have to individual
relief based on any Claims that he has released and any rights he has waived by signing this Release. If any Claim is not subject to release,
to the extent permitted by law, the Undersigned waives any right or ability to be a class or collective action representative or to otherwise
participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the
Company Parties is a party. This Release does not abrogate the Undersigned existing rights under any Company benefit plan or any plan
or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the
date the Undersigned executes this Release pursuant to any such plan or agreement.


 


The Undersigned acknowledges and agrees that (i) the
consideration given to the Undersigned in exchange for the waiver and release in this Release is in addition to anything of value to which
the Undersigned was already entitled, and (ii) that the Undersigned has been paid for all time worked, has received all the leave,
leaves of absence and leave benefits and protections for which the Undersigned is eligible, and has not suffered any on-the-job injury
for which the Undersigned has not already filed a Claim. The Undersigned affirms that all of the decisions of the Company Parties regarding
his pay and benefits through the date of his execution of this Release were not discriminatory based on age, disability, race, color,
sex, religion, national origin or any other classification protected by law. The Undersigned affirms that he has not filed or caused to
be filed, and is not presently a party to, a Claim against any of the Company Parties. The Undersigned further affirms that he has no
known workplace injuries or occupational diseases. The Undersigned acknowledges and affirms that he has not been retaliated against for
reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected
by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act or any related statute or local leave
or disability accommodation laws, or any applicable state workers’ compensation law.


 






    	 	- 13 -	 



     


    

 


The undersigned acknowledges that (i) he
has been advised by Company to consult a lawyer of his own choice prior to executing this release and has done so or voluntarily declined
to seek such counsel, (ii) he has read this release and understands the terms and conditions hereof and the binding nature hereof,
(iii) he has had at least twenty-one (21) days within which to consider the terms of this release and executed this release voluntarily
and without duress or undue influence on the part of the Company, (iv) he has seven (7) days to revoke his execution of this
release and that such execution shall not be effective until seven (7) days following delivery to the Company, and (v) he understands
that his right to receive payments under Paragraph 3 of the Severance Agreement is subject to and conditioned on the undersigned’s
signing and delivering this release to Company and its becoming effective.


 


Initially capitalized terms used in this release
and defined in the Severance Agreement shall have the meanings given to such terms under the Severance Agreement.


 


	 	 
	Printed Name	 
	 	 
	 	 
	Signature	 
	 	 
	Date:	 	 



 


State of ______________


 


County of_____________


 


On
this ___ day of ____, 20__, personally appeared before me, a Notary Public, the above named ________________________________, known to
me, or satisfactorily proven, to be the person whose name is subscribed to the above instrument and who acknowledged that he executed
the same for the purposes therein contained.


 


WITNESS my hand and official seal


 


	 	 
	 	 
	(notary signature)	 
	 	 
	My Commission Expires:	 	 



 






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