# EDGAR Filing Document

**Accession Number:** 0001716621
**File Stem:** 0001564590-23-004567
**Filing Date:** 2023-3
**Character Count:** 937514
**Document Hash:** 48d871f49a1052cc0adf4d2592b39b14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564590-23-004567.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001564590-23-004567

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ra Medical Systems, Inc.
- **CENTRAL INDEX KEY:** 0001716621
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 383661826
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38677
- **FILM NUMBER:** 23770797

**BUSINESS ADDRESS:**
- **STREET 1:** 1670 HIGHWAY 160 WEST
- **STREET 2:** SUITE 205
- **CITY:** FORT MILL
- **STATE:** SC
- **ZIP:** 29708
- **BUSINESS PHONE:** 973-691-2000

**MAIL ADDRESS:**
- **STREET 1:** 1670 HIGHWAY 160 WEST
- **STREET 2:** SUITE 205
- **CITY:** FORT MILL
- **STATE:** SC
- **ZIP:** 29708

?xml version="1.0" encoding="utf-8"? rmed-10k_20221231.htm

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 10-K

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☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

#### For the Fiscal Year Ended December 31, 2022

#### OR
☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

#### For the Transition Period From &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to

#### Commission file number: 001-38677

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## Ra Medical Systems, Inc.

#### (Exact name of Registrant as specified in its charter)

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| | |
|:---|:---|
|  **Delaware** | **38-3661826** |
|  **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
|  **1670 Highway 160 West, Suite 205**<br> **Fort Mill, South Carolina** | **29708** |
|  **(Address of principal executive offices)** | **(Zip Code)** |

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(973) 691-2000

#### (Registrant's telephone number, including area code)

#### Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
|  **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of the exchange on which registered</u>** |
|  **Common Stock, $0.0001 par value** | **RMED** | **NYSE American** |

---

#### Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of

the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of

incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant

to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The aggregate market value of the common stock held by non-affiliates of the registrant, based on the closing price of a share of common stock on June 30, 2022 as reported by the NYSE American on such date was approximately $9.9 million. Shares of the registrant's common stock held by each executive officer, director and other persons who may be deemed an affiliate of the registrant have been excluded in that such persons may be deemed to be affiliates. This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.

As of March 23, 2023, the registrant has 4,984,093 shares of common stock, par value $0.0001, outstanding.

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#### RA MEDICAL SYSTEMS, INC.
**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  | [<u>Part I</u>](#PART_I) | **Page** |
|  Item 1. | [<u>Business</u>](#ITEM_1_BUSINESS) | 4 |
|  Item 1A. | [<u>Risk Factors</u>](#ITEM_1A_RISK_FACTORS) | 22 |
|  Item 1B. | [<u>Unresolved Staff Comments</u>](#Item_1B__Unresolved_Staff_Comments) | 53 |
|  Item 2. | [<u>Properties</u>](#Item_2__Properties) | 53 |
|  Item 3. | [<u>Legal Proceedings</u>](#Item_3___Legal_Proceedings) | 53 |
|  Item 4. | [<u>Mine Safety Disclosures</u>](#Item_4___Mine_Safety_Disclosures) | 54 |
|  | [<u>Part II</u>](#Part_II) |  |
|  Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#Item_5__Market_for_registrant_s_common_e) | 55 |
|  Item 6. | [<u>\[Reserved\]</u>](#ITEM_6_RESERVED) | 55 |
|  Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#ITEM_7_MANAGEMENTS_DISCUSSION_ANALYSIS_F) | 56 |
|  Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#ITEM_7A_QUANTITATIVE_QUALITATIVE_DISCLOS) | 65 |
|  Item 8. | [<u>Financial Statements and Supplementary Data</u>](#ITEM_8_FINANCIAL_STATEMENTS_SUPPLEMENTAR) | 66 |
|  Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#ITEM_9_CHANGES_IN_DISAGREEMENTS_WITH_ACC) | 66 |
|  Item 9A. | [<u>Controls and Procedures</u>](#ITEM_9A_CONTROLS_PROCEDURES) | 66 |
|  Item 9B. | [<u>Other Information</u>](#ITEM_9B_OR_INFORMATION) | 67 |
|  Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#ITEM_9C_DISCLOSURE_REGARDING_FOREIGN_JUR) | 67 |
|  | [<u>Part III</u>](#PART_III) |  |
|  Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#ITEM_10_DIRECTORS_EXECUTIVE_FICERS_CORPO) | 68 |
|  Item 11. | [<u>Executive Compensation</u>](#ITEM_11_EXECUTIVE_COMPENSATION) | 71 |
|  Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#ITEM_12_SECURITY_OWNERSHIP_CERTAIN_BENEF) | 76 |
|  Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#ITEM_13_CERTAIN_RELATIONSHIPS_RELATED_PA) | 78 |
|  Item 14. | [<u>Principal Accounting Fees and Services</u>](#ITEM_14_PRINCIPAL_ACCOUNTING_FEES_SERVIC) | 79 |
|  | [<u>Part IV</u>](#PART_IV_FINANCIAL_INFORMATION) |  |
|  Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#ITEM_15_EXHIBITS_FINANCIAL_STATEMENT_SCH) | 81 |

---

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#### PART I

#### Forward-Looking Statements
*This Annual Report on Form 10-K contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available. This section should be read in conjunction with our audited financial statements and related notes included in Part II, Item 8 of this report. The statements contained in this Annual Report on Form 10-K that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.*

*Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. You should read these statements carefully because they discuss future expectations, contain projections of future results of operations or financial condition, or state other "forward-looking" information. These statements relate to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements.*

*These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to, those described in "Risk Factors." These forward-looking statements reflect our beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this Annual Report on Form 10-K and are subject to risks and uncertainties. We discuss many of these risks in greater detail in the section entitled "Risk Factors" included in Part I, Item 1A and elsewhere in this report. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We qualify all of the forward-looking statements in this Annual Report on Form 10-K by these cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise.*

*This Annual Report on Form 10-K also contains estimates, projections and other information concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources.*

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| | |
|:---|:---|
| **ITEM 1.**  | **BUSINESS** |

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#### Overview
Ra Medical Systems, Inc., or Ra Medical, was incorporated in Delaware in July 2018. Ra Medical was initially formed to develop, commercialize and market its advanced excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases.

On January 9, 2023, Ra Medical entered into the Amended and Restated Agreement and Plan of Merger, or the Merger Agreement, with Catheter Precision, Inc., or Catheter, a privately-held Delaware corporation. Under the terms of the Merger Agreement, Catheter became a wholly owned subsidiary of Ra Medical, together referred to as the Company, in a stock-for-stock merger transaction, or the Merger.

Prior to the Merger, Ra Medical developed an advanced excimer laser-based platform for use in the treatment of vascular immune-mediated inflammatory diseases. The Destruction of Arteriosclerotic Blockages by laser Radiation Ablation (DABRA) laser and single-use catheter, together referred to as DABRA, was developed as a tool in the treatment of Peripheral Artery Disease which commonly occurs in the legs. We have ceased marketing DABRA. In addition, as previously disclosed, Ra Medical completed the sale of its Pharos laser business, or Dermatology Business, to STRATA Skin Sciences, Inc. on August 16, 2021.

After the Merger and looking forward, we do not expect to use our legacy DABRA-related assets or continue Ra Medical's legacy lines of business, but instead expect to shift the focus of our operations to Catheter's product lines. Accordingly, our current activities primarily relate to Catheter's historical business which comprises the design, manufacture and sale of new and innovative medical technologies focused in the field of cardiac electrophysiology, or EP.

Our primary product is the View into Ventricular Onset System or VIVO™ System ("VIVO" or "VIVO System") which is a non-invasive imaging system that offers 3D cardiac mapping to help with localizing the sites of origin of idiopathic ventricular arrhythmias in patients with structurally normal hearts prior to EP procedures.

#### Electrophysiology Market Overview
EP is one of healthcare's largest sectors and rapidly growing. The EP market includes well known medical devices such as pacemakers, electrocardiogram, or ECG, systems and cardiac catheters, but also laboratory equipment such as intracardiac mapping systems and fluoroscopy systems (similar to x-ray in real time). The EP market includes large medical device companies such as Medtronic, Plc., Abbott Laboratories, Biosense-Webster (J&J) and Boston Scientific Corp. and is estimated to be $11.6 billion by 2027 (CAGR of 9.4%). Population growth, increasing rates of heart disease and the rising cost of healthcare are driving growth in the EP markets.

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Within the EP market, we focus our products on the catheter ablation market. The catheter ablation market was $3.2 billion in 2020 and estimated to grow to $6.4 billion in 2026. The catheter ablation market is growing at a faster rate (12.4% CAGR) than the EP market as a whole.

![](gb4augzxvqxh000001.jpg)

Within the last 10 years, ventricular ablation has become a fast-growing treatment option. Currently, there are about 80,000 ventricular ablations annually and VT ablations represent approximately 16% of ablations in the U.S. Currently, the market is underserved, and this number is expected to increase to over 250,000 procedures by 2026. The ventricular ablation market is expected to grow at a 21% CAGR through 2026, which is a faster rate than the global EP market and the catheter ablation market as a whole. The growth in the ventricular ablation market is driven by an aging population, advances in EP technology as well as updated physician guidelines. The Heart Rhythm Society, or HRS, Expert Consensus Statement on Catheter Ablation of Ventricular Arrhythmias, published in May 2019 recommends catheter ablation in preference to anti arrhythmic drugs or in the situation where anti arrhythmic therapy has failed or is not tolerated. The guidelines also recommend ablation for reducing recurrent VT and implantable cardioverter-defibrillator shocks.

#### Existing Treatments and Methods for Catheter Ablations
Traditionally, the first line of treatment for cardiac arrhythmias is medication. Unfortunately, this is not a permanent fix and most patients eventually need a catheter ablation.

#### Catheter Ablation Procedure Overview
An electrophysiologist stands next to the patient's bed near the patient's groin. A catheter or catheters are inserted into the femoral vein (located at the groin) and navigated into the right side of the heart. Depending on the type of arrhythmia, the catheter is inserted into the atrium or the ventricle. Once inserted, a diagnostic catheter is used in conjunction with an invasive (traditional) mapping system to create a map of the patient's heart. This allows the physician to see the individual patient's cardiac structures and size. Once the map is created, the physician begins to "pace map." This process requires the physician to move the catheter from spot to spot to determine the electrical conduction at different areas to determine if the tissue in that area is responsible for the arrhythmia. Once the area is located, the physician will provide a form of energy (radiofrequency, cryo, etc.) to ablate the tissue in that spot.

#### Treatment Challenges for Ventricular Arrhythmias
Treatment of ventricular ablations with cardiac ablations is a relatively new treatment option. As a result, we believe that the patient population is underserved and is not as well understood, and the available techniques and technologies are limited when compared to the atrial ablation options.

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Ablation locations within the ventricle are very difficult to identify. Often, patients are highly symptomatic (dizzy, breathing difficulties, etc.) but the arrhythmia is infrequent. When this happens, it is hard to predict when the patient will be having an "active" arrhythmia. Because of this, the physician may not be able to identify the location even when using medication to induce the arrhythmia. Without confirmation during invasive mapping, the patient is removed from the electrophysiology lab without the ablation procedure being performed and the patient is required to return at a later date and try again for a successful outcome.

Even when a patient has frequent ventricular arrhythmias, the process of pace-mapping often takes 4 – 5 hours to identify the location for ablation, which can increase the likelihood of patient complications due to the extended time under anesthesia.

Lastly, many patients with untreated ventricular arrhythmias cannot tolerate anesthesia well, thus invasive mapping that takes a long time is not an option for them.

#### Treatment Challenges for Atrial Arrhythmias
Catheter ablation for atrial arrhythmias is more standardized and "advanced" than for ventricular ablations, thus less pace mapping is required. Instead, a procedure called Pulmonary Vein Isolation ("**PVI**") is performed for atrial fibrillation, and a single line is ablated for atrial flutter. In pulmonary vein isolation, tiny scars are created in the left upper chamber of the heart in the area where the four lung (pulmonary) veins connect.

Despite steady improvement in the tools available to perform effective procedures, there is clear study evidence that catheter based atrial fibrillation treatment technology can become more effective. According to a study entitled *"Long Term Outcomes of Catheter Ablation of Atrial Fibrillation: A Systematic Review and Meta- Analysis" published in the Journal of American Heart Association on March 18, 2013,* which looked at multiple individual studies covering over 6,000 patients, "single procedure freedom from atrial fibrillation at long term follow up was 53.1%." The same study found "with multiple procedures performed, the long-term success rate was 79.8%." Ineffective treatment may result in patients undergoing two or more EP procedures to achieve relief from atrial fibrillation at an estimated cost in the range of $20,000 or more per procedure.

Specific reasons have not been proven for the lower success rate of initial ablation procedures. However, there is growing evidence that better results occur if the treating EP physician is able to make better lesions by maintaining stable contact force of the catheter against the heart wall, thereby reliably delivering the energy required to eliminate the abnormal rhythms. Variation in catheter contact force occurs as the physician attempts to manually position and hold the catheter tip in a stable position during cases lasting 2 to 3 hours in order to perform typically over 100 ablations of the cardiac anatomy.

Large multi-national medical device companies, such as Medtronic, Inc., Boston Scientific Corp., Abbott Laboratories, St. Jude Medical, Inc. and the Biosense Webster division of Johnson & Johnson, among others, continue to invest heavily to develop and introduce new devices and technologies to improve patient outcomes. Included among these are force-sensing catheters, including the Biosense SmartTouch *<sup>TM</sup>* catheter, which provide a continuous readout of the contact force between the catheter and the heart wall. Our business is focused on the controlled delivery of these catheter technologies to enhance both the performance of ablation procedures and the ease and safety for the physicians who perform them.

A recent peer-reviewed multicenter study sponsored by Biosense Webster, entitled "Paroxysmal AF Catheter Ablation with a Contact Force Sensing Catheter" published in 2014 found that catheter ablation success rates can be as high as 80% when the physician is able to maintain stable contact force within investigator selected working ranges. "When the CF (contact force) employed was between investigator selected working ranges > 80% of the time during therapy, outcomes were 4.25 times more likely to be successful." Further,"stable CF during radiofrequency application increases the likelihood of twelve-month success." However, it should be noted that, using manually controlled methods, the physicians in the study could only maintain optimal tissue contact in less than 30% of the patients studied.

In addition, another study, sponsored by St. Jude Medical, Inc. and published in 2015 showed similar findings using their recently FDA-approved contact-force sensing catheter, TOCCASTAR. In the TOCCASTAR study,

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85.5% of ablation procedure patients were free of atrial fibrillation at one year after the procedure when optimal catheter tip contact force was maintained, versus only 67.7% when non-optimal contact force was achieved.

#### VIVO Clinical Use and Studies
To date, VIVO has been used in more than 850 procedures, by more than 30 physicians in 7 countries. Initial clinical work was completed with the first-generation software, which resulted in FDA 510(k) Clearance in June 2019.

The U.S. multi-center study enrolled 51 patients from 5 centers. Of note, the Principal Investigator and center to have the highest enrollment was Johns Hopkins University in Baltimore, Maryland. This study was conducted to evaluate the accuracy of VIVO as compared to invasive mapping systems (current prevailing method for determining arrhythmia origins). VIVO met all study endpoints and correctly matched the predicted arrhythmia origin in 44/44 patients (100%; primary endpoint) and correctly matched paced sites in 225/226 locations (99.56%; secondary endpoint). In some instances, this study showed that VIVO has better predictability for arrhythmia origin than a physician's manual review of a 12 lead ECG.

While conducting the initial clinical study for FDA submission, we developed generation 2 in parallel with a goal to have this version complete and ready to submit upon 510(k) clearance of generation 1. We successfully achieved this goal and received CE Mark and FDA 510(k) Clearance for generation 2 in 2020.

Additional clinical work has occurred with generation 2. Until recently, this data has been single center, physician-initiated research and has resulted in peer reviewed clinical science at electrophysiology conferences and in journals.

Three physicians, at different centers, in the UK conducted a feasibility study for Stereotactic Ablative Radiotherapy, or SABR, and published their data on nine patients. SABR is an ablation technique utilizing non-invasive methods akin to proton therapy for cancer treatment. To do a complete non-invasive ablation, accurately predicting the ablation location non-invasively is key to procedural success, and VIVO was utilized for this purpose. Non-invasive ablation is a new technique and requires additional data, but it is showing promise and has generated excitement within the EP community. If accepted for wide-spread treatment, this would allow for previously un-ablatable patients to receive lifesaving treatments.

In February 2023, a study from the Royal Brompton Hospital was published. This study enrolled 24 patients and VIVO accurately identified the outflow tract VT and premature ventricular contractions, or PVCs, origin in 23/24 (96%) and sub-localized in 100% of subjects. Acute success was achieved in 100% of cases. Standard ECG algorithms, conducted by 3 physicians in blind trials, only identified the correct chamber in 50-88% of the patients and sub-localized within the right ventricular outflow tract (septum v free wall) in 37 – 58% of subjects. Of note, six patients had previously attended for nine attempted ablations collectively, which were either unsuccessful or aborted owing to lack of spontaneously occurring clinical PVCs. One patient had previously reported for four separate attempts without PVCs and ablations were aborted, but collection of a single beat allowed VIVO to create an analysis map and provide the physician with information to complete the ablation for all these patients. In addition, this study showed a 27% reduction in procedure time when using VIVO as compared to a historical cohort. This study concluded that VIVO can accurately identify arrhythmia origin with an accuracy that is superior to that of established ECG algorithms.

In April 2022, one physician from the Netherlands presented an abstract at EHRA (European Heart Rhythm Association), focused on using VIVO as a way to screen patients prior to the ablation procedure. This study of 15 patients concludes that using VIVO pre-procedurally may enable the physician to determine procedure success rates and prevent unnecessary ablation procedures. This data will need to be further studied in larger numbers but determining success in advance of the procedure would improve ablation therapy, which has a high failure rate and thus requires additional ablation procedures.

In October 2021 the first patient was enrolled in the VIVO EU Registry. This registry aims to gather data about how VIVO is used in real-world settings, outside of a rigorous clinical study. The registry will enroll 125 patients across Europe and the UK and collect information about different workflows and applications for VIVO. To

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date, 80 patients have been enrolled and enrollment is targeted to be complete in Q2 2023. This data serves multiple purposes including fulfilling European regulatory requirements for on-going data collection, publication of multi-center data, and future development of studies and improvements to the VIVO technology.

#### Our Products

#### VIVO™ System
Our lead product, VIVO, is an FDA-cleared and CE marked product that utilizes non-invasive inputs to locate the origin of ventricular arrhythmias. VIVO has been used in more than 850 procedures in leading U.S. and European hospitals under a limited commercial launch that commenced in the third quarter of 2021. A full commercial launch commenced in the first quarter of 2023 and is currently underway.

VIVO is a non-invasive imaging system that offers 3D cardiac mapping to help with localizing the sites of origin of idiopathic ventricular arrhythmias in patients with structurally normal hearts prior to electrophysiology procedures. The VIVO system has achieved a CE Mark allowing it to be commercialized in the European Union and has been placed at several hospitals in Europe. FDA 510(k) Clearance in the United States was received in June 2019.

The VIVO software is provided on an off the shelf laptop, and the system includes a 3D camera. In addition, the system can only be used with a disposable component, the VIVO Positioning Patches, which are required for each procedure.

![](gb4augzxvqxh000002.jpg)![](gb4augzxvqxh000003.jpg)![](gb4augzxvqxh000004.jpg)

The VIVO software contains proprietary algorithms that are based on standard EP principles. However, the accuracy of the algorithms is improved because it does not use generalized assumptions and instead, uses patient specific information. VIVO uses standard clinical inputs such as a CT or MRI and a 12 lead ECG, both of which are routinely gathered for most EP procedures, allowing VIVO to seamlessly integrate into the workflow. A 3D photograph is obtained of the patient's torso after the ECG leads are in place and all of these clinical inputs are combined to generate a 3D map of the patient's heart with a location of the earliest onset of the ventricular arrhythmia.

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#### VIVO Workflow
![](gb4augzxvqxh000005.jpg)

#### LockeT
LockeT, a suture retention device, is a sterile, Class I product that was registered with the FDA in February 2023, at which time we began initial shipments to distributors. We believe LockeT is indicated for wound healing by distributing suture tension over a larger area in the patient in conjunction with a figure of eight suture closure and is intended to temporarily secure sutures and aid clinicians in locating and removing sutures efficiently.

Clinical studies for LockeT are planned to begin during 2023. These studies are planned to show the product's effectiveness and benefits, including faster wound closure, earlier ambulation, potentially leading to early hospital discharge, and cost analysis. This data is intended to provide crucial data for marketing and to expand our indications for use with the FDA. See *License and Other Agreements* below.

#### Amigo® Remote Catheter System
Our product portfolio also includes the Amigo<sup>®</sup> Remote Catheter System, or Amigo, a robotic arm that serves as a catheter control device. Prior to 2018, we marketed Amigo. We own the intellectual property related to Amigo, and this product is under consideration for future research and development of a generation 2 product.

#### Our Previously Marketed DABRA Product
Prior to the Merger, we manufactured and marketed DABRA, a portable excimer laser console with proprietary, single-use catheters for the minimally invasive endovascular treatment of vascular blockages resulting from lower extremity vascular disease in both above and below the knee lesions.

The DABRA catheter transmitted energy from the laser to the vascular blockage. The laser energy traveled through the catheter and ablated the blockage, reducing it to chemicals that were found naturally in the bloodstream. The catheters were specifically designed for use with our excimer laser. The DABRA catheter used a liquid-filled plastic tubing allowing for the efficient and precise delivery of the laser energy.

After the Merger, we are no longer manufacturing and marketing DABRA.

#### Our Solution
Adoption of our VIVO System by electrophysiologists is expected to enhance their ability to diagnose and treat cardiac arrhythmias.

Non-invasive mapping prior to the ablation procedure provides a solution for patients that could not be ablated previously. First, many patients with VT do not tolerate anesthesia well. By providing a non-invasive solution to determine the ablation location, physicians are better able to understand where the arrhythmia originates and how easily one can access the ablation location, minimizing the amount of time that the patient may need to be anesthetized, and allowing many patients the ability to have an ablation that otherwise could not. Second, many patients are highly symptomatic, but do not have PVCs often. In these situations, the patients are often brought in for

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ablation procedures only to have no arrhythmia and sent home time and time again. In these instances, the physicians can monitor the patient prior to hospitalization and obtain information about the arrythmia. In this way, the patient can still proceed to an ablation procedure without having PVCs on the day of surgery.

Non-invasive mapping also enables planning prior to the start of the procedure. This enables the physicians to better understand where they are targeting, which enables them to make advanced decisions about where they are navigating the catheter and which catheter(s) they are using, reducing both procedure time and cost.

Surgery patients who are offered the LockeT device are expected to benefit from faster wound closure and earlier ambulation, potentially leading to early hospital discharge and lower costs.

#### Our Strategy
Our goal is to become a leading medical imaging company in the field of cardiac electrophysiology, and we are dedicated to developing and delivering electrophysiology products to provide patients, hospitals, and physicians with novel technologies and solutions to improve the lives of patients with cardiac arrhythmias. We aim to establish VIVO as an integral tool used by cardiac electrophysiologists during ablation treatment of ventricular arrhythmias by reducing procedure time and patient complications and increasing procedural success.

#### Customers
For the years ended December 31, 2022 and 2021, Ra Medical had four and three individual customers, respectively, that represented more than 10% of its total revenues.

After the Merger, our primary customers are hospitals providing cardiac electrophysiology lab procedures. We believe there are 2,000 to 3,000 EP labs in the U.S. and a similar number of labs outside of the U.S. performing approximately 600,000 ablation procedures annually.

#### Sales and Marketing
Today, we use a mix of distribution partners (Europe), independent sales agents (U.S.) specializing in EP products, and direct employees providing clinical support and product specialization. In the U.S., the VIVO System and patches are currently sold by independent sales agents who call on electrophysiologists, lab staff and hospital administrators. This sales team qualifies appropriate prospective customers, and with support from our direct clinical specialists they conduct product demonstrations, and support customer training and case usage. In Europe, our products are sold through distributors, supported by three full time contracted employees.

In addition, in both the U.S. and Europe, we have entered into a co-marketing agreement with Stereotaxis, or STX. The goal is to leverage the compatibility of VIVO with their robotic system. STX customers are the same customers for VIVO, and VIVO provides their customers with an added tool to reduce procedure time. Pursuant to the agreement, STX can perform promotional activity at any hospital globally that has a Stereotaxis Robotic Magnetic Navigation System, referred to herein as a robotic hospital, and where VIVO has appropriate regulatory clearances. In addition, STX will act as a spot distributor for us at mutually agreed upon hospitals where the VIVO System is included as a line item within an STX quote. In exchange for its marketing, distribution and support activity, Stereotaxis receives a payment equal to 45% of the revenue generated from VIVO at robotic hospitals. After the initial sale of VIVO products to customers by Stereotaxis, we will be responsible for selling additional VIVO-related products to the customers but will continue to owe the 45% payment to Stereotaxis with respect to any such sales. The agreement has a term that runs through December 31, 2023, provided however, that the agreement will automatically extend for successive two-year terms unless either party provides the other written notice of termination at least one year prior to the next-scheduled termination date. Stereotaxis will continue to be entitled to receive the 45% payments described above for a period of six months following termination of the agreement.

We have begun to hire additional clinical support and direct sales representation to support the full VIVO product launch in 2023. They are experienced in the electrophysiology field and will identify and target prospective customers to educate, and demonstrate our products, leading to adoption and purchase of our technology. We will continue to use direct clinical specialists to provide training and ongoing clinical support.

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In the future, we intend to market our products in the U.S. and certain international markets using a combination of a direct sales force and independent distributors. This may require us to make a significant investment building our U.S. commercial infrastructure and sales force and in recruiting and training our sales representatives and clinical specialists for U.S. commercialization of VIVO. This is a lengthy process that requires recruiting appropriate sales representatives, establishing a commercial infrastructure in the United States, and training our sales representatives, and will require significant ongoing investment by us. Following initial training, our sales representatives typically require lead time in the field to grow their network of accounts, coordinate their sales efforts with each hospital's capital budgeting and acquisition cycle and produce sales results. Successfully recruiting and training a sufficient number of productive sales representatives is required to achieve growth at the rate we desire.

Marketing and market development activities will target increasing our product usage and expanding the applications of VIVO into the physician clinic and not just hospitals by employing a reimbursement specialist to provide reimbursement for VIVO in different settings.

Outside the U.S., we will continue to foster additional key partner relationships with distributors who will market, sell and support its products.

In addition, we believe there are opportunities to offer additional complementary products through our sales and marketing channels that would enhance the productivity of our sales force and provide additional scale to revenue, better covering fixed operating costs.

#### Manufacturing
VIVO manufacturing, inventory and product fulfillment is housed in our approximate 2,000 square feet facility in Fort Mill, South Carolina. This facility currently has one full-time employee who oversees manufacturing, quality objectives, and order fulfillment.

#### Competition
The medical device industry is highly competitive, subject to rapid change and significantly affected by new product introductions and other activities of industry participants. We face potential competition from major medical device companies worldwide, many of which have longer, more established operating histories, and significantly greater financial, technical, marketing, sales, distribution, and other resources. Our overall competitive position is dependent upon a number of factors, including product performance and reliability, manufacturing cost, and customer support. Our primary competitors in the cardiac electrophysiology space include known medical devices such as pacemakers, electrocardiogram, or ECG, systems and cardiac catheters, but also laboratory equipment such as intracardiac mapping systems and fluoroscopy systems (similar to x-ray in real time). The EP market includes large medical device companies such as Medtronic, Plc., Abbott Laboratories, Biosense-Webster (J&J) and Boston Scientific Corp.

#### Reimbursement
At this time, there is no reimbursement for VIVO. Ablation procedures are reimbursed using one current procedural technology, or CPT, code, which varies depending on the type and complexity of the procedure. The range of reimbursement for ablations varies within regions but can be as much as $20,000 or more.

We currently intend, in the future, to hire a reimbursement specialist to guide us through the process of obtaining a CPT code specifically for VIVO.

#### Research and Development
The major focus of our research and development team is to leverage our existing technology platform for new applications and improvements to our existing applications, including multiple engineering efforts to improve our current products. Future research and development efforts will involve continued enhancements to and cost reductions for VIVO and LockeT. We will also explore the development of other products that can be derived from our core technology platform and intellectual property. Our research and development team works together with our

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commercial team to set development priorities based on communicated customer needs. The feedback received from our customers is reviewed and evaluated for incorporation into new products.

In the future we intend to develop a generation 3 of VIVO. This version would have expanded indications to include ischemic heart disease and improve usability by the hospital staff and contain more automaticity, potentially reducing our need for clinical support.

#### Resources Material to Our Business

#### Patents and Proprietary Technology
*Patents*

We have a number of patents covering its intellectual property, both in the U.S., as well in a number of international countries. We consider the U.S. to be the most important market for its products, and hence, the most important country for the filing of patents. Any foreign filings are merely replicates of the U.S. filings. For the U.S., we have the following patent positions for the different product areas:

• VIVO – We have two U.S. patents granted on the original VIVO concept, which have been licensed from a third party. We consider the primary component to be the ideas around utilizing a 3D camera to identify the exact location of the body surface electrodes. These two patents expire in 2038. An additional two applications have been published, which disclosed ideas around merging of the heart models to other heart images. An additional application has been published covering the idea of determining the thickness of the wall of the ventricle (filed 2021), and another filing from 2021 has been published covering the concept of the rendering of a heart model. Two additional applications have been filed and not yet published.

• AMIGO – We have twenty issued U.S. patents. The first patent, filed in 2006 and expiring in 2031, covers the basic idea, with a three way motor, a remote control, a sled device, and a docking station for a catheter. The more detailed ideas behind the original concept were covered in three patents filed between 2011 and 2013 and expiring in 2026. Additional concepts and methods were filed with six patents between 2010 and 2013, with expirations between 2029 and 2031. We consider the most relevant of the intellectual property to be the guiding track with opposing flexible guides to hold the catheter stable as it is advanced, the form and function of the controller handle, and the introducer interface of the arm to the introducer. An additional ten patents, filed between 2013 and 2017, and expiring in 2034 to 2037, are patents covering ideas not used in the original commercial device, but potential ideas for future embodiments.

• LockeT – Suture Retention Device - We filed four U.S. patent applications in 2022, and have two more in the process of writing. These cover the basic concept, methods of use and the design of the conceived device.

#### License and Other Agreements
*PEACS, NV Software and Technology License Agreement*

On May 1, 2016, we entered into a certain Software and Technology License Agreement with PEACS, NV, a Netherlands company, or the License Agreement, for the exclusive worldwide license of the underlying technology to its VIVO product, including intellectual property rights and patent applications pertaining thereto. The license was for use of the technology for the field of use defined as "the localization of the origin of cardiac activation for the electrophysiology treatment and/or detection of cardiac arrhythmias." The License Agreement called for us to pay for the prosecution and maintenance of patents to protect the technology.

In May, 2021, the License Agreement was modified to modify the field of use specifically exclude the use of clinical applications for the implanting of atrial or ventricular pacemakers, including bi-ventricular pacemakers.

*LockeT Royalty Agreement*

In February 2022, we agreed to an assignment and royalty agreement, or the Royalty Agreement, for the LockeT device which is under development. Pursuant to the Royalty Agreement, we agreed to pay a royalty fee of

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5% on net sales up to $1 million. Thereafter, if a patent for the LockeT device is obtained from the U.S. Patent and Trademark Office, we will pay a royalty fee of 2% of net sales up to a total of $10 million in royalties. In addition, at the time of the Merger, additional royalty rights with respect to LockeT device were granted to certain holders, or the Noteholders, of Catheter's outstanding convertible promissory notes in exchange for forgiveness of the interest that had accrued under those notes but remained unpaid, pursuant to the terms of certain Debt Settlement Agreements. The Debt Settlement Agreements provided for the Noteholders to receive, in the aggregate, approximately 12% of the net sales, if any, of the LockeT device, commencing upon the first commercial sale through December 31, 2035.

*Trademarks*

We own or have rights to trademarks that it uses in connection with the operation of its business. We own or have rights to trademarks for Ra Medical Systems and Catheter Precision and their logos, as well as other trademarks such as AMIGO.

*Trade Secrets*

We also have relied upon trade secrets, know-how and technological innovation, and may in the future rely upon licensing opportunities, to develop and maintain its competitive position. We have protected our proprietary rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees, consultants and others who may have access to proprietary information.

#### Government Regulations
Governmental authorities in the U.S. (at the federal, state, and local levels) and abroad extensively regulate, among other things, the research and development, testing, manufacture, quality control, clinical research, approval, labeling, packaging, storage, record-keeping, promotion, advertising, distribution, post-approval monitoring and reporting, marketing, and export and import of products such as those we market and are developing. See *Item 1.A. Risk Factors—Risks Related to Government Regulation.*

*United States Medical Device Regulation*

In the U.S., medical devices are subject to extensive regulation by the FDA, the Food, Drug and Cosmetic Act, or FDCA, and its implementing regulations, and certain other federal and state statutes and regulations. The laws and regulations govern, among other things, the design, manufacture, storage, recordkeeping, approval, labeling, promotion, post-approval monitoring and reporting, distribution and import and export of medical devices. Failure to comply with applicable requirements may subject a device and/or its manufacturer to a variety of administrative sanctions, such as FDA refusal to approve pending pre-market approval, or PMA, applications, issuance of warning letters or untitled letters, mandatory product recalls, import detentions, civil monetary penalties, and/or judicial sanctions, such as product seizures, injunctions, and criminal prosecution.

The FDCA classifies medical devices into one of three categories based on the risks associated with the device and the level of control necessary to provide reasonable assurance of safety and effectiveness. Class I devices are deemed to be low risk and are subject to the fewest regulatory controls. Class II devices provide intermediate levels of risk. They are subject to general controls and must also comply with special controls. Class III devices are generally the highest risk devices and are subject to the highest level of regulatory control to provide reasonable assurance of the device's safety and effectiveness. Class III devices must typically be approved by the FDA before they are marketed. LockeT is a sterile, Class I product and was registered with the FDA in February of 2023. VIVO is an FDA-cleared Class II product.

Establishments that manufacture devices are required to register their establishments with the FDA and provide the FDA a list of the devices that they handle at their facilities.

The FDA conducts market surveillance and periodic visits, both announced and unannounced, to inspect or re-inspect equipment, facilities, laboratories and processes to confirm regulatory compliance. These inspections may include the manufacturing facilities of subcontractors. Following an inspection, the FDA may issue a report, known as a Form 483, listing instances where the manufacturer has failed to comply with applicable regulations

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and/or procedures or, if observed violations are severe and urgent, a warning letter. If the manufacturer does not adequately respond to a Form 483 or warning letter, the FDA make take enforcement action against the manufacturer or impose other sanctions or consequences, which may include:

• cease and desist orders;

• injunctions, or consent decrees;

• civil monetary penalties;

• recall, detention or seizure of our products;

• operating restrictions, partial or total shutdown of production facilities;

• refusal of or delay in granting requests for 510(k) clearance, de novo classification, or premarket approval of new p roducts or modified products;

• withdrawing 510(k) clearances, de novo classifications, or premarket approvals that are already granted;

• refusal to grant export approval or export certificates or devices; and

• criminal prosecution.

*Pre-Market Authorization and Notification*

While most Class I and some Class II devices can be marketed without prior FDA authorization, most medical devices can be legally sold within the U.S. only if the FDA has: (i) approved a PMA application prior to marketing, generally applicable to most Class III devices; (ii) cleared the device in response to a premarket notification, or 510(k) submission, generally applicable to Class I and II devices; or (iii) authorized the device to be marketed through the de novo process, generally applicable for novel Class I or II devices. Some devices that have been classified as Class III are regulated pursuant to the 510(k) requirements because the FDA has not yet called for PMAs for these devices.

*510(k) Notification*

Product marketing in the U.S. for most Class II and limited Class I devices typically follows a 510(k) pathway. To obtain 510(k) clearance, a manufacturer must submit a premarket notification demonstrating that the proposed device is substantially equivalent to a legally marketed device, referred to as the predicate device. A predicate device may be a previously 510(k) cleared device or a device that was in commercial distribution before May 28, 1976 for which the FDA has not yet called for submission of PMA applications, or a product previously granted de novo authorization. The manufacturer must show that the proposed device has the same intended use as the predicate device, and it either has the same technological characteristics, or it is shown to be equally safe and effective and does not raise different questions of safety and effectiveness as compared to the predicate device.

There are three types of 510(k)s: traditional; special, for certain device modifications; and abbreviated, for devices that conform to a recognized standard. The special and abbreviated 510(k)s are intended to streamline review. The FDA intends to process special 510(k)s within 30 days of receipt and abbreviated 510(k)s within 90 days of receipt. Though the FDA has a goal to clear a traditional 510(k) within 90 days of receipt, the clearance pathway for traditional 510(k)s can take substantially longer.

After a device receives 510(k) clearance, any modification that could significantly affect its safety or effectiveness, or that would constitute a major change in its intended use, requires a new 510(k) clearance or could require a PMA. The FDA requires each manufacturer to make this determination in the first instance, but the FDA can review any such decision. If the FDA disagrees with a manufacturer's decision not to seek a new 510(k) clearance for the modified device, the agency may retroactively require the manufacturer to seek 510(k) clearance or PMA. The FDA also can require the manufacturer to cease marketing and/or recall the modified device until 510(k) clearance or PMA is obtained.

VIVO was cleared by the FDA via a traditional 510(k) with supporting clinical data. This data was collected via a clinical study enrolling 51 subjects and took approximately 12 months to gather. It is expected that future generations of VIVO will require similar data collection and 510(k) submission to receive FDA clearance.

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Because the LockeT device is a Class 1 product, it did not require clinical data or a formal submission process. After completing validation testing and compiling a Device History File, LockeT was added to our listing of registered devices. The regulatory pathway for future LockeT devices will depend on the intended use and desired labeling claims and the requirements for clinical data.

*De Novo Classification*

Devices of a new type that the FDA has not previously classified based on risk are automatically classified into Class III by operation of section 513(f) (1) of the FDCA, regardless of the level of risk they pose. To avoid requiring PMA review of low- to moderate-risk devices classified in Class III by operation of law, Congress enacted section 513(f)(2) of the FDCA. This provision allows the FDA to classify a low- to moderate-risk device not previously classified into Class I or II through the de novo classification pathway. The FDA evaluates the safety and effectiveness of devices submitted for review under the de novo classification pathway and devices determined to be Class II through this pathway can serve as predicate devices for future 510(k) applicants. The de novo classification pathway can require clinical data and is generally more burdensome than the 510(k) pathway and less burdensome than the PMA pathway. According to the most recent FDA performance review goals, applicable to requests received during fiscal year 2022, the agency would attempt to issue a decision within 150 days of receipt on 70% of de novo classification requests.

*Pre-Market Approval*

A product not eligible for 510(k) clearance or de novo classification must follow the PMA pathway, which requires proof of the safety and effectiveness of the device to the FDA's satisfaction.

Results from adequate and well-controlled clinical trials are required to establish the safety and effectiveness of a Class III PMA device for each indication for which FDA approval is sought. After completion of the required clinical testing, a PMA including the results of all preclinical, clinical, and other testing, and information relating to the product's marketing history, design, labeling, manufacture, and controls, is prepared and submitted to the FDA.

The PMA process is generally more expensive, rigorous, lengthy, and uncertain than the 510(k) premarket notification process and de novo classification process and requires proof of the safety and effectiveness of the device to the FDA's satisfaction. As part of the PMA review, the FDA will typically inspect the manufacturer's facilities for compliance with Quality System Regulations, or QSR, requirements, which impose elaborate testing, control, documentation and other quality assurance procedures. The FDA's review of a PMA application typically takes one to three years but may last longer. If the FDA's evaluation of the PMA application is favorable, the FDA will issue a PMA for the approved indications, which can be more limited than those originally sought by the manufacturer. The PMA can include post-approval conditions that the FDA believes necessary to ensure the safety and effectiveness of the device including, among other things, restrictions on labeling, promotion, sale and distribution. Failure to comply with the conditions of approval can result in material adverse enforcement action, including the loss or withdrawal of the approval and/or placement of restrictions on the sale of the device until the conditions are satisfied.

Even after approval of a PMA, a new PMA or PMA supplement may be required in the event of a modification to the device, its labeling or its manufacturing process. Supplements to a PMA often require the submission of the same type of information required for an original PMA, except that the supplement is generally limited to that information needed to support the proposed change from the product covered by the original PMA.

*Clinical Trials*

A clinical trial is almost always required to support a PMA application and de novo classification and is sometimes required for a premarket notification. For significant risk devices, the FDA regulations require that human clinical investigations conducted in the U.S. be approved under an IDE, which must become effective before clinical testing may commence. A nonsignificant risk device does not require FDA approval of an IDE. In some cases, one or more smaller IDE studies may precede a pivotal clinical trial intended to demonstrate the safety and efficacy of the investigational device. A 30-day waiting period after the submission of each IDE is required prior to the commencement of clinical testing in humans. If the FDA disapproves the IDE within this 30-day period, the clinical trial proposed in the IDE may not begin.

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An IDE application must be supported by appropriate data, such as animal and laboratory test results, showing that it is safe to test the device in humans and that the testing protocol is scientifically sound. The IDE application must also include a description of product manufacturing and controls, and a proposed clinical trial protocol. The FDA typically grants IDE approval for a specified number of patients to be treated at specified study centers. During the study, the sponsor must comply with the FDA's IDE requirements for investigator selection, trial monitoring, reporting, and record keeping. The investigators must obtain patient informed consent, follow the investigational plan and study protocol, control the disposition of investigational devices, and comply with reporting and record keeping requirements. Prior to granting PMA, the FDA typically inspects the records relating to the conduct of the study and the clinical data supporting the PMA application for compliance with IDE requirements.

Clinical trials must be conducted: (i) in compliance with federal regulations; (ii) in compliance with good clinical practice, or GCP, an international standard intended to protect the rights and health of patients and to define the roles of clinical trial sponsors, investigators, and monitors; and (iii) under protocols detailing the objectives of the trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. Pivotal clinical trials supporting premarket applications for devices are typically conducted at geographically diverse clinical trial sites and are designed to permit the FDA to evaluate the overall benefit-risk relationship of the device and to provide adequate information for the labeling of the device when considering whether a device satisfies the statutory standard for commercialization. Clinical trials, for significant and nonsignificant risk devices, must be approved by an institutional review board, or IRB—an appropriately constituted group that has been formally designated to review and monitor biomedical research involving human subjects and which has the authority to approve, require modifications in, or disapprove research to protect the rights, safety, and welfare of the human research subject.

The FDA may order the temporary, or permanent, discontinuation of a clinical trial at any time, or impose other sanctions, if it believes that the clinical trial either is not being conducted in accordance with the FDA requirements or presents an unacceptable risk to the clinical trial patients. An IRB may also require the clinical trial it has approved to be halted, either temporarily or permanently, for failure to comply with the IRB's requirements, or may impose other conditions or sanctions.

Although the QSR does not fully apply to investigational devices, the requirement for controls on design and development does apply. The sponsor also must manufacture the investigational device in conformity with the quality controls described in the IDE application and any conditions of IDE approval that the FDA may impose with respect to manufacturing. Investigational devices may only be distributed for use in an investigation and must bear a label with the statement: "CAUTION-Investigational device. Limited by Federal law to investigational use."

*Post-Market Requirements*

After a device is placed on the market, numerous regulatory requirements apply. These include: the QSR, labeling regulations, the medical device reporting regulations (which require that manufacturers report to the FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if it were to recur), and reports of corrections and removals regulations (which require manufacturers to report recalls or removals and field corrections to the FDA if initiated to reduce a risk to health posed by the device or to remedy a violation of the FDCA). Failure to properly identify reportable events or to file timely reports, as well as failure to address observations to FDA's satisfaction, can subject us to warning letters, recalls, or other sanctions and penalties.

Advertising, marketing and promotional activities for devices are also subject to FDA oversight and must comply with the statutory standards of the FDCA, and the FDA's implementing regulations. The FDA's oversight authority review of marketing and promotional activities encompasses, but is not limited to, direct-to-consumer advertising, healthcare provider-directed advertising and promotion, sales representative communications to healthcare professionals, promotional programming and promotional activities involving electronic media. The FDA also regulates industry-sponsored scientific and educational activities that make representations regarding product safety or efficacy in a promotional context.

Manufacturers of medical devices are permitted to promote products solely for the uses and indications set forth in the approved or cleared product labeling. A number of enforcement actions have been taken against

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manufacturers that promote products for "off-label" uses (i.e., uses that are not described in the approved or cleared labeling), including actions alleging that claims submitted to government healthcare programs for reimbursement of products that were promoted for "off-label" uses are fraudulent in violation of the Federal False Claims Act or other federal and state statutes and that the submission of those claims was caused by off-label promotion. The failure to comply with prohibitions on "off-label" promotion can result in significant monetary penalties, revocation or suspension of a company's business license, suspension of sales of certain products, product recalls, civil or criminal sanctions, exclusion from participating in federal healthcare programs, or other enforcement actions. In the United States, allegations of such wrongful conduct could also result in a corporate integrity agreement with the U.S. government that imposes significant administrative obligations and costs, as has occurred in the past with respect to our legacy products that we no longer market.

The Federal Trade Commission, or FTC, also oversees the advertising and promotion of our products (other than labeling) pursuant to its broad authority to police deceptive advertising for goods or services within the U.S. The FDA and FTC work together to regulate different aspects of activities by medical product manufacturers, consistent with the inter-agency Memorandum of Understanding. Under the Federal Trade Commission Act, or FTCA, the FTC is empowered, among other things, to (a) prevent unfair methods of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; and (c) gather and compile information and conduct investigations relating to the organization, business, practices, and management of entities engaged in commerce. In the context of performance claims for products such as our devices and services, compliance with the FTC Act includes ensuring that there is scientific data to substantiate the claims being made, that the advertising is neither false nor misleading, and that any user testimonials or endorsements we or our agents disseminate related to the devices or services comply with disclosure and other regulatory requirements.

Violations of the FDCA or FTCA relating to the inappropriate promotion of approved products may lead to investigations alleging violations of federal and state healthcare fraud and abuse and other laws, including state consumer protection laws.

For a PMA or Class II 510(k) or de novo devices, the FDA also may require post-marketing testing, surveillance, or other measures to monitor the effects of an approved or cleared product. The FDA may place conditions on a PMA-approved device that could restrict the distribution or use of the product. In addition, quality-control, manufacture, packaging, and labeling procedures must continue to conform to QSRs and other applicable regulatory requirements after approval and clearance, and manufacturers are subject to periodic inspections by the FDA. Accordingly, manufacturers must continue to expend time, money, and effort in the areas of production and quality-control to maintain compliance with QSRs. If the FDA believes we or any of our contract manufacturers or regulated suppliers are not in compliance with these requirements and patients are being subjected to serious risks, the agency can shut down our manufacturing operations, require recalls of our medical device products, refuse to approve new marketing applications, initiate legal proceedings to detain or seize products, enjoin future violations, or assess civil and criminal penalties against us or our officers or other employees.

*European Economic Area (EEA) Regulation*

The EEA recognizes a single medical device approval (the CE Mark) which allows for distribution of an approved product throughout the EEA without additional general applications in each country. Individual EEA members, however, reserve the right to require additional labeling or information to address particular patient safety issues prior to allowing marketing. Third parties called "Notified Bodies" award the CE Mark. These Notified Bodies are approved and subject to review by the "Competent Authorities" of their respective countries. Our Notified Bodies perform periodic on-site inspections to independently review our compliance with systems and regulatory requirements. A number of countries outside of the EEA accept the CE Mark in lieu of marketing submissions as an addendum to that country's application process. We have a CE Mark for the VIVO System. Beginning July 1, 2023, the United Kingdom will require its own medical device approval (UKCA). VIVO is currently registered with MHRA (UK governing body) to market the VIVO system in the UK. As of July 1, 2023, VIVO will bear the UKCA symbol as required by the UK MDR 2022 to continue UK distributions. MDR requirements now include on-going collection of clinical data to include in annual reports to ensure state of the art technology and safety requirements are met. We are currently collecting data via a multi-center (and country) European Registry. This registry plans to enroll 125 patients with 12-month follow-up. The first patient was enrolled in October 2021 and there are currently 65 patients enrolled.

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*Other Healthca*r*e Laws*

Our business operations and current and future arrangements with healthcare professionals, consultants, customers and patients, expose us to broadly applicable state, federal, and foreign fraud and abuse and other healthcare laws and regulations. These laws constrain the business and financial arrangements and relationships through which we conduct our operations, including how we research, market, sell and distribute our products. Such laws include, but are not limited to:

• the U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons and entities from knowingly and willful l y soliciting, o f fering, receiving or providing remuneration, directly or indirectl y , in cash or in kind, to induce or reward, or in return f o r , either the referral of an individual fo r , or the purchase, order or recommendation of, any good or service, for which payment may be made under a U.S. healthcare program such as Medicare and Medicaid. A person or entity does not need to have actual knowledge of the U.S. f e deral Anti-Kickback Statute or specific intent to violate it in order to have committed a violation. In addition, the government may assert that a claim including items or services resulting from a violation of the U.S. federal Anti-Kickback Statute constitutes a false or f raudulent claim for purposes of the federal civil False Claims Act;

• U.S. federal civil and criminal false claims laws and civil monetary penalties laws, including the federal civil False Claims Act, which, among other things, impose criminal and civil penalties, including through civil whistleblower or qui tam actions, against ind i viduals or entities for knowingly presenting, or causing to be presented, to the U.S. government, claims for payment or approval that are false or fraudulent, knowingly making, using or causing to be made or used, a false record or statement material to a false or fraudule n t claim, or from knowingly making a false statement to avoid, decrease or conceal an obligation to pay money to the U.S. government. Perso n s and entities can be held liable under these laws if they are deemed to "cause" the submission of false or fraudulent claims b y , for example, providing inaccurate billing or coding information to customers or promoting a product o f f-label;

• the U.S. Health Insurance Portability and Accountability Act of 1996, or HI P AA, which imposes criminal and civil liability f o r , among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program, or knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false statement, in connection with the delivery of, or payment fo r , healthcare benefits, items or services. Similar to the U.S. federal Anti-Kickback Statute, a p erson or entity does not need to have actual knowledge of the health care fraud statute implemented under HI P AA or specific intent to violate it in order to have committed a violation;

• in addition, HI P AA, as amended by the Health Information T echnology for Economic and Clinical Health Act of 2009, or HITECH A ct, and its implementing regulations, imposes obligations, including mandatory contractual terms, with respect to safeguarding the privac y , security and transmission of individually identifiable health information without appropriate authorization by covered entities subject to the rule, such as health plans, healthcare clearinghouses and certain healthcare providers as well as their business associates that perform certain services for or on their behalf involving the use or disclosure of individually identifiable health information;

• the U.S. Physician Payments Sunshine Act, which requires applicable manufacturers of drugs, devices, biologics and medical s u pplies for which payment is available under Medicare, Medicaid or the Children ' s Health Insurance Program (with certain exceptions) to re p ort annually to the government information related to payments or other "transfers of value" made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), non-physician healthcare professionals (defined to include physician a s sistants, nurse practitioners, clinical nurse specialists, certified registered nurse anesthetists and anesthesiologist assistants, and certif i ed nurse-midwives) and teaching hospitals, as well as information regarding ownership and investment interests held by the physicians described a b ove and their immediate family members; and

• analogous state and non-U.S. laws and regulations, such as state anti-kickback and false claims laws, which may apply to our business practices, including, but not limited to, research, distribution, sales and marketing arrangements and claims involving health c are items or services reimbursed by non-governmental third-party payors, including private insurers, or by the patients themselves; state l a ws that require pharmaceutical and device companies to comply with the industry ' s voluntary compliance guidelines and the relevant compliance guidance promulgated by the U.S. government, or otherwise

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restrict payments that may be made to healthcare providers and other potential referral sources; state laws and regulations that require manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures and pricing information; and state and non-U.S. laws governing the privacy and security of health information in some circumstances, many of which differ from each other in significant ways and often are not preempted by HIPAA, thus complicating compliance efforts.<br>

In particular, activities and arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, waste and other abusive practices. These laws and regulations may restrict or prohibit a wide range of activities or other arrangements related to the development, marketing or promotion of products, including pricing and discounting of products, provision of customer incentives, provision of reimbursement support, other customer support services, provision of sales commissions or other incentives to employees and independent contractors and other interactions with healthcare practitioners, other healthcare providers and patients.

Because of the breadth of these laws and the narrow scope of the statutory or regulatory exceptions and safe harbors available, our business activities could be challenged under one or more of these laws. Relationships between medical product manufacturers and health care providers are an area of heightened scrutiny by the government.

Government expectations and industry best practices for compliance continue to evolve and past activities may not always be consistent with current industry best practices. Further, there is a lack of government guidance as to whether various industry practices comply with these laws, and government interpretations of these laws continue to evolve, all of which creates compliance uncertainties. Any non-compliance could result in regulatory sanctions, criminal or civil liability and serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent this activity may not be effective in preventing such conduct, mitigating risks, or reducing the chance of governmental investigations or other actions or lawsuits stemming from a failure to comply with these laws or regulations.

If a government entity opens an investigation into possible violations of any of these laws (which may include the issuance of subpoenas), we would have to expend significant resources to defend ourselves against the allegations. Defending against any such actions can be costly, time-consuming and may require significant financial and personnel resources. Therefore, even if we are successful in defending against any such actions that may be brought against us, our business may be impaired. If any of the above occur, it could adversely affect our ability to operate our business and our results of operations.

Allegations that we, our officers, or our employees violated any one of these laws can be made by individuals called "whistleblowers" who may be our employees, customers, competitors or other parties. Government policy is to encourage individuals to become whistleblowers and file a complaint in federal court alleging wrongful conduct. The government is required to investigate all of these complaints and decide whether to intervene. If the government intervenes and we are required to pay money back to the government as a result of a settlement or judgement, the whistleblower, as a reward, is awarded a percentage. If the government declines to intervene, the whistleblower may proceed on his or her own and, if successful, he or she will receive a percentage of any judgment or settlement amount the company is required to pay. The government may also initiate an investigation on its own. If any such actions are instituted against us, those actions could have a significant impact on our business, including the imposition of significant fines, and other sanctions that may materially impair our ability to run a profitable business. In particular, if our operations are found to be in violation of any of the laws described above or if we agree to settle with the government without admitting to any wrongful conduct or if we are found to be in violation of any other governmental regulations that apply to us, we, our officers and employees may be subject to sanctions, including civil and criminal penalties, damages, fines, exclusion from participation in government health care programs, such as Medicare and Medicaid, imprisonment, the curtailment or restructuring of our operations and the imposition of a corporate integrity agreement, any of which could adversely affect our business, results of operations and financial condition.

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#### Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act, or FCPA, and similar anti-bribery laws in other jurisdictions, generally prohibit businesses and their representatives from offering to pay, paying, promising to pay or authorizing the payment of money or anything of value to a foreign official in order to influence any act or decision of the foreign official in his or her official capacity or to secure any other improper advantage in order to obtain or retain business. The FCPA also obligates companies whose securities are listed in the U.S. to comply with accounting provisions requiring us to maintain books and records, which in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the corporation, including international subsidiaries, if any, and to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements. The scope of the FCPA includes interactions with certain healthcare professionals in many countries.

There is no assurance that our internal control policies and procedures will protect us from acts committed by our employees or agents. If we are found to be liable for FCPA or other violations (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others), we could suffer from civil and criminal penalties or other sanctions, including contract cancellations or debarment, and loss of reputation, any of which could have a material adverse impact on our business, financial condition, and results of operations.

#### Privacy and Data Protection Laws
HIPAA, as amended by the HITECH Act, and the regulations that have been issued under it, impose certain obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of protected health information. The requirements and restrictions apply to "covered entities" (which include health care providers and insurers) as well as to their business associates that receive protected health information from them in order to provide services to or perform certain activities on their behalf. The statute and regulations also impose notification obligations on covered entities and their business associates in the event of a breach of the privacy or security of protected health information. We occasionally receive protected health information from our customers in the course of our business. As such, we believe that we are business associates and therefore subject to HIPAA's requirements and restrictions with respect to handling such protected health information and have executed business associate agreements with certain customers.

In addition, California has enacted the California Consumer Privacy Act, or CCPA, which came into effect on January 1, 2020. Pursuant to the CCPA, certain businesses are required, among other things, to make certain enhanced disclosures related to California residents regarding the use or disclosure of their personal information, allow California residents to opt-out of certain uses and disclosures of their personal information without penalty, provide Californians with other choices related to personal data in our possession, and obtain opt-in consent before engaging in certain uses of personal information relating to Californians under the age of 16. The California Attorney General may seek substantial monetary penalties and injunctive relief in the event of our non-compliance with the CCPA. The CCPA also allows for private lawsuits from Californians in the event of certain data breaches. Aspects of the CCPA remain uncertain, and we may be required to make modifications to our policies or practices in order to comply.

It is possible the data protection laws may be interpreted and applied in a manner that is inconsistent with our practices. If so, this could result in government-imposed fines or orders requiring that we change our practices, which could adversely affect our business. In addition, these privacy regulations may differ from country to country and state to state and may vary based on whether testing is performed in the U.S. or in the local country. Complying with these various laws and regulations could cause us to incur substantial costs or require us to change our business practices and compliance procedures in a manner adverse to our business. Further, compliance with data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. We can provide no assurance that we are or will remain in compliance with diverse privacy and security requirements in all of the jurisdictions in which we do business. If we fail to comply or are deemed to have failed to comply with applicable privacy protection laws and regulations such failure could result in government enforcement actions and create liability for us, which could include substantial civil and/or criminal penalties, as well as private litigation and/or adverse publicity that could negatively affect our operating results and business.

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#### Environmental Regulation
We are subject to federal, state and local regulations governing the storage, use and disposal of waste materials and products. Although we believe that our safety procedures for storing, handling and disposing of these materials and products comply with the standards prescribed by law and regulation, we cannot eliminate the risk of accidental contamination or injury from those hazardous materials. Federal regulations promulgated by the Occupational Safety and Health Administration impose additional requirements on us, including those protecting employees from exposure to elements such as blood-borne pathogens. We cannot predict the frequency of compliance, monitoring, or enforcement actions to which we may be subject as those regulations are being implemented, which could adversely affect our operations.

#### Segment Information
We operate our business as one segment which includes all activities related to the marketing, sales and development of medical technologies focused in the field of cardiac EP. The chief operating decision-maker reviews the operating results on an aggregate basis and manages the operations as a single operating segment.

#### Employees
As of March 23, 2023, we had 14 full-time employees which includes finance and administrative, sales and marketing and clinical professionals. We are planning to increase our sales force in support of product launches but currently have no other plans to increase our staff.

#### Corporate Information
Our principal executive offices are located at 1670 Highway 160 West, Suite 205, Fort Mill, South Carolina 29708. Our telephone number is (973) 691-2000. Our corporate website address is www.ramed.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into this document, and you should not consider information on our website to be part of this document.

You may find on our website at www.ramed.com electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, or Exchange Act. Such filings are placed on our website as soon as reasonably possible after they are filed with the Securities and Exchange Commission, or SEC.

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| **ITEM 1A.** | **RISK FACTORS** |

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*Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, before making an investment decision. The risks and uncertainties described below may not be the only ones we face. If any of the risks actually occur, our business, financial condition, operating results, cash flows and prospects could be materially and adversely affected. In that event, the market price of our common stock could decline, and you could lose part or all of your investment.*

#### Risk Factor Summary

#### Risks Related to Our Financial Position and Need for Additional Capital
• We may be required to raise additional funds to finance our operations and remain a going concern; We may not be able to do so when necessary, and/or the terms of any financings may not be advantageous to us.

• Our business has a history of losses and will incur additional losses, and we may never achieve profitability.

#### Risks Related to Our Business and Products
• We will not be able to reach profitability unless we are able to achieve our product expansion and growth goals.

• Our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators.

• We have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales.

• Royalty agreements with respect to our surgical vessel closing pressure device in development will reduce any future profits from this product.

• If we experience significant disruptions in our information technology systems, our business may be adversely affected.

• Litigation and other legal proceedings may adversely affect our business.

• If we make acquisitions or divestitures, we could encounter difficulties that harm our business.

• Failure to attract and retain sufficient qualified personnel could also impede our growth.

• Failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.

• Our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs.

• We may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do.

• Our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms.

• If hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any.

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• The recent coronavirus outbreak ("COVID-19") adversely affected our financial condition and results of operations and we cannot provide any certainty as to whether there will be future impacts from COVID-19 or another pandemic.

#### Risks Related to Government Regulation and our Industry
• Our medical device operations are subject to pervasive and continuing FDA regulatory requirements.

• Our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business.

• Changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products. Increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results.

#### Risks Related to our Intellectual Property
• If we are unable to obtain and maintain patent protection for our products, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our existing products and any products we may develop, and our technology may be adversely affected.

#### Risks Related to Ownership of Our Common Stock
• The price of our stock has been and may continue to be volatile, which could result in substantial losses for investors. Further, an active, liquid and orderly trading market for our common stock may not be sustained and we do not know what the market price of our common stock will be, and as a result it may be difficult for you to sell your shares of our common stock.

• The ownership of our common stock is highly concentrated, and may become more so in the near future, which may prevent you and other stockholders from influencing significant corporate decisions and may result in conflicts of interest that could cause the company stock price to decline.

#### Risks Related to Our Financial Position and Need for Additional Capital
***We may be required to raise additional funds to finance our operations and remain a going concern; We may not be able to do so when necessary, and/or the terms of any financings may not be advantageous to us.***

We are no longer pursuing Ra Med's historical lines of business and have instead determined to move forward with Catheter's products following our acquisition of Catheter. Catheter's operations to date have consumed substantial amounts of cash and Catheter has sustained negative cash flows from Catheter's operations for the last several years. The Catheter business may require future additional capital infusions including public or private financing, strategic partnerships or other arrangements with organizations that have capabilities and/or products that are complementary to Catheter's own capabilities and/or products, in order to execute our strategic vision. However, there can be no assurances that we can complete any financings, strategic alliances or collaborative development agreements, and the terms of such arrangements may not be advantageous to us. In addition, any additional equity financing will be dilutive to our current stockholders, and debt financing, if available, may involve restrictive covenants. If we raise funds through collaborative or licensing arrangements, we may be required to relinquish, on terms that are not favorable to us, rights to some of our technologies or product candidates that we would otherwise seek to develop or commercialize. Our failure to raise capital when needed could materially harm our business, financial condition, and results of operations. See "—We have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales," and "—Royalty agreements with respect to our surgical vessel closing pressure device in development will reduce any future revenues from this product."

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#### Our business has a history of losses and will incur additional losses, and we may never achieve profitability.
Our only current business is conducted through Catheter, our wholly owned subsidiary, which currently derives revenues from the View into Ventricular Onset System or VIVO™ System ("VIVO" or "VIVO System"). In the past, Catheter generated revenue from the sales of the Amigo® Remote Catheter System ("Amigo"), the business line of which Catheter discontinued in 2017. VIVO is currently in the research and development phase for a generation 2 product. While Catheter does generate revenue, Catheter is still operating at a loss, and there is no guarantee that Catheter will be able to grow the revenues enough to offset Catheter's costs to realize profitability. To date, Catheter has not been profitable, and Catheter's accumulated deficit was approximately $116.9 million and $110.5 million at December 31, 2022 and December 31, 2021, respectively. Catheter's losses have resulted principally from costs incurred in research and development, and from general and administrative costs associated with Catheter's operations. In order to commercialize Catheter's assets, we will need to conduct substantial additional research, development and clinical trials. Catheter will also need to receive necessary regulatory clearances in the United States and obtain meaningful patent protection for and establish freedom to commercialize Catheter's product candidates. We must also complete further clinical trials and seek regulatory approvals for any new product candidates Catheter discovers, licenses or acquires. We cannot be sure whether and when we will obtain required regulatory approvals, or successfully research, develop, commercialize, manufacture and market any other product candidates. We expect that these activities, together with future general and administrative activities, will result in significant expenses for the foreseeable future. We may never achieve profitability.

#### Risks Related to Our Business and Products

#### We will not be able to reach profitability unless we are able to achieve our product expansion and growth goals.
Our goal to achieve profitability is dependent upon establishing VIVO as an integral tool used by cardiac electrophysiologists during ablation treatment of ventricular arrhythmias, as well as upon developing and marketing new products, such as our wound closure product that is under development. In today's healthcare environment, the process for new technologies to be adopted and penetrate market share has become more complex, with the need to win over multiple stakeholders within clinical, administrative and support teams in hospitals, and increasingly we must target the administrators in integrated delivery networks. To accomplish this, we will need to:

• Develop initial users that demonstrate clinical and economic benefits and support studies which provide evidence of tangible benefits to prospective customers, such as procedural success, patient complications and reduced procedure times.

• Collaborate with clinical thought leaders to establish clinical techniques, evolve our product features and demonstrate enhanced capabilities to broaden the appeal of VIVO.

• Expand our FDA clearance to market our products for additional procedure types. In Europe, VIVO is cleared for pre-procedural planning in all types of hearts and procedures. In the U.S., we will seek clearance for ischemic hearts to broaden the indications for use of our products, which can expand clinical demand.

• Enhance the design, user utility and clinical capability of VIVO through further product development and collaboration with clinical users.

• Seek to engage collaboration with larger market participants and their larger sales force coverage to integrate the prospecting, sale and support of our products in conjunction with other products used in electrophysiology procedures.

• Opportunistically identify acquisitions to enhance our enterprise scale, sales synergy and fixed cost coverage.

• Seek to obtain codes for reimbursement from Medicare to broaden the appeal of using VIVO in the physician's clinic.

• If we are unable to accomplish one or more of the foregoing, we may be unable to achieve our product expansion and growth goals, and may be unable to achieve profitability.

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#### Our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators.
We may need seek out additional collaborations in order to commercialize Catheter's products. We will continue to seek research collaborations, co-development and marketing agreements, and licensing deals for Catheter's products in development; however, there is no guarantee that we will be successful in our efforts. Any collaborator with whom we may enter into such collaboration agreements may not support fully our research and commercial interests since our program may compete for time, attention and resources with such collaborator's internal programs. Therefore, these future collaborators may not commit sufficient resources to our program to move it forward effectively, or the program may not advance as rapidly as it might if we had retained complete control of all research, development, regulatory and commercialization decisions.

***We have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales.***

Catheter entered into a Joint Marketing Agreement with Stereotaxis, Inc. in January 2021, as subsequently amended in January 2022 and May 2022, pursuant to which Stereotaxis agrees to promote our VIVO System to customers who may benefit from the use of VIVO in robotic or non-robotic electrophysiology procedures. Pursuant to the agreement, Stereotaxis can perform promotional activity at any hospital globally that has a Stereotaxis Robotic Magnetic Navigation System, referred to herein as a robotic hospital, and where VIVO has appropriate regulatory clearances. In addition, Stereotaxis will act as a spot distributor for us at mutually agreed upon hospitals where the VIVO System is included as a line item within a Stereotaxis quote. In exchange for its marketing, distribution and support activity, Stereotaxis receives a payment equal to 45% of the revenue generated from VIVO at robotic hospitals. After the initial sale of VIVO products to customers by Stereotaxis, Catheter will be responsible for selling additional VIVO-related products to the customers but will continue to owe the 45% payment to Stereotaxis with respect to any such sales. The agreement has a term that runs through December 31, 2023, provided however, that the agreement will automatically extend for successive two-year terms unless either party provides the other written notice of termination at least one year prior to the next-scheduled termination date. Stereotaxis will continue to be entitled to receive the 45% payments described above for a period of six months following termination of the agreement. Although we believe that this agreement is in the best interest of our business and our stockholders, it will material reduce the revenues that we receive from VIVO products that are sold by Stereotaxis, and any similar agreements entered into in the future may have the same impact.

#### Royalty agreements with respect to our surgical vessel closing pressure device in development will reduce any future profits from this product.
In February 2022, Catheter agreed to an assignment and royalty agreement for the Surgical Vessel Closing Pressure Device, which is under development. Pursuant to the agreement, Catheter agreed to pay a royalty fee of 5% on net sales up to $1 million. Thereafter, if a patent for the Surgical Vessel Closing Pressure Device is obtained from the U.S. Patent and Trademark Office, Catheter will pay a royalty fee of 2% of net sales up to a total of $10 million in royalties. In addition, at the time of our merger with Catheter, additional royalty rights with respect to the Surgical Vessel Closing Pressure Device were granted to certain holders (the "Noteholders") of Catheter's outstanding convertible promissory notes in exchange for forgiveness of the interest that had accrued under those notes but remained unpaid, pursuant to the terms of certain Debt Settlement Agreements. The agreements provide for the Noteholders to receive, in the aggregate, approximately 12% of the net sales, if any, of the Surgical Vessel Closing Pressure Device, commencing upon the first commercial sale through December 31, 2035. As a result, even if the Surgical Vessel Closing Pressure Device is successfully developed and marketed, our revenues from this device will be reduced by the amount of these royalties.

#### If we experience significant disruptions in our information technology systems, our business may be adversely affected.
We depend on our information technology systems for the efficient functioning of our business, as well as for accounting, financial reporting, data storage, compliance, purchasing and inventory management. We do not have redundant information technology systems at this time. Our information technology systems may be subject to computer viruses, ransomware or other malware, attacks by computer hackers, failures during the process of upgrading or replacing software, databases or components thereof, power outages, hardware failures,

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telecommunication failures and user errors, among other malfunctions. In addition, a variety of our software systems are cloud-based data management applications hosted by third-party service providers whose security and information technology systems are subject to similar risks. Technological interruptions would impact our business operations would disrupt our operations, including our ability to timely ship and track product orders, project inventory requirements, manage our supply chain and otherwise adequately service our customers or disrupt our customers' ability use our products for treatments. In the event we experience significant disruptions, we may be unable to repair our systems in an efficient and timely manner. Accordingly, such events may disrupt or reduce the efficiency of our entire operation and have a material adverse effect on our business, financial condition, and results of operations. Currently, we carry business interruption coverage to mitigate certain potential losses, but this insurance is limited in amount, subject to deductibles, and we cannot be certain that such potential losses will not exceed our policy limits. We are increasingly dependent on complex information technology to manage our infrastructure. Our information systems require an ongoing commitment of significant resources to maintain, protect and enhance our existing systems. Failure to maintain or protect our information systems and data integrity effectively could have a material adverse effect on our business, financial condition, and results of operations.

#### Litigation and other legal proceedings may adversely affect our business.
From time to time we are involved in and may become involved in legal proceedings relating to patent and other intellectual property matters, product liability claims, employee claims, tort or contract claims, federal regulatory investigations, securities class action, and other legal proceedings or investigations, which could have an adverse impact on our reputation, business and financial condition and divert the attention of our management from the operation of our business. For example, we have previously been a party to securities class action and shareholder derivative litigation and other litigation as set forth in Legal Proceedings. Litigation is inherently unpredictable and can result in excessive or unanticipated verdicts and/or injunctive relief that affect how we operate our business. We could incur judgments or enter into settlements of claims for monetary damages or for agreements to change the way we operate our business, or both. There may be an increase in the scope of these matters or there may be additional lawsuits, claims, proceedings or investigations in the future, which could have a material adverse effect on our business, financial condition, and results of operations. Adverse publicity about regulatory or legal action against us could damage our reputation and brand image, undermine our customers' confidence and reduce long-term demand for our products, even if the regulatory or legal action is unfounded or not material to our operations.

We must indemnify or advance reasonable legal expenses for officers and directors, including, in certain circumstances, former employees and directors, in their defense against legal proceedings, unless certain conditions apply. A prolonged uninsured expense and indemnification obligation could have a material adverse effect on our business, financial condition, and results of operations.

#### If we make acquisitions or divestitures, we could encounter difficulties that harm our business.
We may acquire companies, products or technologies that we believe to be complementary to the present or future direction of our business, or may be of a strategic nature with a focus on a new direction focused on the combined company and the business that we may acquire. If we engage in such acquisitions, we may have difficulty integrating the acquired personnel, financials, operations, products or technologies. Acquisitions may dilute our earnings per share, disrupt our ongoing business, distract our management and employees, increase our expenses, subject us to liabilities, and increase our risk of litigation, all of which could harm our business. If we use cash to acquire companies, products or technologies, it may divert resources otherwise available for other purposes. If we use our common stock to acquire companies, products or technologies, our stockholders may experience substantial dilution.

#### Failure to attract and retain sufficient qualified personnel could also impede our growth.
Our current Chief Financial Officer, Brian Conn, is currently only working for us on a part-time interim basis. As a result, we will need to hire a new, full-time Chief Financial Officer soon. In addition, as has been previously disclosed, Will McGuire, our Chief Executive Officer, has been diagnosed with a serious illness not caused by COVID-19 and has been undergoing treatment for his illness. Discussions are ongoing with Mr. McGuire, but we anticipate that we may also need to seek a replacement Chief Executive Officer in the near future. We do not maintain "key man" insurance policies on the lives of these individuals or the lives of any of our other employees,

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including our Executive Chairman, David A. Jenkins. Our success also depends on our ability to continue to attract, retain and motivate highly skilled junior, mid-level and senior managers as well as junior, mid-level and senior scientific and medical personnel. If we are not successful in attracting and retaining highly qualified personnel, it would have a material adverse effect on our business, financial condition, and results of operations. We face intense competition for executive-level talent from a variety of sources, including from current and potential competitors in the medical device and healthcare industries, and there is no guarantee that we can locate suitable replacements when they are needed.

***Failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.***

We are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting. As an "emerging growth company," we will avail ourselves of the exemption from the requirement that our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting under Section 404. However, we may no longer avail ourselves of this exemption when we cease to be an "emerging growth company" unless at that time we are still a "smaller reporting company." When our independent registered public accounting firm is required to undertake an assessment of our internal control over financial reporting, the cost of our compliance with Section 404 will correspondingly increase. Our compliance with applicable provisions of Section 404 will require that we incur substantial accounting expense and expend significant management time on compliance-related issues as we implement additional corporate governance practices and comply with reporting requirements. Moreover, if we are not able to comply with the requirements of Section 404 applicable to us in a timely manner, or if we or our independent registered public accounting firm identifies deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, the market price of our stock could decline and we could be subject to sanctions or investigations by the SEC or other regulatory authorities, which would require additional financial and management resources.

As previously disclosed, in 2019, we identified material weaknesses in our internal control over financial reporting. A material weakness is a significant deficiency, or a combination of significant deficiencies, in internal control over financial reporting such that it is reasonably possible that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses that we identified related to the aggregation of control deficiencies in our control environment, in particular an inappropriate "tone at the top" set by certain members of senior management, a failure to promote adherence to our Code of Ethics and Conduct, and the lack of sufficient competent resources in key roles at the organization.

The material weaknesses discussed were remediated as of December 31, 2019. We incurred significant costs to remediate those weaknesses, primarily personnel costs, external consulting and legal fees, system implementation costs, and related indirect costs including the use of facilities and technology. However, completion of remediation does not provide assurance that our controls will operate properly or that our financial statements will be free from error, which may undermine our ability to provide accurate, timely and reliable reports on our financial and operating results. There may be additional undetected material weaknesses in our internal control over financial reporting, as a result of which we may not detect financial statement errors on a timely basis. Further, to the extent we identify additional material weaknesses, we will not be able to fully assess whether corrective measures will remediate the material weakness in our internal control over financial reporting until we have completed our implementation efforts and sufficient time passes in order to evaluate their effectiveness. In addition, if we identify additional errors that result in material weaknesses in our internal control over financial reporting, we may not detect errors on a timely basis and our financial statements may be materially misstated. Moreover, we have acquired Catheter, and in the future we may engage in additional business transactions, such as acquisitions, reorganizations or implementation of new information systems, any of which could negatively affect our internal control over financial reporting and result in material weaknesses.

If we identify additional material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 in a timely manner, if we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, we may be late with the filing of our periodic reports, investors may lose confidence in the accuracy and completeness of our financial

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reports, and the market price of our common stock could be negatively affected. We face additional challenges to maintain adequate internal controls as we integrate our operations and businesses following our merger with Catheter. As a result of any internal control failures, we could also become subject to investigations by the stock exchange on which our securities are listed, the SEC, or other regulatory authorities, and become subject to litigation from investors and stockholders, which could harm our reputation or divert financial and management resources from our core business, and which would have a material adverse effect on our business, financial condition and results of operations.

#### Our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs.
Political, economic, and regulatory influences continue to change the healthcare industry in the United States. The ability of hospitals to pay fees for our products will partially depend on the extent to which reimbursement for the costs of such materials and related treatments will continue to be available from private health coverage insurers and other similar organizations. We may have difficulty gaining market acceptance for the products we sell if third-party payers do not provide adequate coverage and reimbursement to hospitals.

Major third-party payers of hospitals, such as private healthcare insurers, periodically revise their payment methodologies based, in part, upon changes in government sponsored healthcare programs. We cannot predict these periodic revisions with certainty, and such revisions may result in stricter standards for reimbursement of hospital charges for certain specified products, potentially adversely impacting our business, results of operations, and financial conditions when we start receiving reimbursement from third party payers.

The sales of our products and services will depend in part on the availability of reimbursement by third-party payers, such as government health administration authorities, private health insurers and other organizations. Third-party payers often challenge the price and cost-effectiveness of medical treatments and services. Governmental approval of health care products does not guarantee that these third-party payers will pay for the products. Even if third-party payers do accept our products and services, the amounts they pay may not be adequate to enable us to realize a profit. Legislation and regulations affecting the pricing of therapies may change before our products and services are approved for marketing, and any such changes could further limit reimbursement, if any.

#### We may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do.
The healthcare industry is highly competitive. There are numerous approved products for treating the indications for which we have received clearance or approval and those that we may pursue in the future. Many of these cleared or approved products are well-established and are widely accepted by physicians, patients and third-party payors. Insurers and other third-party payors may encourage the use of competitors' products. In addition, many companies are developing products, and we cannot predict what the standard of care will be in the future.

Our primary competitors in the cardiac electrophysiology, or EP, space include known medical devices such as pacemakers, electrocardiogram, or ECG, systems and cardiac catheters, but also laboratory equipment such as intracardiac mapping systems and fluoroscopy systems (similar to x-ray in real time). The EP market includes large medical device companies such as Medtronic, Plc., Abbott Laboratories, Biosense-Webster (J&J) and Boston Scientific Corp.

Many of our competitors have substantially greater financial, manufacturing, commercial, and technical resources than we do. There has been consolidation in the industry, and we expect that to continue. Larger competitors may have substantially larger sales and marketing operations than we do. This may allow those competitors to spend more time with current and potential customers and to focus on a larger number of current and potential customers, which gives them a significant advantage over our sales and marketing team and our international distributors in making sales. In addition, we are often selling to customers who already utilize our competitors' products and who have established relationships with our competitors' sales representatives and familiarity with our competitors' products.

Larger competitors may also have broader product lines, which enables them to offer customers bundled purchase contracts and quantity discounts. These competitors may have more experience than we have in research

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and development, marketing, manufacturing, preclinical testing, conducting clinical trials, obtaining FDA and non-U.S. regulatory clearances or approvals and marketing cleared or approved products. Our competitors may discover technologies and techniques, or enter into partnerships and collaborations, to develop competing products that are more effective or less costly than our products or the products we may develop. This may render our technology or products obsolete or noncompetitive. Our competitors may also be better equipped than we are to respond to competitive pressures. If we are unable to compete successfully in our industry, it would have a material adverse effect on our business, financial condition, and results of operations.

***Our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms.***

Because we have historically obtained certain components globally, some of which are uniquely customized, from limited sources, we are subject to significant supply and pricing risks and exposed to multiple potential sources of component shortages. Many components, including those that are available from multiple sources, are at times subject to industry-wide shortages and significant commodity pricing fluctuations that could materially adversely affect our financial condition and operating results. We may source alternative parts to mitigate the challenges caused by these shortages, but there is no guarantee we may be able to continually do so as we scale production to meet our growth targets. The unavailability of any component or supplier could result in production delays, idle manufacturing facilities, product design changes and loss of access to important technology and tools for producing and supporting our products, as well as impact our capacity production. Our suppliers may not be willing or able to sustainably meet our timelines or our cost, quality and volume needs, or to do so may cost us more, which may require us to replace them with other sources. If our supply of components for a new or existing product continues to be delayed or constrained for any reason, including if an outsourcing partner delayed shipments of completed products to us or additional time is required to obtain sufficient quantities from the original source, or if we have to identify and obtain sufficient quantities from an alternative source, then our financial condition and operating results could be materially adversely affected. In addition, the continued availability of these components at acceptable prices, or at all, can be affected for any number of reasons, including if suppliers decide to concentrate on the production of common components or components for other customers instead of components customized to meet our requirements. While we have entered into agreements for the supply of many components, there can be no assurance that we will be able to extend or renew these agreements on similar terms, or at all. Component suppliers may suffer from poor financial conditions, which can lead to business failure for the supplier or consolidation within a particular industry, further limiting our ability to obtain sufficient quantities of components on commercially reasonable terms. While we believe that we will be able to secure additional or alternate sources or develop our own replacements for most of our components, there is no assurance that we will be able to do so quickly or at all.

Additionally, we may be unsuccessful in our continuous efforts to negotiate with existing suppliers to obtain cost reductions and avoid unfavorable changes to terms, source less expensive suppliers for certain parts and redesign certain parts to make them less expensive to produce. Any of these occurrences may harm our business, prospects, financial condition and operating results.

***If hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any.***

Even when any of our product candidates obtain regulatory approval, they may not gain market acceptance among hospitals, physicians, patients, and third-party payers. Physicians may decide not to recommend our treatments for a variety of reasons including:

• timing of market introduction of competitive products;

• demonstration of clinical safety and efficacy compared to other products;

• cost-effectiveness;

• limited or no coverage by third-party payers;

• convenience and ease of administration;

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• prevalence and severity of adverse side effects;

• restrictions in the label of the drug;

• other potential advantages of alternative treatment methods; and

• ineffective marketing and distribution support of our products.

If any of our product candidates are approved but fail to achieve market acceptance or such market is smaller than anticipated, we may not be able to generate significant revenue and our business would suffer.

***The recent coronavirus, or COVID-19, outbreak adversely affected our financial condition and results of operations and we cannot provide any certainty as to whether there will be future impacts from COVID-19 or another pandemic.***

The COVID-19 outbreak adversely affected our financial condition and results of operations. The impact of the outbreak of COVID-19 on the businesses and the economy in the United States and the rest of the world was significant. The extent to which the COVID-19 outbreak will continue to impact business and the economy is highly uncertain and cannot be predicted, and there can be no guarantee that a future pandemic will not have similar or worse impacts. Accordingly, we cannot predict the extent to which our financial condition and results of operation will be affected.

In addition, we are uncertain of the full effect the pandemic will have on us for the longer term since the scope and duration of the pandemic is unknown, and evolving factors such as the level and timing of the distribution of efficacious vaccines across the world and the extent of any resurgences of the virus or emergence of new variants of the virus, such as the Delta variant and the Omicron variant, will impact the stability of economic recovery and growth. We may experience long-term disruptions to our operations resulting from changes in government policy or guidance; quarantines of employees, customers and suppliers in areas affected by the pandemic; and closures of businesses or manufacturing facilities critical to its business.

#### A variety of risks associated with marketing our products internationally could materially adversely affect our business.
In addition to selling our products in the U.S., we sell products outside of the U.S. We are subject to additional risks related to operating in foreign countries, including:

• differing regulatory requirements in foreign countries;

• differing reimbursement regimes in foreign countries, including price controls and lower payment;

• unexpected changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements;

• economic weakness, including inflation, or political instability in particular foreign economies and markets;

• compliance with tax, employment, immigration and labor laws for employees living or traveling abroad;

• foreign taxes, including withholding of payroll taxes;

• foreign currency fluctuations, which could result in increased operating expenses and reduced revenue, and other obligations incident to doing business in another country;

• difficulties staffing and managing foreign operations;

• workforce uncertainty in countries where labor unrest is more common than in the U.S.;

• potential liability under the FCPA or comparable foreign regulations;

• challenges enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the U.S.;

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• product shortages resulting from any events affecting raw material or finished good supply or distribution or manufacturing capabilities abroad;

• the impact of the current situation relating to trade with China and tariffs and other trade barriers that may be implemented by governmental authorities;

• the impact of public health epidemics on the global economy, such as the new coronavirus currently impacting the U.S., Europe, China and elsewhere; and

• business interruptions resulting from geo-political actions, including war and terrorism.

These and other risks associated with international operations may materially adversely affect our ability to attain or maintain profitable operations, which would have a material adverse effect on our business, financial condition, and results of operations.

***The impact of the military action in Ukraine, and the actions that have been and could be taken by other countries, including new and stricter sanctions and actions taken in response to such sanctions, have affected, and may continue to affect, our business and results of operations, including our supply chain.***

On February 24, 2022, Russian forces launched significant military action against Ukraine, and sustained conflict and disruption in the region is possible. The impact to Ukraine, as well as actions taken by other countries, including new and stricter sanctions imposed by Canada, the United Kingdom, the European Union, the U.S. and other countries and companies and organizations against officials, individuals, regions and industries in Russia and Ukraine, and actions taken by Russia in response to such sanctions, and each country's potential response to such sanctions, tensions and military actions could have a material adverse effect on our operations. Any such material adverse effect from the conflict and enhanced sanctions activity may disrupt our supply chains and affect the delivery of our products and services or impair our ability to complete financial or banking transactions.

We also cannot predict the impact of any heightened geopolitical instability or the results that may follow, including reductions in consumer confidence, heightened inflation, cyber disruptions or attacks, higher natural gas costs, higher manufacturing costs and higher supply chain costs. The impact of Russia's invasion of Ukraine could cause our results to differ materially from the outlook presented in this Annual Report.

***If the third parties on which we rely for the conduct of our clinical trials and results do not perform our clinical trial activities in accordance with good clinical practices and related regulatory requirements, we may be unable to obtain regulatory approval for or commercialize our product candidates.***

We may use independent clinical investigators and other third-party service providers to conduct and/or oversee the clinical trials of our product candidates.

FDA requires us and our clinical investigators to comply with regulations and standards, commonly referred to as good clinical practices, for conducting, recording, and reporting the results of clinical trials to assure that data and reported results are credible and accurate, and that the trial participants are adequately protected. Our reliance on third parties that we do not control does not relieve us of these responsibilities and requirements. Third parties may not complete activities on schedule or may not conduct our clinical trials in accordance with regulatory requirements or the respective trial plans and protocols. The failure of these third parties to carry out their obligations could delay or prevent the development, approval, and commercialization of our product candidates or result in enforcement actions against us.

#### We may be adversely affected by product liability claims, unfavorable court decisions or legal settlements.
We are exposed to potential product liability risks inherent in the design, manufacturing, and marketing of our products. These matters are subject to many uncertainties, and outcomes are not predictable. In addition, we may incur significant legal expenses regardless of whether we are found to be liable.

While we maintain product liability insurance, there can be no assurance that such coverage is sufficient to cover all product liabilities that we may incur. We are not currently subject to any product liability proceedings, and we have no reserves for product liability disbursements. However, we may incur material liabilities relating to

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product liability claims in the future, including product liability claims arising out of the usage and delivery of our products. Should we incur product-related liabilities exceeding our insurance coverage, we would be required to use available cash or raise additional cash to cover such liabilities.

#### Our ability to use our net operating loss carryforwards may be limited.
As of December 31, 2022, we had net operating loss carryforwards, or NOLs, of approximately $54.5 million for federal income tax purposes and $47.8 million for state income tax purposes. Utilization of these NOLs depends on many factors, including our future income, which cannot be assured. These NOLs could expire unused and be unavailable to offset our future income tax liabilities. In addition, under Section 382 of the Internal Revenue Code of 1986, as amended, or IRC, and corresponding provisions of state law, if a corporation undergoes an "ownership change," which is generally defined as a greater than 50% change, by value, in its equity ownership by 5% stockholders over a three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes to offset its post-change income may be limited. We completed an IRC Section 382 analysis regarding the limitation of net operating losses through December 31, 2020 and determined that ownership changes occurred in May 2020. Management believes further ownership changes occurred during each of the years ended December 31, 2022 and 2021. Accordingly, utilization of our NOLs is subject to an annual limitation for federal tax purposes under IRC Section 382. Due to the changes in control, we estimated that all of our $54.5 million federal NOLs are effectively eliminated, according to IRC Section 382. In addition, $40.8 million of our $47.8 million in state NOLs were also eliminated. As a result of these eliminations, our federal and state NOLs were reduced to zero and $6.9 million, respectively, before taking into consideration the valuation allowance.

#### Risks Related to Government Regulation and our Industry
Our medical device operations are subject to pervasive and continuing FDA regulatory requirements.

Medical devices regulated by the FDA are subject to "general controls" which include:

• registration with the FDA; listing commercially distributed products with the FDA;

• complying with applicable cGMPs under the Quality System Regulations, or QSR;

• filing reports with the FDA of and keeping records relative to certain types of adverse events associated with devices under the medical device reporting regulation;

• assuring that device labeling complies with device labeling requirements;

• reporting recalls and certain device field removals and corrections to the FDA; and

• obtaining premarket notification 510(k) clearance for devices prior to marketing.

We have entered into a Settlement Agreement with the Department of Justice, or DOJ, and agreements with the participating states, resolving a DOJ civil investigation concerning certain Covered Conduct (as defined in the Settlement Agreement), and the Office of Inspector General, or OIG, has agreed, conditioned upon our full payment of amounts owed in the Settlement Agreement, and in consideration of our obligations under a Corporate Integrity Agreement, to release our permissive exclusion rights and refrain from instituting any administrative action seeking to exclude us from participating in Medicare, Medicaid, or other federal health care programs as a result of the Covered Conduct. The Corporate Integrity Agreement has a five-year term and imposes monitoring, reporting, certification, documentation, oversight, screening, and training obligations on us, including the hiring of a compliance officer and independent review organization; however, the OIG has agreed that we are not subject to the terms of the Corporate Integrity Agreement for so long as we do not carry on the legacy Ra Medical business or use the related business assets post our merger with Catheter.

Some devices known as "510(k)-exempt" devices can be marketed without prior marketing clearance or approval from the FDA. In addition to the "general controls," Class II medical devices are also subject to "special controls," including, in many cases, adherence to a particular guidance document and compliance with the performance standard. As a Class II, 510(k)-cleared device, our VIVO product is subject to both general and special controls. Instead of obtaining 510(k) clearance, most Class III devices are subject to premarket approval, or PMA.

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We do not believe any of our current products are Class III devices, but future products could be, which would subject them to the PMA process.

Many medical devices are also regulated by the FDA as "electronic products." In general, manufacturers and marketers of "electronic products" are subject to certain FDA regulatory requirements intended to ensure the radiological safety of the products. These requirements include, but are not limited to, filing certain reports with the FDA about the products and defects/safety issues related to the products as well as complying with radiological performance standards.

In addition, we may be required to conduct costly post-market testing and surveillance to monitor the safety or effectiveness of our products, and we must comply with medical device reporting, or MDR, requirements, including the reporting of adverse events and malfunctions related to our products. We are required to file MDRs if our products may have caused or contributed to a serious injury or death or malfunctioned in a way that could likely cause or contribute to a serious injury or death if it were to recur. Any such MDR that reports a significant adverse event could result in negative publicity, which could harm our reputation and future sales. Later discovery of previously unknown problems with our products, including unanticipated adverse events or adverse events of unanticipated severity or frequency, manufacturing problems, or failure to comply with regulatory requirements may result in changes to labeling, restrictions on such products or manufacturing processes, withdrawal of the products from the market, voluntary or mandatory recalls, a requirement to repair, replace or refund the cost of any medical device we manufacture or distribute, fines, suspension of regulatory clearances or approvals, product seizures, injunctions or the imposition of civil or criminal penalties which may have a material adverse effect on our business, financial condition, and results of operations.

The medical device industry is now experiencing greater scrutiny and regulation by federal, state and foreign governmental authorities. Companies in our industry are subject to more frequent and more intensive reviews and investigations, often involving the marketing, business practices, and product quality management. For example, as discussed above, on December 28, 2020, we entered into a Settlement Agreement with the DOJ to resolve a civil False Claims Act investigation and related civil action, and in connection with the Settlement Agreement, we also have reached agreements that resolve previously disclosed related investigations conducted by certain state attorneys general. Under the Settlement Agreement, and the agreements with the participating states, we were required to make an initial payment of $2.5 million, of which we paid $2.4 million in December 2020 and $0.1 million in April 2021. We also were required to make a payment of $5.0 million as a result of the January 2023 merger with Catheter in January 2023, which we made in February 2023. We may be required to make additional payments in the future upon the achievement of revenue targets.

Additionally, federal, state and foreign governments and entities have enacted laws and issued regulations and other standards requiring increased visibility and transparency of our interactions with healthcare providers. For example, the U.S. Physician Payment Sunshine Act, now known as Open Payments, requires us to report to the Centers for Medicare & Medicaid Services, or CMS, payments and other transfers of value to all U.S. physicians and U.S. teaching hospitals, with the reported information made publicly available on a searchable website. On December 28, 2020, we entered into the Settlement Agreement with the DOJ relating to claims under the civil False Claims Act investigation concerning, among other things, whether we marketed and promoted DABRA devices, which we are no longer marketing, for unapproved uses that were not covered by federal healthcare programs, and whether we paid improper remuneration to physicians and other healthcare providers in violation of the Anti-Kickback Statute. Effective January 2022, we are also required to collect and report information on payments or transfers of value to physician assistants, nurse practitioners, clinical nurse specialists, certified registered nurse anesthetists, and certified nurse-midwives. Failure to comply with these legal and regulatory requirements could impact our business, and we have had and will continue to spend substantial time and financial resources to develop and implement enhanced structures, policies, systems and processes to comply with these legal and regulatory requirements, which may also impact our business and which could have a material adverse effect on our business, financial condition, and results of operations for years after any resolution of these investigations and any resulting claims are resolved.

#### We may have to make milestone payments under the Settlement Agreement we entered into with the DOJ.
Pursuant to our Settlement Agreement with the DOJ, if during fiscal 2023 or 2024 our revenues exceed $10 million, we have agreed to pay the United States and certain Medicaid participating states, $1.0 million for 2023,

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and $1.25 million for 2024, for each corresponding fiscal year where our revenue exceeds $10 million. Payment must be made within 90 days after the end of the fiscal year.

#### Product clearances and approvals can often be denied or significantly delayed.
Under FDA regulations, unless exempt, a new medical device may only be commercially distributed after it has received 510(k) clearance, is authorized through the de novo classification process, or is the subject of an approved PMA. The FDA will clear marketing of a medical device through the 510(k) process if it is demonstrated that the new product is substantially equivalent to another legally marketed product not subject to a PMA. Sometimes, a 510(k) clearance must be supported by preclinical and clinical data. Our ability to enroll patients in clinical trials could be impacted by a resurgence of the COVID-19 outbreak or another pandemic, as many patients would be likely to elect or would likely be asked to delay procedures at such a time.

The PMA process typically is more costly, lengthy and stringent than the 510(k) process. Unlike a 510(k) review which determines "substantial equivalence," a PMA requires that the applicant demonstrate reasonable assurance that the device is safe and effective by producing valid scientific evidence, including data from preclinical studies and human clinical trials. Therefore, to obtain regulatory clearance or approvals, we typically must, among other requirements, provide the FDA and similar foreign regulatory authorities with preclinical and clinical data that demonstrate to their satisfaction that our products satisfy the criteria for approval. Preclinical testing and clinical trials must comply with the regulations of the FDA and other government authorities in the U.S. and similar agencies in other countries.

We may be required to obtain PMAs, PMA supplements or additional 510(k) premarket clearances to market modifications to our existing products. The FDA requires device manufacturers to make and document a determination of whether a device modification requires approval or clearance; however, the FDA can review a manufacturer's decision. The FDA may not agree with our decisions not to seek approvals or clearances for particular device modifications. If the FDA requires us to obtain PMAs, PMA supplements or premarket clearances for any modification to a previously cleared or approved device, we may be required to cease manufacturing and marketing the modified device and perhaps also to recall such modified device until we obtain FDA clearance or approval. We may also be subject to significant regulatory fines or penalties.

The FDA may not approve future PMA applications or supplements or clear our 510(k) applications on a timely basis or at all. For example, the COVID-19 outbreak could affect the FDA's ability to review applications or supplements. Such delays or refusals could have a material adverse effect on our business, financial condition, and results of operations.

The FDA may also change its clearance and approval policies, adopt additional regulations or revise existing regulations, or take other actions which may prevent or delay approval or clearance of our products under development or impact our ability to modify our currently approved or cleared products on a timely basis. Any of these actions could have a material adverse effect on our business, financial condition, and results of operations.

International regulatory approval processes may take more or less time than the FDA clearance or approval process. If we fail to comply with applicable FDA and comparable non-U.S. regulatory requirements, we may not receive regulatory clearances or approvals or may be subject to FDA or comparable non-U.S. enforcement actions. We may be unable to obtain future regulatory clearance or approval in a timely manner, or at all, especially if existing regulations are changed or new regulations are adopted. For example, the FDA clearance or approval process can take longer than anticipated due to requests for additional clinical data and changes in regulatory requirements. A failure or delay in obtaining necessary regulatory clearances or approvals would materially adversely affect our business, financial condition, and results of operations.

***Although we have obtained regulatory clearance for our VIVO product in the U.S. and certain non-U.S. jurisdictions, it will remain subject to extensive regulatory scrutiny.***

Although our VIVO product has received regulatory clearance in the U.S. and certain non-U.S. jurisdictions, it will be subject to ongoing regulatory requirements for manufacturing, labeling, packaging, storage, advertising, promotion, sampling, record-keeping, conduct of post-marketing studies, and submission of safety, effectiveness,

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and other post-market information, including both federal and state requirements in the U.S. and requirements of comparable non-U.S. regulatory authorities.

Any regulatory clearances or approvals that we have received for our products will be subject to limitations on the cleared or approved indicated uses for which the product may be marketed and promoted or to the conditions of approval or contain requirements for potentially costly post-marketing testing. We are required to report certain adverse events and production problems, if any, to the FDA and comparable foreign regulatory authorities. Any new legislation addressing product safety issues could result in increased costs to assure compliance. The FDA and other agencies, including the DOJ, closely regulate and monitor the post-clearance or approval marketing and promotion of products to ensure that they are marketed and distributed only for the cleared or approved indications and in accordance with the provisions of the cleared or approved labeling.

Promotional communications with respect to devices are subject to a variety of legal and regulatory restrictions and must be consistent with the information in the product's cleared or approved labeling. As such, we may not promote our products for indications or uses for which they do not have clearance or approval. However, physicians can use their independent and professional judgment and use our products for off-label purposes, as FDA regulations do not restrict a physician's choice of treatment with the practice of medicine. Prior to making certain changes to a cleared product, including certain changes to product labeling, the holder of a cleared 510(k) application may be required to submit a new premarket application and obtain clearance or approval.

If a regulatory agency discovers previously unknown problems with our products, such as adverse events of unanticipated severity or frequency, or problems with our facility where the product is manufactured, or disagrees with the promotion, marketing or labeling of our products, such regulatory agency or enforcement authority may impose restrictions on that product or us, including requiring withdrawal of the product from the market. In addition to this type of penalty for failing to comply with applicable regulatory requirements, a regulatory agency or enforcement authority may, among other things:

• subject us to an adverse inspectional finding or Form 483, or other compliance or enforcement notice, communication, or correspondence;

• issue warning or untitled letters that would result in adverse publicity or may require corrective advertising;

• impose civil or criminal penalties;

• suspend or withdraw regulatory clearances or approvals;

• refuse to clear or approve pending applications or supplements to approved applications submitted by us;

• impose restrictions on our operations, including closing our sub-assembly suppliers' facilities;

• seize or detain products; or

• require a product recall.

In addition, violations of the Federal Food, Drug, and Cosmetic Act, or FDCA, relating to the promotion of approved products may lead to investigations alleging violations of federal and state healthcare fraud and abuse and other laws, as well as state consumer protection laws. As disclosed previously, we settled a DOJ civil False Claims Act investigation concerning, among other things, whether we marketed and promoted our DABRA devices for unapproved uses that were not covered by federal healthcare programs. We are no longer marketing DABRA devices.

Any government adverse finding, regulatory sanction or investigation of alleged violations of law could require us to expend significant time and resources in response and could generate negative publicity. Any failure to comply with ongoing regulatory requirements may significantly and adversely affect our ability to commercialize and generate revenue from our products. If regulatory sanctions are applied or if regulatory clearance or approval is withdrawn, it would have a material adverse effect on our business, financial condition, and results of operations.

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***Our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business.***

The FDA and similar foreign governmental authorities have the authority to order the recall of our products because of any failure to comply with applicable laws and regulations, or defects in design or manufacture. A government mandated or voluntary product recall by us could occur because of, for example, component failures, device malfunctions, or other adverse events, such as serious injuries or deaths, or quality-related issues such as manufacturing errors or design or labeling defects.

For example, we conducted four recent recalls related to our previously marketed DABRA product. We no longer market DABRA, but any government-mandated recall or additional voluntary recall by us of VIVO or another product we market in the future could occur as a result of component failures, manufacturing errors, design or labeling defects or other issues. These voluntary recalls and any future recalls of our products could divert managerial and financial resources, harm our reputation and adversely affect our business.

In addition, the FDA conducted an unannounced facility inspection in December 2019. The FDA issued to us a Form 483 that included observations, related to our previously marketed DABRA product, that schedules for the adjustment, cleaning, and other maintenance of equipment have not been adequately established, a device master record index was not current, and document control procedures have not been fully established. We responded to the FDA with the corrective measures we are taking and to address the issued identified in the Form 483 and based on this information, the FDA issued to us an Establishment Inspection Report, or EIR, closing out the inspection. All actions are complete, and the final Form 483 report was sent to the FDA on September 25, 2020. We are no longer operating this facility, but the FDA could conduct inspections of our current facilities.

Depending on the corrective action we take to address a product's deficiencies or defects, the FDA may require, or we may voluntarily decide, that we will need to seek and obtain new approvals or clearances for the device before we may market or distribute the corrected device. Seeking such approvals or clearances may delay our ability to replace the recalled devices in a timely manner. Moreover, if we do not adequately address problems associated with our devices, we may face additional regulatory enforcement action, including adverse inspection findings, FDA warning letters, product seizure, injunctions, administrative penalties, or civil or criminal fines. We may also be required to bear other costs or take other actions that may have a negative impact on our sales as well as face significant adverse publicity or regulatory consequences, which could harm our business, including our ability to market our products in the future.

In addition, we are subject to medical device reporting regulations that require us to report to the FDA or similar foreign governmental authorities if one of our products may have caused or contributed to a death or serious injury or if we become aware that it has malfunctioned in a way that would be likely to cause or contribute to a death or serious injury if the malfunction recurred. After a May 2018 inspection, the FDA issued to us a Form 483 that included observations for failure to properly evaluate whether certain complaints related to our previously marketed DABRA product that we received rose to a level required to be reported to the FDA. At that time, in response, we informed the FDA that we had modified our complaint review procedures and we completed a retrospective evaluation and have not found any complaints which require a submission to the FDA. We have not requested, and the FDA has not issued, an EIR related to this inspection. We no longer market DABRA.

The failure by us to properly identify reportable events or to file timely reports with the FDA can subject us to sanctions and penalties, including warning letters and recalls. Physicians, hospitals and other healthcare providers may make similar reports to regulatory authorities. Any such reports may trigger an investigation by the FDA or similar foreign regulatory bodies, which could divert managerial and financial resources, harm our reputation and have a material adverse effect on our business, financial condition, and results of operations.

***If we or our suppliers fail to comply with the FDA's Quality System Regulation, or QSR, or any applicable state equivalent, our operations could be interrupted, and our potential product sales and operating results could suffer.***

We and our suppliers are required to comply with the FDA's QSR, which delineates, among other things, the design controls, document controls, purchasing controls, identification and traceability, production and process

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controls, acceptance activities, nonconforming product requirements, corrective and preventive action requirements, labeling and packaging controls, handling, storage, distribution and installation requirements, complaint handling, records requirements, servicing requirements, and statistical techniques potentially applicable to the production of our medical devices. We and our suppliers are also subject to the regulations of foreign jurisdictions regarding the manufacturing process if we market products overseas. The FDA enforces the QSR through periodic and announced or unannounced inspections of manufacturing facilities. We anticipate that we and certain of our third-party component suppliers will be subject to future inspections. If our facility or manufacturing processes or our suppliers' facilities or manufacturing processes are found to be in non-compliance or fail to take satisfactory corrective action in response to adverse QSR inspectional findings, the FDA could take legal or regulatory enforcement actions against us and/or our products, including but not limited to the cessation of sales or the initiation of a recall of distributed products, which could impair our ability to produce our products in a cost-effective and timely manner in order to meet our customers' demands. We may also be required to bear other costs or take other actions that may have a negative impact on our future sales and our ability to generate profits.

Current regulations depend heavily on administrative interpretation. If the FDA does not believe that we are in compliance with applicable FDA regulations, the agency could take legal or regulatory enforcement actions against us and/or our products. We are also subject to periodic inspections by the FDA, other governmental regulatory agencies, as well as certain third-party regulatory groups. Future interpretations made by the FDA or other regulatory bodies made during the course of these inspections may vary from current interpretations and may adversely affect our business and prospects. The FDA's and other comparable non-U.S. regulatory agencies' statutes, regulations, or policies may change, and additional government regulation or statutes may be enacted, which could increase post-approval regulatory requirements, or delay, suspend, prevent marketing of any cleared or approved products or necessitate the recall of distributed products. We cannot predict the likelihood, nature or extent of adverse governmental regulation that might arise from future legislative or administrative action, either in the U.S. or abroad.

The medical device industry has been under heightened FDA scrutiny as the subject of government investigations and enforcement actions. If our operations and activities are found to be in violation of any FDA laws or any other governmental regulations that apply to us, we may be subject to penalties, including civil and criminal penalties, damages, fines and other legal and/or agency enforcement actions. Any penalties, damages, fines, or curtailment or restructuring of our operations or activities could adversely affect our ability to operate our business and our financial results. The risk of us being found in violation of FDA laws is increased by the fact that many of these laws are broad and their provisions are open to a variety of interpretations. Any action against us for violation of these laws, even if we successfully defend ourselves against that action and its underlying allegations, could cause us to incur significant legal expenses and divert management's attention from the operation of our business. Where there is a dispute with a federal or state governmental agency that cannot be resolved to the mutual satisfaction of all relevant parties, we may determine that the costs, both real and contingent, are not justified by the commercial returns to us from maintaining the dispute or the product.

Various claims, design features or performance characteristics of our medical devices, that we regarded as permitted by the FDA without new marketing clearance or approval, may be challenged by the FDA or state or foreign regulators. The FDA or state or foreign regulatory authorities may find that certain claims, design features or performance characteristics, in order to be made or included in the products, may have to be supported by further clinical studies and marketing clearances or approvals, which could be lengthy, costly and possibly unobtainable.

***If any of our products cause or contribute to a death or a serious injury, or malfunction in certain ways, we will be required to report under applicable medical device reporting regulations, which can result in voluntary corrective actions or agency enforcement actions.***

Under the FDA medical device reporting regulations, or MDR regulations, medical device manufacturers are required to report to the FDA information that a device has or may have caused or contributed to a death or serious injury or has malfunctioned in a way that would likely cause or contribute to death or serious injury if the malfunction of the device or one of our similar devices were to recur.

If we fail to report events required to be reported to the FDA within the required timeframes, or at all, the FDA could take enforcement action against us. Any such adverse event involving our products also could result in future voluntary corrective actions, such as recalls or customer notifications, or agency action, such as inspection or

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enforcement action. Any corrective action, whether voluntary or involuntary, as well as defending ourselves in a lawsuit, will require our time and capital, distract management from operating our business, and may harm our reputation and have a material adverse effect on our business, financial condition, and results of operations.

***Healthcare reform initiatives and other administrative and legislative proposals may adversely affect our business, financial condition, results of operations and cash flows in our key markets.***

There have been and continue to be proposals by the federal government, state governments, regulators and third-party payors to control or manage the increasing costs of healthcare and, more generally, to reform the U.S. healthcare system.

Certain of these proposals could limit the prices we are able to charge for our products or the coverage and reimbursement available for our products and could limit the acceptance and availability of our products on the market. The adoption of proposals to control costs could have a material adverse effect on our business, financial condition, and results of operations.

For example, in the U.S., in March 2010, the Patient Protection and Affordable Care Act, or PPACA, was passed. The PPACA was intended to make significant changes to the way healthcare is financed by both federal and state governments and private insurers, with direct impacts to the medical device industry. Among other provisions, the PPACA imposed, with limited exceptions, a deductible excise tax of 2.3% on sales of medical devices by entities that manufacture or import certain medical devices offered for sale in the U.S. The Consolidated Appropriations Act, 2016 (Pub. L. 114-113), signed into law in December 2015, included a two-year moratorium on the medical device excise tax. A second two-year moratorium on the medical device excise tax was signed into law in January 2018 as part of the Extension of Continuing Appropriations Act, 2018 (Pub. L. 115-120), extending the moratorium through December 31, 2019. On December 20, 2019, President Trump signed into law a permanent repeal of the medical device tax under the PPACA, but there is no guarantee that Congress or the President will not reverse course in the future. If such an excise tax on sales of any of our products in the U.S. is enacted, it could have a material adverse effect on our business, financial condition, and results of operations.

In addition, the PPACA and the Medicare Access and CHIP Reauthorization Act of 2015 substantially changed the way healthcare is delivered and financed by both governmental and private insurers. These changes included the creation of demonstration programs and other value-based purchasing initiatives that provide financial incentives for physicians and hospitals to reduce costs. Under the Trump Administration, there were ongoing efforts to modify or repeal all or part of PPACA or take executive action that affects its implementation. Tax reform legislation was passed that includes provisions that impact healthcare insurance coverage and payment such as the elimination of the tax penalty for individuals who do not maintain health insurance coverage (the so-called "individual mandate"). Such actions or similar actions could have a negative effect on the utilization of our products.

On December 18, 2019, the U.S. Court of Appeals for the Fifth Circuit upheld a lower court's determination in Texas v. Azar, 4:18-cv-00167, that the individual mandate was unconstitutional and remanded the case to the lower court for further analysis as to whether PPACA as a whole is unconstitutional because the individual mandate is not severable from other provisions of the law. In June 2021, the U.S. Supreme Court held that Texas and other challengers had no legal standing to challenge the PPACA, dismissing the case on procedural grounds without specifically ruling on the constitutionality of the PPACA. Thus, the PPACA will remain in effect in its current form. Further, legislative and regulatory changes under the PPACA remain possible, although the federal administration under President Biden has signaled that it plans to build on the PPACA and expand the number of people who are eligible for health insurance under it. It is unclear how future litigation and healthcare measures promulgated by the Biden administration or future administrations will impact the implementation of the PPACA and our business, financial condition and results of operations. Complying with any new legislation or reversing changes implemented under the PPACA could be time-intensive and expensive, resulting in a material adverse effect on our business.

Other healthcare reform legislative changes have also been proposed and adopted in the U.S. since the PPACA was enacted. In August 2011, the Budget Control Act of 2011, among other things, led to aggregate reductions of Medicare payments to providers of 2% per fiscal year. These reductions went into effect in April 2013, which, due to subsequent legislative amendments, will stay in effect through 2031, with the exception of a temporary suspension implemented under various COVID-19 relief legislation from May 1, 2020 through March 31, 2022, unless additional congressional action is taken. Under current legislation, the actual reduction in Medicare payments will vary from 1% in 2022 to up to 4% in the final fiscal year of the sequester. In January 2013, the

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American Taxpayer Relief Act of 2012 was signed into law, which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments to providers from three to five years.

Further, recently there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their marketed products, which has resulted in several U.S. Congressional inquiries and proposed, and enacted federal legislation designed to bring transparency to product pricing and reduce the cost of products and services under government healthcare programs. As a result of reform of the U.S. healthcare system, changes in reimbursement policies or healthcare cost containment initiatives may limit or restrict coverage and reimbursement for procedures using our products and cause our revenue to decline. Additionally, individual states in the U.S. have also become increasingly active in passing legislation and implementing regulations designed to control product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures. Moreover, Medicare, regional healthcare authorities and individual hospitals are increasingly using bidding procedures to determine what products to purchase, and which suppliers will be included in their healthcare programs. Adoption of price controls and other cost-containment measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures may prevent or limit our ability to generate revenue, attain profitability.

Various new healthcare reform proposals are emerging at the federal and state level. Any new federal and state healthcare initiatives that may be adopted could limit the amounts that federal and state governments will pay for healthcare products and services and could have a material adverse effect on our business, financial condition, and results of operations.

***Healthcare cost containment pressures and legislative or administrative reforms resulting in restrictive coverage and reimbursement practices of third-party payors could decrease the demand for our products and the number of procedures performed using our devices, which could have an adverse effect on our business.***

The ability of our customers to obtain reimbursement for procedures that are performed using our products from government and private third-party payors is critical to our success. The availability of coverage and reimbursement for procedures performed using our products affects which products customers purchase and the prices they are able to pay to us.

Reimbursement can vary based on geographical location, type of provider/customer, and third-party payor and can significantly influence the acceptance of new products and services. Third-party payors may view some procedures performed using our products as experimental and may not provide coverage. Third-party payors may not cover and reimburse our customers for certain procedures performed using our products in whole or in part in the future, or payment rates may decline and not be adequate, or both. Further, coverage and reimbursement by third-party payors to our customers is also related to billing codes to describe procedures performed using our products. Hospitals and physicians use several billing codes to bill for such procedures. Third-party payors may not continue to recognize the CPT codes available for use by our customers. The CPT codes may change undermining our customer's ability to use those codes and reimbursement may be interrupted. Furthermore, some payors may not accept these new or revised codes for payment.

Reimbursement rates are unpredictable, and we cannot project how our business may be affected by future legislative and regulatory developments. Future legislation or regulation, or changing payment methodologies, may have a material adverse effect on our business, financial condition, and results of operations, and reimbursement may not be adequate for all customers. From time to time, typically on an annual basis, payment amounts are updated and revised by third-party payors. Because the cost of our products generally is recovered by the healthcare provider as part of the payment for performing a procedure and not separately reimbursed, these updates, especially lower payments could directly impact the demand for our products. For example, in July 2013, the Centers for Medicare and Medicaid Services, or CMS, proposed reimbursement changes that would have decreased reimbursement for procedures in an outpatient-based facility, such as a catheterization lab. Although CMS chose not to implement those changes in 2013, we cannot assure you that CMS will not take similar actions in the future.

After we develop new products or seek to market our products for new approved or cleared indications, we may find limited demand for the product unless government and private third-party payors provide adequate

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coverage and reimbursement to our customers. Obtaining codes and reimbursement for new products may require an extended, multi-year effort. Even with reimbursement approval and coverage by government and private payors, providers submitting reimbursement claims for new products or existing products with new approved or cleared indications may face delay in payment if there is confusion by providers or payors regarding the appropriate codes to use in seeking reimbursement. Such delays may create an unfavorable impression within the marketplace regarding the level of reimbursement or coverage available for our products.

Demand for our products or new approved indications for our existing products may fluctuate over time if federal or state legislative or administrative policy changes affect coverage or reimbursement levels for our products or the services related to our products. In the U.S., there have been, and we expect there will continue to be legislative and regulatory proposals to change the healthcare system, such as the potential repeal of the PPACA, some of which could significantly affect our business. It is uncertain what impact the current U.S. presidential administration or future administrations will have on healthcare spending. If enacted and implemented, any measures to restrict healthcare spending could result in decreased revenue from the sale of our products and decreased potential returns from our research and development initiatives. Other legislative or administrative reforms to the U.S. or international reimbursement systems in a manner that significantly reduces reimbursement for procedures performed using our products or denies coverage for those procedures could have a material adverse effect on our business, financial condition, and results of operations.

#### We are regulated by federal Anti-Kickback Statutes.
The Federal Anti-Kickback Statute is a provision of the Social Security Act of 1972 that prohibits as a felony offense the knowing and willful offer, payment, solicitation or receipt of any form of remuneration in return for, or to induce, (1) the referral of a patient for items or services for which payment may be made in whole or part under Medicare, Medicaid, or other federal healthcare programs, (2) the furnishing or arranging for the furnishing of items or services reimbursable under Medicare, Medicaid, or other federal healthcare programs or (3) the purchase, lease, or order or arranging or recommending the purchasing, leasing or ordering of any item or service reimbursable under Medicare, Medicaid or other federal healthcare programs. The Patient Protection and Affordable Care Act, or PPACA, amended section 1128B of the Social Security Act to make it clear that a person need not have actual knowledge of the statute, or specific intent to violate the statute, as a predicate for a violation. The OIG, which has the authority to impose administrative sanctions for violation of the statute, has adopted as its standard for review a judicial interpretation which concludes that the statute prohibits any arrangement where even one purpose of the remuneration is to induce or reward referrals. A violation of the Anti-Kickback Statute is a felony punishable by imprisonment, criminal fines of up to $25,000, civil fines of up to $50,000 per violation, and three times the amount of the unlawful remuneration. A violation also can result in exclusion from Medicare, Medicaid or other federal healthcare programs. In addition, pursuant to the changes of the PPACA, a claim that includes items or services resulting from a violation of the Anti-Kickback Statute is a false claim for purposes of the False Claims Act. We cannot assure that the applicable regulatory authorities will not determine that some of our arrangements with hospitals or physicians violate the federal Anti-Kickback Statute or other applicable laws. An adverse determination could subject us to different liabilities, including criminal penalties, civil monetary penalties and exclusion from participation in Medicare, Medicaid or other health care programs, any of which could have a material adverse effect on our business, financial condition or results of operations.

#### We are regulated by the federal Stark Law.
The federal Stark Law, 42 U.S.C. 1395nn, also known as the physician self-referral law, generally prohibits a physician from referring Medicare and Medicaid patients to an entity (including hospitals) providing 'designated health services,' if the physician or a member of the physician's immediate family has a 'financial relationship' with the entity, unless a specific exception applies. Designated health services include, among other services, inpatient hospital services, outpatient prescription drug services, clinical laboratory services, certain imaging services (e.g., MRI, CT, ultrasound), and other services that our affiliated hospitals may order for their patients. The prohibition applies regardless of the reasons for the financial relationship and the referral. Like the Anti-Kickback Statute, the Stark Law contains statutory and regulatory exceptions intended to protect certain types of transactions and arrangements. Unlike safe harbors under the Anti-Kickback Statute with which compliance is voluntary, an arrangement must comply with every requirement of a Stark Law exception or the arrangement is in violation of the Stark Law.

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Because the Stark Law and implementing regulations continue to evolve and are detailed and complex, while we attempt to structure our relationships to meet an exception to the Stark Law, there can be no assurance that the arrangements entered into by us with affiliated hospitals will be found to be in compliance with the Stark Law, as it ultimately may be implemented or interpreted. The penalties for violating the Stark Law can include the denial of payment for services ordered in violation of the statute, mandatory refunds of any sums paid for such services, and civil penalties of up to $15,000 for each violation, double damages, and possible exclusion from future participation in the governmental healthcare programs. A person who engages in a scheme to circumvent the Stark Law's prohibitions may be fined up to $100,000 for each applicable arrangement or scheme.

Some states have enacted statutes and regulations against self-referral arrangements similar to the federal Stark Law, but which may be applicable to the referral of patients regardless of their payer source and which may apply to different types of services. These state laws may contain statutory and regulatory exceptions that are different from those of the federal law and that may vary from state to state. An adverse determination under these state laws and/or the federal Stark Law could subject us to different liabilities, including criminal penalties, civil monetary penalties and exclusion from participation in Medicare, Medicaid or other health care programs, any of which could have a material adverse effect on our business, financial condition or results of operations.

#### We must comply with Health Information Privacy and Security Standards.
HIPAA and regulations thereunder contain detailed requirements concerning the use and disclosure of individually identifiable patient health information by various healthcare providers, such as medical groups. HIPAA covered entities must implement certain administrative, physical, and technical security standards to protect the integrity, confidentiality and availability of certain electronic health information received, maintained, or transmitted. HIPAA also implemented standard transaction code sets and standard identifiers that covered entities must use when submitting or receiving certain electronic healthcare transactions, including billing and claim collection activities. Violations of the HIPAA privacy and security rules may result in civil and criminal penalties, including a tiered system of civil money penalties that range from $100 to $50,000 per violation, with a cap of $1.5 million per year for identical violations. A HIPAA covered entity must also promptly notify affected individuals where a breach affects more than 500 individuals and report breaches affecting fewer than 500 individuals annually. State attorneys general may bring civil actions on behalf of state residents for violations of the HIPAA privacy and security rules, obtain damages on behalf of state residents, and enjoin further violations.

Many states also have laws that protect the privacy and security of confidential, personal information, which may be similar to or even more stringent than HIPAA. Some of these state laws may impose fines and penalties on violators and may afford private rights of action to individuals who believe their personal information has been misused. We expect increased federal and state privacy and security enforcement efforts.

#### If a breach of our measures protecting personal data covered by HIPAA, the HITECH Act, or the CCPA occurs, we may incur significant liabilities.
HIPAA, as amended by the HITECH Act, and the regulations that have been issued under it, impose certain obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of protected health information. The requirements and restrictions apply to "covered entities" (which include health care providers and insurers) as well as to their business associates that receive protected health information from them in order to provide services to or perform certain activities on their behalf. The statute and regulations also impose notification obligations on covered entities and their business associates in the event of a breach of the privacy or security of protected health information. We occasionally receive protected health information from our customers in the course of our business. As such, we believe that we are business associates and therefore subject to HIPAA's requirements and restrictions with respect to handling such protected health information and have executed business associate agreements with certain customers.

In addition, California has enacted the CCPA which came into effect on January 1, 2020. Pursuant to the CCPA, certain businesses are required, among other things, to make certain enhanced disclosures related to California residents regarding the use or disclosure of their personal information, allow California residents to opt-out of certain uses and disclosures of their personal information without penalty, provide Californians with other choices related to personal data in our possession, and obtain opt-in consent before engaging in certain uses of personal information relating to Californians under the age of 16. The California Attorney General may seek

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substantial monetary penalties and injunctive relief in the event of our non-compliance with the CCPA. The CCPA also allows for private lawsuits from Californians in the event of certain data breaches. Aspects of the CCPA remain uncertain, and we may be required to make modifications to our policies or practices in order to comply.

It is possible the data protection laws may be interpreted and applied in a manner that is inconsistent with our practices. If so, this could result in government-imposed fines or orders requiring that we change our practices, which could adversely affect our business. In addition, these privacy regulations may differ from country to country and state to state and may vary based on whether testing is performed in the U.S. or in the local country. Complying with these various laws and regulations could cause us to incur substantial costs or require us to change our business practices and compliance procedures in a manner adverse to our business. Further, compliance with data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. We can provide no assurance that we are or will remain in compliance with diverse privacy and security requirements in all of the jurisdictions in which we do business. If we fail to comply or are deemed to have failed to comply with applicable privacy protection laws and regulations such failure could result in government enforcement actions and create liability for us, which could include substantial civil and/or criminal penalties, as well as private litigation and/or adverse publicity that could negatively affect our operating results and business.

#### A cyber security incident could cause a violation of HIPAA, breach of customer and patient privacy, or other negative impacts.
We rely extensively on our information technology (or IT) systems to manage scheduling and financial data, communicate with hospitals and their patients, vendors, and other third parties, and summarize and analyze operating results. In addition, we have made significant investments in technology, including the engagement of a third-party IT provider. A cyber-attack that bypasses our IT security systems could cause an IT security breach, a loss of protected health information, or other data subject to privacy laws, a loss of proprietary business information, or a material disruption of our IT business systems. This in turn could have a material adverse impact on our business and result of operations. In addition, our future results of operations, as well as our reputation, could be adversely impacted by theft, destruction, loss, or misappropriation of public health information, other confidential data, or proprietary business information.

Computer malware, viruses, and hacking and phishing attacks by third parties have become more prevalent in our industry and may occur on our systems in the future. Because techniques used to obtain unauthorized access to or sabotage systems change frequently and generally are not recognized until successfully launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. As cyber-security threats develop and grow, it may be necessary to make significant further investments to protect data and infrastructure. If an actual or perceived breach of our security occurs, (i) we could suffer severe reputational damage adversely affecting customer or investor confidence, (ii) the market perception of the effectiveness of our security measures could be harmed, (iii) we could lose potential sales and existing customers, our ability to deliver our services or operate our business may be impaired, (iv) we may be subject to litigation or regulatory investigations or orders, and (v) we may incur significant liabilities. Our insurance coverage may not be adequate to cover the potentially significant losses that may result from security breaches.

#### We must comply with environmental and Occupational Safety and Health Administration Regulations.
We are subject to federal, state and local regulations governing the storage, use and disposal of waste materials and products. Using hazardous substances in our operations exposes us to the risk of accidental injury, contamination or other liability from the use, storage, importation, handling, or disposal of hazardous materials. If our or our suppliers' operations result in the contamination of the environment or expose individuals to hazardous substances, we could be liable for damages and fines, and any liability could significantly exceed our insurance coverage and have a material adverse effect on our on our business, financial condition, and results of operations. Future changes to environmental and health and safety laws could cause us to incur additional expenses or restrict our operations, which could have a material adverse effect on our business, financial condition, and results of operations. Although we believe that our safety procedures for storing, handling and disposing of these materials and products comply with the standards prescribed by law and regulation, we cannot eliminate the risk of accidental contamination or injury from those hazardous materials. In the event of an accident, we could be held liable for any damages that result and any liability could exceed the limits or fall outside the coverage of our insurance coverage,

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which we may not be able to maintain on acceptable terms, or at all. We could incur significant costs and attention of our management could be diverted to comply with current or future environmental laws and regulations. Federal regulations promulgated by the Occupational Safety and Health Administration impose additional requirements on us, including those protecting employees from exposure to elements such as blood-borne pathogens. We cannot predict the frequency of compliance, monitoring, or enforcement actions to which we may be subject as those regulations are being implemented, which could adversely affect our operations.

#### We must comply with a range of other Federal and State Healthcare Laws.
We are also subject to other federal and state healthcare laws that could have a material adverse effect on our business, financial condition or results of operations. The Health Care Fraud Statute prohibits any person from knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program, which can be either a government or private payer plan. Violation of this statute, even in the absence of actual knowledge of or specific intent to violate the statute, may be charged as a felony offense and may result in fines, imprisonment, or both. The Health Care False Statement Statute prohibits, in any matter involving a federal health care program, anyone from knowingly and willfully falsifying, concealing or covering up, by any trick, scheme or device, a material fact, or making any materially false, fictitious or fraudulent statement or representation, or making or using any materially false writing or document knowing that it contains a materially false or fraudulent statement. A violation of this statute may be charged as a felony offense and may result in fines, imprisonment or both. Under the Civil Monetary Penalties Law of the Social Security Act, a person (including an organization) is prohibited from knowingly presenting or causing to be presented to any United States officer, employee, agent, or department, or any state agency, a claim for payment for medical or other items or services where the person knows or should know (a) the items or services were not provided as described in the coding of the claim, (b) the claim is a false or fraudulent claim, (c) the claim is for a service furnished by an unlicensed physician, (d) the claim is for medical or other items or service furnished by a person or an entity that is in a period of exclusion from the program, or (e) the items or services are medically unnecessary items or services. Violations of the law may result in penalties of up to $10,000 per claim, treble damages, and exclusion from federal healthcare programs.

In addition, the OIG may impose civil monetary penalties against any physician who knowingly accepts payment from a hospital (as well as against the hospital making the payment) as an inducement to reduce or limit medically necessary services provided to Medicare or Medicaid program beneficiaries. Further, except as permitted under the Civil Monetary Penalties Law, a person who offers or transfers to a Medicare or Medicaid beneficiary any remuneration that the person knows or should know is likely to influence the beneficiary's selection of a particular provider of Medicare or Medicaid payable items or services may be liable for civil monetary penalties of up to $10,000 for each wrongful act.

In addition to the state laws previously described, we may also be subject to other state fraud and abuse statutes and regulations if we expand our operations nationally. Many states have adopted a form of anti-kickback law, self-referral prohibition, and false claims and insurance fraud prohibition. The scope of these laws and the interpretations of them vary from state to state and are enforced by state courts and regulatory authorities, each with broad discretion. Generally, state laws reach to all healthcare services and not just those covered under a governmental healthcare program. A determination of liability under any of these laws could result in fines and penalties and restrictions on our ability to operate in these states. we cannot assure that our arrangements or business practices will not be subject to government scrutiny or be found to violate applicable fraud and abuse laws.

#### Governmental export or import controls could limit our ability to compete in foreign markets and subject us to liability if we violate them.
Our products may be subject to U.S. export controls. Governmental regulation of the import or export of our products, or our failure to obtain any required import or export authorization for our products, when applicable, could harm our international sales and adversely affect our revenue. Compliance with applicable regulatory requirements regarding the export of our products may create delays in the introduction of our products in international markets or, in some cases, prevent the export of our products to some countries altogether. Furthermore, U.S. export control laws and economic sanctions prohibit the shipment of certain products and services to countries, governments, and persons targeted by U.S. sanctions. If we fail to comply with export and import regulations and such economic sanctions, we may be fined or other penalties could be imposed, including a denial of certain export privileges. Moreover, any new export or import restrictions, new legislation or shifting approaches in the enforcement or scope of existing regulations, or in the countries, persons, or technologies targeted by such

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regulations, could result in decreased use of our products by, or in our decreased ability to export our products to existing or potential customers with international operations. Any decreased use of our products or limitation on our ability to export or sell access to our products would likely materially and adversely affect our business, financial condition, and results of operations.

***Changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products. Increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results.***

In addition to current and proposed economic sanctions on Russia, which may increase or continue for an indefinite period of time as a result of Russia's invasion of Ukraine, the U.S. has imposed or proposed new or higher tariffs on certain products exported by a number of U.S. trading partners, including China, Europe, Canada, and Mexico. In response, many of those trading partners, including China, have imposed or proposed new or higher tariffs on American products. Continuing changes in government trade policies create a heightened risk of further increased tariffs that impose barriers to international trade.

Tariffs on our customers' products may adversely affect our gross profit margins in the future due to the potential for increased pressure on our selling prices by customers seeking to offset the impact of tariffs on their own products. We believe that increases in tariffs on imported goods or the failure to resolve current international trade disputes could have a material adverse effect on our business and operating results.

#### Risks Related to our Intellectual Property
***If we are unable to obtain and maintain patent protection for our products, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our existing products and any products we may develop, and our technology may be adversely affected.***

As with other medical device companies, our ability to maintain and solidify a proprietary position for our products will depend upon our success in obtaining effective patent claims that cover such products, their manufacturing processes and their intended methods of use, and enforcing those claims once granted. Furthermore, in some cases, we may not be able to obtain issued claims covering VIVO, as well as other technologies that are important to our business, which are sufficient to prevent third parties, such as our competitors, from utilizing our technology. Any failure to obtain or maintain patent protection with respect to VIVO or any new devices that we market could have a material adverse effect on our business, financial condition, and results of operations.

Changes in either the patent laws or their interpretation in the U.S. and other countries may diminish our ability to protect our inventions, obtain, maintain, and enforce our intellectual property rights and, more generally, could affect the value of our intellectual property or narrow the scope of our issued patents. Additionally, we cannot predict whether the patent applications we are currently pursuing will issue as patents in any particular jurisdiction or whether the claims of any issued patents will provide sufficient protection from competitors or other third parties.

The patent prosecution process is expensive, time-consuming, and complex, and we may not be able to file, prosecute, maintain, enforce, or license all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development output in time to obtain patent protection. Although we enter into non-disclosure and confidentiality agreements with parties who have access to confidential or patentable aspects of our research and development output, such as our employees, corporate collaborators, outside scientific collaborators, suppliers, consultants, advisors and other third parties, any of these parties may breach the agreements and disclose such output before a patent application is filed, thereby jeopardizing our ability to seek patent protection. In addition, our ability to obtain and maintain valid and enforceable patents depends on whether the differences between our inventions and the prior art allow our inventions to be patentable over the prior art. Furthermore, publications of discoveries in the scientific literature often lag behind the actual discoveries, and patent applications in the U.S. and other jurisdictions are typically not published until 18 months after filing, or in some cases not at all. Therefore, we cannot be certain that we were the first to make the inventions claimed in any of our pending patent applications, or that we were the first to file for patent protection of such inventions. Moreover, in some circumstances, we may not have the right to control the preparation, filing and prosecution of patent applications, or to maintain the patents, covering technology that we

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license from or license to third parties and are therefore reliant on our licensors or licensees. Therefore, these and any of our patents and applications may not be prosecuted and enforced in a manner consistent with the best interests of our business. Defects of form in the preparation or filing of our patents or patent applications may exist, or may arise in the future, for example, with respect to proper priority claims, inventorship, and the like, although we are unaware of any such defects that we believe are of material importance. If we or any future licensors or licensees, fail to establish, maintain or protect such patents and other intellectual property rights, such rights may be reduced or eliminated. If any future licensors or licensees are not fully cooperative or disagree with us as to the prosecution, maintenance or enforcement of any patent rights, such patent rights could be compromised. If there are material defects in the form, preparation or prosecution of our patents or patent applications, such patents or applications may be invalid and unenforceable. Any of these outcomes could impair our ability to prevent competition from third parties, which may have an adverse impact on our business.

In addition, if any patents are issued in the future, they may not provide us with any competitive advantages, or may be successfully challenged by third parties. Agreement terms that address non-competition are difficult to enforce in many jurisdictions and may not be enforceable in any particular case. To the extent that our intellectual property and other proprietary rights are not adequately protected, third parties might gain access to our proprietary information, develop and market products or services similar to ours, or use trademarks similar to ours, each of which could materially harm our business. Existing U.S. federal and state intellectual property laws offer only limited protection. Moreover, the laws of other countries in which we now, or may in the future, conduct operations or contract for services may afford little or no effective protection of our intellectual property. The failure to adequately protect our intellectual property and other proprietary rights could materially harm our business.

The strength of patent rights involves complex legal and scientific questions and can be uncertain. This uncertainty includes changes to the patent laws through either legislative action to change statutory patent law or court action that may reinterpret existing law or rules in ways affecting the scope or validity of issued patents. The patent applications that we own may fail to result in issued patents in the U.S. or foreign countries with claims that cover our products or services. Even if patents do successfully issue from the patent applications that we own, third parties may challenge the validity, enforceability or scope of such patents, which may result in such patents being narrowed, invalidated or held unenforceable. Any successful challenge to our patents could deprive us of exclusive rights necessary for the successful commercialization of our products and services. Furthermore, even if they are unchallenged, our patents may not adequately protect our products and services, provide exclusivity for our products and services, or prevent others from designing around our claims. If the breadth or strength of protection provided by the patents we hold or pursue with respect to our products and services is challenged, it could dissuade companies from collaborating with us to develop, or threaten our ability to commercialize, our products and services.

Patents have a limited lifespan. In the U.S., the natural expiration of a utility patent is generally 20 years after its effective filing date and the natural expiration of a design patent is generally 14 years after its issue date, unless the filing date occurred on or after May 13, 2015, in which case the natural expiration of a design patent is generally 15 years after its issue date. Various extensions may be available; however, the life of a patent, and the protection it affords, is limited. Without patent protection for our products and services, we may be open to competition. Further, if we encounter delays in our development efforts, the period of time during which we could market our products and services under patent protection would be reduced.

In addition to the protection afforded by patents, we also rely on trade secret protection to protect proprietary know-how that may not be patentable or that we elect not to patent, processes for which patents may be difficult to obtain or enforce, and any other elements of our products and services that involve proprietary know-how, information or technology that is not covered by patents. However, trade secrets can be difficult to protect. If the steps taken to maintain our trade secrets are deemed inadequate, we may have insufficient recourse against third parties for misappropriating any trade secrets. Misappropriation or unauthorized disclosure of our trade secrets could significantly affect our competitive position and may have a material adverse effect on our business. Furthermore, trade secret protection does not prevent competitors from independently developing substantially equivalent.

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#### We may not be able to protect our intellectual property and proprietary rights throughout the world.
Third parties may attempt to commercialize competitive products or services in foreign countries where we do not have any patents or patent applications where legal recourse may be limited. This may have a significant commercial impact on our foreign business operations.

Filing, prosecuting, and defending patents on our products in all countries throughout the world would be prohibitively expensive, and the laws of foreign countries may not protect our rights to the same extent as the laws of the U.S. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the U.S., or from selling or importing products made using our inventions in and into the U.S. or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the U.S. These products may compete with our products, and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.

Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, which could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our intellectual property and proprietary rights generally. Proceedings to enforce our intellectual property and proprietary rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly, could put our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

Many countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we are forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position may be impaired, and our business, financial condition, results of operations and prospects may be adversely affected.

#### Risks Related to Ownership of Our Common Stock
***The price of our stock has been and may continue to be volatile, which could result in substantial losses for investors. Further, an active, liquid and orderly trading market for our common stock may not be sustained and we do not know what the market price of our common stock will be, and as a result it may be difficult for you to sell your shares of our common stock.***

Prior to our listing on the New York Stock Exchange in September 2018, there was no public market for shares of our common stock. Although our common stock is listed on the NYSE American, the market for our shares has demonstrated varying levels of trading activity. Furthermore, an active trading market for our shares may not be sustained in the future. You may not be able to sell your shares quickly or at the market price if trading in shares of our common stock is not active. Further, an inactive market may also impair our ability to raise capital by selling shares of our common stock and may impair our ability to enter into strategic partnerships or acquire companies or products by using shares of our common stock as consideration, which could have a material adverse effect on our business, financial condition, and results of operations. In addition, the trading price of our common stock is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control, including limited trading volume. In addition to the factors discussed in this *Risk Factors* section and elsewhere in this Annual Report, these factors include:

• our failure to increase the sales of our products;

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• the failure by our customers to obtain adequate reimbursements or reimbursement levels that would be sufficient to support product sales to our customers and pricing of our products to support revenue projections;

• unanticipated serious safety concerns related to the use of our products;

• changes in our organization;

• introduction of new products or services offered by us or our competitors;

• announcements of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;

• our ability to effectively manage our future growth;

• the size and growth of our target markets;

• actual or anticipated variations in quarterly operating results;

• disputes or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection for our technologies;

• significant lawsuits, including shareholder litigation, government actions or litigation related to intellectual property;

• our cash position;

• our failure to meet the estimates and projections of the investment community or that we may otherwise provide to the public;

• publication of research reports about us or our industry, or positive or negative recommendations or withdrawal of research coverage by securities analysts;

• any delay in any regulatory filings for our future products and any adverse development or perceived adverse development with respect to the applicable regulatory authority's review of such products;

• adverse regulatory decisions, including failure to receive regulatory approval of our future products, failure to maintain regulatory approval for our existing products or failure to obtain regulatory approval for additional indications for our existing products;

• changes in laws or regulations applicable to our products;

• adverse developments concerning our suppliers or distributors;

• our inability to obtain adequate supplies and components for our products or inability to do so at acceptable prices;

• our inability to establish and maintain collaborations if needed;

• changes in the market valuations of similar companies;

• overall performance of the equity markets;

• sales of large blocks of our common stock including sales by our executive officers and directors;

• trading volume of our common stock;

• limited "public float" in the hands of a small number of persons whose sales or lack of sales of our common stock could result in positive or negative pricing pressure on the market price for our common stock;

• additions or departures of key scientific or management personnel;

• changes in accounting practices;

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• ineffectiveness of our internal controls;

• general political and economic conditions; and

• other events or factors, many of which are beyond our control.

In addition, the stock market in general, and medical device companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of our actual operating performance. In the past, securities class action litigation has often been instituted against companies following periods of volatility in the market price of a company's securities. This type of litigation, if instituted, could result in substantial costs and a diversion of management's attention and resources, which could have a material adverse effect on our business, financial condition, and results of operations.

***The ownership of our common stock is highly concentrated, and may become more so in the near future, which may prevent you and other stockholders from influencing significant corporate decisions and may result in conflicts of interest that could cause the company stock price to decline.***

David A. Jenkins, our Executive Chairman of the Board, and his affiliates and family members, beneficially own or control, in the aggregate, approximately 24.6% of our outstanding shares of common stock. In addition, if the outstanding shares of our Series X convertible preferred stock, or Series X Preferred Stock, qualify to convert into common stock on or after July 9, 2024, which will occur if we satisfy the initial listing standards of the New York American or another securities exchange or are delisted from the NYSE American, it is possible that David A. Jenkins and affiliates and family members will beneficially own more than 50% of our outstanding common stock. Accordingly, these persons have a substantial influence, and in the future may have de facto control, over the election of directors, any merger, consolidation or sale of all or substantially all of our assets or any other significant corporate transactions. These stockholders may also delay or prevent a change of control, even if such a change of control would benefit the other stockholders. This significant concentration of stock ownership may adversely affect the trading price of our common stock due to investors' perception that conflicts of interest may exist or arise, and may adversely affect the liquidity of our common stock. In addition, it is possible that after July 9, 2024, we will satisfy the controlled company provisions of the NYSE American, in which case the combined company would not be required to satisfy all of the corporate governance requirements of the NYSE American, including without limitation, requirements that a majority of the Board be independent and that the combined company have independent compensation and nominating committees. See "—In the near future, we may be a "controlled company" within the meaning of NYSE American rules and, as a result, we may qualify for, and may choose to rely on, exemptions from certain corporate governance requirements".

***In the future, we may be a "controlled company" within the meaning of NYSE American rules and, as a result, we may qualify for, and may choose to rely on, exemptions from certain corporate governance requirements.***

If the outstanding shares of our Series X Preferred Stock qualify to convert into common stock on or after July 9, 2024, which will occur if we satisfy the initial listing standards of the New York American or another securities exchange or are delisted from the NYSE American, it is possible that David A. Jenkins and affiliates will beneficially own more than 50% of our outstanding common stock. In that case, the Company will be a "controlled company" as defined in Section 801 of the NYSE American Company Guide. Under the NYSE American rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain NYSE American corporate governance requirements, including:

• the requirement that a majority of the Company's board of directors consists of independent directors;

• the requirement that the Company's directors must be nominated by a Nominating Committee composed by a majority of independent directors; and

• the requirement that executive compensation must be determined or recommended to the Company's board of directors for determination, by a Compensation Committee comprised of independent directors or by a majority of the independent directors on the Company's board.

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Accordingly, if we qualify as a controlled company, we will likely elect to be treated as such and our stockholders will not be afforded the same protections generally as stockholders of other NYSE American-listed companies.

***We are an emerging growth company and a smaller reporting company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies will make our common stock less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding nonbinding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years following the year in which we completed our initial public offering, or IPO, which would mean that we would lose our emerging growth company status at the beginning of 2024, although circumstances could cause us to lose that status earlier. We will remain an emerging growth company until the earlier of (i) the last day of the fiscal year (a) following the fifth anniversary of the completion of our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer, which requires the market value of our common stock that is held by non-affiliates to exceed $700.0 million as of the prior June 30th, and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

Even after we no longer qualify as an emerging growth company, we may still qualify as a "smaller reporting company" which may allow us to take advantage of many of the same exemptions from disclosure requirements including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock, and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this exemption and, therefore, we are not subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. As a result, changes in rules of U.S. generally accepted accounting principles, or GAAP, or their interpretation, the adoption of new guidance or the application of existing guidance to changes in our business could significantly affect our financial position and results of operations.

***Future sales and issuances of a substantial number of shares of our common stock or rights to purchase common stock by our stockholders in the public market could result in additional dilution of the percentage ownership of our stockholders and cause our stock price to fall.***

If our stockholders sell, or indicate an intention to sell, substantial amounts of our common stock in the public market, the trading price of our common stock could decline. As of March 20, 2023, we had 2,492,558 outstanding shares of our common stock and outstanding options to purchase up to 990 shares of our common stock. At our special meeting of stockholders held on March 21, 2023, our stockholders approved the conversion of 1,993.627 shares of our Series X Preferred Stock into 1,993,627 shares of our common stock. The remaining 12,655.965 shares of Series X Preferred Stock may be convertible into 12,655,965 shares of our common stock on or after July 9, 2024, in the event that we meet the initial listing standards of the NYSE American or another securities exchange or have been delisted from the NYSE American. Also at the special meeting, our stockholders authorized the issuance of 497,908 shares of our common stock and 7,203 shares of our convertible Series A preferred stock, which are convertible into up to 4,501,060 shares of our common stock, as well as the issuance of warrants described below.

In connection with our February 2022 equity offering, July 2022 warrant repricing and 2020 equity offerings, we issued warrants to investors and our placement agents and, in connection with the sale of the Dermatology Business in 2021, we issued a warrant to the broker. In connection with our January 2023 warrant repricing, we issued a warrant to purchase up to 331,608 shares of common stock at $4.00 per share. Pursuant to a private

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placement in January 2023, as approved by the stockholders at our March 21, 2023 special meeting of stockholders, we also issued warrants to purchase up to 9,998,186 shares of common stock at a purchase price of $3.00 per share. We had an aggregate of 11,148,855 warrants outstanding as of March 23, 2023. We have an effective shelf registration statement and had an ATM offering thereunder until January 18, 2022 and a second effective ATM offering thereunder from September 2, 2022 through October 7, 2022. During the year ended December 31, 2022, we sold 1,071,240 shares of common stock under the second ATM offering. No shares were sold under the first ATM offering during 2022. In addition, pursuant to our 2018 Equity Incentive Plan, or 2018 Plan, equity incentive awards representing up to an aggregate of 8,552 shares of our common stock were available for issuance to our employees, directors and consultants as of December 31, 2022. The 2018 Employee Stock Purchase Plan, or ESPP, was paused after the end of the contribution period in May 2022. No shares were available for sale under the ESPP as of December 31, 2022. Both the 2018 Plan and the ESPP include an "evergreen" provision that provides for an annual increase in the number of shares available for future grant or sale each year, as applicable, as determined by our board of directors. During the first quarter of 2020, we adopted the 2020 Inducement Equity Incentive Plan, or the 2020 Plan, for the purpose of attracting, retaining and incentivizing employees in furtherance of our success. As of December 31, 2022, 181 shares were available for issuance under the 2020 Plan. We assumed options to purchase 753,694 shares in connection with the merger with Catheter. If these additional shares of common stock are issued and sold, or if it is perceived that they will be sold, in the public market, this could result in additional dilution and the trading price of our common stock could decline.

Further, SEC regulations limit the amount of funds we can raise during any 12-month period pursuant to our shelf registration statement on Form S-3. We are currently subject to General Instruction I.B.6 to Form S-3, or the Baby Shelf Rule, and the amount of funds we can raise through primary public offerings of securities in any 12-month period using our registration statement on Form S-3 is limited to one-third of the aggregate market value of the voting and non-voting common equity held by non-affiliates. We are currently limited by the Baby Shelf Rule as of the filing of this Annual Report, until such time as our public float exceeds $75 million. If we are required to file a new registration statement on another form, we may incur additional costs and be subject to delays due to review by SEC staff.

Further, additional capital may be needed in the future to continue our planned operations, including commercialization efforts, expanded research and development activities and costs associated with operating a public company. To raise capital, we may sell common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner, we determine from time to time. If we sell common stock, convertible securities or other equity securities, investors may be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights, preferences and privileges senior to the holders of our common stock.

***Anti-takeover provisions under our charter documents and Delaware law could delay or prevent a change of control which could limit the market price of our common stock and may prevent or frustrate attempts by our stockholders to replace or remove members of our board of directors or our current management and may adversely affect the market price of our common stock.***

Our certificate of incorporation and bylaws contain provisions that could delay or prevent a change of control of our company or changes in our board of directors that our stockholders might consider favorable. Some of these provisions include:

• our board of directors is divided into three classes serving staggered three-year terms, such that not all members of the board is elected at one time, which could delay the ability of stockholders to change the membership of a majority of our board of directors;

• the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;

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• a prohibition on stockholder action through written consent, which requires that all stockholder actions be taken at an annual or special meeting of our stockholders;

• a requirement that special meetings of stockholders be called only by the chairperson of the board of directors, the chief executive officer or president (in the absence of a chief executive officer) or a majority vote of our board of directors, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors;

• the requirement for the affirmative vote of holders of at least 66 2/3% of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to amend the provisions of our certificate of incorporation relating to the issuance of preferred stock and management of our business or our bylaws, which may inhibit the ability of an acquirer to affect such amendments to facilitate an unsolicited takeover attempt;

• the ability of our board of directors, by majority vote, to amend our bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and

• advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders' meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

In addition, because we are now incorporated in Delaware, we are governed by the provisions of Section 203 of the Delaware General Corporate Law, which may prohibit certain business combinations with stockholders owning 15% or more of our outstanding voting stock. These anti-takeover provisions and other provisions in our certificate of incorporation and bylaws could make it more difficult for stockholders or potential acquirers to obtain control of our board of directors or initiate actions that are opposed by the then-current board of directors and could also delay or impede a merger, tender offer or proxy contest involving our company. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing or cause us to take other corporate actions you desire. Any delay or prevention of a change of control transaction or changes in our board of directors could cause the market price of our common stock to decline.

***Our certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the U.S. are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our certificate of incorporation further provides that the federal district courts of the U.S. is the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. The enforceability of similar exclusive federal forum provisions in other companies' organizational documents has been challenged in legal proceedings, and while the Delaware Supreme Court has ruled that this type of exclusive federal forum provision is facially valid under Delaware law, there is uncertainty as to whether other courts would enforce such provisions and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

These exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find either

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exclusive forum provision in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could have a material adverse effect on our business, financial condition, and results of operations.

***We are subject to the continued listing requirements of the NYSE American. If we are unable to comply with such requirements, our common stock would be delisted from the NYSE American, which would limit investors' ability to effect transactions in our common stock and subject us to additional trading restrictions.***

Shares of our common stock are currently listed on the NYSE American. In order to maintain our listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of stockholders' equity and a minimum number of public stockholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer if, in its opinion, the issuer's financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; if the issuer sells or disposes of principal operating assets or ceases to be an operating company; if an issuer fails to comply with the NYSE American's listing requirements; if an issuer's common stock sells at what the NYSE American considers a "low selling price" (generally trading below $0.20 per share for an extended period of time); or if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable. On August 31, 2022, we received a deficiency letter from the NYSE American indicating that we were not in compliance with Section 1003(f)(v) of the NYSE American Company Guide, because shares of our common stock have been selling for a low price per share for a substantial period time. We have since regained compliance with this Section, but there can be no guarantee that our stock price will not fall below the required levels again.

If the NYSE American delists our shares of common stock from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our common stock would qualify to be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

• a limited availability of market quotations for our securities;

• reduced liquidity for our securities;

• a determination that our common stock is a "penny stock" which will require brokers trading in our common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

• a limited amount of news and analyst coverage;

• a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because our shares of common stock are listed on the NYSE American, our shares of common stock qualify as covered securities under such statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. If we were no longer listed on the NYSE American, our securities would not be covered securities and we would be subject to regulation in each state in which we offer our securities.

#### We have not paid dividends in the past and have no immediate plans to pay dividends.
We plan to reinvest all of our earnings, to the extent we have earnings, in order to market our products and to cover operating costs and to otherwise become and remain competitive. We do not plan to pay any cash dividends with respect to our securities in the foreseeable future. We cannot assure you that we would, at any time, generate sufficient surplus cash that would be available for distribution to the holders of our common stock as a dividend.

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| **ITEM 1B.**  | **UNRESOLVED STAFF COMMENTS** |

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None.

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|:---|:---|
| **ITEM 2.**  | **PROPERTIES** |

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Our manufacturing, inventory and order fulfillment activities are performed in our approximate 2,000 square foot headquarters facility in Fort Mill, South Carolina under a lease that expires in January 2026. We conduct administrative and accounting activities in an approximate 1,100 square foot facility in Budd Lake, New Jersey under a lease that expires in December 2024.

We believe that our existing facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.

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| **ITEM 3.** | **LEGAL PROCEEDINGS** |

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*Securities Class Action*

On June 7, 2019, a putative securities class action complaint captioned *Derr v. Ra Medical Systems, Inc., et al,* (Civil Action no. 19CV1079 LAB NLS) was filed in the U.S. District Court for the Southern District of California against the Company, certain current and former officers and directors, and certain underwriters of the Company's initial public offering. Following the appointment of a lead plaintiff and the filing of a subsequent amended complaint, the lawsuit alleges that the defendants made material misstatements or omissions in the Company's registration statement in violation of Sections 11 and 15 of the Securities Act of 1933, or the Securities Act, and between September 27, 2018 and November 27, 2019, inclusive, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, or the Exchange Act. On March 11, 2020, lead plaintiffs voluntarily dismissed the underwriter defendants without prejudice. On March 13, 2020, defendants filed a motion to dismiss the amended complaint. On March 24, 2021, the court issued an order granting defendants' motion to dismiss claims under the Securities Act in full and certain claims under the Exchange Act and denying defendants' motion to dismiss certain Exchange Act claims. Plaintiffs filed their second amended complaint on April 19, 2021, realleging the Securities Act claims and certain of the previously dismissed Exchange Act claims. On June 10, 2021, defendants moved to dismiss the second amended complaint. On November 12, 2021, following a private settlement mediation with the lead plaintiffs, the parties executed a stipulation of settlement that resolved the claims asserted in the securities class action. The settlement provides for a payment to the plaintiff class of $10.0 million. On March 18, 2022, the Company paid approximately $0.6 million towards the settlement to satisfy its self-insured retention/deductible. The Company's insurers paid the remainder of the settlement. The proposed settlement required both preliminary and final approval by the court. On February 11, 2022, the court granted preliminary approval of the settlement, scheduled a hearing on final approval of the settlement and denied the pending motion to dismiss without prejudice. On May 2, 2022, plaintiffs filed a motion for final approval of the settlement and plan of allocation, and lead counsel filed a motion for an award of attorneys' fees and reimbursement of litigation expenses. On September 23, 2022, the court granted final approval of the settlement, certified the settlement class, granted in part lead counsel's motion for an award of attorneys' fees and reimbursement of litigation expenses, dismissed plaintiffs' claims with prejudice, and entered final judgment.

*Shareholder Derivative Litigation*

On October 1, 2019, a shareholder derivative complaint captioned *Noel Borg v. Dean Irwin, et al* (Civil Action no. 1:99-cm-09999) was filed in the U.S. District Court for the District of Delaware against certain current and former officers and directors, purportedly on behalf of the Company, which is named as a nominal defendant in the action. The complaint alleges breaches of fiduciary duty, unjust enrichment, waste, and violations of Section 14(a) of the Exchange Act. On October 21, 2019, pursuant to the parties' stipulation, the court stayed the derivative lawsuit until the related class action is resolved. On November 10, 2022, the plaintiff filed a notice voluntarily dismissing the case without prejudice.

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*Settlement Agreements with the Department of Justice and Participating States* 

On December 28, 2020, the Company entered into a settlement agreement with the U.S., acting through the DOJ and on behalf of the OIG, and other settlement agreements with certain state attorneys general, collectively the Settlement Agreements, to resolve investigations and a related civil action concerning its marketing of the DABRA laser system and DABRA-related remuneration to certain physicians. Pursuant to the terms of the Settlement Agreements, (a) if the Company's revenue exceeds $10 million in any of fiscal years 2021-2024, the Company also is required to pay for the corresponding year: $500,000 for 2021, $750,000 for 2022, $1 million for 2023, and $1.25 million for 2024; (b) if the Company is acquired or is otherwise involved in a change in control transaction before the end of 2024, the Company was required to pay an additional settlement amount of $5 million, plus 4% of the value attributed to the Company in the transaction, so long as the attributed value is in excess of $100 million, with the total change in control payment never to exceed $28 million; and (c) if the Company's obligations under the Settlement Agreement are avoided by bankruptcy, the U.S. may rescind the releases and bring an action against the Company in which the Company agrees is not subject to an automatic stay, is not subject to any statute of limitations, estoppel or laches defense, and is a valid claim in the amount of $56 million, minus any prior change in control payments. As a result of the merger with Catheter Precision, Inc., the Company made payments of $4.7 million and $0.3 million to the DOJ and participating states, respectively, in February 2023.

*Filing of Complaint*

On September 29, 2022, a purported stockholder of the Company filed a complaint captioned *David Nguyen v. Ra Medical Systems, Inc. et al.* (Civil Action no. 3:22-cv-01470-BEN-MSB) in the U.S. District Court for the Southern District of California against us and our current directors. The complaint alleges violations of Sections 14(a) and 20(a) of the Exchange Act based on alleged deficiencies in our preliminary proxy, filed with the SEC on September 23, 2022. On February 7, 2023, plaintiff filed a notice voluntarily dismissing the case without prejudice.

*Other Litigation*

In the normal course of business, we are at times subject to pending and threatened legal actions. In management's opinion, any potential loss resulting from the resolution of these matters will not have a material effect on our results of operations, financial position or cash flows.

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| **ITEM 4.** | **MINE SAFETY DISCLOSURES** |

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Not applicable.

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#### PART II — FINANCIAL INFORMATION

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|:---|:---|
| **ITEM 5.** | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |

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#### Market Information and Holders
Our common stock is traded on the NYSE American under the symbol "RMED."

On March 23, 2023, the last reported sales price of our common stock was $1.42 and, according to our transfer agent, as of March 23, 2023, there were 57 record holders of our common stock. The actual number of stockholders is greater than the number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust or by other entities.

#### Dividend Policy
We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on, among other factors, our financial condition, operating results, capital requirements, general business conditions, the terms of any future credit agreements and other factors that our board of directors may deem relevant.

#### Recent Sales of Unregistered Securities
None.

#### Use of Proceeds
None.

#### Recent Repurchases of Equity Securities
None.

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|:---|:---|
| **ITEM 6.** | **[Reserved]** |

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|:---|:---|
| **ITEM 7.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |

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*Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the Risk Factors contained in Item 1A, before making an investment decision. The risks and uncertainties described in this Annual Report on Form 10-K may not be the only ones we face. If any of the risks actually occur, our business, financial condition, operating results, cash flows and prospects could be materially and adversely affected. In that event, the market price of our common stock could decline, and you could lose part or all of your investment. Refer to the Current Report on Form 8-K filed on March 28, 2023 for management's discussion and analysis of financial condition and results of operations for Catheter Precision, Inc.'s historical financial results.*

#### Overview
Ra Medical Systems, Inc., or Ra Medical, was incorporated in Delaware in July 2018. Ra Medical was initially formed to develop, commercialize and market its advanced excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases.

On January 9, 2023, Ra Medical entered into the Amended and Restated Agreement and Plan of Merger, or the Merger Agreement, with Catheter Precision, Inc., or Catheter, a privately held Delaware corporation. Under the terms of the Merger Agreement, Catheter became a wholly owned subsidiary of Ra Medical, together referred to as the Company, in a stock-for-stock merger transaction, or the Merger.

*Pre-Merger Operations*

Prior to the Merger, Ra Medical owned intellectual property related to an advanced excimer laser-based platform for use in the treatment of vascular immune-mediated inflammatory diseases. The Destruction of Arteriosclerotic Blockages by laser Radiation Ablation, or DABRA, laser and single-use catheter, together referred to as the DABRA Excimer Laser System or DABRA, was developed as a tool in the treatment of Peripheral Artery Disease which commonly occurs in the legs. Ra Medical also previously marketed the Pharos laser which was used to treat proliferative skin conditions. Ra Medical completed the sale of its Pharos laser business, or Dermatology Business, to STRATA Skin Sciences, Inc. on August 16, 2021. Accordingly, the financial information and results of operations of the Dermatology Business have been presented as discontinued operations for the year ended December 31, 2021.

As previously reported, the board of directors approved a reduction in force, or RIF, effective June 6, 2022, under which approximately 65% of Ra Medical's full-time employees were immediately terminated and provided one-time severance payments totaling approximately $0.6 million. In August and September 2022, an additional 20% of Ra Medical's employees were terminated and provided one-time severance payments totaling approximately $0.3 million. The purpose of the RIF was to preserve capital with the goal of maximizing the opportunities available to Ra Medical during the board of directors' review of strategic alternatives.

As a result of the RIF and the board of directors' review of strategic alternatives, Ra Medical paused all engineering activities in June 2022. On July 5, 2022, Ra Medical announced the receipt of FDA 510(k) clearance for the DABRA 2.0 catheter as part of the DABRA Excimer Laser System. This catheter includes a braided over jacket to make the catheter more robust and more kink-resistant when navigating tortuous anatomy. This catheter also has a six-month shelf life as a result of multiple design and manufacturing remediations implemented to address prior limitations. Ra Medical has ceased marketing the DABRA Excimer Laser System and does not intend to commercialize the DABRA 2.0 catheter.

As previously reported, Ra Medical's strategy was to pursue an atherectomy indication for use, which the FDA defines to include a prespecified improvement in luminal patency. Ra Medical received an Investigational Device Exemption, or IDE, approval in January 2020, and the study was approved for up to 10 clinical sites and 100 subjects. In February 2022, the FDA approved a protocol amendment, raising the enrollment limit from a maximum of 100 subjects to 125 subjects.

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On June 6, 2022, Ra Medical ceased enrollment in the atherectomy clinical study at 108 subjects, with the intent to satisfy the FDA's data requirements to support an atherectomy indication by completing the six-month follow-up by the end of 2022 or early 2023. However, due to the Merger, Ra Medical closed all clinical sites subsequent to the Merger in January 2023, and it has no plans to pursue the atherectomy indication with the FDA.

*Post-Merger Operations*

Looking forward, we do not expect to use our legacy DABRA-related assets or continue Ra Medical's legacy lines of business, but instead expect to shift the focus of our operations to Catheter's product lines. Accordingly, our current activities primarily relate to Catheter's historical business, which comprises the design, manufacture and sale of new and innovative medical technologies focused in the field of cardiac electrophysiology, or EP.

Our primary product is the View into Ventricular Onset System or VIVO™ System ("VIVO" or "VIVO System"). We are focused on the design, market development and usage adoption of our VIVO System by cardiac electrophysiologists to enhance their ability to diagnose and treat cardiac arrhythmias. We have completed development, received regulatory clearance, and initiated sales of the VIVO System in the U.S. and Europe.

Our business strategy is to become the leading medical imaging company in the field of cardiac electrophysiology, and we are dedicated to developing and delivering electrophysiology products to provide patients, hospitals, and physicians with novel technologies and solutions to improve the lives of patients with cardiac arrhythmias. We aim to establish VIVO as an integral tool used by cardiac electrophysiologists during ablation treatment of ventricular arrhythmias by reducing procedure time and patient complications and increasing procedural success.

We have been cleared to label the VIVO System with the CE Mark in the EU and certain other countries. The CE Mark designation, which affirms the product's conformity with European health, safety, and environmental protection standards, allows us to market that product in countries that are members of the EU and the European Free Trade Association. Catheter has commenced limited sales of the VIVO System in Europe and the UK through independent distributors. Catheter's international distributors are supported by two EU based full time and one part time employee.

We have received United States Food and Drug Administration, or FDA, clearance to market and promote the VIVO System in the United States as a pre-procedure planning tool for patients with structurally normal hearts undergoing ablation treatment for idiopathic ventricular arrhythmias. VIVO allows for the acquisition, analysis, display and storage of cardiac electrophysiological data and maps for analysis by a physician. We began a limited commercial launch of VIVO in 2021 and to date, VIVO has been utilized in more than 850 procedures in the U.S. and EU by over 30 physicians, with no reported device-related complications.

LockeT, a suture retention device, is a sterile, Class I product that was registered with the FDA in February 2023, at which time we began initial shipments to distributors. LockeT is indicated for wound healing by distributing suture tension over a larger area in the patient in conjunction with a figure of eight suture closure, and it is intended to temporarily secure sutures and aid clinicians in locating and removing sutures efficiently.

Clinical studies for LockeT are planned to begin during 2023. These studies are planned to show the product's effectiveness and benefits, including faster wound closure, earlier ambulation, potentially leading to early hospital discharge, and cost analysis. This data is intended to provide crucial data for marketing and to expand our indications for use with the FDA.

Prior to 2018, Catheter marketed the Amigo® Remote Catheter System, or the Amigo or Amigo System, which provides for accurate positioning, manipulation, and stable control of catheters for use by electrophysiologists in the diagnosis and treatment of abnormal heart rhythms known as cardiac arrhythmias. Amigo was designed for use during the ablation procedure, to allow the physician to remotely navigate standard commercially available catheters, with stability and precision, and maintains catheter locations within the heart while decreasing radiation exposure and avoiding long periods standing bedside in heavy protective lead aprons. Amigo was used in over 2,000 procedures in the U.S. and Europe and was well received by leading experts in the field of EP. We own the intellectual property related to Amigo, and this product is under consideration for future research and development of a generation 2 product.

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#### Recent Developments
*Conversion of Series X Preferred Stock* 

On March 21, 2023, we held a special meeting of stockholders, or Stockholders' Meeting, at which the stockholders approved, among other things, the issuance of 1,993,627 shares of our common stock upon the conversion of 1,993.627 of our Series X Preferred Stock which were issued upon the closing of the Merger. The remaining 12,655.965 shares of Series X Preferred Stock are expected to remain outstanding until at least July 9, 2024, and will convert thereafter into up to 12,655,965 shares of common stock, only if we meet the initial listing standards of the NYSE American or another national securities exchange or are delisted from the NYSE American.

*Warrant Inducement Offer*

On January 9, 2023, we reduced the exercise price of certain existing warrants, or the Existing Warrants, exercisable for 331,608 shares of Ra Medical common stock held by a certain investor, or the Investor, with exercise prices ranging from $14.00 to $526.50 per share to $4.00 per share, or the Warrant Repricing. In connection with the Warrant Repricing, we entered into a warrant inducement offer letter, or the Inducement Letter, with the Investor pursuant to which it exercised all of the 331,608 Existing Warrants, or the Inducement Offer. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, we received approximately $1.3 million in gross proceeds. We paid the placement agent aggregate cash fees of approximately $0.2 million related to the Inducement Offer which represented 8.0% of the gross proceeds received from the Inducement Offer plus other offering costs. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, we issued the Investor a new Series E common stock purchase warrant, or Series E Warrant, to purchase 331,608 shares of common stock at an exercise price of $4.00 per share. The Series E Warrant is exercisable for five years from the date of stockholder approval. Exercise of the Series E Warrant in full was approved by Ra Medical's stockholders at the Stockholders' Meeting.

*Securities Purchase Agreement*

On January 9, 2023, we entered into a Securities Purchase Agreement, or the Securities Purchase Agreement, for a private placement, or the Private Placement, with the Investor. Pursuant to the Securities Purchase Agreement, the Investor agreed to purchase, for an aggregate purchase price of approximately $8.0 million, (a) Class A Units at a price that is the lower of $3.00 per unit and 90% of the 5 day volume weighted average price of our common stock immediately prior to obtainment of the approval of the Company's stockholders of conversion of the PIPE Preferred Stock and PIPE Warrants (as each are defined below), each consisting of one share of common stock, one Series F Common Stock Purchase Warrant, or Series F Warrant, and one Series G Common Stock Purchase Warrant, or Series G Warrant, and together with the Series F Warrants the PIPE Warrants, and (b) Class B Units at a price of $1,000 per unit, each consisting of one share of a new series of the Company's preferred stock, designated as Series A Convertible Preferred Stock, par value $0.0001, or the PIPE Preferred Stock, and one Series F Warrant and one Series G Warrant for each share of the Company's common stock underlying the PIPE Preferred Stock, each share of which is convertible into a number of shares of the Company's common stock equal to $1,000 divided by the lower of $3.00 and 90% of the 5 day volume weighted average closing price of the Company's common stock immediately prior to the obtainment of the approval of the Company's stockholders of conversion of the PIPE Preferred Stock and PIPE Warrants, or the Preferred Conversion Rate. The closing under the Securities Purchase Agreement and the sale and issuance of the Class A Units and Class B Units (and the issuance of any underlying common stock) was approved at the Stockholders' Meeting. At the closing of the Private Placement, we issued 497,908 Class A Units for proceeds of approximately $0.8 million and 4,501,060 Class B Units for proceeds of approximately $7.2 million.

The PIPE Warrants are exercisable at an exercise price of $3.00 per share, subject to adjustments as provided under the terms of the PIPE Warrants. The PIPE Warrants are exercisable at any time on or after the closing date of the Private Placement until the expiration thereof, except that the PIPE Warrants cannot be exercised if, after giving effect thereto, the purchaser would beneficially own more than 4.99%, or the Maximum Percentage, of the outstanding shares of common stock of the Company, which Maximum Percentage may be increased or decreased by the purchaser with written notice to the Company to any other percentage specified not in excess of 9.99%. The Series F Warrants have a term of two years from the date of stockholder approval, and the Series G Warrants have a

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term of six years from the date of stockholder approval. Stockholder approval of the Series F Warrants and Series G Warrants was obtained at the Stockholders' Meeting.

Shares of PIPE Preferred Stock, the conversion of which was approved at the Stockholders' Meeting, convert into common stock at the option of the holder at the Preferred Conversion Rate, subject to certain ownership limitations as described below. The conversion price is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions.

Subject to limited exceptions, holders of shares of PIPE Preferred Stock will not have the right to convert any portion of their Preferred Stock if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or up to 9.99% at the election of the holder) of the number of shares of the Company's common stock outstanding immediately after giving effect to its conversion.

Holders of PIPE Preferred Stock will be entitled to receive dividends on shares of PIPE Preferred Stock equal, on an as-if-converted-to-common stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the PIPE Preferred Stock does not have voting rights. However, as long as any shares of PIPE Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the PIPE Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the PIPE Preferred Stock, (b) alter or amend the Certificate of Designation for the PIPE Preferred Stock, (c) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of PIPE Preferred Stock, (d) increase the number of authorized shares of PIPE Preferred Stock, or (e) enter into any agreement with respect to any of the foregoing. The PIPE Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. The holders of PIPE Preferred Stock shall be entitled to receive out of the assets, whether capital or surplus, of the Company the same amount that a holder of the Company's common stock would receive if the PIPE Preferred Stock were fully converted (disregarding for such purposes any conversion limitations) to the Company's common stock, which amounts will be paid pari passu with all holders of the Company's common stock.

The Company also entered into a registration rights agreement with the purchasers requiring the Company to register the resale of the shares of its common stock, the shares issuable upon exercise of the PIPE Warrants and the shares issuable upon the conversion of the PIPE Preferred Stock.

We intend to use the net proceeds from the Private Placement to advance the development and commercialization of our novel electrophysiology technologies and solutions and to support general corporate purposes.

*Settlement Agreements with the Department of Justice and Participating States*

On December 28, 2020, Ra Medical entered into a settlement agreement with the U.S., acting through the DOJ and on behalf of the OIG, and other settlement agreements with certain state attorneys general, collectively the Settlement Agreements, to resolve investigations and a related civil action concerning its marketing of the DABRA laser system and DABRA-related remuneration to certain physicians. Pursuant to the terms of the Settlement Agreements, if Ra Medical was acquired or was otherwise involved in a change in control transaction before the end of 2024, Ra Medical was required to pay a settlement amount of $5.0 million. As a result of the Merger, Ra Medical made payments of $4.7 million and $0.3 million to the DOJ and participating states, respectively, in February 2023. Such amounts were included in accrued expenses in the balance sheet at December 31, 2022.

#### Components of our Results of Operations for the Years Ended December 31, 2022 and 2021
*Net Revenues* 

Product sales revenues consisted of sales of catheters for use with the DABRA laser in our atherectomy clinical trials.

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*Cost of Revenues*

Cost of revenues for product sales consisted primarily of costs of components for use in our products, the labor used to produce our products, and the manufacturing overhead that supports production.

*Selling, General and Administrative Expenses*

Selling, general and administrative, or SG&A, expenses consisted of employee-related expenses, including salaries, benefits and stock-based compensation expense. Other SG&A expenses include professional services fees, including legal, audit and tax fees, insurance costs, general corporate expenses and facility-related expenses.

*Research and Development Expenses*

Research and development, or R&D, expenses were expensed as incurred and included the following:

• certain employee-related expenses, including salaries, benefits and stock-based compensation expense;

• cost of clinical studies to support new products and product enhancements, including expanded indications;

• supplies used for internal R&D and clinical activities; and

• cost of outside consultants who assist with technology development and clinical affairs.

*Restructuring Costs*

Restructuring costs consisted of all costs related to the RIF and the board of directors' decisions to stop enrollment in the clinical trial and cease manufacturing activities, including severance, impairment of long-term assets, inventory obsolescence, write-off of prepaid R&D supplies, and the termination of our operating lease agreement and a service contract.

#### Results of Operations for the Years Ended December 31, 2022 and 2021
The following table sets forth the results of Ra Medical's continuing and discontinued operations for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |  |
|  | **2022** | **2021** | **Change** |
| Net revenues | $14 | $22 | $(8) |
| Cost of revenues | 161 | 1560 | (1399) |
| Selling, general and administrative expenses | 16250 | 15475 | 775 |
| Research and development expenses | 6392 | 12253 | (5861) |
| Restructuring costs | 4172 |  | 4172 |
| Other income (expense), net | 99 | 2009 | (1910) |

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*Net Revenues*

The decrease of approximately $8,000 in net revenues for the year ended December 31, 2022 as compared to the prior year was due to decreased catheter unit sales as a result of the discontinuation of all manufacturing activities in June 2022 while we explored strategic options.

*Cost of Revenues*

The decrease of approximately $1.4 million in cost of revenues for the year ended December 31, 2022 as compared to the prior year was due to a decrease in catheter unit sales, the RIF and the discontinuation of all manufacturing activities in June 2022.

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*Selling, General and Administrative Expenses*

The increase of approximately $0.8 million in SG&A expenses for the year ended December 31, 2022 as compared to the prior year was due primarily to the increase in legal expenses of $4.6 million due to the $5.0 million settlement with the DOJ and participating states as a result of the Merger in January 2023, partially offset by decreases of $2.5 million and $1.4 million in personnel and consulting expenses and stock-based compensation, respectively, due to the RIF.

*Research and Development Expenses*

The decrease of approximately $5.9 million in R&D expenses for the year ended December 31, 2022 as compared to the prior year was primarily due to the RIF and the board of directors' decisions to pause all engineering activities, discontinue manufacturing activities and cease enrollment in the clinical trial, resulting in decreases of $4.0 million in personnel and consulting expenses, $1.5 million in R&D supplies expense, $0.2 million in stock-based compensation and $0.2 million in other costs, primarily facility costs.

*Restructuring Costs*

Restructuring costs of $4.2 million were incurred during the year ended December 31, 2022 due to the RIF and the board of directors' decisions to discontinue manufacturing activities and enrollment in the clinical trial. No such expenses were incurred in the prior year. See Note 14. *Restructuring and Impairment Charges* in the notes to financial statements for a summary of such costs.

*Other Income (Expense), Net*

The decrease of approximately $1.9 million in other income (expense), net for the year ended December 31, 2022 as compared to the prior year was primarily due to the $2.0 million gain on the forgiveness of the Paycheck Protection Program promissory note under the Coronavirus Aid, Relief and Economic Security Act during the year ended December 31, 2021.

#### Liquidity and Capital Resources
As of December 31, 2022, we had cash and cash equivalents of $15.9 million and an accumulated deficit of $205.1 million. Since Ra Medical's inception, its operations have been funded primarily through equity and debt financings. Management expects operating losses and negative cash flows to continue for the foreseeable future as we invest in our commercial capabilities. Accrued expenses of $7.5 million at December 31, 2022 are primarily related to the Merger with Catheter. Additional costs associated with the Merger paid during the year ended December 31, 2022 have substantially depleted our cash. During the year ended December 31, 2022, we implemented the RIF and terminated the lease for our administrative and manufacturing facility in Carlsbad, California. These actions, and other measures, have reduced costs associated with Ra Medical's operations. Following the Merger with Catheter in January 2023, we further reduced staff and other costs while assuming the operating costs of Catheter. We will continue to monitor our operating costs and seek to reduce our current liabilities. Such actions may impair our ability to proceed with certain strategic activities, and we may be unsuccessful at negotiating existing liabilities to our benefit. We believe our current cash reserves will be sufficient to fund the Company's operations for the next twelve months. If expected revenues are not adequate to fund our planned expenditures, or if we are unsuccessful at raising cash through future capital transactions, we may be required to reduce our spending rate to align with revenue levels and cash reserves, although there can be no guarantee that we will be successful in doing so.

As a public company, we incur and will continue to incur significant legal, accounting, insurance and other expenses. We expect legal and related expenses to remain high in the near term in connection with the legal proceedings discussed in Note 16. *Commitments and Contingencies* in the notes to the financial statements.

In January 2023, we raised gross proceeds of $1.3 million from the Warrant Repricing and signed the Securities Purchase Agreement for the Private Placement for $8.0 million. In March 2023, we completed the Private Placement and raised gross proceeds of $8.0 million. Although we have recently bolstered our liquidity resources, reduced expenses and now have revenue to mitigate our cash used in operations, we may not achieve expected

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revenue growth or maintain our current level of operating expenses. Accordingly, we may be required to raise additional cash through debt or equity transactions. We may not be able to secure financing in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity securities to raise additional funds, our existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of our existing stockholders.

Further, SEC regulations limit the amount of funds we can raise during any 12-month period pursuant to our shelf registration statement on Form S-3. We are currently subject to the Baby Shelf Rule and the amount of funds we can raise through primary public offerings of securities in any 12-month period using our registration statement on Form S-3 is limited to one-third of the aggregate market value of the voting and non-voting common equity held by non-affiliates. We are currently limited by the Baby Shelf Rule as of the filing of this Annual Report, until such time as our public float exceeds $75 million.

#### Cash Flows for the Years Ended December 31, 2022 and 2021
The following information reflects Ra Medical's cash flows for continuing operations and discontinued operations for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $(22568) | $(27625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investing activities | 21 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financing activities | 23361 | 14962 |
| Net change in cash and cash equivalents | $814 | $(8861) |

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*Net Cash Used in Operating Activities*

During the year ended December 31, 2022, net cash used in operating activities of $22.6 million consisted of a net loss of $26.9 million, partially offset by non-cash expenses of $3.8 million, consisting primarily of non-cash restructuring costs of $2.9 million and stock-based compensation and depreciation and amortization each of $0.4 million, partially offset by a non-cash gain of $0.1 million related to the write-off of our right-of-use asset and liability due to the termination of the lease for our manufacturing and office space. In addition, there was a net change in operating assets and liabilities of $0.5 million.

During the year ended December 31, 2021, net cash used in operating activities of $27.6 million consisted of a net loss of $25.1 million, non-cash gains of $6.0 million consisting of the gains on the sale of the Dermatology Business of $3.5 million, the extinguishment of the PPP promissory note of $2.0 million and the sale of fixed assets of $0.5 million, partially offset by non-cash expenses of $3.8 million consisting primarily of stock-based compensation and depreciation and amortization of $2.2 million and $1.6 million, respectively, and a net change in operating assets and liabilities of $0.3 million.

*Net Cash Provided by Investing Activities*

During the year ended December 31, 2022, net cash provided by investing activities of $21,000 consisted of proceeds from sales of property and equipment of approximately $38,000, partially offset by purchases of property and equipment of approximately $17,000.

During the year ended December 31, 2021, net cash provided by investing activities of $3.8 million consisted primarily of the net proceeds of $3.5 million from the sale of the Dermatology Business and $0.6 million in proceeds from the sales of equipment, partially offset by purchases of equipment of $0.3 million.

*Net Cash Provided by Financing Activities*

During the year ended December 31, 2022, net cash provided by financing activities of $23.4 million consisted primarily of net proceeds of $11.5 million from the issuance of common stock and warrants in the February 2022 offering, $7.4 million under our ATM offerings and $5.7 million from the exercises of warrants,

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partially offset by the payment of $1.2 million in offering costs during the year ended December 31, 2021, net cash provided by financing activities of $15.0 million consisted primarily of net proceeds of $15.2 million from our ATM offerings, partially offset by payments of $0.3 million on our financed equipment.

#### Off-Balance Sheet Arrangements
We do not engage in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, as a part of our ongoing business. Accordingly, we did not have any off-balance sheet arrangements during any of the periods presented.

#### Ra Medical's Critical Accounting Policies and Estimates
The information set forth below relates to Ra Medical's critical accounting policies and estimates. Refer to the Current Report on Form 8-K filed on March 28, 2023 for information related to Catheter's critical accounting policies and estimates.

Management's discussion and analysis of Ra Medical's financial condition and results of operations is based on their financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of these financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We regularly evaluate estimates and assumptions related to provisions for legal contingencies, income taxes, deferred income tax, asset valuation allowances, valuation of warrant liabilities, share based compensation and revenues. Our estimates are based on current facts, historical experience and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and any such differences may be material.

While our significant accounting policies are more fully described in the notes to our financial statements appearing elsewhere in this Annual Report on Form 10-K, we believe the following discussion addresses our most critical accounting policies, which are those that are most important to our financial condition and results of operations and require our most difficult, subjective and complex judgments.

*Accounting for Long-Lived Assets—Useful Lives*

We are required to make subjective assessments as to the useful lives of our property and equipment for purposes of determining depreciation expense that, if incorrectly estimated, could be material to our financial statements. Depreciation expense for our property and equipment is computed using the straight-line method over the estimated useful lives of our various assets of property and equipment. The most significant portion of our property and equipment represents the cost of our lasers which historically have been depreciated over an estimated useful life of 5 years. We review the expected useful lives of our assets on an ongoing basis and adjust, if necessary. See Note 2 to the financial statements for further discussion regarding depreciation of our lasers.

*Research and Development Expenses*

We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, we adjust the accrual accordingly. Services related to research and development projects are expensed as research and development costs at the time such costs are incurred.

*Clinical Trial Costs and Accruals*

We accrue clinical trial costs based on work performed. In determining the amount to accrue, we rely on estimates of total costs incurred based on enrollment, the completion of clinical trials and other events. We follow this method because we believe reasonable dependable estimates of the costs applicable to various stages of a clinical trial can be made. However, the actual costs and timing of clinical trials are highly uncertain, subject to risks and may change depending on a number of factors. Differences between the actual clinical trial costs and the

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estimated clinical trial costs that we have accrued in any prior period are recognized in the subsequent period in which the actual costs become known. Historically, our estimated accrued expenses have approximated actual expenses incurred; however, material differences could occur in the future.

*Stock-Based Compensation* 

We calculate the cost of awards of equity instruments based on the grant date fair value of the awards issued to employees, members of our board of directors and nonemployee consultants using the Black-Scholes option pricing valuation model, or Black-Scholes model, which incorporates various assumptions including volatility, expected term and risk-free interest rate. The expected term of the options is the estimated period of time until exercise and was determined using the SEC's safe harbor rules, using an average of vesting and contractual terms, as we did not have sufficient historical experience of similar awards. Expected stock price volatility is based on historical volatilities of certain "guideline" companies, as the Company does not have sufficient historical stock price data. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent term. The estimated fair value of stock-based compensation awards is amortized on a straight-line basis over the relevant vesting period, adjusted for actual forfeitures at the time they occur.

#### Jobs Act Accounting Election
An emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption and, therefore, we are not subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

#### New Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

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| **ITEM 7A.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |

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We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, inflation and foreign currency fluctuations. Information relating to quantitative and qualitative disclosures about these market risks is described below. We do not hold or issue financial instruments for trading purposes.

#### Interest Rate Sensitivit y
We had cash and cash equivalents of $15.9 million as of December 31, 2022. The goals of our investment policy are liquidity and capital preservation; we do not enter into investments for trading or speculative purposes. We believe that we do not have any material exposure to changes in the fair value of these assets as a result of changes in interest rates due to the short-term nature of our cash and cash equivalents. A hypothetical 10% relative change in interest rates during any of the periods presented would not have had a material impact on our financial statements.

#### Inflation Risk
We do not believe that inflation has had a material effect on our business, results of operations, or financial condition. Nonetheless, if our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs. Our inability or failure to do so could harm our business, results of operations, or financial condition.

#### Foreign Currency Exchange Risk
We use the U.S. dollar as our functional currency, and initially measure the foreign currency denominated in assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates.

To date, Catheter has incurred minor foreign currency transaction realized gains and losses related to its European activities. As Catheter's international operations grow, foreign currency exchange risk may become a factor, and Catheter will reassess its approach to managing the risks relating to fluctuations in currency rates at that time.

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|:---|:---|
| **ITEM 8.** | **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** |

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Our financial statements and supplementary data required by this item are set forth at the pages indicated in Item 15.

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| | |
|:---|:---|
| **ITEM 9.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** |

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None.

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| | |
|:---|:---|
| **ITEM 9A.** | **CONTROLS AND PROCEDURES** |

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Our management, with the participation of our Chief Executive Officer and interim Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, as of December 31, 2022. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives of ensuring that information we are required to disclose in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and interim Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures, and is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based upon our evaluation, our Chief Executive Officer and interim Chief Financial Officer concluded that, as of December 31, 2022, our disclosure controls and procedures were effective at the reasonable assurance level.

#### Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Management's Annual Report on Internal Control Over Financial Reporting and Attestation Report of the Registered Public Accounting Firm
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on the assessment, management has concluded that its internal control over financial reporting was effective as of December 31, 2022 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Our independent registered public accounting firm, Haskell & White LLP, is not required to and has not issued an attestation report as of December 31, 2022 due to a transition period established by the rules of the SEC for newly public companies that have not lost their "emerging growth company" status as defined in the JOBS Act.

#### Inherent Limitations on Effectiveness of Controls
Management recognizes that a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any

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system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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| | |
|:---|:---|
| **ITEM 9B.** | **OTHER INFORMATION** |

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None.

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| | |
|:---|:---|
| **ITEM 9C.** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** |

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None.

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#### PART III

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| | |
|:---|:---|
| **ITEM 10.** | **DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** |

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#### Composition of the Board
Our business and affairs are managed under the direction of our board of directors, or the Board, which currently consists of five members, four of which are "independent" under NYSE American listing standards. Our bylaws provide that the number of directors will be fixed from time to time by resolution of the Board. All directors hold office until their successors have been elected and qualified or until their earlier death, resignation, disqualification or removal. We have divided the terms of office of the directors into three classes with staggered three year terms: Class I, whose term expires at the 2025 Annual Meeting of Stockholders; Class II, whose term expires at the 2023 Annual Meeting of Stockholders; and Class III, whose term expires at the 2024 Annual Meeting of Stockholders.

#### Information about the Board of Directors
The following table sets forth the names, ages as of March 23, 2023, and certain other information regarding each member of the Board. The following information has been furnished to us by the directors.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Director**<br> **Since** | **Current**<br> **Term**<br> **Expires** |
| &nbsp;&nbsp; Jonathan Will McGuire<br> I | 60 | Chief Executive Officer & Director | 2020 | 2025 |
| &nbsp;&nbsp; David A. Jenkins<br> II | 65 | Chairman of the Board of Directors | 2023 | 2023 |
| &nbsp;&nbsp; Martin Colombatto<br> II | 64 | Director | 2017 | 2023 |
| &nbsp;&nbsp; Susanne Meline<br> III | 55 | Director | 2021 | 2024 |
| &nbsp;&nbsp; James Caruso<br> III | 62 | Director | 2023 | 2024 |

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***Jonathan Will McGuire has served as the Chief Executive Officer and a director of Ra Medical since March 2020. From August 2015 through March 2020, Mr. McGuire served as President and CEO of Second Sight Medical Products (Nasdaq: EYES), a developer, manufacturer and marketer of implantable visual prosthetics to treat blindness where he remains on the board as a director and serves on the special committee for strategy. Prior to Second Sight Medical Products, Mr. McGuire held leadership positions at Volcano Corporation, including President of Americas Commercial and Senior Vice President and General Manager of Coronary Imaging, Systems and Program Management. Prior to that, Mr. McGuire served as Vice President and General Manager of Patient Monitoring at Covidien, and President and Chief Executive Officer at AtheroMed, Inc., a venture capital-backed peripheral atherectomy company. For approximately five years, Mr. McGuire served as Chief Operating Officer for Spectranetics Corporation, a publicly traded medical device company with laser-based atherectomy products for treating peripheral and coronary arterial disease. Earlier in his career, Mr. McGuire held senior management positions at Guidant Corporation, including General Manager of Latin America, Director of U.S. and Global Marketing for Vascular Intervention, and Production Manager for Coronary Stents. Mr. McGuire also held positions in Finance and Production at IVAC Medical Systems. Mr. McGuire has also served on the board of AdvaMed Accel since December 2019. Mr. McGuire received an engineering degree from the Georgia Institute of Technology, and his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. We believe that Mr. McGuire is qualified to serve as a director because of his extensive knowledge of our industry and his prior and current experience as a senior officer of medical device companies.***

***David A. Jenkins has spent most of his career as an entrepreneur in the medical device industry, and has established numerous companies including Catheter, where he currently serves as the CEO and as Chairman of Catheter's Board. He has been Chairman of the Board of Catheter since Catheter's inception in 2006 and has served as CEO of Catheter since December 2020. His prior experience includes having served as Chairman and CEO of Arrhythmia Research and overseeing the introduction to the market of Cardiolab, the first dual monitor, 32 channel electrophysiology recording system. This technology was later acquired by General Electric and continues to be sold into the market place today. Another of Mr. Jenkins' companies, EP MedSystems, Inc., was sold to St. Jude Medical, Inc., now part of Abbott, for approximately $93 million in 2008. Mr. Jenkins also founded and served as the CEO of Transneuronix, Inc., a maker of implantable stimulators for the treatment of weight loss, which was later sold to Medtronic for $267 million in 2005. Mr. Jenkins holds a degree in accounting from the University of Kansas,***

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***and a master's degree in business from the University of Texas, Austin. He began his career in public accounting with Coopers and Lybrand. We believe that Mr. Jenkins is qualified to serve as a director because of his extensive experience in the medical device industry.***

***Martin Colombatto has served as a director of Ra Medical since January 2017. Mr. Colombatto has served as a Venture and Industry Partner of Seven Peaks Ventures LLP, a venture capital fund based in Bend, OR, since January 2016. From December 2013 to August 2014, Mr. Colombatto served as a director of PLX Technology, Inc., a technology company. Mr. Colombatto has also served as the Chief Executive Officer and President of Staccato Communications, Inc., an Ultra-Wideband semiconductor company, from January 2006 to March 2009 and as Executive Chairman of Staccato Communications, Inc., from January 2006 to September 2010. Prior to joining Staccato, Mr. Colombatto served as Vice President and General Manager of the Networking Business unit of Broadcom Corp., a broadband communication semiconductor company, from July 1996 to July 2002. Mr. Colombatto was also previously employed by LSI Logic, an application specific semiconductor company, from August 1987 to July 1996. Mr. Colombatto also previously held engineering positions at Reliance Electric, a production automation and control company, from August 1985 to June 1987 and Texas Instruments, an electronics company, from June 1982 to April 1985. Mr. Colombatto holds a Bachelor of Science degree in Electronic Engineering Technology from California State Polytechnic University, Pomona. We believe that Mr. Colombatto is qualified to serve as a member of our board of directors due to his extensive management experience and familiarity with our business and strategy.***

***Susanne Meline has served as a director of Ra Medical since January 2021. Ms. Meline co-founded Francis Capital Management ("FCM"), a value-based investment advisor, where she serves as the firm's special situations advisor. She previously worked as an investment banker with Houlihan Lokey, a global investment bank serving corporations, institutions, and governments worldwide and also practiced law in the corporate group of Jones Day, an international law firm that provides legal advisory services across multiple disciplines and jurisdictions. Ms. Meline is a Certified Director through the UCLA Anderson School of Management, a Board Leadership Fellow for the National Association of Corporate Directors (the "NACD") and holds a CERT Certificate in Cybersecurity Oversight from the NACD and Carnegie Mellon University Software Engineering Institute. Ms. Meline received a B.A. from UCLA, and a J.D. from the UC Hastings College of the Law. She currently serves on the board of directors of ClearSign Technologies Corporation (NASDAQ:CLIR) where she is the Lead Independent Director and Chair of the Compensation Committee and has also served on the board of directors of Finomial Corporation and AquaMetals Corporation. We believe that Ms. Meline is qualified to serve as a director because of her extensive knowledge of capital markets, her experience in identifying business and financial opportunities, and her experience as a board member at other public companies.***

***James Caruso has held senior level financial positions in both public and private companies for more than 40 years, including serving as Chief Financial Officer at several publicly traded and privately held medical device companies. He has managed all financial aspects of businesses and is proficient in SEC reporting and compliance requirements. Mr. Caruso also has extensive operational experience and has led post-acquisition business integration activities on several occasions. Mr. Caruso served as Chief Financial Officer of Catheter Precision from 2010 through 2016. Mr. Caruso also served as Chief Financial Officer of EP MedSystems, Inc. (NASDAQ:EPMD), a company focused on cardiac electrophysiology that was acquired by St Jude Medical in 2008; Hi-Tronics Designs, Inc., a privately held medical device design and manufacturing company that was acquired by Advanced Neuromodulation Systems, Inc. in 2001; and Micron Products, Inc., a publicly traded medical device manufacturing company that was acquired by Arrhythmia Research Technology in 1991. Mr. Caruso spent five years in the audit practice at Deloitte (formerly Deloitte & Touche). Mr. Caruso received his Bachelor of Science in Business Administration from Rutgers University and an MBA from Fordham University and is a Certified Public Accountant. We believe that Mr. Caruso is qualified to serve as a director because of his senior level financial experience with public and private companies.***

#### Audit Committee
The members of our Audit Committee are Susanne Meline and James Caruso. Mr. Caruso serves as the chairperson of our Audit Committee. The Board has determined that each member of the Audit Committee is an independent director under the NYSE American listing rules, satisfies the additional independence criteria for audit committee members and satisfies the requirements for financial literacy under the NYSE American listing rules and Rule 10A-3 of the Exchange Act, as applicable. The Board has also determined that Mr. Caruso qualifies as an audit committee financial expert within the meaning of the applicable rules and regulations of the SEC and satisfies the financial sophistication requirements of the NYSE American listing rules.

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#### Corporate Governance Principles and Code of Ethics and Conduct
The Board has adopted corporate governance principles. These principles address items such as the qualifications and responsibilities of our directors and director candidates and corporate governance policies and standards applicable to us in general. In addition, the Board has adopted a written code of ethics and conduct that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of our corporate governance principles and code of ethics and conduct are available on our website, *www.ramed.com*, under the Investor Relations tab under "Governance", then "Governance Documents." If the Board makes any substantive amendments to, or grants any waivers from, the code of ethics and conduct for any officer or director, it will disclose the nature of such amendment or waiver on the Company's website.

#### Director Compensation
The Board has retained Radford Aon, a national compensation consultant, to provide an analysis of market data compiled from certain comparable public companies and assistance in determining compensation of directors. In developing the current Outside Director Compensation Policy, the Compensation Committee gathered and reviewed board compensation data from the National Association of Corporate Directors, as well as for various publicly traded companies that the compensation committee believes to be similar to the Company in some respect, taking into consideration market capitalization, number of employees, amount of revenue, net cash used or generated in operations and the industries in which such companies operate. In addition, the compensation committee evaluated the Company's resources, including the number of shares remaining in its 2018 Equity Incentive Plan in determining the appropriate form of payment of such compensation.

This Outside Director Compensation Policy currently provides that each non-employee director is entitled to receive the following cash compensation for their services, or Retainer Cash Payments, as follows:

• $50,000 retainer per year for each non-employee director;

• $25,000 retainer per year for service as non-employee chairman of the board of directors;

• $25,000 retainer per year for service as lead non-employee director;

• $20,000 retainer per year for the chairman of the audit committee or $10,000 retainer per year for each other member of the audit committee;

• $10,000 retainer per year for the chairman of the compensation committee or $7,000 retainer per year for each other member of the compensation committee; and

• $8,500 retainer per year for the chairman of the nominating and corporate governance committee or $4,500 retainer per year for each other member of the nominating and corporate governance committee.

Retainer Cash Payments will be paid in cash on or about the last day of each fiscal quarter of the Company in arrears to each outside director as well as to each former Outside Director who served for one or more days during such fiscal quarter on a prorated basis.

Notwithstanding the foregoing, the Board may elect, prior to the first day of any fiscal year, to convert Retainer Cash Payments related to services performed by outside directors during such fiscal year into equity awards, taking into consideration the Company's available cash and equity resources under its stock compensation plans, or Retainer Award. If granted, such Retainer Awards will be granted automatically on the first trading day on or after the 5th day of the month immediately following the end of the fiscal quarter for which the corresponding Retainer Cash Payments were earned, subject to the applicable outside director remaining an outside director through such date. Each Retainer Award will be fully vested on the applicable Retainer Award grant date, and will cover a number of shares having a value (calculated in accordance with the Black-Scholes option valuation methodology, or such other methodology as our board of directors or the compensation committee may determine) equal to the dollar value of the corresponding Retainer Cash Payments earned by the applicable outside director for the fiscal quarter to which the Retainer Award relates, rounded down to the nearest whole share.

Our Outside Director Compensation Policy also provides for the reimbursement of our non-employee directors for reasonable, customary and documented travel expenses to attend meetings of our board of directors and committees of our board of directors.

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Compensation for our non-employee directors is not limited to the equity awards and payments set forth in our Outside Director Compensation Policy. Our non-employee directors remain eligible to receive equity awards and cash or other compensation outside of the Outside Director Compensation Policy, as may be provided from time to time at the discretion of our board of directors. No such awards or payments were made in 2022.

The Compensation Committee is currently evaluating possible amendments to the Outside Director Compensation Policy for the year ended December 31, 2023.

#### 2022 Director Compensation Table
The following table sets forth information regarding compensation earned or paid to our non-employee directors during the year ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
|  | **Fees Earned or**<br> **Paid in Cash**<br> **($)** | **Stock**<br> **Awards**<br> **($)(1)** | **Total**<br> **($)** |
| Martin Colombatto | 89500 |  | 89500 |
| Richard Mejia, Jr. | 70000 |  | 70000 |
| Susanne Meline | 57000 |  | 57000 |
| Joan Stafslien | 68500 |  | 68500 |

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(1) No stock awards were granted to the directors during the year ended December 31, 2022.

See *Executive Compensation* for information about the compensation of Mr. McGuire, a director who is also an executive officer.

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| | |
|:---|:---|
| **ITEM 11.** | **EXECUTIVE COMPENSATION** |

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#### Processes and Procedures for Executive Compensation
The Compensation Committee assists the Board in discharging the Board's responsibilities relating to oversight of the compensation of the chief executive officer and other executive officers, including reviewing and making recommendations to the Board with respect to the compensation, plans, policies and programs for the chief executive officer and other executive officers and administering the equity compensation plans for executive officers and employees.

The Compensation Committee annually reviews the compensation, plans, policies and programs for the chief executive officer and other executive officers. In connection therewith, the Compensation Committee considers, among other things, each executive officer's performance in light of established individual and corporate goals and objectives and the recommendations of our chief executive officer. In particular, the Compensation Committee considers the recommendations of the chief executive officer when reviewing base salary and incentive performance compensation levels of the executive officers and when setting specific individual and corporate performance targets under the annual incentive bonus plan for the executive officers. While the chief executive officer provides input on his compensation, he does not participate in compensation committee or Board deliberations regarding his own compensation. The Compensation Committee may delegate its authority to a subcommittee, but it may not delegate any power or authority required by agreement, law, regulation or listing standard to be exercised by the Compensation Committee as a whole.

In January 2021, the Compensation Committee hired Radford Aon to serve as its compensation consultant. Radford Aon continues to serve at the discretion of the Compensation Committee. Radford Aon was engaged to assist in helping us determine the appropriate level of overall compensation for the directors and executive officers, as well as assess each separate element of compensation, with a goal of ensuring that the compensation offered to the directors and executive officers is competitive and fair. The Compensation Committee assessed the independence of Radford Aon taking into account, among other things, the enhanced independence standards and factors set forth in Exchange Act Rule 10C-1 and the applicable NYSE American listing standards and concluded that that there were no conflicts of interest with respect to the work that Radford Aon performed for the Compensation Committee. In addition, the Compensation Committee gathers and reviews executive compensation data from the National Association of Corporate Directors, as well as for various publicly traded companies that the Compensation Committee believes to be similar to the Company in some respect, taking into consideration market

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capitalization, number of employees, amount of revenue, net cash used or generated in operations and the industries in which such companies operate.

The named executive officers for 2022, which consist of the principal executive officer and the next two most highly compensated executive officers who were officers as of December 31, 2022, or who would have been one of our next two most highly compensated executive officers but for the fact that the individual was not serving as an executive officer as of December 31, 2022, were as follows:

• Will McGuire, Chief Executive Officer;

• Brian Conn, Interim Chief Financial Officer; and

• Andrew Jackson, former Chief Financial Officer and Secretary.

#### Summary Compensation Table
The following table provides information regarding the compensation of the chief executive officer, and each of the next two most highly compensated executive officers during 2022, together referred to as our "Named Executive Officers" or "NEOs", for 2022 and 2021, as applicable:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock**<br> **Awards ($)** | **Option**<br> **Awards ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** |  | **All Other**<br> **Compensation ($)** |  | **Total ($)** |
| Jonathan Will McGuire | 2022 | 500000 |  |  |  |  |  | 43953 | (2) | 543953 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chief Executive Officer and Secretary* | 2021 | 495192 |  |  |  | 375000 | (1) | 40933 | (2) | 911125 |
| Brian Conn<sup>(</sup><sup>3)</sup> | 2022 |  |  |  |  |  |  | 82500 | (4) | 82500 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interim Chief Financial Officer* |  |  |  |  |  |  |  |  |  |  |
| Andrew Jackson<sup>(</sup><sup>5)</sup> | 2022 | 185847 |  |  |  | 185000 | (6) | 16415 | (2) | 387262 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Former Chief Financial Officer and Secretary* | 2021 | 366709 |  |  |  | 138851 | (1) | 15141 | (2) | 520701 |

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(1) Amounts represent performance bonuses earned in 2021 and paid in March 2022.

(2) Amounts include Company matching contributions to the Named Executive Officers' 401(k) plan and taxable amounts from vested stock awards. In addition, for Mr. McGuire, this column includes amounts paid for a supplemental health insurance plan.

(3) Mr. Conn was hired as the Interim Chief Financial Officer effective July 14, 2022.

(4) Amount represents payments made in accordance with the Consulting Agreement with Mr. Conn dated May 25, 2022, and as amended effective August 10, 2022.

(5) Mr. Jackson served as our Chief Financial Officer and Secretary until his resignation on May 25, 2022.

(6) Amount represents severance pay that Mr. Jackson received upon his resignation on May 25, 2022.

#### Executive Employment Agreements and Arrangements

#### Will McGuire
The Company entered into an offer letter with Mr. McGuire dated March 9, 2020 which provided for at-will employment. The offer letter provided for an initial base salary of $500,000 and eligibility annually for a target cash bonus of 50% of his annual base salary, based on achieving performance objectives established by our board of directors or a committee of our board of directors. Mr. McGuire is also eligible for severance benefits, as more fully described in *Executive Change in Control and Severance Agreements* below.

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#### Andrew Jackson
The Company entered into a confirmatory employment letter with Mr. Jackson dated September 12, 2018, and effective as of the closing of our initial public offering. The confirmatory employment letter had no specific term and provided for at-will employment. The confirmatory employment letter provided for an initial base salary, effective on the closing of our initial public offering, of $348,000 and eligibility annually for a target cash bonus of 50% of his annual base salary, based on achieving performance objectives established by our board of directors or a committee of our board of directors. Mr. Jackson was also eligible for severance benefits, as more fully described in *Executive Change in Control and Severance Agreements* below.

#### Executive Change in Control and Severance Agreements
Our board of directors has approved a change in control and severance agreement for certain of our executive officers, including our named executive officers, which agreements provide for certain severance and change in control benefits as described below. Each change in control and severance agreement supersedes any prior agreement or arrangement the executive officer may have had with us that provides for severance and/or change in control payments or benefits.

The Company entered into a change in control and severance agreement with Mr. McGuire on March 30, 2020, or the Agreement, which has an initial term of three years, starting on the effective date of the Agreement. On the fifth anniversary of the effective date of the agreement, the agreement will renew automatically for additional one year terms unless either party provides the other party with written notice of nonrenewal at least one year prior to the date of automatic renewal. However, if a change in control (as defined in the applicable amendment dated January 9, 2023 to the Agreement) occurs when there are fewer than 12 months remaining during the initial term or during an additional term, the term of the change in control and severance agreement will extend automatically through the date that is 24 months following the date of the change in control.

If an executive officer's employment is terminated outside the period beginning three months before a change in control and ending 24 months following a change in control, or the Change in Control Period either (1) by the Company (or any of its subsidiaries) without "cause" (excluding by reason of death or disability) or (2) by the executive officer for "good reason" (as such terms are defined in the executive officer's change in control and severance agreement), the executive officer will receive the following benefits if he or she timely signs and does not revoke a release of claims in our favor:

• a lump-sum payment equal to: (1) 18 months for Mr. McGuire and (2) 12 months for Mr. Jackson, of the executive officer's annual base salary as in effect immediately prior to such termination (or if such termination is due to a resignation for good reason based on a material reduction in base salary, then as in effect immediately prior to the reduction);

• for Mr. McGuire, a lump sum payment equal to the pro-rata amount of the executive's annual bonus for the fiscal year in which the executive terminates employment, based on actual achievement and pro-rated based on the number of days the executive was employed by the Company during such year; and

• payment of premiums for coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or COBRA, for the executive officer and the executive officer's eligible dependents, if any, for up to: (1) 18 months for Mr. McGuire and (2) 12 months for Mr. Jackson, or taxable monthly payments for the equivalent period in the event payment of the COBRA premiums would violate or be subject to an excise tax under applicable law.

If, within the Change in Control Period, the executive officer's employment is terminated either (1) by the Company (or any of its subsidiaries) without cause (excluding by reason of death or disability) or (2) by the executive officer for good reason, the executive officer will receive the following benefits if he or she timely signs and does not revoke a release of claims in our favor.

• a lump-sum payment equal to: (1) 24 months for Mr. McGuire and (2) 12 months for Mr. Jackson of the executive officer's annual base salary as in effect immediately prior to such termination (or if such termination is due to a resignation for good reason based on a material reduction in base salary, then as in

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effect immediately prior to the reduction) or if greater, at the level in effect immediately prior to the change in control);

• a lump-sum payment equal to: (1) 150% for Mr. McGuire and (2) 100% for Mr. Jackson of the executive officer's target annual bonus as in effect for the fiscal year in which such termination occurs;

• payment of premiums for coverage under COBRA for the executive officer and the named executive officer's eligible dependents, if any, for up to: (1) 24 months for Mr. McGuire and (2) 12 months for Mr. Jackson, or taxable monthly payments for the equivalent period in the event payment of the COBRA premiums would violate or be subject to an excise tax under applicable law; and

• 100% accelerated vesting and exercisability of all outstanding equity awards and, in the case of an equity award with performance-based vesting, all performance goals and other vesting criteria generally will be deemed achieved at target.

If any of the amounts provided for under these change in control and severance agreements or otherwise payable to our named executive officers would constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code and could be subject to the related excise tax, the executive officer would be entitled to receive either full payment of benefits under his or her change in control or severance agreement or such lesser amount which would result in no portion of the benefits being subject to the excise tax, whichever results in the greater amount of after-tax benefits to the executive officer. The change in control and severance agreements do not require us to provide any tax gross-up payments.

Pursuant to Mr. McGuire's agreement, as amended in January 2023, he is entitled to receive a payment of approximately $1.8 million upon his ceasing to be an employee of the Company.

#### Severance Agreement with Mr. Jackson
On May 31, 2022, we entered into a severance agreement with Mr. Jackson under which he received a severance payment of $185,00 in June 2022.

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#### Outstanding Equity Awards at 202 2 Fiscal Year-End
The following table sets forth certain information concerning outstanding equity awards for our named executive officers at December 31, 2022:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name and Position** | **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options**<br> (Exercisable) (#) |  | **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options**<br> (Unexercisable) (#) | **Option**<br> **Exercise**<br> **Price ($/share)** | **Option**<br> **Expiration**<br> **Date** | **Number**<br> **of Shares**<br> **or Units**<br> **of Stock**<br> **That Have**<br> **Not Vested**<br> **(#)** |  | **Market**<br> **Value of**<br> **Shares or**<br> **Units of**<br> **Stock That**<br> **Have Not**<br> **Vested**<br> **($)(1)** |
| Jonathan Will McGuire | 254 | (2) | 105 | $1275 | 3/30/2030 | 36 | (3) | $212.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chief Executive Officer and Secretary* |  |  |  |  |  | 467 | (4) | $2750.63 |
| Brian Conn |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interim Chief Financial Officer* |  |  |  |  |  |  |  |  |
| Andrew Jackson (5) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Former Chief Financial Officer and Secretary* |  |  |  |  |  |  |  |  |

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(1) Market value of the unvested restricted stock awards identified in this column is based on a closing price of $5.89 per share of the Company's common stock as of December 30, 2022. These amounts do not correspond to the actual value that may be realized by the Named Executive Officer.

(2) One forty-eighth of the shares subject to the option vest monthly after March 30, 2020, subject to continued service.

(3) Restricted stock award ("RSA") vests and becomes non-forfeitable in six equal installments beginning November 20, 2020 and every six months thereafter for three years with full vesting on November 20, 2023. Vesting is subject to continued service.

(4) RSA vests and becomes non-forfeitable according to the following schedule: 50% of the shares underlying the RSA are subject to time-based vesting and vested or shall vest and become non-forfeitable as follows: one-third of the shares vested on November 20, 2021, and one-sixth of the shares vested or will vest on each May 20 and November 20 thereafter, such that 50% of the RSA will be fully vested by November 20, 2023. The remaining 50% of the shares underlying the RSA were subject to vesting based on certain performance milestones having been met by November 20, 2021. Since only one of the three performance milestones was met by November 20, 2021, only one-third of the remaining 50% of the shares vested or shall vest and become non-forfeitable as follows: one-third of the shares vested on November 20, 2021, and one-sixth of the shares vested or will vest on each May 20 and November 20 thereafter, such that the shares will be fully vested by November 20, 2023. Vesting is subject to continued service.

(5) Mr. Jackson resigned from the Company effective May 25, 2022, at which time all of his unvested outstanding equity awards were canceled. Mr. Jackson did not exercise his exercisable options within 90 days of his separation date. As such, the exercisable options were canceled.

#### Perquisites, Health, Welfare and Retirement Benefits
Our named executive officers are eligible to participate in our employee benefit plans, including our medical, dental, vision, group life, disability and accidental death and dismemberment insurance plans, in each case on the same basis as all of our other employees.

We generally do not provide perquisites or personal benefits to our named executive officers, except in limited circumstances and as noted in the Summary Compensation Table above. Our board of directors may elect to adopt qualified or non-qualified benefit plans in the future if it determines that doing so is in our best interests.

------

#### 401(k) Sav ings Plan
Prior to the Merger, Ra Medical maintained a tax-qualified retirement plan that provided eligible employees, including named executive officers, with an opportunity to save for retirement on a tax advantaged basis. All participants' interests in their deferrals were 100% vested when contributed. Pre-tax and after-tax contributions were allocated to each participant's individual account and were then invested in selected investment alternatives according to the participant's directions. Ra Medical, in its sole discretion, could make certain contributions to the plan. The 401(k) plan was intended to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code. As a tax-qualified retirement plan, contributions to the 401(k) plan and earnings on those contributions were not taxable to the employees until distributed from the 401(k) plan, and all contributions, if any, were deductible by Ra Medical when made. As a result of the Merger, the Company terminated the 401(k) Savings Plan and liquidated all assets in March 2023.

---

| | |
|:---|:---|
| **ITEM 12.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** |

---

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of March 23, 2023 by:

• each person, or group of affiliated persons, who we know to beneficially own more than 5% of our common stock;

• each of our named executive officers;

• each of our directors; and

• all of our executive officers and directors as a group.

The percentage ownership information shown in the table is based on an aggregate of 4,984,093 shares of our common stock outstanding as of March 23, 2023.

We have determined beneficial ownership in accordance with the rules of the Securities and Exchange Commission. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the rules include shares of common stock issuable pursuant to: (i) the exercise of stock options that are either immediately exercisable or exercisable on or before May 22, 2023, which is 60 days after March 23, 2023 (ii) RSUs held by that person that will vest within 60 days of March 23, 2023 and (iii) outstanding warrants to purchase common stock held by that person that is either immediately exercisable or exercisable on or before May 22, 2023, which is 60 days after March 23, 2023. These shares are deemed to be outstanding and beneficially owned by the person holding those options and warrants for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

Unless otherwise noted below, the address of each of the individuals and entities named in the table below is c/o Ra Medical Systems, Inc., 1670 Highway 160 West, Suite 205, Fort Mill, South Carolina 29708. Beneficial ownership representing less than 1% is denoted with an asterisk (\*).

------

Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

---

| | | |
|:---|:---|:---|
|  | **Number of Shares**<br> **of Common Stock**<br> **Beneficially**<br> **Owned** | **Percentage of**<br> **Common Stock**<br> **Beneficially**<br> **Owned** |
| **5% Stockholders:** |  |  |
| &nbsp;&nbsp; Armistice Capital Master Fund Ltd. (1) | 497908 | 9.99% |
| &nbsp;&nbsp; RFT Investment Company LLC (2) | 261553 | 5.25% |
| **Directors and Named Executive Officers:** |  |  |
| &nbsp;&nbsp; Jonathan Will McGuire (3) | 1541 | \* |
| &nbsp;&nbsp; David A. Jenkins (4) | 991828 | 19.9% |
| &nbsp;&nbsp; Brian Conn |  |  |
| &nbsp;&nbsp; James J. Caruso (5) | 1779 | \* |
| &nbsp;&nbsp; Martin Colombatto (6) | 690 | \* |
| &nbsp;&nbsp; Susanne Meline (7) | 5093 | \* |
| &nbsp;&nbsp; Andrew Jackson (8) | 205 | \* |
| All directors and executive officers as a group (6 persons) | 1000931 | 20.1% |

---

(1) Does not include derivative securities that are not currently exercisable due to beneficial ownership blockers.

(2) Does not include 1,165.949 shares of Series X Preferred Stock held by RFT Investment Company LLC which are convertible into 1,165,949 shares of common stock but which are subject to certain beneficial ownership blockers and which may not be converted, at the earliest, until July 9, 2024.

(3) Includes (i) 8 shares of common stock subject to warrants and (ii) 282 shares of common stock subject to options, in each case exercisable within 60 days of March 23, 2023.

(4) Includes (i) 2,264 shares held by a family charitable trust of which Mr. Jenkins is the trustee; (ii) 2,264 shares held by a charitable remainder unitrust of which Mr. Jenkins' wife is the trustee; and (iii) 709,703 shares held by a partnership of which Mr. Jenkins is the manager member of the managing partner. Excludes 235,320 shares held by certain adult immediate family members of Mr. Jenkins. Does not include 8,190.261 shares of Series X Preferred Stock held by Mr. Jenkins and his affiliates which are convertible into 8,190,261 shares of common stock but which are subject to certain beneficial ownership blockers and which may not be converted, at the earliest, until July 9, 2024. Also does not include 1,049.024 shares of Series X Preferred Stock held, in the aggregate, by certain adult immediate family members of Mr. Jenkins and which are convertible into 1,049,024 shares of common stock, but which are subject to certain beneficial ownership blockers and which may not be converted, at the earliest, until July 9, 2024. Also does not include exercisable options to purchase 144,169 shares of common stock held by Missiaen Huck, the non-executive chief operating officer of Catheter and Mr. Jenkins's adult daughter.

(5) Does not include 7.932 shares of Series X Preferred Stock held by Mr. Caruso which are convertible into 7,932 shares of common stock but which are subject to certain beneficial ownership blockers and which may not be converted, at the earliest, until July 9, 2024.

(6) Includes (i) 73 shares of common stock subject to options exercisable within 60 days of March 23, 2023, and (ii) 30 shares held of record by M. Colombatto Trust. Mr. Colombatto serves as trustee of the M. Colombatto Trust.

(7) Includes (i) 1,548 shares of common stock subject to warrants exercisable within 60 days of March 23, 2023 held of record by Catalysis Partners (CP) and (ii) 800 shares of common stock held of record by CP. Ms. Meline has an investment interest in CP through her IRA and, together with an immediate family member, owns a controlling interest in Francis Capital Management LLC, which also has an investment interest in CP and serves as both its Managing Member and Investment Manager. Ms. Meline disclaims beneficial interest of these securities except to the extent of her pecuniary interest therein. Also includes 2,575 shares of common stock held by a retirement fund for the benefit of Ms. Meline's husband. Does not include 11.481 shares of Series X Preferred Stock held by the retirement fund for the benefit of Ms. Meline's husband which are convertible into 11,481 shares of common stock but which are subject to certain beneficial ownership blockers and which may not be converted, at the earliest, until July 9, 2024.

------

(8) Includes 8 shares of common stock subject to warrants exercisable within 60 days of March 2 3 , 2023. Mr. Jackson resigned from the Company effective May 25, 2022.

---

| | |
|:---|:---|
| **ITEM 13.** | **CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE** |

---

#### Related Person Transactions
Pursuant to SEC rules, a "transaction" with a related party includes any transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which the Company was or is a participant and the related person had or will have a direct or indirect material interest where the amount involved exceeds the lesser of $120,000 or one percent of the average of the Company's total assets at year end for the last two completed fiscal years. Accordingly, the applicable threshold for us is $120,000.

Since January 1, 2021, we have engaged in the following transactions with our executive officers, directors, promoters or beneficial owners of more than 5% of our common stock had or will have a direct or indirect material interest, other than compensation arrangements which are described under the Item 11. *Executive Compensation*. We believe that all of these transactions were on terms as favorable as could have been obtained from unrelated third parties.

#### Employment and Separation Agreements
We currently have written employment agreements with our executive officers. For information about our employment agreements with our Named Executive Officers, refer to *Executive Compensation—Agreements with Named Executive Officers* above.

In May 2022, we entered into a separation agreement with Andrew Jackson. For information about Mr. Jackson's separation agreement, refer to *Executive Compensation—Other Features of our Executive Compensation Program—Separation Agreement with Andrew Jackson* above.

In January 2023, we entered into an oral employment agreement with David A. Jenkins, Chairman of the Board. In accordance with the terms of Mr. Jenkins' employment agreement, he is entitled to annual compensation of $300,000. At the same time, we also entered into an oral employment agreement with Missiaen Huck, Mr. Jenkins' daughter. Ms. Huck serves as the non-executive chief operating officer of Catheter and is entitled to annual compensation of $165,000.

#### Merger-Related Transactions
Mr. Jenkins and his affiliates held approximately $25.1 million of Catheter's Convertible Promissory Notes, or the Notes, that were converted in the Merger into 7,856.251 shares of Series X Preferred Stock. Upon consummation of the Merger, each such Noteholder received, in exchange for discharge of the principal of his or its Notes, a number of shares of our Series X Preferred Stock representing a potential right to convert into our common stock in an amount equal to one common share for each $3.20 of principal amount. In consideration for forgiving the interest accrued but remaining unpaid under the Notes in an aggregate amount of approximately $13.9 million, Mr. Jenkins and his affiliates also received royalties equal to 11.77% of the net sales, if any, of the LockeT device, commencing upon the first commercial sale and through December 31, 2035.

In addition, to the shares described above that were issued in connection with the Notes, Mr. Jenkins and his affiliates received 1,325.838 shares of Series X Preferred Stock in the Merger, and Mr. Jenkins' adult children received 1,284,344 shares of Series X Preferred Stock in the Merger, all in exchange for their equity interests in Catheter in accordance with the Merger exchange ratio.

Additional, non-interest bearing demand loans totaling $1,075,000 from David Jenkins to Catheter were repaid by the Company at or shortly after the closing of the Merger.

------

Mr. Jenkins' daughter, Missiaen Huck, received options to purchase 144,169 shares of the Company's common stock upon the closing of the Merger in exchange for her options to purchase shares of Catheter common stock, converted based on the exchange ratio in the Merger. Of the total options to purchase 144,169 shares of the Company's common stock, 140,816 options have an exercise price of $0.59 per share, and the remaining 3,353 options have an exercise price of $2.02 per share.

#### Stock Options Granted to Executive Officers and Directors
We have granted stock options to our executive officers and directors, as more fully described in *Executive Compensation—Grants of Plan-Based Awards, Executive Compensation—Outstanding Equity Awards at Fiscal Year End* and *Non-Employee Director Compensation* above.

#### Indemnification of Officers and Directors
We have entered into, and intend to continue to enter into, indemnification agreements with each of our directors and executive officers, in addition to the indemnification provided for in our amended and restated certificate of incorporation and amended and restated bylaws. The indemnification agreements and our amended and restated certificate of incorporation and amended and restated bylaws require us to indemnify our directors, executive officers and certain controlling persons to the fullest extent permitted by Delaware law.

---

| | |
|:---|:---|
| **ITEM 14.** | **PRINCIPAL ACCOUNTING FEES AND SERVICES** |

---

Our independent registered public accounting firm is Haskell & White LLP Auditor ID: 200.

#### Fees Paid to the Independent Registered Public Accounting Firms
The following table represents aggregate fees for services provided to us in the fiscal years ended December 31, 2022 and 2021 by Haskell & White:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **2022** | **2021** |
| Audit Fees (1) | $216000 | $208500 |
| Audit-Related Fees (2) | 207770 | 76422 |
| Tax Fees (3) |  |  |
| All Other Fees (4) |  |  |
| Total Fees | $423770 | $284922 |

---

(1) "Audit Fees" consist of fees billed for professional services rendered during the respective fiscal year in connection with the audit of our annual financial statements, review of our quarterly financial statements, and services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years.

(2) "Audit-Related Fees" consist of fees billed for professional services rendered in connection with our Forms S-1, S-3 and S-8 registration statements and proxy statements.

(3) "Tax Fees" consist of permissible tax compliance and tax advisory service fees. Haskell & White did not bill us for any tax fees for the years ended December 31, 2022 and December 31, 2021.

(4) "All Other Fees" consist of fees billed for services other than the services reported in Audit Fees and Tax Fees.

#### Auditor Independence
During the years ended December 31, 2022 and 2021, there were no other professional services provided by Haskell & White that would have required our audit committee to consider their compatibility with maintaining the independence of Haskell & White.

------

#### Pre-Approval Policy
Our audit committee's policy is to pre-approve all audit and permissible non-audit services provided by the independent accountants and the related estimated fees. These services may include audit services, audit-related services, tax services and other services. Our audit committee generally pre-approves particular services or categories of services on a case-by-case basis. The independent registered public accounting firm and management are required to periodically report to our audit committee regarding the extent of services provided by the independent registered public accounting firm in accordance with these pre-approvals, and the fees for the services performed to date. All of the services of Haskell & White for 2022 and 2021 described above were pre-approved by our audit committee.

------

#### PART IV — FINANCIAL INFORMATION

---

| | |
|:---|:---|
| **ITEM 15.** | **EXHIBITS, FINANCIAL STATEMENT SCHEDULES** |

---

1. *Financial Statements*. We have filed the following documents as part of this Annual Report:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Report of Independent Registered Public Accounting Firm</u>](#REPORT_INDEPENDENT_REGISTERED_PUBLIC_ACC) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Balance Sheets</u>](#BALANCE_SHEETS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Statements of Operations</u>](#STATEMENTS_OPERATIONS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Statements of Stockholders' Equity</u>](#STATEMENTS_STOCKHOLDERS_DEFICIT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Statements of Cash Flows</u>](#STATEMENTS_CASH_FLOWS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [<u>Notes to Financial Statements</u>](#NOTES_TO_FINANCIAL_STATEMENTS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-7 |

---

2. *Financial Statement Schedules*.

There are no financial statement schedules provided because the information called for is either not required or is shown either in the financial statements or the notes thereto.

3. *Exhibits.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  |
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | &nbsp;&nbsp;&nbsp; **Form** | &nbsp;&nbsp;&nbsp; **File No.**  | &nbsp;&nbsp;&nbsp; **Exhibit**  | &nbsp;&nbsp;&nbsp; **Filing Date**  |
| 2.2 | &nbsp;&nbsp; [<u>Amended and Restated Agreement and Plan of Merger, dated January 9, 2023, by and among the Registrant, certain subsidiaries, and Catheter Precision, Inc.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex21_25.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 3.1.1 | &nbsp;&nbsp; [<u>Amended and Restated Certificate of Incorporation of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518289731/d617129dex31.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/2018 |
| 3.1.2 | &nbsp;&nbsp; [<u>Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020054367/rmed-ex31_9.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/2020 |
|  | &nbsp;&nbsp; (effective 11/16/20) |  |  |  |  |
| 3.1.3 | &nbsp;&nbsp; [<u>Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022032010/rmed-ex31_33.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/20/2022 |
|  | &nbsp;&nbsp; (effective 09/30/22) |  |  |  |  |
| 3.1.4 | &nbsp;&nbsp; [<u>Certificate of Designation of Series X Convertible Preferred Stock.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex31_24.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 3.1.5 | &nbsp;&nbsp; [<u>Certificate of Designation of Series A Preferred Stock.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex32_37.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 3.2.1 | &nbsp;&nbsp; [<u>Amended and Restated Bylaws of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518289731/d617129dex32.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/1/2018 |
| 3.2.2 | &nbsp;&nbsp; [<u>Amendment to Amended and Restated Bylaws of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022029707/rmed-ex31_7.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/17/2022 |
| 4.1 | &nbsp;&nbsp; [<u>Specimen common stock certificate of the Registrant.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518218840/d562972dex41.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-226191 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2018 |
| &nbsp;&nbsp; 4.2\* | &nbsp;&nbsp; [<u>Description of Capital Stock.</u>](rmed-ex42_6.htm) |  |  |  |  |
| 4.3 | &nbsp;&nbsp; [<u>Form of warrant issued in May 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020026748/rmed-ex41_8.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/22/2020 |
| 4.4 | &nbsp;&nbsp; [<u>Form of pre-funded warrant issued in May 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020026748/rmed-ex42_9.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/22/2020 |
| 4.5 | &nbsp;&nbsp; [<u>Form of placement agent warrant issued in May 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020026748/rmed-ex43_6.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/22/2020 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  |
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | &nbsp;&nbsp;&nbsp; **Form** | &nbsp;&nbsp;&nbsp; **File No.**  | &nbsp;&nbsp;&nbsp; **Exhibit**  | &nbsp;&nbsp;&nbsp; **Filing Date**  |
| 4.6 | &nbsp;&nbsp; [<u>Form of warrant offered in July 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020026748/rmed-ex43_6.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-239887 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2020 |
| 4.7 | &nbsp;&nbsp; [<u>Form of pre-funded warrant issued in July 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020026748/rmed-ex42_9.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-239887 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2020 |
| 4.8 | &nbsp;&nbsp; [<u>Form of placement agent warrant offered in July 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020032490/rmed-ex45_13.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-239887 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2020 |
| 4.9 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 4.10 | &nbsp;&nbsp; [<u>Form of Series B Warrant offered in February 2022.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312522026151/d256079dex49.htm) | &nbsp;&nbsp; S-1/A | &nbsp;&nbsp; 333-262195 | &nbsp;&nbsp;&nbsp;&nbsp;4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/3/2022 |
| 4.11 | &nbsp;&nbsp; [omitted.] | &nbsp;&nbsp; S-1/A | &nbsp;&nbsp; 333-262195 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/3/2022 |
| 4.12 | &nbsp;&nbsp; [<u>Warrant Agency Agreement, dated February 8, 2022, by and between the Registrant and American Stock & Trust Company LLC.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022004272/rmed-ex44_43.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/9/2022 |
| 4.12.1 | &nbsp;&nbsp; [<u>Amendment No. 1, dated July 22, 2022, to February 8, 2022 Warrant Agency Agreement by and between the Company and American Stock Transfer & Trust Company, LLC.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022004272/rmed-ex44_43.htm) | &nbsp;&nbsp; 10-Q | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/15/2022 |
| 4.13 | &nbsp;&nbsp; [<u>Form of Series E Warrant offered in January 2023.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex41_34.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 4.14 | &nbsp;&nbsp; [<u>Form of Series F Warrant issued in March 2023.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex42_33.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 4.15 | &nbsp;&nbsp; [<u>Form of Series G Warrant issued in March 2023.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex43_31.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 10.1 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| &nbsp;&nbsp; 10.2+ | &nbsp;&nbsp; [<u>Form of Indemnification Agreement between the Registrant and each of its directors and executive officers.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518257795/d562972dex102.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-226191 | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/24/2018 |
| &nbsp;&nbsp; 10.3+ | &nbsp;&nbsp; [<u>Ra Medical Systems, Inc. 2018 Stock Compensation Plan and Forms of Award Agreement thereunder.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518218840/d562972dex103.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-226191 | &nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2018 |
| &nbsp;&nbsp; 10.4+ | &nbsp;&nbsp; [<u>Ra Medical Systems, Inc. 2018 Equity Incentive Plan and Forms of Award Agreement thereunder, as amended.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020046249/rmed-ex991_6.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;99.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/13/2020 |
| &nbsp;&nbsp; 10.5+ | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| &nbsp;&nbsp; 10.6+ | &nbsp;&nbsp; [<u>Ra Medical Systems, Inc. Executive Incentive Compensation Plan.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518257795/d562972dex106.htm) | &nbsp;&nbsp; S-1/A | &nbsp;&nbsp; 333-226191 | &nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/24/2018 |
| &nbsp;&nbsp; 10.7+ | &nbsp;&nbsp; [<u>Ra Medical Systems, Inc. Form of At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement for executive officers.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000119312518218840/d562972dex107.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-226191 | &nbsp;&nbsp;&nbsp;&nbsp;10.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2018 |
| &nbsp;&nbsp; 10.8+ | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| &nbsp;&nbsp; 10.9+ | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| &nbsp;&nbsp; 10.10+ | &nbsp;&nbsp; [<u>Change in Control and Severance Agreement, by and between the Registrant and Jonathan Will McGuire, dated as of March 30, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020016928/rmed-ex1011_6.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/16/2020 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  |
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | &nbsp;&nbsp;&nbsp; **Form** | &nbsp;&nbsp;&nbsp; **File No.**  | &nbsp;&nbsp;&nbsp; **Exhibit**  | &nbsp;&nbsp;&nbsp; **Filing Date**  |
| 10.10.1+ | &nbsp;&nbsp; [<u>Amendment to Change in Control and Severance Agreement, dated as of January 9, 2023, by and between Ra Medical Systems, Inc. and Jonathan Will McGuire.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex106_28.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| &nbsp;&nbsp; 10.11+ | &nbsp;&nbsp; [<u>Employment letter by and between the Registrant and Jonathan Will McGuire, dated as of March 9, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459020016928/rmed-ex1011_6.htm) | &nbsp;&nbsp; S-1 | &nbsp;&nbsp; 333-237701 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/16/2020 |
| 10.12 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.13 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.14 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.15 | &nbsp;&nbsp; [<u>Settlement Agreement, among the Company, among the United States of America, acting through the United States Department of Justice and on behalf of the Office of Inspector General of the Department of Health and Human Services and the Defense Health Agency, acting on behalf of the TRICARE Program, and Robert Gruber, dated December 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459021013653/rmed-ex1019_96.htm) | &nbsp;&nbsp; 10-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/17/2021 |
| 10.16 | &nbsp;&nbsp; [<u>Corporate Integrity Agreement, between the Company and the Office of Inspector General of the Department of Health and Human Services, dated December 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459021013653/rmed-ex1020_97.htm) | &nbsp;&nbsp; 10-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/17/2021 |
| &nbsp;&nbsp; 10.16.1\* | &nbsp;&nbsp; [<u>Notice of Suspension of Corporate Integrity Agreement, dated January 11, 2023.</u>](rmed-ex10161_639.htm) |  |  |  |  |
| 10.17 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.18 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.19 | &nbsp;&nbsp; [omitted.] |  |  |  |  |
| 10.20 | &nbsp;&nbsp; [<u>Form of Amended and Restated Support Agreement, dated January 9, 2023, by and among the Company, Catheter Precision, Inc. and directors, officers and certain shareholders of the Company.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459021013653/rmed-ex1020_97.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 10.21 | &nbsp;&nbsp; [<u>Form of Lock-Up Agreement, dated January 9, 2023, by and among the Company; Catheter Precision, Inc.; directors, officers, and certain stockholders of the Company; and certain stockholders of Catheter.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex102_27.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| &nbsp;&nbsp; 10.22+ | &nbsp;&nbsp; [<u>Consulting Agreement by and between the Company and Brian Conn, dated as of May 25, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex102_27.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/18/2022 |
| &nbsp;&nbsp; 10.22.1+ | &nbsp;&nbsp; [<u>Amendment dated as of August 10, 2022 to Consulting Agreement by and between the Company and Brian Conn.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022029307/rmed-ex101_6.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/12/2022 |
| 10.23 | &nbsp;&nbsp; [<u>Warrant Inducement Offer Letter dated July 22, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459022026217/rmed-ex101_6.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/22/2022 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  |
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | &nbsp;&nbsp;&nbsp; **Form** | &nbsp;&nbsp;&nbsp; **File No.**  | &nbsp;&nbsp;&nbsp; **Exhibit**  | &nbsp;&nbsp;&nbsp; **Filing Date**  |
| 10.24 | &nbsp;&nbsp; [<u>Securities Purchase Agreement, dated January 9, 2023, by and among the Company and Armistice Master Fund Ltd. ("January 2023 SPA").</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex104_32.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
|  | &nbsp;&nbsp; -[<u>Ex. A to January 2023 SPA (form of Certificate of Designation of Series A Convertible Preferred Stock).</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex32_37.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
|  | &nbsp;&nbsp; -[<u>Ex. B to January 2023 SPA (form of Registration Rights Agreement).</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex105_29.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
|  | &nbsp;&nbsp; -[<u>Ex. C to January 2023 SPA (form of Series F Warrant).</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex42_33.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
|  | &nbsp;&nbsp; -[<u>Ex. D to January 2023 SPA (form of Series G Warrant).</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex43_31.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 10.25 | &nbsp;&nbsp; [<u>Registration Rights Agreement, dated January 9, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex105_29.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| 10.26 | &nbsp;&nbsp; [<u>Warrant Inducement Offer Letter, dated January 9, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1716621/000156459023000429/rmed-ex103_36.htm) | &nbsp;&nbsp; 8-K | &nbsp;&nbsp; 001-38677 | &nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/13/2023 |
| &nbsp;&nbsp; 10.27.1\* | &nbsp;&nbsp; [<u>Debt Settlement Agreement and Release including certain royalty rights with David A. Jenkins, dated January 9, 2023.</u>](rmed-ex10271_642.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.27.2\* | &nbsp;&nbsp; [<u>Debt Settlement Agreement and Release including certain royalty rights with Daniel C. Stanzione, Sr. Irrevocable Trust Dated December 31, 2007, dated January 9, 2023.</u>](rmed-ex10272_641.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.27.3\* | &nbsp;&nbsp; [<u>Debt Settlement Agreement and Release including certain royalty rights with Fatboy Capital, L.P., dated January 9, 2023.</u>](rmed-ex10273_640.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.28\* | &nbsp;&nbsp; [<u>LockeT Royalty Agreement with Auston Locke.</u>](rmed-ex1028_822.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.29\* | &nbsp;&nbsp; [<u>Joint Marketing Agreement dated January 19, 2021 with Stereotaxis, Inc. (the "Stereotaxis Marketing Agreement").</u>](rmed-ex1029_644.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.29.1\* | &nbsp;&nbsp; [<u>Extension Agreement dated January 11, 2022 to the Stereotaxis Marketing Agreement.</u>](rmed-ex10291_645.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.29.2\* | &nbsp;&nbsp; [<u>Addendum One dated May 27, 2022 to the Stereotaxis Marketing Agreement.</u>](rmed-ex10292_643.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.30.1\* | &nbsp;&nbsp; [<u>Lease with respect to Fort Mill facility.</u>](rmed-ex10301_648.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.30.2\* | &nbsp;&nbsp; [<u>Lease with respect to Budd Lake facility.</u>](rmed-ex10302_821.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.31+\* | &nbsp;&nbsp; [<u>Consulting Agreement dated February 1, 2018, with Patricia Kennedy.</u>](rmed-ex1031_646.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.31.1+\* | &nbsp;&nbsp; [<u>Catheter Precision, Inc. Notice of Nonplan Stock Option Award to Patricia Kennedy dated March 30, 2018.</u>](rmed-ex10311_647.htm) |  |  |  |  |
| &nbsp;&nbsp; 10.32\* | &nbsp;&nbsp; [<u>Software and Technology License Agreement dated May 1, 2016, with Peacs BV.</u>](rmed-ex1032_650.htm) |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  | **Incorporated by Reference**  |
| **Exhibit**<br> **Number** | &nbsp;&nbsp;&nbsp; **Description** | &nbsp;&nbsp;&nbsp; **Form** | &nbsp;&nbsp;&nbsp; **File No.**  | &nbsp;&nbsp;&nbsp; **Exhibit**  | &nbsp;&nbsp;&nbsp; **Filing Date**  |
| 10.32.1\* | &nbsp;&nbsp; [<u>Settlement and Amendment Agreement dated May 24, 2021 with Peacs BV.</u>](rmed-ex10321_1165.htm) |  |  |  |  |
| &nbsp;&nbsp; 21.1\* | &nbsp;&nbsp; [<u>Subsidiaries of the Registrant.</u>](rmed-ex211_649.htm) |  |  |  |  |
| &nbsp;&nbsp; 23.1\* | &nbsp;&nbsp; [<u>Consent of Haskell & White LLP, Independent Registered Public Accounting Firm.</u>](rmed-ex231_7.htm) |  |  |  |  |
| &nbsp;&nbsp; 24.1\* | &nbsp;&nbsp; [<u>Power of Attorney (contained on signature page).</u>](#POWER_ATTORNEY) |  |  |  |  |
| &nbsp;&nbsp; 31.1\* | &nbsp;&nbsp; [<u>Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](rmed-ex311_10.htm) |  |  |  |  |
| &nbsp;&nbsp; 31.2\* | &nbsp;&nbsp; [<u>Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](rmed-ex312_12.htm) |  |  |  |  |
| &nbsp;&nbsp; 32.1\*^ | &nbsp;&nbsp; [<u>Certifications of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](rmed-ex321_11.htm) |  |  |  |  |
| &nbsp;&nbsp; 32.2\*^ | &nbsp;&nbsp; [<u>Certifications of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](rmed-ex322_9.htm) |  |  |  |  |
| &nbsp;&nbsp; 101.INS\* | &nbsp;&nbsp; Inline XBRL Instance Document. |  |  |  |  |
| &nbsp;&nbsp; 101.SCH\* | &nbsp;&nbsp; Inline XBRL Taxonomy Extension Schema Document. |  |  |  |  |
| &nbsp;&nbsp; 101.CAL\* | &nbsp;&nbsp; Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |  |
| &nbsp;&nbsp; 101.DEF\* | &nbsp;&nbsp; Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |  |
| &nbsp;&nbsp; 101.LAB\* | &nbsp;&nbsp; Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |  |
| &nbsp;&nbsp; 101.PRE\* | &nbsp;&nbsp; Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |
| &nbsp;&nbsp; 104\* | &nbsp;&nbsp; Cover Page Interactive Data File (formatted as Inline XBRL) |  |  |  |  |

---

\* Filed herewith.

---

| | |
|:---|:---|
| ^ | The information in this exhibit is furnished and deemed not filed with the Securities and Exchange Commission for purposes of section 18 of the Exchange Act of 1934, as amended (Exchange Act), and is not to be incorporated by reference into any filing of Ra Medical Systems, Inc. under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.  |

---

+ Indicates a management contract or compensatory plan.

------

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | RA MEDICAL SYSTEMS, INC. | RA MEDICAL SYSTEMS, INC. |
| Date: | March 28, 2023 | By: | /s/ Jonathan Will McGuire |
|  |  |  | Jonathan Will McGuire |
|  |  |  | Chief Executive Officer |

---

------

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jonathan Will McGuire and David A. Jenkins, and each of them, his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to sign any and all amendments (including post-effective amendments) to this Annual Report on Form 10-K and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each of said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-facts and agents, or his substitute or substitutes, or any of them, shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Jonathan Will McGuire | Director and Chief Executive Officer | March 28, 2023 |
|  Jonathan Will McGuire | (Principal Executive Officer) |  |
|  /s/ Brian Conn | Interim Chief Financial Officer | March 28, 2023 |
|  Brian Conn | (Principal Financial and Accounting Officer) |  |
|  /s/ David A. Jenkins | Executive Chairman of the Board of Directors | March 28, 2023 |
|  David A. Jenkins |  |  |
|  /s/ James Caruso | Director | March 28, 2023 |
|  James Caruso |  |  |
|  /s/ Martin Colombatto | Director | March 28, 2023 |
|  Martin Colombatto |  |  |
|  /s/ Susanne Meline | Director | March 28, 2023 |
|  Susanne Meline |  |  |

---

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Ra Medical Systems, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying balance sheets of Ra Medical Systems, Inc. (the "Company") as of December 31, 2022 and 2021, the related statements of operations, stockholders' equity, and cash flows for each of the years ended December 31, 2022 and 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years ended December 31, 2022 and 2021, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ HASKELL & WHITE LLP

We have served as the Company's auditor since 2021.

Irvine, California

March 28, 2023

------

#### RA MEDICAL SYSTEMS, INC.

#### Balance Sheets

#### (in thousands, except par value data)

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2022** | **December 31,**<br> **2021** |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $15859 | $15045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 977 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 16836 | 17089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net |  | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets |  | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | 36 |
| **TOTAL ASSETS** | $16836 | $21044 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $92 | $988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 7484 | 4119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities |  | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 7576 | 5390 |
| Operating lease liabilities |  | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7576 | 7371 |
| **Commitments and contingencies (Notes 16 - 18)** |  |  |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.0001 par value, 10,000 shares authorized; no shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.0001 par value, 300,000 shares authorized; 2,161 and 140 shares issued and outstanding at December 31, 2022 and 2021, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 214397 | 191945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (205137) | (178272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 9260 | 13673 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $16836 | $21044 |

---

See accompanying notes to financial statements.

------

#### RA MEDICAL SYSTEMS, INC.

#### Statements of Operations

#### (in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Net revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Product sales | $14 | $22 |
| **Cost of revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Product sales | 42 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and other | 119 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost of revenues | 161 | 1560 |
| **Gross loss** | (147) | (1538) |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 16250 | 15475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development | 6392 | 12253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring costs | 4172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 26814 | 27728 |
| **Operating loss** | (26961) | (29266) |
| **Other income (expense), net** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | 99 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on extinguishment of promissory note |  | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | 99 | 2009 |
| **Loss from continuing operations before income taxes** | (26862) | (27257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 3 | 4 |
| **Loss from continuing operations** | (26865) | (27261) |
| **Discontinued operations (Note 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes |  | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes |  |  |
| **Income from discontinued operations** |  | 2191 |
| **Net loss** | $(26865) | $(25070) |
| **Net income (loss) per share, basic and diluted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Continuing operations | $(25.98) | $(269.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Discontinued operations |  | 21.69 |
| **Total net loss per share, basic and diluted** | $(25.98) | $(248.22) |
| **Weighted average common shares used in computing net income (loss) per share, basic and diluted** | 1034 | 101 |

---

See accompanying notes to financial statements.

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#### RA MEDICAL SYSTEMS, INC.

#### Statements of Stockholders' Equity

#### (in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional Paid-In** | **Accumulated** | **Total**<br> **Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Deficit** | **Equity** |
| **Balances at January 1, 2021** | 63 | $— | $174349 | $(153202) | $21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued, net | 78 |  | 15153 |  | 15153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued |  |  | 132 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted stock awards canceled | (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued pursuant to the vesting of restricted stock units and purchases under employee stock purchase plan | 1 |  | 74 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation |  |  | 2237 |  | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss |  |  |  | (25070) | (25070) |
| **Balances at December 31, 2021** | 140 |  | 191945 | (178272) | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued, net | 1576 |  | 11638 |  | 11638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued, net |  |  | 4658 |  | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants exercised | 446 |  | 5704 |  | 5704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted stock awards canceled | (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued pursuant to the vesting of restricted stock units and purchases under employee stock purchase plan |  |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation |  |  | 447 |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss |  |  |  | (26865) | (26865) |
| **Balances at December 31, 2022** | 2161 | $— | $214397 | $(205137) | $9260 |

---

See accompanying notes to financial statements.

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#### RA MEDICAL SYSTEMS, INC.

#### Statements of Cash Flows

#### (in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(26865) | $(25070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 2943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 447 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 421 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on write-off of right-of-use asset and liability | (126) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on sales and disposals of property and equipment | 44 | (550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 21 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of discontinued operations |  | (3473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on extinguishment of PPP promissory note |  | (2023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (14) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (335) | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (879) | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2009 | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (234) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (22568) | (27625) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of property and equipment | 38 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (17) | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of discontinued operations |  | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment of fees related to sale of discontinued operations |  | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by investing activities | 21 | 3802 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock and warrants, net of fees withheld | 18906 | 15528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of warrants, net of fees withheld | 5704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment of offering costs related to the issuance of common stock and warrants | (1254) | (375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from purchases under employee stock purchase plan | 5 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of equipment financing |  | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 23361 | 14962 |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | 814 | (8861) |
| **CASH AND CASH EQUIVALENTS, beginning of year** | 15045 | 23906 |
| **CASH AND CASH EQUIVALENTS, end of year** | $15859 | $15045 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unpaid offering costs | $1356 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Unpaid property and equipment | $— | $17 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash payments for income taxes | $3 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash payments for interest | $— | $2 |

---

See accompanying notes to financial statements.

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#### RA MEDICAL SYSTEMS, INC.

#### Notes to Financial Statements

#### Note 1. Organization and Nature of Operations

#### The Company
Ra Medical Systems, Inc. (the "Company") is a medical device company that owns intellectual property related to an advanced excimer laser-based platform for use in the treatment of vascular immune-mediated inflammatory diseases. Its excimer laser and single-use catheter system, together referred to as the DABRA Excimer Laser System ("DABRA"), is used as a tool in the treatment of peripheral artery disease. The Company was formed on September 4, 2002 in the state of California and reincorporated in Delaware on July 14, 2018.

#### Definitive Merger Agreement
On January 9, 2023, the Company completed its merger with Catheter Precision, Inc., a privately-held Delaware corporation ("Catheter"), focused on the cardiac electrophysiology market. Following the merger, the Company began focusing on the field of cardiac electrophysiology. See Note 18. *Subsequent Events.*

#### Reverse Stock Split
On September 20, 2022, the Company's board of directors approved a reverse stock split ratio of 1-for-50 (the "Reverse Stock Split"). On the effective date of the Reverse Stock Split of October 3, 2022, the number of the Company's issued and outstanding shares of common stock decreased from 68.2 million shares to 1.4 million shares. The number of authorized shares and par value per common share remained unchanged. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The financial statements and accompanying notes to financial statements have been retrospectively adjusted to reflect the Reverse Stock Split of the Company's common stock for all periods presented.

#### NYSE American
On August 31, 2022, the Company received a deficiency letter (the "Letter") from the NYSE American LLC ("NYSE American") indicating that it was not in compliance with NYSE American's continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide because its shares of common stock had been selling for a substantial period of time at a low price per share, which NYSE American determined to be a 30 trading day average price of less than $0.20 per share. The Letter had no immediate effect on the listing or trading of the Company's common stock, and the common stock continued to trade on NYSE American under the symbol "RMED." On December 8, 2022, the Company received a letter from NYSE American stating that the Company had regained compliance with NYSE American's continued listing standards. Specifically, the Company had resolved the continued listing deficiency with respect to its low selling price as described in Section 1003(f)(v) of the NYSE American Company Guide.

#### Reduction in Force and Operations
The Company's board of directors approved a staggered reduction in force ("RIF") under which approximately 65% of the Company's full-time employees were immediately terminated, effective June 6, 2022, and provided one-time severance payments totaling $0.6 million. On September 2, 2022, the Company completed the RIF, pursuant to which an additional 20% of the Company's employees were terminated, with effective dates ranging from August 1, 2022 through September 2, 2022, and were provided one-time severance payments totaling $0.3 million. The purpose of the RIF was to preserve capital with the goal of maximizing the opportunities available to the Company in furtherance of the board of directors' review of strategic alternatives. See further discussion in Note 14. *Restructuring and Impairment Charges*.

As a result of the RIF, the discontinuation of enrollment in the atherectomy clinical trial and the board of directors' review of strategic alternatives, the Company paused all engineering and manufacturing activities during the third quarter of 2022, including the development of a version of the DABRA catheter that is compatible with a standard interventional guidewire. The Company also paused research to prove the feasibility of using a DABRA-

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derived catheter technology to fracture calcium in arteries in a procedure known as lithotripsy. On July 5, 2022, the Company announced the receipt of FDA 510(k) clearance for the DABRA 2.0 catheter as part of the DABRA Excimer Laser System. The Company suspended sales of DABRA during the year ended December 31, 2022 and currently has no plans to commercialize DABRA 2.0.

#### Going Concern
As of December 31, 2022, the Company had cash and cash equivalents of approximately $15.9 million. For the year ended December 31, 2022, the Company used approximately $22.6 million in cash for operating activities. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception. As of December 31, 2022, the Company had an accumulated deficit of approximately $205.1 million.

Management expects operating losses and negative cash flows to continue for the foreseeable future as the Company invests in its commercial capabilities. Accrued expenses of approximately $7.5 million at December 31, 2022 are primarily related to the Merger with Catheter. Additional costs associated with the Merger paid during the year ended December 31, 2022 have substantially depleted the Company's cash. Following the Merger with Catheter, management further reduced staff and other costs while assuming the operating costs of Catheter. Management will continue to monitor its operating costs and seek to reduce its current liabilities. Such actions may impair its ability to proceed with certain strategic activities, and it may be unsuccessful at negotiating existing liabilities to the Company's benefit. If expected revenues are not adequate to fund our planned expenditures, or if the Company is unsuccessful at raising cash through future capital transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all.

In January 2023, the Company raised gross proceeds of $1.3 million from the Warrant Repricing and signed the Securities Purchase Agreement for the Private Placement for $8.0 million. In March 2023, the Company completed the Private Placement and raised gross proceeds of $8.0 million.

Management believes its current cash reserves will be sufficient to fund the Company's operations for the next twelve months. These accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

#### Note 2. Summary of Significant Accounting Policies

#### Use of Estimates
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The Company's financial statements are based upon a number of estimates including, but not limited to, allowance for credit losses, evaluation of impairment of assets, valuation of long-lived assets and their associated estimated useful lives, reserves for warranty costs, evaluation of probable loss contingencies and fair value of equity awards granted.

#### Segment Reporting
After the sale of the Dermatology Business in August 2021, the Company began operating its business in one segment which included all activities related to the research, development and manufacture of the DABRA system. The chief operating decision-maker reviews the operating results on an aggregate basis and manages the operations as a single operating segment.

#### Cash and Cash Equivalents

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The Company considers all short-term, highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents primarily represent funds invested in readily available checking and money market accounts. The Company maintains deposits in financial institutions in excess of federally insured limits.

#### Fair Value Measurements
Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier value hierarchy is used to identify inputs used in measuring fair value as follows:

Level 1 - Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

Level 2 - Inputs other than the quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

#### Fair Value of Financial Instruments
Cash equivalents, trade accounts receivable and accounts payable are reported on the balance sheets at carrying value which approximates fair value due to the short-term maturities of these instruments.

#### Accounts Receivable
Trade accounts receivable are presented net of allowances for credit losses. Prior to the discontinuation of sales of catheters in June 2022, the Company sold its catheters directly to distributors or physicians and maintained an allowance for credit losses for balances that appeared to have specific collection issues. The collection process was based on the age of the invoice and required attempted contacts with the customer at specified intervals. Delinquent accounts receivable were charged against the allowance for credit losses once the Company determined the amounts were uncollectible. The factors considered in reaching this determination were the apparent financial condition of the customer and the Company's success in contacting and negotiating with the customer. If the financial condition of the Company's customers deteriorated, resulting in an impairment of their ability to make payments, additional allowances might have been required.

The following table shows the activity in the allowance for credit losses for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Balance at beginning of year** | $131 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 21 | 47 |
| **Balance at end of year** | $152 | $131 |

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#### Inventories
Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Cost includes materials, labor and manufacturing overhead related to the purchase and production of inventories. The Company reduced the carrying value of inventories for those items that were potentially excess, obsolete or slow-moving based on changes in customer demand, technological developments or other economic factors. See Note 14. *Restructuring and Impairment Charges* for a description of the inventory obsolescence charges for the year ended December 31, 2022. There were no inventory obsolescence charges for the year ended December 31, 2021.

Prior to June 6, 2022, the Company's catheters were manufactured in-house and each catheter was tested at various stages of the manufacturing process for adherence to quality standards. Catheters that did not meet

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functionality specification at each test point were destroyed and immediately written off, with the expense recorded in cost of revenues in the statements of operations. Once manufactured, completed catheters that passed quality assurance, were sent to a third-party for sterilization and sealed in a sterile container. Upon return from the third-party sterilizer, a sample of catheters from each batch were re-tested. If the sample tests were successful, the batch was accepted into finished goods inventory. If the sample tests were unsuccessful, the entire batch was written off, with the expense recorded in cost of revenues in the statements of operations.

#### Property and Equipment
Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives as follows:

---

| | |
|:---|:---|
| Lasers | 8 years |
| Machinery and equipment | 5-10 years |
| Computer hardware and software | 4-5 years |
| Furniture and fixtures | 5 years |

---

Leasehold improvements were depreciated over the shorter of the useful life of the leasehold improvement or the term of the underlying property's lease.

The Company periodically reviewed the residual values and estimated useful lives of each class of its property and equipment for ongoing reasonableness, considering long-term views on its intended use of each class of property and equipment and the planned level of improvements to maintain and enhance assets within those classes. Effective January 1, 2022, based on management's revised assessment of average laser on-time utilization, the Company changed the estimated useful life of its lasers to eight years.

When assets were retired or otherwise disposed of, the cost and related accumulated depreciation were removed from the account balances and any resulting gain or loss was recognized in income for the period. The cost of repairs and maintenance was expensed as incurred, whereas significant betterments were capitalized.

#### Impairment of Long-Lived Assets
The Company periodically reviewed its long-lived assets for impairment when certain events or changes in circumstances indicate that the carrying value of the long-lived assets may not be recoverable. Should the sum of the undiscounted expected future net cash flows be less than the carrying value, the Company would recognize an impairment loss at that date. See Note 14. *Restructuring and Impairment Charges* for a description of the impairment costs of long-lived assets for the year ended December 31, 2022. There were no impairment charges for the year ended December 31, 2021.

#### Product Warranty
Products were warrantied against defects in material and workmanship when properly used for their intended purpose and appropriately maintained. Accordingly, the Company generally replaced catheters that kinked or failed to calibrate. The product warranty liability was determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor. The product warranty liability also includes the estimated costs of a product recall.

The warranty accrual is included in accrued expenses in the accompanying balance sheets. Warranty expenses are included in cost of revenues in the accompanying statements of operations. Changes in estimates to previously established warranty accruals resulted from current period updates to assumptions regarding repair and product recall costs and are included in current period warranty expense.

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#### Revenue Recognition
The Company generated revenue from the sales of products and services. Product sales consisted of the sales of catheters for use with the DABRA laser system. The Company paused selling commercial products in late 2020 and was only selling catheters for use in the atherectomy clinical trial prior to the discontinuation of such sales in June 2022. The Company's sales agreements generally did not include right-of-return provisions for any form of consideration, including partial refund or credit against amounts owed to the Company. Services and other revenues primarily consisted of billable services, including fees related to DABRA laser commercial usage agreements.

The Company determined revenue recognition incorporating the following steps:

• Identification of each contract with a customer;

• Identification of the performance obligations in the contract;

• Determination of the transaction price;

• Allocation of the transaction price to the performance obligations in the contract; and

• Recognition of revenue when, or as, performance obligations were satisfied.

The Company accounted for a contract with a customer when it had a legally enforceable contract with the customer, the arrangement identified the rights of the parties, the contract had commercial substance, and the Company determined it was probable that it would collect the contract consideration. The Company recognized revenue when control of the promised goods or services transferred to customers, in an amount that reflected the consideration the Company expected to be entitled to in exchange for those goods or services. Taxes collected from customers relating to goods or services and remitted to governmental authorities were excluded from revenue.

*Catheter Revenue*

When engaged in commercial sales, the Company entered into a DABRA laser commercial usage agreement or DABRA laser placement acknowledgement with each customer that was supplied a DABRA laser, collectively the "usage agreement", which provided for specific terms of continued use of the DABRA laser, including a nominal periodic fee. The terms of a usage agreement typically allowed the Company to place a DABRA laser at a customer's specified location without a specified contract term. Under the usage agreement terms, the Company retained all ownership rights to the DABRA laser and was permitted to request the return of the equipment within 10 business days of notification. While the laser periodic fees were nominal, the usage agreement provided the Company the exclusive rights to supply related single-use catheters to the customer which aggregated the majority of the product sales revenue. There were no specified minimum purchase commitments for the catheters.

The Company recognized revenue associated with the usage agreements and catheter supply arrangements in accordance with Financial Accounting Standards Board ("FASB") "*Revenue from Contracts with Customers (Topic 606),"* ("Topic 606") since (i) the contract primarily included variable payments, (ii) the catheters were priced at their standalone selling price, and (iii) the laser equipment was insignificant in the context of the contract. Revenue was recognized when the performance obligation was satisfied which was generally upon shipment of the catheter.

#### Shipping and Handling Costs
Shipping and handling costs charged to customers are included in net product sales, while all other shipping and handling costs are included in selling, general and administrative expenses in the accompanying statements of operations.

#### Research and Development
Major components of research and development costs include personnel expenses, stock-based compensation, consulting, supplies and clinical trial expenses. Research and development expenses were charged to operations in the period they were incurred.

------

#### Patents
The Company expensed patent costs, including related legal costs, as incurred and recorded such costs as selling, general and administrative expenses in the accompanying statements of operations.

#### Stock-Based Compensation
The Company records stock-based compensation expense associated with stock options, restricted stock awards ("RSAs") and restricted stock units ("RSUs") issued to employees, members of the Company's board of directors and consultants in accordance with the authoritative guidance for stock-based compensation. The Company evaluates whether an award should be classified and accounted for as a liability award or equity award for all stock-based compensation awards granted. The cost of an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing valuation model ("Black-Scholes model") which incorporates various assumptions including expected term, volatility and risk-free interest rate, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.

#### Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense and other expense, respectively.

#### Concentrations of Credit Risk
Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below.

Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash equivalent balances maintained in excess of Federal Depository Insurance Corporation limits, and accounts receivable which have no collateral or security. The Company monitors the financial condition of the banks in which it currently has deposits. The Company has not experienced any significant losses in this respect and believes that it is not exposed to any significant related risk.

Exposure to losses on accounts receivable is dependent upon the individual customer's financial condition. The Company monitors its exposure to credit losses and reserves for those accounts receivable that it deems to be not collectible.

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#### Comprehensive Income (Loss)
Comprehensive income (loss) is defined as the change in equity during the period from transactions and other events and non-owner sources. The Company had no such transactions or other events and non-owner sources during the years ended December 31, 2022 and 2021.

#### Significant Accounting Policies Related to Discontinued Operations
*Laser Sales*

The Company recognized revenue on laser sales at the point in time that control transferred to the customer. Control of the product typically transferred upon shipment.

*Warranty Service Revenue*

The Company typically provided a 12-month warranty with the purchase of its laser systems. Customers could extend the warranty period through the purchase of extended warranty service contracts. Extended warranty service contracts were sold with contract terms ranging from 12 to 60 months and covered periods after the end of the initial 12-month warranty period. The warranty provided the customer with maintenance services in addition to the assurance that the laser product complied with agreed-upon specifications. Therefore, the warranty service was treated as a separate performance obligation from the laser system. Warranty services were a stand-ready obligation, and the Company recognized revenue on a straight-line basis over the service contract term. Warranty service revenue was included in service and other revenue in the statement of operations.

*Contracts With Multiple Performance Obligations*

Certain of the Company's contracts with customers contained multiple performance obligations. For these contracts, the Company accounted for individual products and services as separate performance obligations if they are distinct, which was if (i) a product or service is separately identifiable from other items in the arrangement and (ii) the customer can benefit from the product or service on its own or with other readily available resources. The transaction price was allocated to the separate performance obligations on a relative standalone selling price basis. The Company determined standalone selling prices based on observable prices of products or services sold separately in comparable circumstances to similar customers.

*Significant Financing Component*

For multi-year warranty service contracts in which there was a difference between the cash selling price and the consideration in the contract and a significant amount of time between the payment, which was due up-front, and delivery of the services (greater than one year), the Company recorded an adjustment for significant financing to reflect the time value of money. The Company recognized revenue associated with the cash selling price and interest expense using the effective interest method as the Company satisfied its performance obligation(s). The amount of interest expense the Company recognized over the contract term was based on the contract liability balance, which increased for the accrual of interest and decreased as services are provided.

For services contracts that had an original duration of one year or less, the Company used the practical expedient applicable to such contracts and did not adjust the transaction price for the time value of money.

*Practical Expedients Elected*

As part of the Company's adoption of Topic 606, the Company elected to use the following practical expedients:

• not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company's transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less;

• to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less;

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• to exclude government assessed taxes from the transaction price; and

• not to recast revenue for contracts that begin and end in the same fiscal year.

*Contract Costs*

The Company capitalized costs to obtain contracts that were considered incremental and recoverable, such as sales commissions. The capitalized costs were amortized to selling, general and administrative expense over the estimated period of benefit of the asset, which was the contract term. The Company elected to use the practical expedient to expense the costs to obtain a contract when the amortization period was less than one year.

*Rental Income*

The Company also derived income pursuant to product operating lease agreements for its Pharos laser systems, prior to the sale of the Dermatology Business. Consequently, the Company retained title to the equipment. Depreciation expense on these leased lasers was recorded to cost of revenues on a straight-line basis. The costs to maintain these leased lasers were charged to cost of revenues as incurred.

These lease arrangements contained one lease component (the laser) and one non-lease component (warranty service) for which the Company elected the practical expedient to not separate the non-lease component from the lease component. The Company accounted for the combined lease component as an operating lease and recognized lease income on a straight-line basis over the lease term.

#### Recently Adopted Accounting Pronouncement
In August 2020, the FASB issued ASU No. 2020-06*, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)* ("ASU 2020-06")*.* The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity's own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance requires that the if-converted method is used in computing diluted earnings per share for all convertible instruments. The update is effective for annual reporting periods, including interim periods, beginning after December 15, 2021. The Company adopted ASU 2020-06 on January 1, 2022 using a modified retrospective approach, and the adoption did not impact its financial statements or per share amounts.

#### Recently Announced Accounting Pronouncements
On October 28, 2021, the FASB issued Accounting Standards Update ("ASU") No. 2021-08, *Accounting for Contract Assets and Contract Liabilities from Contracts with Customers* ("ASU 2021-08") which amends FASB Accounting Standards Codification 805, *Business Combinations* ("ASC 805") to require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The new standard is effective for the Company for its fiscal year beginning January 1, 2023 and interim periods within its fiscal year beginning January 1, 2023. The Company is currently evaluating the impact of adopting this standard.

In June 2022, the FASB issued ASU No. 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* ("ASU 2022-03") which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2022-03 on its financial statements.

As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company has elected to take advantage of the extended transition period afforded by the JOBS Act and, as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies.

#### Note 3. Discontinued Operations

------

The Company completed the sale of its Dermatology Business to STRATA Skin Sciences, Inc. ("Strata") on August 16, 2021, for cash proceeds of $3.7 million. The Company paid broker and legal fees of approximately $0.2 million related to the sale of the Dermatology Business. In addition, the Company issued a warrant to the broker to purchase 1,484 shares of common stock at an exercise price of $149.50 per share. The warrant was immediately exercisable and expires five years following the date of issuance. The warrant was valued at approximately $0.1 million on the grant date using the Black-Scholes model based on the following assumptions: expected volatility of 104.55%, risk-free interest rate of 0.32%, expected dividend yield of 0% and an expected term of 2.5 years.

The Dermatology Business was previously disclosed as a separate reportable segment of the Company. The sale of the Dermatology Business resulted in a gain of approximately $3.5 million which is included as a component of income from discontinued operations in the statement of operations for the year ended December 31, 2021.

The Company has reported the results of the Dermatology Business as income from discontinued operations and excluded such results from continuing operations in the statement of operations for the year ended December 31, 2021. Certain overhead costs previously allocated to the Dermatology Business for segment reporting purposes did not qualify for classification as discontinued operations and have been reallocated to continuing operations for the year ended December 31, 2021.

The following table summarizes the major classes of items constituting income from discontinued operations in the statement of operations for the year ended December 31, 2021 (in thousands):

---

| | |
|:---|:---|
| **Net revenues** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Product sales | $852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and other | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenues | 2600 |
| **Cost of revenues** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Product sales | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and other | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost of revenues | 2290 |
| **Gross income** | 310 |
| **Operating expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1498 |
| **Operating loss** | (1188) |
| Interest income (expense), net | (94) |
| **Loss from discontinued operations** | (1282) |
| Gain on sale of the Dermatology Business | 3473 |
| **Income from discontinued operations** | $2191 |

---

Depreciation expense for the Dermatology Business was $0.3 million for the year ended December 31, 2021. There were no capital expenditures for the Dermatology Business during the year ended December 31, 2021. There was no provision for credit losses for the Dermatology Business for the year ended December 31, 2021. Stock-based compensation expense for the Dermatology Business was approximately $18,000 for the year ended December 31, 2021. Stock-based compensation expense of approximately $0.1 million was capitalized to inventory and property and equipment for the Dermatology Business during the year ended December 31, 2021.

#### Note 4. Fair Value Measurements
As of December 31, 2022 and 2021, the Company had cash equivalents measured at fair value on a recurring basis using Level 1 inputs. As of December 31, 2022, cash equivalents of $1.7 million were comprised of $1.4 million of money market funds and $0.3 million of certificates of deposit. As of December 31, 2021, cash equivalents of $9.4 million consisted of money market funds.

------

#### Note 5. Inventories
Inventories consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Raw materials | $— | $911 |
| Work in process |  | 70 |
| Finished goods |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Inventories** | $— | $986 |

---

Due to the RIF and the Company's decision to discontinue enrollment of patients in its atherectomy clinical trial, the Company suspended manufacturing activities in June 2022 and disposed of all inventories, resulting in a write-down of $1.0 million to net realizable value of its inventories. Such expense is included in restructuring and impairment charges in the statement of operations for the year ended December 31, 2022. See Note 14. *Restructuring and Impairment Charges*.

#### Note 6. Property and Equipment
Property and equipment, net consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Lasers | $— | $3086 |
| Machinery and equipment |  | 858 |
| Computer hardware and software |  | 353 |
| Construction in progress |  | 168 |
| Leasehold improvements |  | 145 |
| Furniture and fixtures |  | 48 |
| Property and equipment, gross |  | 4658 |
| Accumulated depreciation |  | (2849) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Property and equipment, net** | $— | $1809 |

---

Depreciation expense was $0.2 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Due to the RIF and the Company's decision to discontinue enrollment of patients in its clinical trial, the Company also suspended manufacturing activities in June 2022. The Company's property and equipment was determined to be impaired, resulting in an impairment charge of $1.5 million which was based on the actual cash proceeds received in July 2022 upon the sale and disposal of its property and equipment. The impairment charge of $1.5 million is included in restructuring and impairment charges in the statement of operations for the year ended December 31, 2022. See Note 14. *Restructuring and Impairment Charges*.

#### Note 7. Accrued Expenses
Accrued expenses consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Legal expenses | $5195 | $1345 |
| Offering costs | 1356 |  |
| Compensation and related benefits | 369 | 2004 |
| Warranty expenses (Note 8) | 192 | 195 |
| Other accrued expenses | 372 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Accrued expenses** | $7484 | $4119 |

---

------

#### Note 8. Accrued Warranty
Activity in the product warranty accrual is included in accrued expenses in the balance sheets and consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Balance at beginning of period** | $195 | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Claims satisfied | (3) | (9) |
| **Balance at end of period** | $192 | $195 |

---

The accrued warranty balances at December 31, 2022 and 2021 relate to the voluntary recall of catheters, which was initiated in September 2019.

#### Note 9. Paycheck Protection Program Promissory Note
In May 2020, the Company entered into a $2.0 million Paycheck Protection Program Promissory Note and Agreement ("PPP Promissory Note") with a commercial bank under the Coronavirus Aid, Relief, and Economic Security Act "CARES Act"). The PPP Promissory Note bore interest at 1.0% per annum. Under the terms of the PPP Promissory Note, payments would have been due monthly beginning November 1, 2020, and the principal amount of the PPP Promissory Note, along with any unpaid interest, would have been due in May 2022. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 extended the deferral period for all loans to 10 months after the last day of the covered period. Under the revised terms, payments would have been due beginning August 2021, and the principal amount, along with unpaid interest, would have been due in May 2022. The principal and interest could be forgiven if the proceeds were used for forgivable purposes as defined by the terms in the PPP Promissory Note. The Company applied for full forgiveness under the provisions of the CARES Act in March 2021 and received approval by the Small Business Administration on June 24, 2021. Gain on extinguishment of the PPP Promissory Note of $2.0 million was included in other income (expense), net in the statement of operations for the year ended December 31, 2021. Interest expense on the PPP Promissory Note for the year ended December 31, 2021 was approximately $10,000.

#### Note 10. Operating Leases
On October 24, 2022, the Company entered into a lease termination agreement (the "Lease Termination Agreement") with the landlord, pursuant to which it terminated the lease agreement for its office and manufacturing space in Carlsbad, California, effective October 28, 2022. In accordance with the terms of the Lease Termination Agreement, the Company agreed to (i) release its right to the security deposit of approximately $36,000 previously paid to the landlord and (ii) pay a $0.3 million lease termination fee to the landlord. As a result of the Lease Termination Agreement, the Company wrote-off its right-of-use asset, right-of-use liability and security deposit, resulting in a non-cash gain of approximately $0.1 million. The lease termination fee of $0.3 million was paid on October 31, 2022.

On October 31, 2022, the Company entered into a month-to-month lease agreement with Avanti Workspace (the "Lease Agreement") for its corporate headquarters in Carlsbad, California, effective November 1, 2022. The rent expense under the Lease Agreement is approximately $1,000 per month.

During the year ended December 31, 2021, the Company had two operating leases for office and manufacturing space which required it to pay base rent and certain utilities. Monthly rent expense was recognized on a straight-line basis over the terms of the leases. The office operating lease expired in December 2021 and the office and manufacturing operating lease would have expired in 2027, had it not been terminated.

At December 31, 2021, the remaining lease term for the manufacturing operating lease was six years. The manufacturing operating lease was included in the balance sheet at the present value of the lease payments at a 7% discount rate, the rate of interest that the Company estimated it would have paid to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment, as the lease did not provide an implicit rate.

------

For the years ended December 31, 2022 and 2021, operating lease expense and cash paid were $0.4 million and $0.5 million, respectively. The Company recognized non-cash right-of-use assets and lease liabilities of $3.2 million upon adoption of ASU 2016-02 on January 1, 2019. Operating lease right-of-use asset amortization was $0.2 million and $0.4 million, respectively, for the years ended December 31, 2022 and 2021. Variable costs were *de minimis* for the years ended December 31, 2022 and 2021.

#### Note 11. Net Loss per Share
The Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. A net loss cannot be diluted so when the Company is in a net loss position, basic and diluted loss per common share are the same. If in the future the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents include warrants, stock options and non-vested restricted stock awards and restricted stock units using the treasury stock method, along with the effect, if any, from outstanding convertible securities.

The Company's outstanding warrants to purchase common stock have participation rights to any dividends that may be declared in the future and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to the participating securities since the holders have no contractual obligation to share in the losses of the Company.

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share at December 31, 2022 consisted of warrants of 1,150,669, stock options of 990, restricted stock awards of 948, and restricted stock units of 61.

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share at December 31, 2021 consisted of warrants of 48,365, stock options of 2,094, restricted stock units of 1,402, restricted stock awards of 3,586 and ESPP shares of 452.

#### Note 12. Equity Offerings
*At-The-Market Sales Agreement*

On September 2, 2022, the Company entered into the At-The-Market Sales Agreement (the "ATM Agreement") under which the Company could sell its common stock from time to time having an aggregate offering price of up to $7.6 million. The Company completed the sale of 1,071,240 shares of common stock under the ATM Agreement on October 7, 2022, at a weighted average price of $7.09 per share, resulting in net proceeds of approximately $7.4 million, after offering fees withheld of approximately $0.2 million.

*Warrant Repricing*

On July 22, 2022, the Company reduced the exercise price of all outstanding warrants, consisting of Series A warrants and Series B warrants, that were issued in the public offering on February 8, 2022 (the "Offering") from $25.00 per share to $14.00 per share (the "Warrant Repricing"). Following the Warrant Repricing, the Company entered into warrant inducement offer letters (the "Inducement Letters") with certain investors. In response to the Inducement Letters, investors exercised approximately 0.4 million Series A warrants and no Series B warrants. Investors who exercised their Series A warrants received Series C warrants to purchase 100% of the shares exercised pursuant to the Series A warrants, The Series C warrants have an exercise price of $14.00, are immediately exercisable and expire in five years. The Company received net proceeds of approximately $4.9 million from the exercises of the Series A warrants, after deducting underwriter commissions and fees withheld of $0.6 million and other offering expenses paid or payable of $0.7 million.

The Warrant Repricing resulted in an immediate and incremental increase of approximately $2.3 million in the estimated fair value of the Series A warrants and Series B warrants issued in the Offering.

------

The Series A warrants and Series B warrants were valued on the date of the Warrant Repricing using the Black-Scholes model based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Series A** | **Series B** |
| Risk-free interest rate | 2.97% | 2.85% |
| Volatility | 137.87% | 90.44% |
| Expected dividend yield | 0.00% | 0.00% |
| Expected life (in years) | 0.6 | 6.6 |

---

The Series C warrants were valued on the date of the Warrant Repricing at approximately $2.3 million using the Black-Scholes model based on the following assumptions:

---

| | |
|:---|:---|
| Risk-free interest rate | 2.87% |
| Volatility | 96.70% |
| Expected dividend yield | 0.00% |
| Expected life (in years) | 5.0 |

---

The Company entered into an agreement with a former placement agent that, subject to satisfaction of the requirements contained therein, called for a cash tail fee payable based on capital raised from certain investors for a definitive time following the expiration of the agreement. The accrued cash tail fee of approximately $0.5 million related to the Warrant Repricing is included in accrued expenses in the balance sheet as of December 31, 2022. Additionally, the agreement called for the issuance of a warrant to purchase approximately 31,000 shares of common stock with an exercise price of $17.50 per share, expiring five years from the date issued. This warrant was valued at approximately $0.2 million on the Warrant Repricing date using the Black-Scholes model based on the following assumptions: expected volatility of 96.7%, risk-free interest rate of 2.87%, expected dividend yield of 0% and an expected term of 5.0 years. This warrant has not been issued by the Company as of the date of this Annual Report.

*Public Offering*

On February 8, 2022, the Company completed the Offering in which it issued and sold (i) 190,700 shares of common stock, (ii) 480,052 warrants to purchase one share of common stock at an exercise price of $25.00 that were immediately exercisable and expire one year from the date of issuance, or Series A warrants, and (iii) 480,052 warrants to purchase one share of common stock at an exercise price of $25.00 that were immediately exercisable and expire seven years from the date of issuance, or Series B warrants, and (iv) 289,352 pre-funded warrants to purchase one share of common stock at an exercise price of $0.005 per share that were immediately exercisable and expire twenty years from the date of issuance. In addition, the Company granted the underwriters of the Offering a 45-day option (the "Overallotment Option") to purchase up to (i) 72,000 additional shares of common stock, (ii) 72,000 additional Series A warrants and/or (iii) 72,000 additional Series B warrants, solely to cover overallotments.

The Series A warrants and Series B warrants were valued at approximately $11.6 million using the Black-Scholes model based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Series A** | **Series B** |
| Risk-free interest rate | 0.91% | 1.93% |
| Volatility | 131.07% | 85.38% |
| Expected dividend yield | 0.00% | 0.00% |
| Expected life (in years) | 1.0 | 7.0 |

---

Pursuant to the exercise of the Overallotment Option in February 2022, the Company issued 24,902 shares of common stock, 72,000 Series A warrants and 72,000 Series B warrants, net of underwriting discounts. On various dates in February 2022 and March 2022, the Company issued 289,352 shares of common stock upon the exercise of all of the pre-funded warrants issued in the Offering. In addition, in March 2022, the Company issued 1,000 shares of common stock in connection with the exercise of 500 each of Series A warrants and Series B warrants issued in

------

the Offering. In July 2022, the Company issued 800 shares of common stock in connection with the exercise of 800 Series A warrants issued in the Offering.

Net proceeds received from the Offering were approximately $11.5 million, after deducting underwriter commissions and fees withheld of approximately $1.1 million. In addition, the Company incurred offering expenses paid or payable of $1.8 million.

The Company entered into an agreement with a former placement agent that, subject to satisfaction of the requirements contained therein, called for a cash tail fee payable based on capital raised from certain investors for a definitive time following the expiration of the agreement. The accrued cash tail fee of approximately $0.9 million related to the Offering is included in accrued expenses in the balance sheet as of December 31, 2022. Additionally, the agreement called for the issuance of a warrant to purchase approximately 33,000 shares of common stock at an exercise price of $31.25 per share. Such warrant would be immediately exercisable and expire five years from the date issued. This warrant was originally valued at approximately $0.4 million on the date of the Offering using the Black-Scholes model based on the following assumptions: expected volatility of 93.25%, risk-free interest rate of 1.81%, expected dividend yield of 0% and an expected term of 5 years. On the date of the Warrant Repricing, this warrant was revalued at approximately $0.4 million using the Black-Scholes model based on the following assumptions: expected volatility of 98.9%, risk-free interest rate of 2.87%, expected dividend yield of 0% and an expected term of 4.6 years. This warrant has not been issued by the Company as of the date of this Annual Report.

During the year ended December 31, 2021, the Company completed ATM offerings of 76,223 shares of common stock at a weighted average price of $210.41 per share. The Company received approximately $15.5 million in net proceeds, after deducting placement agent fees. The Company also incurred approximately $0.4 million in offering fees and other expenses.

*Warrants Outstanding*

As of December 31, 2022, the Company had 1,150,669 shares of common stock reserved for issuance pursuant to the warrants issued by the Company at a weighted average exercise price of $33.67.

#### Note 13. Stock-Based Compensation

#### 2018 Equity Incentive Plan
In September 2018, the Company's board of directors adopted, and the Company's stockholders approved, the 2018 Equity Incentive Plan (the "2018 Plan") which provided for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, performance-based stock awards and other forms of equity compensation to the Company's employees, directors and consultants. Stock options granted under the 2018 Plan generally vest one-fourth on the first anniversary of the vesting commencement date with the balance vesting monthly over the remaining three years. Restricted stock units granted under the 2018 Plan generally vest one third on the first anniversary of the vesting commencement date and one sixth every six months thereafter such that the award will be fully vested on the third anniversary of the vesting commencement date. As of December 31, 2022, 8,552 shares of common stock were reserved for future issuance pursuant to the 2018 Plan. The number of shares available for issuance under the 2018 Plan also includes an annual increase on the first day of each fiscal year equal to the lesser of (1) 1,305 shares; (2) 5% of the outstanding shares of our common stock as of the last day of the immediately preceding fiscal year; or 3) such other amount as the Company's board of directors may determine.

#### 2020 Inducement Equity Incentive Plan
In March 2020, the Company adopted the 2020 Inducement Equity Incentive Plan (the "2020 Plan") for the purpose of attracting, retaining and incentivizing employees in furtherance of the Company's success. The 2020 Plan was adopted without stockholder approval pursuant to Rule 303A.08 of the New York Stock Exchange. The 2020 Plan is used to offer equity awards as material inducements for new employees to join the Company. Upon adoption of the 2020 Plan, 640 shares of common stock were reserved for the granting of inducement stock options, restricted stock awards, restricted stock units and other forms of equity awards. As of December 31, 2022, 181 shares of common stock were reserved for future issuance under the 2020 Plan.

------

*Stock Options*

The following is a summary of stock option activity for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock**<br> **Options** | **Weighted**<br> **Average**<br> **Exercise**<br> **Price** | **Weighted**<br> **Average**<br> **Remaining**<br> **Life**<br> **(in years)** | **Aggregate Intrinsic Value**<br> **(in thousands)** |
| **Outstanding at December 31, 2021** | 2094 | $17138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canceled/forfeited | (1104) | $22279 |  |  |
| **Outstanding at December 31, 2022** | 990 | $11405 | 4.14 | $— |
| **Vested and expected to vest at December 31, 2022** | 990 | $11405 | 4.14 | $— |
| **Exercisable at December 31, 2022** | 849 | $13077 | 3.92 | $— |

---

The Company did not grant any stock options during the years ended December 31, 2022 and 2021.

*Restricted Stock Units*

The following is a summary of the restricted stock unit activity for the 2018 Plan for employees of continuing operations and discontinued operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Restricted**<br> **Stock Units** | **Weighted**<br> **Average**<br> **Grant Date**<br> **Fair Value** |
| **Outstanding at December 31, 2021** | 1402 | $258.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vested | (117) | $892.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canceled/forfeited | (1224) | $188.35 |
| **Outstanding at December 31, 2022** | 61 | $450.46 |

---

*Restricted Stock Awards*

A summary of the restricted stock award activity for the year ended December 31, 2022 is presented below:

---

| | | |
|:---|:---|:---|
|  | **Restricted**<br> **Stock Awards** | **Weighted**<br> **Average**<br> **Grant Date**<br> **Fair Value** |
| **Outstanding at December 31, 2021** | 3586 | $235.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vested | (1660) | $241.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canceled/forfeited | (978) | $211.24 |
| **Outstanding at December 31, 2022** | 948 | $248.48 |

---

*Employee Stock Purchase Plan*

In September 2018, the Company's board of directors adopted the 2018 Employee Stock Purchase Plan (the "ESPP") which permitted eligible employees to purchase the Company's common stock at a discount through payroll deductions during defined offering periods. Eligible employees could elect to withhold up to 15% of their base earnings to purchase shares of the Company's common stock at a price equal to 85% of the fair market value on the first day of the offering period or the purchase date, whichever was lower. The number of shares of common stock reserved for issuance under the ESPP automatically increased on January 1 of each fiscal year by the lesser of (1) 237 shares, (2) 1.25% of the total number of shares outstanding on December 31 of the preceding fiscal year, or (3) such other amount as the Company's board of directors may determine.

For the years ended December 31, 2022 and 2021, cash received from the exercise of purchase rights under the ESPP was approximately $5,000 and $0.1 million, respectively. The Company paused the ESPP in May 2022.

------

As of December 31, 2022, the Company had issued 950 shares of common stock since inception of the ESPP, and no shares were reserved for future issuance.

Stock-based compensation expense recorded in operating expenses was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| Selling, general and administrative | $387 | $1750 |
| Research and development | 60 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Stock-based compensation in operating expenses** | $447 | $2054 |

---

Stock-based compensation of approximately $5,000 and $0.1 million was capitalized to property and equipment and inventory during the years ended December 31, 2022 and 2021, respectively.

Total unrecognized estimated stock-based compensation expense by award type and the remaining weighted average recognition period over which such expense is expected to be recognized at December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** |
|  | **Unrecognized Expense (in thousands)** | **Remaining Weighted Average Recognition Period (in years)** |
| Stock options | $93 | 1.2 |
| Restricted stock awards | $186 | 1.0 |
| Restricted stock units | $14 | 1.0 |

---

#### Note 14. Restructuring and Impairment Charges
Restructuring and impairment charges consisted of the following for the year ended December 31, 2022 (in thousands):

---

| | |
|:---|:---|
| Impairment of property and equipment | $1548 |
| Inventory obsolescence | 1000 |
| Severance expense | 910 |
| Prepaid expenses | 395 |
| Contract termination fees | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total restructuring and impairment charges** | $4172 |

---

The Company's RIF was completed in September 2022 and impacted approximately 85% of its full-time employees, resulting in one-time severance payments totaling approximately $0.9 million. In addition, the Company discontinued enrollment of patients in its clinical trial, ceased engineering and manufacturing activities, sold or disposed of substantially all of its property and equipment, inventories and research and development supplies, resulting in impairment and inventory obsolescence charges and the write-off of prepaid research and development supplies totaling approximately $2.9 million during the year ended December 31, 2022.

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#### Note 15. Income Taxes
A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| Tax computed at the federal statutory rate | 21% | 21% |
| Section 382 NOL limitation | (42.6) |  |
| Nondeductible expenses | (1.3) |  |
| State income taxes, net of federal benefits | 0.2 | 1.3 |
| Stock-based compensation |  | (2.6) |
| Tax exempt income |  | 1.7 |
| Other | 0.4 |  |
| Change in valuation allowance | 22.3 | (21.4) |

---

The federal and state income tax provision is summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; State | 3 | 4 |
|  | 3 | 4 |
| **Deferred** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State |  |  |
| **Income tax expense** | $3 | $4 |

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Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (b) operating losses and tax credit carryforwards.

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The tax effects of significant components of the Company's deferred tax assets (liabilities) are as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carryforwards | $518 | $9706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 5162 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalized research and development | 1528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserves | 95 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 35 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued legal settlement | 1355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities |  | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation |  | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accruals | 1 | 71 |
| Total gross deferred tax assets | 8694 | 15562 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets |  | (518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |
| Total gross deferred tax liabilities |  | (866) |
| **Valuation allowance** | (8694) | (14696) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total deferred taxes** | $— | $— |

---

At December 31, 2022, the Company had federal and state net operating loss ("NOL") carryforwards of approximately $54.5 million and $47.8 million, respectively. The state NOL carryforwards begin expiring in 2030. Use of these NOL carryforwards may be significantly limited under the tax rules regarding the use of losses following an ownership change under Internal Revenue Code ("IRC") Section 382. Management performed a Section 382 analysis regarding the limitation of net operating losses through December 31, 2020 and determined that ownership changes occurred in May 2020. The Company believes further ownership changes occurred during each of the years ended December 31, 2022 and 2021. Accordingly, utilization of the Company's NOLs is subject to an annual limitation for federal tax purposes under IRC Section 382. Due to the changes in control, the Company estimated that all of its $54.5 million federal NOL carryforwards are effectively eliminated, in accordance with IRC Section 382. In addition, $40.8 million of its $47.8 million in state NOL carryforwards is also eliminated. As a result of these eliminations, the Company's federal and state NOLs were reduced to zero and $6.9 million, respectively, before taking into consideration the valuation allowance. Also, as described in Note. 18 *Subsequent Events*, the Company completed the Merger on January 9, 2023.

The valuation allowance relates to deferred tax assets for certain items that will be deductible for income tax purposes under very limited circumstances and for which the Company believes it is not more likely than not that it will realize the associated tax benefit. However, in the even that the Company determines that it would be able to realize more or less than the recorded amount of net deferred tax assets, an adjustment to the deferred tax asset valuation allowance would be recorded in the period such a determination is made. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax planning strategies in making this assessment. Based upon the levels of historical taxable income, projection of future taxable income and the reversal of deferred tax liabilities over the periods in which the deferred tax assets are deductible, management believes it is more-likely- than-not that the Company will not realize the benefits of these deductible differences, net of the existing valuation allowance. The amount of deferred tax asset considered realizable, however, could change in the near term if estimates which require significant judgment of future taxable income during the carryforward period are increased or decreased.

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As of December 31, 2022, the Company does not have any unrecognized tax benefits. The Company does not anticipate that the amount of unrecognized tax benefits will significantly increase in the next 12 months. There were no interest and penalties accrued as of December 31, 2022. The Company files U.S. federal and various states income tax returns, which are subject to examination by the taxing authorities for years 2018 and later. However, the federal net operating loss carryover may be adjusted three years from the date the loss is utilized on an income tax return.

#### Note 16. Commitments and Contingencies
*Securities Class Action*

On June 7, 2019, a putative securities class action complaint captioned *Derr v. Ra Medical Systems, Inc., et al,* (Civil Action no. 19CV1079 LAB NLS) was filed in the U.S. District Court for the Southern District of California against the Company, certain current and former officers and directors, and certain underwriters of the Company's initial public offering. Following the appointment of a lead plaintiff and the filing of a subsequent amended complaint, the lawsuit alleges that the defendants made material misstatements or omissions in the Company's registration statement in violation of Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act") and between September 27, 2018 and November 27, 2019, inclusive, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"). On March 11, 2020, lead plaintiffs voluntarily dismissed the underwriter defendants without prejudice. On March 13, 2020, defendants filed a motion to dismiss the amended complaint. On March 24, 2021, the court issued an order granting defendants' motion to dismiss claims under the Securities Act in full and certain claims under the Exchange Act and denying defendants' motion to dismiss certain Exchange Act claims. Plaintiffs filed their second amended complaint on April 19, 2021, realleging the Securities Act claims and certain of the previously dismissed Exchange Act claims. On June 10, 2021, defendants moved to dismiss the second amended complaint. On November 12, 2021, following a private settlement mediation with the lead plaintiffs, the parties executed a stipulation of settlement that resolved the claims asserted in the securities class action. The settlement provides for a payment to the plaintiff class of $10.0 million. On March 18, 2022, the Company paid approximately $0.6 million towards the settlement to satisfy its self-insured retention/deductible. The Company's insurers paid the remainder of the settlement. The proposed settlement required both preliminary and final approval by the court. On February 11, 2022, the court granted preliminary approval of the settlement, scheduled a hearing on final approval of the settlement and denied the pending motion to dismiss without prejudice. On May 2, 2022, plaintiffs filed a motion for final approval of the settlement and plan of allocation, and lead counsel filed a motion for an award of attorneys' fees and reimbursement of litigation expenses. On September 23, 2022, the court granted final approval of the settlement, certified the settlement class, granted in part lead counsel's motion for an award of attorneys' fees and reimbursement of litigation expenses, dismissed plaintiffs' claims with prejudice, and entered final judgment.

*Shareholder Derivative Litigation*

On October 1, 2019, a shareholder derivative complaint captioned *Noel Borg v. Dean Irwin, et al* (Civil Action no. 1:99-cm-09999) was filed in the U.S. District Court for the District of Delaware against certain current and former officers and directors, purportedly on behalf of the Company, which is named as a nominal defendant in the action. The complaint alleges breaches of fiduciary duty, unjust enrichment, waste, and violations of Section 14(a) of the Exchange Act. On October 21, 2019, pursuant to the parties' stipulation, the court stayed the derivative lawsuit until the related class action is resolved. On November 10, 2022, the plaintiff filed a notice voluntarily dismissing the case without prejudice.

*Settlement Agreements with the Department of Justice and Participating States*

As previously announced on December 28, 2020, the Company entered into a settlement agreement with the U.S., acting through the Department of Justice ("DOJ") and on behalf of the Office of Inspector General, and other settlement agreements with certain state attorneys general, collectively the "Settlement Agreements", to resolve investigations and a related civil action concerning its marketing of the DABRA laser system and DABRA-related remuneration to certain physicians.

Pursuant to the terms of the Settlement Agreements, (a) if the Company's revenue exceeds $10 million in any of fiscal years 2021-2024, the Company also is required to pay for the corresponding year: $500,000 for 2021,

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$750,000 for 2022, $1 million for 2023, and $1.25 million for 2024; (b) if the Company is acquired or is otherwise involved in a change in control transaction before the end of 2024, the Company was required to pay an additional settlement amount of $5 million, plus 4% of the value attributed to the Company in the transaction, so long as the attributed value is in excess of $100 million, with the total change in control payment never to exceed $28 million; and (c) if the Company's obligations under the Settlement Agreements are avoided by bankruptcy, the U.S. may rescind the releases and bring an action against the Company in which the Company agrees is not subject to an automatic stay, is not subject to any statute of limitations, estoppel or laches defense, and is a valid claim in the amount of $56 million, minus any prior change in control payments. As a result of the Merger, the Company recorded $5.0 million related to the Settlement Agreements as of December 31, 2022, which is included in accrued expenses in the accompanying balance sheet. See Note 18. *Subsequent Events*.

*Filing of Complaint*

On September 29, 2022, a purported stockholder of the Company filed a complaint captioned *David Nguyen v. Ra Medical Systems, Inc. et al.* (Civil Action no. 3:22-cv-01470-BEN-MSB) in the U.S. District Court for the Southern District of California against us and our current directors. The complaint alleges violations of Sections 14(a) and 20(a) of the Exchange Act based on alleged deficiencies in our preliminary proxy, filed with the SEC on September 23, 2022. On February 7, 2023, plaintiff filed a notice voluntarily dismissing the case without prejudice.

*Other Litigation*

In the normal course of business, the Company is at times subject to pending and threatened legal actions. In management's opinion, any potential loss resulting from the resolution of these matters will not have a material effect on the results of operations, financial position or cash flows of the Company.

*Services Agreement*

Pursuant to the terms of the Services Agreement between the Company and Strata, executed simultaneously with the sale of the Dermatology Business, the Company continued to provide certain services to Strata, including certain support services and the sale of spare parts, through October 2022. Income earned and expenses incurred in accordance with the Services Agreement are recorded as other income (expense), net in the accompanying statement of operations for the year ended December 31, 2022.

#### Note 17. Employee Benefit Plan
In January 2019, the Company established a defined contribution plan under Section 401(k) of the Internal Revenue Code ("401(k) Plan"). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee's contribution up to 3% and 50% of contributions between 3% and 5%, with the match-eligible contribution limited to 4% of the employee's eligible compensation. The Company's expense related to the matching contributions was approximately $0.2 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively.

#### Note 18. Subsequent Events
*Settlement Agreements with the Department of Justice and Participating States*

In February 2023, the Company made payments of $4.7 million and $0.3 million to the DOJ and the participating states, respectively, pursuant to the terms of the Settlement Agreements.

*Merger with Catheter*

On January 9, 2023, the Company completed the Merger for the purpose of acquiring Catheter's existing and developing product lines based on electrophysiology technology. Pursuant to the Merger Agreement, the Company issued 14,649.591 shares of Series X Preferred Stock to Catheter debtholders and stockholders in exchange for 100% of the issued and outstanding common shares of Catheter and the cancellation of the principal amount.

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The estimated total purchase consideration for the Merger was approximately $82.9 million which represents the sum of the (i) estimated fair value of the 14,649.591 Series X Preferred Stock issued and (ii) the portion of the estimated fair value of the options issued as replacement of share-based payment awards, as required under ASC 805.

The fair value of the Series X Preferred Stock includes certain discounts applied to the closing stock price of the Company on January 9, 2023 of $6.41, with a 15% discount applied to reflect the Series X Preferred Stock's lack of marketability.

The following table summarizes the preliminary estimated fair value of the consideration associated with the Merger (in thousands):

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| | |
|:---|:---|
| Fair value of 14,649.591 Series X Preferred Stock issued | $79840 |
| Fair value of Catheter's fully vested stock options | 3027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total purchase price | $82867 |

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The Merger is being accounted for as a business combination in accordance with ASC 805. The Company has determined the preliminary fair values of the assets acquired and liabilities assumed in the Merger. These values have been prepared based on preliminary estimates of fair value of consideration, assets acquired and liabilities assumed. Differences between these preliminary estimates and the final acquisition accounting are likely to occur and these differences could be material.

The following table summarizes the preliminary purchase price allocations related to the Merger (in thousands):

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| | |
|:---|:---|
| Estimated consideration | $82867 |
| Assets (liabilities) assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term assets | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, accrued expenses and other liabilities | (2806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties payable, long-term | (7591) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 37000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets assumed | 26933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | (10108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of consideration over net assets assumed | $66042 |

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Excess of the purchase price over the estimated fair value of the net assets assumed has been reflected as goodwill.

All intangible assets acquired are subject to amortization and their associated estimated acquisition date fair values and estimated useful lives are as follows (in thousands except for estimated useful life which is in years):

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| | | |
|:---|:---|:---|
|  | **Estimated Fair Value** | **Estimated Useful Life** |
| Developed technology – VIVO | $8020 | 8 |
| Developed technology – LockeT | 27060 | 6 |
| Customer Relationships | 220 | 5 |
| Trademark – VIVO | 1480 | 9 |
| Trademark – LockeT | 220 | 8 |
|  | $37000 |  |

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ASC 805 requires that an acquirer in a business combination report provisional amounts when measurements are incomplete as of the end of the reporting period covering the business combination. In accordance with ASC 805, the acquirer has a period of time, referred to as the measurement period, to finalize the accounting for a

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business combination. The measurement period provides companies with a reasonable period of time to determine the value of the identifiable assets acquired, liabilities assumed, and the consideration transferred for the acquiree. In accordance with ASC 805, the measurement period ends as soon as the acquirer receives all necessary information about the facts and circumstances that existed as of the acquisition date for the provisional amounts or has otherwise learned that more information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date. ASC 805 requires that measurement period adjustments be recognized in the reporting period in which the adjustment amount is determined.

*Unaudited Pro Forma Financial Information*

The following table represents the revenue, net loss and net loss per share effect of the acquired company, as reported on a pro forma basis as if the acquisition occurred on January 1, 2022. These pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. The following information for the year ended December 31, 2022 is presented in thousands except for the per share data:

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| | |
|:---|:---|
| Revenues | $355 |
| Net loss | (41559) |
| Basic and diluted net loss per share – on a pro forma basis (unaudited) | (22.30) |

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*Conversion of Series X Preferred Stock* 

On March 21, 2023, the Company held a special meeting of stockholders (the "Stockholders' Meeting"), at which the stockholders approved, among other things, the issuance of 1,993,627 shares of common stock upon the conversion of 1,993.627 of Series X Preferred Stock which were issued upon the closing of the Merger. The remaining 12,655.965 shares of Series X Preferred Stock are expected to remain outstanding until at least July 9, 2024, and will convert thereafter into up to 12,655,965 shares of common stock, only if the Company meets the initial listing standards of the NYSE American or another national securities exchange or are delisted from the NYSE American.

*Warrant Inducement Offer*

On January 9, 2023, the Company reduced the exercise price of certain existing warrants, or the Existing Warrants, exercisable for 331,608 shares of the Company's common stock held by a certain investor (the "Investor"), with exercise prices ranging from $14.00 to $526.50 per share to $4.00 per share, or the Warrant Repricing. In connection with the Warrant Repricing, the Company entered into a warrant inducement offer letter, or the Inducement Letter, with the Investor pursuant to which it would exercise up to all of the 331,608 Existing Warrants, or the Inducement Offer. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, the Company received approximately $1.3 million in gross proceeds. The Company paid the placement agent aggregate cash fees of approximately $0.2 million related to the Inducement Offer which represented 8.0% of the gross proceeds received from the Inducement Offer plus other offering costs. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, the Company issued the Investor a new Series E common stock purchase warrant, or Series E Warrant, to purchase 331,608 shares of common stock at an exercise price of $4.00 per share. The Series E Warrant is exercisable for five years from the date of stockholder approval. Exercise of the Series E Warrant in full was subject to approval of the pre-closing holders of Ra Medical's stockholders which was obtained at the Stockholders' Meeting.

Based on the Black Scholes model, the Warrant Repricing resulted in an immediate and incremental increase of approximately $0.3 million in the estimated fair value of the Existing Warrants which will be reported in the statement of stockholders' equity for the three months ending March 31, 2023. In addition, based on the Black-Scholes model, the Company estimated the fair value of the Series E Warrant issued to be approximately $1.9 million.

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*Securities Purchase Agreement*

On January 9, 2023, the Company entered into a Securities Purchase Agreement ("Securities Purchase Agreement") for a private placement ("Private Placement"), with the Investor. Pursuant to the Securities Purchase Agreement, the Investor agreed to purchase, for an aggregate purchase price of approximately $8.0 million, (a) Class A units at a price that is the lower of $3.00 per unit and 90% of the 5 day volume weighted average price of the Company's common stock immediately prior to obtainment of the approval of the Company's stockholders of conversion of the PIPE Preferred Stock and PIPE Warrants (as each are defined below), each consisting of one share of common stock, one Series F common stock purchase warrant, or Series F Warrant, and one Series G common stock purchase warrant, or Series G Warrant, and together with the Series F Warrants (the "PIPE Warrants") and (b) Class B units at a price of $1,000 per unit, each consisting of one share of a new series of the Company's preferred stock, designated as Series A Convertible Preferred Stock (the "PIPE Preferred Stock"), par value $0.0001, and one Series F Warrant and one Series G Warrant for each share of the Company's common stock underlying the PIPE Preferred Stock (each share of which is convertible into a number of shares of the Company's common stock equal to $1,000 divided by the lower of $3.00 and 90% of the 5 day volume weighted average closing price of the Company's common stock immediately prior to the obtainment of the approval of the Company's stockholders of conversion of the PIPE Preferred Stock and PIPE Warrants, or the Preferred Conversion Rate. The closing under the Securities Purchase Agreement and the sale and issuance of the Class A units and Class B units (and the issuance of any underlying common stock) were approved at the Stockholders' Meeting. At the closing of the Private Placement, the Company issued 497,908 Class A units for proceeds of approximately $0.8 million and 7,203 Class B units for proceeds of approximately $7.2 million which are convertible into up to 4,501,060 shares of common stock, as well as the issuance of warrants described below.

The PIPE Warrants are exercisable at an exercise price of $3.00 per share, subject to adjustments as provided under the terms of the PIPE Warrants. The PIPE Warrants are exercisable at any time on or after the closing date of the Private Placement until the expiration thereof, except that the PIPE Warrants cannot be exercised if, after giving effect thereto, the purchaser would beneficially own more than 4.99%, or the Maximum Percentage, of the outstanding shares of common stock of the Company, which Maximum Percentage may be increased or decreased by the purchaser with written notice to the Company to any other percentage specified not in excess of 9.99%. The Series F Warrants have a term of two years from the date of stockholder approval, and the Series G Warrants have a term of six years from the date of stockholder approval. The Series F Warrants and Series G Warrants were approved at the Stockholders' Meeting.

Shares of PIPE Preferred Stock, the conversion of which was approved at the Stockholders' Meeting, convert into common stock at the option of the holder at the Preferred Conversion Rate, subject to certain ownership limitations as described below. The conversion price is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions.

Subject to limited exceptions, holders of shares of PIPE Preferred Stock will not have the right to convert any portion of their Preferred Stock if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or up to 9.99% at the election of the holder) of the number of shares of the Company's common stock outstanding immediately after giving effect to its conversion.

Holders of PIPE Preferred Stock will be entitled to receive dividends on shares of PIPE Preferred Stock equal, on an as-if-converted-to-common stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the PIPE Preferred Stock does not have voting rights.

The Company also entered into a registration rights agreement with the purchasers requiring the Company to register the resale of the shares of common stock, the shares issuable upon exercise of the Warrants and the shares issuable upon the conversion of the PIPE Preferred Stock.

## Exhibit 4.2

#### EXHIBIT 4.2

#### DESCRIPTION OF CAPITAL STOCK

#### General
The following description summarizes certain terms of our capital stock and certain provisions of our amended and restated certificate of incorporation. We have adopted an amended and restated certificate of incorporation and amended and restated bylaws, and this description summarizes certain of the provisions that are included in those documents. This summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate of incorporation and amended and restated bylaws, copies of which are filed with the SEC as exhibits to this Annual Report on Form 10-K, and to the applicable provisions of Delaware law.

Our authorized capital stock consists of 310,000,000 shares of capital stock, of which 300,000,000 shares are designated as common stock, $0.0001 par value per share, and 10,000,000 shares are designated as preferred stock, $0.0001 par value per share. Our board of directors is authorized, without stockholder approval, except as required by the listing standards of the NYSE, to issue shares of our preferred stock. As of March 10, 2021, there were 3,259,340 shares of common stock issued and outstanding and there were 68 holders of record of our common stock.

#### Common Stock
The holders of common stock are entitled to one vote per share on all matters submitted to a vote of our stockholders and do not have cumulative voting rights. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election. Subject to preferences that may be applicable to any preferred stock outstanding at the time, the holders of outstanding shares of common stock are entitled to receive ratably any dividends declared by our board of directors out of assets legally available. See the section captioned "*Dividend Policy*" for additional information. Upon our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any then outstanding shares of preferred stock. Holders of common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock.

#### Preferred Stock
Pursuant to our amended and restated certificate of incorporation, our board of directors has the authority, without further action by the stockholders, to issue from time to time up to 10,000,000 shares of preferred stock in one or more series. Our board of directors may designate the rights, preferences, privileges and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, redemption rights, liquidation preference, sinking fund terms and the number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the common stock, diluting the voting power of the common stock, impairing the liquidation rights of the common stock or delaying, deterring or preventing a change in control. Such issuance could have the effect of decreasing the market price of the common stock. We currently have no plans to issue any shares of preferred stock.

#### Anti-Takeover Effects of Delaware law and our Certificate of Incorporation and Bylaws
The provisions of Delaware law, our amended and restated certificate of incorporation and our amended and restated bylaws contain provisions that could have the effect of delaying, deferring or discouraging another person from acquiring control of our company. These provisions and certain provisions of Delaware law, which are summarized below, may have the effect of discouraging takeover bids, coercive or otherwise. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

***Issuance of Undesignated Preferred Stock.&nbsp;&nbsp;&nbsp;&nbsp;As discussed above under "Description of Capital Stock—Preferred Stock," our board of directors has the ability to designate and issue preferred stock with voting or other rights or preferences that could deter hostile takeovers or delay changes in our control or management.***

***Limits on Ability of Stockholders to Act by Written Consent or Call a Special Meeting.&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that our stockholders may not act by written consent. This limit on the ability of stockholders to act by written consent may lengthen the amount of time required to take stockholder actions. As a result, the holders of a majority of our capital stock would not be able to amend the amended and restated bylaws or remove directors without holding a meeting of stockholders called in accordance with the amended and restated bylaws. In addition, our amended and restated bylaws provide that special meetings of the stockholders may be called only by the chairperson of the board, our chief executive officer or president (in the absence of a chief executive officer) or a majority of our board of directors. A stockholder may not call a special meeting, which may delay the ability of our stockholders to force***

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#### consideration of a proposal or for holders controlling a majority of our capital stock to take any action, including the removal of directors.
***Advance Requirements for Advance Notification of Stockholder Nominations and Proposals.&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of the board of directors. These advance notice procedures may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed and may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempt to obtain control of our company.***

***Board Classification.&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that our board of directors are divided into three classes, one class of which is elected each year by our stockholders. The directors in each class will serve for a three-year term. For more information on the classified board of directors, see Part III, "Directors, Executive Officers and Corporate Governance." Our classified board of directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us because it generally makes it more difficult for stockholders to replace a majority of the directors.***

***Election and Removal of Directors.&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that establish specific procedures for appointing and removing members of our board of directors. Under our amended and restated certificate of incorporation and amended and restated bylaws, vacancies and newly created directorships on our board of directors may be filled only by a majority of the directors then serving on the board of directors.***

Under our amended and restated certificate of incorporation and amended and restated bylaws, directors may be removed only for cause by the affirmative vote of the holders of a majority of the shares then entitled to vote at an election of directors.

***No Cumulative Voting.&nbsp;&nbsp;&nbsp;&nbsp;The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation and amended and restated bylaws do not expressly provide for cumulative voting. Without cumulative voting, a minority stockholder may not be able to gain as many seats on our board of directors as the stockholder would be able to gain if cumulative voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board of directors' decision regarding a takeover.***

***Amendment of Charter Provision.&nbsp;&nbsp;&nbsp;&nbsp;Any amendment of the above provisions in our amended and restated certificate of incorporation would require approval by holders of at least 66 2/3% of our then outstanding capital stock entitled to vote, voting together as a single class.***

***Delaware Anti-Takeover Statute.&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:***

• prior to the date of the transaction, our board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

• upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

• at or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation's outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board

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of directors does not approve in advance. We also anticipate that Section 203 may discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

The provisions of Delaware law and the provisions of our amended and restated certificate of incorporation and amended and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts.

These provisions might also have the effect of preventing changes in our management. It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem to be in their best interests.

***Choice of Forum.&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty; (iii) any action asserting a claim against us arising under the Delaware General Corporation Law, our amended and restated certificate or our amended and restated bylaws; (iv) any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or our amended and restated bylaws; and (v) any action asserting a claim against us that is governed by the internal-affairs doctrine. Our amended and restated certificate of incorporation further provides that the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act.***

#### Transfer Agent and Registrar
The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. The transfer agent's address is 6201 15th Avenue, Brooklyn, New York 11219, and its telephone number is 718-921-8300. Our shares of common stock are issued in uncertificated form only, subject to limited circumstances.

#### Market Listing
Our common stock is listed on the NYSE American under the symbol "RMED."

## Exhibit 10.16

#### Exhibit 10.16.1
![](glyiexezausa000001.jpg)

MEREDITH WILLIAMS, SENIOR COUNSEL ADMINISTRATIVE & CIVIL REMEDIES BRANCH OFFICE OF COUNSEL TO THE INSPECTOR GENERAL

330 INDEPENDENCE AVE SW WASHINGTON, DC 20201

January 11, 2023

<u>VIA</u> <u>EMAIL</u>

Will McGuire

Chief Executive Officer

Ra Medical Systems

5857 Owens Ave., Suite 300

Carlsbad, CA 92009

Re:<u>Suspension</u> <u>of</u> <u>Corporate</u> <u>Integrity</u> <u>Agreement</u>

Dear Will:

The purpose of this letter is to notify Ra Medical Systems, Inc. (RMS) that its obligations under the Corporate Integrity Agreement (CIA) with the Office of Inspector General (OIG) of the United States Department of Health and Human Services are suspended.

It is our understanding that the proposed transaction between RMS and Catheter Precision (CP) has been finalized. This suspension of RMS's obligations is based upon the representations made to the OIG that, following the closing of the transaction, referenced in OIG's letters dated August 12, 2022 and December 20, 2022, neither RMS nor CP will engage in Covered Functions (as defined in the CIA) with respect to the RMS Government Reimbursed Products that were subject to the CIA. The CIA will remain suspended until the end of the CIA term, unless either RMS or CP resume engaging in Covered Functions with respect to the RMS Government Reimbursed Products that were subject to the CIA.

If you have any questions, please contact me at 202.494.4395 or by email at <u>Meredith.Williams@oig.hhs.gov</u>.

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| |
|:---|
| Sincerely, |
| /s/ Meredith Williams |
| Meredith Williams Senior Counsel |

---

## Exhibit 10.27

#### Exhibit 10.27.1
SECURITIES REPRESENTED BY OR ISSUED PURSUANT TO THIS AGREEMENT (THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS, AND OTHERWISE AS SET FORTH IN THIS AGREEMENT.

#### DEBT SETTLEMENT AGREEMENT AND RELEASE
THIS DEBT SETTLEMENT AGREEMENT AND RELEASE (this "<u>Agreement</u>") is made and entered into as of the date set forth below by and between David A. Jenkins ("<u>Noteholder</u>"), and Catheter Precision, Inc., a Delaware corporation (the "<u>Company</u>").

**WHEREAS, the Company has an outstanding convertible promissory note (the "<u>Note</u>") payable to the Noteholder in the principal amount of $4,685,000 (such amount, together with any additional principal that may have been added thereto prior to the Effective Date, the "<u>Principal</u>"), under which there was owing to Noteholder accrued but unpaid interest on such Note equaling approximately $3,490,300.83, as of December 15, 2022 (such amount, together with all additional interest accrued but remaining unpaid as of the Effective Date (the "<u>Interest</u>")); and**

**WHEREAS, the Company is in negotiations to enter into a strategic business combination (the "Transaction") with Ra Medical Systems, Inc. ("Ra"), a Delaware corporation; pursuant to which the current shareholders of the Company would receive certain preferred stock of Ra which could become convertible into the common stock of Ra, subject to approval by Ra shareholders and the satisfaction of certain exchange listing standards and other requirements; and**

**WHEREAS, Noteholder and the Company have agreed that in exchange for Noteholder's right to receive the Merger Shares described below at any closing of such a Transaction, the Note shall be deemed terminated as of immediately prior to the closing of the Transaction (the "Effective Time"), if such closing takes place on or before February 28, 2023 (the earlier of such date and the date of any notice by the Company that it has abandoned all efforts to effectuate the Transaction, the "Expiration Date"), which date is subject to extension by agreement between the parties, and further that at such Effective Time the Noteholder shall forgive the Interest in exchange for the Royalty Right as further described below, and that the Noteholder shall refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the Notes, other than such rights as are provided herein, at any time prior to the Expiration Date;**

**NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>RELEASE BY NOTEHOLDER; TEMPORARY FORBEARANCE</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Discharge of Debt. Effective at the Effective Time, Noteholder, on behalf of Noteholder and Noteholder's heirs, representatives, successors and/or assigns, hereby fully, finally and completely terminates the Note and releases and forever discharges the Company and its predecessors, successors, assigns, partners, members, managers, affiliates, subsidiaries, parents, officers, shareholders, directors, employees, attorneys, and agents, past, present and future (the "<u>Company Released Parties</u>"), of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, known or unknown, with respect to matters arising in connection with the Note (including principal, any and all interest accrued thereon or any other fees or obligations related thereto) that Noteholder had, now has, or hereafter may have against the Company Released Parties (the "<u>Noteholder Claims</u>"). Noteholder hereby agrees that Noteholder will not assert, and that Noteholder is estopped from asserting, against any and all of the Company Released Parties, any Noteholder Claims that are released in this Agreement. The release set forth in this paragraph shall happen automatically upon the closing of the Transaction and, for the avoidance of doubt, with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Release of Security Interests. Effective at the Effective Time, any and all security interests, mortgages, liens, pledges, charges and/or other encumbrances in favor of Noteholder to secure the indebtedness underlying the Note, including without limitation any and all security interests granted to Noteholder in that certain Security Agreement dated on or about March 1, 2017, shall be automatically released with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Further Assurances. Although it is expressly contemplated by the parties that no further action shall be necessary by the Company or the Noteholder to terminate and release the Note and any collateral relating thereto, nonetheless Noteholder agrees that it shall promptly upon request of the Company deliver, or execute and deliver, as the case may be, to the Company all such further documents, instruments, termination statements, certificates or releases, each in form and substance satisfactory to the Company, and take any other actions, as may be required or reasonably requested by the Company to further evidence the termination and release of the Note and of any and all other instruments, documents or agreements (of record or otherwise) in favor of Noteholder that may exist in relation to or with respect to the Note, or represent guaranties of, and/or security interests or liens securing, the Note. The Company will be authorized to prepare and file any UCC termination statements necessary or appropriate for any UCC financing statements naming the Company as the debtor and Noteholder as the secured party, as well as any other instruments or documents that may be necessary or desirable to evidence the terminations and releases described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Forbearance Prior to Expiration Date. Noteholder has agreed with the Company to refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the indebtedness or other obligations underlying or existing with respect to the

------

*Notes and the indebtedness represented thereby, other than such rights as are provided herein, at any time prior to the Expiration Date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>CONSIDERATION TO THE NOTEHOLDER</u>**. The Company and Noteholder hereby irrevocably acknowledge and agree that as of the Effective Time, Noteholder shall be entitled to receive the consideration set forth below (the "Consideration"). Noteholder understands that the Consideration is subject to the closing of the Transaction and that if the Transaction is consummated, the Consideration will not be delivered prior to the Effective Time. The Consideration shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Exchange of Note Principal for Equity in Ra. In consideration for and upon the termination and cancellation of the Note and the Principal owing thereunder, and the release of collateral thereon, at the Effective Time, Noteholder shall become entitled to receive shares (the "<u>Merger Shares</u>") of a newly designated series of non-voting preferred stock of Ra (the "<u>Ra</u> <u>Preferred</u>"), which could become convertible into voting common shares of Ra ("<u>Ra Common</u>") upon approval by the common stockholders of Ra, and the conversion of which will also be subject to certain exchange listing requirements, certain beneficial ownership limits, and certain time restrictions. The Ra Preferred shall be subject to the same terms and conditions as the preferred stock to be issued to the holders of the Company's common stock upon consummation of the Transaction. The number of Merger Shares issued to Noteholder will be such number as shall be convertible, subject to the conditions described above, into the Conversion Share Number of Ra Common. The "<u>Conversion Share Number</u>" shall equal the Principal owing under the Note divided by the Conversion Price, rounded up to the nearest whole number. The "<u>Conversion Price</u>" shall equal 80% of the lower of the following: (x) the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on the last Trading Day prior to the Closing Date for the Transaction, as reported by Bloomberg; (y) the average of the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on each of the five (5) consecutive full Trading Days ending on the last Trading Day immediately prior to such Closing Date; or (z) the lowest per share price at which common stock is sold in any Ra financing conducted at or immediately prior to the Effective Time. "<u>Trading Day</u>" means any day on which the primary market for Ra Common is open for trading and is not closed for any reason prior to its normal closing time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Forgiveness of Interest for Royalty Agreement. In consideration for the forgiveness of all Interest accrued but unpaid on the Principal through the date of the Closing of the Transaction, at the Effective Time the Noteholder shall become entitled to receive a royalty right (the "Royalty Right") as described herein. Commencing upon the first commercial sale by the Company of its Surgical Vessel Closing Pressure Device, the Company shall pay to Noteholder a royalty equal to 3.09% per year on Net Sales, if any, of such device. Royalty payments shall be payable quarterly in arrears, with each such payment due and payable no later than thirty (30) days following the end of each quarter; provided that payment for the fourth quarter of a fiscal year shall be due and payable no later than ninety (90) days following the end of such year, and shall be subject to a true up to reflect any changes to accounting for the first three quarters of the year. The Company's obligation to pay royalties under this Agreement shall continue from the first commercial sale of the Surgical Vessel Closing Pressure Device until December 31, 2035, after which no further royalties shall be due.

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"Surgical Vessel Closing Pressure Device," or the "Device," refers to that device as to which the Company filed a Provisional Patent Application on February 25, 2022, with the U.S. Patent and Trademark Office, Application No. 63/314,030, and which is currently under development by the Company.

"Net Sales" means the gross amount invoiced for sales by the Company or its affiliates or sublicensees to third parties, less the following deductions from such gross amounts to the extent attributable to the Device: (a) trade, cash and quantity discounts; (b) price reductions or rebates (including in connection with copay assistance programs, savings offers or discount cards), retroactive or otherwise, or charge backs paid to governmental authorities, group purchasing organizations, third party payors (including managed health care organizations), or trade customers; (c) amounts repaid or credited by reason of rejections, defects, return goods allowance, recalls, returns or billing errors; (d) amounts repaid or credited or provisions made for uncollectible amounts on previously sold product; (e) reasonable and customary freight, shipping insurance and other transportation charges directly related to the sale of the Device; (f) fees for any services provided by wholesalers and warehousing chains related to the distribution of the Device; (g) to the extent not covered above, administrative fees paid to group purchasing organizations or pharmaceutical benefit managers; and (h) sales, value-added and excise taxes, tariffs and duties, and other taxes and government charges directly related to the sale of the Device other than franchise or income taxes of any kind whatsoever; all as determined in accordance with generally accepted accounting principles ("GAAP"), on a basis consistent with the annual audited financial statements of the Company, its successor in interest following the Transaction, or, where applicable, its direct or indirect parent the financial statements of which are for financial reporting purposes consolidated in accordance with GAAP with the Company or its successor. For purposes of calculating Net Sales, the Device will be deemed to be sold when invoiced or delivered. The transfer or sale of the Device between or among the Company's successor in interest following the Transaction and Ra, or any other subsidiaries of Ra, will not be considered a sale. Upon the sale or other disposal of the Device, such sale, disposal or use will be deemed to constitute a sale with the consideration for the sale being the consideration for the relevant transaction and constituting Net Sales hereunder. A sale shall not include transfers or dispositions provided for patient assistance programs, charitable, compassionate use, promotional, pre-clinical, clinical, regulatory or government testing purposes.

Under certain circumstances, payments to Noteholder resulting from this Agreement may cause the Company to be subject to withholding tax, fines or penalties under applicable tax laws. In any such an event, Noteholder acknowledges that the Company shall be authorized to withhold amounts otherwise distributable to the Noteholder as compensation for any such tax, fines or penalties imposed under such tax laws, and that any such amounts so withheld from payments to the Noteholder pursuant to applicable tax laws will be treated as having been paid to the Noteholder by the Company. Noteholder acknowledges and agrees that any taxes that may be owed by Noteholder with respect to this Agreement shall be the sole responsibility of Noteholder, and neither the Company nor Ra shall have any liability to Noteholder or any other party with respect to any such taxes. Noteholder hereby acknowledges that no representations have been made with respect to the tax treatment of any payments that may be received pursuant to the terms of this Agreement or the Transaction,

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and that Noteholder has consulted with Noteholder's own independent tax advisors to the extent Noteholder considers appropriate regarding all pertinent tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>DELIVERY AND CANCELLATION OF NOTE</u>**. Following the Effective Time, the Noteholder shall promptly deliver to the Company the Note, which shall be marked as "cancelled" by the Company. Notwithstanding the foregoing, neither termination and discharge of the Note as provided in Section 1 above, nor the effectiveness of the other provisions of this agreement, is conditioned on the delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**NOTEHOLDER REPRESENTATIONS AND WARRANTIES**. As of the date hereof, Noteholder represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the date hereof, Noteholder is the legal owner of the Note, has not assigned, pledged, or transferred in any manner, to any other person or entity, any right, title, or interest to the Note, Interest owing under the Note, or any of the Noteholder Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Noteholder has the requisite power and authority to enter into this Agreement, and is not required to affix any seal hereto that it has not so affixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Noteholder recognizes that acquiring the Consideration involves a high degree of risk, is suitable only for persons of adequate financial means, and that it may not be possible to liquidate the investment in the event of emergency, transferability is extremely limited, and in the event of a disposition, a complete loss of investment could occur. Noteholder understands that the value of the Consideration depends upon Ra's then-prevailing market price, and that such value as of the Effective Date may be materially different from its value as of the date hereof, and has accepted this risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Noteholder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Act"), is competent to and does understand the nature of the investment, and is able to bear the economic risk of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Noteholder has had an opportunity to request all information desired to evaluate the merits and risks of the investment. All information regarding the Company which was requested or desired by Noteholder has been furnished, all other documents which could be reasonably provided have been made available for inspection and review, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Consideration. Noteholder is not making this investment in reliance upon any investment advice or recommendation from the Company or its representatives but has consulted, to the extent desired, Noteholder's own legal, tax and other advisors with respect to the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Noteholder understands that Ra is not a party to this agreement, and that the Company is not able to make assurances or supply information regarding Ra or its securities to Noteholder beyond such information as has been made available publicly by Ra through its SEC filings and its website, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Merger Shares. Noteholder further

------

recognizes that during the course of this Agreement, the Company may come into possession of material nonpublic information regarding Ra ("MNPI"), which it may be contractually and/or legally

prohibited from sharing with Noteholder. In addition, Noteholder acknowledges that it has been previously informed, and may in the future continue to be informed, of certain material changes related to the Transaction which may not have yet been made public, and may differ from what Ra has publicly disclosed to date ("Material Updates"). Noteholder understands that Material Updates constitute MNPI until such time as Ra publicly discloses such information. The Material Updates have included and may in the future include information regarding: changes to the amount of total Ra ownership by all Company stakeholders combined; changes to Ra's obligation to deliver net cash at closing; the anticipated handling of amounts owed by Ra and/or the combined company to the Department of Justice and certain states in connection with Ra's previously settled enforcement action; plans involving capital raising and other financial strategies of the merger parties and combined company; changes in deal structure and timing; and changes involving Ra's status as a listed company. The Company does not undertake to supply Noteholder with any additional MNPI regarding Ra at any time, including to update information concerning the foregoing topics, and Noteholder acknowledges that it has no entitlement to privately receive any such information, but shall look to Ra's public filings to the extent it deems necessary or appropriate to monitor the Transaction. Notwithstanding the foregoing, in the event Noteholder comes into possession of any such MNPI, Noteholder understands that its communication and use of any such MNPI would be subject to strict insider trading and other federal securities law and the confidentiality obligations of Section 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Noteholder is acquiring the Consideration for Noteholder's own account, for investment, and not for distribution or resale to others, and Noteholder will not sell, transfer, or otherwise dispose of the Consideration or any portion thereof unless registered under the Act and any applicable state securities laws, or pursuant to a valid exemption therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Noteholder understands that the Merger Shares and the underlying Ra Common may be subject to a customary legend describing the lack of registration under the Act and setting forth or referring to restrictions on transferability and sale thereof described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Noteholder acknowledges that the Surgical Vessel Closing Pressure Device remains under development, and while the Company currently intends to use commercially reasonable efforts to commercialize the Device, there can be no guarantee that the Company or its successor will be able to successfully commercialize the Device, and further, the Company may never earn any Net Sales on the Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>SECURITIES LAW VIOLATIONS; MATERIAL NONPUBLIC INFORMATION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Noteholder shall not engage in or cause any transfer of securities received under this agreement in a manner that violates any state or federal securities laws, including

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due to any misrepresentations set forth in Section 4. Noteholder will hold the Company, its officers and directors, and their respective heirs, representatives, successors, and assigns harmless, and indemnify them against all liabilities, costs, and expenses (including attorneys' fees) incurred by them as a result of any such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In relation to any and all MNPI concerning Ra or the Transaction communicated to Noteholder during the course of this Agreement and prior to the consummation of the Merger, Noteholder covenants and agrees with the Company that Noteholder will not at any time, directly or indirectly, use, disclose or publish, or trade upon, nor permit any other person to use, disclose or publish, or trade upon, any such MNPI unless and until such time that such information becomes generally known to the public through no fault of Noteholder or any of his, her or its affiliates, except to the extent required by law after prior written notice to the Company in sufficient time for the Company to contest such disclosure or take such other action as may be required to prevent disclosure or violations of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.</u><u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement between the parties as to the subject matter hereof. There are no verbal understandings, agreements, representations or warranties that are not expressly set forth herein. This Agreement shall not be changed orally, but only in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.</u><u>SEVERABILITY</u>. Any provision of this Agreement which is for any reason prohibited or found or held invalid or unenforceable by any court or governmental agency shall be ineffective to the extent of such prohibition or invalidity or unenforceability, without invalidating the remaining provisions hereof in such jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.</u><u>BINDING EFFECT</u>. This Agreement shall be binding upon and inure to the benefits of the parties hereto, their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.</u><u>GOVERNING LAW</u>. This Agreement shall be governed by and construed, enforced and interpreted in accordance with the laws of the State of the State of Delaware (without regard to principles of conflicts of laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.</u><u>COUNTERPARTS</u>. This Agreement may be executed in any number of original counterparts, each of which having been so executed and delivered shall be deemed an original and all of which, collectively, shall constitute one agreement; it being understood and agreed that the signature pages may be detached from one or more such counterparts and combined with the signature pages from any other counterparts in order that one or more fully executed originals may be assembled. A facsimile signature shall be deemed to be an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.</u><u>ASSIGNMENT</u>. This Agreement shall inure to the benefit of, and shall be binding upon each of, the parties hereto and their respective successors and assigns. Transfer of any of the Consideration shall be subject to the restrictions required by federal and state securities laws, as set forth in this agreement.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date of execution by the Noteholder set forth below.

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| | |
|:---|:---|
| By: | /s/ David A. Jenkins |
| Name: | David A. Jenkins, as Noteholder |
| Date: | January 9, 2023 |

---

---

| | |
|:---|:---|
| **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** |
| By: | /s/ David A. Jenkins |
| Title: | President, CEO, and Chair of the Board |

---

## Exhibit 10.27

#### Exhibit 10.27.2
SECURITIES REPRESENTED BY OR ISSUED PURSUANT TO THIS AGREEMENT (THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS, AND OTHERWISE AS SET FORTH IN THIS AGREEMENT.

#### DEBT SETTLEMENT AGREEMENT AND RELEASE
THIS DEBT SETTLEMENT AGREEMENT AND RELEASE (this "<u>Agreement</u>") is made and entered into as of the date set forth below by and between Daniel C. Stanzione, Sr. Irrevocable Trust Dated December 31, 2007 ("<u>Noteholder</u>"), and Catheter Precision, Inc., a Delaware corporation (the "<u>Company</u>").

**WHEREAS, the Company has an outstanding convertible promissory note (the "<u>Note</u>") payable to the Noteholder in the principal amount of $75,000 (such amount, together with any additional principal that may have been added thereto prior to the Effective Date, the "<u>Principal</u>"), under which there was owing to Noteholder accrued but unpaid interest on such Note equaling approximately $58,948.48, as of December 15, 2022 (such amount, together with all additional interest accrued but remaining unpaid as of the Effective Date (the "<u>Interest</u>")); and**

**WHEREAS, the Company is in negotiations to enter into a strategic business combination (the "Transaction") with Ra Medical Systems, Inc. ("Ra"), a Delaware corporation; pursuant to which the current shareholders of the Company would receive certain preferred stock of Ra which could become convertible into the common stock of Ra, subject to approval by Ra shareholders and the satisfaction of certain exchange listing standards and other requirements; and**

**WHEREAS, Noteholder and the Company have agreed that in exchange for Noteholder's right to receive the Merger Shares described below at any closing of such a Transaction, the Note shall be deemed terminated as of immediately prior to the closing of the Transaction (the "Effective Time"), if such closing takes place on or before February 28, 2023(the earlier of such date and the date of any notice by the Company that it has abandoned all efforts to effectuate the Transaction, the "Expiration Date"), which date is subject to extension by agreement between the parties, and further that at such Effective Time the Noteholder shall forgive the Interest in exchange for the Royalty Right as further described below, and that the Noteholder shall refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the Notes, other than such rights as are provided herein, at any time prior to the Expiration Date;**

**NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>RELEASE BY NOTEHOLDER; TEMPORARY FORBEARANCE.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Discharge of Debt. Effective at the Effective Time, Noteholder, on behalf of Noteholder and Noteholder's heirs, representatives, successors and/or assigns, hereby fully, finally and completely terminates the Note and releases and forever discharges the Company and its predecessors, successors, assigns, partners, members, managers, affiliates, subsidiaries, parents, officers, shareholders, directors, employees, attorneys, and agents, past, present and future (the "<u>Company Released Parties</u>"), of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, known or unknown, with respect to matters arising in connection with the Note (including principal, any and all interest accrued thereon or any other fees or obligations related thereto) that Noteholder had, now has, or hereafter may have against the Company Released Parties (the "<u>Noteholder Claims</u>"). Noteholder hereby agrees that Noteholder will not assert, and that Noteholder is estopped from asserting, against any and all of the Company Released Parties, any Noteholder Claims that are released in this Agreement. The release set forth in this paragraph shall happen automatically upon the closing of the Transaction and, for the avoidance of doubt, with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Release of Security Interests. Effective at the Effective Time, any and all security interests, mortgages, liens, pledges, charges and/or other encumbrances in favor of Noteholder to secure the indebtedness underlying the Note, including without limitation any and all security interests granted to Noteholder in that certain Security Agreement dated on or about March 1, 2017, shall be automatically released with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Further Assurances. Although it is expressly contemplated by the parties that no further action shall be necessary by the Company or the Noteholder to terminate and release the Note and any collateral relating thereto, nonetheless Noteholder agrees that it shall promptly upon request of the Company deliver, or execute and deliver, as the case may be, to the Company all such further documents, instruments, termination statements, certificates or releases, each in form and substance satisfactory to the Company, and take any other actions, as may be required or reasonably requested by the Company to further evidence the termination and release of the Note and of any and all other instruments, documents or agreements (of record or otherwise) in favor of Noteholder that may exist in relation to or with respect to the Note, or represent guaranties of, and/or security interests or liens securing, the Note. The Company will be authorized to prepare and file any UCC termination statements necessary or appropriate for any UCC financing statements naming the Company as the debtor and Noteholder as the secured party, as well as any other instruments or documents that may be necessary or desirable to evidence the terminations and releases described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Forbearance Prior to Expiration Date. Noteholder has agreed with the Company to refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the indebtedness or other obligations underlying or existing with respect to the Notes and the indebtedness represented thereby, other than such rights as are provided herein, at any time prior to the Expiration Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>CONSIDERATION TO THE NOTEHOLDER</u>**. The Company and Noteholder hereby irrevocably acknowledge and agree that as of the Effective Time, Noteholder shall be entitled to receive the consideration set forth below (the "Consideration"). Noteholder understands that the Consideration is subject to the closing of the Transaction and that if the Transaction is consummated, the Consideration will not be delivered prior to the Effective Time. The Consideration shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Exchange of Note Principal for Equity in Ra. In consideration for and upon the termination and cancellation of the Note and the Principal owing thereunder, and the release of collateral thereon, at the Effective Time, Noteholder shall become entitled to receive shares (the "<u>Merger Shares</u>") of a newly designated series of non-voting preferred stock of Ra (the "<u>Ra</u> <u>Preferred</u>"), which could become convertible into voting common shares of Ra ("<u>Ra Common</u>"), upon approval by the common stockholders of Ra, and the conversion of which will also be subject to certain exchange listing requirements, certain beneficial ownership limits, and certain time restrictions. The Ra Preferred shall be subject to the same terms and conditions as the preferred stock to be issued to the holders of the Company's common stock upon consummation of the Transaction. The number of Merger Shares issued to Noteholder will be such number as shall be convertible, subject to the conditions described above, into the Conversion Share Number of Ra Common. The "<u>Conversion Share Number</u>" shall equal the Principal owing under the Note divided by the Conversion Price, rounded up to the nearest whole number. The "<u>Conversion Price</u>" shall equal 80% of the lower of the following: (x) the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on the last Trading Day prior to the Closing Date for the Transaction, as reported by Bloomberg; (y) the average of the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on each of the five (5) consecutive full Trading Days ending on the last Trading Day immediately prior to such Closing Date; or (z) the lowest per share price at which common stock is sold in any Ra financing conducted at or immediately prior to the Effective Time. "<u>Trading Day</u>" means any day on which the primary market for Ra Common is open for trading and is not closed for any reason prior to its normal closing time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Forgiveness of Interest for Royalty Agreement. In consideration for the forgiveness of all Interest accrued but unpaid on the Principal through the date of the Closing of the Transaction, at the Effective Time the Noteholder shall become entitled to receive a royalty right (the "Royalty Right") as described herein. Commencing upon the first commercial sale by the Company of its Surgical Vessel Closing Pressure Device, the Company shall pay to Noteholder a royalty equal to .05% per year on Net Sales, if any, of such device. Royalty payments shall be payable quarterly in arrears, with each such payment due and payable no later than thirty (30) days following the end of each quarter; provided that payment for the fourth quarter of a fiscal year shall be due and payable no later than ninety (90) days following the end of such year, and shall be subject to a true up to reflect any changes to accounting for the first three quarters of the year. The Company's obligation to pay royalties under this Agreement shall continue from the first commercial sale of the Surgical Vessel Closing Pressure Device until December 31, 2035, after which no further royalties shall be due.

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"Surgical Vessel Closing Pressure Device," or the "Device," refers to that device as to which the Company filed a Provisional Patent Application on February 25, 2022, with the U.S.Patent and Trademark Office, Application No. 63/314,030, and which is currently under development by the Company.

"Net Sales" means the gross amount invoiced for sales by the Company or its affiliates or sublicensees to third parties, less the following deductions from such gross amounts to the extent attributable to the Device: (a) trade, cash and quantity discounts; (b) price reductions or rebates (including in connection with copay assistance programs, savings offers or discount cards), retroactive or otherwise, or charge backs paid to governmental authorities, group purchasing organizations, third party payors (including managed health care organizations), or trade customers; (c) amounts repaid or credited by reason of rejections, defects, return goods allowance, recalls, returns or billing errors; (d) amounts repaid or credited or provisions made for uncollectible amounts on previously sold product; (e) reasonable and customary freight, shipping insurance and other transportation charges directly related to the sale of the Device; (f) fees for any services provided by wholesalers and warehousing chains related to the distribution of the Device; (g) to the extent not covered above, administrative fees paid to group purchasing organizations or pharmaceutical benefit managers; and (h) sales, value-added and excise taxes, tariffs and duties, and other taxes and government charges directly related to the sale of the Device other than franchise or income taxes of any kind whatsoever; all as determined in accordance with generally accepted accounting principles ("GAAP"), on a basis consistent with the annual audited financial statements of the Company, its successor in interest following the Transaction, or, where applicable, its direct or indirect parent the financial statements of which are for financial reporting purposes consolidated in accordance with GAAP with the Company or its successor. For purposes of calculating Net Sales, the Device will be deemed to be sold when invoiced or delivered. The transfer or sale of the Device between or among the Company's successor in interest following the Transaction and Ra, or any other subsidiaries of Ra, will not be considered a sale. Upon the sale or other disposal of the Device, such sale, disposal or use will be deemed to constitute a sale with the consideration for the sale being the consideration for the relevant transaction and constituting Net Sales hereunder. A sale shall not include transfers or dispositions provided for patient assistance programs, charitable, compassionate use, promotional, pre-clinical, clinical, regulatory or government testing purposes.

Under certain circumstances, payments to Noteholder resulting from this Agreement may cause the Company to be subject to withholding tax, fines or penalties under applicable tax laws. In any such an event, Noteholder acknowledges that the Company shall be authorized to withhold amounts otherwise distributable to the Noteholder as compensation for any such tax, fines or penalties imposed under such tax laws, and that any such amounts so withheld from payments to the Noteholder pursuant to applicable tax laws will be treated as having been paid to the Noteholder by the Company. Noteholder acknowledges and agrees that any taxes that may be owed by Noteholder with respect to this Agreement shall be the sole responsibility of Noteholder, and neither the Company nor Ra shall have any liability to Noteholder or any other party with respect to any such taxes. Noteholder hereby acknowledges that no representations have been made with respect to the tax treatment of any payments that may be received pursuant to the terms of this Agreement or the Transaction, and that Noteholder has consulted with Noteholder's own independent tax advisors to the extent Noteholder considers appropriate regarding all pertinent tax matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>DELIVERY AND CANCELLATION OF NOTE</u>**. Following the Effective Time, the Noteholder shall promptly deliver to the Company the Note, which shall be marked as "cancelled" by the Company. Notwithstanding the foregoing, neither termination and discharge of the Note as provided in Section 1 above, nor the effectiveness of the other provisions of this agreement, is conditioned on the delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>NOTEHOLDER REPRESENTATIONS AND WARRANTIES</u>**. As of the date hereof, Noteholder represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the date hereof, Noteholder is the legal owner of the Note, has not assigned, pledged, or transferred in any manner, to any other person or entity, any right, title, or interest to the Note, Interest owing under the Note, or any of the Noteholder Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Noteholder has the requisite power and authority to enter into this Agreement, and is not required to affix any seal hereto that it has not so affixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Noteholder recognizes that acquiring the Consideration involves a high degree of risk, is suitable only for persons of adequate financial means, and that it may not be possible to liquidate the investment in the event of emergency, transferability is extremely limited, and in the event of a disposition, a complete loss of investment could occur. Noteholder understands that the value of the Consideration depends upon Ra's then-prevailing market price, and that such value as of the Effective Date may be materially different from its value as of the date hereof, and has accepted this risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Noteholder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Act"), is competent to and does understand the nature of the investment, and is able to bear the economic risk of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Noteholder has had an opportunity to request all information desired to evaluate the merits and risks of the investment. All information regarding the Company which was requested or desired by Noteholder has been furnished, all other documents which could be reasonably provided have been made available for inspection and review, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Consideration. Noteholder is not making this investment in reliance upon any investment advice or recommendation from the Company or its representatives but has consulted, to the extent desired, Noteholder's own legal, tax and other advisors with respect to the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Noteholder understands that Ra is not a party to this agreement, and that the Company is not able to make assurances or supply information regarding Ra or its securities to Noteholder beyond such information as has been made available publicly by Ra through its SEC filings and its website, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Merger Shares. Noteholder further recognizes that during the course of this Agreement, the Company may come into possession of material nonpublic information regarding Ra ("MNPI"), which it may be contractually and/or legally prohibited from sharing with Noteholder. In addition, Noteholder acknowledges that it has been

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previously informed, and may in the future continue to be informed, of certain material changes related to the Transaction which may not have yet been made public, and may differ from what Ra has publicly disclosed to date ("Material Updates"). Noteholder understands that Material Updates constitute MNPI until such time as Ra publicly discloses such information. The Material Updates have included and may in the future include information regarding: changes to the amount of total Ra ownership by all Company stakeholders combined changes to Ra's obligation to deliver net cash at closing; the anticipated handling of amounts owed by Ra and/or the combined company to the Department of Justice and certain states in connection with Ra's previously settled enforcement action; plans involving capital raising and other financial strategies of the merger parties and combined company; changes in deal structure and timing; and changes involving Ra's status as a listed company. The Company does not undertake to supply Noteholder with any additional MNPI regarding Ra at any time, including to update information concerning the foregoing topics, and Noteholder acknowledges that it has no entitlement to privately receive any such information, but shall look to Ra's public filings to the extent it deems necessary or appropriate to monitor the Transaction. Notwithstanding the foregoing, in the event Noteholder comes into possession of any such MNPI, Noteholder understands that its communication and use of any such MNPI would be subject to strict insider trading and other federal securities law and the confidentiality obligations of Section 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Noteholder is acquiring the Consideration for Noteholder's own account, for investment, and not for distribution or resale to others, and Noteholder will not sell, transfer, or otherwise dispose of the Consideration or any portion thereof unless registered under the Act and any applicable state securities laws, or pursuant to a valid exemption therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Noteholder understands that the Merger Shares and the underlying Ra Common may be subject to a customary legend describing the lack of registration under the Act and setting forth or referring to restrictions on transferability and sale thereof described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Noteholder acknowledges that the Surgical Vessel Closing Pressure Device remains under development, and while the Company currently intends to use commercially reasonable efforts to commercialize the Device, there can be no guarantee that the Company or its successor will be able to successfully commercialize the Device, and further, the Company may never earn any Net Sales on the Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>SECURITIES LAW VIOLATIONS; MATERIAL NONPUBLIC INFORMATION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Noteholder shall not engage in or cause any transfer of securities received under this agreement in a manner that violates any state or federal securities laws, including due to any misrepresentations set forth in Section 4. Noteholder will hold the Company, its officers and directors, and their respective heirs, representatives, successors, and assigns harmless, and indemnify them against all liabilities, costs, and expenses (including attorneys' fees) incurred by them as a result of any such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In relation to any and all MNPI concerning Ra or the Transaction communicated to Noteholder during the course of this Agreement and prior to the consummation of the Merger, Noteholder covenants and agrees with the Company that Noteholder will not at any time, directly or indirectly, use, disclose or publish, or trade upon, nor permit any other person to use, disclose or publish, or trade upon, any such MNPI unless and until such time that such information

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becomes generally known to the public through no fault of Noteholder or any of his, her or its affiliates, except to the extent required by law after prior written notice to the Company in sufficient time for the Company to contest such disclosure or take such other action as may be required to prevent disclosure or violations of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.</u><u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement between the parties as to the subject matter hereof. There are no verbal understandings, agreements, representations or warranties that are not expressly set forth herein. This Agreement shall not be changed orally, but only in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.</u><u>SEVERABILITY</u>. Any provision of this Agreement which is for any reason prohibited or found or held invalid or unenforceable by any court or governmental agency shall be ineffective to the extent of such prohibition or invalidity or unenforceability, without invalidating the remaining provisions hereof in such jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.</u><u>BINDING EFFECT</u>. This Agreement shall be binding upon and inure to the benefits of the parties hereto, their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.</u><u>GOVERNING LAW</u>. This Agreement shall be governed by and construed, enforced and interpreted in accordance with the laws of the State of the State of Delaware (without regard to principles of conflicts of laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.</u><u>COUNTERPARTS</u>. This Agreement may be executed in any number of original counterparts, each of which having been so executed and delivered shall be deemed an original and all of which, collectively, shall constitute one agreement; it being understood and agreed that the signature pages may be detached from one or more such counterparts and combined with the signature pages from any other counterparts in order that one or more fully executed originals may be assembled. A facsimile signature shall be deemed to be an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.</u><u>ASSIGNMENT</u>. This Agreement shall inure to the benefit of, and shall be binding upon each of, the parties hereto and their respective successors and assigns. Transfer of any of the Consideration shall be subject to the restrictions required by federal and state securities laws, as set forth in this agreement.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date of execution by the Noteholder set forth below.

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| | | | |
|:---|:---|:---|:---|
| **DANIEL C. STANZIONE, SR. IRREVOCABLE <br>TRUST DATED DECEMBER 31, 2007** | **DANIEL C. STANZIONE, SR. IRREVOCABLE <br>TRUST DATED DECEMBER 31, 2007** | **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** |
| By: | /s/ Lisa Votta | By: | /s/ David A. Jenkins |
| Title: | Trustee | Title: | President, CEO and Chair of the Board |
| Dated: | January 9, 2023 |  |  |

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## Exhibit 10.27

#### Exhibit 10.27.3
SECURITIES REPRESENTED BY OR ISSUED PURSUANT TO THIS AGREEMENT (THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS, AND OTHERWISE AS SET FORTH IN THIS AGREEMENT.

#### DEBT SETTLEMENT AGREEMENT AND RELEASE
THIS DEBT SETTLEMENT AGREEMENT AND RELEASE (this "<u>Agreement</u>") is made and entered into as of the date set forth below by and between Fatboy Capital, L.P. ("<u>Noteholder</u>"), and Catheter Precision, Inc., a Delaware corporation (the "<u>Company</u>").

**WHEREAS, the Company has an outstanding convertible promissory note (the "<u>Note</u>") payable to the Noteholder in the principal amount of $20,455,000 (such amount, together with any additional principal that may have been added thereto prior to the Effective Date, the "<u>Principal</u>"), under which there was owing to Noteholder accrued but unpaid interest on such Note equaling approximately $10,207,531.97, as of December 15, 2022 (such amount, together with all additional interest accrued but remaining unpaid as of the Effective Date (the "<u>Interest</u>")); and**

**WHEREAS, the Company is in negotiations to enter into a strategic business combination (the "Transaction") with Ra Medical Systems, Inc. ("Ra"), a Delaware corporation, pursuant to which the current shareholders of the Company would receive certain preferred stock of Ra which could become convertible into the common stock of Ra, subject to approval by Ra shareholders and the satisfaction of certain exchange listing standards and other requirements; and**

**WHEREAS, Noteholder and the Company have agreed that in exchange for Noteholder's right to receive the Merger Shares described below at any closing of such a Transaction, the Note shall be deemed terminated as of immediately prior to the closing of the Transaction (the "Effective Time"), if such closing takes place on or before February 28, 2023 (the earlier of such date and the date of any notice by the Company that it has abandoned all efforts to effectuate the Transaction, the "Expiration Date"), which date is subject to extension by agreement between the parties, and further that at such Effective Time the Noteholder shall forgive the Interest in exchange for the Royalty Right as further described below, and that the Noteholder shall refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the Notes, other than such rights as are provided herein, at any time prior to the Expiration Date;**

**NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>RELEASE BY NOTEHOLDER; TEMPORARY FORBEARANCE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Discharge of Debt. Effective at the Effective Time, Noteholder, on behalf of Noteholder and Noteholder's heirs, representatives, successors and/or assigns, hereby fully, finally and completely terminates the Note and releases and forever discharges the Company and its predecessors, successors, assigns, partners, members, managers, affiliates, subsidiaries, parents, officers, shareholders, directors, employees, attorneys, and agents, past, present and future (the "<u>Company Released Parties</u>"), of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, known or unknown, with respect to matters arising in connection with the Note (including principal, any and all interest accrued thereon or any other fees or obligations related thereto) that Noteholder had, now has, or hereafter may have against the Company Released Parties (the "<u>Noteholder Claims</u>"). Noteholder hereby agrees that Noteholder will not assert, and that Noteholder is estopped from asserting, against any and all of the Company Released Parties, any Noteholder Claims that are released in this Agreement. The release set forth in this paragraph shall happen automatically upon the closing of the Transaction and, for the avoidance of doubt, with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Release of Security Interests. Effective at the Effective Time, any and all security interests, mortgages, liens, pledges, charges and/or other encumbrances in favor of Noteholder to secure the indebtedness underlying the Note, including without limitation any and all security interests granted to Noteholder in that certain Security Agreement dated on or about March 1, 2017, shall be automatically released with no further action necessary on the part of the Company or the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Further Assurances. Although it is expressly contemplated by the parties that no further action shall be necessary by the Company or the Noteholder to terminate and release the Note and any collateral relating thereto, nonetheless Noteholder agrees that it shall promptly upon request of the Company deliver, or execute and deliver, as the case may be, to the Company all such further documents, instruments, termination statements, certificates or releases, each in form and substance satisfactory to the Company, and take any other actions, as may be required or reasonably requested by the Company to further evidence the termination and release of the Note and of any and all other instruments, documents or agreements (of record or otherwise) in favor of Noteholder that may exist in relation to or with respect to the Note, or represent guaranties of, and/or security interests or liens securing, the Note. The Company will be authorized to prepare and file any UCC termination statements necessary or appropriate for any UCC financing statements naming the Company as the debtor and Noteholder as the secured party, as well as any other instruments or documents that may be necessary or desirable to evidence the terminations and releases described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Forbearance Prior to Expiration Date. Noteholder has agreed with the Company to refrain and forebear from exercising or enforcing any rights or remedies under the Notes or with respect to the indebtedness or other obligations underlying or existing with respect to the Notes and the indebtedness represented thereby, other than such rights as are provided herein, at any time prior to the Expiration Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>CONSIDERATION TO THE NOTEHOLDER</u>. The Company and Noteholder hereby irrevocably acknowledge and agree that as of the Effective Time, Noteholder shall be entitled to receive the consideration set forth below (the "Consideration"). Noteholder understands that the Consideration is subject to the closing of the Transaction and that if the Transaction is consummated, the Consideration will not be delivered prior to the Effective Time. The Consideration shall consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Exchange of Note Principal for Equity in Ra. In consideration for and upon the termination and cancellation of the Note and the Principal owing thereunder, and the release of collateral thereon, at the Effective Time, Noteholder shall become entitled to receive shares (the "<u>Merger Shares</u>") of a newly designated series of non-voting preferred stock of Ra (the "<u>Ra</u> <u>Preferred</u>"), which could become convertible into voting common shares of Ra ("<u>Ra Common</u>") upon approval by the common stockholders of Ra, and the conversion of which will also be subject to certain exchange listing requirements, certain beneficial ownership limits, and certain time restrictions. The Ra Preferred shall be subject to the same terms and conditions as the preferred stock to be issued to the holders of the Company's common stock upon consummation of the Transaction. The number of Merger Shares issued to Noteholder will be such number as shall be convertible, subject to the conditions described above, into the Conversion Share Number of Ra Common. The "<u>Conversion Share Number</u>" shall equal the Principal owing under the Note divided by the Conversion Price, rounded up to the nearest whole number. The "<u>Conversion Price</u>" shall equal 80% of the lower of the following: (x) the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on the last Trading Day prior to the Closing Date for the Transaction, as reported by Bloomberg; (y) the average of the last closing sale price per share for Ra Common prior to 4:00 p.m. (New York City time) on each of the five (5) consecutive full Trading Days ending on the last Trading Day immediately prior to such Closing Date; or (z) the lowest per share price at which common stock is sold in any Ra financing conducted at or immediately prior to the Effective Time. "<u>Trading Day</u>" means any day on which the primary market for Ra Common is open for trading and is not closed for any reason prior to its normal closing time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Forgiveness of Interest for Royalty Agreement. In consideration for the forgiveness of all Interest accrued but unpaid on the Principal through the date of the Closing of the Transaction, at the Effective Time the Noteholder shall become entitled to receive a royalty right (the "Royalty Right") as described herein. Commencing upon the first commercial sale by the Company of its Surgical Vessel Closing Pressure Device, the Company shall pay to Noteholder a royalty equal to 8.68% per year on Net Sales, if any, of such device. Royalty payments shall be payable quarterly in arrears, with each such payment due and payable no later than thirty (30) days following the end of each quarter; provided that payment for the fourth quarter of a fiscal year shall be due and payable no later than ninety (90) days following the end of such year, and shall be subject to a true up to reflect any changes to accounting for the first three quarters of the year. The Company's obligation to pay royalties under this Agreement shall continue from the first commercial sale of the Surgical Vessel Closing Pressure Device until December 31, 2035, after which no further royalties shall be due.

"Surgical Vessel Closing Pressure Device," or the "Device," refers to that device as to which the Company filed a Provisional Patent Application on February 25, 2022, with the U.S. Patent and Trademark Office, Application No. 63/314,030, and which is currently under development by the Company.

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"Net Sales" means the gross amount invoiced for sales by the Company or its affiliates or sublicensees to third parties, less the following deductions from such gross amounts to the extent attributable to the Device: (a) trade, cash and quantity discounts; (b) price reductions or rebates (including in connection with copay assistance programs, savings offers or discount cards), retroactive or otherwise, or charge backs paid to governmental authorities, group purchasing organizations, third party payors (including managed health care organizations), or trade customers; (c) amounts repaid or credited by reason of rejections, defects, return goods allowance, recalls, returns or billing errors; (d) amounts repaid or credited or provisions made for uncollectible amounts on previously sold product; (e) reasonable and customary freight, shipping insurance and other transportation charges directly related to the sale of the Device; (f) fees for any services provided by wholesalers and warehousing chains related to the distribution of the Device; (g) to the extent not covered above, administrative fees paid to group purchasing organizations or pharmaceutical benefit managers; and (h) sales, value-added and excise taxes, tariffs and duties, and other taxes and government charges directly related to the sale of the Device other than franchise or income taxes of any kind whatsoever; all as determined in accordance with generally accepted accounting principles ("GAAP"), on a basis consistent with the annual audited financial statements of the Company, its successor in interest following the Transaction, or, where applicable, its direct or indirect parent the financial statements of which are for financial reporting purposes consolidated in accordance with GAAP with the Company or its successor. For purposes of calculating Net Sales, the Device will be deemed to be sold when invoiced or delivered. The transfer or sale of the Device between or among the Company's successor in interest following the Transaction and Ra, or any other subsidiaries of Ra, will not be considered a sale. Upon the sale or other disposal of the Device, such sale, disposal or use will be deemed to constitute a sale with the consideration for the sale being the consideration for the relevant transaction and constituting Net Sales hereunder. A sale shall not include transfers or dispositions provided for patient assistance programs, charitable, compassionate use, promotional, pre-clinical, clinical, regulatory or government testing purposes.

Under certain circumstances, payments to Noteholder resulting from this Agreement may cause the Company to be subject to withholding tax, fines or penalties under applicable tax laws. In any such an event, Noteholder acknowledges that the Company shall be authorized to withhold amounts otherwise distributable to the Noteholder as compensation for any such tax, fines or penalties imposed under such tax laws, and that any such amounts so withheld from payments to the Noteholder pursuant to applicable tax laws will be treated as having been paid to the Noteholder by the Company. Noteholder acknowledges and agrees that any taxes that may be owed by Noteholder with respect to this Agreement shall be the sole responsibility of Noteholder, and neither the Company nor Ra shall have any liability to Noteholder or any other party with respect to any such taxes. Noteholder hereby acknowledges that no representations have been made with respect to the tax treatment of any payments that may be received pursuant to the terms of this Agreement or the Transaction, and that Noteholder has consulted with Noteholder's own independent tax advisors to the extent Noteholder considers appropriate regarding all pertinent tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>DELIVERY AND CANCELLATION OF NOTE</u>. Following the Effective Time, the Noteholder shall promptly deliver to the Company the Note, which shall be marked as "cancelled" by the Company. Notwithstanding the foregoing, neither termination and discharge of the Note as provided in Section 1 above, nor the effectiveness of the other provisions of this agreement, is conditioned on the delivery.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** <u>NOTEHOLDER REPRESENTATIONS AND WARRANTIES</u>. As of the date hereof, Noteholder represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the date hereof, Noteholder is the legal owner of the Note, has not assigned, pledged, or transferred in any manner, to any other person or entity, any right, title, or interest to the Note, Interest owing under the Note, or any of the Noteholder Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Noteholder has the requisite power and authority to enter into this Agreement, and is not required to affix any seal hereto that it has not so affixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Noteholder recognizes that acquiring the Consideration involves a high degree of risk, is suitable only for persons of adequate financial means, and that it may not be possible to liquidate the investment in the event of emergency, transferability is extremely limited, and in the event of a disposition, a complete loss of investment could occur. Noteholder understands that the value of the Consideration depends upon Ra's then-prevailing market price, and that such value as of the Effective Date may be materially different from its value as of the date hereof, and has accepted this risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Noteholder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Act"), is competent to and does understand the nature of the investment, and is able to bear the economic risk of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Noteholder has had an opportunity to request all information desired to evaluate the merits and risks of the investment. All information regarding the Company which was requested or desired by Noteholder has been furnished, all other documents which could be reasonably provided have been made available for inspection and review, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Consideration. Noteholder is not making this investment in reliance upon any investment advice or recommendation from the Company or its representatives but has consulted, to the extent desired, Noteholder's own legal, tax and other advisors with respect to the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Noteholder understands that Ra is not a party to this agreement, and that the Company is not able to make assurances or supply information regarding Ra or its securities to Noteholder beyond such information as has been made available publicly by Ra through its SEC filings and its website, and Noteholder believes that such information is sufficient to make an informed decision with respect to acquiring the Merger Shares. Noteholder further recognizes that during the course of this Agreement, the Company may come into possession of material nonpublic information regarding Ra ("MNPI"), which it may be contractually and/or legally prohibited from sharing with Noteholder. In addition, Noteholder acknowledges that it has been previously informed, and may in the future continue to be informed, of certain material changes related to the Transaction which may not have yet been made public, and may differ from what Ra has publicly disclosed to date ("Material Updates"). Noteholder understands that Material Updates constitute MNPI until such time as Ra publicly discloses such information. The Material Updates have included and may in the future include information regarding: changes to the amount of total Ra ownership by all Company stakeholders combined; changes to Ra's obligation to deliver net cash at closing; the anticipated handling of amounts owed by Ra and/or

------

the combined company to the Department of Justice and certain states in connection with Ra's previously settled enforcement action; plans involving capital raising and other financial strategies of the merger parties and combined company; changes in deal structure and timing; and changes involving Ra's status as a listed company. The Company does not undertake to supply Noteholder with any additional MNPI regarding Ra at any time, including to update information concerning the foregoing topics, and Noteholder acknowledges that it has no entitlement to privately receive any such information, but shall look to Ra's public filings to the extent it deems necessary or appropriate to monitor the Transaction. Notwithstanding the foregoing, in the event Noteholder comes into possession of any such MNPI, Noteholder understands that its communication and use of any such MNPI would be subject to strict insider trading and other federal securities law and the confidentiality obligations of Section 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Noteholder is acquiring the Consideration for Noteholder's own account, for investment, and not for distribution or resale to others, and Noteholder will not sell, transfer, or otherwise dispose of the Consideration or any portion thereof unless registered under the Act and any applicable state securities laws, or pursuant to a valid exemption therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Noteholder understands that the Merger Shares and the underlying Ra Common may be subject to a customary legend describing the lack of registration under the Act and setting forth or referring to restrictions on transferability and sale thereof described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Noteholder acknowledges that the Surgical Vessel Closing Pressure Device remains under development, and while the Company currently intends to use commercially reasonable efforts to commercialize the Device, there can be no guarantee that the Company or its successor will be able to successfully commercialize the Device, and further, the Company may never earn any Net Sales on the Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>SECURITIES LAW VIOLATIONS; MATERIAL NONPUBLIC INFORMATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Noteholder shall not engage in or cause any transfer of securities received under this agreement in a manner that violates any state or federal securities laws, including due to any misrepresentations set forth in Section 4. Noteholder will hold the Company, its officers and directors, and their respective heirs, representatives, successors, and assigns harmless, and indemnify them against all liabilities, costs, and expenses (including attorneys' fees) incurred by them as a result of any such violations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In relation to any and all MNPI concerning Ra or the Transaction communicated to Noteholder during the course of this Agreement and prior to the consummation of the Merger, Noteholder covenants and agrees with the Company that Noteholder will not at any time, directly or indirectly, use, disclose or publish, or trade upon, nor permit any other person to use, disclose or publish, or trade upon, any such MNPI unless and until such time that such information becomes generally known to the public through no fault of Noteholder or any of his, her or its affiliates, except to the extent required by law after prior written notice to the Company in sufficient time for the Company to contest such disclosure or take such other action as may be required to prevent disclosure or violations of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement between the parties as to the subject matter hereof. There are no verbal understandings, agreements, representations or warranties that are not expressly set forth herein. This Agreement shall not be changed orally, but only in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>SEVERABILITY</u>. Any provision of this Agreement which is for any reason prohibited or found or held invalid or unenforceable by any court or governmental agency shall be ineffective to the extent of such prohibition or invalidity or unenforceability, without invalidating the remaining provisions hereof in such jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>BINDING EFFECT</u>. This Agreement shall be binding upon and inure to the benefits of the parties hereto, their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>GOVERNING LAW</u>. This Agreement shall be governed by and construed, enforced and interpreted in accordance with the laws of the State of the State of Delaware (without regard to principles of conflicts of laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>COUNTERPARTS</u>. This Agreement may be executed in any number of original counterparts, each of which having been so executed and delivered shall be deemed an original and all of which, collectively, shall constitute one agreement; it being understood and agreed that the signature pages may be detached from one or more such counterparts and combined with the signature pages from any other counterparts in order that one or more fully executed originals may be assembled. A facsimile signature shall be deemed to be an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>ASSIGNMENT</u>. This Agreement shall inure to the benefit of, and shall be binding upon each of, the parties hereto and their respective successors and assigns. Transfer of any of the Consideration shall be subject to the restrictions required by federal and state securities laws, as set forth in this agreement.

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date of execution by the Noteholder set forth below.

---

| | |
|:---|:---|
| **FATBOY CAPITAL, L.P.** | **FATBOY CAPITAL, L.P.** |
| By SeaCap Management LLC, Its Managing Partner | By SeaCap Management LLC, Its Managing Partner |
| By: | /s/ David A. Jenkins |
| Title: | Managing Member |
| Date: | January 9, 2023 |

---

---

| | |
|:---|:---|
| **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** |
| By: | /s/ David A. Jenkins |
| Title: | President, CEO and Chair of the Board |

---

## Exhibit 10.28

#### Exhibit 10.28

#### MEMORANDUM REGARDING ASSIGNMENT AND ROYALTY AGREEMENT
From: David Jenkins

Sent: Monday, July 11, 2022 6:49 PM

To: austonlocke@gmail.com

Subject: assignment and royalty

In exchange for the assignment and all rights to the clamping/closure invention, Catheter Precision will pay a 5% royalty on net sales up to $1 million in royalties, payable annually in arrears, starting with the year ending December 31, 2022. After $1 million has been paid, and if, and only if, a US patent is granted by the USPTO, then Catheter Precision will continue to pay a royalty, but at the reduced rate of 2% of net sales, until total cumulative royalties of $10 million have been paid. Notwithstanding the above, royalty payments will end on revenues through February 28, 2032, regardless if the total of $10 million has been paid.

---

| |
|:---|
| /s/ David A. Jenkins |
| David Jenkins, CEO |
| Catheter Precision, Inc. |

---

## Exhibit 10.29

#### Exhibit 10.29
CATHETER PRECISION & STEREOTAXIS

JOINT MARKETING AGREEMENT

This Marketing Agreement (this "Agreement") is entered into this 19<sup>th</sup> day of January 2021 (the "Effective Date") by and between Catheter Precision, Inc., a Delaware corporation, with offices at 500 International Drive, Suite 255, Mt. Olive, New Jersey 07828 ("Catheter Precision") and Stereotaxis, Inc., a Delaware corporation, with offices at 4320 Forest Park Avenue, Suite 100, St. Louis, Missouri 63108 ("Stereotaxis"). Catheter Precision and Stereotaxis are sometimes referred to herein collectively as the "parties" or individually as a "party."

WHEREAS Catheter Precision provides an arrhythmia localization solution used during the diagnosis and treatment of cardiac arrhythmias and Stereotaxis provides robotic technologies for the treatment of cardiac arrhythmias.

WHEREAS the parties wish to enter into this Agreement to cooperate in certain co-marketing activities.

NOW, THEREFORE, in consideration of the above premises, the representations, warranties and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

l. Marketing and Promotional Activities & Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Marketing Activity. Stereotaxis will promote Catheter Precision's VIVO System ("VIVO") to customers who may benefit from use of VIVO in robotic or non-robotic electrophysiology procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Territory</u>. Stereotaxis can perform promotional activity at any hospital globally that has a Stereotaxis Robotic Magnetic Navigation System ("Robotic Hospitals") and where VIVO has appropriate regulatory clearances. Geographies with such clearances are listed in Exhibit A. Specific Robotic Hospitals that are excluded from the definition of Territory in this agreement are also listed in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Commercialization</u> Activity. Catheter Precision will retain control and responsibility for all VIVO commercialization activities (billing, shipping, installation, technical maintenance, etc.). Stereotaxis will ensure its global commercial team has dedicated time to be fully trained by Catheter Precision on the VIVO technology, clinical value, and use such that they are able to market and support the technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4Evaluation Offer & Customer Pricing. Catheter Precision agrees to support an evaluation period, at no cost to Stereotaxis or customers, at each Robotic Hospital that expresses genuine interest in evaluating and using the technology. The Evaluation Period will include placement and maintenance of one VIVO System for a period of three months and a minimum of 5 disposable procedure kits. Catheter Precision will have exclusive authority to extend an evaluation period. Catheter Precision will provide Stereotaxis with Customer Pricing, including a minimum and maximum price that can be shared with customers and the Catheter Precision will respect when approached by the customer. Initial pricing is listed in Exhibit A and can be updated by Catheter Precision at any time with written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5<u>Compensation</u>: Catheter Precision will compensate Stereotaxis for its marketing and support activity with a payment equal to forty-five percent (45%) of the revenue generated from VIVO (the system and disposables irrespective of the financial structure of the sale/lease/transaction) at Robotic Hospitals in the Territory during the Term of this Agreement. Payments will be made quarterly in arrears within 60 days of the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6<u>Commission:</u> Stereotaxis will compensate its commercial team a minimum of $100 per revenue generating VIVO procedure performed as part of this agreement. This is designed to ensure proper motivation of the commercial team to promote VIVO.

2. <u>Trademark Licenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>License by Catheter</u> Precision. Subject to the terms and conditions of this Agreement, Catheter Precision hereby grants to Stereotaxis a non-exclusive, non-assignable, non-sublicensable, royalty-free, paid up, limited, global license to use and display Catheter Precision's Marks solely as necessary to perform Stereotaxis's obligations under this Agreement.

CONFIDENTIAL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>License by Stereotaxis</u>. Subject to the terms and conditions of this Agreement, Stereotaxis hereby grants to Catheter Precision a non-exclusive, non-assignable, non-sublicensable, royalty-free, paid up, limited, global license to use and display Stereotaxis's Marks solely as necessary to perform Catheter Precision's obligations under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3Trademark Guidelines. In its use of the Marks of the other party ("Licensor"), each party ("Licensee") will comply with any trademark usage guidelines that Licensor may communicate to Licensee from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Reservation of Rights</u>. The parties acknowledge and agree that, except for the rights and licenses expressly granted by each party to the other party under this Agreement, each party will retain all right, title and interest in and to its products, services, Marks, and all content, information and other materials on its website(s), and nothing contained in this Agreement will be construed as conferring upon such party, by implication, operation of law or otherwise, any other license or other right.

3. <u>IP Rights Ownership.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1Stereotaxis acknowledges that the IP Rights on the VIVO product platform is owned by Catheter Precision, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2Stereotaxis agrees to make no claim of interest in ownership of any of the IP Rights and acknowledge that no title to the IP Rights is transferred to Stereotaxis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3Stereotaxis shall be entitled to use the Trademarks only in connection with the promotion and marketing of the Products pursuant to this Agreement and wholly in accordance with the directions.

4. <u>Warranties: Limitation of Liability.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Warranties</u>. Each party represents and warrants to the other that (a) it has the full power to enter into this Agreement and to perform its obligations hereunder, (b) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, and (c) this Agreement does not contravene, violate or conflict with any other agreement of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Disclaimer.</u> EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY EXPRESSLY DISCLAIMS, ANY REPRESENTATIONS OR WARRANTIES IN CONNECTION WITH THIS AGREEMENT, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, TITLE, ANY WARRANTIES ARISING OUT OF A COURSE OF PERFORMANCE, DEALING OR TRADE USAGE, AND THEIR EQUIVALENTS UNDER THE LAWS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Limitation of Liability</u>. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, INCIDENTAL, OR INDIRECT DAMAGES, OR ANY DAMAGES FOR LOST DATA, BUSINESS INTERRUPTION, LOST PROFITS, LOST REVENUE OR LOST BUSINESS, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, HOWEVER CAUSED AND BASED ON ANY THEORY OF LIABILITY, ARISING OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE, AND NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. IN NO EVENT WILL THE AGGREGATE LIABILITY OF ANY PARTY UNDER THIS AGREEMENT EXCEED THE AMOUNT PAID TO THE OTHER DURING THE PREVIOUS TWELVE MONTHS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Indemnification</u>. Both parties agree to indemnify and hold harmless the other from and against any and all claims, damages, liabilities, losses, judgments, costs, and attorneys' fees arising directly out of, or relating to a parties gross negligence or willful misconduct in engaging in the marketing and promotional activities described in Section l hereof.

6. Term and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1Tenn. This Agreement will be in effect for a (2) year term through December 3 P1, 2022. This Agreement will renew automatically for successive two (2) year terms unless either party delivers to the other party written notice of its intention not to renew at least thirty (30) days prior to the end of the initial or any renewal term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2Survival. Sections 4, *5* and 7 will survive any expiration or

termination of this Agreement. Notwithstanding the foregoing, the expiration or termination of this Agreement will not relieve the parties of any liability or obligation that accrued prior to such expiration or termination.

CONFIDENTIAL

------

7. General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1Confidential Information. Except as otherwise provided for herein or as may be required by applicable law or regulation, each party shall undertake to keep confidential and not to disclose to any third party any confidential or proprietary information, trade secrets, customer and market information which might be disclosed to each party to in connection with the Agreement unless prior written consent has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Governing Law: Venue</u>. This Agreement is to be construed in accordance with and governed by the internal laws of the State of Missouri without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Missouri to the rights and duties of the parties. Each party hereby irrevocably consents to the jurisdiction and venue of the state and federal courts located in St. Louis, Missouri in connection with any claim, action, suit, or proceeding relating to this Agreement and agrees that all suits or proceedings relating to this Agreement shall be brought only in such courts, provided that either party may seek injunctive, equitable or similar relief from any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Waiver: Severability</u>. No waiver of a party's rights shall be effective unless such waiver is in writing signed by the waiving party. If any provision of this Agreement or the application of such provision to any person or circumstance shall be held invalid, illegal, against public policy or is otherwise unenforceable, the remainder of this Agreement or the application of such provision to persons or circumstances other than those to which it is held invalid shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Assignment</u>. Either party shall have the right to assign this Agreement provided that such party provides prior written notice of such assignment to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5<u>Notices.</u> Any notice required or permitted to be given by either party under this Agreement shall be in writing and sent to each party at its address or facsimile number set forth in the first paragraph of this Agreement, or such new address or facsimile number as may from time to time be supplied by the parties hereto in accordance with this <u>Section 7</u>*<u>. 5</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6<u>Captions: Entire Agreement: Amendment.</u> The captions or headings of the Sections of this Agreement are for reference only and are not to be construed in any way as part of this Agreement. This Agreement constitutes the complete understanding and agreement of the parties and supersedes all prior and contemporaneous negotiations, understandings and agreements with respect to the subject matter of this Agreement. Any modification or amendment of any provision of this Agreement will be effective only if in writing and signed by an authorized representative of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;••••••••••

CONFIDENTIAL

------

IN WITNESS WHEREOF, the parties have executed this Marketing Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CATHETER PRECISION INC.** | **CATHETER PRECISION INC.** | **STEREOTAXIS, INC.** | **STEREOTAXIS, INC.** |
| By: | /s/ David A. Jenkins | By: | /s/ David Fischel |
| Title: | CEO | Title: | CEO |

---

CONFIDENTIAL

------

#### Exhibit A
<u>Geographies Where VIVO has Regulatory Clearance</u>

CE Mark

FDA Clearance

Specific Robotic Hospitals Excluded From Definition of Territory Erasmus University Medical Center, Rotterdam, Netherlands

Royal Brompton Hospital, London, UK

VIVO Pricing

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Minimum price for VIVO per-procedure disposable: | 1500$ | BASED ON 50 CASES PER YEAR |
| &nbsp;&nbsp; Maximum price for VIVO per-procedure disposable: | 2000$ |  |
| &nbsp;&nbsp; Minimum price for VIVO per-procedure disposable: | 1400€ | BASED ON *50* CASES PER YEAR |
| &nbsp;&nbsp; Maximum price for VIVO per-procedure disposable: | 2000€ |  |

---

## Exhibit 10.29

#### Exhibit 10.29.1
EXTENSION AGREEMENT

to the

CATHETER PRECISION & STEREOTAXIS JOINT MARKETING AGREEMENT

This Extension Agreement, dated January 11th 2022, is entered into by and between Catheter Precision, Inc., a Delaware corporation , with offices at *500* International Drive, Suite *255,* Mt. Olive, New Jersey 07828 ("Catheter Precision") and Stereotaxis, Inc., a Delaware corporation, with offices at 710 N. Tucker Blvd. Suite 110, St. Louis, MO 63101 ("Stereotaxis"). All capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Joint Marketing Agreement signed January 19, 2021 ("Agreement "). The Parties to the Agreement agree that the following provisions shall take the place of certain provisions in the Agreement and shall become a part of the final Agreement:

WHEREAS the Parties have entered into a Joint Marketing Agreement on January 19, 2021

WHEREAS the Parties wish to amend the Agreement to extend the term of the joint marketing activities.

NOW, TIIEREFORE, in consideration of the above premises, the representations, warranties and covenants set forth herein, and for other good and valuable consideration , the receipt and sufficiency of which is hereby acknowledged , and intending to be legally bound hereby, the parties agree as follows:

1. <u>Term</u>. The Agreement term will be extended by an additional year through December 31 st , 2023 . The Agreement will renew automatically for successive two (2) year terms unless either party delivers to the other party written notice of its intention not to renew at least one (I} year prior to the end of the initial or any renewal term .

2. <u>Commiss</u> <u>i</u> ons. S tereota x is will be eligible for commission payments as described in the Agreement for six months after the termination of the agreement.

3. Both part i es agree that performance goals will be established for each calendar year . The 2022 agreed upon goal is 5-10 new commercial VIVO centers established.

4. A ll other terms and cond i t i ons of the Agreement remain valid and unchanged.

IN WITNESS WHEREOF, the parties have executed this Extension Agreement to the Joint Marketing Agreement as of the date written above.

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| | | | |
|:---|:---|:---|:---|
| **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** | **STEREOTAXIS, INC.** | **STEREOTAXIS, INC.** |
| By: | /s/ David A. Jenkins | By: | /s/ David Fischel |
| Title: | CEO | Title: | CEO |

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## Exhibit 10.29

#### Exhibit 10.29.2
Addendum One To The

Joint Marketing Agreement

This Addendum dated May 27, 2022 (the "Effective Date"), is entered into by and between Stereotaxis, Inc., a Delaware corporation having its principal place of business at 710 North Tucker Boulevard, Suite 110, St. Louis, Missouri, 63101 {"Stereotaxis) and Catheter Precision, Inc., a Delaware Corporation, with offices at 500 International Drive, Suite 255, Mt. Olive, New Jersey 07828 ("Catheter Precision"). All capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Joint Marketing Agreement signed January 19, 2021 and since amended. The Parties to the Agreement agree that the following provisions shall be in addition to or take the place of certain provisions in the Agreement and shall become a part of the final Agreement:

<u>Spot</u> <u>Distribution.</u> Stereotaxis will function as a spot distributor for Catheter Precision at agreed to hospitals ("Customers") where the VIVO system is included as a line item within a Stereotaxis quote.

• Stereotaxis will be responsible for sales of VIVO System Model 9002 and VIVO Patches Assembly, 5-Pack - Model No. 9208 (" Products") to Customers.

• Stereotaxis and Catheter Precision will agree on pricing for each sale of the VIVO system and the VIVO Patches.

• Stereotaxis will then purchase Products from Catheter Precision for one hundred percent (100%) of Customer's final purchase price.

• Stereotaxis will function as a pass through for this transaction and all shipping, installation, training, support, warranty, or other considerations necessary to support Products are the sole responsibility of Cather Precision. Additionally, all Customer communications regarding Products after the initial sale should occur directly with Catheter Precision.

• Catheter Precision is responsible for shipping Product directly to Customers and for facilitating installation and training and any other necessary actions for Customers to begin use of Products.

• An example of expected contracting language and pricing with Customers is attached as Exhibit 1.

• Catheter Precision will owe Compensation (as defined in section 1. 5 of the Joint Marketing Agreement) to Stereotaxis for sales to Stereotaxis. A credit will be issued to Stereotaxis by Catheter Precision for the Compensation and applied to the open invoice for each sale.

• After this initial sale of Products to Customer, Catheter Precision is responsible for selling additional Products to Customer and will owe Compensation to Stereotaxis per section 1.5 for any direct sales of Products by Catheter Precision to Customers.

IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have caused this Addendum One to the Joint Marketing Agreement to be executed by their duly authorized representatives as of the Effective Date.

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| | | | |
|:---|:---|:---|:---|
| **STEREOTAXIS, INC.** | **STEREOTAXIS, INC.** | **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** |
| By: | /s/ Keith Galloway | By: | /s/ Missiaen Huck |
| Title: | VP Ops | Title: | COO |

---

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Exhibit 1: Sample Quotation

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| | | |
|:---|:---|:---|
| CATHETER PRECISION - VIVO SYSTEM PURCHASE |  |  |
| &nbsp;&nbsp; VIVO System Model 9002 | 1 | $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1Laptop PC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1Camera |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1Camera Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1Camera Extension Handle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;1Carry Bag |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vextraplex Universal ECG cables and software |  |  |
|  | 10 | $10000 |
| &nbsp;&nbsp; VIVO Patches Assembly,5-Pack - Model No. 9208 Indications for Use: |  |  |
| &nbsp;&nbsp; VIVO is intended for acquisition, analysis, display and storage of cardiac electrophysiological data and maps for analysis by a physician. VIVO is intended to be used as a pre-procedure planning tool for patients with structurally normal hearts undergoing ablation treatment for idiopathic ventricular arrhythmias. |  |  |
| &nbsp;&nbsp; Standard Warranty: |  |  |
| &nbsp;&nbsp; VIVO is warrantied for one year from date of installation. Cables and camera are warrantied for 90 days after date of installation. |  |  |
| &nbsp;&nbsp; Training: |  |  |
| &nbsp;&nbsp; Scheduled training is available during equipment installation for clinicians/staff and is provided at no charge. |  |  |
| &nbsp;&nbsp; *\*The purchase of the VIVO system is being handled as a pass through to the Customer. Stereotaxis is not responsible for the installation, service OT maintenance of the product. Catheter Precision is solely responsible for any standard, limited, express, OT implied warranties offered for the mapping product.* |  |  |
| &nbsp;&nbsp; *Stereotaxis makes no warranties whatsoever whether express or implied, regarding the product. The Customer is responsible for contacting Catheter Precision directly for any questions OT issues with the VIVO system.* |  |  |
| &nbsp;&nbsp; *Catheter Precision, 500 International Drive, Suite 255, M t. Olive, NJ, 0782, Phone: +1973.691.2000.* |  |  |

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## Exhibit 10.30

#### Exhibit 10.30.1

#### LEASE
THIS LEASE (the "Lease") is made and entered into as of this 27 day of September 2022 (the "Effective Date") by and between **Christopher R Adams** ("Landlord"), and **Catheter Precision, Inc.,** a Delaware corporation ("Tenant").

#### WITNESSETH

#### W

#### ARTICLE I

#### REFERENCE PROVISIONS, DEMISED PREMISES, AND TERM
Section 1.1 Reference Provisions. Unless otherwise defined herein, the designated terms set forth below shall have the meanings ascribed to such terms in this Section 1.1:

(a) *Project.* That certain real property located at 1670 Highway 160 West , Fort Mill , SC 29708, being known as the Fort Mill Medical Part II Horizontal Property Regime and being more particularly described in Exhibit A attached hereto, together with all improvements now or hereafter located thereon , plus such additions as Landlord may from time to time designate as comprising part of the "Project. " It is understood and agreed that Landlord may increase, reduce, or change the shape, size, location, number and character of improvements comprising the Project which is shown in its currently planned form on the Site Plan.

(b) *Demised P remises.* That certain space located at 1670 Highway 160 West, Suite 205, Fort Mill , SC 29708 having approximately 1,874 square feet, which square footage shall be final for all purposes hereunder. The Demised Premises is labeled "Demised Premises" on Exhibit B attached hereto. The building in which the Demised Premises are located shall be the "Building".

(c) *Term.* Thirty-eight (38) months, plus the period from the Effective Date to the Rent Commencement Date.

(d) *Lease Year.* The first Lease Year will commence on the Rent Commencement Date and terminate on the last day of the twelfth (12th) full calendar month thereafter. Each subsequent Lease Year will be a period of twel v e (12) consecutive calendar months beginning on the first day of the thirteenth (13th) full calendar month after the Rent Commencement Date and any anniversary thereof during the Tenn.

(e) *Rent Commencement Date.* December 1, 2022.

(f) *Minimum Rent.* The Minimum Rent for the term hereof will be as follows:

Months 1-12: $41,228.00 per year payable in twelve (12) equal monthly installments of $3,435.67\*; Months 13-24: $42,464.84 per year payable in twelve (12) equal monthly installments of $3,538.74;

Months 25-36: $43,738.79 per year payable in twelve (12) equal monthly installments of

$3,644.90;

Months 37-38: $3,754.25 per month.

\*Notwithstanding anything herein to the contrary, Minimum Rent shall be $0.00 per month for the first two (2) months of the Tenn. Additionally, provided that Tenant paints the Demised Premises prior to the Rent Commencement Date pursuant to a contractor estimate approved in advance by Landlord, then Tenant shall receive up to a $2,500.00 credit towards its first month of Minimum Rent.

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(g) *Option Rent.* The Option Rent will be as follows:

Option Year 1: The greater of (i) one hundred three percent (103%) of the amount of Minimum Rent due and owing for the immediately preceding Lease Year, or (ii) the then-fair market rental rate of the Demised Premises, as determined by Landlord in its commercially reasonable discretion, payable in twelve (12) equal monthly installments.

Option Years 2-3: One hundred three percent (103%) of the amount of Minimum Rent due and owing for the immediately preceding Lease Year, payable in twelve (12) equal monthly installments.

Option Year 4: The greater of (i) one hundred three percent (103%) of the amount of Minimum Rent due and owing for the immediately preceding Lease Year, or (ii) the then-fair market rental rate of the Demised Premises, as determined by Landlord in its commercially reasonable discretion, payable in twelve (12) equal monthly installments.

Option Years 5-6: One hundred three percent (103%) of the amount of Minimum Rent due and owing for the immediately preceding Lease Year, payable in twelve (12) equal monthly installments.

(h) *Percentage Rent.* Intentionally deleted.

(i) *Tenant's Share a / Real Estate Taxes.* As specified in Section 2.7.

(j) *Tenant's Share of Common Area Costs.* As specified in Section 2.7.

(k) *Tenant's Share of Insurance Premiums.* As specified in Section 2.7.

(l) *Permitted Use.* Tenant's use of the Demised Premises only as an office, and for no other operations or purpose unless expressly permitted in writing by Landlord. Tenant hereby agrees that Tenant's use and operation of the Demised Premises will be limited to the specific Permitted Use described in this Section

1. l (l), and Tenant will in no event use or operate the Demised Premises in a manner which will violate any exclusive uses granted to other tenants in the Project or the restrictions contained in the Declaration (as defined herein) or otherwise in effect with respect to the Project, any of which are now, or may be in the future, recorded in the Clerk of Court of York County, South Carolina.

(m) *Common Areas.* All areas and facilities in the Project designated for the general and common use of all occupants of the Project, including Tenant, its officers, agents, employees, and customers. Common Areas will include, without limitation , to the extent provided for the general and common use of all occupants of the Project, the parking areas, landscaped areas, sidewalks, roadways, loading platforms, restrooms, ramps, signs (other than individual store signs), canopies, awnings and other non-structural attachments to the Project buildings. Landlord and/or the Association shall have the right to do the following, as either shall see fit: (i) to modify easements relating to the Common Areas; (ii) to close portions of such Common Areas; or (iii) to alter, relocate or reconfigure the Common Areas.

(n) *Security Deposit.* Upon the execution of this Lease, Tenant shall provide Landlord $3,435.67 in certified funds, which shall be repaid without interest to Tenant after the expiration or earlier termination of this Lease, provided Tenant complies with all the terms of this Lease, and otherwise to be applied as provided in Sections 10.2 and 11.3.

(o) *Addresse s for Notices and Rent.* 

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| | |
|:---|:---|
| TO LANDLORD: | Christopher B. Adams |
|  | 33021 Christina Drive Dana Point, CA 92629 |
| TO TENANT: | Catheter Precision, Inc. 1670 Highway 160 West Suite 205<br> Fort Mill, SC 29708 |

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(p) *Association.* The Fort Mill Professional Park Building 200 Business Condominium Association, Inc.

(q) *Exhibits.* The Exhibits attached to this Lease are hereby incorporated in this Lease.

Section 1.2. Granting of the Demised Premises. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Demised Premises, subject to all the terms, conditions, and provisions set forth in this Lease. Provided Tenant is not in default under this Lease and subject to the Declaration, Tenant will be entitled to use the Common Areas in common with Landlord and the other tenants of the Project throughout the Term of the Lease in accordance with the Permitted Use. It is expressly understood and agreed that nothing contained in this Lease will be construed as a grant or rental of or a conveyance of: (i) any rights in the roof or exterior of the building or buildings of which the Demised Premises constitute a part; (ii) the air space (occupied or not) above a horizontal elevation plane coterminous with the bottom edge of the structural steel framework supporting the roof of the Demised Premises; (iii) the air space (occupied or not) below a horizontal elevation plane coterminous with the finished floor level of the Demised Premises; (iv) the Common Areas (except as specifically provided in this Lease); or (v) the land upon which the Demised Premises are located. Landlord shall at all times have the right to determine the nature and extent of the Common Areas, and to make such changes thereto as it shall elect, including, without limitation, the location and relocation of driveways, entrances, exits and automobile parking spaces, the direction and flow of traffic, and the designation of prohibited areas, landscaped areas and utilities. Landlord and Association shall at all times have the sole and exclusive control of the Common Areas, including, without limitation, the right to lease space within the Common Areas to tenants for the sale of merchandise and/or services and the right to permit advertising displays, educational displays and entertainment in the Common Areas, including kiosks, carts and other temporary or permanent stands. Landlord also shall have the right at any time and from time to time to exclude and restrain any person from the use or occupancy thereof. It shall be the duty of Tenant to keep all of the Common Areas free and clear of any obstructions created or permitted by Tenant or resulting from Tenant's operation.

Section 1.3. Term.

(a) The Term of this Lease will begin as of the date of this Lease and will end at midnight on the last day of the thirty-eighth (38th) month after the Rent Commencement Date.

(b) At the end of the Term of this Lease , Tenant is hereby granted two (2) options to extend the Term of this Lease for three (3) Lease Years each, provided Tenant is not in default under this Lease and provided that Tenant has given written notice to Landlord of its exercise of such option at least one hundred eighty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) days prior to the expiration of the then-current Term. If Tenant properly exercises such option, all terms and conditions of this Lease will continue in full force and effect, including, without limitation, Minimum Rent at the rate per annum specified in Section 1.1(g). All references to the "Term " of this Lease will, unless the context clearly indicates a different meaning, be deemed to constitute a reference to any properly exercised extensions of the Term.

Section 1.4. Acceptance of Demised Premises. By opening for business, Tenant will be deemed to have acknowledged that the Demised Premises are in the condition called for hereunder and to have agreed that as of that date all of the construction obligations imposed upon Landlord pursuant to Article III have been fully performed, unless Landlord is given written notice by the Tenant for any outstanding items prior to Tenant opening for business.

Section 1.5. Quiet Enjoyment. Tenant, upon paying the rents reserved in this Lease and performing and observing all other terms, covenants and conditions of this Lease on Tenant's part to be performed and observed, and complying with the Permitted Use and all other restrictions, recorded or unrecorded, now or hereafter affecting the Project, will peaceably and quietly have, hold and enjoy the Demised Premises during the Term, subject, nevertheless, to the terms of this Lease and to any mortgages, ground or underlying leases, agreements and encumbrances to which this Lease is or may be subordinated.

Section 1.6. Intentionally Deleted.

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Section 1.7. Due Upon Execution. Upon the execution of this Lease, Tenant shall pay to Landlord an amount equal to (i) the first month's :Minimum Rent (as set forth in Section 2.1), (ii) the first month's Additional Rent (as set forth in Section 2.7), and (iii) the Security Deposit (as set forth in Section 11.3). Such first month's Minimum Rent and Additional Rent shall be applied as of the Rent Commencement Date, and the Security Deposit shall be held and applied in accordance with the terms of Sections 10.2 and 11.3.

#### ARTICLE II

#### RENT AND OTHER CHARGES
<u>Section</u> <u>2.1.</u> <u>Minimum</u> <u>R</u>ent. Tenant will pay to Landlord without previous demand therefor and without any setoff or deduction whatsoever, except as expressly provided in this Lease, the Minimum Rent provided in Section 1.1(f) or 1.1(g), as applicable, payable in equal monthly installments, in advance, on, or before the first day of each and every calendar month throughout the Term. The :Minimum Rent will commence to accrue on the Rent Commencement Date. The first payment of :Minimum Rent will be due on the first day of the first calendar month following the Rent Commencement Date (unless the Rent Commencement Date is on the first day of a month, in which event, :Minimum Rent will be due on that date), and on that date Tenant will pay to Landlord the Minimum Rent set forth in Section 1.1(f) for the month beginning on that date plus a proportionate amount of :Minimum Rent (based on a thirty (30) day month) for the period, if any, beginning on the Rent Commencement Date and ending on the day preceding the first payment date.

Section 2.2. Intentionally deleted.

Section 2.3. Intentionally deleted.

Section 2.4. Intentionally deleted.

Section 2.5. Intentionally deleted.

Section 2.6. Taxes. Commencing on the Rent Commencement Date and continuing throughout the Term, Tenant will pay promptly when due all taxes imposed upon Tenant's rent and business operation and upon all personal property of Tenant.

Section 2.7. Additional Rent. Commencing on the Rent Commencement Date, Tenant will pay Landlord, in equal monthly installments on or before the first day of each calendar month, as a partial payment to be applied against its annual share of the items set forth below in subsections (a)(c) (collectively, the "TICAM Expenses"), an amount per annum equal to Three and 761100 Dollars ($3.76) per square foot of Floor Area in the Demised Premises; provided, however, such amount shall be adjusted annually by Landlord in accordance with Landlord's budget for Common Area Costs for the upcoming fiscal year. Within ninety (90) days after the end of each fiscal year of Landlord, Landlord will furnish to Tenant a statement (the "Statement") showing in reasonable detail the amount of Landlord's actual costs and expenses incurred with respect to the items set forth in this Section 2.7 for the preceding period, and any necessary adjustments will thereupon be made. In addition, the Statement shall contain a notice from Landlord of the monthly payments to be made by Tenant for the ensuing year based on Landlord's budget for Common Area Costs. If the aggregate of Tenant's monthly installments paid to Landlord pursuant to this Section 2.7 during the previous fiscal year of Landlord are less than the amount due from Tenant as shown on the Statement, the deficiency will be paid to Landlord within ten (10) days after demand by Landlord therefor. If the aggregate amounts paid during the preceding year by Tenant pursuant to this Section 2.7 are greater than the amount due from Tenant as shown on the Statement, the excess will be credited against payments thereafter coming due under this Section 2.7. Changes in applicable Floor Areas will result in corresponding pro rata adjustments. Notwithstanding anything herein to the contrary, Tenant's annual share of the Controllable Expenses during any Lease Year shall not exceed the Cap Amount. For purpose of this Lease, the term "Cap Amount" means (i) with respect to the First Lease Year, an amount equal to Three and 76/100 Dollars ($3.76) per square foot of Floor Area in the Demised Premises, and (ii) with respect to all subsequent Lease Years, the Cap Amount for the preceding calendar year multiplied by 1.05 (i.e., the Cap Amount shall be computed on a cumulative and compounding basis). Furthermore, the term "Controllable Expenses" means all TICAM Expenses exclusive of charges for security, utilities, insurance, compliance with applicable laws going into effect following the Rent Commencement Date, taxes and assessments, management fees which are computed based on rentals, snow and ice removal, and any other charges beyond Landlord's reasonable control.

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(a) Real Estate Taxes. Commencing on the Rent Comm encem ent Date and continuing throughout the Term, Tenant will pay to Landlord, as Additional Rent without deduction or setoff, Tenant's Share of "Real Estate Taxes" (as hereinafter defined) as specified in this Section 2.7(a). Tenant's Share of Real Estate Taxes will be computed by multiplying the total amount of the Real Estate Taxes by a fraction, the numerator of which will be the number of square feet of Floor Area, and the denominator of which will be the total number of square feet of leasable building space that has been constructed in the Project. Landlord will furnish Tenant copies of all tax bills affecting Tenant's Share of Real Estate Taxes and a statement of the calculation of same upon demand.

For purposes of this Section 2.7(a), the phrase "Real Estate Taxes" will mean and include any and all governmental imposts, levies, fees, charges, taxes or assessments of every kind and nature whatsoever which during the Term are levied, assessed, become due and payable or are imposed against the Project or any portion thereof or against Landlord by reason of its ownership and operation of the Project and its receipt of rents therefrom, extraordinary as well as ordinary, foreseen and unforeseen, including, without limitation, ad valorem taxes, rent taxes, water and sewer rents, all other governmental exactions arising in connection with the use, occupancy or possession of, or growing due and payable out of or for the Project or any part thereof and any and all expenses directly incurred by Landlord or any other person or consultant in contesting the validity of, in seeking a reduction in, or in seeking to prevent an increase in any such tax(es); provided, however, that the phrase "Real Estate Taxes" will not be deemed to include any inheritance, estate, succession, transfer, gift, franchise, corporation, general income or profit tax or capital levy or special assessment against the Project for permanent public improvements.

(b) Common Area Costs. Commencing on the Rent Commencement Date and continuing throughout the Term , Tenant will pay to Landlord, as Additional Rent, without deduction or setoff, Tenant's Share of "Common Area Costs" (as hereinafter defined) as specified in this Section 2.7(b). Tenant' s Share of Common Area Costs will be computed by determining Landlord's actual annual Common Area Costs and the result thereof will be multiplied by a fraction, the numerator of which is the Floor Area of the Demised Premises and the denominator of which is the total number of square feet of leasable building space that has been constructed in the Project.

For the purposes of this Section 2.7(b), the phrase "Common Area Costs" will mean and include all of Landlord's costs and expenses of operating, managing and maintaining any portion(s) of the Project which it owns and/or any other expenses and/or assessments attributable to the Demised Premises pursuant to the Declaration, and will be deemed to include, without limitation, landscaping; sanitary and pest control; storm water and/or sanitary sewer system (including any detention ponds, pipes, basins and other similar devices) usage, maintenance and repair charges; Common Area refuse removal containers; cleaning (including the periodic cleaning of building facades); utilities; snow and ice removal; resurfacing, restriping and repair of all parking areas; painting; fire protection; traffic control; non structural repairs (provided that roof repairs will be included as a Common Area Cost); policing and security services; holiday and seasonal decorations; Common Area furniture and/or fixtures; and Landlord's overhead expenses for administering any of the foregoing in an amount equal to ten percent (10%) of the total of all such costs.

(c) <u>Insurance</u> <u>P</u> remiums. Commencing on the Rent Commencement Date and continuing throughout the Term, Tenant will pay to Landlord as Additional Rent, without deduction or setoff, Tenant's Share of "Insurance Premiums" (as hereinafter defined) as specified in this Section 2.7(c). Tenant's Share of Insurance Premiums will be computed in the same manner as Tenant's Share of Real Estate Taxes, and will be paid by Tenant as provided in this Section 2.7. For the purposes of this Section 2. 7(c), "Insurance Premiums" will mean all premiums paid by Landlord for the insurance carried by Landlord in accordance with Section 5.2.

(d) <u>M</u> iscellaneous. All payments to be made by Tenant pursuant to sections (a)-(c) above will be deemed Additional Rent, whether or not designated as such, and Landlord will have the same rights and remedies upon Tenant's failure to pay Additional Rent as for the nonpayment of Minimum Rent. Landlord, at its election , will have the right (but not the obligation) to pay for or perform any act which requires the

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expenditure of any sum of money by reason of the failure or the neglect of Tenant to perform any of the provisions of this Lease within the applicable grace period, if any, provided in this Lease, and if Landlord does so, Tenant agrees to reimburse and pay Landlord, upon demand, such sum, which will also be deemed Additional Rent, plus interest in accordance with Section 11.11. If any estimates for payments to be made by Tenant to Landlord (other than Minimum Rent) become insufficient to cover the actual expenses advanced by Landlord on Tenant's behalf, then Landlord has the right, after giving adequate notice to Tenant, to make a reasonable adjustment in such charges. The adjustment will become effective immediately.

Section 2.8. Utility <u>C</u>harges. Tenant will pay promptly when due all water service and supply fees, rates and charges, all sewer service and supply fees, rates and charges, and all charges for electricity, gas, heat, steam, hot and/or chilled water, air conditioning, ventilating, lighting systems, telephone, cable television, internet, and other utilities supplied to the Demised Premises, and any sewer or water fees, assessments, capacity charges, tap fees, meter deposits or fees, and hookup charges for the Demised Premises. If any such utilities or charges are not separately metered or assessed or are only partially separately metered or assessed and are used in common with other tenants in the Project, Tenant will pay to Landlord, in addition to Tenant's payments of the separately metered charges, a proportionate share of such charges for utilities used in common based on the number of square feet of Floor Area of the Demised Premises as a percent of the total floor area of constructed building space leased to each tenant using such common facilities.

#### ARTICLE III

#### CONSTRUCTION/DELIVERY OF DEMISED PREMISES
Section 3.1. Delivery of Demised Premises. Landlord will deliver the Demised Premises to Tenant on or before October 1, 2022 in its "AS IS, WHERE IS" condition, provided, however, Landlord shall ensure that all existing electrical systems, plumbing systems, and HVAC systems serving the Demises Premises are in good working condition.

#### ARTICLE IV

#### USE OF DEMISED PREMISES
Section 4.1. Use of Demised Premises. Subject to and in accordance with all rules, regulations, laws, ordinances, statutes and requirements of all governmental authorities, the Fire Insurance Rating Organization, the Board of Fire Insurance Underwriters and Landlord's insurance carrier, Tenant will operate the Demised Premises solely under Tenant's Trade Name specified in Section 1.l(p) and use the Demised Premises only for the Permitted Use specified in Section 1.1(l).

During the Term, Tenant will keep the Demised Premises open for business during the hours specified in Section 4.2(a) and will actively and diligently operate its business therein in a high-grade and reputable manner.

Section 4.2. Additional Covenants of Tenant. Tenant's use of the Demised Premises and the Common Areas will be subject at all times during the Term to reasonable rules and regulations adopted by Landlord and/or Association (and not in conflict with any of the express provisions of this Lease) governing the use of the parking areas, walks, driveways, passageways, signs, exteriors of buildings, lighting and other matters affecting other tenants in, and the general management and appearance of, the Project. Tenant agrees to comply with all such rules and regulations upon notice to Tenant from Landlord. Tenant expressly agrees as follows:

(a) Intentionally Deleted.

(b) All garbage and refuse will be kept inside the Demised Premises in the kind of container specified by Landlord, and will be placed outside of the Demised Premises prepared for collection in the manner and at the times and places specified by Landlord. If Landlord will provide or designate a service for picking up refuse and garbage, Tenant will use same at Tenant's cost, which may at Landlord's option become a part of the Common Area Costs. Tenant will pay the cost of removal of any of Tenant's refuse and garbage and maintain all loading areas in a clean manner satisfactory to the Landlord.

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(c) Tenant shall not make any modifications or improvements to the Demised Premises involving penetration of the roof without Landlord ' s prior written consent. For any such permitted modifications,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Tenant must use Landlord's roofing contractor for all work involving penetration of the roof, (2) Tenant shall undertake no action that would invalidate Landlord's roof warranty, (3) traffic on the roof shall be limited to walkboards in those areas where walkboards are provided by Landlord, and (4) no equipment, tools, waste materials or other trash or debris shall be deposited or left on the roof in connection with the maintenance or servicing of any of Tenant's equipment. Tenant shall be responsible for any damages to the roof caused by Tenant's failure or the failure of any of its employees, servicemen, agents or contractors to observe and apply the above provisions.

(d) No radio or television antenna or other device will be erected on the roof or exterior walls of the Demised Premises or the Building without first obtaining in each instance the Landlord's consent in writing. Any antenna or device installed without such written consent will be subject to removal at Tenant's expense without notice at any time.

(e) No loud speakers, televisions, phonographs, radios, tape players or other devices will be used in a manner to be heard or seen outside of the Demised Premises without the prior written consent of Landlord.

(f) The plumbing facilities will not be used for any other purpose than that for which they are constructed; no foreign substance of any kind will be thrown therein, and the expense of any breakage , stoppage, or damage resulting from a violation of this provision will be borne by Tenant.

(g) Tenant, at its expense , will contract for termite and pest extermination services covering the Demised Premises , to be rendered not less frequently than semiannually, and will deliver to Landlord certificates evidencing such services , without the prior request of Landlord.

(h) Tenant will not bum any trash or garbage of any kind in the Project.

(i) Tenant will keep any display windows or signs in or on the Demised Premises well lighted during the hours and days specified in Section 4.2(a).

(j) Tenant will keep and maintain the Demised Premises (including, without limitation , exterior and interior portions of all windows, doors, and all other glass) in a neat and clean condition.

(k) Tenant, at its expense , will participate in any reasonable window-cleaning program that may be established by Landlord for all or substantially all other stores in the Project.

(1) Tenant will take no action which would violate Landlord's labor contracts, if any, affecting the Project, nor create any work stoppage, picketing , labor disruption or dispute, or any interference with the business of Landlord or any other tenant or occupant in the Project or with the rights and privileges of any customer or other person(s) lawfully in and upon said Project, nor will Tenant cause any impairment or reduction of the good will of the Project.

(m) Tenant will pay before delinquency all license or permit fees and charges of a similar nature for the conduct of any business in the Demised Premises.

(n) Tenant will use the Project name and logo, as same may be changed from time to time, in referring to the location of the Demised Premises in all newspaper, radio, and television and other advertising.

(o) Tenant will store and/or stock in the Demised Premises only such merchandise as Tenant is permitted to offer for sale in the Demised Premises pursuant to this Lease.

(p) Tenant will not use the word "Outlet," "Discount," "Factory" or "Warehouse" in any canopy or storefront signage visible from the exterior of the Demised Premises or in the advertising of the business permitted to be operated in the Demised Premises, as such designation would conflict with the overall character ,

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design, and motif of the Project. Tenant will not conduct or permit any fire, bankruptcy, auction, or "going out of business" sale (whether real or fictitious) in the Demised Premises without the prior written consent of Landlord, or utilize any unethical method of business operation.

(q) Tenant will not perform or permit any act nor carry on or permit any practice that may damage, mark, or deface the Demised Premises or any other part of the Project.

(r) Tenant will not use any forklift truck, tow truck or any other powered machine for handling freight in the Project except in those manners and in those areas in the Project as may be approved by Landlord in writing.

(s) Tenant will not place a load on any floor in the Demised Premises or in the Project exceeding the floor load which such floor was designed to carry, nor will Tenant install, operate or maintain in the Demised Premises any heavy item or equipment except in such manner as to achieve a proper distribution of weight.

(t) Tenant will not install, operate , or maintain in the Demised Premises or in any other area of the Project any electrical equipment which does not bear underwriter's approval, or which would overload the electrical system or any part thereof beyond its capacity for proper and safe operation as determined by Landlord. Further, Tenant will not operate any video games (or other electrical games) within the Demised Premises without the prior written consent of Landlord.

(u) Tenant will not suffer , allow or permit any vibration, noise , light, odor or other effect to emanate from the Demised Premises, or from any machine or other installation therein, or otherwise suffer, allow or permit the same to constitute a nuisance or otherwise interfere with the safety, comfort and convenience of Landlord or any of the other occupants of the Project or their customers, agents or invitees.

(v) Tenant will not use or occupy the Demised Premises in any manner or for any purpose that would injure the reputation or impair the present or future value of the Demised Premises, the Project , or the neighborhood in which the Project is located.

(w) Tenant will not store, display, sell, or distribute any alcoholic beverages, pornographic materials, or any dangerous materials (including, without limitation, fireworks) unless specifically permitted in this Lease to do so.

(x) If during the Term Landlord determines in its sole discretion that noxious and nauseating odors are invading adjacent premises and offending neighboring tenants, Landlord shall consider Tenant to be in default of this Lease. If Tenant does not cure such default within fifteen (15) days after notification from Landlord, Landlord shall have the right to terminate this Lease.

(y) Tenant shall at no time place a cooler, refrigerator or freezer container outside the Leased Premises without Landlord's express written permission.

(z) Intentionally deleted.

(aa) Tenant shall give to Landlord prompt written notice of any accident, fire or damage occurring on or to the Demised Premises and the Common Area.

(bb) Tenant shall load and unload goods only at such times , in such areas and through such entrances as may be designated for such purposes by Landlord and to prohibit all trucks and trailers which have moved upon Project property on account of Tenant's conduct of business from remaining overnight in any portion of the Project.

(cc) Tenant shall park Tenant's vehicles and to require Tenant's employees, contractors , sub-tenants , and concessionaires to park their vehicles only in those portions of the parking area designated for that purpose by Landlord.

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(dd) Tenant shall install such fire extinguishers and other safety equipment as Landlord may require and to comply with the recommendations of Landlord's insurance carriers and their rate-making bodies. Landlord will provide fire extinguishers and safety equipment that is required by applicable prior to the Rent Commencement Date.

(ee) Tenant shall comply with any and all reasonable rules and regulations of Landlord in connection with the Demised Premises which are in effect at the time of the execution of this Lease or which may be from time to time promulgated by Landlord in its sole discretion.

Section 4.3. <u>E</u>nforcement Rights of Landlord. If Tenant fails to comply with any provision of Section 4.2, and such failure continues for a period of five (5) days after written notice specifying the violation has been given by Landlord to Tenant, then in addition to any other equitable or legal remedies available to Landlord, Landlord may collect from Tenant on the first day of each calendar month, as Additional Rent, a sum equal to one-half (112) of the Minimum Rent provided in Section 1.1(f) or l.l(g), as applicable, for the period during which Tenant fails to comply with Section 4.2, adjusted on a daily basis.

Section 4.4. Signs, <u>A</u>wnings and Canopies. Landlord may erect and maintain in its sole discretion such suitable signs as it may deem appropriate to advertise the Project.

Tenant will not place or permit to be placed or maintained on any door, exterior wall or window of the Demised Premises any sign, awning, or canopy or advertising matter or other thing of any kind, and will not place or maintain any decoration, lettering or advertising matter on the glass of any window or door of the Demised Premises nor place any structure, sign, obstruction or advertising device upon the Common Areas without first obtaining Landlord's written consent. Tenant further agrees to maintain any such signs, awnings, canopies, decorations, lettering, advertising matter or other things as may be approved by Landlord in good condition, operating order and repair at all times. All signs of Tenant visible from the Common Areas of the Project will be in good taste and will conform to the standards of design, motif, and decor from time to time established by Landlord for the Project. If Tenant will do any of the foregoing acts in contravention of this provision, then, in addition to any other legal or equitable remedies available to Landlord, Landlord will have the right to remove such sign, awning, canopy, advertising matter or device, decoration, lettering, structure, sign obstruction, or other thing and restore the Demised Premises and/or the Common Areas to the condition thereof prior to such act, with all costs, incidental and otherwise, of such removal and restoration to be paid by Tenant to Landlord as an additional charge.

<u>Section</u> <u>4.5.</u> <u>Declaration;</u> <u>Exclusive</u> <u>U</u>ses. Tenant hereby covenants and agrees that it is bound to only engage in the Permitted Use and that it will at all times comply with the restricted uses imposed pursuant to any declarations, agreements and other private matters of record (collectively, the "Declaration") as such Declaration may from time to time be altered, changed, amended and/or modified and recorded or re-recorded by Landlord, in Landlord's sole and absolute discretion. For avoidance of any doubt, the Declaration includes that certain Master Deed recorded in Book 2249 at Page 198 in the York County Clerk of Court, as amended by that certain First Amendment to Master Deed recorded in Book 6030 at Page 98 in the York County Clerk of Court.

<u>Section</u> <u>4.6.</u> <u>Hazardous</u> <u>M</u>aterials.

(a) In General. During the Term , Tenant will not, and will not allow any other party to, use, generate, produce, transport, treat, bring upon, store, dispose of, or permit the escape or release in, on, under, about or from the Demised Premises, the Building or the Project: (i) any hazardous wastes, hazardous substances, hazardous materials, toxic substances, hazardous air pollutants or toxic pollutants, as those terms are used in the Resource Conservation and Recovery Act, the C omprehensive Environmental Response, Compensation and Liability Act of 1980 , the Hazardous Materials Transportation Act, the Toxic Substances Control Act , the Clean Air Act and the Clean Water Act, or any amendments thereto, or any regulations promulgated thereunder; (ii) any "PCBs" or "PCB items" (as defined in 40 C.F.R. , Section 761.3); or (iii) any "asbestos" (as defined in 40 C.F.R., Section 763.63) (collectively, "Hazardous Materials").

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(b) Indemnity. Tenant shall indemnify, protect, defend and hold Landlord (and its members, partners, joint venturers, shareholders, affiliates and property managers, and their respective managers, officers, directors, employees and agents) and Landlord's mortgagee harm less from and against any and all claims, liability, cost, damage or expense (including, without limitation, reasonable attorney's fees and expenses, court costs and costs incurred in the investigation, settlement and defense of claims) arising out of, in connection with, or directly or indirectly arising out of the use, generation, manufacture, production, storage, treatment, release, disposal or transportation of Hazardous :Materials by Tenant, or any successor, assignee or sublessee of Tenant, or their respective agents, contractors, employees, licensees , or invitees, on, under, about or from the Demised Premises, the Building or the Project, including, but not limited to, all foreseeable and unforeseeable costs, expenses and liabilities related to any testing, repair , cleanup, removal costs, detoxification or decontamination and the preparation and implementation of any closure, remedial action, site assessment reports or other required plans in connection therewith deemed required, necessary or advisable by Landlord or any governmental authority, and any foreseeable or unforeseeable consequential damages. Any defense of Landlord pursuant to any indemnified matter shall be by counsel reasonably acceptable to Landlord. Neither the consent by Landlord to the use, generation, storage , release , disposal or transportation of Hazardous Materials, nor Tenant's strict compliance with all laws related to Hazardous Materials shall excuse Tenant from Tenant's indemnification obligations under this Section 4.6(b). The foregoing indemnity shall be in addition to and not a limitation of the other indemnification provisions of this Lease. Tenant's obligations under this Section 4.6(b) shall survive the expiration or earlier termination of this Lease.

(c) <u>R</u> eporting. Tenant shall notify Landlord in writing immediately after any of the following: (i) Tenant has knowledge, or has reasonable cause to believe, that any Hazardous Materials have been released, discharged or located on, under or about the Demised Premises, the Building or the Project, whether or not the same is in quantities that would otherwise be reportable to a public agency, (ii) Tenant receives any warning, notice of inspection, notice of violation or alleged violation, or Tenant receives notice or knowledge of any proceeding, investigation, order or enforcement action, under any law relating to Hazardous Materials concerning the Demised Premises, the Building or the Project, or (iii) Tenant becomes aware of any claims made or threatened by any third party concerning the Demised Premises, the Building or the Project respecting Hazardous Materials.

(d) Confirmation of Tenant's Knowledge. Upon request from Landlord or Landlord's mortgagee at any time, Tenant shall promptly execute all affidavits, representations , and any other similar documents as Landlord or Landlord's mortgagee may request concerning Tenant's best knowledge and belief regarding the presence or absence, or the use , generation, storage , disposal or transportation of Hazardous :Materials , under , about or from the Demised Premises , the Building or the Project.

#### ARTICLE V

#### INSURANCE
<u>Section</u> <u>5.1.</u> <u>Insurance</u> <u>Required</u> <u>of</u> <u>T</u>enant. Tenant will obtain and maintain in full force during the Term the following insurance coverage with respect to the Demised Premises:

(a) Comprehensive public liability insurance, with a contractual liability endorsement, covering bodily injury, death, property and other damage in the amount of at least One Million and No / 100 Dollars ($1 , 000,000.00) per occurrence, with an aggregate limit of at least One Million and No / 100 Dollars ($1 , 000,000.00).

(b) Insurance against all casualties included under standard insurance industry practices within the classification "Fire and Lightning, Extended Coverage, Vandalism and Malicious Mischief," flood insurance (if required by Landlor d , any mortgagee or governmental authority) and war risk insurance (if obtainable), each in an amount adequate to cover the full replacement value of all personal property , decorations , trade fixtures , furnishings , equipment, alterations, leasehold improvements and betterments, and all other items located or placed in the Demised Premises by Tenant.

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(c) Boiler or machinery insurance covering all pressure vessels, boilers, air conditioning equipment, or similar equipment, if any, in, on, adjoining, above, or beneath the Demised Premises, in the amount of at least Fifty Dollars ($50.00) per square foot of Floor Area in the Demised Premises.

(d) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above.

(e) Plate glass insurance covering the plate glass in the Demised Premises.

(f) Workmen's compensation insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized by this Lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by laws of the State where the Demised Premises are located or of the United States; provided, however , Landlord may , in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g. , minor finish work not requiring a permit from any government authority).

All the insurance required by this Section 5.1, except the workmen's compensation insurance required by subparagraph (f), will be written in the name of and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, and Tenant, and will be written by one or more responsible insurance companies satisfactory to Landlord and in form satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will contain endorsements that: (i) the policy may not be cancelled or amended with respect to Landlord or its designees except upon thirty (30) days prior written notice to Landlord and any such designees by the insurance company; (ii) Tenant will be solely responsible for payment of premiums and that Landlord or its designees will not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord or its designees will be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public liability policy hereinafter set forth will not limit or diminish Tenant's liability under this Lease. Tenant will deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Tenant in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1, then Landlord may, but will not be required to, purchase such insurance on behalf of Tenant and add the cost of such insurance as Additional Rent payable on demand.

All liability insurance policies required to be obtained and maintained by Tenant under this Lease will contain endorsements deleting from such policies the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions of sim ilar import or effect, or, in the alternative, Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a).

The minimum limits of the comprehensive public liability policy of insurance required by this Section 5.1 will be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it necessary for adequate protection. Within thirty (30) days after written demand there for by Landlord, Tenant will furnish Landlord with a policy meeting the new requirements.

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Tenant agrees, at its own expense, to comply with all rules and regulations of the Fire Insurance Rating Organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices.

Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demand.

Section 5.2. Insurance Required of Landlord. Landlord will obtain and maintain in force during the Term the following insurance coverage:

(a) Comprehensive public liability insurance, with a contractual liability endorsement, covering bodily injury, death and property damage in the amount of at least One Million and No/100 Dollars ($1,000 , 0 0 0.00) per occurrence , with an aggregate limit of at least One Million and *Noll* 0 0 Dollars ($1,000 , 0 0 0.00).

(b) Any other insurance policies that Landlord, in its sole discretion, deems necessary or desirable with respect to the Project.

Nothing in this Section 5.2 will prevent the taking out of policies of blanket insurance which may cover real and/or personal property and improvements in addition to the Building of which the Demised Premises constitute a part; provided, however, that in all other respects each such policy will comply with the other provisions of this Section

5.2.Nothing contained herein will be deemed to require Landlord to insure those items that Tenant is required to insure pursuant to Section 5.1.

<u>Section</u> <u>5.3.</u> <u>Waiver</u> <u>of</u> <u>S</u>ubrogation. Landlord and Tenant will obtain from any insurer providing insurance to either Landlord or Tenant as required by this Lease, to cover the Demised Premises, the improvements therein or contents thereof, a waiver of any right of subrogation that such insurer of one party may acquire against the other by virtue of payment of any loss under such insurance. The waivers of subrogation will be effective so long as Landlord and Tenant are empowered to grant such waivers under the terms of their insurance policies without payment of any additional premium . The waivers will stand mutually terminated as of the date either Landlord or Tenant ceases to be empowered to grant same, unless the party who would be benefited by such waiver pays the extra cost for obtaining it, if it may be obtained at extra cost.

#### ARTICLE VI

#### REPAIRS AND MAINTENANCE
<u>Section</u> <u>6.1.</u> <u>Repairs</u> <u>by</u> <u>A</u>ssociation. Tenant hereby acknowledges that the Association is responsible maintenance and repair of the Common Areas pursuant to the terms of the Declaration. Accordingly, Landlord shall have no maintenance and/or repair obligations hereunder with respect to the Demised Premises.

Section 6.2. Repairs and Maintenance by Tenant. Except as otherwise set forth herein, Tenant will keep and maintain in good order, condition and repair throughout the Term the Demised Premises and every part thereof, including, without limitation: fixtures and equipment located therein; the exterior and interior portions of all doors, windows and glass (including plate glass and insulated glass); electrical wiring and conduits; plumbing and sewage facilities within the Demised Premises, including free flow of sewer lines therein; the heating and air conditioning equipment exclusively serving the Demised Premises; and interior walls, floors and ceilings, including compliance with applicable building codes relative to fire extinguishers. Any and all such repairs, alterations, replacements and modifications, ordinary and extraordinary, foreseen and unforeseen, will be at Tenant's sole cost and expense and will

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be made using materials and labor of kind and quality equal to the original work. All parts of the interior of the Demised Premises will be painted or otherwise decorated by the Tenant when reasonably necessary as determined by Landlord.

If (i) Tenant does not repair the Demised Premises properly as required hereunder to the reasonable satisfaction of Landlord within ten (10) days after written notice from Landlord, or (ii) Landlord, in the exercise of its sole discretion, determines that emergency repairs are necessary, or (iii) repairs or replacements to the Project or to the Demised Premises are made necessary by any negligent act or omission of Tenant, any subtenant or concessionaire of Tenant, or its and their respective agents, employees, contractors, invitees, licensees or visitors, then in any such event, Landlord may make such repairs without liability to Tenant for any loss or damage that may accrue to Tenant's merchandise, fixtures, or other property or to Tenant's business by reason thereof, and Tenant will pay to Landlord upon demand the reasonable cost of such repairs plus interest from the date of demand until the date paid at the rate specified in Section 11.11.

Before undertaking any alterations, additions, improvements or construction (including, without limitation, the initial construction of the Demised Premises) Tenant will obtain at its expense a public liability insurance policy (in addition to all other insurance required to be carried by Tenant hereunder) insuring Tenant and the Landlord and its assigns as named insureds against any liability which may arise on account of such proposed alterations, additions, improvements or construction on an occurrence basis with the minimum limits set forth in Section 5.1, and Tenant will require its contractors to obtain and maintain comprehensive public liability and damage insurance in the amounts set forth in Section 5.1 (a) and (b). The comprehensive public liability insurance will include "completed operations coverage."

All new equipment permanently installed by the Tenant in connection with the operation of the business in the Demised Premises will bear a one (1) year operational guarantee that will be provided in writing by the respective contractor prior to its installation.

Section 6.3. HVAC .tv1aintenance. During the Term and all renewals and/or extensions thereof, Tenant shall at all times be solely responsible for maintaining and servicing the air conditioning, heating and hot water systems and equipment within the Demised Premises. Within thirty (30) days of Tenant taking possession of the Demised Premises, Tenant shall, at its own cost and expense enter into a preventative maintenance/service contract with a maintenance contractor licensed in the state in which the Demised Premises are located and acceptable to Landlord, in its sole discretion, for maintenance and servicing of all hot water, heating and air conditioning systems and equipment within the Demised Premises (the "Maintenance Contract"). The .tv1aintenance Contract shall require the systems and equipment to be inspected and serviced at least two (2) times per year. The Maintenance Contract must cover all services suggested in the equipment's operation/maintenance manual. Tenant shall from time to time upon request furnish proof reasonably satisfactory to Landlord that all such systems and equipment are being serviced in accordance with the .tv1aintenance Contract. If Tenant does not provide proof of the Maintenance Contract within thirty (30) days of the date Tenant takes possession of the Demised Premises and continue to keep such .tv1aintenance Contract in existence during the Term, Landlord shall have the right, in its sole discretion, to sign an annual service agreement with a reputable HVAC maintenance contractor and to charge the Tenant back for this expense on a quarterly basis as Additional Rent. All such invoices shall be due and payable by Tenant within fifteen (15) days of receipt and shall bear interest at the rate provided in Section 11.11. Within the thirty (30) day period preceding vacation of the Demised Premises by Tenant, Tenant shall have the HVAC systems and equipment checked and serviced to ensure proper functioning and shall furnish Landlord satisfactory proof thereof upon request.

<u>Section</u> <u>6.4.</u> <u>I</u>nspection. Landlord or its representatives will have the right to enter the Demised Premises during any business day during the Term, and at any time in an emergency, without liability to Landlord, its agents or employees.

Section 6.5. Obstructions. Tenant agrees to keep its loading facilities, if any, and the Common Areas immediately adjoining the Demised Premises free from trash, litter, or obstructions, and, in addition, if the Demised Premises opens onto an outside area, to keep said outside sidewalk area immediately adjoining the Demised Premises free from ice and snow.

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#### ARTICLE VII

#### ADDITIONS AND ALTERATIONS
Section 7.1. By Landlord. Landlord hereby reserves the right at any time, and from time to time, provided visibility of and access to the Demised Premises are not materially and adversely affected, to make alterations or additions to the Building in which the Demised Premises are contained, and to construct other buildings adjoining the same. Landlord also reserves the right to construct other buildings or improvements in the Project, provided, however, that such constructions or additions will not unreasonably interfere with the operations of Tenant's business hereunder except when such work is necessitated by emergency or required by structural need.

If an excavation will be made upon land adjacent to the Demised Premises, Tenant will permit the person authorized to cause such excavation license to enter upon the Demised Premises for the purpose of doing such work as such person deems necessary to preserve the wall of the Building of which the Demised Premises form a part, from damage and to support the same by proper foundations, and Tenant will not be entitled to any claim for damages or indemnification against Landlord.

Section 7.2. By Tenant. Tenant will make no changes, alterations, or improvements affecting the exterior of the Demised Premises or the structure of the Building within which the Demised Premises are located. Provided that Tenant is not then in default under this Lease, Tenant may from time to time, at its own expense and upon compliance with the requirements of Section 6.2, alter, renovate or improve the interior of the Demised Premises. All such work will be performed in a good and workmanlike manner; in accordance with accepted building practices and applicable laws, including, but not limited to, building codes and zoning ordinances; and so as not to weaken or impair the strength or lessen the value of the Building in which the Demised Premises are located.

Prior to commencement of all such work, Tenant shall obtain Landlord's prior written approval of the plans and specifications therefor ("Tenant's Plans") and either (i) arrange for Landlord to perform the work on terms and conditions acceptable to Landlord and Tenant, each in its sole discretion or (ii) bid the project out to contractors approved by Landlord in writing in advance (which approval shall not be unreasonably withheld). Tenant shall provide Landlord with a copy of the information submitted to bidders at such time as the bidders receive their copy. Regardless of the contractors who perform the work pursuant to the above, Tenant shall pay Landlord on demand prior to or during the course of such construction an amount (the "Alteration Operations Fee") equal to five percent (5%) of the total cost of the work being performed (and for purposes of calculating the Alteration Operations Fee, such cost shall include architectural and engineering fees, but shall not include permit fees) as compensation to Landlord for Landlord's internal review of Tenant's Plans and general oversight of the construction (which oversight shall be solely for the benefit of Landlord and shall in no event be a substitute for Tenant's obligation to retain such project management or other services as shall be necessary to ensure that the work is performed properly and in accordance with the requirements of this Lease). Tenant shall also reimburse Landlord for Landlord's expenses such as electrical energy consumed in connection with the work, freight elevator operation, additional cleaning expenses, additional security services, fees and charges paid to third party architects, engineers and other consultants for review of the work and the plans and specifications with respect thereto and to monitor contractor compliance with Building construction requirements, and for other miscellaneous costs incurred by Landlord as result of the work.

Default by Tenant in the payment of any sums agreed to be paid by Tenant for or in connection with any work performed pursuant to this Section 7.2 (regardless of whether such agreement is pursuant to this Section 7.2 or separate instrument) shall entitle Landlord to all the same remedies as for non-payment of Rent hereunder. Any alterations, including, without limitation, moveable partitions that are affixed to the Demised Premises (but excluding moveable, free standing partitions) and all carpeting, shall at once become part of the Building and the property of Landlord.

In no event shall any alterations or repairs made by, or on behalf of, Tenant be deemed to be performed by Tenant as an agent of Landlord. Further, nothing contained in this Lease will be deemed the consent or agreement of Landlord to subject Landlord's interest in the Demised Premises or the Project to liability under any mechanics' or other lien law as a result of work performed by, or on behalf of, Tenant. Tenant shall comply with Landlord's reasonable procedures (as such procedures may be reasonably modified by Landlord from time to time) for ensuring Tenant's timely payment of sums due to mechanics, materialmen and suppliers performing work on any alteration or repair so as to avoid any liens being filed against the Demised Premises or the Project. Tenant shall give Landlord

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not less than ten (10) business days prior written notice of the date the construction of any alteration is to commence. Landlord may post and record an appropriate notice of non-responsibility with respect to any alteration and Tenant shall maintain any such notices posted by Landlord in or on the Demised Premises.

Landlord's sole election any or all alterations made for or by Tenant shall be removed by Tenant from the Demised Premises at the expiration or sooner termination of this Lease and the Demised Premises shall be restored by Tenant to their condition prior to the making of the alterations, ordinary wear and tear excepted. The removal of the alterations and the restoration of the Premises shall be performed by a general contractor selected by Tenant and approved by Landlord, in which event Tenant shall pay the general contractor's fees and costs in connection with such work. Any separate work letter or other agreement which is hereafter entered into between Landlord and Tenant pertaining to alterations shall be deemed to automatically incorporate the terms of this Lease without the necessity for further reference thereto.

#### ARTICLE VIII

#### DAMAGE, DESTRUCTION OR CONDEMNATION OF THE DEMISED PREMISES
Section 8.1. Damage or Destruction. If all or any part of the Demised Premises is damaged or destroyed by fire or other casualty, this Lease will continue in full force and effect, unless terminated as provided below, and Landlord will repair, restore or rebuild the Demised Premises to its condition at the time of the occurrence of the loss; provided, however, Landlord will not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord's obligation to rebuild will be limited to and conditioned upon receipt of proceeds by Landlord under any insurance policy or policies, if any, which have not been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Project or any portion thereof.

Tenant agrees to notify Landlord in writing within (30) days of Tenant's opening date in the Demised Premises of the actual cost of all permanent leasehold improvements and betterments approved by Landlord and installed or to be installed by Tenant in the Demised Premises (whether those improvements have been paid for entirely or partially by Tenant), but exclusive of Tenant's personal property, movable trade fixtures and contents. Tenant will give similar notifications to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions, or improvements to the Demised Premises approved by Landlord subsequent to the initial construction of the Demised Premises. If Tenant fails to comply with the foregoing provisions, any loss or damage Landlord will sustain by reason thereof will be borne by Tenant and will be paid immediately by Tenant upon receipt of a bill therefor and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord's obligations under this Article VIII to repair, replace and/or rebuild the Demised Premises will be deemed inapplicable. In lieu thereof Landlord may, at its election, either restore or require Tenant to restore the Demised Premises to the condition that existed prior to such loss, and in either case, Tenant will pay the cost of such restoration.

Notwithstanding anything to the contrary contained in this Section 8.1 or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by written notice to Tenant if:

(a) The Demised Premises or the Building in which the Demised Premises are located will be damaged or destroyed as a result of an occurrence which is not covered by Landlord's insurance or if Landlord determines it is economically infeasible to reconstruct and/or operate the Project; or

(b) The Demised Premises will be damaged or destroyed during the last three (3) years of the Term or any renewals thereof; or

(c) Any or all of the buildings or Common Areas of the Project are damaged (whether or not the Demised Premises are damaged) to such an extent that , in the sole judgment of Landlord, the Project cannot be operated as an economically viable unit.

If the Demised Premises are damaged or destroyed and Landlord does not elect to terminate this Lease, Landlord and Tenant will commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Tenant covenants and agrees to reopen for business in

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the Demised Premises within thirty (30) days after notice from Landlord that the Demised Premises are ready for re occupancy.

In the event of any termination of this Lease under the provisions of Section 8.1, this Lease will terminate at the end of the calendar month in which such notice of termination is given.

No damage or destruction to the Demised Premises will allow Tenant to surrender possession of the Demised Premises or affect Tenant's liability for the payment of rents or charges or any other covenant contained in this Lease, except as may be specifically provided in this Lease. Notwithstanding the foregoing, Minimum Rent will be abated proportionately to the degree to which Tenant's use of the Demised Premises is impaired during the period of any damage, repair or restoration provided for in this Article VIII; provided, however, that Minimum Rent, and other sums due hereunder will not be abated to an extent which would render Minimum Rent to be less than the monthly amount of insurance proceeds to be paid to Landlord under the business interruption policy described in Section 5.l(d); and provided further that if Landlord elects to repair any damage to the Demised Premises, any abatement of Minimum Rent will end fifteen (15) days after notice by Landlord to Tenant that the Demised Premises have been repaired. Except for the abatement of Minimum Rent provided above, Tenant will not be entitled to any compensation or damage for loss in the use of the whole or any part of the Demised Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration.

Unless this Lease is terminated by Landlord, Tenant will repair, restore, and re-fixture all parts of the Demised Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings, and other installations of personalty of Tenant. The proceeds of all insurance carried by Tenant on its property shall be delivered to Landlord to be held in trust for the purpose of said repair and replacement. Tenant will give to Landlord prompt written notice of any damage to or destruction of a portion of the Demised Premises resulting from fire or other casualty.

Section 8.2. Condemnation. If the entire Demised Premises are taken under the power of eminent domain, this Lease will thereupon terminate as of the date possession is taken.

If more than twenty-five percent (25%) of the Demised Premises or more than forty percent (40%) of the then existing paved parking spaces of the Project or more than fifty percent (50%) of the buildings in the Project exclusive of the Demised Premises are taken, or conveyance is made in lieu thereof, either party will have the right to cancel and terminate this Lease as of the date of such taking upon giving notice to the other party of such election within thirty (30) days after the date of such taking. In the event of such cancellation, the parties will thereupon be released from any further liability under this Lease, except for obligations existing on the effective date of such termination; provided, however, that if more than forty percent (40%) of the then existing paved parking spaces will be appropriated or taken, Landlord may at its option nullify and vacate Tenant's right to cancel this Lease by giving Tenant notice within thirty (30) days after the date of such taking that it will provide substitute parking on or adjacent to the Project sufficient to cause the total number of paved parking spaces remaining after such substitution to be equal to at least seventy-five percent (75%) of the number of spaces prior to such taking, in which event the Lease will remain in full force and effect. Tenant waives any statutory rights of termination that may arise because of any partial taking of the Demised Premises or any other portion of the Project.

If a portion of the Demised Premises is taken, and if this Lease will not be terminated as provided in the preceding paragraph, then the provisions of this Lease will remain in full force and effect, except that the Minimum Rent and Additional Rent will be reduced in the same proportion that the amount of Floor Area remaining after such taking bears to the total Floor Area immediately prior to such taking, and Landlord will, upon receipt of the award in condemnation, make all necessary repairs or alterations to the building in which the Demised Premises are located so as to constitute the portion of the building not taken a complete architectural unit, but Landlord will not be required to spend for such work an amount in excess of the net amount received by Landlord as damages for the taking of the part of the building within which the Demised Premises are located. "Amount received by Landlord" will mean that part of the award in condemnation that is free and clear to Landlord of any collection by mortgagees for the value of the diminished fee. Tenant, at its own cost and expense, will restore and re-fixture such part of the Demised Premises as is not taken to as near its former condition as the circumstances will permit, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personalty of Tenant.

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All compensation awarded or paid upon such a total or partial taking of the Demised Premises or the Building within which the Demised Premises are located will belong to and be the property of Landlord without any participation by Tenant. Tenant will, however, be entitled to claim, prove and receive in such condemnation proceedings such award as may be allowed for relocation costs, fixtures and other equipment installed by it but only to the extent that the same will not reduce Landlord's award and only if such award will be in addition to the award for the land and Building (or portion thereof) containing the Demised Premises. To the extent that the Tenant has a claim in condemnation proceedings, as aforesaid, Tenant may claim from the condemning authority, but not from Landlord, such compensation as may be recoverable by Tenant.

It is mutually agreed that (i) the imposition of any restriction on the number of motor vehicles that may enter the Project by action or order of any governmental authority, quasi-governmental authority, or by any court (other than by actual exercise of the power of eminent domain such that title passes to the condemning agency) will not constitute a taking or condemnation under this Lease that would entitle Tenant to terminate the Lease, (ii) any environmental condemnation or compliance by Landlord with any order, rule or regulation of any such authority, with any such judicial decree, or any such existing or future law will not constitute a default under this Lease by Landlord so as to entitle Tenant to terminate the Lease, and this Lease will remain in full force and effect, and (iii) as between Landlord and Tenant, Landlord may, but will not be obligated to, comply with any such order, rule, regulation, judicial decree or law.

#### ARTICLE IX

#### MORTGAGE FINANCING
<u>Section</u> <u>9.1.</u> <u>G</u>eneral. If any lending institution (including a limited partnership or other entity lending funds) with which Landlord has negotiated or may negotiate interim or long-term financing for the Project, or any part thereof, will require changes in this Lease as a condition, or as one of the conditions, of its approval of this Lease for such financing, Tenant hereby agrees to execute with Landlord the amendment or amendments to this Lease accomplishing the changes which are stated by Landlord to be needed in connection with approval of this Lease for the purposes of such financing subject to the following limitations: Tenant will not be required to agree, and Landlord will not have any right of cancellation for Tenant's refusal to agree, to any modification of the provisions of this Lease relating to the amount of :Minimum Rent reserved, the size or location of the Demised Premises, the duration or commencement date of the Term, or the value of the improvements to be made by Landlord to the Demised Premises prior to tender of possession. Tenant will, upon the request of Landlord, execute and deliver such instruments as may be required by Landlord to make this Lease either superior or subordinate to any mortgages now or hereafter placed upon Landlord's interest in the Project or the Demised Premises or future additions thereto. Upon request of any holder of a mortgage on the Project or any part thereof, Tenant will give such mortgagee copies of all notices given by Tenant to Landlord hereunder and Tenant will allow such mortgagee a reasonable length of time (in any event, not less than sixty (60) days from the date of such notice) in which to cure any default by Landlord hereunder. Any such notice will be sent to such department and address, as such mortgagee will direct Tenant in writing. As used in this Article IX, the term "mortgage" will include a deed of trust, a deed to secure debt and any other instrument used to secure debt.

Section 9.2. <u>S</u>ubordination to Mortgage. This Lease and all of Tenant's rights hereunder are and shall be subject and subordinate to all currently existing and future mortgages affecting the Demised Premises. Within ten

(10)days after the receipt of a request from Landlord or any mortgagee, Tenant shall confirm such subordination by executing a recordable Subordination, Non-Disturbance and Attornment Agreement in the form attached hereto as <u>E</u>xhibit D or other form requested by Landlord's mortgagee. Tenant shall, within ten (10) days after written request therefor, execute and deliver such documents as are requested by the mortgagee to confirm such subordination, subject to the foregoing limitation. Tenant acknowledges that any mortgagee has the right to subordinate at any time its interest in this Lease and the leasehold estate to that of Tenant, without Tenant's consent.

Section 9.3. Attornment. Tenant hereby attorns to any mortgagee in possession or purchaser at a foreclosure sale or sale in lieu of foreclosure which assumes the obligations of Landlord hereunder, and agrees to execute all agreements required by any such purchaser or by Landlord in advance of any such possession or purchase affirming such attornment. Tenant shall, upon the request of Landlord or Landlord's successor, execute an attornment agreement confirming the same, in form and substance acceptable to Landlord or Landlord's successor. Such agreement shall

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provide, among other things, that said successor shall not be bound by (a) any prepayment of more than one (1) month's Rent (except the Security Deposit) or (b) any material amendment of this Lease made after the later of the date of this Lease or the date that such successor's lien or interest first arose, unless said successor shall have consented to such amendment.

Section 9.4. Estoppel Certificate. Within ten (10) days after request from Landlord, Tenant shall execute and deliver to Landlord a Tenant's Estoppel Certificate in the form attached hereto as Exhibit E or other form requested by Landlord's Mortgagee with appropriate facts concerning the status of this Lease and Tenant's occupancy, and with any exceptions thereto noted in writing by Tenant. Tenant's failure to execute and deliver the Estoppel Certificate within said ten (10) day period shall be deemed to make conclusive and binding upon Tenant in favor of Landlord and any potential mortgagee or transferee the statements contained in such Estoppel Certificate without exception.

#### ARTICLE X

#### DEFAULT
Section 10.1. Default By Tenant. If Tenant fails to pay any Minimum Rent or other payment when due under this Lease, and such failure to pay continues for five (5) days after written notice from Landlord of such failure, then Tenant shall be in default of this Lease (a "Monetary Default"). If after thirty (30) days after delivery by Landlord to Tenant of written notice of nonperformance, Tenant fails to perform any other of the terms of this Lease to be observed or performed by Tenant, or, if Tenant fails to cure any breaches of any of Tenant's representations or warranties contained herein, or if Tenant becomes bankrupt or insolvent, or files any debtor proceedings or files or has filed against it in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenant's property, or if Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement or suffers this Lease to be taken under any writ of execution or attachment, or if this Lease passes to or devolves upon, by law or otherwise, a person or entity other than Tenant, except as specifically permitted in this Lease, then in any one or more of such events Tenant shall be in default of this Lease (each a "Non-Monetary Default") (both Monetary Default and Non-Monetary Default referred to herein separately and collectively based on the context as a "Default").

Section 10.2. Landlord's Rights on Default. If Tenant does not cure its default in the manner provided in Section 10.1 or otherwise provided in this Lease, or, if Tenant is in default (regardless of whether such default is cured) more than 2 times in any 12month period during the Term, Landlord may apply the Security Deposit to Tenant's obligations under this Lease without thereby diminishing or affecting any of Tenant's obligations for the payment of Minimum Rent or other charges, and exercise any of the following rights without further notice or demand of any kind to Tenant or any other person, except as required by applicable state law:

(a) Landlord may terminate this Lease and Tenant's right to possession of the Demised Prem ises and reenter the Demised Premises, take possession thereof, including all additions, alterations and improvements, and remove all persons from the Demised Premises, by any suitable action or proceeding at law, or by force or otherwise, without being liable for any prosecution therefore or damages resulting from such action, following which Tenant shall have no further claim thereon or hereunder;

(b) Without terminating this Lease and the obligations of Tenant hereunder, Landlord may terminate Tenant's right to possession of the Premises and reenter the Demised Premises and occupy the whole or any part thereof; or

(c) Even though Landlord may have reentered the Demised Premises without terminating this Lease, in accordance with subsection (b) above , Landlord may elect thereafter to terminate this Lease.

Should Landlord have reentered the Demised Premises under the provisions of Section 10.2(b), Landlord shall not be deemed to have terminated this Lease or to have accepted surrender of the Demised Premises by any such reentry, unless Landlord shall have notified Tenant in writing that it has so elected to terminate this Lease. Tenant further covenants that the service by Landlord of any notice pursuant to the unlawful detainer or eviction statutes of the state in which the Demised Premises are located and the surrender of possession pursuant to such notice shall not (unless Landlord elects to the contrary at the time of, or at any time subsequent to, the serving of such notice and such election

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is evidenced by a written notice to Tenant) be deemed to be a termination of this Lease. In the event of any reentry or taking possession of the Demised Premises as aforesaid, Landlord shall have the right, but not the obligation, to remove from the Demised Premises all or any part of the merchandise, improvements or personal property located therein and to place the same in storage at a public warehouse at the expense and risk of Tenant. Upon any such reentry, regardless of whether Landlord terminates this Lease, Landlord may, at its option, repair, alter, remodel and change the character of the Demised Premises as it may deem fit, and at any time re-let the Demised Premises or any part or parts thereof, as the agent of Tenant or otherwise. The exercise by Landlord of any right pursuant to this Section 10.2 shall not relieve Tenant from the obligation to make all payments of Minimum Rent, or other charges, and to fulfill all other covenants required by this Lease, at the time and in the manner provided in this Lease, regardless of whether this Lease has been terminated by Landlord, and Tenant, throughout the remainder of the Term hereof, will pay Landlord, no later than the last day of each month during the Term, the then current excess, if any, of amounts due from Tenant under this Lease over amounts received by Landlord from such re-letting, if any. Landlord shall use commercially reasonable efforts to re-let the Demised Premises in order to minimize Tenant's loss because of Tenant's default. If Landlord attempts to re-let the Demised Premises, Landlord will be the sole judge as to whether or not a proposed tenant is suitable and acceptable. Notwithstanding the foregoing, this Lease will not be terminated unless Landlord gives to Tenant express written notice of its exercise of its right to terminate because of a default. In the event Landlord elects to terminate this Lease, then this Lease and the Term will terminate and come to an end on the date specified in such notice of termination given by Landlord, and Tenant will quit and surrender the Demised Premises to Landlord as if the Term ended by the expiration of the time fixed herein, but Tenant will remain liable as provided in this Article *X*

In the event of a breach or default by Tenant of any of the covenants or provisions of this Lease, Landlord will have, in addition to any other remedies which are available to it, the right to invoke any remedy allowed at law or in equity to enforce Landlord's rights or any of them as if re-entry and other remedies were not provided in this Lease.

Section 10.3. Landlord's Damages. Should Landlord terminate this Lease or Tenant's right to possession of the Demised Premises pursuant to the provisions of Section 10.2, Landlord may immediately recover from Tenant, as damages, all of the following:

(a) Any unpaid Rent that had been earned at the time of such termination;

(b) All current and future monetary obligations of Tenant under this Lease (including, but not limited to, Minimum Rent and Additional Rent), said monetary obligations to be fully accelerated without any setoff or discount to net present value;

(c) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result from such failure , including, without limitation , any costs or expenses (including reasonable attorneys' fees) incurred by Landlord in (i) retaking possession of the Demised Premises , (ii) maintaining or preserving the Demised Premises after such default , (iii) preparing the Demised Premises for re-letting to a new tenant, including repairs or alterations to the Demised Premises for such re-letting ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) re-letting the Demised Premises (including leasing commissions) and (v) enforcing Tenant's obligations under this Lease;

(d) The unamortized cost of the Tenant Construction Allowance paid by Landlord to Tenant (or on Tenant's behalf) in accordance with Section 3.2 above, with a straight-line amortization schedule and an amortization period equal to the Term; and

(e) At Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the state in which the Demised Premises are located.

All Additional Rent shall, for the purposes of calculating any amount due under the provisions of Section 10.3(b), be computed on the basis of the average monthly amount thereof accruing during the immediately preceding sixty (60) month period, except that, if it becomes necessary to compute such Additional Rent before the expiration

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of the sixty (60) month period immediately following the Rent Commencement Date, then such Additional Rent shall be computed on the basis of the average monthly amount hereof accruing during such shorter period.

Section 10.4. Non-Waiver Provisions. The failure of Landlord to insist upon strict performance of any of the terms, conditions, and covenants of this Lease will not be deemed a waiver of any rights or remedies that Landlord may have and will not be deemed a waiver of any subsequent breach or default. In particular, the receipt by Landlord of rent or other payment with knowledge of the breach of any covenant of this Lease will not be deemed a waiver of such breach, and no provision of this Lease will be deemed to have been waived by Landlord unless such waiver is in writing and signed by Landlord.

The maintenance of any action or proceeding to recover possession of the Demised Premises, or any installment or installments of Minimum Rent or any other monies that may be due or become due from Tenant to Landlord, will not preclude Landlord from thereafter instituting and maintaining subsequent actions or proceedings for the recovery of possession of the Demised Premises or of any other monies that may be due or become due from Tenant. Any entry or re-entry by Landlord will not be deemed to absolve or discharge Tenant from liability under this Lease.

Section 10.5. Force Majeure *I* Inability to Perform . Landlord will be excused for the period of any delay and will not be deemed in default with respect to the performance of any of the terms, covenants and conditions of this Lease when prevented from so doing by cause or causes beyond Landlord's control, which will include, without limitation, inability of Landlord to obtain any or all of its required permits, approvals, licenses, variances, financing or other matters to begin construction of the Project and/or Demised Premises, weather related delays, all labor disputes, governmental regulations or controls, fire or other casualty, inability to obtain any of the material or services, acts of God, or any other cause, not within the reasonable control of the Landlord, including acts of war, terrorism and/or bioterrorism. This Section 10.5 will not apply to or modify Tenant's obligations under this Lease to make prompt payment to Landlord of Minimum Rent and other charges due hereunder or to open for business within the time frame set forth in Article III herein. Notwithstanding any of the above, in the event Landlord determines, in its sole discretion, that acquisition and/or construction of the Project is too burdensome, financially unsuitable, or not practical, then Landlord may terminate this Lease by providing written notice to Tenant.

Section 10.6. Personal Property. In the event of Tenant's default, all of Tenant's merchandise and personal property shall remain on the Demised Premises and, continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use the same free of rent or charge until all defaults have been cured or, at its option, to require Tenant to remove same forthwith. In the event of any reentry or taking possession of the Demised Premises as provided in this Article 10, Landlord shall have the right, but not the obligation, to remove therefrom all or any part of the merchandise or personal property located therein and to place the same in storage at a public warehouse at the expense and risk of Tenant.

<u>Section</u> <u>10.</u><u>7.</u> <u>Default</u> <u>by</u> <u>L</u>andlord. Landlord will in no event be in default in the performance of any of its obligations contained in this Lease unless and until Landlord will have failed to perform such obligation within thirty

(30)days, or such additional time as is reasonably required to correct any such default, after notice by Tenant to Landlord properly specifying wherein Landlord has failed to perform any such obligation. Provided further, in no event shall Landlord be liable to Tenant for any incidental or consequential damages, including but not limited to lost profits. Provided further, in the event of a successful judgment against Landlord for a default in Landlord's obligations, any monetary award in favor of Tenant shall be limited to the verifiable amount that Tenant has expended on the upfitting of the interior of the Demised Premises. Notwithstanding anything to the contrary contained in this Lease, in the event of a Landlord default for failure to deliver the Demised Premises to Tenant in accordance with Article III and/or for the failure of Landlord to acquire fee simple title to the Project, Tenant's sole remedy shall be to terminate this Lease, and Tenant shall not be entitled to seek any other remedies at law or in equity.

Section 10.8. Landlord's Exemption From Liability. Landlord shall not be liable for injury to Tenant's business or loss of income or for damage that may be sustained by the person, merchandise or personal property of Tenant, its employees, invitees, customers, agents or contractors or any other person in or about the Demised Premises, caused by or resulting from fire, steam, electricity, gas, water or rain, which may leak or flow from or into any part of the Demised Premises, or from the breakage, leakage, obstruction or other defects of any utilities servicing the Demised Premises, HVAC system or other components of the Demised Premises, the Building or the Project, except

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to the extent that such damage or loss is caused by Landlord's willful negligence or misconduct. Landlord shall not be liable in damages or otherwise for any discontinuance, failure or interruption of service to the Demised Premises of any utilities or the HVAC system and Tenant shall have no right to terminate this Lease or withhold Rent because of the same. Landlord shall not be liable for any damages arising from any use, act or failure to act of any other tenant or occupant, if any, of the Project.

#### ARTICLE XI

#### OTHER PROVISIONS
Section 11.1. Definition and Liability of Landlord. The term "Landlord" as used in this Lease will be limited to mean Christopher B. Adams, his successors and assigns, and in the event of any transfer or transfers of Landlord's interest (such right being expressly permitted without the need of any prior consent of Tenant) in the Building of which the Demised Premises constitute a part, then Landlord (and in the case of any subsequent transfers, the then grantor) will be automatically freed and relieved from and after the date of said transfer of all liability for the performance of any covenants, conditions and agreements on the part of Landlord under this Lease accruing after said date. Itis the intent of Landlord and Tenant that the covenants, conditions, and agreements contained in this Lease to be performed by Landlord will be binding on Landlord, its successors and assigns only during their respective periods of ownership.

Notwithstanding anything in this Lease to the contrary, Tenant agrees that it will look solely to the estate of Landlord in the land and buildings comprising the Project for the collection of any judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants and conditions of this Lease to be observed and/or performed by Landlord, and no other property or assets of Landlord will be subject to levy, execution or other procedures for the satisfaction of Tenant's remedies.

Section 11.2. Relationship of the Parties. Nothing contained in this Lease will be deemed or construed as creating the relationship of principal and agent or a partnership or joint venture between the parties hereto, it being understood and agreed that neither the method of computing rents nor any other provision contained herein nor any acts of the parties hereto will be deemed to create any relationship between the parties other than that of Landlord and Tenant.

Section 11.3. Security Deposit. Upon execution of this Lease, Tenant shall deposit with Landlord as security for the performance by Tenant of the terms of this Lease the Security Deposit set forth in Section 1.l(n). Landlord may use, apply or retain (without liability for interest) during the Term the whole or any part of the Security Deposit to the extent required for the payment of any rents or other sums which Landlord may expend or any damage Landlord may suffer by reason of Tenant's default in respect of any of the terms of this Lease, including, but not limited to, any deficiency or damage incurred in re-letting the Demised Premises. In that event, Tenant will pay to Landlord, upon demand, the amount necessary to replenish the Security Deposit to the amount set forth in Section 1.1(n). The covenants in this Section 11.3 are personal covenants between Landlord and Tenant and not covenants running with the land, and in no event will Landlord's mortgagee(s) or any purchaser at a foreclosure sale or a sale in lieu of foreclosure be liable to Tenant for the return of the Security Deposit.

Provided Tenant complies with all the terms of this Lease, the Security Deposit will be repaid to Tenant by Landlord at the end of the Term of this Lease or as provided in Section 1.1(n). In the event of a sale of the Project or assignment of this Lease by Landlord to any person other than a mortgagee, Landlord will have the right to transfer the Security Deposit to its vendee or assignee, subject to the provisions of this Lease, and thereupon Landlord will be released from any liability with respect to the Security Deposit.

Tenant will not assign or encumber its interest in the Security Deposit, and neither Landlord nor its successors and assigns will be bound by any attempted assignment or encumbrance. Landlord may, without obligation, invest the Security Deposit in an interest-bearing account and the interest-bearing account and the interest earned shall be for the sole account of the Landlord.

Section 11.4. Indemnity. Tenant, during the Term, and extension or renewals thereof, and any period in which Tenant occupies or uses the Demised Premises, will indemnify, defend and hold harmless Landlord, its agents, servants and employees from and against any and all claims and demands, whether for injuries to persons or loss of

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life, or damage to property, related to or arising in any manner whatsoever out of the use and occupancy of the Demised Premises by Tenant, or occasioned wholly or in part by any act or omission of Tenant, its agents, contractors, employees, servants, lessees, concessionaires, invitees, licensees, and customers. If Landlord will, without fault on its part, be made a party to any litigation commenced by or against Tenant, then Tenant will protect and hold Landlord harmless and will pay all costs, expenses and attorney's fees incurred or paid by Landlord in connection with such litigation. Landlord shall indemnify, defend, and hold harmless Tenant and Tenant's affiliates, parent, advisors, and their respective members, principals, beneficiaries, partners, officers, directors, shareholders, employees, agents and employees and hold them harmless from any loss, expense (including without limitation any court costs and attorneys' fees), claims or actions to the extent arising out of damage or injury caused by the gross negligence or willful misconduct of Landlord, its officers, partners, or employees.

Section 11.5. Damage to Property or Persons. With the exception of Landlord's gross negligence, Landlord will not be liable for any loss of or damage to property of Tenant or of others located in the Demised Premises or the Project, by theft or otherwise, nor for any loss or damage whatsoever to any property which Tenant could remove at the end of the Term as provided in Section 11.7; Landlord will not be liable for any injury or damage to persons or property or to the interior of the Demised Premises resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or snow or leaks from any part of the Demised Premises or from the pipes, appliances or plumbing works or from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatever nature; Landlord will not be liable for any such injury or damage caused by other tenants or any person(s) either in the Demised Premises or elsewhere in the Project, or by occupants of property adjacent to the Project, or by the public, or by operations in the construction of any private, public, or quasi-public work; Landlord will not be liable for any latent defect in construction except for a period of one (1) year from the date the general contractor constructing the Project substantially completes construction of the Demised Premises (the parties agree that any liability of Landlord under the preceding clause will be limited to cost of repair only); Landlord will not be responsible for damage or loss of property of Tenant kept or stored on the Demised Premises.

Section 11.6. Assignment or Subletting. Tenant may not assign this Lease or sublet all or any part of the Demised Premises unless and until the following conditions have been satisfied: (1) Tenant is not then in default under this Lease and (2) Landlord has approved the proposed assignee or subtenant and given its consent to such assignment or sublease in writing, which consent shall not be unreasonably withheld, conditioned, or delayed. Notwithstanding the foregoing, Tenant shall be permitted to sublease or assign this Lease without Landlord' s consent in connection with franchisees, intra-family, estate planning and intra-company transfers, mergers and reorganizations, public offers, leasehold mortgages, and any transfers to a parent, affiliate, or subsidiary company. Any assignment or sublease by Tenant shall be subject to all the terms and conditions of this Lease, and in no event shall any assignment or sublease of the Demised Premises release or relieve Tenant from any of its obligations under this Lease. In the event of any approved assignment or sublease, the total of Minimum Rent payable after such assignment or sublease shall be no less than the average of such Minimum Rent paid for the two (2) Lease Years prior to such event.

Any proposed assignee or subtenant of Tenant will assume Tenant's obligations under this Lease and deliver to Landlord an assumption agreement in form satisfactory to Landlord within the timeframe required by Landlord.

If Tenant is a corporation or partnership, then a transfer (other than a transfer by inheritance) of more than fifty percent (50%) of the voting stock or the partnership interests in Tenant (in one transaction or a series of transactions), or a merger, consolidation, dissolution or other reorganization of Tenant, will be deemed an assignment of this Lease for the purposes of this Section 11.6 and will be prohibited without the prior written consent of Landlord. This paragraph will not be applicable to any corporation which has all of its outstanding voting stock listed on a national securities exchange.

Any assignment or sublease purportedly consummated in violation of the provisions of this Section 11.6 shall be null and void and of no force or effect.

Section 11.7. Surrender of Premises. At the expiration or earlier termination of the Term, Tenant will surrender the Demised Premises to Landlord in as good condition as when received, or in such better condition as the Demised Premises may be put during the Term, excepting ordinary wear and tear or damage by fire and other casualty resulting in termination of this Lease. Tenant will surrender all keys for the Demised Premises to Landlord at the place then fixed for the payment of rent and will inform Landlord of all combinations on locks, safes, and vaults, if

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any, in the Demised Premises. Tenant's obligation to observe or perform this covenant will survive the expiration or other termination of this Lease.

Prior to the expiration or earlier termination of this Lease, Tenant will remove any and all trade fixtures, equipment and other unattached items which Tenant may have installed in the Demised Premises, including, but not limited to, counters, shelving, show cases, chairs and unattached movable machinery purchased or provided by Tenant and which are susceptible of being moved without damage to the Building of which the Demised Premises are a part. Tenant will promptly repair any damage to the Demised Premises caused by its removal of such fixtures and movables. If Tenant does not make such repairs, Tenant will be liable for and agrees to pay, as Additional Rent upon demand, Landlord's costs and expenses in making such repairs, together with a sum equal to ten percent (10%) of such costs and expenses to cover Landlord's overhead in making such repairs for Tenant. Tenant will not remove any plumbing or electrical fixtures or equipment, heating or air conditioning equipment, floor coverings (including, but not limited to, wall to wall carpeting), walls or ceilings, all of which will be deemed to constitute a part of the interest and estate of Landlord, nor will Tenant remove any fixtures or machinery that were furnished or paid for by Landlord whether initially installed or replaced. The Demised Premises will be left in a broom clean condition. If Tenant will fail to remove its trade fixtures or other property as provided in this Section 11.7, the fixtures and other property not removed by Tenant will be deemed abandoned by Tenant and at the option of Landlord will become the property of Landlord, and may be removed or placed in storage at Tenant's expense (plus ten percent (10%) as provided above), or sold or otherwise disposed of, in which event the proceeds of such sale or other disposition will belong to Landlord.

Section 11.8. Holdover by Tenant. If Tenant fails to surrender the Demised Premises upon the termination of this Lease, or the expiration of the Term, the holding over will be deemed to have created a tenancy at will, and there will be no renewal of this Lease or exercise of an option by operation of law; provided, however, any holding over by Tenant shall be on a month-to-month basis and Tenant shall be required to pay 150% of the annual 1vfinimum Rent paid during the last 12 months of the Term.

If Tenant fails to surrender the Demised Premises upon the termination of this Lease, in addition to any other liabilities to Landlord accruing from such failure, Tenant will indemnify Landlord and hold Landlord harmless from loss or liability resulting from such failure, including, without limitation, any claims made by any succeeding tenant founded on such failure.

Section 11.9. Lien of Landlord for Rents, Taxes, and Other <u>S</u>ums. Landlord will have and Tenant hereby grants, a security interest in any furnishings, equipment and fixtures. located on the Demised Premises. The security interest is granted for securing the payment of Minimum Rent other charges, assessments, penalties, and damages payable by Tenant under this Lease, and for securing the performance of all other obligations of Tenant under this Lease. Upon Tenant's default or breach of any covenants of this Lease, Landlord will have all remedies available under the law of the State where the Demised Premises are located, including, but not limited to, the right to take possession of the above-mentioned property and dispose of it by sale in a commercially reasonable manner. Tenant hereby agrees to sign upon request any financing statements necessary to give record notice to third parties of the security interest granted by Tenant to Landlord.

<u>Section</u> <u>11.10.</u> <u>L</u>iens.

(a) General. Tenant will discharge any lien filed against the Project, or any part thereof, for work done or materials furnished at Tenant ' s request with respect to the Demised Premises within ten (10) days after such lien is filed. If Tenant fails to keep this covenant , in addition to any other remedies available to Landlord under this Lease or otherwise, Landlord may at its option discharge such lien, in which event Tenant agrees to pay Landlord a sum equal to the amount of the lien thus discharged by Landlord plus all costs and expenses , including, without limitation, attorney's fees and court costs , incurred by Landlord in discharging the lien.

(b) Contest of Lien. If Tenant desires to contest the claim of any lien, Tenant shall (i) either post a release bond issued by a responsible corporate surety as prescribed by law or furnish Landlord with adequate security for the amount of the claim plus estimated costs and interest, and (ii) promptly pay or cause to be paid any and all sums awarded to the claimant on its suit.

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(c) Landlord's Right to Cure. If Tenant fails to provide security for or satisfaction of any lien, then Landlord, in addition to any other rights or remedies it may have under this Lease or at law or in equity, may (but shall not be obligated to) discharge said lien by (i) paying the claimant an amount sufficient to settle and discharge the claim, (ii) posting a release bond, or (iii) taking such action as Landlord shall deem appropriate, and Tenant shall pay to Landlord on demand (and as Additional Rent hereunder) all costs incurred by Landlord in settling and discharging such lien (including reasonable attorneys' fees and bond premiums).

(d) Notice of Non-Responsibility. Landlord or its representatives shall have the right to go upon and inspect the Demised Premises at all reasonable times and shall have the right to post and keep posted thereon notices of non-responsibility or such other notices that Landlord may deem to be proper for the protection of Landlord's interest in the Demised Premises. Tenant shall give Landlord at least ten (10) days advance written notice of its intention to commence any work that might result in a lien against the Demised Premises.

Section 11.11. Interest and Late Charges. If Tenant fails to pay, when due and payable, any installment of Minimum Rent or any other sum payable to Landlord under the terms of this Lease, the unpaid amount will bear interest at the greater (i) of eighteen percent (18%) per annum or (ii) the maximum interest rate permitted under applicable law, from the date due to the date of payment. In addition, if Tenant fails to pay any monthly installment of Minimum Rent by the fifth (5th) day of the month in which it is due, a late charge of fifty and no/100 dollars ($50.00) will be assessed. Notwithstanding the foregoing, in no event may any late charge and/or interest provided in this Section 11.11 exceed the maximum permitted by law or be imposed prior to the date permitted by law. Notwithstanding any other provision of this Lease, installments of rent and other amounts will not be deemed to have been paid by Tenant unless and until the payment is actually received by Landlord.

<u>Section</u> <u>11.12.</u> <u>R</u>elocation. Landlord will have the right to relocate Tenant from the Demised Premises without Tenant's consent at any time during the Term of the Lease to another space (the "New Demised Premises") of similar size and configuration and improvements such as paint, flooring and plumbing within the designated area of the Project. Landlord hereby agrees to reimburse Tenant for the actual, reasonable costs incurred for the physical relocation of Tenant's business, including by way of example, relocation of furniture, fixtures and equipment; provided, however, it is specifically acknowledged and agreed that such relocation costs shall not include lost revenues or profits.

Section 11.13. Consents. Where under the terms of this Lease, the consent or approval of Landlord will be required, such consent or approval will be granted in Landlord's sole discretion, unless otherwise expressly provided. With respect to any provision of this Lease which either expressly provides or is held to provide that Landlord will not unreasonably withhold or unreasonably delay any consent or approval, Tenant will not be entitled to make any claim for, and Tenant hereby expressly waives any claim for, damages incurred by Tenant by reason of Landlord's failure to comply with that provision, it being understood and agreed that Tenant's sole remedy for such failure will be an action or specific performance.

Section 11.14. Waiver of Rights of Redemption. Tenant expressly waives any and all rights of redemption granted by or under any present or future laws if Tenant is evicted or dispossessed for any cause or if Landlord obtains possession of the Demised Premises by reason of the violation by Tenant of any of the terms, covenants and conditions of this Lease or otherwise.

<u>Section</u> <u>11.15.</u> <u>N</u>otices. Any notice or communication required or permitted under this Lease will be deemed given when delivered in person (hand delivered) or, sent by electronic delivery such as email with confirmation of receipt, or sent by prepaid registered or certified mail, return receipt requested, or sent by an overnight delivery service where a signature of receipt is required for delivery or via facsimile with confirmation of transmittal, to the respective addresses of the parties set forth in Section 1.1(o), or to such other address as either party may designate from time to time by ten (10) days' written notice to the other party.

Section 11.16. Recording and Short Form Lease. Neither party will record this Lease. However, Tenant shall have the right to record a memorandum of lease setting forth the commencement and termination dates of the Term, and incorporating such other provisions (exclusive of provisions dealing with monetary terms) as Landlord may

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permit Tenant to incorporate therein; provided, however, Tenant agrees to promptly subordinate the memorandum to any future financing documents or real estate transactions impacting the Project. All recording costs, fees, or charges due and payable upon the recording of such memorandum of lease (including, without limitation, all taxes due or collectable upon such recording) will be paid by the Tenant.

Section 11.17. Confidentiality. Tenant agrees that Tenant and Tenant's employees, agents, contractors and subcontractors shall keep strictly confidential and shall not disclose to any other person or entity (including but not limited to any other tenants in the Project) any of the terms of this Lease, any of the negotiations of this Lease with Landlord or any other person or entity, or the results of any audit of Landlord's books and records conducted by or on behalf of Tenant under this Lease, to any parties without Landlord's written consent except to Tenant's accountants and attorneys, who it shall comm it to keep the same confidential, or if Tenant is legally required to make such disclosure.

Section 11.18. Entire and Binding <u>A</u>greement. This Lease contains all of the agreements between the parties with respect to the Lease of the Demised Premises, and it may not be modified in any manner other than by agreement in writing signed by both parties and their successors in interest. All prior conversations or writings between the parties or their representatives with respect to the Demised Premises are merged in this Lease and extinguished. Tenant acknowledges that it has not relied on any estimates, representations, or statements of opinion or fact by Landlord or its agents or employees in entering into this Lease, except as may be expressly provided in this Lease. The terms, covenants, and conditions contained in this Lease will inure to the benefit of and be binding upon Landlord and Tenant and their respective successors and assigns, except as may be otherwise expressly provided in this Lease. The obligations of the undersigned persons comprising Tenant hereunder are joint and several.

Section 11.19. Provisions Severable. If any term or provision of this Lease or the application thereof to any person or circumstance will, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, will not be affected thereby and each term and provision of this Lease will be valid and be enforced to the fullest extent permitted by law.

Section 11.20. No Presumption, Captions. Although the provisions of this Lease were drafted primarily by Landlord, the parties hereto agree that such fact shall not create any presumption, construction or implication favoring the position of either Landlord or Tenant. The parties agree that any deletion of language from this Lease prior to its execution by Landlord and Tenant shall not be construed to have any particular meaning or to raise any presumption, construction or implication, including, without limitation, any implication that the parties intended thereby to state the opposite of the deleted language. Except for the captions serving as defined terms in Section 1.1 herein, the captions contained in this Lease are for convenience and reference only and will not be deemed a part of this Lease or construed as in any manner limiting or amplifying the terms and provisions of this Lease to which they refer.

<u>Section</u> <u>11.21.</u> <u>E</u>xhibits. All Exhibits attached to this Lease are incorporated herein by this reference and made a part hereof.

Section 11.22. Americans with Disabilities Act. Tenant in its use, upfitting, construction and/or repair of the Demised Premises, will at all times comply with the terms and provisions of the Americans with Disabilities Act. Any such violation thereof by Tenant will be deemed an event of default hereunder and Tenant hereby fully indemnifies Landlord for any losses or costs associated therewith.

<u>Section</u> <u>11.23.</u> <u>Right</u> <u>to</u> <u>L</u>ease. Landlord shall have the absolute right to lease or permit the use or occupancy of space in the Project as Landlord shall determine in its sole and absolute judgment. Tenant does not rely on the fact, nor does Landlord represent, that there shall be any specific occupants or minimum occupancy level of space in the Project at any time.

Section 11.24. Project Configuration. Tenant acknowledges that Exhibit A is for the purposes of convenience only and that Landlord reserves the right at any time to expand, reduce, remove, demolish, change, renovate or construct the Project and/or any existing or new improvements on or within the Project.

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Section 11.25. Rights of Light, View or Air. This Lease does not grant any rights to light from, or view or air over, adjacent property, and any diminution or shutting off of light, view or air by any structure that may be erected adjacent to the Building or the Project shall not affect this Lease or impose any obligation or liability upon Landlord.

Section 11.26. Claims by Brokers. Tenant warrants that all negotiations with respect to this Lease (including, without limitation, preliminary consideration of the Demised Premises, relevant economics and final Lease provisions) were accomplished without the aid, intervention or employment of any broker or finder, of any kind. Tenant shall indemnify, protect, defend and hold Landlord (and its partners, joint venturers, affiliates, shareholders and property managers, and their respective officers, directors, employees and agents) harmless from and against any and all claims arising out of or in connection with any claims made by any person claiming to be a broker or finder with regard to this Lease as a result of the activities or agreements of Tenant, including, without limitation, claims for commissions and all costs of enforcing this indemnity against Tenant. Landlord shall indemnify, protect, defend and hold Tenant (and its partners, joint venturers, affiliates, shareholders and property managers, and their respective officers, directors, employees and agents) harmless from and against any and all claims arising out of or in connection with any claims made by any person claiming to be a broker or finder with regard to this Lease as a result of the activities or agreements of Landlord, including, without limitation, claims for commissions and all costs of enforcing this indemnity against Landlord, other than such claims asserted by the Broker.

Section 11.27. Real Estate <u>I</u>nvestment Trust. During the Term or any extension thereof, should a real estate investment trust become Landlord hereunder, all provisions of this Lease shall remain in full force and effect except as modified by this Section 11.27. If Landlord in good faith determines that its status as a real estate investment trust under the provisions of the Internal Revenue Code of 1986, as heretofore or hereafter amended, will be jeopardized because of any provision of this Lease, Landlord may request reasonable amendments to this Lease and Tenant will not unreasonably withhold, delay or defer its consent thereto, provided that such amendments do not (a) increase the monetary obligations of Tenant pursuant to this Lease or (b) in any other manner adversely affect Tenant's interest in the Premises.

Section 11.28. Sale or Mortgage by Landlord. If Landlord at any time, sells, conveys, transfers or otherwise divests itself or is divested of its interest (a "transfer") in the Demised Premises, other than a transfer for security purposes only, Landlord shall be relieved of all obligations and liabilities accruing hereunder after the effective date of said transfer, provided that any Security Deposit or other funds of Tenant then being held by Landlord are delivered to Landlord's successor (and failing such delivery, Landlord's continuing liability hereunder after the effective date of such transfer shall be limited to the amount of such money not so delivered). The obligations to be performed by Landlord hereunder shall be binding on Landlord's successors and assigns only during their respective periods of ownership.

Section 11.29. Warranty of Authority. If Tenant is a corporation or other entity, the person or persons executing this Lease on behalf of Tenant represent, covenant and warrant to Landlord as of the date Tenant executes and delivers this Lease that: (a) Tenant is a duly constituted corporation or other entity in good standing and qualified to do business in the state in which the Demised Premises are located, (b) Tenant has paid all applicable franchise and corporate taxes, (c) Tenant will file when due all forms, reports, fees and other documents necessary to comply with applicable laws, and (d) the signatories signing on behalf of Tenant have the requisite authority to bind Tenant pursuant to Tenant's bylaws or other operating agreement or a certified copy of a resolution authorizing the same by Tenant's board of directors.

<u>Section</u> <u>11.30</u> <u>Financial</u> <u>S</u>tatements. Upon submission of this Lease to Landlord and at any time thereafter within thirty (30) days after Landlord's request therefor, Tenant shall furnish to Landlord copies of true and accurate financial statements reflecting Tenant's then current financial situation (including without limitation balance sheets, statements of profit and loss, and changes in financial condition), Tenant's most recent audited or certified annual financial statements, and Tenant's federal income tax returns pertaining to Tenant's business, and in addition shall cause to be furnished to Landlord similar financial statements and tax returns for any guarantor(s) of this Lease. Tenant agrees to deliver to any lender, prospective lender, purchaser or prospective purchaser designated by Landlord such financial statements of Tenant as may be reasonably requested by such lender or purchaser.

Section 11.31 Attorneys' Fees; Waiver of Jury Trial. In the event of any action or proceeding between Landlord and Tenant (including an action or proceeding between Landlord and the trustee or debtor in possession

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while Tenant is a debtor in a proceeding under any bankruptcy law) to enforce any provision of this Lease, the losing party shall pay to the prevailing party all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses, incurred in such action and in any appeal in connection therewith by such prevailing party. The "prevailing party" will be determined by the court before whom the action was brought based upon an assessment of which party's major arguments or positions taken in the suit or proceeding could fairly be said to have prevailed over the other party's major arguments or positions on major disputed issues in the court's decision. Notwithstanding the foregoing, however, Landlord shall be deemed the prevailing party in any unlawful detainer or other action or proceeding instituted by Landlord based upon any default or alleged default of Tenant hereunder if (i) judgment is entered in favor of Landlord, or (ii) prior to trial or judgment Tenant pays all or any portion of the Rent claimed by Landlord, vacates the Premises, or otherwise cures the default claimed by Landlord.

IF ANY ACTION OR PROCEEDING BETWEEN LANDLORD AND TENANT TO ENFORCE THE PROVISIONS OF THIS LEASE (INCLUDING AN ACTION OR PROCEEDING BETWEEN LANDLORD AND THE TRUSTEE OR DEBTOR IN POSSESSION WHILE TENANT IS A DEBTOR IN A PROCEEDING UNDER ANY BANKRUPTCY LAW) OR ARISING OUT OF TENANT'S USE OR OCCUPANCY OF THE PREMISES OR ANY PORTION OF THE PROJECT PROCEEDS TO TRIAL, LANDLORD AND TENANT HEREBY WAIVE

THEIR RESPECTIVE RIGHTS TO A JURY IN SUCH TRIAL. Landlord and Tenant agree that this section constitutes a written consent to waiver of trial by jury, Tenant does hereby authorize and empower Landlord to file this section and/or this Lease, as required, with the clerk or judge of any court of competent jurisdiction as a written consent to waiver of jury trial.

#### [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease as of the day and year first above written, each acknowledging receipt of an executed counterpart hereof.

TENANT:

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| | |
|:---|:---|
| **Catheter Precision, Inc.** | **Catheter Precision, Inc.** |
| By: | /s/ Missiaen Huck |
| Title: | COO |

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#### LANDLORD:

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| | |
|:---|:---|
| By: | /s/ Christopher B. Adams |
| Title: |  |

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#### EXHIBIT A

#### LEGAL DESCRIPTION
All that tract or parcel of land situate in Fort Mill Township No.4, County of York, State of South Carolina and being part of lands conveyed to I.MA, LTD. by a deed recorded in the Clerk of Courts Office for York County, South Carolina in Deed Book 992 at Page 213 and being part of lands shown on a map entitled "BOUNDARY SURVEY CAROLINA COMMMERCE CENTER PARCEL A2 J,M.A. LTD,, OWNER" DATED JULY 30, 1996, AND RECORDED IN THE OFFICE OF THE CLERK OF COURT FOR YORK COUNTY IN PLAT BOOK A-171 AT PAGE 2 AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING at a point marked by an Iron Pin Monument in the common boundary between said lands of J.M.A., LTD. and lands conveyed to Fort Mill Medical Park Partnership, a South Carolina partnership and described in a deed recorded in said office of the Clerk of Court in Deed Book 995-at Page 130, said point being located N. 55-26-12 W. 114.99' feet distant from the intersection of said common boundary with the northeasterly highway boundary of S. C. Highway 160, running thence along the common boundary between said lands of Fort Mill Medical Park Partnership, on the west, and said lands of J.M.A., LTD., on the east, N. 18-29-06 E. a distance of 317.27 feet to a point, said point being 35 feet distant along said course from the northerly boundary of said lands of Fort Mill Medical Park Partnership, thence along new lines through said lands of J.M.A., LTD. the following four (4) courses:

1.) S. 71-30-54 E. a distance of 180.00 feet to a point marked by an iron pin monument; 2.) S. 18-29-06 W. a distance of 346.30 feet to a point marked by an iron pin monument; 3.) N. 34-33-48 W. a distance of 161.29 feet to a point marked by an iron pin monument; 4.) S. 55-26-12 W. a distance of 85.01 feet to the "POINT OF BEGINNING" , containing 1.21362 Acres or 52,865 Square Feet of land, more or less.

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#### EXHIBIT B

#### THE PREMISES
[to be inserted]

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#### EXHIBIT D

#### SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
THIS AGREEMENT, made this<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>day of<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 20<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> between<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (Tenant),(Lender), and **Christopher B. Adams** (Landlord).

WITNESSETH

WHEREAS, the Tenant has entered into a certain lease (the "Lease") (Date) with Landlord covering premises within a certain building described in Exhibit "A" attached hereto and incorporated herein; and

WHEREAS, Lender has agreed to make a loan secured by a Mortgage (hereinafter called "Mortgage") to the Landlord; and

WHEREAS, Itis a condition precedent to obtaining said loan that said Mortgage securing said loan be a lien or charge upon the Premises unconditionally prior and superior to the Lease and leasehold interest of Tenant; and

WHEREAS, Lender has been requested by Tenant and by Landlord to enter into a non-disturbance agreement with Tenant;

NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter contained, the parties hereto mutually covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Lease and any extensions, renewals, replacements or modifications thereof, and all of the right, title and interest of the Tenant in and to said Premises are and will be subject and subordinate to the Mortgage and to all of the terms and conditions contained herein, and to any renewals, modifications, replacements consolidations and extensions thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Lender consents to the Lease and, in the event of foreclosure of said Mortgage, or in the event Lender comes into possession or acquires title to the Premises as a result of the enforcement of foreclosure of the Mortgage or the note secured thereby, or as a result of any other means, Lender agrees to recognize Tenant and further agrees that Tenant will not be disturbed in its possession of the Premises for any reason other than one which would entitle the Landlord to terminate the Lease under its terms or would cause, without any further action by such Landlord, the termination of the Lease or would entitle such Landlord to dispossess the Tenant from the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tenant agrees with Lender that if the interests of Landlord in the Premises will be transferred to and owned by Lender by reason of foreclosure or other proceedings brought by it, or any other manner, or will be conveyed thereafter by it, or any other manner, or will be conveyed thereafter by Lender or will be conveyed pursuant to a foreclosure sale of the Premises (and for the purposes of this paragraph, the term "Lender" will be deemed to include any guarantee of the Lender or purchaser at foreclosure sale), Tenant will be bound to Lender under all terms, covenants and conditions of the Lease for the balance of the term thereof remaining and any extensions or renewals thereof in the Lease, with the same force and effect as if Lender were the Landlord under the Lease, and Tenant does hereby attorn to Lender as its Landlord, said attornment to be effective and self-operative without the execution of any further instruments on the part of any of the parties hereto immediately upon Lender within twenty (20) days after Lender receives title to the Premises, to execute an instrument in confirmation of the foregoing provisions, satisfactory to Lender, in which Tenant will acknowledge such attornment and will set forth the terms and conditions of its tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Tenant agrees with Lender that if Lender will succeed to the interest of Landlord under the Lease, Lender will not be

(a) liable for any action or omission of any prior landlord under the Lease, or (b) subject to any offsets or defenses which Tenant might have against any prior landlord, or (c) bound by any rent or additional rent which Tenant might have paid for more than the current month to any prior landlord, or (d) bound by any security deposit which Tenant may have paid to any prior landlord, unless such deposit is in an escrow fund available to Lender, or (e) bound by any amendment or modification of the Lease made without Lender's consent, or (f) bound by any provision in the Lease which obligates the Landlord to erect or complete any building or to perform any construction work or to make any improvements to the Premises. Tenant further agrees with Lender that Tenant will voluntarily subordinate the Lease to any lien or encumbrance without Lender's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In the event that the Landlord will default in the performance or observance of any of terms, conditions, or agreements in the Lease, Tenant will give written notice of default to the Lender and the Lender will have the right (but not the obligation) to cure such default. Tenant will not take any action with respect to such default under the Lease including without limitation any action in order to terminate, rescind or avoid the Lease or to without any rental thereunder, for a period of 10 days after the receipt of such written notice thereof by the Lender with respect to any such default capable of being cured by the payment of money and for a period of 30 days after receipt of such written notice thereof by the Lender with respect to any other such default (provided, that in the case of any default which cannot be cured by the payment of money and cannot with diligence be cured within such 30- day period because of the nature of such default or because Lender requires time to obtain possession of the Premises in order to cure the default, if the Lender will proceed promptly to attempt to obtain possession of the Premises, where possession is required, and to cure the same and thereafter will prosecute the curing of such default with diligence and continuity, then the time within which such default may be cured will be

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extended for such period as may be necessary to complete the curing of the same with diligence and continuity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This Agreement will bind and inure to the benefit of the parties hereto, their successors and assigns. As used herein the term "Tenant" will include the Tenant, it successors and assigns; the words "foreclosure" and "foreclosure sale" as used herein will be deemed to include acquisition of Landlord's estate in the Premises by voluntary deed (or assignment) in lieu of foreclosure, and the word "Lender" will include the Lender herein specifically names and any of it successors and assigns, including anyone which will have succeeded to Landlord's interest in the Premises by through or under foreclosure of the mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.This Agreement will be the whole and only agreement between the parties hereto with regard to the subordination of the Lease and leasehold interest of Tenant to the lien or charge of the Mortgage in favor of Lender, and will supersede and cancel any prior agreements as to such, or any, subordination, including, but not limited to, those provisions, if any, contained in the Lease, which provide for the subordination of the Lease and leasehold interest of Tenant to a deed or deeds of trust or to a mortgage or mortgages to be thereafter executed, and will not be modified or amended except in writing signed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Tenant declares, agrees and acknowledges that: (a) It consents to and approves (i) of all provisions of the note and Mortgage in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Landlord and Lender for the disbursement of the proceeds of Lender's Loan; (b) Lender, in making disbursements pursuant to any such agreement, is under no obligation or duty to, nor has Lender represented that it will see to the application or use of such proceeds for purposes other than those provided for in such agreement or agreements will not defeat the subordination herein made in whole or in part; (c) It intentionally and unconditionally waives, relinquishes and subordinates the Lease and leasehold interest in favor of the lien or charge upon said land of the Mortgage above mentioned, and, in consideration of this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The use of the neuter gender in this Agreement will be deemed to include any other gender, and words in the singular number will be held to include the plural, when the sense requires.

IN WITNESS WHEREOF the parties hereto have place their hands and seals the day and year first above written.

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| |
|:---|
| LANDLORD: |
| By:<br> (SEAL) |
| LENDER: |
| By:<br> (SEAL) |
| TENANT: |
| By:<br> (SEAL) |

---

------

#### EXHIBIT E ESTOPPEL CERTIFICATE
This Estoppel Certificate ("Certificate") is executed by, a <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> under the laws of<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , with a principal place of business at ("Tenant") for the benefit of<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> .

I. RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Tenant has entered into a certain lease with Tom Short Partners, LLC ("Landlord") dated<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "Lease") relating to certain premises within The Fountains (the "Project").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Landlord presently owns title to the land and improvements that constitute the Project. contemplates acquiring the fee simple title to the land upon which the Project is located and leasing such land back to Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.As a condition to the foregoing transaction,<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> has required that this Certificate from each of the tenants of the Project be obtained.

II. CERTIFICATIONS

Tenant hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The lease is now in full force and effect and there have been no amendments thereto except amendments and supplemental agreements as indicated on Schedule A. The commencement date, expiration date, rental terms and rights of extension or renewal for the Lease and all security deposits held by the Landlord under the Lease are as indicated on Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Tenant has no defenses, offsets, or counter-claims against Tenant obligations to perform Tenant's obligations under the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.There are no defaults of Landlord under the Lease or any existing conditions that upon the giving of notice or the lapse of time would constitute a default under the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.There are no defaults of Tenant under the Lease or any existing conditions that upon the giving of notice or the lapse of time would constitute a default under the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.All tenant improvements to be constructed by Landlord under the terms of the Lease have been satisfactorily completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Tenant is in possession of the premises demised under the lease and has accepted such premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.All base rent, escalation rent, percentage rent, and rent payable by reason of taxes or operating expenses under the Lease has been paid to Landlord through the dates indicated on Schedule A and no additional rent is presently due under the Lease except as indicated on Schedule A.

This Certificate is delivered to Landlord and to<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> and may be relied upon by Landlord and<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> its successors and assigns, as holder of the mortgage covering the leased premises.

Dated this<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 20__

---

| |
|:---|
| By: |
| Its: |
| *(title, hereto duly authorized)* |

---

## Exhibit 10.30

#### Exhibit 10.30.2
LEASE AGREEMENT

This lease is made between VISIONS FEDERAL CREDIT UNION with offices at 24 McKinley Avenue, Endicott, NY 13760, herein called Lessor, and Catheter Precision, Inc., with an office at 500 International Drive, Suite 255, Budd Lake, NJ 07828, herein called Lessee.

1. <u>LEASED PREMISES:</u> 

Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the space constituting approximately 1,065 +/- square feet located at 47 Route 206, Suite 4 Augusta, NJ 07822 (hereinafter called the "Building" or "Premises"), as identified on the floor plan attached hereto as Exhibit A, together with ample parking spaces for use by Lessee, employees and customer, the location of said parking spaces to be determined by the Lessor.

2. <u>TERM</u>:

The leased Premises are leased for a term of 2 years or 24 months, commencing on January 1, 2023, and terminating at midnight on December 31, 2024, unless earlier terminated or extended as provided hereunder.

3. <u>DELIVERY OF POSSESSI ON</u>:

Delivery of possession occurs on which Lessee's security deposit has been paid in full, this lease is fully executed, and Lessee delivers to Lessor a Certificate of Insurance, as outlined in Article 28 herein.

4. <u>OPTION TO RENEW</u>:

If at the end of the current lease term, the Lessee shall not be in default in the performance of the terms, covenants, and conditions of this lease agreement on its part to be performed, then Lessee shall have the option to renew this lease for an additional two (2) years. Should Lessee elect to exercise this option, it must provide Lessor with written notice of its desire to renew at least nine (9) months prior to the expiration of this lease, or March 31, 2024. The renewal option will be on the same terms and conditions as set forth herein, except for rent which shall adjust as follows: for the term commencing on January 1, 2025, the fixed annual rent shall be $15,208.20 payable in monthly installments of $1,267.35 through December 31, 2027.

5. <u>RENT</u>:

Commencing on January 1, 2023, the rent commencement date, through December 31, 2024, the Lessee shall pay as rent for the leased Premises a fixed annual rent in the sum of $14,484.00 which sum shall be payable in monthly installments of $1,207.00 in advance, on the first day of each calendar month for the period specified. A $50.00 late charge will be assessed as additional rent for each payment that is more than seven (7) days late. This late charge is due with the monthly rent. In addition, a $35.00 returned item check fee will be assessed as additional rent for any dishonored check.

6. <u>USE AND OCCUPANCY:</u> 

Lessee shall use and occupy the Premises as a commercial office, and for no other purposes. Should the Lessee use all or any part of the leased Premises for any unauthorized or illegal purpose, this lease agreement shall immediately become null, and void and the Lessor may enter the leased Premises and retake possession.

7. <u>COVENANT TO PAY RENT</u>:

Lessee shall pay rent to Lessor at Lessor's above stated address to the attention of Internal Operations, or the Visions Federal Credit Union branch office located at 47 Route 206, Augusta, NJ 07822, or at such other place as Lessor may designate in writing, without demand and without counterclaim, deduction, or setoff. By executing this lease, Lessee agrees it has no claim or right to set off for any period prior the term of this lease.

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8. <u>CONDITION OF PREMISES</u>:

Lessor delivers possession of the Premises to Lessee in an "as-is" condition. Lessor represents that the plumbing, electrical, structural building systems and heating and air conditioning units ("Operating systems") located in or solely servicing the Premises are in operating order and repair on the Possession Date. Based on the foregoing representation, Lessee will be responsible for the maintenance and repair of the said systems (other than the structural system to the extent of the roof and exterior) located in the Premises during the term of the lease. When due to the condition of any of the Operating systems located in or solely servicing the Premises other than that of the failure of the Lessee to maintain and repair them hereunder, any portion of the Operating systems require "replacement" in order to cause same to operate in good order and repair, the Lessor shall affect such replacement at the Lessor's sole cost and expense.

9. <u>CARE AND REPAIR OF THE PREMISES</u>:

The execution by Lessee of this lease agreement shall constitute its acceptance of the Premises in an "as-is" condition. Lessee shall commit no act of waste and shall take good care of the Premises and the fixtures and appurtenances therein, and shall, in the use and occupancy, conform to all laws, orders, and regulations of the federal, state, and municipal governments or of any of their departments.

Lessee shall maintain the Premises in good condition and state of repair, and at the end or other expiration hereof, shall deliver up the leased Premises in as good a state and condition as they were at the commencement of the lease term, wear and tear from reasonable use thereof, and damage by the elements not resulting from the neglect or fault of the Lessee, accepted.

Lessee is responsible for the changing of light bulbs, ballasts, electrical outlets, and other similar repairs to the leased space. Lessee shall further be responsible for routine preventative maintenance of the plumbing and electrical systems. Lessee shall cause the heating and air conditioning unit(s) servicing the leased Premises to be serviced on a semi-annual basis, to wit: in the spring, at the beginning of the air conditioning season, and in the fall, as the heating season approaches, at Lessee's sole cost and expense. Lessee shall provide to Lessor within thirty (30) days of the execution of this lease or upon Lessor's request, evidence of a service contract with a reputable heating and air conditioning contractor, providing for regular routine inspection/maintenance, changing of filters, belts and lubricating of the HVAC system. Said service contract shall contain a clause that neither the contractor nor Lessee shall cancel the service contract without first giving Lessor a minimum of twenty (20) days prior written notice thereof and, further, that new or renewal contracts shall be delivered by the HVAC contractor or Lessee to Lessor at least twenty (20) days before the expiration date or sooner termination thereof. If Lessee does not comply with this covenant, Lessor may, at its option, consider Lessee's failure to comply a default under the lease and/or may enter into such service contract on behalf of Lessee and, in such event, Lessee shall pay the costs, together with interest thereon at the statutory rate, for such contract promptly upon Lessor's demand as Additional Rent.

Lessor will be responsible for absorbing the cost of any significant repairs, including the replacement of the HVAC system, so long as Lessee provides a copy of the semi-annual maintenance report to the Lessor within ten (10) days of the receipt of the maintenance report by the Lessee.

Lessor is responsible for servicing and maintaining the building's (including Lessee's rental space) fire detection devices, fire extinguishers and emergency lighting devices including battery replacement and the Lessee is responsible for fire hazard conditions and/or violations attributable to issues including but not limited to overloaded circuits and use of extension cords as a substitute for permanent wiring. The Lessee shall neither encumber nor obstruct the sidewalks, driveways, yards, entrances, emergency exits, hallways, and stairs and shall keep and maintain same in a clean condition, free from debris, trash and refuse. The Lessor shall be responsible for any repairs to the structural integrity of the building not caused by the carelessness or negligence of the Lessee, its agents, or employees. Lessor shall further be responsible for all snow removal, parking lots and exterior lighting maintenance and landscaping.

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10. <u>ALTERATI ONS. ADDITIONS. OR I MPROVEMENTS:</u> 

Lessee shall submit to Lessor all schedules, layouts, and specifications for Lessee's initial improvements , if any, to the demised Premises. Prior to work commencing, Lessee must obtain the written approval of Lessor, which shall not be unreasonably withheld. Furthermore, Lessee must provide to Lessor evidence of the licensure of the contractor and the contractor's liability insurance, naming Lessor as an additional insured. Lessor shall approve or disapprove the same in writing within fourteen (14) days of submission by Lessee. All improvements made by the Lessee shall be at the sole cost and expense of the Lessee. Unless otherwise agreed in writing by the parties hereto, any improvements made by the Lessee to the Premises which are so attached to the Premises that they cannot be removed without material injury to the Premises shall become the property of the Lessor upon installation.

Prior to Lessor's delivery of possession of the Premises to the Lessee, the Lessee, at Lessee's sole cost and expense, has permission to paint the walls and have all carpeting cleaned within the Premises. If Lessee elects to self-perform this work, Lessee agrees any and all work performed will be in a good and workmanlike manner, taking care to protect carpet from paint by covering the carpet with tarps or plastic and taping at ceiling and around doorways to prevent paint from wicking or seeping into unintended areas or surfaces. In addition, in the event Lessee has not already done so, Lessee shall deliver to Lessor a certificate of insurance in accordance with Article 28 herein, prior to commencing work. Should Lessee elect not to self-perform work, Lessee agrees to use a reputable contractor/company for painting and carpet cleaning. Prior to work commencing, Lessee must provide to Lessor evidence of the licensure of the contractor and the contractor's liability insurance, naming Lessor as an additional insured. Lessee shall not, without Lessor's prior written consent, make, or permit to be made, any additional alterations, additions, or improvements to the Premises, which consent Lessor may withhold in its sole discretion. Any alterations which may be permitted by Lessor shall be based upon plans and specifications submitted by Lessee and approved by Lessor and upon the condition that Lessee shall promptly pay all costs, expenses, and charges thereof, shall make such alterations and improvements in accordance with applicable laws and building codes and ordinances and in a good and workmanlike manner, and shall fully and completely indemnify Lessor and its managing agent against any mechanic's lien or other liens or claims in connection with the making of such alterations, additions, or improvements . Lessee shall promptly repair any damages to the Premises, or to the buildings of which the Premises are a part, caused by any alterations, additions, or improvements to the Premises by Lessee.

11. <u>SURRENDER OF PREMISES</u>:

Not later than the last day of the lease term, Lessee shall, at Lessee's expense, remove all of Lessee's personal property and those improvements made the Lessee which have not become the property of the Lessor pursuant to Article 10 of this lease agreement, including but not limited to trade fixtures, movable paneling and other personal property, repair all injury done by or in connection with the installation or removal of said property and improvements, and surrender the Premises in as good a condition as they were at the beginning of the term, except for reasonable wear and tear and damage by fire, the elements, or casualty or other cause insured by the Lessor or required to be insured by the Lessor by the terms of this lease agreement. All personal property of the Lessee remaining on the Premises after the last day of the lease term shall be conclusively deemed abandoned and may be removed by the Lessor ten (10) days after written notice is delivered to the Lessee demanding that the property be removed from the leased Premises.

12. <u>SIGNS</u>:

The Lessee shall not place nor allow to be placed any signs upon, in or about the said Premises, except as may be consented to by the Lessor in writing. Any signs permitted by the Lessor shall at all times be in conformance with all municipal ordinances or other laws and regulations applicable thereto.

13. <u>ABANDONMENT</u>:

Lessee shall not, without first obtaining the written consent of the Lessor, abandon the Premises, or allow the Premises to become vacant or deserted.

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14. <u>CONDITIONS TO CONSENT TO ASSIGNMENT OR SUBLEASE:</u> 

Lessee does not have the right to assign this lease, in whole or in part, or sublet the Premises or any part thereof without the written consent of Lessor, which consent shall not be unreasonably withheld. In the event the Lessee requests the Lessor to consent to the Assignment or Sub-Lease of the Premises for the Lessee's Permitted Purpose, Lessor agrees to consider its consent hereto provided and on condition that:

A The Lessee shall submit in writing information reasonably sufficient to enable

Lessor to make a decision with respect thereto and deliver to Lessor a $500.00 non-refundable document review fee.

B. The Lessee is not then in default of the within lease and there is no judicial action pending by the Lessor against the Lessee alleging any default;

C. The Lessee remains liable to the Lessor during the term of the assignment or sub-lease for all obligations hereunder. The Lessee agrees to provide to the

Lessor a current financial statement of the prospective assignee or sub-lessee, in form reasonably satisfactory to the Lessor, and such other credit and background information as the Lessor shall reasonably request. The form of such sub-lease or assignment and such other documents shall be prepared by Lessor's counsel, with such terms as the Lessor may reasonably request;

D. The prospective Assignee or Sub-Lessee is, in the Lessor's sole opinion, financially responsible, commercially reputable and creditworthy as a Lessee; and the proposed use is the same or substantially similar to that of the Lessee;

E. The Lessee pays the Lessor the reasonable attorney's fees of the Lessor incurred in processing such assignment or sub-lease;

F. All other terms and conditions of this lease shall remain in full force and effect during the renewal term(s) ;

G. The Lessor shall have the option, exercisable in its sole discretion, of negotiating a new lease directly with any proposed Assignee or Sub-Lessee ; and, upon the effective date thereof, the within Lease shall terminate ("Termination Date"); with the Lessee being responsible for the payment of all monetary obligations, and the performance of all non-monetary obligations due hereunder, through and including the Termination Date.

15. <u>COMPLIANCE WITH RULES AND REGULATIONS</u>:

Lessor and Lessee shall observe and comply with the rules and regulations hereinafter set forth, which are made part hereof, and with such reasonable rules and regulations as Lessor may prescribe, and enforce uniformly for all building Lessees, on written notice to the Lessee, for the safety, care, and cleanliness of the building and the comfort, quiet, and convenience of other occupants of the building.

16. <u>UTILITIES</u>:

Utilities for the leased space shall be separately metered. The Lessee will be responsible to pay all utilities to the provider, including but not limited to electric, gas and water (as applicable) assessed against the Premises. If any public utilities, assessed or imposed upon the leased Premises or charged to the Lessor by the suppliers thereof during the term hereof, are not paid, such rents or charges shall be added to and become payable as additional rent with the installment of rent next due or within 30 days of demand therefor, whichever occurs sooner.

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17. <u>DAMAGE TO BUILDING</u>:

A In the event of partial destruction of the leased Premises during the lease term, or in the event of a partial destruction of the building to the extent of less than 50% of the replacement cost of the building, such partial destruction shall not render the lease void, but the Lessor shall promptly make repairs. The Lessee shall be entitled to a proportionate reduction of rent while such repairs are being made, said proportionate reduction to be based on the extent to which the partial destruction or the making of such repairs interferes with the business carried on by the Lessee in the leased Premises. In the event Lessor does not elect to make the necessary repairs within a reasonable time, or such repairs cannot be made under applicable laws and regulations, then this lease may be terminated at the option of either party. Termination of lease under this section shall be made by written notice delivered to the other party not less than 30 days after the occurrence which caused the partial destruction of the leased Premises or of the building, and this lease agreement shall terminate 30 days after the delivery of such notice.

B. In the event the building is partially destroyed to the extent of not less than 50% of the replacement cost of the building, the Lessor may elect to terminate this lease whether the leased Premises are injured or not. In the event the Lessor elects to terminate this lease agreement under this subparagraph, the Lessor shall give written notice to the Lessee within 30 days after the occurrence which caused the partial destruction of the building, and this agreement shall terminate 30 days after delivery of such notice. In the event the Lessor elects to terminate this lease agreement under this subparagraph, the rent shall be apportioned or equitably reduced as of the date the Premises are surrendered or the date on which the Premises became unusable in whole or in part, and any rent prepaid for any period beyond said date shall be repaid by the Lessor to the Lessee. In the event the building in which the leased Premises are situated is totally destroyed, this lease agreement shall immediately terminate, and rent shall be apportioned or equitably reduced as of the date the Premises are surrendered or the date on which the Premises became unusable, and any rent prepaid for any period beyond said date shall be refunded by the Lessor to the Lessee.

C. In the event of a termination of this lease agreement under any of the subparagraphs of this paragraph, the Lessee shall surrender possession of the Premises upon the effective date of termination of this agreement.

D. If the destruction or partial destruction of the leased Premises or of all or any part of the building occurs as a result of some fault of the Lessee, its employees, agents, guests, or business invitees, the Lessee shall not be entitled to any abatement or reduction of rent except to the extent, if any, that Lessor receives the proceeds of insurance in lieu of such rent.

E. The words "restoration" or "restored" used in this paragraph shall include repairs, but in no event shall the Lessor be responsible for restoring or repairing fixtures and improvements which are the property of the Lessee.

18. <u>WAIVERS OF SUBROGATI ON</u>:

Notwithstanding the provisions of Article 17 of this lease, in any event of loss or damage to the building, the Premises and/or any contents, each party shall look first to any insurance in its favor before making any claim against the other party; and, to the extent possible without additional cost, each party shall obtain, for each policy of such insurance, provisions permitting waiver of any claim against the other party for loss or damage within the scope of such insurance, and each party, to such extent permitted, for itself and its insurers waives all such insured claims against the other party and Lessee agrees to provide Lessor with a certificate that such provision permitting waiver is contained in such insurance policies or each party agrees to obtain such waiver which is available only on payment of additional premium if the other party pays such cost.

19. <u>EMINENT DOMAIN</u>:

If the Premises or any part thereof or any estate therein, or any other part of the building materially affecting Lessee's use of the Premises, is to be taken by eminent domain, this lease shall terminate on the date when title vests pursuant to such taking. The rent, and any additional rent, shall be apportioned as of said termination date and any rent period beyond said date shall be repaid to the Lessee. Lessee shall not be entitled to any part of the award for such taking or any payment in lieu thereof, but Lessee may file a claim for any taking of fixtures and improvements owned by Lessee, and for moving expenses and any other loss and expense which does not reduce Lessor's recovery.

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20. <u>LESSEE'S DEFAULT/ LESSOR'S REMEDI ES ON DEFAULT</u>: Lessee shall be in default of this lease as follows:

A. If Lessee fails to pay the Rent, Additional Rent or any portion thereof when it becomes due, and has not cured said default by making the required payment of Rent or Additional Rent, as applicable, within ten (10) days of its due date;

B. If Lessee fails to observe or perform any other covenant, agreement or stipulation herein contained on Lessee's part to be kept, performed or observed, and any such default shall continue for thirty (30) days after receipt of written notice specifying such default or if such default is of such a nature that it cannot reasonably be cured within said thirty (30) day period and Lessee has not proceeded with reasonable diligence and good faith to commence to complete the curing thereof;

C. If Lessee shall file a voluntary petition in bankruptcy or shall be adjudicated as bankrupt or insolvent or shall file any petition or answer seeking any reorganization, arrangement, recapitalization, readjustment, liquidation or dissolution or similar relief under any present or future bankruptcy laws of the United States or any other country or political subdivision thereof (collectively, "Bankruptcy Relief), or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of all or any substantial part of its properties, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, and such proceedings shall not have been dismissed within sixty (60) days after commencement;

D. If, without the consent or acquiescence of Lessee, a proceeding seeking Bankruptcy Relief is filed against Lessee or there is an appointment of a trustee, receiver, or liquidator of Lessee or of all or any substantial part of its or their property, and the proceeding or appointment is not dismissed, vacated, or stayed within sixty (60) days.

20.1 <u>LESSOR'S REMEDIES:</u> 

In addition to the other remedies or courses of action now or hereafter provided by law, Lessor may, at its option, (1) terminate, forfeit, cancel and annul this lease, in which case neither Lessor nor Lessee shall have any further rights or obligations under this lease as of the date of termination, forfeiture, cancellation and annulment except with respect to those amounts that Lessee was obligated to pay to Lessor prior to the date of termination, forfeiture, cancellation and annulment and except with respect to Rent and Additional Rent due and payable for the remainder of the Term after the termination date, as hereinafter set forth; (2) terminate Lessor's possessory rights, without terminating the Term, in which case Lessor shall have the rights hereinafter set forth; or (3) perform Lessee's obligations on behalf of Lessee in accordance with paragraph 36 herein. Lessor shall give written notice to Lessee of Lessor's election. If Lessor elects to terminate Lessee's possessory rights, without terminating the term of the lease, Lessor shall have the right, after appropriate judicial hearing and process or with Lessee's consent, to enter and take possession of the leased Premises immediately and may remove all persons, furniture, fixtures and equipment from the leased Premises, at Lessee's sole expense, in order to recover at once, full and exclusive possession of the leased Premises, and such entry shall not operate as a waiver or satisfaction, in full or in part, of any claim or demand arising out of or connected with, any breach, default, or violation by Lessee of any covenant or agreement on its part to be performed.

20.2 <u>LIABILITY FOLLOWING TERMI NATION OF POSSESSION:</u> 

Should Lessor elect to terminate Lessee's possessory rights, with or without terminating this lease, as hereinabove provided, then notwithstanding anything to the contrary contained herein, Lessee shall remain liable for the Rent and Additional Rent which would have been payable upon the due dates therefor following Lessor's termination of Lessee's possessory rights or the term of the lease, and Lessor may relet the leased Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Lessor may deem advisable; for the purpose of such reletting, Lessor shall have the right to make reasonable and necessary alterations and repairs to the leased Premises, and incur reasonable brokerage commissions and attorneys' fees and such reletting shall not work a forfeiture of the Rent or Additional Rent to be paid by Lessee; provided, that rentals received by Lessor from any such reletting shall be applied: (151 first, to the payment of any reasonable and necessary alterations and repairs to the leased Premises, (2nd) second, to the payment of any indebtedness other than Rent or Additional Rent due hereunder from Lessee to Lessor, (3rd) third, to the payment of Rent and Additional Rent then due and unpaid hereunder; (4th) fourth, to the payment of any

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cost of such reletting, and (5th) fifth, the residue, if any, shall be held by Lessor and applied in payment of Mure Rent and Additional Rent, as the same may become due and payable hereunder, and if no future Rent or Additional Rent becomes due and payable hereunder, such residue shall be retained by Lessor. Should such rentals received from such reletting by Lessor during any month be less than the sum of the amounts set forth in clauses (151) through (4th) above, such difference shall be calculated and paid monthly by Lessee to Lessor upon demand.

20.3 <u>LIQUIDATED DAMAGES</u>:

If Lessor so elects at any time following a termination of this lease, Lessee shall pay Lessor, on demand, as liquidated, agreed final damages, an amount equal to all Rent and Additional Rent which would have been payable by Lessee from the date of such demand to the date when this lease would have expired if it had not been terminated as aforesaid, minus the fair rental value of the Premises for the same period. Upon payment of such liquidated and agreed final damages, Lessee shall be under no further liability with respect to the period after the date of such demand. Except as provided above, Lessor shall have no rights to accelerate the Rent in the event of a Default by Lessee.

20.4 <u>CUMULATIVE REMEDIES. ETC.</u>:

No such termination of Lessee's possessory rights, without terminating Term, shall be construed as an election on the part of Lessor to terminate this lease unless a written notice of such Intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction . Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this lease for such previous default, unless Lessor has allowed Lessee or Lessee's sublessee to reenter and relet the leased space. All remedies granted to Lessor by the terms of this lease, or by applicable statute or other principles of law or equity, shall be cumulative and not exclusive, and the exercise of any such remedy shall not bar or delay the exercise of any other such remedy.

20.5 <u>MITIGATION EFFORTS</u>:

Lessor shall not be obligated to mitigate damages. Lessor agrees to consider in good faith any substitute Lessees proffered by Lessee but reserves the right, in its exercise of reasonable business judgment to approve any and all Lessees. Lessor, in no event, shall be required to relinquish or jeopardize any economic benefit or opportunity, including, without limitation; the leasing of other property

;

owned or controlled by Lessor or an affiliate in order to mitigate damages. The rental of any other property owned or controlled by Lessor or an affiliate shall not reduce any damages which Lessor would be entitled to receive from Lessee. Only the net proceeds of any such reletting received by Lessor, as determined pursuant to Section 20.2 hereof, shall be credited against Lessee's existing or

future outstanding obligations under this lease, in such manner and in such order as Lessor, in its sole discretion, may determine .

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20.6 <u>NO WAIVERS. ETC</u>.:

No reference to any specific right or remedy in this lease shall preclude Lessor or

Lessee from exercising any other right, from having any other remedy, or from maintaining any action to which it may otherwise be entitled under this lease, at law or in equity. Neither Lessor nor Lessee shall be deemed to have waived any provision of this lease, or the breach of any such provision, unless specifically waived by such party in a writing executed by an authorized representative , employee or officer. No waiver of a breach shall be deemed to be a waiver of any subsequent breach of the same provision, or of the provision itself, or of any other provision. Lessee hereby expressly waives any and all rights of redemption and any and all rights to relief from forfeiture which would otherwise be granted or available to Lessee under any present or future statutes, rules or case law.

21. <u>NO WAIVER OF COVENANTS OR CONDITIONS</u>:

The failure of either party to insist on strict performance of any covenant or condition hereof, or to exercise any option herein contained shall not be construed as a waiver of such covenant, condition, or option in any other instance. This lease cannot be changed or terminated orally.

22. <u>SUBORDINATI ON OF LEASE</u>:

This lease shall be subject and subordinate to all underlying leases and to mortgages which may now or hereafter affect such leases or the real property of which the Premises forms a part, and also to all renewals, modifications, consolidations, and replacements of said underlying leases and mortgages and to any additional leases or mortgages that Lessor may execute, but Lessor covenant that all such instruments will allow Lessee to occupy the Premises under the terms of this lease as long as it complies fully with its terms. Although no instrument or act on the part of the Lessee shall be necessary to effectuate such subordination , Lessee will, nevertheless, execute and deliver such further instruments confirming such subordination of this lease as may be desired by the holders of said mortgages and trust deeds.

23. <u>RIGHT TO I NSPECT AND REPAIR</u>:

Lessee agrees that Lessor and Lessor's agents, employees, or other representatives , shall have the right to enter into and upon said Premises or any part thereof, at all reasonable hours (except at any time in an emergency situation), for the purpose of examining same or making such repairs or alterations therein as may be necessary for the safety and preservation thereof. To the extent possible, such repairs or alterations will be conducted in a manner to cause the least disruption to Lessee. This paragraph shall not be deemed to be a covenant by the Lessor nor be construed to create an obligation on the part of the Lessor to make such inspection or repairs.

24. <u>I NTERRUPTI ON OF SERVICES OR USE</u>:

Interruption or curtailment of any service maintained in the building, if caused by strikes, mechanical difficulties, or any causes beyond Lessor's control whether similar or dissimilar to those enumerated, shall not entitle Lessee to any claim against Lessor or to any abatement in rent, and shall not constitute constructive or partial eviction, unless Lessor fails to take such measures as may be reasonable in the circumstance to restore the service without undue delay. If the Premises are rendered unleasable in whole or in part, for a period of fifteen (15) business days, by the making of repairs, replacements, or additions other than those made with Lessee's consent or caused by misuse or neglect by Lessee or Lessee's employees, there shall be proportionate abatement of rent during the period of unleaseability.

25. <u>CONDITIONS OF LESSOR'S LIABILITY</u>:

Lessee shall not be entitled to claim a constructive eviction from the Premises unless Lessee shall have first notified Lessor in writing of the condition or conditions giving rise thereto, and, If the complaints be justified, unless Lessor shall have failed within a reasonable time after receipt of such notice to remedy such conditions.

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26. <u>NO OTHER REPRESENTATI ONS</u>:

No representations or promises shall be binding on the parties hereto except those representations and promises contained herein or in some future writing signed by the party making such representations or promises and acknowledged by the party receiving such representations or promises.

27. <u>QUIET ENJOYMENT</u>:

Lessor covenants that if and so long as Lessee pays the rent and any additional rent as herein provided, and performs the covenants hereof, Lessee shall peaceably and quietly have, hold, and enjoy the Premises for the term herein mentioned, subject to the provisions of this lease.

28. <u>PARTIES TO CARRY LIABILITY I NSURANCE</u>:

The Lessee agrees to procure and maintain in force during the term of this lease and any extension or renewal thereof, at its expense, public liability insurance with companies duly licensed to provide such insurance in the state where the leased Premises is located, adequate to protect against liability for damage claims through public use of or arising out of accidents occurring in or around the leased Premises, in a minimum amount of One Million Dollars ($1,000,000.00) for each person injured, Two Million Dollars ($2,000,000.00) for any one accident, and Five Hundred Thousand Dollars ($500,000.00) for property damage and to give the Lessor certificates of such coverage on request evidencing the insurance, naming the Lessor as additional insured at the leased Premises. Such policies by Lessee shall be primary and not contributing with, or in excess of, coverage that the Lessor may carry. Lessee agrees to obtain a written obligation from the insurer providing such insurance to Lessee to notify Lessor in writing at least thirty (30) days prior to cancellation or refusal to renew such policies. If such insurance policies are not kept in force during the entire term of this lease and any extensions or renewals thereof, the Lessor may terminate this lease or procure the necessary insurance, pay the premium therefor, and charge the Lessee with the cost thereof to be paid on demand to Lessor as additional rent.

In addition, Lessor agrees during the term of this lease to keep the entire building containing the Premises insured against damage by fire and extended coverage risks in amount large enough to preclude the applicability of coinsurance provisions and to apply the proceeds of any such policy forthwith to the repair or replacement of any portions of the Premises damaged and by reason of which the damage proceeds are received except to the extent that this lease relieves the Lessor of the responsibility of such repair or replacement.

29. <u>LIENS</u>:

Lessee will not permit any mechanics or materialmen or other liens to stand against the Premises for any labor or materials furnished to Lessee in connection with work of any character performed on the Premises by or at the direction of the Lessee and Lessee agrees to immediately have removed any such liens. Lessee agrees to indemnify and hold harmless Lessor of and from any liability, damages, expenses, fees, including reasonable attorneys' fees, penalties, actions, causes of action, suits, costs, claims, or judgments arising out of or in connection with any such liens.

30. <u>SECURITY DEPOSIT</u>:

Lessor acknowledges Lessee's security deposit of $1,207.00, which shall not be used or applied toward any portion of rent due or coming due. Lessor shall return such security deposit to Lessee within thirty (30) days after the end of the lease term, less any amount reasonably applied to repair any damage to the leased Premises that Lessee shall have caused.

31. <u>PARAGRAPH HEADINGS</u>:

The paragraph headings in this lease are intended for convenience only and shall not be taken into consideration in any construction or interpretation of this lease or any of its provisions.

32. <u>LESSOR'S AGENT</u>:

Lessor shall provide Lessee with the name of Lessor's employee(s) or agent(s) who shall be the only individuals to receive inquiries or other matters pertaining to this lease.

33. <u>LESSEE'S AGENT</u>:

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Lessee shall provide Lessor with the name of Lessee's employee(s) or agent(s) who shall be the only individuals to receive inquiries or other matters pertaining to this lease.

34. <u>APPLICABI LITY TO HEIRS AND ASSI GNS</u>:

This lease and all the covenants, provisions and conditions herein contained shall be binding upon and inure to the benefit of the heirs, legal representatives, successors , and assigns of the parties hereto unless to the contrary specified in any particular term or condition.

35. <u>AUTHORI TY TO LEASE</u>:

The Lessor and Lessee each to the other represents, covenants and warrants that each has the authority to enter into this lease agreement with the other.

36. <u>APPLICABLE LAW</u>:

This lease shall be governed by and construed under the laws of the State of New Jersey, County of Sussex.

37. <u>HAZARDOUS MATERIALS</u>:

Lessee will not keep on the leased Premises any item of a dangerous, flammable, or explosive character that might unreasonably increase the danger of fire or explosion on the Building or Premises or that might be considered hazardous or extra hazardous by any responsible insurance company.

38. <u>INDEMNIFICATION</u>:

Lessee agrees to indemnify and save Lessor harmless from and against any and all claims and demands for, or in connection with, any accident, injury or damage, whatsoever caused to any person or property arising, directly or indirectly , out of Lessee's conduct occurring about the Premises or any part thereof, or arising from any negligent or grossly negligent act or omission of Lessee or any of its agents, employees or contractors, and from and against any and all reasonable costs, counsel fees, expenses and liabilities occurred in connection with any such claim or action or proceeding thereon; and in case any action or proceeding be brought against Lessor by reason of any such claim, Lessee, upon written notice from Lessor, shall resist or defend such action or proceeding by counsel selected by Lessee and approved in writing by Lessor, except that no approval shall be necessary where such counsel is of an insurance company obligated to defend same.

39. <u>REIMBURSEMENT TO LESSOR</u>:

If Lessee shall fail or refuse to comply with any of the terms and conditions of this lease, the Lessor may carry out and perform such conditions at the cost and expense of the Lessee, which amounts shall be payable on demand as additional rent to the Lessor. This remedy shall be in addition to such other remedies as the Lessor may have by reason of the breach by the Lessee of any of the terms and conditions of this lease.

40. <u>GARBAGE REMOVAL</u>:

Lessee shall be responsible for placing its garbage in the shared dumpster on the Premises; however, Lessor shall be responsible for any fees associated with the removal of said garbage.

41. <u>PETS</u>:

No pets shall be allowed within the leased premise.

42. <u>RIGHT TO MARKET/SHOW PREMISES</u>:

Lessee agrees to permit Lessor and Lessor's agents, employees, or other representatives, in the six (6) month period preceding the expiration of the term hereof or of any subsequent renewal thereto, to place notices on the front of the Premises or any part thereof, offering the Premises for rent or for sale, and Lessee hereby agrees to permit the same to remain thereon without hindrance or disruption. Additionally, Lessee agrees to permit Lessor access to the Premises upon reasonable notice, for purposes of showing the Premises to potential Lessees or purchasers.

43. <u>BROKERAGE:</u> 

Lessor to pay all applicable brokerage fees.

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44. <u>CONFIDENTIALITY:</u> 

Lessee and Lessee's Guarantor(s), if any, agree to keep the specific financial terms and specific conditions of this lease in confidence and expressly agree not to disclose the financial terms of this lease to any person whatsoever, including without limitation, the general public excepting, however, that which may be required by law or to enforce the provisions of this Lease, or to the agents, attorneys, accountants of Lessee.

45. <u>COMPLETE AGREEMENT:</u> 

This lease agreement represents the complete agreement between the Lessor and Lessee and can only be changed by an agreement in writing signed by both parties.

IN WITNESS WHEREOF, the parties hereto have duly executed this lease the 7th day of December 2022.

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| | |
|:---|:---|
| Visions Federal Credit Union | Visions Federal Credit Union |
| (LESSOR) | (LESSOR) |
| By: | /s/ Lisa Darling |
| Title: | VP/Internal Operations Officer |
| Date: | 12/7/2022 |

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| | |
|:---|:---|
| Catheter Precision, Inc. | Catheter Precision, Inc. |
| (LESSEE) | (LESSEE) |
| By: | /s/ Donna Prescott |
| Title: | Catheter Precision Admin |
| Date: | 12/6/2022 |

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Exhibit A

DDD HAIM LiVEL. Pl.AN 6lAii.V•••,-, .• -a•- -- I !

## Exhibit 10.31

#### Exhibit 10.31
CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IT IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE. OMISSIONS ARE IDENTIFIED AS [\*\*\*].

---

| | |
|:---|:---|
| ![](gkjax5s40l4i000001.jpg) | **Catheter** <br> **Precision** |

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#### CONSULTING AGREEMENT
(this "Agreement')

This Agreement is entered Into by and between:

Catheter Precision Incorporated 1705 Route 46

Suite6 Ledgewood, NJ, 07852 ("Catheter Precision" or

"Company") and

Patricia Kennedy Komlaan 7

1861 EE

Bergen, The Netherlands ("Consultant")

The parties agree as follows:

1. CONSULTANTS ACTIVITIES

1.1 Subject to further specific direction by Catheter Precision, Consultant will be engaged as Vice President of European Operations reporting initially to Steve Adler, President and CEO. The Consulting may be assigned other or additional functions as and when requested by the Company. Any changes in duties and/or functions will not be considered as a change in the essential provisions and conditions of this Agreement and will not constitute the basis for the termination of this Agreement Consultant agrees to devote Its best efforts to diligently provide the Consulting Activities as requested by Catheter Precision.

(a) The duties of the Consultant include but are not limited to : planning and executing International sales and marketing activities for Company's products, overseeing clin i cal activities In Europe and other territories as so assigned, providing field clinical support , product demonstrations, physician and medical staff training and education , as wel l as trade show and distributor support

1.2 Consultant agrees to prepare a written proposal and obtain approval from the Chief Executive Officer (CEO) of Catheter Precision prior to committing Catheter Precision to disbursing funds, entering into contracts, retaining personnel, or committing resources needed to complete Consulting Activities . All purchase orders, contracts and check requests must be signed and issued by the CEO or an authorized representative.

1.3 This Agreement shall cover all services to be performed by Consultant for Catheter Precision.

2. COMPENSATION

2.1 Catheter Precision will reimburse Consultant 18,750 Euro per month for Consultant's time spent performing the Consulting Activities listed above. In addition, Consultant will be eligible to participate in an annual incentive plan targeted for at least 10% of annual consulting payments. Additionally, Company shall compensate Consultant in accordance with a separate stock optionagreement granting options to purchase company stock after the next company financing. Number of options and share price to be determined by the Company's Board of Directors. Payments for consulting services will be disbursed pursuant to Sections 2.2-2.4 of this document.

2.2 Payments will be made by wire, payable to:

PJM Medical Consultants

[\*\*\*]

2.3 Catheter Precision will reimburse Consultant for reasonable travel expenses, including coach air, lodging, daily meals, and other necessary and reasonable expenses incurred in the performance of the Consulting Activities, provided that:

(a) such expenses were i ncurred at the di r ect i on of or as authorized in advance by Catheter Precision; and

(b) Consultant provides Catheter Precision original receipts and other documentation of such expenses as requested by Catheter Precision . f an invoice from Consultant is required in conjunction with the provision of Consulting Activities, such invoice shall be accurate and itemized in sufficient detail to permit independent auditing and verification that the Consulting Activities covered by such invoice have been properly rendered .

(c) Consultant follows guidelines established by Catheter Precision ' s travel and expense policy .

2.4 Consulting services will be paid within 30 days of Catheter Precision's receipt of an undisputed itemized statement from Consultant. Catheter Precision will pay reimbursement for all authorized expenses of Consultant, provided the required documentation has been provided under Section 2.3.

2.5 The compensation under this Section is in full and complete payment for the Consulting Activities and assignment of intellectual Property under this Agreement. No royalties are payable under this Agreement.

2.6. Catheter Precision and Consultant acknowledge and agree that this compensation represents the fair market value for the Consulting Activities, and has not been determined in a manner that takes into account any, and nothing in this Agreement, including the consideration set forth i1 Section 2.1, is intended to constitute, the solicitation, receipt or payment of any remuneration

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in return for referring an individual to Catheter Precision for the furnishing, or arranging for the furnishing, of any item or service for which payment may be made in whole or in part under a federal health care program, or in return for purchasing, leasing, ordering or arranging for or recommending purchasing, leasing or ordering any good, facility, service or item for which payment may be made in whole or in part under a federal health care program.<br>

3. TERM AND TERMINATION

3.1 This Agreement shall commence on February 1, 2018 and will remain in force until it is terminated by either party by giving the other written notice.

3.2 The notice period is equal to one month during the first year of consulting, two months as of the second year and thereafter.

3.3 Catheter Precision may terminate this Agreement upon immediate notice to Consultant for cause which means :

(a) misconduct , (b) engaging in conduct which could reasonably result in a conviction of a felony or a crime against Catheter Precision or involving substance abuse, fraud , or moral turpitude or that would materially compromise Catheter Precision ' s reputation, or (c) unreasonab l e refusal to perform Consulting Activities in any material respect.

3.4 In the event of termination, Catheter Precision shall have no further obligations to Consultant under this Agreement other than the obligation to pay Consultant only for services performed or for any authorized reimbursable expenses i1curred by Consultant before the date of such termination. The provisions of the (a) CONFIDENTIALITY and (b) NTELLECTUAL PROPERTY sections will survive the expiration or other termination of this Agreement.

4. PUBLICATIONS AND PUBLICITY

4.1 The parties agree not to use, expressly or by Implication, any trademark, trade name, or any contraction, abbreviation or adaptation thereof of any other party, or the name of the other party's staff in any news, publicity release, pol cy recommendation, advertising, or any commercial communication, excluding routine business correspondence, without the express written approval of the other party.

4.2 Consultant shall not make any representation relating to Catheter Precision's products or to Catheter Precision's clinical outcomes, without the prior consent of Catheter Precision. Consultant further agree that, in the event that Consultant fails to observe any limitations imposed by Catheter Precision on such product representations or representations concerning clinical outcomes, Catheter Precision shall have the right to immediately terminate this Agreement.

5. CONFIDENTIALITY

5.1. "Confidential Information" means any information:

(a) acquired by Consultant from Catheter Precision that:

(i) is identified as confidential at the time of disclosure by Catheter Precision to Consultant, or within a reasonable time after such disclosure; or

(ii) Consultant has a reasonable basis to believe Is confidential;

(b) relating to intellectual Property as defined below; or

(c) arising from or relating to Consulting Activities .

5.2 Consultant agrees to hold Confidential information in strictest confidence, and not to use, except for the benefit of Catheter Precision and consistent with the scope of services in this Agreement, and not to disclose it to any person or entity unless Consultant has received prior written authorization from Catheter Precision; provided that Consultant may disclose Confidential information to Consultant's employees or associates who have a need to know the Confidential Information for the purposes of this Agreement, and Consultant takes responsibility to ensure that each such employee and associate protects the Confidential information as required under this Agreement.

5.3 Confidential information does not include information that:

(a) is disclosed without restriction to Consultant in good faith by a third party who is i n lawful possession thereof and who has the right to make such disclosure;

(b) is or becomes public knowledge, by publication or otherwise , through no fault of Consultant ;

(c) is independently developed by Consultant, completely without utilizing Catheter Precision Confidential Information ; or

(d) is transmitted by Catheter Precis i on after rece i v i ng notification inwriting by Consultant that Consultant does not desire to receive any further Confidential information.

5.4 h the event that, on the advice of legal counsel, Consultant is compelled by law to disclose Confidential information, Consultant will notify Catheter Precision i1 advance of such disclosure about the need for, and the exact text of, any such disclosure so that Catheter Precision may seek a protective order or other remedy. Consultant will take every reasonable action to ensure protection of the disclosed Confidential Information to the extent allowable by law.

5.5 Consultant may not copy or duplicate any materials containing Confidential information except as necessary to accomplish the purposes of this Agreement. Consultant will return all materials containing the Confidential Information, including all copies, upon demand by Catheter Precision, provided that Consultant may retain copies of as required by law.

5.6 The restrictions and obligations assumed by Consultant under this section expire five (5) years from the expiration of this Agreement.

6. INTELLECTUAL PROPERTY

6.1 Consultant will hold in trust for the sole right and benefit of Catheter Precision and Consultant agrees to assign to Catheter Precision, and hereby does assign to Catheter Precision, all of Consultant's worldwide right, title, and interest ii and to any and all inventions, proprietary information, findings, conclusions, discoveries, know-how, data, software, works of authorship, improvements, or suggestions, whether or not patentable or copyrightable, conceived, created, adapted, or developed by or for Consultant, whether made alone or in conjunction with others, in the field of surgical robotics or non-invasive mapping or arising from or relating to the Consulting Activities or derived from Confidential information ("Inventions") including any and all moral rights and intellectual property rights inherent in the inventions and appurtenant thereto including, without limitation, all patent rights, copyrights, trademarks, know-how and trade secrets (collectively, "Intellectual Property"). Any works of authorship created, adapted, or developed by or for Consultant under the terms of this Agreement ,whether or not copyrightable, are deemed as works made for hire.

6.2 (a) Consultant agrees to (Q disclose such intellectual Property promptly and fully to Catheter Precision; (ii) help Catheter Precision, or anyone Catheter Precision designates, prepare, file, prosecute, issue and maintain patent or copyright applications or seek other protection relating to Intellectual Property, at no cost to Consultant, (iii) acknowledge, execute and deliver promptly to Catheter Precision written instruments and do such other acts as may be necessary, in the opinion of Catheter Precision, to file, obtain, maintain or reissue patents, patent applications, copyright applications and copyright registrations or other forms of protection relating to Intellectual Property and to vest the entire right and title thereto i1Catheter Precision or Catheter Precision's designee. (b)

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If for any reason Catheter Precision is unable to obtain Consultant's execution of any written instrument or other act under paragraph (a) above, Consultant hereby conveys to Catheter Precision its power of attorney only for the purpose of executing such written instrument or doing such act.

6.3 Consultant represents and warrants that (a) Consultant has full right to assign the Intellectual Property, free from all claims, liens, security interests or other encumbrances, and (b) all persons that work for Consultant on the activities described in this Agreement are able, bound and have the right to assign such Intellectual Property to Catheter Precision, free from all claims. liens, security Interests or other encumbrances.

6.4 Concepts, information and inventions made by or belonging to Consultant other than intellectual Property as defined above will remain the property of Consultant and will not be disclosed to Catheter Precision in the absence of a separate agreement specifically pertaining to such disclosure. All information disclosed by Consultant to Catheter Precision in the absence of such agreement belongs to and may be used by Catheter Precision for any purpose and without additional compensation.

6.5 Should applicable law preclude Catheter Precision's ownership of any intellectual Property, Consultant hereby grants to Catheter Precision an unlimited, perpetual, worldwide, and royalty free license to make, have made, use, sell, offer for sale, import, export, lease, donate, reproduce, publish, distribute, create derivative works of, and modify products, methods, or services incorporating such intellectual Property.

7. WARRANTIES AND COVENANTS

7.1 Consultant represents , warrants and covenants that all of Consultant's employees, agents , and associates whose services may be used to fulfill Consultant's obligations under this Agreement are or will be appropriately i1formed of the terms of this Agreement , and are under legal obligation to Consultant, by contract or otherwise ,sufficient to fully comply with all provisions of this Agreement.

7.2 Consultant represents, warrants and covenants that Consultant has full right and authority to enter into this Agreement under applicable law, i1cluding the internal rules of Consultant's employer and that, where and whenever required, Consultant has or will secure in a timely manner any and all necessary notifications or approvals, administrative or governmental, including authorizations from any institutions where the Consulting Activities are to be performed i1whof e or i1part.

7.3 Consultant represents and warrants that it has no outstanding obligations or agreements that are inconsistent or in conflict with the execution of this Agreement or performance of the Consulting Activities .

7.4 Consultant represents, warrants and covenants that Consultant does not at present and will not during the term of this Agreement serve In a similar capacity for others (With the exception of December,2017).

7.5 Consultant represents, warrants and covenants that Consultant will not, during the term of this Agreement and ,for a period of one (1) year following the expiration or termination of this Agreement , including any extension(s) of the term of this Agreement agreed to by both parties, be employed by or provide consulting or other services to any other person or entity selling products, or engaged in marketing, sales, clinical studies or other research, anywhere in the world, in the area of medical robotics for electrophysiology or non-invasive mapping for electrophysiology or in any area in which Consultant received Confidential Information from Catheter Precision during the term of this Agreement. This one-year period begins to run at the expiration or termination of this Agreement including any agreed extensions thereof.

7.6 Consultant represents, warrants and covenants that the Consulting Activities will be provided in compliance with all applicable laws and regulations, including but not limited to: laws and regulations pertaining to the promotion of products regulated by the FDA (21 U.S.C.§§201, et seq. and its implementing regulations); laws, regulations and guidance pertaining to state and federal antikickback statutes (42 U.S.C. §§ 1320a-7b(b), et seq. and their implementing regulations) and submission of false claims to governmental or private healthcare payors (31U.S.C.§§3729,et seq. and its implementing regulations); state and federal laws and regulations relating to the protection of Individual and patient privacy (e.g., HIPM);the Code of Ethics on Interactions with Healthcare Professionals promulgated by the Advanced Medical Technology Association (AdvaMed) ;Catheter Precision company business code of ethics and any other laws and regulations applicable to the provision of the Consulting Activities.

7.7 Consultant represents, warrants and covenants that Consultant is: (a) not excluded from a Federal health care program as outlined in Sections 1128 and 1156 of the Social Security Act (see the Office of Inspector General of the Department of Health and Human Services List of Excluded Individuals/Entities at http://www. oiq.hhs.gov/FRAUD/exclusions/listofexcluded.html); (b) not debarred by the FDA under 21 U.S.C.335a (see the FDA Office of Regulatory Affairs Debarment List at http: //www.fda . gov/ora/comp liance_ref/debar/); (c) not otherwise excluded from contracting with the federal government {see the Excluded Parties Listing System at http://epls.amet.gov);(d) to Consultant's knowledge are not under investigation or otherwise aware of any circumstances which may result in Consultant being debarred or excluded from participation in any federal or state healthcare program; and (e) If required based on the Consulting Activities to be provided, duly licensed and in good standing in accordance with applicable state laws. In the event that Consultant fails at any time to satisfy one or more of the requirements set forth in this section, Catheter Precision may immediately terminate this Agreement.

7.8 The parties acknowledge that the U S federal government (FDA) and certain countries require pharmaceutical and/or device companies to disclose information on compensation, gifts or other remuneration provided to physicians and other health care professionals. Catheter Precision may report information about remuneration provided under this Agreement, as required by law. Once reported, such information may be publicly accessible.

7.9 Consultant agrees that the Catheter Precision and its designated representatives shall have the right, upon reasonable notice, to audit all of Consultant's applicable records related to the Consulting Activities for the purpose of determining compliance with the compliance obligations set forth in this Agreement and the terms of this Agreement. This right to audit shall extend throughout the term of this Agreement and for the later of a period of three years after termination of the Agreement or resolution of any disputes between the Catheter Precision and the Consultant hereunder.

8. INDEPENDENT CONTRACTOR

8.1 Consultant is an independent contractor for all purposes. Neither Consultant nor any agent, representative, associate or employee of Consultant, will be considered an agent, representative or employee of Catheter Precision for any purpose including, but not limited to, workers' compensation insurance, unemployment insurance, social security insurance, federal, provincial and state taxes and Catheter Precision employee benefits and coverage's .

8.2 h the event Catheter Precision is liable for any withholding taxes, unemployment compensation, workers' compensation , or other similar taxes or charges associated with Consultant's performance of this Agreement , Consultant agrees to repay Catheter Precision for all such payments.

8.3 Conduct and control of the work to be performed under this Agreement by Consultant lies solely with Consultant.

8.4 Except as explicitly permitted in this Agreement , Consultant may not i1cur any liability on Catheter Precision's behalf nor bind Catheter Precision to any contractual or payment obligation without the prior written consent of Catheter Precision.

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9. ENTIRE AGREEMENT

9.1 This Agreement supersedes all prior oral agreements and understandings between the parties with respect to the activities under this Agreement.

9.2 No amendments, changes , extensions, modifications to, or waivers of this Agreement will be valid and binding except If Inwriting and signed by the parties, except that either party may change its address by written notice to the other. In any event, no amendments, changes , or modifications to the material terms of this Agreement , including without limitation the services to be provided or the compensation to be paid hereunder, may be modified until after the passing of the first anniversary of this Agreement.

10. MISCELLANEOUS

10.1 In the event that any provision contained herein is held to be invalid or unenforceable, all other provisions of this Agreement will be deemed severable and will remain enforceable to the full extent permitted by law.

10.2 All references to Catheter Precision will include its parent, Catheter Precision Incorporated, a Delaware, USA company, and all entities owned by Catheter Precision or by an entity In which Catheter Precision has a direct or indirect ownership of at least 50%.

10.3 Consultant may not assign Consultant's rights or obligations under this Agreement absent prior written approval from Catheter Precision.

10.4 This Agreement may be signed in one or more copies, including facsimile, each of which equally evidences this Agreement.

10.5 This Agreement will be construed and interpreted under and i1accordance with the substantive laws of the State of New Jersey, USA, without regard to any conflict of laws provision thereof.

[Signature Page Follows]

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The parties hereto have executed two (2) duplicate originals in the manner appropriate to each pursuant to The WARRANTI ES AND COVENANTS Section of this Agreement.

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| | | | |
|:---|:---|:---|:---|
| CATHETER PRECISION INCORPORATED | CATHETER PRECISION INCORPORATED |  |  |
| By: | /s/ Steve Adler | By: | /s/ Patricia Kennedy |
| Title: | President and CEO | Date: | January 23, 2018 |
| Date: | January 22, 2018 |  |  |

---

## Exhibit 10.31

#### Exhibit 10.31.1
CATHETER PRECISION, INC.

NOTICE OF NONPLAN STOCK OPTION AWARD

Unless otherwise defined herein, the terms defined in the attached 2018 Non-plan Option Agreement shall have the same defined meanings in this Notice of Stock Option Award and the attached Stock Option Award Terms, which is incorporated herein by reference (together, the "Award Agreement").

Participant (the "Participant"): Patricia Kennedy

Grant No. 2018-060 Non-Plan

The undersigned Participant has been granted an Option to purchase Common Stock of Catheter Precision, Inc. (the "Company"), subject to the terms and conditions of the Non-plan Option Agreement and this Award Agreement, as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; *Date of Grant* | March 30, 2018 | *Total Number of Shares Granted* | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Vesting* <br> *Commencement Date* | March 30, 2018 | *Type of Option* | C8J Non-Statutory Stock Option |
| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise Price per Share* | $0.39/Share |  | D Incentive Stock Option |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total Exercise Price* | $19500.00 | *Term/Expiration Date* | March 30, 2028 |

---

Vesting Schedule:

This Option shall be exercisable, in whole or in part, according to the following vesting schedule:

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| | |
|:---|:---|
| *Date* | *Number of Shares Vested* |
| March 30, 2019 | 10,000 |
| March 30, 2020 | 10,000 |
| March 30, 2021 | 10,000 |
| March 30, 2022 | 10,000 |
| March 30, 2023 | 10,000 |

---

The vesting of these options may be accelerated in the event of a change of control as defined in the 2018 NON-PLAN STOCK OPTION GRANT AGREEMENT. Vesting of this Option shall cease upon termination of Employment (the "Relationship") of the Participant with the Company.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Catheter Precision, Inc. |
| By: | /s/ Patricia Kennedy |  |  |
| Title: | VP European Operations | By: | /s/ Steve Adler |
|  |  | Title: | CEO |

---

------

#### CATHETER PRECISION, INC.

#### STOCK OPTION AWARD TERMS
1. Grant of Option . The Committee hereby grants to the Participant named in the Notice of Stock Option Grant an option (the "**Option**") to purchase the number of Shares set forth in the Notice of Stock Option Award, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "**Exercise Price** "), and subject to the terms and conditions **2018 NON-PLAN STOCK OPTION GRANT AGREEMENT** (the "**Agreement** "), which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Agreement and this Stock Option Award Terms, the terms and conditions of the Agreement shall prevail.

This Option shall be treated as a Nonstatutory Stock Option ("**NSO**").

2. Exercise of Option .

i. Right to Exercise . This Option may be exercised during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Award and with the applicable provisions of the Agreement and this Award Agreement.

ii. Method of Exercise . This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the "**Exercise Notice**") which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the "**Exercised Shares** "), the Participant's agreement to be subject to a right of first refusal with respect to Exercised Shares and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by (1) payment of the aggregate Exercise Price as to all Exercised Shares, and (2) a grant of an irrevocable proxy in the form attached hereto as Exhibit C signed and dated by the Participant. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price.

No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with applicable laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Participant on the date on which the Option is exercised with respect to such Shares.

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3. Termination . This Option shall be exercisable for three months after Participant ceases to be an employee; provided , however , if the Relationship is terminated by the Company for cause, the Option shall terminate immediately. Upon Participant's death or Disability, this Option may be exercised for twelve (12) months after the Relationship ceases. In no event may Participant exercise this Option after the Term/Expiration Date as provided above.

4. Participant's Representations . In the event the Shares have not been registered under the Securities Act of 1933, as amended, (the "**Securities Act**") at the time this Option is exercised and as a condition of such exercise, the Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B .

5. Lock-Up Period . Participant hereby agrees that, if so requested by the Company or any representative of the underwriters (the "**Managing Underwriter**") in connection with any registration of the offering of any securities of the Company under the Securities Act, Participant shall not sell or otherwise transfer any Shares or other securities of the Company during the 180-day period (or such other period as may be requested in writing by the Managing Underwriter and agreed to in writing by the Company) (the "**Market Standoff Period**") following the effective date of a registration statement of the Company filed under the Securities Act. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Standoff Period.

6. Restrictions on Exercise . This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable law.

7. Non-Transferability of Option . This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Agreement and this Award Agreement shall be binding upon the executors, Committees, heirs, successors and assigns of the Participant.

8. Term of Option . This Option may be exercised only within the Term set out in the Notice of Stock Option Award which Term is ten (10) years from the Date of Grant, and may be exercised during such Term only in accordance with the Agreement and the terms of this Award Agreement.

9. United States Tax Consequences . Set forth below is a brief summary as of the date of this Option of some of the United States federal tax consequences of exercise of this Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

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i. Exercise of ISO . If this Option qualifies as an Incentive Stock Option, there will be no regular federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax purposes and may subject the Participant to the alternative minimum tax in the year of exercise.

ii. Exercise of Nonstatutory Stock Option . There may be a regular federal income tax liability upon the exercise of a Nonstatutory Stock Option. The Participant will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If the Participant is an Employee or a former Employee, the Company will be required to withhold from the Participant's compensation or collect from the Participant and pay to the applicable taxing authorities an amount in cash equal to a percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

iii. Disposition of Shares . In the case of a Nonstatutory Stock Option, if Shares are held for at least one year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. In the case of an Incentive Stock Option, if Shares transferred pursuant to the Option are held for at least one year after exercise and for at least two years after the Date of Grant, any gain realized on disposition of the Shares will also be treated as long-term capital gain for federal income tax purposes. If Shares purchased under an Incentive Stock Option are disposed of within one year after exercise or two years after the Date of Grant, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the difference between the Exercise Price and the lesser of (1) the Fair Market Value of the Shares on the date of exercise, or (2) the sale price of the Shares. Any additional gain will be taxed as capital gain, short-term or long-term depending on the period that the Incentive Stock Option Shares were held.

iv. Notice of Disqualifying Disposition of Incentive Stock Option Shares . If this Option is an Incentive Stock Option, and if the Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1) the date two years after the Date of Grant, or (2) the date one year after the date of exercise, the Participant shall immediately notify the Company in writing of such disposition. The Participant agrees that the Participant may be subject to income tax withholding by the Company on the compensation income recognized by the Participant.

v. Withholding . Pursuant to applicable federal, state, local or foreign laws, the Company may be required to collect income or other taxes on the grant of this Option, the exercise of this Option, the lapse of a restriction placed on this Option or the Shares issued upon exercise of this Option, or at other times. The Company

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may require, at such time as it considers appropriate, that the Participant pay the Company the amount of any taxes which the Company may determine is required to be withheld or collected, and the Participant shall comply with the requirement or demand of the Company. In its discretion, the Company may withhold Shares to be received upon exercise of this Option or offset against any amount owed by the Company to the Participant, including compensation amounts, if in its sole discretion it deems this to be an appropriate method for withholding or collecting taxes.

10. Entire Agreement; Governing Law . The Agreement is incorporated herein by reference. The Agreement and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified (except as provided herein and in the Plan) adversely to the Participant's interest except by means of a writing signed by the Company and Participant. This agreement is governed by the internal substantive laws but not the choice of law rules of the State of Delaware.

11. No Guarantee of Continued Service . PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING IN THE RELATIONSHIP AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING ENGAGED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE THE RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE.

Participant acknowledges receipt of a copy of the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Agreement and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Agreement or this Option. Participant further agrees to notify the Company upon any change in the residence address indicated below.

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#### EXHIBIT A

#### NON-PLAN EXERCISE NOTICE
Catheter Precision, Inc. 1705

Route 46 Suite 6

Ledgewood, NJ 07852

Attention: President

1. Exercise of Option . Effective as of today, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 20 , the undersigned ()"**Participant**") hereby elects to exercise Participant's option to purchase <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of the Common Stock (the "**Shares**") of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "**Company**") under and pursuant to the Non-plan Stock Option Agreement (the "**Agreement**") and the Stock Option Award Agreement dated <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 20 (the "**Award Agreement** ").

2. Delivery of Payment . Purchaser herewith delivers to the Company the full purchase price of the Shares, as set forth in the Award Agreement.

3. Representations of Participant . Participant acknowledges that Participant has received, read and understood the Agreement and the Award Agreement and agrees to abide by and be bound by their terms and conditions.

4. Rights as Stockholder . Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Shares shall be issued to the Participant as soon as practicable after the Option is exercised. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 3(b) of the Plan.

5. Company's Right of First Refusal . Before any Shares held by Participant or any transferee (either being sometimes referred to herein as the "**Holder**") may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section (the "**Right of First Refusal** ").

a. Notice of Proposed Transfer . The Holder of the Shares shall deliver to the Company a written notice (the "**Notice**") stating: (i) the Holder's bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee ()"**Proposed Transferee** "); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the "**Offered Price** "), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

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b. Exercise of Right of First Refusal . At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

c. Purchase Price . The purchase price ()"**Purchase Price**") for the Shares purchased by the Company or its assignee(s) under this Section shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.

d. Payment . Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of purchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice.

e. Holder's Right to Transfer . If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

f. Exception for Certain Family Transfers . Anything to the contrary contained in this Section notwithstanding, the transfer of any or all of the Shares during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family shall be exempt from the provisions of this Section. "**Immediate Family**" as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5 , and there shall be no further transfer of such Shares except in accordance with the terms of this Section.

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g. Termination of Right of First Refusal . The Right of First Refusal shall terminate as to any Shares upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended.

6. Tax Consultation . Participant understands that Participant may suffer adverse tax consequences as a result of Participant's purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice.

7. Restrictive Legends .

a. Legends . Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

#### THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

#### THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.
b. Stop-Transfer Notices . Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

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c. Refusal to Transfer . The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

8. Successors and Assigns . The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his or her heirs, executors, Committees, successors and assigns.

9. Interpretation . Any dispute regarding the interpretation of this Agreement shall be submitted by Participant or by the Company forthwith to the Committee which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all parties.

10. Governing Law; Severability . This Agreement is governed by the laws of the state of incorporation of the company.

11. Entire Agreement . The Plan and Award Agreement are incorporated herein by reference. This Agreement, the Plan, the Award Agreement (including all exhibits) and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest except by means of a writing signed by the Company and Participant.

#### [Signatures appear on next page.]

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| | |
|:---|:---|
| Submitted by: | Accepted by: |
| PARTICIPANT | Catheter Precision, Inc. |
| Signature | By |
| Print Name | Title |
| <u>Address:</u> | <u>Address:</u> |
|  | 1705 Route 46 Suite 6 |
|  | Ledgewood, NJ 07852 |
|  | Date Received |

---

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#### EXHIBIT B

#### INVESTMENT REPRESENTATION STATEMENT
PARTICIPANT:

COMPANY: Catheter Precision, Inc.

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| | |
|:---|:---|
| SECURITY: | COMMON STOCK (the "**Securities**")  |

---

AMOUNT:

DATE:

In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

a. Participant is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "**Securities Act** ").

b. Participant acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant's investment intent as expressed herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant's representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under applicable state securities laws.

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c. Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Participant, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited "broker's transaction" or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

d. Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption will be available in such event.

Signature of Participant:

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Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20&nbsp;&nbsp;&nbsp;&nbsp;

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#### EXHIBIT C

#### IRREVOCABLE PROXY
The undersigned hereby irrevocably appoints the Board of Directors of Catheter Precision, Inc. (the "**Company**") and any representative designated by such Board, as the undersigned's proxy with full power of substitution, to vote for the undersigned and on the undersigned's behalf all of the Shares at all stockholder meetings of the Company and other votes of the Company's stockholders held or taken after the date hereof with respect to any matter, including without limitation the public offering of the Company's shares, election of directors, acquisition of the Company (by merger, sale of assets or shares or otherwise) or change in control in the Company, and irrevocably appoints the Board of Directors and any representative designated by such Board to sign any actions by written consent of the Company's stockholders taken after the date hereof on behalf of all of the Company's Shares to effect the above.

"**Shares**" means Company's shares issued upon exercise of options granted to the undersigned under this Non-Plan Stock Option Grant.

This Proxy shall expire immediately before the completion of an initial public offering by the Company of its shares pursuant to the Securities Act of 1933.

The undersigned agrees that (i) in addition to all other legal or equitable remedies available, injunctive relief and specific performance may be utilized in the event of the breach or threatened breach of this Proxy, (ii) if any provision of this Proxy shall be held to be invalid under applicable law, such provision shall be effective only to the extent of such invalidity and without invalidating the remainder of such provision or the other provisions in this Proxy, and (iii) the certificates evidencing its shares in the Company, issued upon exercise of options granted under this Non-Plan Stock Option Grant, will bear the following legend in addition to any other legends required under any agreement or applicable law: **"THESE SECURITIES ARE SUBJECT TO A PROXY, A COPY OF WHICH IS AVAILABLE AT THE CORPORATION'S PRINCIPAL OFFICE".**

This Proxy is granted in connection with the exercise of an option granted to the undersigned of the Company pursuant to and in accordance with this Non-Plan Stock Option Grant and is coupled with an interest. The undersigned further agrees that this Proxy (i) shall survive the undersigned's merger or dissolution, (ii) is binding upon the successors and assignees (by operation of law or otherwise, whether for value or without value) of the undersigned's shares in the Company, (iii) is governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles, (iv) supersedes and replaces any prior oral or written proxies or amendments thereto which may have been executed by the undersigned with respect to the Company's securities, and (v) is for the benefit of the Company and its stockholders and may be enforced by the Company or any of its stockholders.

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| |
|:---|
| Name of Stockholder: |
| Signature of Stockholder: |
| Date: |

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## Exhibit 10.32

#### Exhibit 10.32
SOFTWARE AND TECHNOLOGY LICENSE AGREEMENT BETWEEN

CATHETER ROBOTICS, INC. AND

PEACS, BV

Dated May 1st, 2016

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp; Section 1 | &nbsp;&nbsp; DEFINITIONS | 1 |
| &nbsp;&nbsp; Section 2 | &nbsp;&nbsp; GRANT OF LICENSE | 3 |
| &nbsp;&nbsp; Section 3 | &nbsp;&nbsp; SUB-LICENSES | 4 |
| &nbsp;&nbsp; Section 4 | &nbsp;&nbsp; ISSUANCE OF STOCK AND FEES | 4 |
| &nbsp;&nbsp; Section 5 | &nbsp;&nbsp; CONFIDENTIALITY | 5 |
| &nbsp;&nbsp; Section 6 | &nbsp;&nbsp; PROTECTION OF INTELLECTUAL PROPERTY | 7 |
| &nbsp;&nbsp; Section 7 | &nbsp;&nbsp; INDEMNIFICATION | 11 |
| &nbsp;&nbsp; Section 8 | &nbsp;&nbsp; REPRESENTATI ONS | 11 |
| &nbsp;&nbsp; Section 9 | &nbsp;&nbsp; TRADEMARK | 11 |
| &nbsp;&nbsp; Section 10 | &nbsp;&nbsp; TERM OF AGREEMENT | 12 |
| &nbsp;&nbsp; Section 11 | &nbsp;&nbsp; NOTICES | 12 |
| &nbsp;&nbsp; Section 12 | &nbsp;&nbsp; SEVERABI LITY | 12 |
| &nbsp;&nbsp; Section 13 | &nbsp;&nbsp; GOVERNING LAW | 12 |
| &nbsp;&nbsp; Section 14 | &nbsp;&nbsp; ENTIRE AGREEMENT | 12 |
| &nbsp;&nbsp; Section 15 | &nbsp;&nbsp; WAIVERS | 12 |
| &nbsp;&nbsp; Section 16 | &nbsp;&nbsp; CUMULATIVE RIGHTS | 13 |
| &nbsp;&nbsp; Section 17 | &nbsp;&nbsp; HEADINGS | 13 |
| &nbsp;&nbsp; Section 18 | &nbsp;&nbsp; SUCCESSORS AND ASSIGNS | 13 |
| &nbsp;&nbsp; Section 19 | &nbsp;&nbsp; AMENDMENTS | 13 |
| &nbsp;&nbsp; Section 20 | &nbsp;&nbsp; COUNTERPARTS | 13 |
| &nbsp;&nbsp; Section 21 | &nbsp;&nbsp; CHOICE OF DISPUTE FORUM | 14 |
|  | &nbsp;&nbsp; SIGNATURES | 15 |
| &nbsp;&nbsp; EXHIBIT A | &nbsp;&nbsp; INTELLECTUAL PROPERTY EXHIBIT | 16 |

---

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SOFTWARE AND TECHNOLOGY LICENSE AGREEMENT

THIS SOFTWARE AND TECHNOLOGY LICENSE AGREEMENT (this "Agreement") is made and entered into the pt day of May, 2016 (the "Effective Date") by and between Peacs BV, a Netherlands corporation organized and existing under the laws of the Netherlands and having its principal offices at Herkenboschstraat 42 6845 HN Arnhem, Netherlands, (hereinafter "Peacs") and Catheter Robotics, Inc., a corporation existing under the laws of the State of Delaware and having its principal offices at 500 International Drive Suite 255, Budd Lake, NJ 07828 (hereinafter "Catheter Robotics"). Peacs and Catheter Robotics are individually referred to as a "Party" and collectively as the "Parties".

RECITALS

WHEREAS, Peacs is the owner of certain Confidential Information, Intellectual Property, Inventions, Proprietary Information, and Software (collectively referred to in this Agreement as the "Technology") related to Products known as the VIVO cardiac isochrones positioning system ("CIPS"); and

WHEREAS, Catheter Robotics is engaged in the business of developing, manufacturing and selling products, including products similar to the Products, and has the facilities and expertise for the production and sale of the Products; and

WHEREAS, Catheter Robotics wishes to license the Technology, and Peacs desires to grant a license to the Technology to Catheter Robotics, to develop, manufacture, distribute and sell Products in accordance with the terms and conditions set forth in this Agreement; and

WHEREAS, Peacs and Catheter Robotics desire to enter into this Agreement under the terms and conditions set forth herein to accomplish such ends.

NOW, THEREFORE, for and in consideration of the foregoing and of the mutual promises, covenants and agreements herein contained and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the Parties hereto, the Parties agree as follows:

1. DEFINITIONS.Unless otherwise specifically provided herein, the following terms shall have the following meanings:

a) "Confidential Information" means any and all knowledge, data or information not disclosed to the general public by a Party ("Disclosing Party") regarding its technology or business and that is disclosed or otherwise made available to the other Party ("Receiving Party") pursuant to or in connection with this Agreement, including any Confidential Information which the Disclosing Party disclosed to the Receiving Party prior to the Effective Date of this Agreement. Confidential Information includes, but is not limited to: (a) all Software, Proprietary Information, the specifications (including any modifications) for the Products, trade secrets, know how and processes and (b) information regarding a Disclosing Party's methods of conducting its business, including business plans, forecasts and projections, customer lists and pricing information.

**b)** **"Exploit" or "Exploitation" means to make, have made, import, use, sell, or offer for sale, including to research, develop, commercialize, register, modify, enhance, improve, manufacture, have manufactured, hold, or keep (whether for disposal or otherwise), formulate, optimize, have used, export, transport, distribute, promote, market, or have sold or otherwise dispose of.** 

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**c)** **"Field of Use" means the localization of the origin of cardiac activation for the electrophysiology treatment and/or detection of cardiac arrhythmias.** 

**d)** **"Intellectual Property" means collectively, all of the following worldwide tangible and intangible rights relating to the business of Peacs or any of its Products, including those existing or acquired by ownership, license or other legal operation, whether or not filed, perfected, registered or recorded, existing as of the date hereof or during the term of this Agreement in or to: (i) all national, regional and international patents, patent applications, including any provisional patent applications, patent disclosures and related patent rights, all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from any of these, including any and all continuations, divisions, continuations-in-part, provisionals, reissues, reexaminations, or extensions or restorations thereof which have been filed, issued or acquired by Peacs (the "Patent Rights"); (ii) rights associated with works of authorship including, but not limited to, copyrights, moral rights, rights relating to copyright applications and copyright registrations, and rights to prepare derivative works, owned or controlled by Peacs as of the date hereof or at any time during the term of this Agreement (the "Copyright Rights"); (iii) all trademarks, trade dress, trade names, logos, domain names, and service marks, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, reservations, and renewals in connection therewith; whether or not registered (the "Trademark Rights"); (iv) all trade secrets and know-how; (v) all rights relating to the protection of the foregoing; and (vi) all rights to sue or make any claims for any past, present or future infringement, misappropriation or unauthorized use of the any of the foregoing rights and the right to all income, royalties, damages and other payments that are now or may hereafter become due or payable with respect to any of the foregoing rights, including damages for past, present or future infringement, misappropriate or unauthorized use thereof, including, without limitation, the intellectual property set forth on Exhibit A.** 

e) **"Inventions"** means discoveries, concepts, and ideas, whether patentable or copyrightable or not, including but not limited to improvements, know-how, data, processes, methods, formulae, and techniques, as well as improvements thereof or know-how related thereto, concerning any past, present or prospective activities of a Party, which any person has made or may make, discover or conceive (whether or not during the period of his engagement or with the use of a Party's facilities, materials or personnel), either solely or jointly with others during his engagement with such Party or any affiliate and, if based on or related to the Intellectual Property, the Proprietary Information or the Products, at any time, including, without limitation, the inventions set forth on Exhibit A.

**f)** **"Products" means all products and services that use non-invasive or invasive tools, instruments and/or diagnostics to provide inputs to generate activation maps, including (i) those that are used to localize the origin of cardiac activation for the electrophysiological treatment, detection and/or prevention of cardiac arrhythmias, and/or (ii) any product or service that relates in any manner or utilizes any portion of the Technology.** 

g) **"Proprietary Information"** means any and all methods, inventions, improvements or discoveries, whether or not patentable or copyrightable, and any other information of a similar nature related to the business or Products of Peacs or Catheter Robotics disclosed to any person or otherwise made known to any such person as a consequence of or through such person's relationship or engagement by Peacs or Catheter Robotics, as applicable, (including information originated by such person) in any technological area previously developed by Peacs or Catheter Robotics or developed, engaged in, or

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researched, by Peacs or Catheter Robotics during the term of such person's relationship or engagement with Peacs or Catheter Robotics, including, but not limited to, trade secrets, invention records, research records and reports, engineering and technical data, designs, production specifications, processes, methods, procedures, facilities and know-how.<br>

**h)** **"Software" means, to the extent owned, used, controlled, marketed, designed, sold, licensed by, supported, maintained or under development or design by or on behalf of Peacs or licensed to or with respect to which rights are granted to Peacs, in whole or in part, any and all computer programs, operating systems, applications, firmware, middleware, or software of any nature (other than off-the-shelf software), whether operational, under development or inactive including all object code, source code, comment code, algorithms, tools, build, underlying components thereof, menu structures and arrangements, icons, operational instructions, scripts, commands, syntax, screen designs, reports, designs, concepts, technical manuals, test scripts, user manuals and other documentation therefor, whether in machine-readable form, programming language or any other language or symbols, and whether stored, encoded, recorded or written on disk, tape, film, memory device, paper or other media of any nature and all databases necessary or appropriate to operate any such computer programs, operating systems, applications, firmware, middleware, or software, including the software set forth on Exhibit A.** 

**i)** **"Territory" shall mean the world.** 

**2.**  **<u>GRANT OF LICENSE</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>License G</u>rant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Peacs hereby grants to Catheter Robotics, subject to the terms, covenants, conditions and limitations set forth in this Agreement, a perpetual, sole and exclusive (including with regard to Peacs and its affiliates (but subject to Section 2.l (e)) right and license, with the right of sublicense as set forth in Article 3 below, in, under and to the Intellectual Property, Software, Peacs' Inventions, Peacs' Proprietary Information and Peacs' Confidential Information to Exploit Products throughout the Territory in the Field of Use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The license grant pursuant to Section 2.1(a) includes (i) the right to install, access, use, modify, create derivative works of, copy, redeploy and transport the Software, including multiple versions or releases of the foregoing and the right to interface the Software with other software modules and (ii) the right to incorporate any of the Technology into a Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The license grant pursuant to Section 2.l (a) includes, to the extent useful or necessary for the Exploitation of Products, the right to use any Intellectual Property, Software, Peacs' Inventions, Peacs' Proprietary Information and/or Peacs' Confidential Information and any other know-how, technical information, processes, techniques and other information owned or controlled by Peacs or its affiliates at any time during the term of this Agreement, including any and all improvements, modifications, enhancements and/or derivatives of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as Peacs may be required to grant at the expiration or termination of the Alvale Agreement, during the term of this Agreement, Peacs shall not utilize for itself or grant any other person or entity a right or license and shall not appoint another licensee to utilize the Technology in the Field of Use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything in this Agreement, Peacs retains such rights under the Intellectual Property, Software, Peacs' Inventions, Peacs' Proprietary Information and Peacs' Confidential Information as may be necessary for Peacs to continue to grant such access

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rights and licenses, and perform its obligations, under that certain Agreement Alvale Project by and among Peacs, University Hospital Basel, Schiller AG, INSER, University of Lorraine and CHRU de Nancy, dated October 6, 2015 (the **"Alvale Agreement").** To the extent that a party to the Alvale Agreement exercises its rights to obtain a license to exploit the Background and Foreground (as defined in the Alvale Agreement), the terms of any such license agreement shall be subject to the prior written consent of Catheter Robotics, and the terms of any such license shall indicate that (i) the license does not include any right to any mapping rights that have been refined to individualized complex hearts, (ii) the license does not include any right to anything that could be construed to be used as a specific predictor for guidance in an invasive procedure, and (i ii) the license rights shall not be sublicensable; provided such consent cannot be withheld if such would cause Peacs to be in violation of the Alvale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Provision of T</u>echnology. Promptly after the Effective Date and promptly upon the creation of any Inventions, improvements, enhancements, modifications and/or upgrades to the Technology, Peacs shall provide to Catheter Robotics a tangible copy (including in electronic form) and transfer to Catheter Robotics the Technology (including the Software in object code and source code and all operational, technical and programming notes and instructions for the Software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Bankruptcy C</u>ode. Catheter Robotics and Peacs acknowledge that the license rights granted to Catheter Robotics under this Agreement shall be considered "rights to intellectual property" under Section 365(n) of the United States Bankruptcy Act.

3. SUBLICENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Ability to Subl</u>icense. Subject to this Article, Catheter Robotics may grant written sublicenses to the licensed rights granted in and Sections 2.1(a) and 2.1(b) above provided that each sublicense contains a provision that such sublicense and the rights thereby granted are personal to the sublicensee thereunder and such sublicense cannot be further assigned or sublicensed. Catheter Robotics agrees to deliver to Peacs a true and correct copy of each and every sublicense agreement entered into by Catheter Robotics within thirty (30) days after execution thereof (which may be redacted for confidentiality), and shall promptly advise Peacs in writing of any modification (and supply same) or termination of each sublicense agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Conditions of S</u>ublicense. Any sublicense granted pursuant to this Article shall be in accordance with and subject to the terms, conditions and limitations of this Agreement, including but not limited to the same protection for Peacs' Proprietary Information set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3Responsibility for Sublicenses. Catheter Robotics acknowledges and agrees that (i) the use of a sublicense shall not relieve it of any of its obligations, duties or limitations under this Agreement; and (ii) any action or omission of a sublicense shall have the same consequence or effect as if such action or omission was Catheter Robotics' own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>ISSUANCE OF STOCK AND P</u>AYMENTS. Catheter Robotics will pay the following amounts to Peacs, as the sole and entire compensation for the granting of the rights and licenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Issuance of Common S</u>tock. Within ten (10) days after the Effective Date, Catheter Robotics will issue Peacs 100,000 shares of Catheter Robotics' common stock, fully paid-up. The issuance of such shares to Peacs will be pursuant to a Stock Purchase Agreement as well as other related agreements among stockholders, the forms of which have already been agreed to by the existing stockholders of Catheter. Peacs' equity interest in Catheter Robotics will be pari passu to any other holder of common stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2Second Issuance of <u>C</u>ommon Stock. Within ten (10) days after the expiration or earlier termination of the Alvale Agreement, Catheter Robotics will issue Peacs 200,000 shares of Catheter Robotics' common stock, fully paid-up; provided, however, if, pursuant to the terms of the Alvale Agreement, Peacs grants a license under, in or to any Technology in the Field of Use to any party to the Alvale Agreement, Catheter Robotics shall have no obligation to issue to Peacs any of the additional 200,000 shares pursuant to this Section 4.2. The issuance of such shares to Peacs will be pursuant to a Stock Purchase Agreement as well as other related agreements among stock holders, the forms of which have already been agreed to by the existing stock holders of Catheter. Peacs' equity interest in Catheter Robotics will be pari passu to any other holder of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Payment for S</u>ublicensees. In the event that Catheter Robotics grants a sublicense under the Technology to a third party (a) to enable that third party to make Products and/or (b) to incorporate a Catheter Robotics' Product into such third party's products, Catheter Robotics shall pay to Peacs an amount equal to twenty-five percent (25%) of the annual net revenues Catheter Robotics receives from such third party as a result of such sublicense. For the avoidance of doubt, the foregoing shall not include any sublicenses to a third party to sell or distribute a Catheter Robotics' Product (e.g., distributors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Change of Control F</u>ee. In the event that (a) Catheter Robotics undergoes a Change of Control, (b) the aggregate proceeds available to Catheter Robotics shareholders is in excess of $25,000,000 and (c) Peacs has not granted a license under, in or to any Technology in the Field of Use to any party to the Alvale Agreement pursuant to the terms of the Alvale Agreement, then Catheter Robotics agrees to pay to Peacs an amount equal to $1,000,000 less the cumulative consideration payable under the sale or merger agreement attributable to the common shares issued under Sections 4.1 and 4.2. For the avoidance of doubt, if the value of the common shares owned by Peacs is greater than $1,000,000 then Catheter Robotics shall not owe Peacs any additional amounts pursuant to this Section 4.4. For purposes of this Section 4.4, "Change of Control" means (i) the acquisition by a third party (not a holder of an equity interest in Catheter Robotics on the Effective Date or any affiliate of such person) of ownership or control of more than 50% of equity interests having the power to vote in the election of the Board of Directors of Catheter Robotics, or (ii) the direct or indirect sale, transfer, conveyance or other disposition (including by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Catheter Robotics to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>T</u>axes. Peacs shall be liable for all taxes payable as a result of any consideration received under this Agreement.

**5.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1Technology Information. Peacs recognizes that by reason of Catheter Robotics' status as an exclusive licensee pursuant to the grants under Section 2.1(a), Catheter Robotics has an interest in Peacs's retention in confidence of certain information of Peacs. Accordingly, during the Term, Peacs shall, and shall cause its affiliates and its and their respective officers, directors, employees, and agents to, keep completely confidential, and not publish or otherwise disclose, and not use directly or indirectly for any purpose other than to fulfill Peacs's obligations, or exercise Peacs' rights under the Alvale Agreement any Proprietary Information or Confidential Information of Peacs relating to the Technology (the **"Technology Information");** except to the extent (x) the Technology Information is in the public domain through no fault of Peacs, its Affiliates or any of its or their respective officers, directors, employees, or agents; or (y) such disclosure or use is otherwise expressly permitted by the terms of this Agreement. For purposes of this Section 5, Catheter Robotics shall be deemed to be the Disclosing Party with respect to Technology Information and Peacs shall be deemed to be the Receiving Party with respect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>N</u>on-Disclosure. Each Party shall, and shall cause its officers, directors, employees and agents to, keep confidential and not publish or otherwise disclose to a third party and not use, directly or indirectly, for any purpose, any Confidential Information or Proprietary Information furnished or otherwise made known to it, directly or indirectly, by the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement or is reasonably necessary or useful for the performance of, or the exercise of such Party's rights under, this Agreement. Notwithstanding any state or federal law governing Trade Secrets, all Proprietary Information shall be maintained in confidence by the Receiving Party for the longer of: 1) three (3) years from the expiration of the original term of this Agreement, or 2) the expiration of all Patents related to the Invention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Return of I</u>nformation. Upon termination of this Agreement, the Receiving Party shall return or destroy all documents or materials embodying the Proprietary Information or Confidential Information of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Permitted D</u>isclosures. Each Party may disclose Proprietary Information or Confidential Information to the extent that such disclosure is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the reasonable opinion of the Receiving Party's legal counsel, required to be disclosed pursuant to law, regulation or a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental body of competent jurisdiction; provided, however, that the Receiving Party shall first have given prompt written notice to the Disclosing Party and given the Disclosing Party a reasonable opportunity to take whatever action it deems necessary to protect its Proprietary Information or Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)made by or on behalf of the Receiving Party to the regulatory authorities as required in connection with any filing, application or request for regulatory approval for a Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)made to its financial and legal advisors who have a need to know such Disclosing Party's Proprietary Information or Confidential Information and are either under professional codes of conduct giving rise to expectations of confidentiality and non-use or under written agreements of confidentiality and non-use, in each case, at least as restrictive as those set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)made by the Receiving Party to potential or actual investors or acquirers as may be necessary in connection with their evaluation of such potential or actual investment or acquisition; provided, however, that such persons shall be subject to obligations of confidentiality and non-use with respect to such Proprietary Information or Confidential Information substantially similar to the obligations of confidentiality and non-use of the Receiving Party pursuant to this Article 5; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)made by Catheter Robotics or sublicensees to its or their employees, advisors, consultants, clinicians, vendors, service providers, contractors, existing or prospective collaboration partners, licensees, sublicensees, or other third parties as may be necessary or useful in connection with the Exploitation of the Products, or otherwise in connection with the performance of its obligations or exercise of its rights as contemplated by this Agreement; provided, however, that such persons shall be subject to obligations of confidentiality and non use with respect to such Proprietary Information or Confidential Information substantially similar to the obligations of confidentiality and non-use of the Receiving Party pursuant to this Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>E</u>xceptions. Proprietary Information or Confidential Information does not include information which:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is published or is otherwise in the public domain through no fault of the Receiving Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)prior to disclosure hereunder, can be demonstrated by the Receiving Party to have been in its possession prior to receipt under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is properly obtained by the Receiving Party without restriction from a third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)is independently developed by or for the Receiving Party without reliance, direct or indirect, on such information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)is disclosed by the Receiving Party to a third party with the written approval of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6Disclosure for Alvale Agreement. Peacs under the terms of the Alvale Agreement shall be explicitly obliged to share with or disclose to Peacs' contractual partners under the Alvale Agreement under the condition that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Peacs shall be obliged to inform Catheter Robotics of an obligation to share or disclose of Proprietary Information or Confidential Information relating to this Agreement or to Catheter Robotics, as well as of the detailed and specified items of such Proprietary Information or Confidential Information that will be subject to such sharing or disclosure beforehand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Peacs has made sure that Peacs' parties to the Alvale Agreement have agreed and declared unconditionally and irrevocably in writing towards Peacs to keep the Proprietary Information or Confidential Information to be shared of disclosed by Peacs strictly secret at all times.

**6.** **PROTECTION OF INTELLECTUAL PROPERTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Ownership of Intellectual P</u>roperty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Ownership of T</u>echnology. Subject to the terms of the Consulting Agreement to be entered between the Parties, as between the Parties, each Party shall own and retain all right, title, and interest in and to any and all Proprietary Information and Inventions that are conceived, discovered, developed, or otherwise made by or on behalf of such Party (or its affiliates or sublicensees) under or in connection with this Agreement, whether or not patented or patentable, and any and all Intellectual Property rights with respect thereto, except to the extent that any such Proprietary Information or Invention or any Intellectual Property rights with respect thereto, is Joint Know-How or Joint Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Ownership of Joint Patents and Joint K</u>now-How. Subject to the terms of the Consulting Agreement to be entered between the Parties, as between the Parties, the Parties shall each own an equal, undivided interest in any and all (i) Proprietary Information and Inventions that are conceived, discovered, developed or otherwise made jointly by or on behalf of Peacs or its affiliates or sublicensees, on the one hand, and Catheter Robotics or its affiliates, on the other hand, in connection with the work conducted under or in connection with this Agreement, in each case whether or not patented or patentable (the **"Joint Inventions"),** and (ii) Patents (the **"Joint Patents")** and other Intellectual Property rights with respect to the Proprietary Information and

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Inventions described in clause (i) (together with Joint Inventions and Joint Patents, the **"Joint Intellectual Property Rights").** Subject to the exclusive licenses granted by Peacs to Catheter Robotics under Section 2.l (a), each Party shall have the right to Exploit the Joint Intellectual Property Rights without a duty of seeking consent or accounting to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Maintenance and Prosecution of P</u>atents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Patent Prosecution and Maintenance of Peacs' Patents R</u>ights. In consultation with Catheter Robotics, Peacs shall have the right, but not the obligation, through the use of internal or outside counsel reasonably acceptable to Catheter Robotics, to prepare, file, prosecute, and maintain the Peacs' Patent Rights worldwide, at Peacs' sole cost and expense; provided, however, if after the expiration or earlier termination of the Alvale Agreement, Peacs has not granted a license under, in or to any Technology in the Field of Use to any party to the Alvale Agreement, Catheter Robotics shall reimburse Peacs for the reasonable costs of maintaining the Patent Rights in the Field of Use from and after the expiration or termination of the Alvale Agreement. Peacs shall keep Catheter Robotics fully informed of all steps with regard to the preparation, filing, prosecution, and maintenance of Peacs' Patent Rights, including by providing Catheter Robotics with a copy of material communications to and from any patent authority regarding such Peacs' Patent Rights, and by providing Catheter Robotics drafts of any material filings or responses to be made to such patent authorities sufficiently in advance of submitting such filings or responses so as to allow for a reasonable opportunity for Catheter Robotics to review and comment thereon. Peacs shall consider in good faith the requests and suggestions of Catheter Robotics with respect to such Peacs drafts and with respect to strategies for filing and prosecuting the Peacs' Patent Rights. Notwithstanding the foregoing, Peacs shall promptly inform Catheter Robotics of any adversarial patent office proceeding or sua sponte filing, including a request for, or filing or declaration of, any interference, opposition, or reexamination relating to a Peacs' Patent Right.The Parties shall thereafter consult and cooperate to determine a course of action with respect to any such proceeding and Peacs shall consider in good faith all comments, requests and suggestions provided by Catheter Robotics. Peacs shall not initiate any such adversarial patent office proceeding relating to a Peacs' Patent Right without first consulting Catheter Robotics. In the event that Peacs decides not to prepare, file, prosecute, or maintain a Peacs' Patent Right in a country or other jurisdiction, Peacs shall provide reasonable prior written notice to Catheter Robotics of such intention (which notice shall, in any event, be given no later than sixty (60) days prior to the next deadline for any action that may be taken with respect to such Peacs' Patent Right in such country or other jurisdiction), Catheter Robotics shall thereupon have the option, in its sole discretion, to assume the control and direction of the preparation, filing, prosecution, and maintenance of such Peacs' Patent Right at its expense in such country or other jurisdiction.Upon Catheter Robotics' written acceptance of such option, all right and title to such Peacs' Patent Right in such country or other jurisdiction shall be transferred to Catheter Robotics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Patent Prosecution and Maintenance of Joint P</u>atents. Catheter Robotics shall have the right, but not the obligation, to prepare, file, prosecute, and maintain the Joint Patents worldwide, at Catheter Robotics' sole cost and expense. Catheter Robotics shall keep Peacs informed of all steps with regard to the preparation, filing, prosecution, and maintenance of Joint Patents, including by providing Peacs with a copy of material communications to and from any patent authority regarding such Joint Patents, and by providing Peacs drafts of any material filings or responses to be made to such patent authorities sufficiently in advance of submitting such filings or responses so as to allow for a reasonable opportunity for Peacs to review and comment thereon. In the event that Catheter Robotics decides not to prepare, file, prosecute, or maintain a Joint Patent in a country or other jurisdiction, Catheter Robotics shall provide reasonable prior written notice to Peacs of such intention (which notice shall, in any event, be given no later than sixty (60) days prior to the next deadline for any action that may be taken with respect to such Joint Patent in such country or other jurisdiction), and Peacs shall thereupon have

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the option, in its sole discretion, to assume the control and direction of the preparation, filing, prosecution, and maintenance of such Joint Patent at its expense in such country or other jurisdiction. Upon Peacs's written acceptance of such option, Peacs shall assume the responsibility and control for the preparation, filing, prosecution, and maintenance of such specific Joint Patent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Cooperation. The Parties agree to cooperate fully in the preparation, filing, prosecution, and maintenance of the Peacs' Patent Rights and Joint Patents under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Enforcement of P</u>atents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Enforcement of Peacs' Patent Rights. Each Party shall promptly notify the other Party in writing of any alleged or threatened infringement of the Peacs' Patent Rights by a third party of which such Party becomes aware (including alleged or threatened infringement based on the development, commercialization, or an application to market a product in the Field of Use (the "Product Infringement")). Catheter Robotics shall have the first right, but not the obligation, to prosecute any Product Infringement (the "Catheter Robotics Prosecuted Infringements") and Catheter Robotics shall retain control of the prosecution of such claim, suit or proceeding. In the event Catheter Robotics prosecutes any Catheter Robotics Prosecuted Infringement, Peacs shall have the right to join as a party to such claim, suit, or proceeding and participate with its own counsel at its own expense; provided that Catheter Robotics shall retain control of the prosecution of such claim, suit, or proceeding. If Catheter Robotics does not take commercially reasonable steps to prosecute a Catheter Robotics Prosecuted Infringement (A) within ninety (90) days following the first notice provided above with respect to the Catheter Robotics Prosecuted Infringement, or (B) provided such date occurs after the first such notice of the Catheter Robotics Prosecuted Infringement is provided, ten (10) business days before the time limit, if any, set forth in appropriate laws and regulations for filing of such actions, _whichever comes first, then Peacs may prosecute the Catheter Robotics Prosecuted Infringement at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Enforcement of Joint P</u>atents. Each Party shall promptly notify the other Party in writing of any alleged or threatened infringement of the Joint Patents of which such Party becomes aware. Catheter Robotics shall have the first right, but not the obligation, to prosecute any such infringement and Catheter Robotics shall retain control of the prosecution of such claim, suit or proceeding. In the event Catheter Robotics prosecutes any such infringement, Peacs shall have the right to join as a party to such claim, suit or proceeding in the Territory and participate with its own counsel at its own expense; provided that Catheter Robotics shall retain control of the prosecution of such claim, suit or proceeding. If Catheter Robotics does not take commercially reasonable steps to prosecute the alleged or threatened infringement with respect to such Joint Patents (i) within ninety (90) days following the first notice provided above with respect to such alleged infringement, or (ii) provided such date occurs after the first such notice of infringement is provided, ten (10) business days before the time limit, if any, set forth in appropriate laws and regulations for filing of such actions, whichever comes first, then Peacs may prosecute the alleged or threatened infringement at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Cooperation. The Parties agree to cooperate fully in any infringement action pursuant to this Section 6.3. Where a Party brings such an action, the other Party shall, where necessary, furnish a power of attorney solely for such purpose or shall join in, or be named as a necessary party to, such action. Unless otherwise set forth herein, the Party entitled to bring any patent infringement litigation in accordance with this Section 6.3 shall have the right to settle such claim; provided that neither Party shall have the right to settle any patent infringement litigation under this Section 6.3 in a manner that diminishes or has a material adverse effect on the rights or interest of the other Party, or in a manner that imposes any costs or liability on, or involves any admission by, the other Party, without the express written consent of such other Party. The Party

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commencing the litigation shall provide the other Party with copies of all pleadings and other documents filed with the court and shall consider reasonable input from the other Party during the course of the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Recovery. Any recovery realized as a result of such litigation described in this Section 6.3 (whether by way of settlement or otherwise) shall be first, allocated to reimburse the Parties for their costs and expenses in making such recovery (which amounts shall be allocated pro rata if insufficient to cover the totality of such expenses). Any remainder after such reimbursement is made shall be retained by the Patty that has exercised its right to bring the enforcement action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Infringement Claims by Third P</u>arties. If the manufacture, sale, or use of a Product pursuant to this Agreement results in, or may result in, any claim, suit, or proceeding by a third party alleging patent infringement by Catheter Robotics, Catheter Robotics shall promptly notify Peacs thereof in writing. Catheter Robotics shall have the first right, but not the obligation, to defend and control the defense of any such claim, suit, or proceeding at its own expense, using counsel of its own choice. Peacs may participate in any such claim, suit, or proceeding with counsel of its choice at its own expense. Without limitation of the foregoing, if Catheter Robotics finds it necessary or desirable to join Peacs as a party to any such action, Peacs shall execute all papers and perform such acts as shall be reasonably required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Invalidity or Unenforceability Defenses or A</u>ctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>N</u>otice. Each Party shall promptly notify the other Party in writing of any alleged or threatened assertion of invalidity or unenforceability of any of the Peacs' Patent Rights or Joint Patents by a third party of which such Party becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Peacs' Patent R</u>ights. Peacs shall have the first right, but not the obligation, to defend and control the defense of the validity and enforceability of the Peacs' Patent Rights at its own expense. Catheter Robotics may participate in any such claim, suit, or proceeding with counsel of its choice at its own expense; provided that Peacs shall retain control of the defense in such claim, suit, or proceeding. If Peacs elects not to defend or control the defense of the Peacs' Patent Rights in a suit brought, or otherwise fails to initiate and maintain the defense of any such claim, suit, or proceeding, then Catheter Robotics may conduct and control the defense of any such claim, suit, or proceeding at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Joint Patents. Catheter Robotics shall have the first right, but not the obligation, to defend and control the defense of the validity and enforceability of the Joint Patents. Peacs may participate in any such claim, suit, or proceeding with counsel of its choice at its own expense; provided that Catheter Robotics shall retain control of the defense in such claim, suit, or proceeding. If Catheter Robotics elects not to defend or control the defense of the Joint Patents, or otherwise fails to initiate and maintain the defense of any such claim, suit, or proceeding, then Peacs may conduct and control the defense of any such claim, suit, or proceeding, at its own expense; provided, however, that Peacs shall obtain the written consent of Catheter Robotics prior to settling or compromising such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Cooperation. Each Party shall assist and cooperate with the other Party as such other Party may reasonably request from time to time in connection with its activities set forth in this Section 6.5, including by being joined as a party plaintiff in such action or proceeding, providing access to relevant documents and other evidence, and making its employees available at reasonable business hours. In connection with any such defense or claim or counterclaim, the controlling Party shall consider in good faith any comments from the other Party and shall keep the other Party reasonably informed of any steps taken, and shall provide copies of all documents filed,

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in connection with such defense, claim, or counterclaim. In connection with the activities set forth in this Section 6.5, each Party shall consult with the other as to the strategy for the defense of the Peacs Patents and Joint Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6<u>Inventor's R</u>emuneration. Each Party shall be solely responsible for any remuneration that may be due such Party's inventors under any applicable inventor remuneration laws.

7. **INDEMNIFICATION** 

Each Party (the **"Indemnitor")** shall indemnify, defend and hold harmless the other and its affiliates and its and their respective directors, officers, employees, and agents (the **"Indemnitee")** from and against any from and against any and all losses, damages, liabilities, penalties, costs, and expenses (including, but not limited to, expenses of investigation, settlement, litigation and attorney's fees incurred in connection therewith) (collectively, "Losses") in connection with any and all suits, investigations, claims, or demands of third parties (collectively, **"Third Party Claims")** .incurred by or rendered against the Indemnitees arising from or occurring as a result of: (i) the breach by the Indemnitor of any representation or warranty made or given by the Indemnitor herein or any other term or condition therein to be performed by Indemnitor, or (ii) the negligence or willful misconduct of the Indemnitor, its agents or employees. The indemnification obligations stated in this Agreement shall survive the expiration or termination of this Agreement.

**8.** **REPRESENTATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1Peacs represents that it has full right, power and authority to enter into, execute, deliver and perform its obligations under this Agreement and to grant all of the right and interest in the Product and Technology. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby by Peacs have been duly authorized by all necessary corporate action. This Agreement constitutes the legal, valid and binding agreement of Peacs, enforceable against it in accordance with its terms. Neither the execution, delivery and performance of this Agreement nor the consummation or performance of any of the transactions contemplated hereby by Peacs will directly or indirectly (with or without notice or lapse of time) (a) contravene, conflict with or result in a violation of any of the provisions of the articles or certificate of incorporation, bylaws or other organizational documents of Peacs or (b) contravene, conflict with or result in a violation or breach of, or result in a default under, any provision of, any agreement or contract to which Peacs is a party or by which it is bound or by which any of the Technology is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2Peacs represents that it has no actual knowledge, at the time of execution of this Agreement, that the Product infringes any U.S. or foreign patent or copyright rights owned or controlled by any third party. And while Peacs may have searched and reviewed some prior art to determine whether or not to apply for a letter patent but not for patentability of the Technology, and would be willing to share the results of such searches with Catheter Robotics upon Catheter Robotics' s written request, Catheter Robotics understands and acknowledges that it is Catheter Robotics' sole responsibility to perform their own prior art searches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3Peacs represents that is has no actual knowledge, at the time of execution of this Agreement, that any third party would infringe any patent claims of the Technology, now pending.

**9.** **TRADEMARK** 

Except for the purposes of identifying the Invention or Know-how, no right, title, interest or license

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to any trademark or service mark, is granted to Catheter Robotics.

**10.**  **<u>TERM OF THE AGREEMENT</u>** 

This Agreement shall commence on the Effective Date of this Agreement and shall continue for a period of five years thereafter (the "Initial Term"). This Agreement shall be automatically renewed for successive automatic five year renewal terms ("Renewal Terms"), **in** perpetuity, unless Catheter Robotics shall provide Peacs, in writing, of its intention not to renew the Agreement, said notice to be provided at least ninety (90) days prior to the expiration of the then in-effect Term.

Peacs may terminate this Agreement, (a) in the event that Catheter Robotics does not issue Peacs the shares of Catheter Robotics' common stock pursuant to Section 4.1 or (b) in the event Catheter Robotics has an obligation to issue Peacs shares of Catheter Robotics' common stock pursuant to Section 4.2 and Catheter Robotics does not so issue such share; provided that, in either case, Peacs provides written notice to Catheter Robotics of such failure and Catheter Robotics does not issue such shares within sixty (60) days after the receipt of such written notice from Peacs.

Notwithstanding the foregoing, the obligations of the Parties under Articles 5, 6 and 7 shall survive any termination of this Agreement.

**11.** **NOTICES** 

All notices required or permitted under this Agreement shall be in writing and shall be delivered personally, by courier, by facsimile transmission or sent by certified registered mail to Catheter Robotics or Peacs at the addresses set forth below:

Attention: President Catheter Robotics, Inc. 500 International Drive Budd Lake NJ 07828 Attention: Joerg Finger Peacs, BY Herkenboschstraat 42 Arnhem 6845 HN, NL <br> Phone: 973-691-2000 Phone: <br> Fax: 973-691-7573 Fax:

12. SEVERABILITY

If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

13. GOVERNING LAW

This Agreement shall be construed in accordance with the substantive laws of the State of New Jersey, U.S.A. (without giving effect to any provisions thereof concerning choice of law).

14. <u>ENTIRE AGREEMENT</u> 

This Agreement is the complete and exclusive statement between the Parties relating to the subject matter hereof, and supersedes all prior understandings, communications, or representations, either oral or written, between the Parties. This Agreement may not be modified or altered except by a written instrument duly executed by Catheter Robotics and Peacs.

15. WAIVERS.

No delay on the part of any Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof. Nor shall any waiver on the part of any Party of any such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any

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further exercise thereof or the exercise of any other such right, power or privilege.

The rights and remedies of any Party based upon, arising out of or otherwise in respect of any inaccuracy in or breach by any other Party of any representation, warranty, covenant or Agreement contained in this Agreement shall in no way be limited by the fact that the act, omission, occurrence or other state of facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other representation, warranty, covenant or Agreement contained in this Agreement (or in any other Agreement between the Parties) as to which there is no inaccuracy or breach.

16. <u>CUMULATIVE RIGHTS</u> 

Unless expressly stated to the contrary elsewhere in this Agreement, all rights, powers and privileges conferred hereunder upon the Parties hereto shall be cumulative and not restrictive of those given by law.

17. HEADINGS

Article and Paragraph headings have been inserted herein for convenience of reference only and shall in no way modify or restrict any of the terms or provisions of this Agreement.

18. SUCCESSORS AND ASSIGNS

This Agreement and the terms, covenants, conditions, prov1s10ns, obligations, undertakings, rights and benefits hereof, shall be binding upon, and shall inure to the benefit of, the undersigned Parties and their respective heirs, executors, administrators, representatives, officers, directors, successors, agents, servants, employees, attorneys, and assigns. Without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned, or delayed, neither Party shall sell, transfer, assign, delegate, pledge, or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder; provided, however, that a Party may make such an assignment without the other Party's consent to its affiliate or to a successor, whether in a merger, sale of stock, sale of assets or any other transaction, of the business to which this Agreement relates. Any other purported assignment shall be null and void. This Agreement shall inure to the benefit of and bind the Parties hereto and their respective legal representatives, successors, and permitted assigns.

19. AMENDMENTS.

This Agreement may not be modified, amended, superseded, cancelled, renewed or extended, except in writing, signed by the Party or Parties to be bound thereby or signed by their respective attorneys.

20. COUNTERPARTS.

This Agreement may be executed in several counterparts by one or more of the undersigned and all such counterparts so executed shall together be deemed and constitute one final Agreement, as if one document had been signed by all Parties hereto; and each such counterpart shall be deemed an original, binding the Parties subscribed hereto and multiple signature pages affixed to a single copy of this Agreement shall be deemed to be a fully executed original Agreement. Several counterparts consisting of multiple copies hereof each signed by less than all Parties, but together signed by all Parties shall constitute and be deemed a fully executed original Agreement.

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21. <u>CHOICE OF DISPUTE FORUM</u> 

In case of any dispute arising out or in connection with this Agreement, which dispute cannot be solved amicably through negotiations between the Parties hereto, such dispute will be solely subject to arbitration by the Court of Arbitration of the International Chamber of Commerce (ICC) in accordance with the ICC's arbitration rules. The language of the arbitration proceedings shall be English and the place of the arbitration proceedings shall be Amsterdam, Netherlands.

Signature Page to Follow

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May 1, 2016

SIGNATURE PAGE TO SOFTWARE AND TECHNOLOGY LICENSE AGREEMENT BETWEEN CATHETER ROBOTICS, INC. AND PEACS, BV DATED May 1, 2016*.*

IN WITNESS WHEREOF, the Parties have set their hands and seals and duly executed this Agreement effective as of the date first above written.

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| | | | |
|:---|:---|:---|:---|
| PEACS BV | PEACS BV | CATHETER ROBOTICS, INC. | CATHETER ROBOTICS, INC. |
| By: | /s/ Peter M. van Dam | By: | /s/ David A. Jenkins |
| Title: | Director | Title: | President and Chief Executive Officer |

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#### May 1, 2016

#### EXHIBIT A

#### DESCRIPTION OF PRODUCTS AND LISTING OF INTELLECTUAL PROPERTY

#### Trademarks
The "CIPS" Trademark is registered in the following countries for the following classes

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Country | &nbsp;&nbsp; Nr. | &nbsp;&nbsp; Class 9 | &nbsp;&nbsp; Class 10 | &nbsp;&nbsp; Class 42 |
| &nbsp;&nbsp;&nbsp; Benelux | &nbsp;&nbsp; V16127BXOO | &nbsp;&nbsp; x | &nbsp;&nbsp; x | &nbsp;&nbsp; x |
| &nbsp;&nbsp;&nbsp; European Community | &nbsp;&nbsp; V16127EUll | &nbsp;&nbsp; x | &nbsp;&nbsp; x | &nbsp;&nbsp; x |
| &nbsp;&nbsp;&nbsp; USA | &nbsp;&nbsp; V16127USll | &nbsp;&nbsp; x | &nbsp;&nbsp; x | &nbsp;&nbsp; x |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; V16127NOll |  | &nbsp;&nbsp; x |  |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; V16127SGll |  | &nbsp;&nbsp; x | &nbsp;&nbsp; x |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; V16127ZAOO | x | &nbsp;&nbsp; x | &nbsp;&nbsp; x |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; V16127ZA10 |  | &nbsp;&nbsp; x |  |
| &nbsp;&nbsp; South Africa | V16127ZA42 |  | &nbsp;&nbsp; x |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Patent Rights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nr. | &nbsp;&nbsp; Name | &nbsp;&nbsp; Country | &nbsp;&nbsp; Application | &nbsp;&nbsp; Priority |
|  |  |  | &nbsp;&nbsp; date | &nbsp;&nbsp; date |
| &nbsp;&nbsp;&nbsp; P104773USOO | &nbsp;&nbsp; Estimating Distribution, fluctuation | &nbsp;&nbsp; USA | &nbsp;&nbsp; May 6, 2014 | &nbsp;&nbsp; May 6, |
|  | &nbsp;&nbsp; and/or movement of electrical |  |  | &nbsp;&nbsp; 2014 |
|  | &nbsp;&nbsp; activation through a heart tissue |  |  |  |
| &nbsp;&nbsp;&nbsp; P104773PCOO | &nbsp;&nbsp; Estimating Distribution, fluctuation | &nbsp;&nbsp; International | &nbsp;&nbsp; May 6, 2015 | &nbsp;&nbsp; May 6, |
|  | &nbsp;&nbsp; and/or movement of electrical | &nbsp;&nbsp; PCT |  | &nbsp;&nbsp; 2014 |
|  | &nbsp;&nbsp; activation through a heart tissue |  |  |  |
| &nbsp;&nbsp; P106721EPOO | &nbsp;&nbsp; System for visualizing heart activation | &nbsp;&nbsp; Europe | July 7, 2015 | July 7, 2015 |
| &nbsp;&nbsp; P106721USOO | &nbsp;&nbsp; System for visualizing heart activation | &nbsp;&nbsp; USA | July 9, 2015 | July 9, 2015 |
| &nbsp;&nbsp; P530NLOO | &nbsp;&nbsp; Hartafwijkinglocatiebepaling, werkwijze en systeem | &nbsp;&nbsp; NL | &nbsp;&nbsp; October 21,<br> 2015 | &nbsp;&nbsp; October 21,<br> 2015 |

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#### Inventions
1: Localization of the ablation catheter by CIPS based localization of the stimulus site within the cardiac anatomy. This system can be used to guide the physician to move to catheter in towards the targeted PVC location without the use of electro-anatomical mapping systems. Patent pending.

2: Use the patient specific cardiac anatomy and the ability of CIPS to localize pacing sites and arrhythmic origins to the cardiac anatomy to steer the catheter steering robot arm. The stimulation sites localize the ablation catheter, and the target is determined by the CIPS localization of the cardiac arrhythmia origin. Both are in local cardiac anatomy coordinates and can thus be used to reposition the catheter until the ablation target is found. Patent pending.

3: A method to incorporate scar into the cardiac activation model. The localization of scar can be based on the MRI/CT/echo or invasive measured electrograms amplitudes. Based on this modeling reentrant circuits, PVC/VT or AT origins can be localized and thereby ablation sites. This improves the

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#### May 1, 2016
localization of PVC/VT origins in patients with scar related cardiac arrhythmias or other causes inhomogeneity's in the propagation velocity in myocardial tissue (Brugada or HCM patients for instance). Patent pending

4: Mobile camera arm with 3D camera. This arm can be used manually or automatically (robot arm) to scan a patient. With this data the thorax model of the patient can be constructed and/or the patient specific electrode positions. Based on body build the heart position, lungs, and other internal organs will be estimated. Patent pending

#### Software
• CIPS algorithms. This contains all operations that are needed to receive all input data, i.e. ECG and models, process this data and output a solution. Its purpose is to locate the origin of a Premature Ventricular Contraction or Ventricular Tachycardia based on the vector as described in the patent (P530NLOO) and the Inverse Procedure as described in the paper "The Intra Myocardial Distance Function Used in Inverse Computations of the Timing of Depolarization and Repolarization" - A. van Oosterom and P. van Dam, Computing in Cardiology 2005.

• CIPS Camera. This contains the interface to a Microsoft Kinect camera and is capable of constructing a patient mesh with color information and translate this information to a given torso model and transpose the lead locations to that model based on the patents P104773USOO and P104773PCOO.

• CIPS presentation. This contains functionality to shown the input data, i.e. ECG and model, operate the CIPS camera and CIPS algorithms and show the output data.

• CIPS anatomy. This is a program that can be used to construct a patient specific model out of MRI data. This model is ready to be used in CIPS algorithms.

## Exhibit 10.32

#### Exhibit 10.32.1
SETTLEMENT AND AMENDMENT AGREEMENT

THIS SETTLEMENT AND AMENDMENT AGR EEMNT (this "Settlement

Agreement) is made and entered into the 24th day of May, 2021 (the ''Effective Date") by and between Peacs BV, a Netherlands corporation organized and existing under the laws of the Netherlands and having its principal offices at Weiland 38, 2415BC, Nieuwerbrug aan den Rijn, the Netherlands. (hereinafter "Peacs") and Catheter Precision, Inc. (formerly known as Catheter. Inc.), a corporation existing under the laws of the State of Delaware and having its principal .offices at 500 International Drive, Suite 333, Mt Olive, NJ 07828 (hereinafter "Catheter Robotics, Inc), a corporation existing under the laws of the State of Delaware and having its principal offices at 500 International Drive, Suite 333, Mt. Olive, NJ 07828 (hereinafter "Catheter Precision"). Peacs and Catheter Precision are individually referred to as a "Party" and collectively as the "Parties".

RECITALS

WHEREAS, Catheter Precision and Peacs previously entered into that certain Software and Technology License Agreement dated May l , 2016 (the "Agreement") with respect to certain Confidential Information. Intellectual Property, Inventions, Proprietary Information, and Software owned by Peacs related to Products;

WHEREAS, the Parties have been in mutual dispute regarding the inclusion of the implanting of pacemakers in the Field of Use;•

WHEREAS, Peacs has claimed that certain patents rights registered by Catheter Precision are based on confidential information made available to Catheter Precision by Peacs.

WHEREAS, Peacs has also alleged that Catheter Precision breached the Agreement by applying and executing the license outside the Field of Use and Catheter Precision has alleged various breaches by Peacs under the License Agreement;

WHEREAS, Peacs has initiated litigation proceedings against Catheter Precision before

the District Court of The Hague, The Netherlands, Docket No. [C/09/595037] (the "Hague Litigation") alleging that certain patent rights owned by Catheter Precision should be assigned to

Peacs and Peacs also announced initiation of arbitration proceedings (the "Arbitration") against Catheter Precision to claim injunctive relief and compensation of damages; [NOTE TO DRAFT: Parties to complete information relating to the Hague matter]

WHEREAS the Parties wish explicitly to clarify the definition of the Field of Use in the Agreement;

WHEREAS simultaneously in connection with this Settlement Agreement, the Parties are. - entering into that certain Patent Assignment the ("Patent Assignment"), attached hereto Schedule 2, pursuant to which Catheter Precision is assigning and transferring to Peacs certain patent rights (the "Assigned Patent Rights") in exchange for Peacs paying compensation to Catheter Precision for such assignment and transfer as set forth in this Settlement Agreement;

WHEREAS, simultaneously in connection with this Settlement Agreement, the Parties are entering

------

into that certain Settlement Agreement with respect to the Consulting Agreement of 1 May 2016 and the subsequent Letter Agreement of 17 December 2017 (the "Consulting Settlement Agreement");

WHEREAS, this Settlement Agreement and the Consulting Settlement Agreement are to be considered as one and inseparable settlement of disputes between the Parties;

WHEREAS, Catheter Precision and Peacs have agreed to an amount in full satisfaction of all claims under the Agreement; and

WHEREAS, to avoid the time and expense of litigation and/or arbitration, and without any admission of liability or fault, the Parties wish to resolve and settle all claims and allegations by each Party with respect to the Agreement and end all litigation or arbitration proceedings forthwith, on the terms and conditions set forth below.

NOW, THEREFORE, for and in consideration of the foregoing and of the mutual promises, covenants and agreement herein contained and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the Parties hereto, the Parties agree as follows:

1. Definitions. Capitalized terms used but not defined in this Settlement Agreement shall have meanings ascribed thereto in the Agreement. As used in this Settlement Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1"<u>Affiliate</u>" means, .with respect to any entity, any other corporation or other business entity, now or hereafter that directly or indirectly controls, is controlled by, or is under common control with such first entity. For the purposes of this definition, the term "control" (including its use in the phrases "controlled by"' and "under common control with") shall mean the possession, directly or indirectly, of at least 50% of the voting stock or other ownership interest of the other corporation or entity, or such lesser percentage which is the maximum allowed to be owned by a person or entity in a particular jurisdiction, or the power to direct or cause the direction of the management and policies of the other corporation or entity or the power to elect or appoint at least 50% of the members of the governing body of the other corporation or entity through the ownership of the outstanding voting securities or by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2"'Claims" means claims, counterclaims, filings, arguments, answers, defenses, cross-claims and any judicial, administrative or other proceeding of any kind in any jurisdiction, as well as any and all actions, causes of action, costs, damages, debts, demands, expenses, liabilities, losses, obligations, proceedings, and suits of every kind and nature, liquidated or unliquidated, fixed or contingent, in law, equity, or otherwise, whether asserted or unasserted, whether presently known or unknown, whether anticipated or unanticipated, and whether direct or derivative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3"<u>Catheter Precision Released Parties</u>" means (i) Catheter Precision and its Affiliates, (ii) any of Catheter Precision's or its Affiliates' licensees of Catheter Precision's or its Affiliates' products or technology, (iii) any third party having researched, developed, manufactured and/or commercialized or performed other activities, in each case to the extent for or on behalf of Catheter Precision or its Affiliates, (iv) any current and former officers, directors, employees, agents, attorneys, and representatives of any of the foregoing, and (v) the successors and assigns of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4"<u>Peacs Released Parties</u>"' means (i) Peacs and its Affiliates. (ii) any current and former officers, directors, employees, agents, attorneys, and representatives of any of the foregoing,. and (v) the successors and assigns of any of the foregoing.

------

2. All references to Catheter Robotics in the Agreement shall be changed to Catheter Precision.

3. Section 1 (c) of the Agreement is hereby replaced in *its* entirety as follows:

"Field of Use" means the localization of the origin of cardiac activation for the electrophysiology treatment and/or detection of cardia arrhythmias. Any and all other uses, such as particularly "the use of clinical applications for the implanting of atrial or ventricular, including bi-ventricular, pacemakers," is and shall not be comprised in this Field of Use""

4. A new sentence is hereby added to the end of Section 1(d) of the Agreement as follows:

"For purposes of this definition of Intellectual Property provided as specified in the Exhibit A of the Agreement, Intellectual Property shall also include any and all Patent Rights, Copyright Rights, Trademark Rights, trade secrets, know-how and other intellectual property rights owned or controlled by any affiliate of Peacs, Peacs Investment BV or any Patent Right for which Peter Van Dam is an inventor."

5. The first sentence of Section 6.2(a) of the Agreement is hereby amended and restated in its entirety as follows:

"In consultation with Catheter Precision, Peacs shall have the right, but not the obligation, through the use of internal or outside counsel reasonably acceptable to Catheter Precision, to prepare, file, prosecute, and maintain the Peacs' Patent Rights worldwide, at Peacs' sole cost and expense; provided however, if after the expiration or earlier termination of the Alvale Agreement, Peacs has not granted a license under, in or to any Technology in the Field of Use to any party to the Alvale Agreement, Catheter Precision shall reimburse Peacs for fifty percent (50%) of the reasonable costs of maintaining the Patent Rights in the Field of Use from and after the expiration or termination of the Alvale Agreement: provided further that, if the Patent Right only covers or claims the implanting of atrial or ventricular, including bi-ventricular, pacemakers Catheter Precision shall have no obligation to reimburse Peacs any amounts for the prosecution or maintenance of any such Patent Right.

6. Catheter Precision agrees to execute the Patent Assignment of even date herewith.

7. Parties hereto note and acknowledge, that Catheter Precision currently is the right owner of certain patent registrations and/or patent applications, listed here:

• US10.713.790B2

• US2019038357A1

• EP3661406A2

• JP2020529879A

• CN110996776A

• WO2019028103A2

• US2020/029817A1

Parties note and are in agreement that these listed patent registrations and/or patent applications Describe subject-matter make mention of inventions or patents related to "the use of clinical applications for the implanting of atrial or ventricular, including bi-ventricular, pacemakers", but so far none of the patent claims of these listed patent registrations or patent applications are aimed at "the use of clinical applications for the implanting of atrial or ventricular, including bi-ventricular, pacemakers". Catheter Precision herewith warrants towards Peacs not at any time to alter or amend these listed patent registrations and or patent applications, or file and/or amend any patent application

------

derived from any of the listed patent registrations and/or patent applications, in such a way that one or more of the patent claims thereof shall comprise a claim falling within the scope of "the use of clinical applications for the implanting of atrial or ventricular, including bi-ventricular, pacemakers".

Parties hereto note and acknowledge, that Catheter Precision currently is the owner of patent registration US 10,932,863 B2. titled "Methods of Cardiac Mapping and Directional Guidance". Parties note and are in agreement that said patent is mainly related to premature ventricular contraction (PVC), but nevertheless contains patent claims (in particular patent claims 16. 19-22) directed to cardiac (re)synchronization. Catheter Precision herewith warrants not at any time to invoke against Peacs, any affiliates of Peacs, or any licensees of Peacs, said patent in the field of "the use of clinical applications for the implanting of atrial or ventricular, including bi-ventricular, pacemakers". In case of transfer of US 10,932,863 B2 to any other party the warranty against Peacs will be transferred together with the patent, and together with the obligation to transfer said warranty to any later obtaining party.

8. Settlement Payment. Within thirty (30) business days after the Effective Date (the "Settlement Payment Date"), Peacs shall pay to Catheter Precision an amount equal to Two Hundred Thousand United States Dollars ($200,000), as compensation to Catheter Precision for the assignment of the Assigned Patent Rights. The Parties acknowledge and agree that payment of this amount shall be made by Peacs by allowing Catheter Precision to set off this amount against the payment amount to be paid by Catheter Precision to Peacs under the Consulting Settlement Agreement, and thus Catheter Precision shall only be required to pay Peacs under the Consulting Sett1ement Agreement One Hundred Seventy-Five Thousand United States Dollars ($I 75,000).

9. Releases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1Catheter Precision Release of Peacs. As of the Settlement Payment Date, except for the rights and obligations expressly created or reserved by this Settlement Agreement, Catheter Precision, on behalf of itself and its Affiliates, and its and their predecessors, successors, and assigns, hereby fully and forever irrevocably and unconditionally release, acquits, and discharges the Peacs Released Parties from all Claims arising out of or in any way related to, in any manner or degree, the claims made by Catheter Precision against Peacs arising under the Agreement. All third parties included within the scope of the preceding sentence are expressly agreed to be third party beneficiaries of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2Peacs Release of Catheter Precision. As of the Settlement Payment Date, except for the rights and obligations expressly created or reserved by this Settlement Agreement, Peacs, on behalf of itself and its Affiliates, and its and their predecessors, successors, and assigns, hereby fully and forever irrevocably and unconditionally releases, acquits, and discharges Catheter the Precision Released Parties from all Claims arising out of or in any way related to, in any manner or degree the claims made by Peacs against Catheter Precision arising under the Agreement, including all Claims made or asserted in the Hague Litigation or the Arbitration. All third parties included within the scope of the preceding sentence are expressly agreed to be third -party beneficiaries of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3Representation as to Claims. The Parties each represent and warrant that they have not sold, assigned, transferred, hypothecated, pledged, or encumbered, or otherwise disposed of, in whole or in part, voluntarily or involuntarily, any Claims released by this Settlement Agreement. Each Party represents and agrees that such Party has not filed any charges, complaints, grievances, demands for arbitration, lawsuits, or other proceedings regarding the Claims with any court or with any board, agency, or commission charged with the enforcement of any law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4Statutory Acknowledgement. The releases set forth in Section 11.1 and Section 11.2 are full and final releases by which the Parties, on behalf of themselves and their Affiliates and their successors and assigns, waive all rights and benefits they may have had in the past, now have or in the future may have in connection with the Claims released in Section 3.1 and Section 3.2 under the terms of any statute or provision of law that provides that a general release does not extend to Claims which the Parties and their Affiliates do not know or suspect to exist in their favor at the time of executing this release. The Parties and their Affiliates understand and accept the risk that they may have substantial Claims that are presently unknown, and they nevertheless release all such Claims within the scope of the foregoing releases. Specifically, the Parties on behalf of themselves and their Affiliates and their successors and assigns, hereby expressly waive any rights they may have under California Civil Code Section 1542 (or any other law of similar effect in any jurisdiction), in connection with the Claims released in Section 3.1 and Section 3.2, which provides that:

"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICHIF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Peacs and Catheter Precision shall terminate the Hague Litigation with the District Court of The Hague, The Netherlands as soon as possible after the date of signing of this Settlement Agreement, each of the Parties bearing their own costs of court and legal representation with regards thereto. In connection therewith, within five (10) business days after the Settlement Payment Date as set forth in clause 8 hereof, Peacs shall prepare for Catheter Precision's review and approval a joint stipulation of dismissal of the Hague Litigation which shall specify that dismissal is with prejudice as to Peacs' Claims. Peacs agrees not to reassert or re-file any Claims that were, or could have been, alleged with respect to the Agreement.Peacs agrees to use all reasonable, good faith efforts to secure the Hague's order dismissing the Hague Litigation .

11. Except as specifically amended by this Settlement Agreement, the Agreement remains in full force and effect.

12. Miscellaneous Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1Representations and Warranties by Parties. Each Party represents that it is duly existing; that it has the full power and authority to enter into this Settlement Agreement; that there are no other persons or entities whose consent to this Settlement Agreement or whose joinder herein is necessary to make fully effective the provisions of this Settlement Agreement; that this Settlement Agreement does not and will not conflict with any other agreement to which it is a party and that it will not enter into any agreement the execution and/or performance of which would violate or conflict with this Settlement Agreement. Each Party represents and warrants that it can and shall exercise control over their Affiliates, if any, to cause all such Affiliates to comply with all necessary rights, covenants, and releases to effect this Settlement Agreement, and all other terms and conditions of this Settlement Agreement. Each person executing this Settlement Agreement represents, warrants, and acknowledges that he or she is authorized and legally empowered to execute this Settlement Agreement on behalf of the Party for whom he or she purports to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2Confidentiality. The Parties hereto may disclose the fact that they have settled all of the Claims to which this Settlement Agreement relates, which will be a matter of public record. However, the Parties shall keep the terms of this Settlement Agreement confidential and shall not now or hereafter divulge these terms to any third party except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with the prior written consent of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to any governmental body having jurisdiction and specifically requiring such disclosure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in response to a valid subpoena or as otherwise may be required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)for the purposes of disclosure in connection with the Securities and Exchange Act of 1934,as amended, the Securities Act of 1933, as amended, and any other reports filed with the Securities and Exchange Commission, or any other filings, reports or disclosures that may be required under applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to a Party's accountants, legal counsel, tax advisors and other financial and legal advisors, and actual or potential acquirors or investors (and their respective legal and financial advisors) subject to obligations of confidentiality and/or privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)as required during the course of litigation and subject to protective order; provided however, that any production under a protective order would be protected under an "Attorneys Eyes Only" or higher confidentiality designation;

g).in confidence in connection with a proposed merger, acquisition, financing, divestiture, or similar transaction;

provided, however, .that prior to any such disclosure pursuant to paragraphs (b), (c). and (f) hereof, the Party seeking disclosure shall provide, to the extent legally permissible, a fifteen (l 5) day written notice to the other Party to enable that Party to seek a protective order (or challenge the need to disclose), and, that prior to any such disclosure pursuant to paragraphs (c) and/or (d) hereof, take all reasonable actions in an effort to minimize the nature and extent of such disclosure (including allowing the other Party the opportunity to review and comment on the extent of such disclosure, and the disclosing Party shall consider any comments thereto in good faith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3Governing Law. This Settlement Agreement shall be construed in accordance with the substantive laws of the State of New Jersey, U.S.A. (without giving effect to any provisions thereof concerning choice of law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4Jurisdiction. In case of any dispute arising out or in connection with this Settlement Agreement, which dispute cannot be solved amicably through negotiations between the Parties hereto, such dispute will be solely subject to arbitration by the Court of Arbitration of the International Chamber of Commerce (ICC) in accordance with the ICC's arbitration rules. The language of the arbitration proceedings shall be English and the place of the arbitration proceedings shall be New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5Proceedings. This Settlement Agreement may be offered in evidence and pleaded as a full and complete defense to any Claims that may be instituted, prosecuted, or attempted in breach of this Settlement Agreement. In any such action, and in any action to enforce this Settlement Agreement, the prevailing Party shall recover its reasonable attorneys' fees and costs. Any filing of this Settlement Agreement in such a proceeding shall be done under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6Injunctive Relief. The Parties acknowledge and agree that: (i) any breach of this Settlement Agreement may result in immediate and irreparable injury for which there is no adequate remedy available at law; and (ii) in addition to any other remedies available, specific performance and injunctive relief are appropriate remedies to compel performance of this Settlement Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7Entire Agreement. The Parties acknowledge, accept, warrant and represent that (i)this is an enforceable agreement; (ii) this Settlement Agreement and the Agreement, the Patent Assignment and the Consulting Settlement Agreement embody the entire and only understanding of each of them with respect

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to the subject matter of this Settlement Agreement, and merges, supersedes and cancels all previous representations, warranties, assurances, conditions, definitions, understandings or any other statement, express, implied, or arising by operation of law, whether oral or written, whether by omission or commission between and among them with respect to the subject matter of the Agreement ;(iii) no oral explanation or oral information by either Party hereto shall alter the meaning or interpretation of this Settlement Agreement; (iv) the terms and conditions of this Settlement Agreement may be altered, modified, changed or amended only by a written agreement executed by duly authorized representatives of the Parties, (v) the language of this Settlement Agreement has been approved by counsel for each of them, and shall .be construed as a whole according to its fair meaning, and (vi) neither Party (nor their respective counsel) shall be deemed to be the draftsman of this Settlement Agreement in any action which may hereafter arise with respect to this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8Modification Waiver. No modification or amendment to this Settlement Agreement, nor any waiver of any rights, will be effective unless assented to in writing by the Party to be charged, and the waiver of any breach or default will not constitute a waiver of any other right hereunder or any subsequent breach or default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9Construction; Language. Any rule of construction to the effect that ambiguities are to be resolved against the drafting Party will not be applied in the construction or interpretation of this Settlement Agreement. As used in this Settlement Agreement, the words "include" and "including" and variations thereof, will not be deemed to be terms of limitation, but rather will be deemed to be followed by the words "without limitation." The headings in this Settlement Agreement will not be referred to in connection with the construction or interpretation of this Settlement Agreement. This Settlement Agreement is in the English language only, which language shall be controlling in all respects, and all notices under this Settlement Agreement shall be in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10No Circumvention. In no event shall either Party or their respective Affiliates act through or in conjunction with any third party to circumvent or frustrate the purposes of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11Counterparts. This Settlement Agreement may be executed •in several counterparts by one or more of the undersigned and all such counterparts so executed shall together be deemed and constitute one final agreement as if one document had been signed by all Parties hereto: and each such counterpart shall be deemed an original, binding the Parties subscribed hereto and multiple signature pages affixed to a single copy of this Settlement Agreement shall be deemed to be a fully executed original. Several counterparts consisting of multiple copies hereof each signed by less than all Parties, but together signed by all Parties shall constitute and be deemed a fully executed original.

Signature Page to Follow

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SIGNATURE PAGE TO SETTLEMENT AND AMENDMENT AGREEMENT BETWEEN

CATHETER PRECISION, INC. AND PEACS, BV DATED MAY 24, 2021

IN WITNESS WHEREOF, the Parties have set their hands and seals and duly executed this Settlement Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **PEACS BV** | **PEACS BV** | **CATHETER PRECISION, INC.** | **CATHETER PRECISION, INC.** |
| By: | /s/ Peter van Dam | By: | /s/ David A. Jenkins |
| Title: | President and Chief Executive Officer | Title: | President and Chief Executive Officer |

---

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SCHEDULE 1

<u>Assigned Patent Rights</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Country</u> | <u>Application No.</u><br> <u>(Publication No.)</u> | <u>Filing Date</u> | <u>Patent No.</u> | <u>Granted</u> | <u>Title of Patent</u> |
| USA | US15/695,332<br> (US2018/0064947A1) | 2017-09-05 | US 10,471,263B2 | 2019-11-12 | System and method for cardiac resynchronization |
| EPO | EP17768334.9<br> (EP3509693A1) | 2017-09-06 | N/A | Pending | System and method for cardiac resynchronization |
| China | SN201780054759.X<br> (CN110225775A) | 2017-09-06 | N/A | Pending | System and method for cardiac resynchronization |
| Japan | JP2019511618A<br> (JP2019531784A) | 2017-09-06 | N/A | Pending | System and method for cardiac resynchronization |
| USA | US62/383,804 | 2016-09-06 | N/A | Provisional expired | System and method for cardiac resynchronization |
| USA | US62/888,496 | 2016-09-06 | N/A | Provisional expired | Method of Cardiac Resynchronization Therapy |
| USA | US62/487,562 | 2017-04-20 | N/A | Provisional expired | System and Method for Imaging Episodic Cardiac Conditions |
| USA  | US15/956,479<br> (US2018/0303345A1) | 2018-04-18 | N/A | Abandoned | System and Method for Imaging Episodic Cardiac Conditions |
| USA | US16/670,672<br> (US2020/0061383A1) | 2019-10-31 | N/A | Pending | Method of Cardiac Resynchronization Therapy |
| PCT | PCT/2017/050188<br> (WO 2021/034546) | 2020-08-11 | N/A | Pending | Method of Cardiac Resynchronization Therapy |

---

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And

(i) and any inventions disclosed or claimed in the foregoing (the "'Inventions'"), (ii) pending or granted applications, patents, design registrations and publications obtained or derived from the Inventions, worldwide, and (iii) all priority rights under all present or future conventions and treaties, and any provisional applications for which priority is claimed in the foregoing in the U.S. or abroad

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SCHEDULE 2

<u>Patent Assignment</u>

(see attached)

## Exhibit 21.1

#### Exhibit 21.1
Subsidiaries of Ra Medical Systems, Inc.

<u>Subsidiary</u> <u>Jurisdiction</u> <br> Catheter Precision, LLC Delaware

## Exhibit 23.1

#### Exhibit 23.1

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statements (Nos. 333-264495, 333-262195, 333-254370, 333-252432, 333-250094, 333-240187, 333-239887, 333-237701, 333-237488, 333-237096, 333-230332, 333-227696, 333-227552, 333-226191, 333-267443, 333-269491, and 333-269612) of Ra Medical Systems, Inc. (the "Company") of our report dated March 28, 2023, relating to our audits of the Company's financial statements as of December 31, 2022 and 2021, and for each of the years then ended, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

*/s/ HASKELL & WHITE LLP*

HASKELL & WHITE LLP

Irvine, California

March 28, 2023

## Exhibit 31.1

#### Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan Will McGuire, certify that:

1. I have reviewed this Annual Report on Form 10-K of Ra Medical Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 28, 2023

---

| | |
|:---|:---|
| By: | /s/ Jonathan Will McGuire |
|  | Jonathan Will McGuire |
|  | Chief Executive Officer <br> (Principal Executive Officer) |

---

## Exhibit 31.2

#### Exhibit 31.2
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian Conn, certify that:

1. I have reviewed this Annual Report on Form 10-K of Ra Medical Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 28, 2023

---

| | |
|:---|:---|
| By: | /s/ Brian Conn |
|  | Brian Conn |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 32.1

#### Exhibit 32.1

#### CERTIFICATION OF CHIEF EXECUTIVE OFFICER

#### PURSUANT TO 18 U.S.C. SECTION 1350,

#### AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), I, Jonathan Will McGuire, hereby certify that, to my knowledge:

(i) the Company's Annual Report on Form 10-K for the year ended December 31, 2022 to which this Certification is attached as Exhibit 32.1 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act, and

(ii) that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ra Medical Systems, Inc.

Date: March 28, 2023

---

| | |
|:---|:---|
| By: | /s/ Jonathan Will McGuire |
|  | Jonathan Will McGuire |
|  | Chief Executive Officer <br> (Principal Executive Officer) |

---

This certification accompanies the Annual Report on Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Ra Medical Systems, Inc. under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

## Exhibit 32.2

#### Exhibit 32.2

#### CERTIFICATION OF CHIEF EXECUTIVE OFFICER

#### PURSUANT TO 18 U.S.C. SECTION 1350,

#### AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), I, Brian Conn, hereby certify that, to my knowledge:

(i) the Company's Annual Report on Form 10-K for the year ended December 31, 2022 to which this Certification is attached as Exhibit 32.2 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act, and

(ii) that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ra Medical Systems, Inc.

Date: March 28, 2023

---

| | |
|:---|:---|
| By: | /s/ Brian Conn |
|  | Brian Conn |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

This certification accompanies the Annual Report on Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Ra Medical Systems, Inc. under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.