Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT
BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $1,500,000.00	August 30, 2021

 

Churchill Capital Corp V, a Delaware corporation
(“Maker”), promises to pay to the order of Churchill Sponsor V LLC, or its registered assigns or successors in interest
or order (“Payee”), the principal sum of up to One Million Five Hundred Thousand Dollars ($1,500,000.00) in lawful
money of the United States of America, on the terms and conditions described below.

 

All payments on this Note (unless the full principal
is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately available funds to such account as Payee
may from time to time designate by written notice in accordance with the provisions of this Note.

 

		1.	Repayment. The principal balance of this Note shall be payable on the earliest to occur of (i)
the date on which Maker consummates its initial business combination and (ii) the date that the winding up of Maker is effective (such
date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker.

 

		2.	Interest. This Note shall be non-interest bearing.

 

		3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million Five
Hundred Thousand Dollars ($1,500,000.00) for working capital expenditures prior to Maker’s consummation of an initial business combination.
The principal of this Note may be drawn down from time to time until the date on which Maker consummates its initial business combination,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount
to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee,
in its sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note shall not exceed One Million Five Hundred Thousand Dollars
($1,500,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid.
Except as set forth herein, no fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown
Request by Maker.

 

     

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		4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied
first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

		5.	Events of Default. The following shall constitute an event of default (“Event of Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note
within five (5) business days of the Maturity Date.

 

		(b)	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such
debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

		(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days.

 

		6.	Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice
to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note and all other amounts
payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

		(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid principal
balance of this Note and all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee.

 

     

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		7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections
in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for
payment; and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees, except as set forth in Section 12, that its liability shall
be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension
of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers,
or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional
makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents which are required or contemplated by this
Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service
or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party.
Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on
the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK,
WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

     

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		12.	Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any claim in
or to any distribution of or from the trust account (the “Trust Account”) established in connection with Maker’s
initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any claim against the Trust Account for any reason whatsoever; provided, however, that upon the consummation of the initial business
combination, Maker may repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account.

 

		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and
only with, the written consent of Maker and Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be
made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted
assignment without the required consent shall be void; provided, however, that the foregoing shall not apply to an affiliate of
Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

		(a)	Notwithstanding anything contained in this Note to the contrary, at Payee’s option, at any time
prior to payment in full of the principal balance of this Note, Payee may elect to convert all or any portion of the unpaid principal
balance of this Note into that number of warrants to purchase one share of Class A Common Stock, $0.0001 par value per share, of the Maker
(the “Working Capital Warrants”) equal to the principal amount of the Note so converted divided by $1.00 (one dollar).
The Working Capital Warrants shall be identical to the warrants issued by the Maker to the Payee in a private placement at the time of
the Maker’s initial public offering. The Working Capital Warrants and their underlying securities, and any other equity security
of Maker issued or issuable with respect to the foregoing by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth in
Section 16 hereof.

 

		(b)	Upon any complete or partial conversion of the principal amount of this Note, (i) such principal amount
shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver
this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Working Capital Warrants,
(iii) Maker shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any
such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to
Payee (or its members or their respective affiliates or their designees) (Payee or such other persons, the “Holders”)
the Working Capital Warrants, which shall bear such legends as are required,
in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable state and federal securities laws.

 

     

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		(c)	The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue
or delivery of the Working Capital Warrants upon conversion of this Note pursuant hereto; provided, however, that the Holders shall not
be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection with any such conversion.

 

		(d)	The Working Capital Warrants shall not be issued upon conversion of this Note unless such issuance and
such conversion comply with all applicable provisions of law.

 

		16.	Registration Rights.

 

		(a)	Reference is made to that certain Registration Rights Agreement between Maker and the parties thereto,
dated as of December 15, 2020 (as the same may be amended and/or restated, the “Registration Rights Agreement”). All
capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the Registration Rights Agreement.

 

		(b)	The Working Capital Warrants shall be considered “Registrable Securities” for all purposes
under the Registration Rights Agreement; provided, that, any Holder not already party to the Registration Rights Agreement shall execute
a joinder thereto, agreeing to be bound by all of the terms and conditions of the Registration Rights Agreement as a “Holder”
thereunder.

 

[Signature Page Follows]

 

     

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IN WITNESS WHEREOF, Maker, intending to be
legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	CHURCHILL CAPITAL CORP V
	 	 
	 	 
	 	By:	/s/ Jay Taragin
	 	 	Name:	Jay Taragin
	 	 	Title:  	Chief Financial Officer

 

[Signature Page to Promissory Note]

 

     

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Accepted and agreed this  30th day of August, 2021

 

	CHURCHILL SPONSOR V LLC	 
	 	 
	 	 
	By: 	/s/ Jay Taragin	 
	Name: 	Jay Taragin 	 
	Title:  	Chief Financial OfficerEXHIBIT 10.1

EMPLOYMENT AGREEMENT
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This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of August 31, 2021  (the “Effective Date”), by and between Miromatrix Medical Inc., a Delaware Corporation (the “Company”), and Jeff Ross (the “Executive”).
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RECITALS
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A.The Executive has been employed by the Company as its Chief Executive Officer.
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B.The Company desires to continue to employ the Executive upon and subject to the terms and conditions set forth in this Agreement.
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C.The Executive is willing to accept such employment with the Company upon and subject to the terms of this Agreement.
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D.In connection with the Executive’s employment with the Company, the Executive has had and will continue to have access to confidential, proprietary and trade secret information of the Company and its subsidiaries, parents, or affiliates, which confidential, proprietary and trade secret information the Company desires to protect from unauthorized or illegal use or disclosure.
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AGREEMENT
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NOW, THEREFORE, in consideration of the premises, and the promises and agreements set forth below, the parties, intending to be legally bound, agree as follows:
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1.Employment.  Subject to the terms and conditions set forth in this Agreement, the Company agrees to continue to employ the Executive as its Chief Executive Officer, and the Executive accepts such employment with the Company.
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2.Term.  Unless terminated at an earlier date in accordance with Section 5, the term of the Executive’s employment with the Company pursuant to the terms and conditions set forth in this Agreement will commence on the Effective Date and continue until terminated in accordance with this Agreement.  Executive’s period of employment under this Agreement shall be referred to as the “Term.”  If the Executive remains employed by the Company after the Term ends for any reason, then such continued employment shall be according to the terms and conditions established by the Company from time to time (provided that any provisions of this Agreement that by their terms survive the termination of the Term shall remain in full force and effect).
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3.Duties and Limitations.
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(a)Duties.  During the Term, the Executive will devote the Executive’s full business time, attention and efforts to the business and affairs of the Company and faithfully and diligently perform in a competent and professional manner, to the best of the Executive’s ability, all of the duties and responsibilities hereunder in accordance with applicable state and federal laws and regulations.  During the Term, the Executive will perform such duties as normally attendant or
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reasonably related to the office or position held by the Executive.  During the Term, the Executive shall report directly to the Company’s Board of Directors (the “Board”).  During the Term, the Executive shall perform duties as an employee from the Company’s principal offices, subject to such travel as may be reasonably required incident to the Executive’s performance of such duties.  The Executive shall follow applicable policies and procedures adopted by the Company from time to time, including without limitation policies relating to business ethics, conflict of interest, non-discrimination and anti-harassment, and confidentiality and protection of trade secrets.  The Company acknowledges and agrees that the Executive may engage in charitable, personal and other business activities so long as such activities do not prevent Executive from performing Executive’s duties and responsibilities hereunder and do not otherwise constitute a breach of or default under any provision of this Agreement, the Confidentiality Agreements (as defined below), or any other contract, agreement or arrangement to which the Company or any of its Affiliates, on the one hand, and Executive or any of the Executive’s Affiliates, on the other hand, are parties and then are bound.
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(b)No Conflicts.  The Executive represents and warrants to the Company that the Executive has no contractual commitments inconsistent with the Executive’s obligations set forth in this Agreement, and that during the Term the Executive will not render or perform services for any other corporation, firm, entity or person which are inconsistent with the provisions of this Agreement.
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4.Compensation.  For all services rendered by the Executive pursuant to this Agreement, the Company will compensate the Executive as follows:
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(a)Salary.  Effective as of July 1, 2021, the Executive will receive a salary of $550,000 per year (the “Base Salary”), prorated for any partial year of employment.  The annualized Base Salary will be reviewed annually by the Board and will be subject to annual adjustments as determined by the Board.  The Base Salary will be payable in approximately equal amounts at such times as salaried employees of the Company are customarily paid, but not less than once per month; provided however, the difference between Executive’s base salary prior to the effective date and any increased Base Salary Executive is entitled to receive under this Agreement for the period between July 1, 2021 and the Effective Date shall be paid as soon as reasonably practicable following the Effective Date on the Company’s regular payroll dates.
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(b)Incentive Compensation. During the Term, the Executive will be eligible to earn an incentive bonus on terms as established by the Board from time to time.  Effective as of July 1, 2021, Executive’s bonus target shall be 60% of his Base Salary ($330,000).  Whether the Executive earns any bonus for any year during the Term will be determined according to the terms and conditions established by the Board, including individual and Company performance metrics and targets established by the Board.  For 2021, Executive’s bonus calculation shall be pro-rated in accordance with his bonus eligibility prior to and following July 1.
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(c)Benefits.  To the extent eligible and subject to the terms of the applicable policies and plans, the Executive shall be entitled to participate in all benefit plans and programs generally offered by the Company or its Affiliates to employees of the Company, including paid time off (“PTO”) to be accrued and used in accordance with the Company’s PTO policy, it being
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understood that any such plan or program may be changed, terminated or eliminated by the Company at any time in the exclusive discretion of the Board, or by any such subsidiary, as applicable.  In order for the Executive to be eligible for such benefit plans and programs the Executive must satisfy the qualifications, limitations and conditions of the benefit plan or program and the Executive may be required to make contributions required by such benefit plan or program.  The Company provides no assurance as to the adoption or continuance of any particular employee benefit plan or program.
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(d)Business Expenses.  Subject to and in accordance with the Company’s applicable policies, the Company will reimburse the Executive for the reasonable expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder upon submission of documentation as the Company may reasonably require.
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(e)Withholding.  Payments made to the Executive hereunder may be subject to applicable tax withholding.
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5.Termination of Employment.
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(a)The Executive’s employment with the Company is at-will.  The Executive’s employment with the Company will terminate immediately upon:
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(i)The date of the Executive’s receipt of written notice from the Company of the termination of the Executive’s employment (or any later date specified in such written notice from the Company);
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(ii)The Executive’s abandonment of the Executive’s employment or the effective date of the Executive’s resignation for any reason (as specified in written notice from the Executive);
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		(iii)
	the Executive’s Disability (as defined below); or

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		(iv)
	the Executive’s death.

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(b)The date upon which the Executive’s termination of employment with the Company is effective is the “Termination Date.”  For purposes of Section 6(a) only, with respect to the timing of any payments thereunder, the Termination Date means the date on which a “separation from service” has occurred for purposes of Section 409A of the Internal Revenue Code, as amended, and the regulations and guidance thereunder (the “Code”).
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(c)Unless otherwise requested by the Board in writing, upon the Executive’s termination of employment with the Company for any reason the Executive shall automatically resign as of the Termination Date from all titles, positions and appointments the Executive then holds with the Company, whether as an officer, director, trustee or employee (without any claim for compensation related thereto), and the Executive hereby agrees to take all actions necessary to effectuate such resignations.
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		6.
	Payments upon Termination of Employment.

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(a)If the Executive’s employment with the Company is terminated during the Term by the Company for any reason other than for Cause (as defined below), or during the Term by the Executive as a result of the Executive’s resignation for Good Reason (as defined below), then the Company shall, in addition to paying the Executive’s base salary earned through the Termination Date and the value of the Executive’s PTO accrued that has not been used through the Termination Date, and subject to Section 6(g),
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(i)pay to the Executive as severance pay an amount equal to twelve months of Executive’s then-current Base Salary, less all legally required and authorized deductions and withholdings, payable in substantially equal installments in accordance with the Company’s regular payroll cycle during the twelve-month period immediately following the Termination Date, provided, however, that any installments that otherwise would be payable on the Company’s regular payroll dates between the Termination Date and the thirtieth (30th) calendar day after the Termination Date will be delayed until the Company’s first regular payroll date that is more than thirty (30) days after the Termination Date and included with the installment payable on such payroll date; and
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(ii) if the Executive is eligible for and takes all steps necessary to continue the Executive’s group health insurance coverage with the Company following the termination of the Executive’s employment with the Company (including completing and returning the forms necessary to elect COBRA coverage), pay for the portion of the premium costs for such coverage that the Company would pay if the Executive remained employed by the Company, at the same level of coverage that was in effect as of the Termination Date, through the earliest of: (A) the twelve-month anniversary of the Termination Date, (B) the date the Executive becomes eligible for group health insurance coverage from any other employer, or (C) the date the Executive is no longer eligible to continue the Executive’s group health insurance coverage with the Company under applicable law.
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The Company and the Executive intend the payments under Section 6(a)(i) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii). For purposes of mitigation under Section 6(a)(ii), the Executive shall promptly and fully disclose to the Company in writing the fact that the Executive has become eligible for group health insurance coverage from any other employer, and the Executive shall be liable to repay any amounts to the Company that should have been so mitigated but for the Executive’s failure or unwillingness to make such disclosure.
For the avoidance of doubt, if the Executive’s employment is terminated without Cause or the Executive resigns for Good Reason upon or following a change in control of the Company, the Executive shall be entitled to severance in accordance with this Section 6.
(b)If the Executive’s employment with the Company is terminated by the Company or the Executive during the Term by reason of:
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(i)The Executive’s abandonment of the Executive’s employment or the Executive’s resignation for any reason other than Good Reason,
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(ii)termination of the Executive employment by the Company for Cause, or
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		(iii)
	The Executive death or Disability,

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then the Company shall pay to the Executive or the Executive’s beneficiary or the Executive’s estate, as the case may be, the Executive’s base salary earned through the Termination Date and the value of the Executive’s accrued PTO that has not been used through the Termination Date.
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(c)“Cause” hereunder means:
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(i) an act or acts of dishonesty undertaken by the Executive and intended to result in substantial gain or personal enrichment of the Executive at the expense of the Company;
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(ii)unlawful conduct or gross misconduct that, in any case is willful and deliberate on the Executive’s part and is materially injurious to the Company;
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(iii)the Executive being charged with, convicted for, or pleading guilty or no-contest to, a misdemeanor involving moral turpitude or any felony;
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(iv)failure of the Executive to materially perform the Executive’s duties and responsibilities hereunder or to satisfy the Executive’s obligations as an officer, employee or director of the Company, or other material breach by the Executive of any terms and conditions of this Agreement, the Confidentiality Agreements, or any other written agreement between the Executive and the Company not caused by the Company, which failure or breach has not been cured by the Executive within thirty (30) days after written notice thereof to the Executive from the Company, it being understood that for all of the circumstances described in this Section 6(c)(iv) the Executive shall have only one cure right (and not multiple cure rights for the same type of action, inaction or circumstances on different occasions).
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(d)“Good Reason” hereunder means the initial occurrence of any of the following events without the Executive’s consent:
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(i)a material reduction of the Executive’s base salary (unless such reduction is part of an across-the-board uniformly applied reduction affecting all senior executives of the Company);
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(ii)a material diminution of the Executive’s duties, authority or responsibilities;
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(iii)the relocation of the Executive’s office by more than thirty (30) miles from Minneapolis-St. Paul metropolitan area; or
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(iv)a material breach by the Company of any terms and conditions of this Agreement;
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provided, however, that “Good Reason” shall not exist unless the Executive has first provided written notice to the Company of the initial occurrence of one or more of the conditions under clauses (i) through (iv) above within thirty (30) days of the condition’s occurrence, such condition is not fully remedied by the Company within thirty (30) days after the Company’s receipt of written notice from the Executive, and the Termination Date as a result of such event occurs within ninety (90) days after the initial occurrence of such event.
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(e)“Disability” hereunder means the inability of the Executive to perform on a full-time basis the duties and responsibilities of the Executive’s employment with the Company by reason of the Executive’s illness or other physical or mental impairment or condition, if such inability continues for an uninterrupted period of at least 120 days or more during any 180-day period.  A period of inability shall be “uninterrupted” unless and until the Executive returns to full-time work for a continuous period of at least thirty (30) days.
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(f)In the event of termination of the Executive employment, the sole obligation of the Company shall be its obligation to make the payments called for by Section 6(a) or Section 6(b), as the case may be, and the Company shall have no other obligation to the Executive or to the Executive’s beneficiary or the Executive’s estate, except for any amounts due under the terms of any employee benefit plans or programs then maintained by the Company in which the Executive participates.
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(g)Notwithstanding the foregoing provisions of this Section 6, the Company will not be obligated to make any payments to or on behalf of the Executive under Section 6(a) unless (i) the Executive signs a release of claims in favor of the Company in a form to be prescribed by the Company (the “Release”), (ii) all applicable consideration periods and rescission periods provided by law with respect to the Release have expired without the Executive rescinding the Release, and (iii) the Executive is in compliance with the terms of this Agreement, the Confidentiality Agreements, and any other written agreement between the Executive and the Company as of the dates of the payments.  To the extent permitted by applicable law, any amounts payable by the Company pursuant to Section 6(a) will be reduced by any amounts that the Executive owes the Company and the Executive hereby authorizes such deductions and agrees to authorize such deductions, which will be made in accordance with applicable law.
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7.Restrictive Covenant Agreements.  Executive acknowledges entering into that certain Confidentiality, Non-Competition and Assignment of Inventions Agreement dated March 25, 2010 (the “Original Confidentiality Agreement”).  Executive reaffirms his obligations and compliance with the terms of the Original Confidentiality Agreement.  Nothing in this Agreement is intended to modify, amend, cancel, or supersede the Original Confidentiality Agreement in any manner.  In consideration of the commitments under this Agreement, Executive is also executing the attached Confidentiality, Non-Competition, and Non-Solicitation Agreement (collectively with the Original Confidentiality Agreement, the “Confidentiality Agreements”).
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8.Miscellaneous.
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(a)Governing Law; Jury Trial Waiver.  This Agreement will be governed by and construed in accordance with the laws of the State of Minnesota, without giving effect to any choice of law or conflict provision or rule (whether of such state or any other jurisdiction) that would cause the laws of any other jurisdiction to be applied.  To the extent legally permissible, the parties hereby waive any right to trial by jury in any action or proceeding directly or indirectly arising out of, under or relating to this Agreement.
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(b)Notices.  All demands, notices, communications and reports provided for in this Agreement will be in writing and will be sent by facsimile with confirmation to the number specified below, by electronic mail to the address identified below, personally delivered, sent by reputable overnight courier service (delivery charges prepaid), or sent by registered or certified mail (postage prepaid) to the address specified below, or at such address as the recipient party has specified by prior written notice to the sending party pursuant to the provisions of this Section 8(b):
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(i) If to the Company:
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Miromatrix Medical Inc.
Attn: Board Chair
10399 West 70th Street
Eden Prairie, MN 55344
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With a copy to:
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Faegre Drinker Biddle Reath
2200 Wells Fargo Center
90 South Sixth Street
Minneapolis, MN 55402
Attn: Steven Kennedy
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(ii)If to the Executive:
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Jeff Ross
At the last address in the Company’s files
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Any such demand, notice, communication or report will be deemed to have been given pursuant to this Agreement when delivered personally, when delivered if by facsimile with confirmation to the number specified above, when delivered by electronic mail to the address identified above, on the second day after deposit with a reputable overnight courier service, or on the fifth day after being sent by registered or certified mail, as the case may be.
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(c)Entire Agreement.  This Agreement supersedes all prior agreements between the parties with respect to the subject matter of this Agreement; provided that this Agreement does not supersede or modify any of the terms of the Confidentiality Agreements, which remains in full force and effect in accordance with their terms.
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(d)Amendments and Waivers.  This Agreement may not be amended except by a written agreement executed by the party to be charged with the amendment.  No failure or delay by any party to exercise any right or remedy under this Agreement will constitute as a waiver of such right or remedy.
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(e)Severability of Invalid Provision.  If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect.  Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
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(f)Successors and Assigns.   No party may assign any of its or the Executive’s rights under this Agreement without the prior written consent of the other parties, which will not be unreasonably withheld; provided, however, that the Company may assign any or all of its rights, interests and obligations hereunder (i) to one or more of its Affiliates of the Company engaged in the Business, (ii) for collateral security purposes to any lender providing financing to the Company or any of its Affiliates and, following the occurrence and during the continuance of an event of default under the relevant loan documents, such lender may exercise all of the rights and remedies of the Company hereunder, and (iii) to any subsequent purchaser of the Company or a majority of its assets (whether such sale is structured as a sale of a majority of outstanding equity, a sale of a majority of assets, a merger or otherwise). Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the parties. Except as otherwise set forth herein, nothing expressed or referred to in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement.  This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and permitted assigns.
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(g)Rules of Construction.   The headings of Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.  The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this
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Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
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(h)Counterparts, Facsimile or PDF Emailed Executions.  This Agreement may be executed in counterparts (including by means of telecopied, facsimile or pdf or other electronic signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement.  Delivery of an executed counterpart of this Agreement by facsimile or e-mail of a pdf or similar electronic file will be equally as effective as delivery of an original executed counterpart of this Agreement.
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(i)Cumulative Remedies.  The powers, rights, privileges and remedies provided in this Agreement are cumulative and not exclusive or alternative and are in addition to any and all other powers, rights, privileges and remedies granted by law, rule, regulation or instrument.
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(j)Further Assurances.  Each of the parties will execute and deliver such additional instruments and other documents and will take such further actions as may be necessary or appropriate to effectuate, carry out and comply with all of the terms of this Agreement.
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(k)Section 409A.
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(i)This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent.  The payments to the Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation § 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation § 1.409A-1(b)(4).  To the extent the timing of any amount of nonqualified deferred compensation payable under this Agreement is determined by reference to the Executive’s “termination” or “termination of employment,” such term will be deemed to refer to the Executive’s “separation from service” within the meaning of Section 409A of the Code.  All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement or if no such period is specified, during the Executive’s lifetime, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.  In the event the terms of this Agreement would subject the Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and the Executive will cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible, provided that in no event will the Company be responsible for any such 409A Penalties.
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(ii)Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s
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termination (other than due to death), any severance pay or benefits that are payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent severance payments or benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but before the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other severance payments or benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.
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* * * * *
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date first above written.
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	THE COMPANY:

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	Miromatrix Medical Inc.

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	By: /s/ Paul Buckman

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	Name: Paul Buckman

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	Title: Chair of the Board of Directors

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	EXECUTIVE:

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	/s/ Jeff Ross

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	Jeff Ross

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US.134412167.01

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