Document:

Exhibit 10.4

 

Execution Version

 

COMMERCIAL COLLABORATION AGREEMENT

 

This Commercial Collaboration
Agreement (this “Agreement”), dated as of February 17, 2021 (the “Effective Date”), is made by and
between Anthem, Inc. and its Affiliates (as defined below) (collectively, “Anthem”) on the one hand, and Sera Prognostics,
Inc. (“Company”) on the other hand.

 

WHEREAS, Anthem currently participates
in Company's PRIME study, the goal of which is to determine the clinical validity of the PreTRM® test;

 

WHEREAS, at the conclusion of the PRIME
study, Anthem and Company will enter into Anthem's standard lab provider agreement, substantially in the form attached hereto as Exhibit
C (the “Lab Agreement”); and

 

WHEREAS, Anthem and Company desire to enter
into this Agreement relating to the delivery of, and compensation for, Testing Services (as defined below).

 

NOW THEREFORE, the parties agree as follows:

 

ARTICLE
1

ARTICLE 1 DEFINITIONS

 

		1.1	“Affiliate” means, with respect to any person, any other Person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, such person. The term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling”
have correlative meanings.

 

		1.2	“BCBS Licensee” means any organization licensed by the Blue Cross Blue Shield Association
to use the Blue Cross and Blue Shield trademarks and names.

 

		1.3	“Member” means any individual enrolled in, or serviced or covered by, the health benefits
products of Anthem. A “Member” does not include an individual participating in the PRIME study being sponsored by Anthem.

 

		1.4	“Ordering Clinician” means a duly licensed physician specializing in obstetrics and
gynecology (OB/GYN) or family medicine (FM), or a licensed Certified Nurse Midwife (CNM).

 

		1.5	“Payor” means any party that has contracted with Anthem to access the terms and conditions
of this Agreement, and which is responsible for payment pursuant to the terms of this Agreement.

 

		1.6	“Policies and Procedures” means the rules, policies, and procedures adopted by Anthem.

 

[***] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED. ”

 

     

     

    

 

		1.7	“Testing Services” means the offering of the PreTRM® proteomic test to identify
singleton pregnant women at increased risk of spontaneous preterm birth developed by Company.

 

ARTICLE
2

COMPANY RESPONSIBILITIES

 

		2.1	Testing Services Capacity. Company shall perform Testing Services ordered by an Ordering Clinician
and provide results in a timely manner that complies with the service level standards as set forth in the Lab Agreement, industry practices
standards, as well as all applicable laws, rules, and regulations.

 

		2.2	Services and Supplies. Company will arrange for the provision of limited, non-standard, specialty
supplies, at no additional cost to Anthem, as may be necessary or desirable to facilitate the collection, transfer, and transport of specimens
from Members to Company, including but not limited to, supplies required for specimen management.

 

		2.3	Company Non-discrimination. Company shall provide Testing Services to Members in a manner similar
to, and within the same time availability in which, Company provides Testing Services to any other individual, and Company will not differentiate
in the performance of Testing Services based on a Member's race, color, creed, national origin, ancestry, religion, sex, marital status,
age, disability, payment source, state of health, military service, need for health services, status as a Medicare or Medicaid beneficiary,
sexual orientation, or any other basis prohibited by law. Company shall not be required to provide any type or kind of health service
to Members that it does not customarily provide to other individuals, unless such is required by applicable law.

 

		2.4	Inability to Perform. Company shall provide prompt notice to Anthem of its knowledge of any action
to restrict, suspend, or revoke Company's CLIA certification from the Centers for Medicare & Medicaid Services. Additionally, Company
shall send prompt written notice to Anthem of its knowledge of any other legal, governmental, or other action involving Company which
could reasonably materially impair the ability of Company to carry out any of its obligations under this Agreement.

 

		2.5	Marketing and Training. Company shall develop a sales, marketing, and customer service program
and provide such training and marketing to Ordering Clinicians at the reasonable request of Anthem. Such program will include physician
office training, education, fulfillment, and support.

 

		2.6	Subcontractors. Company shall give Anthem no less than 30 days' prior written notice of any subcontractors
which Company engages to assist in the offering of Testing Services. Company shall require such subcontractors to abide by the terms and
conditions of this Agreement and shall indemnify Anthem and Members for any failure of such subcontractor to comply with this Agreement.

 

		2.7	Policies and Procedures. Company agrees to abide by the terms of the Policies and Procedures and
to participate in, and comply with, Anthem's credentialing standards. In the event of a conflict between the terms of this Agreement and
the Policies and Procedures, the terms of this Agreement will control. Anthem shall give Company no less than 30 days' prior written notice
of any material change to the Policies and Procedures.

 

     

     

    

 

		2.8	Credentialing. Company represents and warrants that it has all licenses required to provide Testing
Services in accordance with applicable laws and regulations. Company shall cooperate fully with Anthem's credentialing and recredentialing
procedures, as set forth in the Policies and Procedures. Company expressly authorizes Anthem to solicit any information regarding licensures,
registrations, certifications or accreditations, qualifications, and liability or negligence history from any source in connection with
such credentialing and recredentialing procedures for the duration of this Agreement.

 

2.9.       [***].

 

ARTICLE
3

ANTHEM RESPONSIBILITIES

 

		3.1	Purchase of Tests. Anthem shall purchase the minimum number of tests as set forth in Exhibit A,
subject to earlier termination of the Agreement pursuant to Section 10.2.

 

		3.2	Implementation of Care Management Program. Anthem shall, in its sole discretion, develop appropriate
care management programs which incorporate the use of Testing Services and is targeted to patients who are stratified through use of the
PreTRM® test as high risk for pre-term births. Anthem shall, in its sole discretion, implement any such care management program with
applicable Ordering Clinicians.

 

		3.3	[***].

 

		3.4	Inability to Perform. Anthem shall provide prompt notice to Company of its knowledge of any legal,
governmental, or other action involving Anthem which Anthem reasonably believes could materially impair the ability of Anthem to carry
out some or all of its material duties and obligations under this Agreement.

 

		3.5	[***].

 

		3.6	[***].

 

ARTICLE
4

COMPENSATION AND BILLING

 

		4.1	Submission and Payment. Except as otherwise provided herein, Company will submit monthly invoices
to Anthem for Testing Services at the rate per test set forth in Exhibit A (or other mutually agreed upon and documented rate) on the
5th day of each month following the month in which such services were performed. Anthem shall pay all invoices for Testing Services submitted
by Company within 45 days of receipt of the applicable invoice.

 

     

     

    

 

		4.2	Guarantee of Payment. Provided that Company is not in material breach of this Agreement, and subject
to the terms and conditions herein, Anthem shall pay to Company for each of the first three ears f the Term a minimum amount per annum
equal to [***].

 

ARTICLE
5

JOINT OPERATING COMMITTEE

 

		5.1	Joint Operating Committee. A Joint Operating Committee (“JOC”) will be formed,
pursuant to the terms of this Article 5 and the provisions set forth in Exhibit B, by two voting members each from Anthem
and Company. The JOC will have a chairperson. The initial chairperson shall be Nadia Altomare, to serve in such role until such time as
Ms. Altomare is no longer employed by the Company or is otherwise unable to continue in such role at any point during the term of this
Agreement, in which such case the JOC shall designate a replacement chairperson. During the term of this Agreement, Dr. Charles Kennedy,
as long as employed by or affiliated with Blue Ox, will be an ex-officio, non-voting member of the JOC. The JOC will determine details
of Anthem's and Company's collaboration, including, but not limited to:

 

		1.	Overall program management;

 

		2.	Anthem provider contracting support and coordination needs;

 

		3.	Company's testing capacity and ramp up to meet Anthem's needs;

 

		4.	Anthem care management programs, utilization management programs, analytic support, and marketing support;

 

		5.	Company IT readiness to ensure operational capacity for the anticipated growth of the program;

 

		6.	Approach to the physician offices and other end user support;

 

		7.	Staffing and resources by both parties;

 

		8.	Building and sharing enhanced data and analytics for current and future products and services;

 

		9.	Billing process;

 

		10.	[***]; and

 

		11.	Definition of success metrics and performance monitoring.

 

		5.2	Meetings of the JOC. The JOC will establish and hold regular meetings, and any member of the JOC
may request a special meeting of the JOC in his or her discretion. Any meeting of the JOC may be held in person or via telephone or video
conference. Each member appointed by Anthem and Company will be a voting member of the JOC entitled to one vote on any matter up for a
vote at meetings of the JOC.

 

     

     

    

 

		5.3	Dispute Resolutions. If the JOC reaches a deadlock on a specific issue, one executive at each of
the parties shall meet to resolve the issue in good faith. Such meeting shall occur no less than seven business days following the occurrence
of a deadlock on the JOC which at least two JOC members agree needs escalation to be resolved. Either party may take an unresolved issue
to binding arbitration pursuant to the arbitration procedures in Article 11 to resolve a deadlock if the parties have failed to
resolve the deadlock for at least 45 days following the initial meeting of the two executives. The initial executives for purposes of
the dispute resolution under this Section 5.3 shall be Elizabeth Canis, Anthem Vice President, Emerging Business and Partnerships,
and Gregory Critchfield, CEO of Sera Prognostics, Inc. Either party may replace such named executive for purposes of the dispute resolution
under this Section 5.3 by written notice to the other party.

 

ARTICLE
6

CONFIDENTIALITY

 

		6.1	Proprietary Information. The parties agree that all proprietary information that either party may
receive from the other party in the performance of this Agreement is the sole property of the disclosing party. The party receiving such
information agrees to keep the information strictly confidential. Anthem specifically acknowledges and agrees that the PreTRM® test
is proprietary to Company, and nothing in this Agreement construes any title, license, interest, or any other right to Anthem in or relating
to the PreTRM® test. For the avoidance of doubt, the foregoing shall not be applicable to the results of the PreTRM® tests, which
shall be jointly owned by the applicable Member and Anthem. Company specifically acknowledges and agrees that Anthem's Provider Agreements,
Anthem's care management program and Anthem's Policies and Procedures are proprietary to Anthem, and nothing in this Agreement construes
any title, license, interest, or any other right to Company in or relating to such. Furthermore, nothing in this Agreement confers any
title, license, interest or any other right in or to a Member's personally identifiable information (“PII”) or personal
health information (“PHI”) to Company.

 

		6.2	Confidentiality of Personally Identifiable Information. Company and Anthem agree that all PII and
PHI related to Members is privileged and confidential. To the extent as necessary for the purposes of fulfilling the obligations set forth
in this agreement provided by law, rule, or regulation, the parties agree to keep confidential and not to disclose such information to
any third party without the prior consent of the Member.

 

		6.3	Transfer of Medical Records. At the direction of Anthem, to the extent permitted by law, rule,
and regulation, Company shall share a Member's medical records with other health care providers treating the Member in a timely manner
at no cost to Anthem, the Member, or other health care provider.

 

		6.4	Survival. This Article 6 survives the termination of this Agreement.

 

     

     

    

 

ARTICLE
7

INSURANCE

 

		7.1	Anthem Insurance. Anthem shall self-insure or maintain insurance coverage or comprehensive general
liability and other insurances necessary and customary to insure Anthem, its agents, servants, and employees, acting within the scope
of their duties, against any claim(s) for damages arising in connection with the performance or non-performance of this Agreement by Anthem,
its agents, servants, or employees.

 

		7.2	Company Insurance. Company shall self-insure or maintain general and professional liability insurance
including coverage for product liability in the amount of $[***] per occurrence and $[***] annual aggregate or such higher coverage as
may be required by law. Evidence of such coverage shall be provided to Anthem upon its prior written request. Company shall notify Anthem
no less than 10 days in advance of such policy being reduced, terminated, cancelled, or the occurrence of a lapse in coverage. Company
shall maintain such insurance for the duration of this Agreement, and thereafter, as necessary to maintain coverage for events occurring
during the term of this Agreement.

 

ARTICLE
8

INDEMNIFICATION

 

		8.1	Indemnification by Anthem. Anthem agrees to indemnify Company and to hold Company harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Anthem's fraud,
willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of it, its
agents, employees, or representatives under this Agreement.

 

		8.2	Indemnification by Company. Company agrees to indemnify Anthem and to hold Anthem harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Company's
fraud, willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of
it, its agents, employees, or representatives under this Agreement.

 

ARTICLE
9

RECORD ACCESS

 

		9.1	Utilization Review. Company will make the Member's medical records and other PII and PHI available
to Anthem for all lawful purposes. Company will also make such records available to federal or state authorities as required by applicable
law, rule, or regulation.

 

		9.2	Books and Records. Anthem shall have the right to access the books and records of Company other
than those set forth in Section 9.1 upon no less than 30 days' prior written notice to Company. Anthem shall have the right to
inspect such books and records during normal business hours and with minimum disruption to Company's business operations. Such inspection
shall not occur more frequently than once per calendar year unless otherwise required as a result of regulatory requirements or under
applicable law. Any expenses out of the ordinary course incurred by Company in such audit shall be reimbursed by Anthem. If requested
by Company, Anthem shall give Company a summary of all findings of such audit, including any underpayments identified by the audit, within
30 days of the completion of such audit.

 

     

     

    

 

		9.3	Retention of Records. Company shall maintain medical records for a period of (a) six years from
the applicable date of service, (b) in the case, of a minor, for three years after the minor achieves the age of majority or six years
from the applicable date of service, whichever is later, or (c) such longer period as required by applicable law, rule, or regulation.
This provision will survive the termination of this Agreement.

 

ARTICLE
10

TERM AND TERMINATION

 

		10.1	Term. The initial term of this Agreement shall commence on the Effective Date and, unless earlier
terminated pursuant to Section 10.2, remain in effect until the later of (a) the third anniversary of the Effective Date or (b)
the date on which Anthem has consumed [***] of the PreTRM® tests.

 

		10.2	Termination.

 

		1.	This Agreement may be terminated at any time by the mutual written consent of Anthem and Company.

 

		2.	Termination for Cause. This Agreement may be terminated for cause as follows:

 

		(a)	If either party fails to comply with or perform when due any material term or condition of this Agreement,
the other party shall notify the defaulting arty of the default in writing, and the defaulting party will have [***] days from the date
of such notice to cure the default. If the default is not cured to the reasonable satisfaction of the non-defaulting party within such
period, the non-defaulting party may terminate this Agreement at the conclusion of the cure period.

 

		(b)	Upon notice b Anthem to Company with no further obligations of either party: [***].

 

		(c)	[***], Company shall notify Anthem of such in reasonable detail in writing, and Anthem will have 60 days
from the date of receipt of such notice to cure such impact. If the impact is not cured to the reasonable satisfaction of Company within
such period, the Company may terminate this Agreement at the conclusion of the cure period.

 

		10.3	Continuation of Care. Unless otherwise set forth in this Agreement or required by applicable law
or regulation, Company shall, upon termination of this Agreement (for any reason other than those set forth in Section 10.2.3(b)),
continue to provide Testing Services to any Member who has, as of the date of termination, provided a specimen for a PreTRM® test.
Company shall be reimbursed for such Testing Services pursuant to the terms and conditions of this Agreement.

 

     

     

    

 

ARTICLE
11

DISPUTE RESOLUTION

 

		11.1	Dispute Resolution. If any dispute arises out of or relates to this Agreement, the aggrieved party
shall provide notice to the other party of such dispute. Company and Anthem shall meet to attempt to resolve the dispute. Any dispute
shall first be submitted to (a) the JOC for resolution and then (b) the process under Section 5.3 of this Agreement prior to submission
to binding arbitration pursuant to this Section 11.1. If such efforts are unsuccessful, either party may commence arbitration by
filing an arbitration demand with the American Arbitration Association (“AAA”) within 30 days of the date of the notice
of dispute. The dispute will be resolved through binding arbitration as set forth in this Article 11 in New York, New York, or another
location as mutually agreed to by the parties.

 

		11.2	Arbitration. The arbitrator's ruling on any dispute that is brought to arbitration shall be final
and binding on the parties. The Commercial Rules relating to Payor-Provider Disputes issued by AAA will apply to any arbitration between
the parties. The cost of any arbitration will be equally borne by the parties unless the arbitrator(s) specifically instruct otherwise.
The result of any arbitration may be entered into and enforced by a court of competent jurisdiction.

 

		11.3	Survival. This Article 11 survives the termination of this Agreement.

 

ARTICLE
12

MISCELLANEOUS

 

		12.1	Amendment. This Agreement may be amended only by a written instrument duly executed by the parties
hereto. Notwithstanding the foregoing, Anthem may reasonably amend this Agreement to comply with an applicable law, rule, or regulation.
If the amendment would impose a material adverse impact on Company, then Company may terminate this Agreement on sixty (60) days' prior
written notice to Anthem by sending a termination notice within thirty (30) days after receipt of the amendment.

 

		12.2	Assignment. Neither party may assign or delegate this Agreement or any part thereof (except as
otherwise expressly set forth herein) without the prior written consent of the other party.

 

		12.3	Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns.

 

		12.4	Notice. Any notice required or permitted under this Agreement must be made in writing and delivered
to the address(es) set forth below (a) by hand, (b) via nationally-recognized overnight courier with proof of delivery, (c) via certified
mail, return receipt requested, or (d) via email with delivery and read receipts requested. Notice will be deemed delivered as of the
date of verified delivery. Each party may update its address(es) for notice set forth below by providing notice to the other party of
the new address.

 

     

     

    

 

	if
    to Anthem:	1155
    Elm Street 
	 	Manchester,
    NH 03101 
	 	Attn:
    Paul Eisenstat, VP Networks 
	 	 
	if
    to Company:	2749
    E Parleys Way, Suite 200 
	 	Salt
    Lake City, UT 84109 
	 	Attn:
    Jay Moyes, Chief Financial Officer 

 

		12.5	Relationship of the Parties. For the purposes of this Agreement, Anthem and Company are, and will
act at all times, as independent contractors. None of the provisions of this Agreement is intended to create, nor will be deemed or construed
to create, any relationship other than that of independent entities contracting with each other for the purposes of effectuating this
Agreement. The provisions of this Agreement will not be deemed to establish or be deemed or construed to establish any partnership, agency,
employment, agreement, or joint venture between the parties. Neither of the parties, nor any of their respective officers, directors,
employees, authorized agents, or representatives shall be construed to be the agent, employee, or representative of the other.

 

		12.6	Survival. Provisions of this Agreement which, either explicitly or implicitly, apply to a party
following the termination of this Agreement will survive such termination for all purposes.

 

		12.7	Severability. If any term or provision of this Agreement shall be found to be illegal, invalid
or unenforceable under applicable law, then, notwithstanding such illegality, invalidity or unenforceability, this Agreement shall remain
in full force and effect and the illegal, invalid or unenforceable term or provision shall be deemed to be deleted.

 

		12.8	Governing Law. This Agreement shall be governed in all respects by the laws of the State of New
York without giving effect to the principles of conflicts of law thereof.

 

		12.9	Section Headings. Section headings contained in this Agreement are inserted for convenience of
reference only, will not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction, or scope of any of the provisions hereof.

 

		12.10	No Third-Party Beneficiaries. It is the explicit intention of the parties hereto that no person
or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against
either party hereto, and that the covenants, undertakings, and agreements set forth in this Agreement shall be solely for the benefit
of, and shall be enforceable only by, the parties hereto and their respective successors and assigns as permitted hereunder.

 

		12.11	Force Majeure. Each party shall use all commercially reasonable efforts to perform its obligations
under this Agreement but shall be excused for failure to perform or for delay in performance hereunder due to unforeseeable circumstances
beyond its reasonable control, or which could not have been prevented by it, including, but not limited to, floods, hurricanes, earthquakes,
acts of war or terrorism, civil unrest, or embargoes.

 

     

     

    

 

		12.12	No waiver. No waiver hereunder will be binding unless set forth in writing and duly executed by
the party against whom enforcement of the waiver is sought. Neither the waiver by either of the parties hereto or a breach of, or a default
under any of the provisions of this Agreement, nor the failure of either party, on one or more occasions, to enforce any of the provisions
of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or
default of a similar nature, or as a waiver of any of such provisions, rights, or privileges hereunder.

 

		12.13	Compliance with Law. Each party represents and warrants to the other party that it is in material
compliance with all applicable laws, rules, and regulations as respects its performance hereunder, and covenants that, for the duration
of this Agreement, such party will remain in material compliance with all applicable laws, rules, and regulations as respects its performance
hereunder.

 

		12.14	Cumulative Remedies. The remedies provided herein are cumulative and do not preclude one party
from asserting any other rights or seeking any other remedies against the other party, or its successors or permitted assigns, pursuant
to this Agreement or as provided by applicable law. Nothing contained herein precludes a party from seeking equitable relief, where appropriate.

 

		12.15	Execution. This Agreement may be executed in one or more counterparts, each of which is to be deemed
an original, and all of which, when taken together, are to be deemed one and the same instrument. Signatures to this Agreement may be
made and/or transmitted electronically, and each such signature is to be deemed an original signature for all purposes.

 

		12.16	Entire Agreement. Except as expressly set forth herein, this Agreement, together with all exhibits
and appendices hereto, constitute the entire agreement between the parties hereto with respect to the subject matter contained herein
and supersedes all prior oral or written agreements, representations, statements, negotiations, understandings, and undertakings with
respect to the matters provided for herein.

 

		12.17	BCBSA Affiliation. Company hereby expressly acknowledges its understanding that this Agreement
constitutes a contract between Company and Anthem, that Anthem is an independent entity operating under a license from the Blue Cross
Blue Shield Association, an Association of independent Blue Cross and Blue Shield plans (the “Association”), permitting
Anthem to use the Blue Cross and Blue Shield Service Marks, and that Anthem is not contracting as the agent of the Association. Company
acknowledges that it has no license to use the Blue Cross and/or Blue Shield names, symbols, or derivative marks (the “Brands”)
and nothing in this Agreement is to be deemed to grant a license to Company to use the Brands. Any references to the Brands made by Company
in its own materials are subject to the review and approval by Anthem pursuant to the terms of this Agreement. Company further acknowledges
and agrees that it has not entered into this Agreement based upon representations by any person other than Anthem, and that no person,
entity, or organization other than Anthem will be held accountable or liable to Company for any of Anthem's obligations to Company created
under this Agreement. This section does not create any additional obligations whatsoever on the part of Anthem other than those obligations
otherwise created under this Agreement.

 

     

     

    

 

		12.18	Publicity. Anthem and Company shall mutually agree on any press releases, communications, media
outreach, or similar public statements made by either party in regards to the existence and terms of this Agreement. Neither party shall
make any such public statement regarding this Agreement prior to the mutual agreement of the parties.

 

[Signatures appear on the following page]

 

 

     

     

    

 

The parties have executed
this Commercial Collaboration Agreement as of the date set forth below.

 

	ANTHEM,
    INC.	 	SERA
    PROGNOSTICS, INC.
	 	 	 
	By:	/s/
    Paul Marchetti	 	By:	/s/
    Gregory C. Critchfield
	Name:
     Paul Marchetti	 	Name:
     Gregory C. Critchfield
	Title:
     SVP Health Care Management	 	Title:
     Chief Executive Officer
	Date:
     February 17, 2021	 	Date:
     February 17, 2021

 

     

     

    

 

Exhibit A

 

PER TEST RATES AND NUMBER OF TESTS

 

		1.	Rates: Anthem shall pay Company an amount per PRETRM® test control to a Member equal to [***].

 

		2.	Guaranteed Tests per Year: Anthem shall purchase a minimum of [***] PreTRM® tests during the
term of this Agreement. The annual amounts are as follows:

 

		a.	Year 1 - [***] tests

 

		b.	Year 2 - [***] tests

 

		c.	Year 3 - [***] tests

 

In the event that Anthem purchases fewer
than the foregoing amount in either Year 1 or Year 2, the difference between the amount actually ordered and the guaranteed number of
tests will carry-over to the following year. For example, if Anthem orders only [***] tests in Year 1, then the guaranteed number of tests
for Year 2 will be [***].

 

		3.	Affiliates and BCBS Licensees. Any purchases made on behalf of, or distributed to, Anthem's Affiliates
or any other BCBS Licensee or one of their respective Affiliates will be credited against the guaranteed payment terms of Section 4.2
of the Agreement and guaranteed test volumes in Section 2 of this Exhibit A.

 

     

     

    

 

EXHIBIT B

 

[***]

 

     

     

    

 

EXHIBIT C

 

[***]Exhibit 10.5.1

 

Confidential

 

COMMERCIALIZATION AGREEMENT

 

This Commercialization Agreement
(“Agreement”) is effective as of January 9, 2017 (“Effective Date”) and is entered into by and between
Sera Prognostics, Inc. (“Sera”), a Delaware corporation with its principal place of business at 2749 East Parleys Way,
Suite 200, Salt Lake City, Utah 84109, and Laboratory Corporation of America Holdings (“LabCorp”), a Delaware corporation
with its principal place of business at 531 South Spring Street, Burlington, North Carolina 27215. Each of Sera and LabCorp is referred
to herein as a “Party” and together as the “Parties.”

 

BACKGROUND

 

		A.	Sera is a diagnostics company that develops, commercializes, and performs a prognostic test in its CLIA-certified
laboratory referred to as the PreTRM® test, which is a clinical blood test for early individualized risk assessment of spontaneous
premature birth (the “Test”).

 

		B.	LabCorp provides leading-edge medical laboratory tests and services through a national network of primary
clinical laboratories and specialty testing laboratories.

 

		C.	[***].

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the Parties agree as follows.

 

		1.	DEFINITIONS

 

Capitalized terms used herein
shall have the definitions set forth in this Article 1 or elsewhere herein.

 

1.1           
“Affiliate” means, with respect to a Party to this Agreement, any current or future Entity which controls, is
controlled by, or is under common control with such Party, but only for so long as such control exists. For purposes of this definition
only, “control” means direct or indirect ownership of at least fifty percent (50%) of the shares or other equity interests
of the subject Entity entitled to vote in the election of directors (or, in the case of an Entity that is not a corporation, for the election
of the corresponding managing authority).

 

1.2          
“Commercialize” means to advertise, market, promote, offer for sale, sell and distribute, and to accept orders,
collect fees and book revenue for sales of Tests (and “Commercialization” shall have the correlative meaning).

 

1.3           
“Commercially Reasonable Efforts” means the carrying out of activities using good faith commercially reasonable
and diligent efforts to achieve a goal, and using the efforts that a similarly situated company would reasonably devote to a product
of similar market potential or profit potential at a similar stage in development or product life resulting from its own research efforts,
based on conditions then prevailing and taking into account, without limitation, issues of safety and efficacy, product profile, the
competitiveness of alternative products in the marketplace, the likely timing of the product’s entry into the market, the patent
and other proprietary position, and the status of the approval process, the commercial potential and profitability, and other relevant
scientific, medical, technical and commercial factors.

 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. ”

 

     

     

    

 

1.4           
“Control” or “Controlled” means the possession by Sera of the ability to grant a license
or sublicense of intellectual property rights as provided for herein without violating the terms of any arrangement or agreements between
it and any third party.

 

1.5           
“Entity” means a person, corporation, partnership, association, limited liability company, unincorporated organization,
firm, or other entity.

 

1.6           
“Field” means the prediction of a patient’s likelihood to deliver a baby at less than thirty seven (37)
weeks of gestation. For clarity, pharmaceutical collaborations and clinical trials are outside the Field.

 

1.7           
[***].

 

1.8          
“Legal Requirements” means any applicable national, federal, state or local law, rule, ordinance or regulation,
or formal administrative agency final guidance or published final interpretation, in the Territory.

 

1.9           
“Provider” means a healthcare provider authorized and licensed to provide obstetrics services to patients within
the Territory.

 

1.10         
[***].

 

1.11         
“Sample” means any fluid sample extracted from a Provider’s patient as necessary to perform the Test.

 

1.12         
“Territory” means the United States.

 

1.13         
[***].

 

		2.	DISTRIBUTION RIGHTS AND OBLIGATIONS

 

2.1           
[***].

 

2.2           
[***].

 

2.3           
[***].

 

2.4           
[***].

 

2.5           
[***].

 

2.6           
[***].

 

    2

     

    

 

2.7          
 Independent Contractor. Each Party shall perform its services under this Agreement as an independent contractor and not
as an employee or agent of the other Party or any of its parents, subsidiaries, or affiliates. Neither Party is authorized to assume or
create any obligation or responsibility, express or implied, on behalf of, or in the name of, the other Party or to bind the other Party
in any manner, except that Sera will perform all Tests that are ordered in compliance with the process described in Section 3. Without
limiting the generality of the foregoing, neither Party (a) shall have the right to enter into any contracts or commitments in the name
of, or on behalf of, the other Party, and (b) shall obligate or purport to obligate the other Party by issuing or making any warranties
or guaranties with respect to Tests to any third party that are not provided or approved in writing in advance by the other Party. Neither
Party shall be entitled to any benefits, coverages or privileges, including, without limitation, social security, unemployment, medical
or pension payments, made available to employees of the other Party.

 

2.8           
[***].

 

2.9           
[***].

 

2.10         
[***].

 

2.11         
[***].

 

2.12         
[***].

 

2.13         
[***].

 

2.14         
[***].

 

2.15         
[***].

 

2.16         
[***].

 

		3.	SAMPLE PROCESSING AND TESTING

 

3.1          
SOPs. Sera and LabCorp shall use diligent and good faith efforts to agree upon standard operating procedures for LabCorp’s
acceptance of orders for Tests, collection, processing and shipment of Samples to Sera, and Sera’s provision of Sera Results Reports
(defined below) (“Intercompany SOPs”) for each Test within thirty (30) days of the Effective Date. Sera acknowledges
that LabCorp is not responsible for ensuring that the collection, preservation, shipping and handling specifications established in the
Intercompany SOPs are sufficient to ensure the viability of Samples for performance of the Test. Each Intercompany SOP may only be amended
by the Parties in writing. Neither Party shall change nor deviate from an Intercompany SOP without the other Party’s prior written
approval of the proposed change or deviation. Sera shall maintain written documentation of its own technical standard operating procedures
for its performance of the Tests (“Sera SOPs”), which shall constitute Sera’s Confidential Information. For clarity,
the Sera SOPs shall not form part of the Intercompany SOPs.

 

    3

     

    

 

3.2           
Sample Collection, Processing and Shipment by LabCorp. LabCorp agrees that it will be responsible for (a) collecting Samples
at LabCorp facilities from customers who have ordered the Test; (b) procuring the supplies needed for each patient draw; (c) labeling
and processing such Samples (whether ordered in connection with other testing to be performed by LabCorp or as a standalone test); (d)
packaging the Samples; and (e) shipping the Samples to Sera’s CLIA-certified, licensed laboratories located at 2749 Parleys Way,
Suite 200, Salt Lake City, UT 84109 (the “Licensed Facilities”) for performance of the Tests, all in accordance with
the Intercompany SOPs. Sera acknowledges that LabCorp may route samples through its regional laboratories, so long as such routing complies
with the Sera SOPs. LabCorp shall not deliver any Samples to Sera that LabCorp knows is insufficient for purposes of performing a Test.

 

3.3           
[***].

 

3.4           
[***].

 

3.5           
Performance of Tests. Sera will perform Tests on Samples received from LabCorp at the Licensed Facilities in accordance
with (i) the analytical, clinical and performance standards set forth on Exhibit E attached hereto and (ii) the Intercompany SOPs.
[***].

 

3.6           
[***].

 

3.7           
[***].

 

3.8           
[***].

 

3.9           
Licensed Facilities. Sera shall perform the Services only at its Licensed Facilities and Sera may change the location of
the Licensed Facilities to substantially equivalent and appropriately certified, accredited, licensed laboratory facilities within the
USA upon sixty (60) days’ prior written notice to LabCorp. LabCorp’s designated representatives may visit the Licensed Facilities
upon reasonable advance notice and during Sera’s normal business hours to observe the performance of the Services and to verify
compliance with the Intercompany SOPs, subject to compliance with Sera’s onsite policies and processes.

 

3.10         
Governmental Permits and Approvals. Each Party will obtain and maintain all applicable professional licenses, permits, certifications,
authorizations, and approvals as may be required for the performance of its hereunder, and each Party will be solely responsible for any
fees associated with any licenses, permits, certifications, authorizations, or approvals. Sera will use commercially reasonable efforts
to obtain and receive New York Approval as soon as practicable, and will notify LabCorp promptly upon the occurrence of New York Approval.

 

3.11         
Retention of Records and Samples. Sera and LabCorp shall retain and preserve accurate and complete records and pertinent
Samples related to any Tests performed by Sera under this Agreement in conformity with company policies and consistent with applicable
Legal Requirements. Upon written request, each Party shall make available for review by the other all such records and preserved materials
as may be reasonably required or requested.

 

3.12         
[***].

 

    4

     

    

 

		4.	COMPENSATION

 

4.1           
[***].

 

4.2           
[***].

 

4.3           
[***].

 

4.4           
[***].

 

4.5           
[***].

 

4.6           
[***].

 

4.7           
[***].

 

		5.	CLINICAL STUDIES AND COMPLIANCE

 

5.1           
[***].

 

5.2           
Compliance with Laws. LabCorp and Sera each agree to perform their respective obligations under this Agreement in compliance
with all Legal Requirements and all applicable regulations, rules, and policies of third party payors that pay for the Tests. The terms
of this Agreement are intended to be in compliance with Legal Requirements applicable on the Effective Date, including, but not limited
to the federal health care anti-kickback statute (42 U.S.C. § 1320a-7b), and applicable state law equivalents, as well as applicable
state law prohibitions on professional fee splitting. Should legal counsel for either Party reasonably conclude that any portion of this
Agreement is or may be in violation of such Legal Requirements, or subsequent enactments by any governmental authorities, that Party shall
give written notice and the Parties will negotiate in good faith to amend this Agreement to comply with such Legal Requirements. In the
event that the Parties are unable to agree upon such an amendment, either Party may terminate this Agreement.

 

5.3           
Privacy. LabCorp and Sera each agree to protect the privacy and provide for the security of any information that relates
to a patient’s past, present, or future physical or mental health or condition in accordance with the Health Insurance Portability
and Accountability Act of 1996, Public Law 104-191, and all regulations promulgated thereunder at 45 C.F.R. parts 160 through 164, as
amended by the federal Health Information Technology for Economic and Clinical Health Act (“HITECH Act”) and its implementing
regulations, as may be modified or amended (collectively “HIPAA”), and any other applicable federal and state laws
and regulations. The Parties acknowledge and agree that they are both “covered entities” providing “treatment”
for patients as those terms are defined under HIPAA. Both parties acknowledge that they have developed and implemented policies, procedures,
and training programs reasonably designed to protect the privacy and security of patient information in accordance with HIPAA’s
privacy, security, and breach notification regulations. Sera shall not use any information received from LabCorp to contact a patient
directly without LabCorp’s prior written consent.

 

    5

     

    

 

5.4          
 Participation in Federal Health Care Programs. LabCorp and Sera respectively represent, warrant and covenant to the other
that:

 

5.4.1       
It, and its owners, directors, officers, agents, or employees are, as of the Effective Date, and for the remainder of the term
of this Agreement, will be, eligible to participate in the federal health care programs as defined in Section 1128B of the Social Security
Act (42 U.S.C. 1320a-7b(f)) or any state health care program as defined in Section 1128B of the Social Security Act (42 U.S.C. 1320a-7b(h)).

 

5.4.2       
Neither it, nor any of its owners, directors, officers, agents, or employees has been, as of the Effective Date, nor during the
term of this Agreement, will be, sanctioned by the DHHS Office of the Inspector General as set forth in the List of Excluded Individuals/Entities
Database or excluded by the General Services Administration as set forth in Excluded Parties List System.

 

5.4.3       
It shall notify the other Party promptly in the event of any adverse action relating to its license, permit, certification or right
to receive reimbursement from any federally funded health care program.

 

5.5          
Non-Discrimination. Each Party will perform its obligations hereunder in compliance with all federal and state laws prohibiting
discrimination on the basis of race, color, religion, sex, national origin, handicap, or veteran status.

 

		6.	INVESTMENT

 

[***].

 

		7.	INDEMNIFICATION; LIMITATION OF LIABILITY AND INSURANCE.

 

7.1           
Indemnification.

 

7.1.1       
LabCorp will defend, indemnify and hold harmless Sera and its Affiliates, and their respective shareholders, members, partners,
directors, officers, employees, and agents (“Sera Indemnified Parties”) from and against any and all third party claims,
actions, and proceedings alleging damages, liabilities, losses, costs and/or expenses and brought against any of the Sera Indemnified
Parties to the extent arising from (a) LabCorp’s violation of a Legal Requirement in connection with its performance of this Agreement;
(b) any negligent act or omission or intentional misconduct or omission of LabCorp in relation to its obligations under this Agreement;
(c) the breach of Section 9 by LabCorp; (d) any representations or warranties made by LabCorp in respect of Tests that are inconsistent
with, or broader than, the then-current representations and warranties published, provided, or approved by Sera in writing; (e)
any deviation from the results included in the Sera Results Report as compared to the results actually reported by LabCorp to the customer
(including, without limitation, any errors in reproducing the results or any information relating to the results or use or interpretation
thereof which was not included in the Sera Results Report as provided to LabCorp); (f) any Test results which are incorrect as a result
of procedures or processes or other activities within LabCorp’s control; and (g) personal injury caused by LabCorp personnel in
their drawing, handling, storing and shipping of Samples and related patient information.

 

    6

     

    

 

7.1.2       
 Sera will defend, indemnify and hold harmless LabCorp and its Affiliates, and their respective shareholders, members, partners,
directors, officers, employees, and agents (“LabCorp Indemnified Parties”) from and against any and all third party
claims, actions, and proceedings alleging damages, liabilities, losses, costs and/or expenses and brought against any of the LabCorp Indemnified
Parties to the extent arising from (a) Sera’s violation of a Legal Requirement in connection with its performance of this Agreement;
(b) any negligent act or omission or intentional misconduct or omission of Sera in relation to its obligations under this Agreement; (c)
the breach of Section 9 by Sera; (d) any Test results (as provided by Sera to LabCorp hereunder) which (1) are incorrect as a result of
laboratory procedures or processes or other activities within Sera’s control, or (2) are performed by Sera outside the standards
as set forth in Exhibit E or otherwise not in conformance with the sensitivity or specificity standards set by Sera for the Test
as of the time the Test is performed; (e) any Test tests that were not performed by Sera in accordance with Sera SOPs in effect as of
the time the test was performed; (f) any incomplete Test results as provided by Sera to LabCorp hereunder; and (g) any actual or alleged
infringement (including direct or indirect, joint or divided infringement, as the case may be) or misappropriation of any patent or other
intellectual property rights based upon the performance of the Test or based upon the Sera Mark (unless used by LabCorp other than in
strict accordance with this Agreement).

 

7.1.3       
A Party’s obligations to indemnify the other Party pursuant to this Section 7.1 is conditioned upon the indemnified Party:
(i) providing the indemnifying Party with prompt written notice of such claim, action, or proceeding (although failure to provide notice
promptly shall not relieve the indemnifying Party of its obligations unless such failure materially prejudices the indemnifying Party’s
ability to defend such claim, action or proceeding); (ii) permitting the indemnifying Party to assume and solely control the defense of
such claim, action, or proceeding and all related settlement negotiations, with counsel chosen by the indemnifying Party; and (iii) cooperating
at the indemnifying Party’s request and expense with the defense or settlement of such claim, action, or proceeding which cooperation
must include providing reasonable assistance and information. No indemnified Party will enter into any settlement agreement for which
it will seek indemnification under this Agreement from the indemnifying Party without the prior written consent of the indemnifying Party.
Nothing herein restricts the right of a Party to participate in a claim, action, or proceeding through its own counsel and at its own
expense.

 

7.2          
Limitation of Liability. EXCEPT WITH RESPECT TO DAMAGES CAUSED BY FRAUD, INTENTIONAL MISCONDUCT, A BREACH OF SECTION 8 (CONFIDENTIALITY)
OR BY A PARTY’S VIOLATION OF APPLICABLE LEGAL REQUIREMENTS, AND EXCEPT FOR AMOUNTS OWED BY A PARTY PURSUANT TO ITS INDEMNIFICATION
OBLIGATIONS IN SECTION 7.1, NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR SIMILAR
LOSSES OR DAMAGES SUFFERED BY SUCH PARTY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

7.3           
Insurance. Each Party shall maintain in full force and effect from a third party that is rated “A” or “A-”
in Best’s Insurance Guide, or is otherwise reasonably acceptable to the other Party, at a minimum the following insurance coverage
for its operations in the Territory:

 

    7

     

    

 

(i)                
 Automobile liability covering all vehicles owned, non-owned, hired and leased in an amount not less than $[***] per claim (combined
single limit for bodily injury and property damage).

 

(ii)             
Commercial general liability insuring against bodily injury, property damage, contractors’ completed operations and contractual
liability with a combined single limit of not less than $[***] per claim and $[***] in the aggregate.

 

(iii)           
Umbrella/Excess Liability coverage of not less than $[***].

 

Insurance carried on a claims made basis shall
have a reporting tail of at least three years after the expiration or termination of this Agreement to cover all claims. This can be purchased
at termination of the Agreement. For the avoidance of doubt, any policy amounts or limitations shall not in any event be construed as
limitations on a Party’s liability under the Agreement. After receipt of written request, each Party shall furnish the other Party
with certificates of insurance evidencing the above coverages.

 

		8.	CONFIDENTIALITY

 

8.1          
Confidentiality. The Parties acknowledge that they may exchange confidential or proprietary information pursuant to this
Agreement (“Confidential Information”), whether written, verbal, or tangible. Confidential Information shall not include
information that the receiving Party can demonstrate (a) is or becomes a part of the public domain through no wrongful act or omission
of the receiving Party, (b) is or was in the receiving Party’s lawful possession prior to receipt from the disclosing Party, as
evidenced by the receiving Party’s records kept in the ordinary course of its business, (c) is disclosed to the receiving Party
by a third party entitled to disclose such Confidential Information, other than disclosure on behalf of the disclosing Party, or (d) was
independently developed by the receiving Party without use of or access or reference to the Confidential Information of the disclosing
Party, as evidenced by the receiving Party’s records kept in the ordinary course of its business. Each Party agrees that, during
the term of this Agreement and thereafter, it shall not, directly or indirectly, (i) use the other Party’s Confidential Information
for any reason other than to perform its obligations or exercise its rights under this Agreement, or (ii) disclose or otherwise make available
the other Party’s Confidential Information to any third parties, except in either case (A) as authorized by such other Party in
writing, (B) as expressly permitted herein, or (C) to the extent required by applicable Legal Requirements, in which case it shall promptly
notify the other Party in writing of the requirement so that the other Party may seek a protective order or confidentiality treatment,
and it shall cooperate with the other Party, at the other Party’s request and expense, in any such efforts. In no event shall Sera
use any Confidential Information of LabCorp to solicit any customers of LabCorp inside or outside the Territory during or after the term
of this Agreement.

 

8.2           
Terms of Agreement. Each of the Parties shall not disclose to any third party the terms of this Agreement without the prior
written consent of the other Party, except in confidence to its business or legal advisors, investors, and sources of financing, in each
case on a need-to-know basis under circumstances that reasonably ensure the confidentiality thereof, or to the extent required by law,
rule, regulation or governmental authority, including applicable rules of any securities exchange. If the terms of this Agreement are
required to be publicly disclosed by applicable Legal Requirements, the disclosing Party shall seek confidential treatment for the terms
and conditions of this Agreement to the fullest extent permitted by applicable laws, rules and regulations. Prior to seeking such confidential
treatment, the disclosing Party shall provide the other Party with a copy of the proposed disclosure showing the disclosing Party’s
proposed redactions of the document, and shall consult with the other Party and the other Party’s counsel and provide them with
a reasonable opportunity to request the inclusion of specified provisions or redactions in any request for confidential treatment.

 

    8

     

    

 

		9.	REPRESENTATIONS AND WARRANTIES

 

9.1           
By Sera. Sera represents, warrants and covenants to LabCorp that:

 

9.1.1       
This Agreement is a legal and valid obligation binding upon Sera and enforceable in accordance with its terms, subject to generally
applicable Legal Requirements, and the execution, delivery and performance of this Agreement by Sera does not conflict with any agreement,
instrument or understanding to which Sera is a party or by which it is bound.

 

9.1.2       
No consent of, or payment to, any third party is required for Sera to grant the rights and licenses to LabCorp as set forth herein,
or for Sera to enter into this Agreement.

 

9.1.3       
Sera’s employees who will be performing the Tests hereunder are qualified to do so, and possess the necessary skill, education,
training, and where required by any applicable Legal Requirements, Sera and its employees have the necessary federal and state licenses
or certificates, to perform such testing services. Copies of such licenses or certificates shall be provided to LabCorp upon written request,
in addition to such quality assessment information as reasonably requested by LabCorp.

 

9.1.4       
Sera shall comply with current good laboratory practice as required by the Clinical Laboratory Improvement Amendments of 1988 under
42 USC 263a (CLIA’88), FDA regulations for Protection of Human Subjects in Research as published in 21 CFR Parts 50, 56 and 812
and all applicable College of American Pathologists rules, regulations, orders and guidances, and the requirements with respect to current
good laboratory practices prescribed by other similar authorities in the Territory, and shall perform all its obligations under this Agreement
in a professional and workmanlike manner.

 

9.1.5       
Sera shall maintain an adequate and appropriate disaster recovery plan for performance of Tests hereunder.

 

9.1.6       
All information and other content Sera provides to LabCorp for use in the sales, marketing and promotion of the Test shall be accurate
and not deceptive or fraudulent.

 

9.1.7       
As of the Effective Date, neither Sera nor any of its officers, directors, employees or owners have been debarred, suspended, declared
ineligible or excluded from participation in any federal or state healthcare program and during the term of this Agreement no officer,
director or employee that has been debarred, suspended, declared ineligible or excluded from participation in any federal or state healthcare
program shall perform any services under this Agreement.

 

    9

     

    

 

9.1.8       
 To Sera’s knowledge, as of the Effective Date, there is no unauthorized use, infringement or misappropriation by any third
parties of the intellectual property Controlled by Sera and used in its performance of this Agreement.

 

9.1.9       
To Sera’s knowledge, as of the Effective Date, there is no pending or threatened litigation which alleges that Test infringes
upon any third party rights.

 

9.1.10   
To Sera’s knowledge, as of the Effective Date, there are no valid patent claims or other intellectual property rights of
a third party that would be infringed by Sera’s performance of the Test.

 

9.1.11   
As of the Effective Date, Sera has not granted any licenses, authorizations or covenants-not-to-sue to any third parties with respect
to the Test in the Field in the Territory, or granted any third party the right to market, offer, perform, sell or distribute testing
services based on use of the Test in the Field in the Territory

 

9.2           
By LabCorp. LabCorp represents, warrants and covenants to Sera that:

 

9.2.1       
This Agreement is a legal and valid obligation binding upon LabCorp and enforceable in accordance with its terms, subject to generally
applicable Legal Requirements, and the execution, delivery and performance of this Agreement by LabCorp does not conflict with any agreement,
instrument or understanding to which LabCorp is a party or by which it is bound.

 

9.2.2       
LabCorp will perform this Agreement and Commercialize Tests in compliance with all applicable federal, state, and local laws, rules,
and regulations and all applicable regulations, rules, and policies of third party payors that pay for the Tests.

 

9.2.3       
LabCorp’s employees who will be performing work under this Agreement are qualified to do so, and possess the necessary skill,
education, training, and where required by any applicable Legal Requirements, Sera and its employees have the necessary federal and state
licenses or certificates, to perform such work.

 

9.2.4       
As of the Effective Date, neither LabCorp nor any of its Affiliates or its or their officers, directors, employees or owners have
been debarred, suspended, declared ineligible or excluded from participation in any federal or state healthcare program and during the
term of this Agreement no officer, director or employee that has been debarred, suspended, declared ineligible or excluded from participation
in any federal or state healthcare program shall perform any services under this Agreement.

 

9.3          
Disclaimer. EXCEPT AS SPECIFIED IN THIS AGREEMENT, EACH PARTY DISCLAIMS ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, WITH
RESPECT TO THE SERVICES, TESTS, THE MARKETING MATERIALS AND ITS TRADEMARKS, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT.

 

    10

     

    

 

		10.	TERM AND TERMINATION

 

10.1         
[***].

 

10.2         
Termination.

 

(a)              
[***].

 

(b)              
[***].

 

(c)              
[***].

 

(d)              
Each Party may terminate this Agreement upon notice if the other Party: (i) makes an assignment or other arrangement for the benefit
of creditors, appoints or suffers appointment of a receiver or trustee over its property, (ii) files a petition under any bankruptcy or
insolvency act or has any such petition filed against it which is not discharged within one hundred twenty (120) days of the filing thereof,
(iii) discontinues or suspends its operations for any reason whatsoever, including loss or suspension of license or accreditation, or
(iv) is sanctioned, debarred, suspended, or excluded from any federal health care program as defined under applicable Legal Requirements.

 

(e)              
[***].

 

10.3        
Effects of Expiration or Termination. All licenses granted hereunder to LabCorp shall automatically terminate upon expiration
or termination of this Agreement. Upon termination of this Agreement, each Party shall immediately return to the other party all of the
other Party’s Confidential Information in its possession or control, and LabCorp shall immediately return, at LabCorp’s cost,
all demonstration Tests that have been provided to LabCorp by or on behalf of Sera. Notwithstanding the foregoing, each Party may retain
one copy of the Confidential Information of the other Party in its Law Department for archive purposes, and neither Party shall be required
to destroy or delete copies that have become embedded in its electronic storage systems through routine backup processes. Upon termination
or expiration of this Agreement, LabCorp agrees to cooperate with Sera in order to effect an orderly transition of LabCorp’s responsibilities
hereunder to Sera. Upon expiration or termination of this Agreement, Sera shall complete the performance of any Tests ordered by LabCorp
prior to the date of notice of termination, and Sera shall pay LabCorp all Subcontract Fees due and payable under this Agreement.

 

10.4         
Survival. All rights of a Party that accrued prior to the date of expiration or termination of this Agreement shall be unaffected
by this Agreement’s expiration or termination. Sections 2.10, 2.13, 3.11, 7.1, 7.2, 7.3, 8, 10.3, 10.4 and 11 shall survive the
termination or expiration of this Agreement.

 

		11.	GENERAL PROVISIONS

 

11.1        
Affiliates. LabCorp’s Affiliates shall be permitted to exercise any of LabCorp’s rights under this Agreement,
including without limitation, LabCorp’s rights to accept orders for, sell, and market the Test in the Territory. In addition, Sera
is permitted to perform its obligations and exercise its rights hereunder through one or more Sera Affiliates, including, without limitation,
to perform the Test on Samples delivered hereunder. Each Party is responsible for ensuring that any Affiliates performing obligations
or exercising rights under this Agreement comply with all applicable provisions hereof, and will be fully liable for any actions or omissions
of any such Affiliates in connection therewith, including, without limitation, for any breach of any provision of this Agreement by any
such Affiliate.

 

    11

     

    

 

11.2         
Force Majeure. If either Party is impeded in fulfilling its undertakings in accordance with this Agreement by circumstances
beyond its reasonable control, including labor conflict, acts of God, earthquake, fire, war or terrorist attack, the impediment shall
be considered a “Force Majeure” condition and the Party shall be excused from liability for delays due to such reasons; provided,
however, that it notifies the other Party thereof without undue delay after such a circumstance has occurred. Upon such notification,
the Parties shall agree upon a reasonable extension of the time for performance, not to exceed an extension equal to the period the Force
Majeure condition continues to exist and a reasonable period of time thereafter.

 

11.3         
Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter
hereof and supersedes any and all other agreements, either oral or written, between the Parties with respect to the subject matter hereof.

 

11.4         
Publicity. The Parties shall, upon the Effective Date, work together diligently and in good faith to prepare a joint press
release disclosing their relationship under this Agreement, and each Party may release such press release at any time after thirty (30)
days from the Effective Date. Except for such press release, and except with respect to matters disclosed therein, neither Party shall
make any media releases, public announcements and/or public disclosures relating to this Agreement or the subject matter hereof, including,
without limitation, promotional or marketing material referring to the other Party, without the other Party’s prior written consent,
except as required by Legal Requirements.

 

11.5         
No Implied Licenses or Rights. Except as expressly set forth herein, neither Party shall have the right to use any name,
trademark or service mark of the other Party. Except as expressly set forth herein, nothing in this Agreement shall imply that either
Party has any license or right under the other Party’s Patent Rights or other intellectual property or other propriety rights.

 

11.6        
Assignment. Neither Party may assign, delegate, subcontract or otherwise transfer this Agreement or any right or obligation
hereunder, in whole or part, without the prior express written consent of the other Party, except that Affiliates may exercise rights
or fulfill obligations under this Agreement as provided in Section 11.1. In addition, Sera may assign this Agreement in connection with
the sale or transfer of all or substantially all of its assets to which this Agreement relates upon written notice to LabCorp, subject
to LabCorp’s rights under Section 10.2(e) in the event of an assignment to a competitor of LabCorp.

 

11.7         
Notice. All notices, requests, and other formal or legal communications to any Party hereto must be in writing and addressed
to the receiving Party’s address set forth below or to any other address as a Party may designate by notice hereunder, and will
either be: (i) delivered by hand, (ii) sent by recognized overnight courier, or (iii) by certified mail, return receipt requested, postage
prepaid.

 

    12

     

    

 

	If to Sera:	Sera Prognostics, Inc.
	 	2749 East Parleys Way, Suite 200
	 	Salt Lake City, Utah 84109
	 	Attention: Chief Financial Officer or
	 	Chief Executive Officer
	 	 
	If to LabCorp:	Laboratory Corporation of America Holdings
	 	531 South Spring Street
	 	Burlington, NC 27215
	 	Attention: Law Department
	 	 
	with a copy sent to:	Laboratory Corporation of America Holdings
	 	531 South Spring Street
	 	Burlington, NC 27215
	 	Attention: Licensing/Corporate Development

 

All notices, requests, and other communication
hereunder will be deemed effective: (a) if by hand, at the time of the delivery thereof to the receiving Party at the address of such
Party set forth above, (b) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier
service, or (c) if sent by certified mail, five (5) business days following the day such mailing is made.

 

11.8         
Amendment/Waiver. The failure of either Party to enforce any term or condition of this Agreement may not be construed as
a waiver by such Party of such term or condition, nor will a waiver of any breach of a term or condition of this Agreement on any one
occasion constitute a waiver of any subsequent breach of the same or similar term or condition. No term or provision of this Agreement
may be changed, waived, amended, or terminated except by a written agreement signed by both Parties.

 

11.9         
Governing Law. This Agreement is governed by the laws of the State of Delaware, without regard to any conflict of laws provisions
contained therein.

 

11.10     
Enforceability/Severability. If any provision of this Agreement is determined to be invalid or unenforceable, such provision
will be deemed severable from the remainder of this Agreement and will not cause the invalidity or unenforceability of the remainder of
this Agreement.

 

11.11     
Headings. The article, section and exhibit headings used herein are for convenience and reference only and may not be used
in the interpretation of this Agreement.

 

11.12     
Counterparts. This Agreement may be executed in one or more counterparts, each of which are be deemed an original, but all
of which together constitute one and the same instrument. Copies of signatures sent by facsimile transmission or in a fixed electronic
format (such as a PDF file) will be deemed to be originals.

 

11.13      Interpretation.
Words such as “herein,” “hereof” and “hereunder” refer to this Agreement as a whole and not
merely to an Article, Section or paragraph in which such words appear, unless the context otherwise requires. The singular shall
include the plural, and each masculine, feminine and neuter reference shall include and refer also to the others, unless the context
otherwise requires. The word “or” is used in the inclusive sense typically associated with the phrase
 “and/or”. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation” and shall not be construed to limit any general statement which it follows
to the specific or similar items or matters immediately following it. The word “will” shall be construed to have the
same meaning and effect as the word “shall.” All references herein to Articles, Sections or Exhibits shall be construed
to refer to Articles, Sections and Exhibits of this Agreement, and references to this Agreement include all Exhibits hereto.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

    13

     

    

 

IN WITNESS WHEREOF, the duly
authorized representatives of the Parties have executed this Agreement effective as of the Effective Date.

 

	SERA PROGNOSTICS, INC.	 	LABORATORY CORPORATION OF AMERICA HOLDINGS
	 	 	 
	By:	/s/ Gregory C. Critchfield, M.D.,MS	 	By:	/s/ Eric Lindblom
	 	 	 
	Name: Gregory C. Critchfield, M.D., MS	 	Name: Eric Lindblom
	 	 	 
	Its: President and Chief Executive Officer	 	Its: SVP

 

     

     

    

 

EXHIBIT A

 

[***]

 

     

     

    

 

 

EXHIBIT B

 

[***]

 

     

     

    

 

EXHIBIT C

 

[***]

 

     

     

    

 

EXHIBIT D

 

[***]

 

     

     

    

 

EXHIBIT E

 

[***]

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