Document:

Exhibit 10.1

 

BLUEJAY
DIAGNOSTICS, INC.

2021 STOCK PLAN

 

 

 

Section
1. Establishment and Purpose.

 

1.1 The
Board of Directors of Bluejay Diagnostics, Inc. (the “Company”) hereby establishes the Bluejay Diagnostics, Inc. 2021 Stock
Plan (the “Plan”) effective as of July 6, 2021, subject to approval by the Company’s stockholders within one year of
the date hereof.

 

1.2 The
purpose of the Plan is to attract and retain outstanding individuals as Key Employees, Directors and Consultants of the Company and its
Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Key Employees, Directors and Consultants, and
to provide such Key Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the
objectives of the Company and its Subsidiaries, by providing such Key Employees, Directors and Consultants with the opportunity to acquire
or increase their proprietary interest in the Company through receipt of Awards.

 

Section
2. Definitions.

 

As
used in the Plan, the following terms shall have the meanings set forth below:

 

2.1 “Award”
means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award, a Stock Unit Award or an SAR.

 

2.2 “Award
Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award Agreement or SAR Agreement
evidencing an Award granted under the Plan.

 

2.3 “Board”
means the Board of Directors of the Company.

 

2.4 “Change
in Control” has the meaning set forth in Section 8.2 of the Plan.

 

2.5 “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

2.6 “Committee”
means the Compensation Committee of the Board or such other committee as may be designated by the Board from time to time to administer
the Plan, or, if no such committee has been designated at the time of any grants, it shall mean the Board.

 

2.7 “Common
Stock” means the Common Stock, par value $0.001 per share, of the Company.

 

2.8 “Company”
means Bluejay Diagnostics, Inc., a Delaware corporation.

 

2.9 “Consultant”
means any person, including an advisor, who is engaged by the Company or an affiliate to render consulting or advisory services and is
compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director
to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant
under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale
of the Company’s securities to such person.

 

     

     

    

 

2.10 “Director”
means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.11 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.12 “Fair
Market Value” means as of any date, the closing price of a share of Common Stock on the national securities exchange on which
the Common Stock is listed, or, if the Common Stock is not listed on a national securities exchange, the over-the-counter market on which
the Common Stock trades, or, if the Common Stock is not listed on a national securities exchange or an over-the-counter market, as determined
by the Board as of such date, or, if no trading occurred on such date, as of the trading day immediately preceding such date.

 

2.13 “Incentive
Stock Option” or “ISO” means a Stock Option granted under Section 5 of the Plan that meets the requirements
of Section 422(b) of the Code or any successor provision.

 

2.14 “Key
Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in accordance with Section
3. A Key Employee may also include a person who is granted an Award (other than an Incentive Stock Option) in connection with the hiring
of the person prior to the date the person becomes an employee of the Company or any Subsidiary, provided that such Award shall not vest
prior to the commencement of employment.

 

2.15 “Non-Qualified
Stock Option” or “NSO” means a Stock Option granted under Section 5 of the Plan that is not an Incentive
Stock Option.

 

2.16 “Participant”
means a Key Employee, Director or Consultant selected to receive an Award under the Plan.

 

2.17 “Plan”
means the Bluejay Diagnostics, Inc. 2021 Stock Plan.

 

2.18 “Stock
Appreciation Right” or “SAR” means a grant of a right to receive shares of Common Stock or cash under Section
8 of the Plan.

 

2.19 “Stock
Award” means a grant of shares of Common Stock under Section 6 of the Plan.

 

2.20 “Stock
Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section 5 of the Plan.

 

2.21 “Stock
Unit Award” means a grant of a right to receive shares of Common Stock or cash under Section 7 of the Plan.

 

2.22 “Subsidiary”
means an entity of which the Company is the direct or indirect beneficial owner of not less than 50% of all issued and outstanding equity
interest of such entity.

 

Section
3. Administration.

 

3.1 The
Board.

 

The
Plan shall be administered by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee
director” definition set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

    2

     

    

 

3.2 Authority
of the Committee.

 

(a) The
Committee, in its sole discretion, shall determine the Key Employees and Directors to whom, and the time or times at which Awards will
be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may be exercised,
the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of the Awards. The
terms and conditions of the Awards need not be the same with respect to each Participant or with respect to each Award.

 

(b) To
the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Common Stock is listed or traded, the
Committee may delegate its authority to grant Awards to Key Employees and to determine the terms and conditions thereof to such officer
of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except with respect to Awards to
officers subject to Section 16 of the Exchange Act.

 

(c) The
Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for the
proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation to the
Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation
of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final and conclusive for all purposes and
upon all persons.

 

(d) No
member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith. Service on the
Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification and reimbursement
as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3 Award
Agreements.

 

(a) Each
Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole discretion of the
Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into one or more of the following
agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries which shall become effective as of
the date of the grant of the Award and remain in effect for a specified period of time following termination of the Participant’s
employment with the Company; (ii) an agreement to cancel any employment agreement, fringe benefit or compensation arrangement in effect
between the Company and the Participant; and (iii) an agreement to retain the confidentiality of certain information. Such agreements
may contain such other terms and conditions as the Committee shall determine. If the Participant shall fail to enter into any such agreement
at the request of the Committee, then the Award granted or to be granted to such Participant shall be forfeited and cancelled.

 

    3

     

    

 

Section
4. Shares of Common Stock Subject to Plan.

 

4.1 Total
Number of Shares.

 

(a) The
total number of shares of Common Stock that may be issued under the Plan shall be 1,960,000. Such shares may be either authorized but
unissued shares or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of the Plan.

 

(b) The
number of shares of Common Stock delivered by a Participant or withheld by the Company on behalf of any such Participant as full or partial
payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again be available
for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of shares of Common Stock that may be issued
under the Plan. Any shares of Common Stock purchased by the Company with proceeds from a Stock Option exercise shall not again be available
for issuance pursuant to subsequent Awards, shall count against the aggregate number of shares that may be issued under the Plan and
shall not increase the number of shares available under the Plan.

 

(c) If
there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons described in
Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by the Company pursuant to rights
reserved by the Company upon issuance thereof, the shares of Common Stock subject to such Award or reacquired by the Company shall again
be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that
may be issued under the Plan.

 

4.2 Shares
Under Awards.

 

Of
the shares of Common Stock authorized for issuance under the Plan pursuant to Section 4.1:

 

(a) The
maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in any calendar year is 250,000,
except that the maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in the calendar
year in which such Key Employee begins employment with the Company or its Subsidiaries is 250,000.

 

(b) The
maximum number of shares of Common Stock that may be subject to Stock Options (ISOs and/or NSOs) is 1,960,000.

 

(c) The
maximum number of shares of Common Stock that may be used for Stock Awards and/or Stock Unit Awards that may be granted to any Key Employee
in any calendar year is 250,000, or, in the event the Award is settled in cash, an amount equal to the Fair Market Value of such number
of shares on the date on which the Award is settled.

 

(d) The
maximum number of shares of Common Stock subject to Awards granted under the Plan or otherwise during any one calendar year to any Director,
taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will not exceed
$300,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting
purposes).

 

    4

     

    

 

The
numbers of shares described herein shall be as adjusted in accordance with Section 4.3 of the Plan.

 

4.3 Adjustment.

 

In
the event of any reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination,
subdivision, consolidation or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction,
the Committee shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits
of the Plan and Awards granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved
for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise
price of outstanding Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments to any of
the shares limitations set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines to be equitable
under the circumstances.

 

Section
5. Grants of Stock Options.

 

5.1 Grant.

 

Subject
to the terms of the Plan, the Committee may from time to time grant Stock Options to Participants. Unless otherwise expressly provided
at the time of the grant, Stock Options granted under the Plan to Key Employees will be NSOs. Stock Options granted under the Plan to
Directors who are not employees of the Company or any Subsidiary will be NSOs.

 

5.2 Stock
Option Agreement.

 

The
grant of each Stock Option shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise
period, the exercise price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of shares
of Common Stock to be subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion,
not inconsistent with the Plan.

 

5.3 Exercise
Price and Exercise Period.

 

With
respect to each Stock Option granted to a Participant:

 

(a) The
per share exercise price of each Stock Option shall be the Fair Market Value of the Common Stock subject to the Stock Option on the date
on which the Stock Option is granted.

 

(b) Each
Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall have the discretion
to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s termination of employment
with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c) No
dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise of the Stock
Option.

 

(d) Each
Stock Option shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, on the date ten years after the
date of grant.

 

    5

     

    

 

5.4 Required
Terms and Conditions of ISOs.

 

In
addition to the foregoing, each ISO granted to a Key Employee shall be subject to the following specific rules:

 

(a) The
aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the shares of Common Stock with
respect to which ISOs are exercisable for the first time by a Key Employee during any calendar year (under all incentive stock option
plans of the Company and its Subsidiaries) shall not exceed $100,000. If the aggregate Fair Market Value (determined at the time of grant)
of the Common Stock subject to an ISO which first becomes exercisable in any calendar year exceeds the limitation of this Section 5.4(a),
so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and the remainder shall be a NSO; but in all other
respects, the original Stock Option Agreement shall remain in full force and effect.

 

(b) Notwithstanding
anything herein to the contrary, if an ISO is granted to a Key Employee who owns stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning of Section 422(b)(6) of the Code):
(i) the purchase price of each share of Common Stock subject to the ISO shall be not less than 110% of the Fair Market Value of the Common
Stock on the date the ISO is granted; and (ii) the ISO shall expire, and all rights to purchase shares of Common Stock thereunder shall
expire, no later than the fifth anniversary of the date the ISO was granted.

 

(c) No
ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by shareholders of
the Company.

 

5.5 Exercise
of Stock Options.

 

(a) A
Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number of shares
of Common Stock with respect to which the Stock Option is being exercised and any other information the Committee may prescribe. All
notices or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b) The
Committee in its sole discretion may make available one or more of the following alternatives for the payment of the Stock Option exercise
price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice together with
irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Stock
Option to pay the exercise price; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable
in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise price; (iv) by delivering
previously acquired shares of Common Stock that are acceptable to the Committee and that have an aggregate Fair Market Value on the date
of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership by attestation of such previously acquired shares
of Common Stock.

 

The
Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment
of the Stock Option exercise price.

 

    6

     

    

 

Section
6. Stock Awards.

 

6.1 Grant.

 

The
Committee may, in its discretion, (a) grant shares of Common Stock under the Plan to any Participant without consideration from such
Participant or (b) sell shares of Common Stock under the Plan to any Participant for such amount of cash, Common Stock or other consideration
as the Committee deems appropriate.

 

6.2 Stock
Award Agreement.

 

Each
share of Common Stock granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine
at the time of grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement,
and the following specific rules:

 

(a) The
Award Agreement shall specify whether the shares of Common Stock are granted or sold to the Participant and such other provisions, not
inconsistent with the terms and conditions of the Plan, as the Committee shall determine.

 

(b) The
restrictions to which the shares of Common Stock awarded hereunder are subject shall lapse as provided in Stock Award Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held
by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Committee in its sole discretion).

 

(c) Except
as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant receiving a grant
of or purchasing Common Stock shall thereupon be a stockholder with respect to such shares and shall have the rights of a stockholder
with respect to such shares, including the right to vote such shares and to receive dividends and other distributions paid with respect
to such shares; provided that any dividends or other distributions payable with respect to the Stock Award shall be accumulated and held
by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable
Stock Award Agreement. Any such dividends or other distributions held by the Company attributable to the portion of a Stock Award that
is forfeited shall also be forfeited.

 

Section
7. Stock Unit Awards.

 

7.1 Grant.

 

The
Committee may, in its discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the
Participant to receive, on the date or the occurrence of an event (including the attainment of performance goals) as described in the
Stock Unit Award Agreement, a share of Common Stock or cash equal to the Fair Market Value of a share of Common Stock on the date of
such event as provided in the Stock Unit Award Agreement.

 

    7

     

    

 

7.2 Stock
Unit Agreement.

 

Each
Stock Unit Award shall be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant,
the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following
specific rules:

 

(a) The
Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall
determine.

 

(b) The
restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held
by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Board in its sole discretion).

 

(c) Except
as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving a Stock Unit
Award shall have no rights of a stockholder, including voting or dividends or other distributions rights, with respect to any Stock Units
prior to the date they are settled in shares of Common Stock; provided that a Stock Unit Award Agreement may provide that until the Stock
Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend or distribution payment date applicable
to the Common Stock an amount equal to the dividends or other distributions that the Participant would have received had the Stock Units
held by the Participant as of the related record date been actual shares of Common Stock. Such amounts shall be accumulated and held
by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable
Stock Unit Award Agreement. Such amounts held by the Company attributable to the portion of the Stock Unit Award that is forfeited shall
also be forfeited.

 

Section
8. SARs.

 

8.1 Grant.

 

The
Committee may grant SARs to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of shares
of Common Stock having an aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which
the SAR is exercised over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised. The
Committee, in its discretion, shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out
of the exercise of an SAR by the payment of cash in lieu of all or part of the shares it would otherwise be obligated to deliver in an
amount equal to the Fair Market Value of such shares on the date of exercise. Cash shall be delivered in lieu of any fractional shares.
The terms and conditions of any such Award shall be determined at the time of grant.

 

8.2 SAR
Agreement.

 

(a) Each
SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may determine, including
the SAR exercise price, expiration date of the SAR, the number of shares of Common Stock to which the SAR pertains, the form of settlement
and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan.

 

    8

     

    

 

(b) The
per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the SAR is granted.

 

(c) Each
SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement, which shall not
be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an SAR because trading
in the Common Stock is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall be extended to the
date that is 30 days after the expiration of the trading prohibition.

 

(d) Each
SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan provision, the Committee
shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event of the Participant’s
termination of employment, or service on the Board, without cause (as determined by the Committee in its sole discretion).

 

(e) No
dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

(f) A
person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the Committee
specifying the number of shares of Common Stock with respect to which the SAR is being exercised and any other information the Committee
may prescribe. As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the total number of full shares
of Common Stock to which the Participant is entitled and cash in an amount equal to the Fair Market Value, as of the date of exercise,
of any resulting fractional share, and (ii) if the Committee causes the Company to elect to settle all or part of its obligations arising
out of the exercise of the SAR in cash, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of
exercise, of the shares it would otherwise be obligated to deliver.

 

Section
9. Change in Control.

 

9.1 Effect
of a Change in Control.

 

(a) Notwithstanding
any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company (as defined in Section
9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become fully exercisable, (ii)
all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable to any Awards shall be deemed
satisfied at the highest level, as applicable, in order that Participants may realize the benefits thereunder.

 

(b) In
addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board is authorized and
has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or more
of the following actions: (i) provide for the purchase of any outstanding Stock Option, for an amount of cash equal to the difference
between the exercise price and the then Fair Market Value of the Common Stock covered thereby had such Stock Option been currently exercisable;
(ii) make such adjustment to any such Award then outstanding as the Board deems appropriate to reflect such Change in Control; and (iii)
cause any such Award then outstanding to be assumed by the acquiring or surviving corporation after such Change in Control.

 

    9

     

    

 

9.2 Definition
of Change in Control.

 

“Change
in Control” of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any
of the following events occurs:

 

(a) any
Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or a corporation
owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of
Common Stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30%
or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of
directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations of
the Exchange Act);

 

(b) the
Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or other Person unless,
following such transaction, more than 50% of the combined voting power of the outstanding securities of the surviving, resulting or acquiring
corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing similar functions)
is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial
owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately prior to such
transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of the Company’s
outstanding securities entitled to vote generally in the election of directors;

 

(c) the
election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of: (i) three Directors;
or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided, however, that Directors
whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of Directors of the Company will not be considered as incumbent members of the Board for purposes
of this Section; or

 

(d) there
is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business and/or assets
to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of the outstanding securities
of the acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing
similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of the Company’s
outstanding securities entitled to vote generally in the election of directors.

 

In
no event, however, shall a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of
a purchasing group which consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group”
for purposes of the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant in the
purchasing company or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or (b) ownership
of equity participation in the purchasing company or group which is otherwise not deemed to be significant, as determined prior to the
Change in Control by a majority of the disinterested Directors).

 

    10

     

    

 

Section
10. Payment of Taxes.

 

(a) In
connection with any Award, and as a condition to the issuance or delivery of any shares of Common Stock to the Participant in connection
therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign taxes
required to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company up to
the maximum individual statutory rate of applicable withholding.

 

(b) The
Company in its sole discretion may make available one or more of the following alternatives for the payment of such taxes: (i) in cash;
(ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable instructions to deliver
promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to pay the withholding taxes; (iii)
by directing the Company to withhold such number of shares of Common Stock otherwise issuable in connection with the Award having an
aggregate Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering previously acquired shares
of Common Stock of the Company that are acceptable to the Board that have an aggregate Fair Market Value equal to the amount required
to be withheld; or (v) by certifying to ownership by attestation of such previously acquired shares of Common Stock.

 

The
Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment
of the required withholding taxes.

 

Section
11. Postponement.

 

The
Committee may postpone any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole
discretion may deem necessary in order to permit the Company:

 

(a) to
effect, amend or maintain any necessary registration of the Plan or the shares of Common Stock issuable pursuant to an Award, including
upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction;

 

(b) to
permit any action to be taken in order to (i) list such shares of Common Stock on a stock exchange if shares of Common Stock are then
listed on such exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public market for its shares
of Common Stock, including any rules or regulations of any stock exchange on which the shares of Common Stock are listed; or

 

(c) to
determine that such shares of Common Stock and the Plan are exempt from such registration or that no action of the kind referred to in
(b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any provision
of the Plan to sell or issue shares of Common Stock in violation of the Securities Act of 1933 or the law of any government having jurisdiction
thereof.

 

Any
such postponement shall not extend the term of an Award and neither the Company nor its Directors or officers shall have any obligation
or liability to a Participant, the Participant’s successor or any other person with respect to any shares of Common Stock as to
which the Award shall lapse because of such postponement.

 

    11

     

    

 

Section
12. Nontransferability.

 

Awards
granted under the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in
any manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, other than by will or by the
laws of descent and distribution.

 

Section
13. Delivery of Shares.

 

Shares
of Common Stock issued pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented
by stock certificates or on a non-certificated basis, with the ownership of such shares by the Participant evidenced solely by book entry
in the records of the Company’s transfer agent; provided, however, that upon the written request of the Participant, the Company
shall issue, in the name of the Participant, stock certificates representing such shares of Common Stock.  Notwithstanding the foregoing,
shares granted pursuant to a Stock Award shall be held by the Secretary of the Company until such time as the shares are forfeited or
settled.

 

Section
14. Termination or Amendment of Plan and Award Agreements.

 

14.1 Termination
or Amendment of Plan.

 

(a) Except
as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from time to time, without
the approval of the stockholders of the Company, unless such approval is required by applicable law, regulation or rule of any stock
exchange on which the shares of Common Stock are listed. No amendment or termination of the Plan shall adversely affect the right of
any Participant under any outstanding Award in any material way without the written consent of the Participant, unless such amendment
or termination is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.
Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan or in
any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate the Plan.

 

(b) The
Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law, regulation or
accounting rules in order to permit Participants who are located outside of the United States to participate in the Plan.

 

14.2 Amendment
of Award Agreements.

 

The
Committee shall have the authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely
affect the right of any Participant under any outstanding Award Agreement in any material way without the written consent of the Participant,
unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are
listed.

 

14.3 No
Repricing of Stock Options.

 

Notwithstanding
the foregoing, and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement
or SAR Agreement that results in the repricing of Stock Options or SARs without stockholder approval. For this purpose, repricing includes
(i) a reduction in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange for cash, Stock
Options or SARs with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards or any other consideration
provided by the Company, but does not include any adjustment described in Section 4.3.

 

    12

     

    

 

Section
15. No Contract of Employment.

 

Neither
the adoption of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue
the employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone
the retirement date of any Participant.

 

Section
16. Applicable Law.

 

All
questions pertaining to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined
in conformity with the laws of the Commonwealth of Massachusetts, without regard to the conflict of law provisions of any state, and,
in the case of Incentive Stock Options, Section 422 of the Code and regulations issued thereunder.

 

Section
17. Effective Date and Term of Plan.

 

17.1 Effective
Date.

 

(a) The
Plan has been adopted by the Board, and is effective, as of July 6, 2021, subject to the approval of the Plan by the stockholders of
the Company.

 

(b) In
the event the Plan is not approved by stockholders of the Company within 12 months of the date hereof, the Plan shall have no effect.

 

17.2 Term
of Plan.

 

Notwithstanding
anything to the contrary contained herein, no Awards shall be granted on or after July 6, 2031.

 

 

13Exhibit 10.2

 

License
and Supply Agreement

 

This License and Supply Agreement (this “Agreement”)
is made as of the 6th of October, 2020 by and between Bluejay Diagnostics, having its principal place of business at 360 Massachusetts
Avenue, Suite 203, Acton, MA, 01720, USA (“Bluejay”) and Toray Industries, Inc., having its principal place of business
at 1-1, Nihonbashi-muromachi 2-chome, Chuo-ku, Tokyo 103-8666, Japan (“Toray”).
Bluejay and Toray are together referred to as the “Parties”
and individually as a “Party”.

 

BACKGROUND

 

		(A)	Toray is engaged in the manufacture of protein
                                            detection chip that has a function of automatic stepwise feeding of reagent (“Products”);

 

		(B)	Bluejay is engaged in the distribution of certain medicinal products in the world except for Japan;

 

		(C)	Bluejay is interested in pursuing the marketing, promotion, sales and distribution of Products in the
Territory directly or through its Affiliates after such date and desires to obtain from Toray a certain license necessary therefor; and

 

		(D)	Toray desires to grant such license to Bluejay under the terms and conditions set forth hereinafter.

 

NOW THEREFORE, in consideration of the
covenants contained herein, the Parties hereby agree as follows:

 

	Article 1.	Definitions

 

For the purpose of this Agreement, the following capitalized terms (the singular may include
the plural and vice versa) shall have the following meanings:

 

		1.1	“Affiliate” means in respect of either Party, any Person that directly, or indirectly
through one of more intermediaries, controls, is controlled by or is under common control with such Party. For the purpose of this Agreement
and as used in this definition of “Affiliate”, “control” and, with correlative meanings, the terms “controlled
by” and “under common control with,” shall mean to possess the power to direct management or policies of
such Party, whether through: (a), direct or indirect beneficial ownership of more than fifty percent (50%) of the voting interest in such
entity; (b) the right to appoint more than fifty percent (50%) of the directors of such Party; or (c) by contract or otherwise.

 

		1.2	“Commercial Sales” means the commercial transfer or disposition for value of Product
in a country in the Territory to a third party by Bluejay, any of its Affiliates, subcontractors or sublicensees in each case, after obtaining
all necessary Market Approvals as set forth in Sections 3.1 and 3.2 for such country.

 

		1.3	“Commercial Sales Year” means any twelve (12)-month period commencing from the next
day of the end of the previous Commercial Sales Year. Commercial Sales Year 1 shall commence from the date on which the Commercial Sales
commence.

 

		1.4	“Confidential Information” of a Party means any proprietary or confidential information
of any nature of such Party. Confidential Information may include, but shall not be limited to, the Toray Know-How, processes, compilations
of information, records, specifications, cost and pricing information, customer lists, catalogs, booklets, technical advertising and selling
data, samples, and the fact of either Party’s intent to manufacture or market any new product, and except for information which
is public or general industry knowledge, all information furnished by a Party to the other Party shall be considered to be Confidential
Information, whether or not specifically so designated.

 

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		1.5	“Effective Date” means the date first provided above.

 

		1.6	“Intellectual Property Rights” means all patent, industrial
design, registered design, unregistered design right, trade secret, trade dress, moral right, copyright, and right in invention, ideas,
work methodology, works of authorship, technology, innovation, creation, concepts, drawings, research, analysis, know-how, experiment,
method, procedure, process, system, technique and other intellectual property rights or proprietary rights, including, in all cases, an
application therefor and right to apply thereafter.

 

		1.7	“Improvements” means any discoveries, inventions, formulations, processes, methods,
know-how, techniques, formulae, compositions, compounds, or applications relating to the Product during the term of this Agreement.

 

		1.8	“Joint Marketing Planning Meeting” has the meaning ascribed to it in Section 11.1.

 

		1.9	“Market Approval(s)” means all approvals, clearances, licenses, registrations, or authorizations
by an applicable Regulatory Authority necessary to import, commercialize and market the Product in the Territory, including pricing and
reimbursement approval in the Territory.

 

		1.10	“Net Sales” means the gross amount collected by Bluejay, its Affiliates, subcontractors
and sublicensees for Commercial Sales, less standard deductions taken in accordance with the United States generally accepted accounting
principles (GAAP).

 

		1.11	“Patents” means the patents listed and described in the Exhibit A, plus (a) all divisionals,
continuations, continuations-in-part thereof or any other patent rights claiming priority directly or indirectly to any of the issues
patents or patent applications identified on Exhibit A, and (b) all patents issuing on any of the foregoing, together with all registrations,
reissues, re-examinations, renewals, supplemental protection certificates and extensions of any of the foregoing, and all foreign counterparts
thereof.

 

		1.12	“Person” means an individual, sole proprietorship, partnership, limited partnership,
limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association,
joint venture or other legal entity or organization, including a government or political subdivision, department or agency of a government.

 

		1.13	“PO” means a written purchase order to be placed by Bluejay to Toray for Toray Chips.

 

		1.14	“Product(s)” has the meaning ascribed to it in Background Section (A).

 

		1.15	“Public Official” means has the meaning ascribed to it in Section 16.3.

 

		1.16	“Regulatory Authority(s)” means the Food and Drug Administration (“FDA”)
or any successor entity of the United States of America, any entity in charge of CE marking in the European Union and any other governmental
authority whose approval is required for the commercialization of the Product in the Territory.

 

		1.17	“Specifications” means the specifications listed and as described in the Exhibit C.

 

		1.18	“Territory” means worldwide except for Japan.

 

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		1.19	“Toray Chips” means the Products for IL-6 and IL-8 supplied by Toray.

 

		1.20	“Toray Know-How” means all: (i) trade secrets and confidential
business information relating to the Product, and (ii) any other scientific or technical information and data relating to the Product
owned and/or controlled by Toray, which are necessary and/or useful for Bluejay to make, have made, promote, market, promote, sell and
distribute the Product in the Territory, including the information listed in the Exhibit B.

 

		1.21	“Trademark” means the mark “RAY-FAST®”, and any other word, name, symbol,
color, designation or device or any combination thereof owned by Toray, including, without limitation, any trademark, trade dress, brand
mark, house mark, trade name, brand name, logo, or business symbol (whether or not registered or registerable) used in association with
the Product, and all trademark applications and registrations related thereto.

 

		1.22	“Valid Claim” shall mean a claim of an issued or granted patent of the Patents which
has not lapsed or become abandoned, which claim has not been declared invalid or unenforceable by a final, non-appealable decision or
judgment of a court of competent jurisdiction, and that has not been explicitly disclaimed, or admitted in writing to be invalid or unenforceable
or of a scope not covering a particular product or service through reissue, disclaimer or otherwise, provided that if a particular claim
has not issued within five (5) years of its priority date, it will not be considered a Valid Claim for purposes of this Agreement unless
and until such claim is included in an issued or granted Patent, notwithstanding the foregoing definition.

 

	Article 2.	Grant of Licenses

 

		2.1	Exclusive License. Subject to the terms and conditions hereof,
Toray hereby grants to Bluejay an exclusive (even as to Toray) and sublicensable (only in accordance with Section 2.3) license, under
the Patents and Toray Know-How, to make, have made, use, promote, market, sell, offer to sell, import, distribute the Products and otherwise
exploit, and import, label and repackage Toray Chips, in the Territory.

 

		2.2	Non-Exclusive License. Subject to the terms and conditions hereof, Toray hereby grants to
Bluejay a non-exclusive and sublicensable (only in accordance with Section 2.3) license, under the Patents and Toray Know-How, to make,
have made the Products in Japan.

 

		2.3	Subcontract. Bluejay may sublicense its rights under Sections 2.1 and 2.2 to its Affiliates,
contract manufacturing organizations, contract research organizations, distributors, and other third party contractors and service providers
for the sole purpose of performing Bluejay’s obligations or exercising Bluejay’s rights with respect to the development, manufacture
and commercialization or other exploitation of Products and Toray Chips in the Territory with Toray’s prior written consent. Bluejay
shall require such Affiliates, subcontractors and sublicensees to undertake and be bounded by the terms and conditions of this Agreement
relating to the subcontracted activities and shall be responsible for any breach of such terms and conditions by such third party. Bluejay
shall have the same responsibility of the activities of its Affiliates, subcontractors or sublicensees under any such arrangements as
of the activities were directly those of Bluejay. For clarity, and not by way of limitation, any royalties shall be paid to Toray by Bluejay
with regard to the activities of its Affiliates, subcontractors, and sublicensees.

 

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	Article 3.	Commercialization

 

		3.1	Obtaining Market Approval. Bluejay shall, upon the execution of this Agreement, use commercially
reasonable efforts to seek the Market Approval from the Regulatory Authorities in the Territory at its own cost and responsibility. Bluejay
shall inform and report to Toray the progress in obtaining the Market Approval on a monthly basis and shall use commercially reasonable
efforts to obtain Market Approvals as early as possible but within three (3) years from the Effective Date for the Product in the United
States of America and the European Union. Whenever Bluejay files an application for Market Approval with the Regulatory Authority in any
country in the Territory, Bluejay shall provide Toray with a summary of such application submitted to the Regulatory Authority in English
(including any amendments thereto). Bluejay may use Toray Know-how for application of the Market Approval, however, any and all rights
in and to Toray Know-how shall at all times remain in the sole property of Toray.

 

		3.2	Maintaining Market Approval. Bluejay shall, at its own cost, maintain the Market Approval
and shall not cause the Market Approval to be transferred to any third party without Toray’s prior written consent. Bluejay shall
have primary responsibility for all communications, submissions and interactions with the Regulatory Authority for the purposes of maintain
the Market Approval. Upon expiration or termination of this Agreement, Bluejay shall promptly assign back to Toray or any other party,
designated by Toray, the Market Approval and its related rights in the Territory with no cost to Toray or such designated party.

 

		3.3	Promotion Plan, Sales Forecast and Estimate
                                            for Requirement. Within one (1) month from the 1st milestone payment as set forth
                                            in Section 4.1.1, Bluejay shall prepare its promotion plan and sales forecast of the Products
                                            and estimate of its requirements of Toray Chips for the 1st year commencing from
                                            the acceptance date by Toray of the 1st milestone payment. Thereafter, Bluejay
                                            shall prepare its promotion plan and non-binding sales forecast of the Products and estimate
                                            of its requirements of Toray Chips every three (3) months for three (3) years.

 

		3.4	Starting Commercial Sales. Bluejay shall make commercially reasonable efforts to start Commercial
Sales within five (5) years from the execution of this Agreement, but as soon as practicably possible after obtaining the Market Approval.
In case Bluejay fails to start Commercial Sales within five (5) years from the execution of this Agreement for reasons directly attributable
to Bluejay, Toray shall have the right, at Toray’s sole discretion, either to convert the exclusive license set forth in Section
2.1 to a non-exclusive license or to terminate this Agreement.

 

		3.5	Extension Period. In case Bluejay fails to start Commercial Sales within five (5) years
from the execution of this Agreement due to reasons not attributable to Bluejay, the period for which the exclusive license is granted
pursuant to Section 2.1 shall be extended for an additional six (6) months, repeatedly if necessary, provided that such additional extension
period shall not exceed eighteen (18) months in total.

 

		3.6	Sales Efforts. Bluejay shall make commercially reasonable efforts consistent with normal
business practices in the medical device industry to expand sales activities of the Products.

 

		3.7	Efforts for Obtaining an Reimbursement Approval. Bluejay shall make commercially reasonable
efforts in obtaining a reimbursement approval on each of the national markets in the Territory.

 

		3.8	Sales Reports. Within thirty (30) days after the close of each calendar quarter during the
period Bluejay is marketing the Products in the Territory, Bluejay shall provide Toray with high-level summaries of; (i) quarterly sales
reports for the Products for such calendar quarter in each country of the Territory; (ii) the stock reports of the Products as of the
last day of such calendar quarter; and (iii) general information of market situation for medical products for such calendar quarter included
within its own internal reporting.

 

		3.9	Licensor’s Name. Bluejay shall not use or indicate on each label, packaging, packaging
inserts and patient leaflets of the Products, to the extent permitted by the laws and regulations of the Territory, the words indicating
name of Toray as licensor of the Products. Bluejay shall obtain prior written approval of Toray in respect of the manner and methods of
indicating the name of Toray on any material by submitting such drafts to Toray.

 

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	Article 4.	Consideration for
    Licensed Rights

 

		4.1	Milestone Payments. In consideration for the ongoing rights,
licenses and privileges granted hereunder:

 

		4.1.1	Bluejay shall pay One Hundred Twenty Thousand U.S. Dollars (US$120,000) within ninety (90) days from the
Effective Date to Toray; and

 

		4.1.2	Bluejay shall pay One Hundred Twenty Thousand U.S. Dollars (US$120,000) within thirty (30) days from the
date on which three (3) months prior to the 1st anniversary date from the 1st milestone payment as set forth above.

 

		4.2	Running Royalty. For the period that any Patents exist or for five (5) years after the first
Commercial Sales of the Products, whichever comes later, Bluejay shall pay to Toray a royalty of fifteen percent (15%) of the Net Sales
of the Products in the country where a Valid Claim of a Patent covers such Product in such country where the Product was sold. On a product-by-product
and country-by-country basis, such royalty shall be reduced by fifty percent (50%) if at any time such Product is no longer covered by
a Valid Claim of a Patent in such country where the Product is sold.

 

		4.3	Payment of Royalties. Royalties for each quarter of any calendar year shall be paid within
thirty (30) days after the end of such calendar quarter. Bluejay shall provide Toray with a report showing the calculation of any royalties
paid.

 

		4.4	Minimum Royalties. Following the first Commercial Sales of the Products in a country, Bluejay
shall pay Toray a one-time minimum royalty of Sixty Thousand U.S. Dollars (US$60,000), which shall be creditable against any royalties
owed by Bluejay to Toray in such calendar year except for the milestone payments set forth in Section 4.1. For the calendar years
following the first Commercial Sales of the Products in a country, Bluejay shall pay Toray a minimum royalty of One Hundred Thousand U.S.
Dollars (US$100,000) per each year, which shall be payable once per each year and creditable against any royalties owed by Bluejay to
Toray in such calendar year except for the milestone payments set forth in Section 4.1.

 

		4.5	Withholding Taxes. If at any time during the term hereof, any governmental authority shall
require that taxes shall be withheld by Bluejay and remitted directly to the governmental authority on behalf of Toray, Bluejay shall
promptly transmit to Toray tax receipts issued by the appropriate tax authorities in respect of such taxes so withheld and remitted so
as to enable Toray to support a claim for credit against income taxes payable by Toray.

 

		4.6	Audits. Bluejay shall keep true, complete, accurate and
                                                                                                separate records, files and books of account containing all the data necessary for the full computation and verification of
                                                                                                royalties. For a period of one (1) year following any payment of royalties made by Bluejay to Toray pursuant to Sections 4.2 and
                                                                                                4.3, and upon Toray’s reasonable advance written notice to Bluejay, Bluejay shall permit Toray and/or any independent
                                                                                                certified accountant engaged by Toray to inspect the records, files and books of Bluejay, its Affiliates, subcontractors or
                                                                                                sublicensees, solely and exclusively related to the sales of Products. Such inspection shall be completed during regular business
                                                                                                hours, in a manner that minimizes disruption to their businesses. Any such audit shall be at the sole expense of Toray, except if
                                                                                                any audit discloses that Bluejay owes royalties to Toray in excess of three percent (3%) of the royalties actually paid for the time
                                                                                                period covered by such audit, in which case Bluejay will reimburse Toray for the costs of the audit.

 

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	Article 5.	Technical Supports

 

	5.1	Toray Know-How. Within six (6) months from the
Effective Date, Toray shall provide Bluejay with electronic or paper copy(ies) in English language of all documents, data or other information
in Toray’s possession or control as of the Effective Date that constitutes Toray Know-How.

 

	5.2	Technical Assistance. Upon the request of Bluejay
during the effective term of this Agreement and if it is reasonably acceptable for Toray, Toray will dispatch its technical personnel
to Bluejay or the place designated by Bluejay for the technical assistance relating to Toray Chips and Toray Know-How. Bluejay shall
pay to Toray One Thousand U.S. Dollars (US$1,000) per man per day on a business day basis in addition to actual flight and accommodation
fees for such dispatch. Such technical assistance shall include technical assistance for obtaining Market Approval of International Organization
for Standardization (ISO), Quality Management System (QMS), CE marking and the FDA for Bluejay or companies designated by Bluejay.

 

	5.3	Rent of Devices for Analysis. Toray shall rent
fifteen (15) devices for analysis (RD-100), which are used with Toray Chips and currently owned by Toray’s subsidiary company,
Toray Medical Co., Ltd., to Bluejay from September 2020 at earliest. Bluejay shall bear any costs and expenses for the shipment and setup
of such devices. Toray shall support Bluejay through the technical assistance rendered pursuant to Section 5.2 for the setup and maintenance
of such devices to the extent reasonable. Bluejay shall bear any costs and expenses for repair or maintenance of such devices. Such devices
shall be returned to Toray upon the termination or expiration of this Agreement, and any costs and expenses for such return shall be
borne by Bluejay.

 

	Article 6.	Use of Trademark

 

		6.1	Bluejay shall not use the Trademark and shall label and repackage Toray Chips with its own trademark and
market, promote, sell or distribute only the Product under such trademark in the Territory.

 

	Article 7.	Purchase and Supply

 

		7.1	Purchase and Supply Obligations.
                                            For three (3) years from the acceptance date by Toray of the 1st milestone payment
                                            as set forth in Section 4.1.1 for Toray Chips placed by Bluejay, Bluejay shall purchase Toray
                                            Chips from Toray and Toray shall supply Toray Chips to Bluejay. The Parties may extend such
                                            three (3) years purchase and supply period with mutual written consent for a further period
                                            of up to one (1) year.

 

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		7.2	Failure
                                            to Supply. In the event Toray fails to deliver the quantities of Toray Chips specified
                                            in any binding PO (except the 1st PO) by more than ninety (90) days of the delivery
                                            date set forth therein due to the reasons directly attributable to Toray, then Toray will
                                            discuss the possibility to reduce the price specified in Section 7.5.

 

		7.3	Safety Stock. Toray will procure and maintain for the manufacturing of the Toray Chips a
safety stock of raw materials and other components required to be used by Toray for the manufacture of the Toray Chips and as necessary
to satisfy the minimum order quantities specified in Section 7.4. In addition, Toray will use commercially reasonable efforts to procure
strategic supply for any raw materials that have a lead-time in excess of the binding period for a raw material that may be reasonably
expected to be in short supply based on industry trends within the three (3) month forecasted quantity. Toray will be responsible for
the costs and expenses associated with such safety stock.

 

		7.4	Minimum and Maximum Purchase of Toray
                                            Chips. Bluejay shall purchase Toray Chips from Toray or its Affiliate in the quantity
                                            of minimum five thousand (5,000) Toray Chips but maximum ten thousand (10,000) for IL-6 for
                                            the 1st year starting from the acceptance date by Toray of the 1st
                                            milestone payment as set forth in Section 4.1.1. Bluejay shall use reasonable efforts to
                                            place POs of at minimum ten thousand (10,000) but maximum twenty thousand (20,000) Toray
                                            Chips per year during the 2nd and 3rd years. If Toray sells Toray Chips
                                            to Bluejay through one or more of its Affiliates, the term “Toray” in Articles
                                            6, 7 and 8 shall read as “Toray and/or its Affiliates, as the case may be”. Notwithstanding
                                            the foregoing, Bluejay will not abide by its purchase obligations defined in Sections 7.1
                                            and 7.2, if Bluejay commences manufacturing of the Product by itself, provided, however,
                                            that Bluejay shall not cancel any PO which has already been placed by Bluejay.

 

		7.5	Price. The price for Toray Chips to be purchased by Bluejay from Toray shall be Fifty U.S.
Dollars (US$50) per piece on a FOB basis (INCOTERMS 2010) and shall not include any import duties or sales, use or excise taxes of any
jurisdiction, all of which, if and to the extent applicable, are the responsibility of Bluejay. Detailed terms relating to the purchase
and supply of Toray Chips shall be further discussed and determined by the Parties.

 

	Article 8.	Order and Payment

 

		8.1	Unit.
                                            The unit of Toray Chips to be ordered for the 1st PO shall be limited to three
                                            hundred (300) Toray Chips for IL-6. For the 2nd PO and thereafter, the unit of
                                            Toray Chips to be ordered shall be no less than three hundred (300) Toray Chips. Each PO
                                            to be placed by Bluejay at Toray shall be one or multiple of such unit.

 

		8.2	Order. Bluejay shall submit
                                            written POs for Toray Chips to Toray at least six (6) months prior to the delivery, provided,
                                            however, that the 1st PO shall be submitted at least six (6) weeks prior to the
                                            shipment. A PO shall become binding when Toray, accepts such PO by issuing to Bluejay a written
                                            confirmation, provided, however, that unless TORAY rejects such PO by written notice within
                                            fourteen (14) days after its receipt, a PO shall be deemed to have been accepted by Toray.
                                            Toray shall not unreasonably reject or withhold the acceptance of PO. No change to any PO
                                            or cancellation thereof may be made, except that the increase in the ordered quantity of
                                            Toray Chips, may be approved by Toray in writing. If any terms of a PO conflicts with this
                                            Agreement, the provision of this Agreement shall prevail.

 

		8.3	Payment. Bluejay shall pay the price of Toray
                                                                                                Chips in U.S. Dollar into the bank account designated by Toray by wire transfer within thirty (30) days of the acceptance date by
                                                                                                Toray of PO. Bluejay and Toray shall be responsible for their own bank charges incurred for such transfer.

 

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	Article 9.	Shipment and Inspection

 

		9.1	Shipment. Subject to the receipt of the payment in Section
8.3, Toray shall deliver Toray Chips, by sea, on a FOB basis (INCOTERMS 2010) along with shipping documents. All Toray Chips to be delivered
shall have a minimum of six (6) months of shelf-life remaining at the time of shipment.

 

		9.2	Inspection. Bluejay shall inspect the Toray Chips within fourteen (14) days after its receipt
of Toray Chips in accordance with the Exhibit D attached hereto. If Bluejay discovers any deficiency in quantity or inconformity with
the Specifications of Toray Chips, Bluejay shall give written notice thereof to Toray within the aforesaid period or Bluejay shall be
deemed to have accepted such Toray Chips and to have waived all claims for any deficiency in quantity and/or inconformity with the Specifications.

 

		9.3	Remedy. For all undisputed claims under Section 9.2, Toray shall, at its sole discretion,
replenish the shortage (in case of deficiency in quantity) or replace the defective Toray Chips at its expense or refund the purchase
cost of such Toray Chips.

 

	Article 10.	Labeling, Package,
    Re-package and Storage etc.

 

		10.1	Labeling, Packaging and Re-Packaging. Bluejay shall, at its own cost and responsibility,
design and manufacture the labels and packages for, and label and re-package Toray Chips for Commercial Sales in the Territory in conformance
with the relevant legal requirements.

 

		10.2	Storage. Bluejay shall take care of, store and keep Toray Chips delivered to it in good
condition and free from all damage and contamination which might detract from the appearance or performance of Toray Chips.

 

	Article 11.	Marketing Plan and
    Sales Forecast

 

		11.1	Joint Marketing Planning Meeting. The Parties shall arrange and hold meetings at least once
every six (6) months, or at such other intervals as may be otherwise agreed to by the Parties in order to exchange information relating
to the marketing of the Products in the Territory, to determine the marketing plans and sales forecasts of the Products, to discuss strategies
relating the marketing of the Products, and to take such other actions as required under this Agreement (such meetings shall be referred
to as “Joint Marketing Planning Meeting”).

 

		11.2	Sales Reports. Bluejay shall use reasonable efforts to realize the marketing plans and sales
forecasts approved by the Joint Marketing Planning Meeting. Bluejay shall report monthly sales quantities and sales amounts of the Products
in the Territory to Toray within fourteen (14) days from the end of the previous month and shall from time to time notify Toray of significant
events in the Territory pertaining to the market situation, the competition, government controls, the general economy or any other major
issues with regard to the market in the Territory.

 

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	Article 12.	Representations and
    Warranties

 

		12.1	General Warranties. Each Party represents and warrants to
the other that (i) it has the full right to enter into this Agreement and carry out its obligations hereunder, (ii) this Agreement constitutes
its legal, valid and binding obligation, (iii) there are no agreements, commitments or obstacles, technical or legal, including patent
rights of any third party, which could prevent it from carrying out all of its obligations hereunder, and (iv) the execution, delivery
and performance of this Agreement will not constitute a violation or breach of any agreement or contract to which it is a Party or by
which it is bound or the terms of any judicial or administrative decree or order to which it is subject.

 

		12.2	Toray’s Warranty. Toray warrants that each Toray Chip shall conform to the Specifications
at the time of the completion of the inspection in accordance with Section 9.2 hereof. This warranty by Toray shall continue for a period
of six (6) months from the date of delivery to Bluejay. Notwithstanding the foregoing, Toray shall not be liable for the quality of Toray
Chips (i) when Toray Chips has been stored by Bluejay in improper conditions, or (ii) when the Product has been damaged during the labeling
or re-packaging process.

 

	Article 13.	Disclaimer

 

		13.1	No Other Warranty. EXCEPT AS SPECIFICALLY PROVIDED SECTION
12.2 ABOVE, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AS TO THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING
WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE OR ANY WARRANTY AGAINST INFRINGEMENT OF
ANY THIRD PARTY PATENT.

 

		13.2	Amount Limit. EACH PARTY’S LIABILITY ON ANY CLAIM, WHETHER IN CONTRACT, TORT (INCLUDING
NEGLIGENCE) OR OTHERWISE, FOR ANY LOSS OR DAMAGE ARISING OUT OF OR CONNECTED WITH, OR RESULTING FROM THE MANUFACTURE, SALE, DELIVERY,
RESALE, REPLACEMENT, USE OR PERFORMANCE OF ANY TORAY CHIPS SHALL IN NO CASE EXCEED THE PRICE FOR SUCH TORAY CHIPS WHICH GIVES RISE TO
THE CLAIM. FOR CLARITY, NOTWITHSTANDING ANYTHING CONTRARY HEREIN, BLUEJAY SHALL PAY THE FULL AMOUNT OF MILSTONES AND ROYALTIES TO TORAY
IN ACCORDANCE WITH ARTICLE 4 OF THIS AGREEMENT.

 

		13.3	Indirect Damage. NOTWITHSTANDING ANYTHING CONTRARY HEREIN, EXCEPT AS ARISING FROM A BREACH
OF A PARTY’S CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE 20 OR IN CONNECTION WITH A PARTY’S INDEMNIFICATION OBLIGATIONS UNDER
ARTICLE 14, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR (I) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES; (II) LOSS OF ANTICIPATED PROFIT
OR REVENUE, LOSS OF USE, COST OF CAPITAL; OR (III) PROPERTY DAMAGE INDEPENDENT OF THE PRODUCTS AND LOSS ARISING OUT OF SUCH DAMAGES.

 

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	Article 14.	Indemnification

 

		14.1	Indemnification
by Toray. Toray shall indemnify, defend and hold harmless Bluejay and its Affiliates from and against any liabilities or damages
or expenses in connection therewith (including reasonable attorney’s fees and costs and other expenses of litigation) resulting from third party claims arising or resulting from (i) the material
breach of this Agreement by Toray, or (ii) the intentional act or omission or the gross negligence of Toray, unless such liabilities,
damages or expenses arise or result from the intentional act or omission or the gross negligence of Bluejay.

 

		14.2	Indemnification by Bluejay. Bluejay shall indemnify, defend and hold harmless Toray and
its Affiliates from and against any and all liabilities or damages or expenses in connection therewith (including reasonable attorney’s
fees and costs and other expenses of litigation) resulting from third party claims arising or resulting from (i) the material breach of
this Agreement by Bluejay, or (ii) the intentional act or omission or the gross negligence of Bluejay, unless such liabilities, damages,
or expenses arise or result from the intentional act or omission or the gross negligence of Toray.

 

		14.3	Insurance. Each of the Parties shall maintain comprehensive general liability insurance,
product liability insurance as well as other types of insurance in type and amount considered to be reasonable and prudent given the types
of risks involved in the manufacturing, repackaging and distribution of the Product, as the case may be. Each Party shall maintain such
coverage with third party commercial insurance carrier(s), for the term of this Agreement, and for the length of period required to cover
the maximum limitation period for product liability claims in the Territory.

 

	Article 15.	Intellectual Property
    Rights etc.

 

		15.1	No Change. Bluejay shall not alter Toray Chips furnished hereunder, or do anything other
than labeling and repackaging such Toray Chips.

 

		15.2	Third Party Claim. Both Parties shall cooperate in defending against any third party for
any claim or dispute which may arise from or in connection with an infringement within the Territory of any trademark or any Intellectual
Property Rights of a third party relating to the marketing, sales and distribution of the Product hereunder. Bluejay shall be solely liable
if such claim or dispute arises from or in connection with the labeling or repackaging of Toray Chips.

 

		15.3	Notification. During the term of this Agreement, if Bluejay, at any time, becomes aware
of any infringement or threatened infringement by a third party of any Intellectual Property Rights of Toray Chips or the Product in the
Territory, Bluejay shall promptly give notice to Toray and the Parties shall consult with each other as to the action to be taken. Bluejay
further agrees to give Toray support in resisting such infringement or threatened infringement.

 

		15.4	Improvements and Inventions. The Parties will discuss the feasibility of joint development
of new Product from time to time. If Bluejay (including by its Affiliates, subcontractors, sublicensees, or their respective employees
or agents) makes any Improvements based on Toray Know-How and/or Toray’s Confidential Information, Bluejay shall notify Toray thereof
immediately and Toray shall have the ownership of such Improvements. Ownership of all other inventions, discoveries, and developments,
whether or not patentable (including any Improvements) discovered, generated, conceived or reduced to practice by or on behalf of Bluejay
(including by its Affiliates, sublicensees, subcontractors or their respective employees or agents), in the course of the performance
of this Agreement, including all rights, title and interest in and to the Intellectual Property Rights therein and thereto (“Inventions”),
shall be jointly owned by Bluejay and Toray. The shares of joint ownership shall be determined in accordance with each Party’s level
of contribution in obtaining such Inventions.

 

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	Article 16.	Compliance and Ethical
    Conduct

 

		16.1	It is the policy of both Parties to conduct businesses at all times in accordance
with its highest standards of corporate and business ethics. Both Parties agree to comply with any and all laws, regulations and governmental
orders of the jurisdictions relating to the execution and performance of this Agreement and with all other performance standards under
or pursuant to this Agreement.

 

		16.2	Bluejay shall be responsible for and fulfill any and all the legal obligations of an importer, a distributor
and/or a holder of marketing authorization of medical products in the Territory including, but not limited to, establishing the documented
procedures for the traceability of Toray Chips imported and the Product sold by Bluejay, which are required by any national or rural government
of the Territory or any other competent authorities. Bluejay shall assist Toray in fulfilling the legal obligations of a supplier or a
manufacturer of Toray Chips in the Territory which are required by any national or rural government of the Territory or any other competent
authorities.

 

		16.3	Either Party shall not offer, promise, or give money or any other thing of value to a Public Official
in connection with this Agreement. “Public Official” in this Agreement means an officer, employee or any person acting for
or on behalf of (i) any government or any department, agency or instrumentality thereof (including state-owned or state-controlled entities);
or (ii) any public or international organization. If, during the term of this Agreement, either Party pays compensation or anything of
value to a third party in relation to this Agreement, such Party shall, upon request from the other Party, promptly inform the other Party
of (i) any information regarding such third party, (ii) any information regarding such payment, including the detail, purpose, and any
other information which the other Party deems necessary.

 

	Article 17.	Term and Termination

 

		17.1	This Agreement shall become effective on Effective Date and continue in
full force and effect until the expiration or the abandonment of the last of the Patents (whichever comes later), unless sooner terminated
by mutual written consent of the Parties or terminated in accordance with Sections 17.2, 17.3 or 17.4. Notwithstanding the foregoing,
Articles 12, 13, 14, 15.2, 15.4, 16, 18, 20, 24 and 25 and this Section 17.1 shall survive expiration or termination of this Agreement.

 

		17.2	Either Party may terminate this Agreement by providing the other Party with a one (1) year prior written
notice.

 

		17.3	Either Party may terminate this Agreement forthwith by giving a written notice to the other Party if:

 

		(a)	the other Party fails to remedy any material breach of this Agreement within thirty (30) days after receiving
a written notice requesting it to do so; or

 

		(b)	the other Party enters into any arrangement of composition with its creditors or goes into liquidation,
insolvency, bankrupt, receivership or reorganization proceedings, except that, in case of non-voluntarily proceedings, when such non-voluntarily
proceedings are not dismissed within ninety (90) days, or if the other Party becomes dissolved, or terminates its corporate existence
by merger, consolidation or otherwise.

 

		17.4	Toray may terminate this Agreement forthwith by giving a written notice to Bluejay if Bluejay makes any
breach of its obligations under Section 16.3.

 

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	Article 18.	Step after Termination

 

		18.1	Expiration or termination of this Agreement shall not release any Party from any liability which at the
time of such expiration or termination has already accrued to the other Party or which thereafter may accrue in respect of any act or
omission prior to such expiration or termination, nor shall any such expiration or termination affect in any way the survival of any right,
duty or obligation of any Party which is stated in this Agreement to survive such expiration or termination.

 

		18.2	Any termination of this Agreement under this Article shall not prejudice any right and remedy available
to the terminating Party under this Agreement, law, trade custom or otherwise.

 

		18.3	Upon expiration or termination of this Agreement, Bluejay shall:

 

		(a)	cease to label and repackage Toray Chips;

 

		(b)	upon Toray’s request, promptly return to Toray all documents and materials containing Toray Know-How
and its Confidential Information, including any duplicated copy thereof; and

 

		(c)	report its stock of the Products on hand at the time of such expiration or termination of this Agreement
which are marketable to Toray; Toray and Bluejay shall discuss and determine as to the period of time when Bluejay may continue to sell
the Products, and the return of Toray Chips to Toray if Toray so desires.

 

	Article 19.	Force Majeure

 

A Party shall not be held liable or responsible to the other Party nor be deemed to have
defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement and/or any PO,
except for monetary payment, when such failure or delay is caused by or results from, directly or indirectly, act of God, fire, flood,
tidal wave, landslide, pandemic, epidemic, quarantine, embargoes, government regulations, prohibitions or interventions, wars, acts of
war (whether war be declared or not), act of terrorism, insurrection, riots, civil commotion, or any other cause beyond the reasonable
control of the affected Party, provided that the affected Party shall promptly notify the other Party of the nature and effect of such
event.

 

	Article 20.	Confidentiality and
    Limitation on Use

 

		20.1	Except as other permitted in this Article, during the term of this Agreement and for a period of five
(5) years thereafter, each Party shall retain in confidence and use only for the purposes of this Agreement any Confidential Information
supplied by or on behalf of the other Party to such Party under this Agreement. The obligations and duties under this Section 20.1 shall
not apply to the information which:

 

		(a)	was in the public domain at the time of disclosure,

 

		(b)	was known by such Party prior to the date of disclosure by the other Party
as evidenced
by tangible records of such knowledge,

 

		(c)	becomes part of the public domain through no fault of such Party,

 

		(d)	is disclosed to such Party by a third party having a bona fide right to disclose such information, or

 

		(e)	is independently developed by such Party without using the Confidential Information of the other Party.

 

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		20.2	Notwithstanding the obligations of Section 20.1, (a) in the event a Party is required to make a disclosure
of the other Party’s Confidential Information in order to comply with any applicable law, the Party will, as soon as is practicable
and legally permitted, notify the other Party of the disclosure or possible disclosure and will use all commercially reasonable efforts
to provide the Confidential Information under conditions of confidentiality, or obtain a protective order protecting such information
and (b) Bluejay’s obligations of confidentiality and non-use with respect to Toray Know-How shall survive for the period that Toray
Know-How retains its status as a trade secret under applicable law, even after five (5) years from the termination of this Agreement.

 

		20.3	No announcement, news release, public statement, publication or other public presentation relating to
the existence of this Agreement, the subject matter herein, or either Party’s performance hereunder including any written or oral
publication, any manuscript, abstract or the like which includes data or any other information generated and provided by the development
effort hereunder, shall be made without the other Party’s prior approval as to form and content.

 

	Article 21.	Notice

 

Any notice required or permitted under the terms of this Agreement, or any statue or law
requiring the giving notice, may be delivered in person, or by registered air mail or registered courier service, if properly posted or
sent to the relevant party at the address below or to such changed address as may be given by either Party to the other by such written
notice. Any such notice shall be deemed to have been given upon receipt or upon the third (3rd) day after having been dispatched in the
manner hereinbefore provided, whichever is earlier.

 

		(a)	To Bluejay at:

 

360 Massachusetts Avenue, Suite 203, Acton,
MA 01720

 

	 	Attention:	Neil Dey
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	E-Mail:	Neil.dey@bluejaydx.com

 

		(b)	To Toray at: Pharmaceuticals & Medical Products Business Planning Dept.

 

2-1-1, Nihonbashi-Muromachi, Chuo-ku,
Tokyo 103-8666 JAPAN

 

	 	Attention:	Michihiro Ohno, Deputy General Manager
	 	 	 
	 	Telephone:	[***]
	 	 	 
	 	E-Mail:	[***]

 

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	Article 22.	Relationship

 

The Parties shall be independent contractor
to each other. Nothing herein shall be deemed to create the relationship of employer or employee, partnership, association or joint venture
of any nature. Neither Party shall have the right, power or authority to assume or create any obligation, express or implied, for which
the other Party may become liable.

 

	Article 23.	No Assignment

 

Neither Party may assign its rights or delegate its duties or obligations under this Agreement
without the prior written consent of the other Party.

 

	Article 24.	Governing Law

 

This Agreement and all POs shall be
governed by and construed according to the laws of New York without regard to the conflicts of law principles thereof. The United Nations
Convention on the International Sale of Goods shall not be applicable to this Agreement and any PO.

 

	Article 25.	Dispute Resolution

 

All disputes arising out of or in connection
with this Agreement or any PO shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one
or more arbitrators appointed in accordance with the said Rules. The venue of arbitration shall be in Tokyo, Japan if initiated by Bluejay
and in New York, NY, the USA if initiated by Toray. The language of the arbitration shall be English. The award rendered by the arbitrator(s)
shall be final and binding upon the parties. Notwithstanding aforementioned, either Party may apply to a court of competent jurisdiction
for an order for lawful preservative or conservatory measures, including interim injunctive relief (whether prohibitory or mandatory)
in cases of due urgency only.

 

	Article 26.	Entire Agreement

 

This Agreement contains the entire agreement
between the Parties with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings between
the Parties relative to the matters described herein, except the confidentiality agreement executed between the Parties dated 22nd
of April, 2020. Any amendment hereto must be in writing and signed by the duly authorized representative of both Parties.

 

[Signature page follows.]

 

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IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their duly authorized officers or representatives as of the Effective Date.

 

	Bluejay Diagnostics, Inc.	Toray Industries, Inc,

 

	/s/ Neil Dey	 	/s/ Jun Hayakawa
	Name: Neil Dey	 	Name: Jun Hayakawa
	Title:	 	Title:
	Chief Executive Officer	 	General Manager

Pharmaceuticals & Medical Products 

Business Planning Dept.
	 	 	 
	Date: Oct. 05, 2020	 	Date: Sept. 30, 2020

 

 

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