Document:

Exhibit
10.2

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (this “Agreement”) is entered into as of October 26, 2022, by and among STARBOX GROUP HOLDINGS LTD., a Cayman
Islands company (the “Company”), NETWORK 1 FINANCIAL SECURITIES, INC. (the “Placement Agent” and, together with
the Company, sometimes referred to individually as “Party” and collectively as the “Parties”), and Hunter Taubman
Fisher & Li LLC (the “Escrow Agent”). For the convenience of the Parties, capitalized terms used but not defined herein
have the meanings ascribed to them in the Placement Agreement; provided, however, that the Escrow Agent shall only be bound by, and shall
look only to, the terms defined within this Agreement.

 

WHEREAS,
the Company and the Placement Agent are parties to that certain Placement Agent’s Agreement dated as of October 26, 2022 (the “Placement
Agent Agreement”) in connection with certain private placement to be closed on or about November 3, 2022 (the “Offering”);

 

WHEREAS,
the Placement Agent Agreement contemplates that the Company will deposit, or will cause to be deposited, with the Escrow Agent on the
date hereof an amount in cash equal to $630,000 (the “Escrow Deposit”), to be held in escrow to pay certain compensation
to the Placement Agent pursuant to the terms of Section 5.1 of the Placement Agent Agreement; and

 

WHEREAS,
the Company and the Placement Agent desire to appoint the Escrow Agent as escrow agent with respect to the Escrow Deposit, and the Escrow
Agent is willing to so serve as such escrow agent in accordance with the terms and conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants contained herein, the Parties and the Escrow Agent agree as follows:

 

	1.	Appointment.
    The Parties hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent hereby
    accepts such appointment under the terms and conditions set forth herein.
	 	 
	2.	Escrow
    Deposit. The Company agrees to deposit with the Escrow Agent the Escrow Deposit. The Escrow Agent shall hold the Escrow Deposit
    in its non-interest bearing attorney trust account.
	 	 
	3.	Disposition
    and Termination.

 

	 	(a)	Payment
    Notice. At the time of initial Closing, an officer of the Company (the “Authorized Representative”) shall deliver
    to the Placement Agent and the Escrow Agent, in accordance with the provisions of Section 8 below, payment notice setting
    forth the amount of gross proceeds from the Offering and the payment to be made to the Placement Agent pursuant to Section 5.1 of
    the Placement Agent Agreement, attached hereto as Exhibit A, (the “Placement Agent Fee”), with the remainder,
    if any, to be returned to the Company’s account.

 

    	 

     

    

 

	 	(b)	Disbursements.
    The Company hereby irrevocably instruct the Escrow Agent that the Escrow Deposit shall be disbursed by the Escrow Agent upon the
    expiration of two (2) Business Days following the earlier of (i) the Company’s announcement of the closing of the Offering
    on a press release or current report on Form 6-K or (ii) issuance of the shares in connection with the Offering. As used in this
    Section 3, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which the Escrow
    Agent located at the notice address set forth below is authorized or required by law or executive order to remain closed. Upon delivery
    of the Escrow Deposit in full by the Escrow Agent pursuant to this Section 3, this Agreement shall terminate and the related
    account(s) shall be closed, subject to the provisions of Section 6.

 

	4.	Escrow
    Agent. The Escrow Agent shall have only those duties as are specifically and expressly provided herein, and no other duties,
    including but not limited to any fiduciary duty, shall be implied. The Escrow Agent has no knowledge of, nor any obligation to comply
    with, the terms and conditions of any other agreement between the Parties, nor shall the Escrow Agent be required to determine
    if any Party has complied with any other agreement. The Escrow Agent may conclusively rely upon any written notice, document, instruction
    or request delivered by the Parties believed by it to be genuine and to have been signed by an Authorized Representative(s), as applicable,
    without inquiry and without requiring substantiating evidence of any kind and the Escrow Agent shall be under no duty to inquire
    into or investigate the validity, accuracy or content of any such document, notice, instruction or request. The Escrow Agent shall
    not be liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent that the Escrow Agent’s
    gross negligence or willful misconduct was the cause of any direct loss to either Party. Escrow Agent may execute any of its powers
    and perform any of its duties hereunder directly or through affiliates or agents. In the event the Escrow Agent shall be uncertain,
    or believes there is some ambiguity, as to its duties or rights hereunder, or receives instructions, claims or demands from any Party
    hereto which in E the scrow Agent’s judgment conflict with the provisions of this Agreement, or if the Escrow Agent receives
    conflicting instructions from the Parties, the Escrow Agent shall be entitled either to: (a) refrain from taking any action until
    it shall be given (i) a joint written direction executed by Authorized Representatives of the Parties which eliminates such conflict
    or (ii) a court order issued by a court of competent jurisdiction (it being understood that the Escrow Agent shall be entitled conclusively
    to rely and act upon any such court order and shall have no obligation to determine whether any such court order is final); or (b)
    file an action in interpleader. The Escrow Agent shall have no duty to solicit any payments which may be due to it, including, without
    limitation, the Escrow Deposit, nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness
    of any amounts deposited with it hereunder. The Parties grant to the Escrow Agent a lien and security interest in the Escrow Deposit
    in order to secure any indemnification obligations of the Parties or obligation for fees or expenses owed to the Escrow Agent hereunder.
    Anything in this Agreement to the contrary notwithstanding, in no event shall the Escrow Agent be liable for special, incidental,
    punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the
    Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action; provided, however, that
    the foregoing shall not apply to the extent such loss or damage is caused by fraud on the part of the Escrow Agent.

 

    	 

     

    

 

	5.	Succession.
    The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving not less than thirty (30) days
    advance notice in writing of such resignation to the Parties, or may be removed, with or without cause, by the Parties at any time
    after giving not less than thirty (30) days prior joint written notice to the Escrow Agent. The Escrow Agent’s sole responsibility
    after such applicable thirty (30) day notice period expires shall be to hold the Escrow Deposit (without any obligation to reinvest
    the same) and to deliver the same to a designated substitute escrow agent, if any, appointed by the Parties, or such other person
    designated by the Parties, or in accordance with the directions of a final court order, at which time the Escrow Agent’s obligations
    hereunder shall cease and terminate. If prior to the effective resignation or removal date, the Parties have failed to appoint a
    successor escrow agent, or to instruct the Escrow Agent to deliver the Escrow Deposit to another person as provided above, or if
    such delivery is contrary to applicable law, at any time on or after the effective resignation date, the Escrow Agent either (a)
    may interplead the Escrow Deposit with a court located in the State of New York and the costs, expenses and reasonable attorney’s
    fees which are incurred in connection with such proceeding may be charged against and withdrawn from the Escrow Deposit; or (b) appoint
    a successor escrow agent of its own choice. Any appointment of a successor escrow agent shall be binding upon the Parties and no
    appointed successor escrow agent shall be deemed to be an agent of the Escrow Agent. The Escrow Agent shall deliver the Escrow Deposit
    to any appointed successor escrow agent, at which time the Escrow Agent’s obligations under this Agreement shall cease and
    terminate. Any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity
    to which all or substantially all of the escrow business may be transferred, shall be the Escrow Agent under this Agreement without
    further act.
	 	 
	6.	Dispute
    Resolution. In the event of any dispute between the parties to this Agreement in connection with the Escrow Deposit, or if the
    Escrow Agent shall in good faith be in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse
    to take any action hereunder for so long as such dispute continues or such doubt exists or until (1) the rights of the parties shall
    have been fully and finally adjudicated by a court of competent jurisdiction or (2) all differences and all doubt resolved by an
    agreement between the Company and the Placement Agent, and the Escrow Agent shall have been notified thereof in writing thereof by
    an Authorized Representative of each of the Parties. In addition, in the event of any such dispute or doubt, the Escrow Agent shall
    have the right to tender into the registry or custody of any court having jurisdiction any part of or all of the Escrow Deposit.
    Upon such tender, the parties to this Agreement agree that the Escrow Agent shall be discharged from all further duties under this
    Agreement.
	 	 
	7.	Indemnification
    and Reimbursement. The Parties agree jointly and severally to indemnify and hold harmless the Escrow Agent and its agents, employees,
    officers and members (the “Indemnitees”) from and against any and all losses, damages, claims, liabilities, costs or
    expenses (including attorneys’ fees) (collectively “Losses”), resulting directly or indirectly from (a) the Escrow
    Agent’s performance of this Agreement, except to the extent that such Losses are determined by a court of competent jurisdiction
    to have been caused by the gross negligence or willful misconduct of the Escrow Agent or any such Indemnitee; and (b) the Escrow
    Agent’s following, accepting or acting upon any instructions or directions, whether joint or singular, from the Parties received
    in accordance with this Agreement. The obligations set forth in this Section 7 shall survive the resignation, replacement
    or removal of the Escrow Agent or the termination of this Agreement.

 

    	 

     

    

 

	8.	Notices.
    Except as otherwise expressly required in Section 3, all communications hereunder shall be in writing or set forth in
    a PDF attached to an email, and shall be delivered by facsimile, email or overnight courier only to the appropriate fax number, email
    address, or notice address set forth for each Party as follows:

 

If
to the Placement Agent:

 

Network
1 Financial Securities, Inc.

The
Galleria, Building 2

Penthouse
2 Bridge Avenue

Red
Bank, New Jersey 07701-1106

Attention:
Damon Testaverde, Managing Director

Email:
ddtestaverde@netw1.com

 

with
copies to (which shall not constitute notice):

 

Ortoli
| Rosenstadt LLP

366
Madison Avenue, 3rd Floor

New
York, NY 10017

Attention:
Jason Ye, Esq.

Email:
Jye@orllp.legal

 

If
to the Company:

 

Starbox
Group Holdings Ltd.

VO2-03-07,
Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100

Kuala
Lumpur, Malaysia

Attention:
Lee Choon Wooi, Chief Executive Officer

E-mail:
cw.lee@starboxrebates.com

 

with
copies to (which shall not constitute notice):

 

Hunter
Taubman Fischer & Li LLC

48
Wall Street, Suite 1100

New
York, New York 10005

Attention:
Ying Li, Esq.

E-mail:
yli@htflawyers.com

 

If
to the Escrow Agent:

 

Hunter
Taubman Fisher & Li LLC

48
Wall Street, Suite 1100,

New
York, NY 10005

Attention:
Ying Li, Esq.

Facsimile:
(212) 202-6380

E-mail:
yli@htflawyers.com

 

    	 

     

    

 

	9.	Legal
    Representations. The Placement Agent and the Company acknowledge that Hunter Taubman Fisher & Li LLC is representing the
    Company in connection with the Placement Agent Agreement and the transactions contemplated thereby and in other matters, and further
    agree that such firm shall not be disabled or precluded from acting as attorney for the Company or any of its shareholders, directors
    or officers, in any suit, action or proceeding arising out of the Placement Agent Agreement or the transaction contemplated thereby,
    or otherwise, by reason of its having acted as the Escrow Agent hereunder.
	 	 
	10.	Compliance
    with Court Orders. In the event that a legal garnishment, attachment, levy restraining notice or court order is served with respect
    to any of the Escrow Deposit, or the delivery thereof shall be stayed or enjoined by an order of a court, the Escrow Agent is hereby
    expressly authorized, in its sole discretion, to obey and comply with all such orders so entered or issued, and in the event that
    the Escrow Agent obeys or complies with any such order it shall not be liable to any of the Parties hereto or to any other person
    by reason of such compliance notwithstanding such order be subsequently reversed, modified, annulled, set aside or vacated.
	 	 
	11.	Miscellaneous.

 

	 	(a)	The
    provisions of this Agreement may be waived, altered, amended or supplemented only by a writing signed by the Escrow Agent and both
    Parties. Neither this Agreement nor any right or interest hereunder may be assigned by any Party without the prior consent of the
    Escrow Agent and the other Party. This Agreement shall be governed by and construed in accordance with the internal, substantive
    laws of the State of New York applicable to agreements entered into and to be performed solely within such state, without giving
    effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that
    would cause the application of the law of any jurisdiction other than the State of New York. Each Party and the Escrow Agent irrevocably
    waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of
    process by mail or in any other manner permitted by applicable law and consents to the jurisdiction of the courts located in the
    State of New York. To the extent that in any jurisdiction either Party may now or hereafter be entitled to claim for itself or its
    assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such Party shall not claim,
    and hereby irrevocably waives, such immunity. The Escrow Agent and the Parties further hereby waive any right to a trial by jury
    with respect to any lawsuit or judicial proceeding arising or relating to this Agreement.

 

	 	(b)	No
    Party is liable to any other Party for losses due to, or if it is unable to perform its obligations under the terms of this Agreement
    because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, or other causes
    reasonably beyond its control. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
    but all of which together shall constitute one and the same instrument or instruction, as applicable. If any provision of this Agreement
    is held to be illegal, invalid, or unenforceable, the validity of the remaining portions of this Agreement shall not be affected.
    The Parties each represent, warrant and covenant that (i) each document, notice, instruction or request provided by such Party to
    the Escrow Agent shall comply with applicable laws and regulations; (ii) such Party has full power and authority to enter into, execute
    and deliver this Agreement and to perform all of the duties and obligations to be performed by it hereunder; and (iii) the person(s)
    executing this Agreement on such Party’s behalf and certifying Authorized Representatives in the applicable Schedule 1
    have been duly and properly authorized to do so, and each Authorized Representative of such Party has been duly and properly authorized
    to take the actions specified for such person in the applicable Schedule 1. Except as expressly provided in Sections 4
    and 7 above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other
    than the Escrow Agent and the Parties any legal or equitable right, remedy, interest or claim under or in respect of the Escrow Deposit
    or this Agreement.

 

[Signature
Page to Follow]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

 

	 	Starbox
    Group Holdings Ltd.
	 	 	 
	 	By:	/s/
    Lee Choon Wooi
	 	 	 
	 	Name:	Lee
    Choon Wooi
	 	 	 
	 	Title:	CEO
	 	 	 
	 	NETWORK
    1 FINANCIAL SECURITIES, INC.
	 	 	 
	 	By:	/s/
    Damon Testaverde
	 	 	 
	 	Name:	Damon
    Testaverde
	 	 	 
	 	Title:	Head
    of Investment Banking
	 	 	 
	 	HUNTER
    TAUBMAN FISCHER & LI LLC
	 	 	 
	 	As Escrow Agent
	 	 	 
	 	By:	/s/
    Ying Li
	 	 	 
	 	Name:	Ying
    Li
	 	 	 
	 	Title:	Partner

 

    	 

     

    

 

Exhibit
A

 

The
Placement Agent AgreementExhibit 10.7

 

 

INDEMNIFICATION
ESCROW AGREEMENT

This
INDEMNIFICATION ESCROW AGREEMENT (the “Agreement”), dated as of [·],
2022 by and among Continental Stock Transfer & Trust Company, as escrow agent (the “Escrow Agent”), Mana Capital
Acquisition Corp. (the “Parent”) as Indemnified Party and as representative of all Indemnified Parties, and Meeshanthini
(Meesha) Dogan (the “Stockholders’ Representative”) as the representative of the Stockholders of Cardio Diagnostics,
Inc. (the “Company”).

WHEREAS,
Parent, Mana Merger Sub Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), the Company, and the Stockholders’
Representative entered into a Merger Agreement and Plan of Reorganization, dated May 27, 2022 (the “Merger Agreement”),
providing for, among other things, the merger of Merger Sub with and into the Company and the conversion of shares of Company Common
Stock (excluding any shares held in the treasury of the Company) into the right to receive the Parent Common Stock in accordance with
the terms set forth in the Merger Agreement; and

WHEREAS,
pursuant to Section 10.4 of the Merger Agreement, Parent is required to deposit an aggregate of 800,000 shares of Parent Common
Stock (the “Escrow Shares”), comprised of (x) 750,000 shares of Parent Common Stock issuable to the stockholders of
the Company (each a “Stockholder” and collectively the “Stockholders”) to satisfy and secure payment
by the Stockholders of Losses suffered or incurred by the Indemnified Parties arising from or related to Section 10.1 of the Merger
Agreement (the “Indemnification Escrow Shares”) and (y) 50,000 shares of Parent Common Stock issuable to the Stockholders
to satisfy and secure payment of Losses suffered or incurred by the Indemnified Parties arising from or related to Section 10.2
of the Merger Agreement (the “Supplemental Indemnification Escrow Shares”), with the Escrow Agent on the date hereof.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.
Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have
the meanings given to such terms in the Merger Agreement. 

2.
Appointment and Acceptance of Escrow Agent. Parent and the Stockholders’ Representative
hereby appoint the Escrow Agent to act, and the Escrow Agent hereby agrees to act, as escrow agent hereunder and to hold, safeguard and
disburse the Escrow Shares pursuant to the terms and conditions hereof. The Escrow Agent’s duties hereunder shall terminate upon
its distribution of the entire Escrow Fund in accordance with this Agreement.

3.
Escrow Deposit. Concurrently with the execution of this Agreement, Parent shall deposit,
or cause to be deposited, the Escrow Shares with the Escrow Agent. The certificates representing the Escrow Shares will be registered
in the respective names of the Stockholders. The Escrow Shares will be allocated among, and deemed to be beneficially owned by, the persons
listed on Exhibit A attached hereto in accordance with the allocation set forth thereon. 

4.
Ownership and Rights with Respect to the Escrow Shares.

 

(a)Except
as herein provided, the Stockholders shall be entitled to exercise all of their rights as stockholders of Parent with respect to the
Escrow Shares during the Escrow Period (defined below), including, without limitation, the right to vote their Escrow Shares. With respect
to the Escrow Shares or any portion thereof, the “Escrow Period” shall mean the period of time from and after the
Closing and continuing until the later of (i) (A) with respect to indemnification pursuant to Section 10.1 of the Merger Agreement,
the date that is the 24-month anniversary of the Closing Date or (B) with respect to Supplemental Indemnification Matters (as such term
is defined in the Merger Agreement), the date that is the 36-month anniversary of the Closing Date, and (ii) the date of the release
of any Escrow Shares in the Pending Claims Reserve provided in Section 6 hereunder.

 

(b)During
the Escrow Period, unless and until released hereunder to Parent in payment of any indemnification obligation payable to an Indemnified
Party in accordance with Article X of the Merger Agreement, all dividends payable in cash with respect to Escrow Shares shall
be paid to the Stockholders, but all dividends with respect to Escrow Shares payable in stock or
other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the
terms hereof.

 

 

    	1 

    	 

    

(c)During
the Escrow Period, no sale, transfer or other disposition may be made of any or all Escrow Shares except (i) to a “Permitted
Transferee” (as hereinafter defined), (ii) by virtue of the laws of descent and distribution upon death of any Stockholder,
or (iii) pursuant to a qualified domestic relations order (each such transfer a “Permitted Transfer”); provided,
however, that such Permitted Transfers may be implemented only upon the respective transferee’s written agreement to be
bound by the terms and conditions of this Agreement. As used in this Agreement, the term “Permitted Transferee” shall
include: (1) members of a Stockholder’s “Immediate Family” (as hereinafter defined); (2) an
entity in which (A) a Stockholder and/or members of a Stockholder’s Immediate Family beneficially own 100% of such entity’s
voting and non-voting equity securities, or (B) a Stockholder and/or a member of such Stockholder’s Immediate Family
is a general partner and in which such Stockholder and/or members of such Stockholder’s Immediate Family beneficially own 100%
of all capital accounts of such entity; (3) a revocable trust established by a Stockholder during his or her lifetime for the
benefit of such Stockholder or for the exclusive benefit of all or any member of such Stockholder’s Immediate Family; and (4) any
Affiliate. As used in this Agreement, the term “Immediate Family” means, with respect to any Stockholder, a spouse,
parent, lineal descendants, the spouse of any lineal descendant, and brothers and sisters (or a trust, all of whose current beneficiaries
are members of an Immediate Family of the Stockholder). As used in this Agreement, “Affiliate” means, as applied to
any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with, such
Person. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise. As used in this Agreement, “Person” means any individual, corporation
(including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate,
trust, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization,
entity or governmental entity. Upon receipt of an agreement to be bound by the terms and conditions of this Agreement as required above,
the Escrow Agent shall deliver to such transferring Stockholder the original share certificate out of which the assigned shares are to
be transferred, and shall request that Parent issue new certificates representing (x) the number of shares, if any, that continue
to be owned by the transferring Stockholder, and (y) the number of shares owned by the Permitted Transferee as the result of
such transfer, each of which shall be returned to the Escrow Fund hereunder until the expiration of the Escrow Period, or release to
the Parent in accordance with the terms of this Agreement. Parent, the transferring Stockholder and the Permitted Transferee shall cooperate
in all respects with the Escrow Agent in documenting each such transfer and in effectuating the result intended to be accomplished thereby.
During the Escrow Period, no Stockholder shall pledge or grant a security interest in such Stockholder’s Escrow Shares or grant
a security interest in such Stockholder’s rights under this Agreement.

 

5.Indemnification
Claims.

 

(a)Established
Claims.

 

(i)If,
at any time on or before the end of the 24-month anniversary of the Closing (or the 36-month anniversary of the Closing with respect
to Supplemental Indemnification Matters), any Indemnified Party (as defined in the Merger Agreement) is entitled to make a claim for
indemnification pursuant to Article X of the Merger Agreement (an “Indemnification Claim”), after fully complying
with the procedures and obligations required therein, Parent may deliver written notice to the Stockholders’ Representative (each
a “Notice”), with a copy to the Escrow Agent, that contains (i) a description, in reasonable detail, of
the nature of the Indemnification Claim, (ii) the total amount of the actual out-of-pocket Loss or the anticipated potential Loss,
and (iii) the basis of the Indemnified Party’s request for indemnification under the Merger Agreement in reasonable detail,
including a reference to the specific provision of the Merger Agreement alleged to have been breached. In accordance with the Merger
Agreement, each such Notice will request that the Escrow Agent distribute all or a portion of the Escrow Shares (the “Distribution
Request Amount”) to the Indemnified Party in satisfaction of the amount of such Indemnification Claim, subject to the limitations,
procedures and obligations required by Article X of the Merger Agreement, together with a copy of any other documentation required
pursuant to the terms of the Merger Agreement.

 

(ii)If
the Stockholders’ Representative provides a notice to Parent (with a copy to the Escrow Agent) (a “Counter Notice”),
within thirty (30) days following the date of the Notice (such thirty (30)-day period, the “Representative Review Period”),
disputing all or a portion of the matters or amounts described in the Notice, the Stockholders’ Representative and Parent shall
attempt to resolve such dispute by voluntary settlement as provided in Section 5(b) below. If no Counter Notice
with respect to an Indemnification Claim is received by the Escrow Agent within the Representative Review Period, then the Distribution
Request Amount in the Indemnification Claim shall be deemed to be an Established Claim (defined below) for purposes of this Agreement
and if a Counter Notice is delivered disputing only a portion of the matters or amounts described in the Notice, the undisputed portion
of the Distribution Request Amount pertaining to such Indemnification Claim shall be deemed to be an Established Claim.

 

    	2 

    	 

    

(iii)As
used in this Agreement, “Established Claim” means any portion of any Distribution Request Amount that (x) is
not disputed pursuant to Section 5(a)(ii) above, (ii)  is resolved by mutual resolution pursuant to Sections 5(b)(i) and (ii),
resulting in an award to an Indemnified Party, or (iii)  has been sustained by a final determination (after exhaustion of any appeals)
of a court of competent jurisdiction. Notwithstanding anything herein to the contrary, each Indemnification Claim shall be subject to
the limitations, procedures and obligations set forth in Article X of the Merger Agreement, and no portion of any Indemnification
Claim made pursuant to Section 10.1 of the Merger Agreement may be deemed to be an Established Claim or otherwise payable under Article X of
the Merger Agreement unless and until the aggregate amount of all indemnifiable Losses exceeds the Basket.

 

(iv)Promptly
after any portion of an Indemnification Claim becomes an Established Claim, the Stockholders’ Representative and Parent shall jointly
deliver a notice to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to the Indemnified Party,
and the Escrow Agent, upon receipt of the Joint Notice, promptly shall deliver to the Indemnified Party, the number of Escrow Shares,
subject to the provisions of this Agreement, with a value equal to the dollar amount of the Distribution Request Amount comprising
the Established Claim (or, if at such time there remains in escrow less than the full amount so payable, the full amount of the remaining
Escrow Shares.

 

(v)Payment
of an Established Claim shall be made in an amount of Escrow Shares pro rata from each account maintained on behalf of each Stockholder.
The Escrow Agent shall transfer to Parent on behalf of Indemnified Party out of escrow that number of Escrow Shares necessary to satisfy
each Established Claim, as set out in the Joint Notice. Each transfer of Escrow Shares in satisfaction of an Established Claim shall
be made by the Escrow Agent delivering to Parent on behalf of the Indemnified Party such number of Escrow Shares held in each applicable
Stockholder’s account evidencing not less than such Stockholder’s pro rata portion of the aggregate number of Escrow Shares
specified in the Joint Notice. The parties hereto (other than the Escrow Agent) agree that the foregoing right to make payments of Established
Claims in Escrow Shares may be made notwithstanding any other agreements restricting or limiting the ability of any Stockholder to transfer
any Escrow Shares or otherwise. The Stockholders’ Representative and Parent will exercise utmost good faith in all matters relating
to the preparation and delivery of each Joint Notice.

 

(b)Disputed
Claims. If a Counter Notice is delivered by the Stockholders’ Representative within the Representative Review Period, then:
(i) for the sixty (60)-day period immediately following the date of such notice, the Stockholders’ Representative and
Parent shall attempt to resolve such dispute by consultation and negotiation with each other before taking any other action; and (ii) if
the Stockholders’ Representative and Parent are unable to reach a settlement with respect to a dispute, such dispute shall be resolved
in accordance with the Merger Agreement.

 

6.Scheduled
Distributions of Escrow Fund.

 

(a)On
the first business day after the date that is the 24-month anniversary after the Closing (or the 36-month anniversary of the Closing
with respect to Supplemental Indemnification Matters), the Escrow Agent shall, upon receipt of a Joint Notice as provided in the Merger
Agreement, distribute and deliver to each Stockholder certificates representing the Escrow Shares then in such Stockholder’s account
equal to the original number of Escrow Shares placed in such Stockholder’s account less the sum of (i) the number of
Escrow Shares applied in satisfaction of Indemnification Claims made prior to the end the Escrow Period and (ii) the number of Escrow
Shares in the Pending Claims Reserve allocated to such Stockholder’s account, in book-entry form (to the extent possible), as provided
in the following sentence. If, at such time, there are any Indemnification Claims with respect to which Notices have been received but
which have not been resolved pursuant to Section 5 hereof, a final determination (after exhaustion of any appeals)
by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which, if resolved
or finally determined in favor of Indemnified Party, would result in a payment of Escrow Shares to Indemnified Party, the Escrow Agent
shall retain as a Pending Claims Reserve (as defined below) that number of Escrow Shares having a value equal to the Distribution Request
Amount for such Indemnification Claims, allocated pro rata from the account maintained on behalf of each Stockholder. Thereafter, if
any Pending Claim becomes an Established Claim, the Stockholders’ Representative and Indemnified Party shall deliver to the Escrow
Agent a Joint Notice directing the Escrow Agent to deliver to Indemnified Party the number of Escrow Shares in the Pending Claims Reserve
in respect thereof determined in accordance with Section 5(a)(iii) above and to deliver to each Stockholder the remaining
Escrow Shares in the Pending Claims Reserve allocated to such Pending Claim, all as specified in the Joint Notice. If any Pending Claim
is resolved without resulting in an Established Claim, the Stockholders’ Representative and the Indemnified Party shall deliver
to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Stockholder its pro rata portion of the number of Escrow
Shares allocated to such Pending Claim in the Pending Claims Reserve. 

 

    	3 

    	 

    

(b)As
used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number of Escrow
Shares having a value equal to the sum of the aggregate Distribution Request Amounts claimed with respect to all Pending Claims (as shown
in the Notices of such Claims), subject to the Basket described in Article X of the Merger Agreement, other than Pending Claims
relating to Supplemental Indemnification Matters which shall not be subject to the Basket as provided in the Merger Agreement..

 

(c)The
Escrow Agent, the Stockholders’ Representative and the Parent shall cooperate in all respects with one another in the calculation
of any amounts determined to be payable to Parent on behalf of an Indemnified Party and the Stockholder in accordance with this Agreement
and in implementing the procedures necessary to effect such payments.  Notwithstanding anything to the contrary herein, any portion
or all of the Escrow Shares shall be promptly (but in any event within three (3) business days) released and distributed to the Stockholders,
allocated among the Stockholders in accordance with the allocation set forth on Exhibit A attached hereto, (i) pursuant
to a Joint Notice delivered to the Escrow Agent or (ii) upon the Escrow Agent receiving a certified copy of a final non-appealable
award, judgment or order issued by a court of competent jurisdiction relating to such claim (a “Judgment”) directing
delivery of all or a portion of the Escrow Amount, as applicable, along with payment delivery instructions (and that the Escrow Agent
should disburse all or a portion of the Escrow Amount, as applicable, as provided in such Judgment).

 

(d)The
value of an Escrow Share shall be as determined in accordance with Article X of the Merger Agreement.

7.
Duties and Liability of Escrow Agent. 

 

(a)The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is not
a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.  In the event of any conflict between the
terms and provisions of this Agreement, those of the Merger Agreement, any schedule or exhibit attached to this Agreement, or any other
agreement between the parties, the terms and provisions of the Merger Agreement shall control; provided, that, notwithstanding the terms
of any other agreement between the parties, the terms and conditions of this Agreement shall control the actions of the Escrow Agent.

 

(b)Escrow
Agent shall be liable only for its bad faith, willful misconduct or gross negligence and not for any act done or omitted by it hereunder
in good faith. The parties hereto agree that Escrow Agent will not be called upon to construe any contract or instrument. Escrow Agent
is authorized to comply with and obey laws, orders, judgments, decrees, and regulations of any governmental authority, court, tribunal,
or arbitrator; provided, however, that Escrow Agent shall, to the extent practicable, give each of the other parties hereto
reasonable notice of its intention to comply with or obey any such law, order, judgment, decree, or regulation and the opportunity to
object to such intention to comply or obey (for which Escrow Agent shall be entitled to indemnification as provided in this Agreement);
provided, further, that Escrow Agent shall not be required to give any such notice if, in its reasonable judgment, a delay
in complying or obeying any such law, order, judgment, decree, or regulation would prejudice any rights of Escrow Agent or subject it
to any liability. If Escrow Agent complies with or obeys any such law, order, judgment, decree, or regulation, Escrow Agent shall not
be liable to any of the parties hereto or to any other person even if such law, order, judgment, decree, or regulation is subsequently
reversed, modified, annulled, set aside, vacated, found to have been entered without jurisdiction, or found to be in violation of or
beyond the scope of a constitution or a law. The Escrow Agent shall not be liable for any action taken by it in good faith and believed
by it to be authorized or within the rights or powers conferred upon it by this Agreement, other than actions which have been finally
adjudicated by a court of competent jurisdiction to constitute willful misconduct or gross negligence, and may consult with counsel of
its own choice and shall have full and complete authorization and indemnification under Section 11, below, for any action
taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel unless such actions have been finally
adjudicated by a court of competent jurisdiction to constitute willful misconduct or gross negligence.

 

    	4 

    	 

    

(c)The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Indemnified Party or the Stockholders pursuant
to the terms of this Agreement or, if such notice is disputed by the Stockholders’ Representative or the Indemnified Party, the
settlement with respect to any such dispute, whether by virtue of joint resolution, arbitration or determination of a court of competent
jurisdiction, is to pay to the Indemnified Party or the Stockholders, as applicable, the amount specified in such notice, and the Escrow
Agent shall have no duty to determine the validity, authenticity or enforceability of any specification or certification made in such
notice.

8.
Actions Protected. Escrow Agent may rely, and shall be protected in acting or refraining
from acting, upon any written notice, waiver, consent, certificate, receipt, authorization, power of attorney, instruction, request or
other paper or document (each a “Notice”), furnished to it hereunder and believed by it to be genuine. If Escrow Agent
receives a Notice under which some action is to be taken by it, it shall not be required to act thereon until it has had an opportunity,
if it so desires and in its sole discretion, to investigate the authenticity of such Notice. 

9.
Legal Counsel. Escrow Agent may consult with and obtain advice from legal counsel of its
own choice in the event of any question as to the provisions hereof or its duties hereunder and shall have full and complete authorization
and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel. Escrow
Agent shall be fully protected in acting in good faith, including, without limitation, acting in accordance with the opinion and instructions
of legal counsel. 

10. 
 No Other Duties. Escrow Agent shall have no duties arising from this Agreement except those
expressly set forth herein, and it shall not be bound by any notice of claim or demand with respect thereto, or any waiver, modification,
amendment, termination, cancellation revision or rescission of this Agreement, unless received by it in writing in conformity with the
provisions hereof, and, if Escrow Agent’s duties hereunder are affected, unless it shall have given its prior written consent thereto.
Escrow Agent shall not be bound by any assignment by the Indemnified Party or by the Stockholders’ Representative of any rights
hereunder unless Escrow Agent shall have received written notice thereof from the assignor. 

11. 
 Indemnification. The Escrow Agent shall be indemnified and held harmless by the parties hereto
from and against any expenses, including reasonable and documented counsel fees and disbursements, or loss suffered by the Escrow Agent
in connection with any action, suit or other proceeding involving any claim that arises out of or relates to this Agreement, the services
of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence
or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement
of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of
such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in any state or federal court
located in the Borough of Manhattan, State of New York. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own willful misconduct.

12. 
 Compensation. The Escrow Agent shall be entitled to reasonable compensation from
the Parties for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Parties for
all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’
and agents’ fees and disbursements and all taxes or other governmental charges.

13. 
 Termination. Escrow Agent’s responsibilities and liabilities hereunder, except
as a result of its own bad faith, willful misconduct or gross negligence, will terminate upon distribution of all Escrow Shares held
by Escrow Agent in accordance with the provisions of this Agreement.

14. 
 Resignation; Succession. The Escrow Agent may resign at any time and be discharged from its
duties as escrow agent hereunder by its giving the other parties hereto thirty (30) days prior written notice and such resignation shall
become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over
the Escrow Fund to a successor escrow agent appointed jointly by the Stockholders’ Representative and Parent. If no new escrow
agent is so appointed within the sixty (60)-day period following the giving of such notice of resignation, the Escrow Agent may
deposit the Escrow Fund with any court it reasonably deems appropriate.   The parties may remove the Escrow Agent at any time
and for any reason (or for no reason) and the Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if
so requested in writing at any time, jointly; provided, however, that such resignation shall become effective only upon
the joint agreement and acceptance by the Stockholders’ Representative and the Parent of the appointment of a successor escrow
agent as provided in this Section 14.

    	5 

    	 

    

15. 
 Amendment. Any provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by each party hereto, or in the case of a waiver, by the party
against whom the waiver is to be effective. 

16. 
 Notices. For the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly given when (a) delivered in person, (b) transmitted by
facsimile or e-mail or (c) mailed by first class, overnight or certified mail, return receipt requested, postage prepaid, addressed to
the parties at the following addresses or to such other address as a party shall hereafter specify by notice to the other parties:

If to the Parent, to:

 

Mana Capital Acquisition
Corp.

8 The Green, Suite 12490

Dover, DE 19901

Attn: Jonathan Intrater,
Chief Executive Officer

e-mail: intrabel@comcast.net

With a copy (which shall not
constitute notice) to:

 

Becker & Poliakoff, LLP

45 Broadway, 17th Floor

New York, New York 10006

Attention: Jie Chengying
Xiu, Esq.

e-mail: Jxiu@beckerlawyers.com

If to the Stockholders’
Representative:

 

Meeshanthini (Meesha)
Dogan

Cardio Diagnostics, Inc.

400 N. Aberdeen St., Suite
900

Chicago IL 60642

e-mail: mdogan@cardiodiagnosticsinc.com

With a copy (which shall not
constitute notice) to:

 

Shartsis Friese LLP

1 Maritime Plaza, 18th
Floor

San Francisco, CA 94111

Attention: P. Rupert Russell

Email: rrussell@sflaw.com

If to Escrow Agent:

 

Continental Stock Transfer &
Trust Company

One State Street – 30th Floor

New York, New York 10004

Attention:

Email:

Fax: (212) 616-7615

    	6 

    	 

    

All
such notices and communications shall be deemed to be effective and to have been delivered on (i) the date of delivery thereof if delivered
in person, (ii) one day after a facsimile or e-mail is sent, provided that an appropriate electronic confirmation is received, (iii)
24 hours after being sent by overnight courier, or (iv) on the third business day after the mailing thereof to the last known address
of the recipient, except that notice of change of address shall be effective only upon receipt or upon refusal to accept delivery thereof.

17. 
 Recovery of Attorneys’ Fees and Court Costs. In the event of a dispute concerning the
disbursement or distribution of the Escrow Shares which dispute is resolved by a court order, the prevailing party shall be entitled
to recovery of its reasonable attorneys’ fees, court costs, and other related expenses incident to such cause of action from the
other party. 

18. 
 Entire Agreement. This Agreement, together with the Merger Agreement, as referenced herein,
constitutes the entire agreement among the parties and supersedes all prior agreements, understandings and arrangements, oral or written,
among the parties with respect to the subject matter hereof. Any party hereto may, by an instrument in writing, waive compliance by another
party hereto with any term or provision of this Agreement on the part of such other party hereto to be performed or complied with. The
waiver by any party hereto of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent
breach. 

19. 
 Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding
upon the parties and their respective heirs, successors and assigns. Nothing in this Agreement, expressed or implied, is intended to
or shall (a) confer on any person other than the parties, or their respective successors or assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement, or (b) constitute the parties' partners or participants in a joint venture. Escrow
Agent shall not be obliged to recognize any such succession or assignment until written evidence thereof shall have been received by
it. 

20. 
 Severability. In case any one or more of the provisions of this Agreement shall be invalid
or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in
any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision which shall be a
reasonable substitute therefor, in light of the tenor of this Agreement, and upon so agreeing, shall incorporate such substitute provision
in this Agreement. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall not affect the
validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. 

21. 
 Assignment. This Agreement shall not be assignable by any party without the prior written
consent of the other parties hereto. 

22. 
 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York without giving effect to conflicts of law principles thereof. 

23. 
 Counterparts; Signatures. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument and any one of which
may be introduced in evidence or used for any other purpose without the production of its duplicate counterparts. All signatures of the
parties to this Agreement may be transmitted by facsimile or portable document format (.pdf) signature pages, and such facsimile or portable
document format (.pdf) signature pages will, for all purposes, be deemed to be the original signature of such party whose signature it
reproduces, and will be binding upon such party.

24. 
 Headings. The headings of the foregoing paragraphs of this Agreement are inserted herein
for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

    	7 

    	 

    

25. 
 Equitable Relief. Each of the parties will be entitled to an injunction, restraining order
or other equitable relief to prevent breaches of the provisions of this Agreement by the other party and to enforce specifically the
terms and provisions hereof, without proof of actual damages or any requirement to post a bond, in any court of competent jurisdiction
in the United States or any state thereof, in addition to any other remedy to which it may be entitled at law or equity.

 

 

 

[Signature Page Follows]

 

 

    	8 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

Escrow Agent:

CONTINENTAL STOCK TRANSFER &
TRUST COMPANY

By:                                                                  

Name:                                                             

Title:                                                               

Parent:

 

MANA CAPITAL ACQUISITION CORP.

 

By:                                                                   

Name: Jonathan Intrater

Title: Chief Executive Officer

STOCKHOLDERS’ REPRESENTATIVE

 

______________________________________

Name: Meeshanthini (Meesha) Dogan

 

 

    	9 

    	 

    

EXHIBIT
A

 

ESCROW SHARES ALLOCATION

 

	Name	 	Address	 	No.
    of Escrow Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

    	10

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