Document:

Exhibit 10.38

 

 

 

 

PROMISSORY
NOTE

 

	Borrower:	Biolife4d
    Corporation	Lender:	Fifth
    Third Bank, National
	 	250
    Parkway Drive, Suite 150	 	Association
    a federally chartered institution
	 	Lincolnshire,
    IL 60069	 	222
    South Riverside Plaza

    Chicago,
    IL 60606

 

 

 

	Principal
    Amount: $1,000,000.00	Date
    of Note: May 18, 2022

 

PROMISE
TO PAY. Biolife4d Corporation (“Borrower”) promises to pay to Fifth Third Bank, National Association (“Lender”),
or order, in lawful money of the United States of America, the principal amount of One Million & 00/100 Dollars ($1,000,000.00),
together with interest on the unpaid principal balance from May 18, 2022, calculated as described in the “INTEREST CALCULATION
METHOD” paragraph using an interest rate of 4.320%, until paid in full. The interest rate may change under the terms and conditions
of the “INTEREST AFTER DEFAULT” section.

 

PAYMENT.
Borrower will pay this loan in one principal payment of $1,000,000.00 plus interest on May 18, 2023. This payment due on May 18, 2023,
will be for all principal and all accrued interest not yet paid. In addition, Borrower will pay regular monthly payments of all accrued
unpaid interest due as of each payment date, beginning June 18, 2022, with all subsequent interest payments to be due on the same day
of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied to the following: first to
past due accrued interest, then to past due principal, then to past due escrow, then to current accrued interest, then to current principal,
then to current escrow, then to fees and Lender’s unpaid expenses (including collection costs), charges and advanced costs; however,
Borrower agrees that Lender may apply payments in a different order in Lender’s reasonable discretion, including, without limitation,
after a default by Borrower in Borrower’s obligation to pay this loan in full immediately upon Lender’s demand.

 

PARTIAL
PAYMENT. Lender’s acceptance of a partial payment shall not constitute a waiver of Lender’s right to receive or demand
the entire amount due.

 

DEFINITIONS.
Capitalized terms used herein without other definition that are not otherwise defined herein shall have the meanings set forth in
the Business Loan Agreement (or, if applicable, the Construction Loan Agreement) between Borrower and Lender.

 

INTEREST
CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a
year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
All interest payable under this Note is computed using this method. This calculation method results in a higher effective interest rate
than the numeric interest rate stated in this Note.

 

NOTE
PROCESSING FEE. Lender may charge, and Borrower agrees to pay on the date of this Note, a note processing fee in an amount of $1,000.00.

 

RECEIPT
OF PAYMENTS. All payments must be made in U.S. dollars and must be received by Lender at: Fifth

 

Third
Bank, National Association

ATTN:
Loan Payments

P.O.
BOX 630337

CINCINNATI,
OH 45263-0337

All
payments must be received by Lender consistent with any written payment instructions provided by Lender.

 

PREPAYMENT.
Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed
to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule. Rather,
early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”,
“without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s
rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning
disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full”
of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed
or delivered to: Fifth Third Bank, National Association, ATTN: Loan Payments, P.O BOX 630337 Cincinnati, OH 45263.

 

LATE
CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled
payment.

 

INTEREST
AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by 5.000
percentage points. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

 

DEFAULT.
Each of the following shall constitute an event of default (“Event of Default”) under this Note:

 

Payment
Default. Borrower fails to make any payment when due under this Note.

 

Other
Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or
in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.

 

Default
in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s
property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any of the related
documents.

 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under
this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

 

Insolvency.
The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of
a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

    	 

    	 

    

 

	Loan
    No: 0906867635;New	PROMISSORY
    NOTE

    (Continued)
	Page
    2

 

 

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes
a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being
an adequate reserve or bond for the dispute.

 

Events
Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of
any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes
the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

 

Change
In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance
of this Note is impaired.

 

Insecurity.
Lender in good faith believes itself insecure.

 

Cure
Provisions. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of
the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice
to Borrower demanding cure of such default: (1) cures the default within ten (10) days; or (2) if the cure requires more than ten (10)
days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter
continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

 

LENDER’S
RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately
due, and then Borrower will pay that amount.

 

WAIVER
OF BORROWER. Each of Borrower, including, but not limited to, all co-makers and accommodation makers of this Note, hereby waives
all suretyship defenses, including, but not limited to, all defenses based upon impairment of collateral and all suretyship defenses
described in Section 3-605 of the Uniform Commercial Code (the “UCC”).

 

COMPLIANCE
WITH FEDERAL LAW. Borrower shall (a) ensure that Borrower, Guarantor or any related subsidiary is not and shall not be listed on
the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control
(“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not use or permit the use of the proceeds
of the Loans to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto,
and (c) comply with and or cause each subsidiary to comply with all applicable Bank Secrecy Act (“BSA”) laws and regulations,
as amended. As required by federal law and Lender’s policies and practices, Lender may need to obtain, verify and record certain
customer identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing
to provide services.

 

ATTORNEYS’
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender
that amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal
expenses, whether or not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy proceedings (including efforts
to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court
costs, in addition to all other sums provided by law.

 

JURY
WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender
or Borrower against the other.

 

GOVERNING
LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
State of Illinois without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Illinois.

 

CHOICE
OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Cook
County, State of Illinois.

 

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $50.00 if Borrower makes a payment on Borrower’s loan and the check or preauthorized
charge with which Borrower pays is later dishonored.

 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender
(whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts.

 

SUCCESSOR
INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives, successors
and assigns, and shall inure to the benefit of Lender and its successors and assigns.

 

GENERAL
PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo
enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses
this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms
of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation
maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length
of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security
interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such
parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification
is made. The obligations under this Note are joint and several.

    	 

    	 

    

 

	Loan
    No: 0906867635;New	PROMISSORY
    NOTE

    (Continued)
	Page
    3

 

 

 

PRIOR
TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THE NOTE.

 

BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

 

BORROWER:

 

	BIOLIFE4D
    CORPORATION	 
	 	 	 
	By:	/s/
    Steven R. Morris	 
	 	Steven
    R. Morris, Chief Executive Officer of Biolife4d	 
	 	Corporation	 

 

 

 

LaserPro,
Ver. 21.4.0.034 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - IL C:\LASERPRO\CFI\LPL\D20.FC TR-3887 PR-41Exhibit
10.39

 

 

ASSIGNMENT
OF DEPOSIT ACCOUNT

 

 

 

	Borrower:	Biolife4d
                                            Corporation

                                                         250 Parkway Drive, Suite 150

                                                         Lincolnshire,
                                            IL 60069
	 	Lender:	Fifth
                                            Third Bank, National Association a federally chartered institution

                                                         222
                                            South Riverside Plaza Chicago, IL 60606

    

	 	 	 	 	 
	Grantor:	BioLife4D-SM
                                            Trust dated November 1, 2016 5237 Hilltop Road

                                                         Long
                                            Grove, IL 60047 
	 	 	 

 

 

 

THIS
ASSIGNMENT OF DEPOSIT ACCOUNT dated May 18, 2022, is made and executed among BioLife4D-SM Trust dated November 1, 2016 (“Grantor”);
Biolife4d Corporation (“Borrower”); and Fifth Third Bank, National Association (“Lender”).

 

ASSIGNMENT.
For valuable consideration, Grantor assigns and grants to Lender a security interest in the Collateral, including without limitation
the deposit account(s) described below, to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement
with respect to the Collateral, in addition to all other rights which Lender may have by law.

 

COLLATERAL
DESCRIPTION. The word “Collateral” means the following described deposit account(s) (“Account”):

 

Checking
Account Number 7243126021 with Lender

 

together
with (A) all interest, whether now accrued or hereafter accruing; (B) all additional deposits hereafter made to the Account; (C) any
and all proceeds from the Account; and (D) all renewals, replacements and substitutions for any of the foregoing.

 

In
addition, the word “Collateral” includes all of Grantor’s property (however owned if owned by more than one person
or entity), in Lender’s possession (or in the possession of a third party subject to Lender’s control), whether existing
now or later and whether tangible or intangible in character, including without limitation each and all of the following:

 

(A)
All property to which Lender acquires title or documents of title.

 

(B)
All property assigned to Lender.

 

(C)
All promissory notes, bills of exchange, stock certificates, bonds, savings passbooks, time certificates of deposit, insurance policies,
and all other instruments and evidences of an obligation.

 

(D)
All records relating to any of the property described in this Collateral section, whether in the form of writing, microfilm, microfiche,
or electronic media.

 

BORROWER’S
WAIVERS AND RESPONSIBILITIES. Except as otherwise required under this Agreement or by applicable law, (A) Borrower agrees that Lender
need not tell Borrower about any action or inaction Lender takes in connection with this Agreement; (B) Borrower assumes the responsibility
for being and keeping informed about the Collateral; and (C) Borrower waives any defenses that may arise because of any action or inaction
of Lender, including without limitation any failure of Lender to realize upon the Collateral or any delay by Lender in realizing upon
the Collateral; and Borrower agrees to remain liable under the Note no matter what action Lender takes or fails to take under this Agreement.

 

GRANTOR’S
REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (A) this Agreement is executed at Borrower’s request and not at the
request of Lender; (B) Grantor has the full right, power and authority to enter into this Agreement and to pledge the Collateral to
Lender; (C) Grantor has established adequate means of obtaining from Borrower on a continuing basis information about
Borrower’s financial condition; and (D) Lender has made no representation to Grantor about Borrower or Borrower’s
creditworthiness.

 

GRANTOR’S
WAIVERS. Grantor waives all requirements of presentment, protest, demand, and notice of dishonor or non-payment to Borrower or Grantor,
or any other party to the Indebtedness or the Collateral. Lender may do any of the following with respect to any obligation of any Borrower,
without first obtaining the consent of Grantor: (A) grant any extension of time for any payment, (B) grant any renewal, (C) permit any
modification of payment terms or other terms, or (D) exchange or release any Collateral or other security. No such act or failure to
act shall affect Lender’s rights against Grantor or the Collateral.

 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Grantor’s accounts with Lender
(whether checking, savings, or some other account). This includes all accounts Grantor holds jointly with someone else and all accounts
Grantor may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Grantor authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts.

 

GRANTOR’S
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the Collateral, Grantor represents and promises to
Lender that:

 

Ownership.
Grantor is the lawful owner of the Collateral free and clear of all loans, liens, encumbrances, and claims except as disclosed to
and accepted by Lender in writing.

 

Right
to Grant Security Interest. Grantor has the full right, power, and authority to enter into this Agreement and to assign the Collateral
to Lender.

 

No
Prior Assignment. Grantor has not previously granted a security interest in the Collateral to any other creditor.

 

No
Further Transfer. Grantor shall not sell, assign, encumber, or otherwise dispose of any of Grantor’s rights in the Collateral
except as provided in this Agreement.

 

No
Defaults. There are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly
and promptly do everything required of Grantor under the terms, conditions, promises, and agreements contained in or relating to the
Collateral.

 

Proceeds.
Any and all replacement or renewal certificates, instruments, or other benefits or proceeds related to the Collateral that are received
by Grantor shall be held by Grantor in trust for Lender and immediately shall be delivered by Grantor to Lender to be held as part of
the Collateral.

 

    	 

     

    

 

	Loan
  No: 0906867635;New	ASSIGNMENT
                                            OF DEPOSIT ACCOUNT

                                                                                (Continued)
	Page
    2

 

Validity;
Binding Effect. This Agreement is binding upon Grantor and Grantor’s successors and assigns and is legally enforceable in accordance
with its terms.

 

Financing
Statements. Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect Lender’s
security interest. At Lender’s request, Grantor additionally agrees to sign all other documents that are necessary to perfect,
protect, and continue Lender’s security interest in the Property. Grantor will pay all filing fees, title transfer fees, and other
fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs. Grantor irrevocably
appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a copy of this Agreement as a
financing statement. Grantor will promptly notify Lender of any change to Grantor’s name or the name of any individual Grantor,
any individual who is a partner for a Grantor, and any individual who is a trustee or settlor or trustor for a Grantor under this Agreement.
Grantor will also promptly notify Lender of any change to the name that appears on the most recently issued, unexpired driver’s
license or state-issued identification card, any expiration of the most recently issued driver’s license or state-issued identification
card for Grantor or any individual for whom Grantor is required to provide notice regarding name changes.

 

LENDER’S
RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL. While this Agreement is in effect, Lender may retain the rights to possession
of the Collateral, together with any and all evidence of the Collateral, such as certificates or passbooks. This Agreement will remain
in effect until (a) there no longer is any Indebtedness owing to Lender; (b) all other obligations secured by this Agreement have been
fulfilled; and (c) Grantor, in writing, has requested from Lender a release of this Agreement.

 

LENDER’S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or
if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor’s
failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents,
Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not
limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on
the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures incurred or paid by
Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date
of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable
on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due
during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon
payment which will be due and payable at the Note’s maturity. The Agreement also will secure payment of these amounts. Such right
shall be in addition to all other rights and remedies to which Lender may be entitled upon the occurrence of any Event of Default.

 

LIMITATIONS
ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of any certificate or
passbook for the Collateral but shall have no other obligation to protect the Collateral or its value. In particular, but without limitation,
Lender shall have no responsibility (A) for the collection or protection of any income on the Collateral; (B) for the preservation of
rights against issuers of the Collateral or against third persons; (C) for ascertaining any maturities, conversions, exchanges, offers,
tenders, or similar matters relating to the Collateral; nor (D) for informing the Grantor about any of the above, whether or not Lender
has or is deemed to have knowledge of such matters.

 

REINSTATEMENT
OF SECURITY INTEREST. If payment is made by Borrower, whether voluntarily or otherwise, or by guarantor or by any third party, on
the Indebtedness and thereafter Lender is forced to remit the amount of that payment (A) to Borrower’s trustee in bankruptcy or
to any similar person under any federal or state bankruptcy law or law for the relief of debtors, (B) by reason of any judgment, decree
or order of any court or administrative body having jurisdiction over Lender or any of Lender’s property, or (C) by reason of any
settlement or compromise of any claim made by Lender with any claimant (including without limitation Borrower), the Indebtedness shall
be considered unpaid for the purpose of enforcement of this Agreement and this Agreement shall continue to be effective or shall be reinstated,
as the case may be, notwithstanding any cancellation of this Agreement or of any note or other instrument or agreement evidencing the
Indebtedness and the Collateral will continue to secure the amount repaid or recovered to the same extent as if that amount never had
been originally received by Lender, and Grantor shall be bound by any judgment, decree, order, settlement or compromise relating to the
Indebtedness or to this Agreement.

 

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement:

 

Payment
Default. Borrower fails to make any payment when due under the Indebtedness.

 

Other
Defaults. Borrower or Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in
any other agreement between Lender and Borrower or Grantor.

 

Default
in Favor of Third Parties. Borrower or Grantor defaults under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or Grantor’s
property or ability to perform their respective obligations under this Agreement or any of the Related Documents.

 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower’s or
Grantor’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at
the time made or furnished or becomes false or misleading at any time thereafter.

 

Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

 

Insolvency.
The dissolution or termination of Borrower’s or Grantor’s existence as a going business, the insolvency of Borrower or
Grantor, the appointment of a receiver for any part of Borrower’s or Grantor’s property, any assignment for the benefit of
creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
Borrower or Grantor.

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Borrower or Grantor or by any governmental agency against any collateral securing the Indebtedness.
This includes a garnishment of any of Borrower’s or Grantor’s accounts, including deposit accounts, with Lender. However,
this Event of Default shall not apply if there is a good faith dispute by Borrower or Grantor as to the validity or reasonableness of
the claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives Lender written notice of the creditor
or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

 

Events
Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of
any of the Indebtedness or guarantor, endorser, surety, or accommodation party dies or becomes incompetent or revokes or disputes the
validity of, or liability under, any Guaranty of the Indebtedness.

 

Adverse
Change. A material adverse change occurs in Borrower’s or Grantor’s financial condition, or Lender believes the prospect
of payment
or performance of the Indebtedness is impaired.

 

    	 

     

    

 

	Loan
  No: 0906867635;New	ASSIGNMENT
                                            OF DEPOSIT ACCOUNT

                                                                                (Continued)
	Page
    3

 

Insecurity.
Lender in good faith believes itself insecure.

 

Cure
Provisions. If any default, other than a default in payment, is curable and if Grantor has not been given a notice of a breach of
the same provision of this Agreement within the preceding twelve (12) months, it may be cured if Grantor, after Lender sends written
notice to Borrower demanding cure of such default: (1) cures the default within ten (10) days; or (2) if the cure requires more than
ten (10) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default
and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

 

RIGHTS
AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, or at any time thereafter, Lender may exercise any one or more
of the following rights and remedies, in addition to any rights or remedies that may be available at law, in equity, or otherwise:

 

Accelerate
Indebtedness. Lender may declare all Indebtedness of Borrower to Lender immediately due and payable, without notice of any kind to
Borrower or Grantor.

 

Application
of Account Proceeds. Lender may take directly all funds in the Account and apply them to the Indebtedness. If the Account is subject
to an early withdrawal penalty, that penalty shall be deducted from the Account before its application to the Indebtedness, whether the
Account is with Lender or some other institution. Any excess funds remaining after application of the Account proceeds to the Indebtedness
will be paid to Borrower or Grantor as the interests of Borrower or Grantor may appear. Borrower agrees, to the extent permitted by law,
to pay any deficiency after application of the proceeds of the Account to the Indebtedness. Lender also shall have all the rights of
a secured party under the Illinois Uniform Commercial Code, even if the Account is not otherwise subject to such Code concerning security
interests, and the parties to this Agreement agree that the provisions of the Code giving rights to a secured party shall nonetheless
be a part of this Agreement.

 

Transfer
Title. Lender may effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints
Lender as Grantor’s attorney-in-fact to execute endorsements, assignments and instruments in the name of Grantor and each of them
(if more than one) as shall be necessary or reasonable.

 

Other
Rights and Remedies. Lender shall have and may exercise any or all of the rights and remedies of a secured creditor under the provisions
of the Illinois Uniform Commercial Code, at law, in equity, or otherwise.

 

Deficiency
Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender
after application of all amounts received from the exercise of the rights provided in this section.

 

Election
of Remedies. Except as may be prohibited by applicable law, all of Lender’s rights and remedies, whether evidenced by this
Agreement or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue
any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation
of Grantor under this Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare a default
and exercise its remedies.

 

Cumulative
Remedies. All of Lender’s rights and remedies, whether evidenced by this Agreement or by any other writing, shall be cumulative
and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,
and an election to make expenditures or to take action to perform an obligation of Grantor under this Agreement, after Grantor’s
failure to perform, shall not affect Lender’s right to declare a default and to exercise its remedies.

 

MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 

Amendments.
This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys’
Fees; Expenses. Grantor agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’
fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone
else to help enforce this Agreement, and Grantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s
attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Grantor also shall pay all court costs and such additional fees as may be directed by the court.

 

Caption
Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the
provisions of this Agreement.

 

Governing
Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of
the State of Illinois without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Illinois.

 

Choice
of Venue. If there is a lawsuit, Grantor agrees upon Lender’s request to submit to the jurisdiction of the courts of Cook County,
State of Illinois.

 

Joint
and Several Liability. All obligations of Borrower and Grantor under this Agreement shall be joint and several, and all references
to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each
Borrower and Grantor signing below is responsible for all obligations in this Agreement.

 

No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing
and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of
dealing between Lender and Grantor, shall constitute a waiver of any of Lender’s rights or of any of Grantor’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
consent may be granted or withheld in the sole discretion of Lender.

 

Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when
actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier,
or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the
addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes,
Grantor agrees to keep Lender informed at all times of Grantor’s current address. Unless otherwise provided or required by law,
if there is more than one Grantor,
any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.

 

    	 

     

    

 

	Loan
  No: 0906867635;New	ASSIGNMENT
                                            OF DEPOSIT ACCOUNT

                                                                                (Continued)
	Page
    4

 

Power
of Attorney. Grantor hereby appoints Lender as its true and lawful attorney-in-fact, irrevocably, with full power of substitution
to do the following: (1) to demand, collect, receive, receipt for, sue and recover all sums of money or other property which may now
or hereafter become due, owing or payable from the Collateral; (2) to execute, sign and endorse any and all claims, instruments, receipts,
checks, drafts or warrants issued in payment for the Collateral; (3) to settle or compromise any and all claims arising under the Collateral,
and in the place and stead of Grantor, to execute and deliver its release and settlement for the claim; and (4) to file any claim or
claims or to take any action or institute or take part in any proceedings, either in its own name or in the name of Grantor, or otherwise,
which in the discretion of Lender may seem to be necessary or advisable. This power is given as security for the Indebtedness, and the
authority hereby conferred is and shall be irrevocable and shall remain in full force and effect until renounced by Lender.

 

Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be
so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability
of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.

 

Successors
and Assigns. Subject to any limitations stated in this Agreement on transfer of Grantor’s interest, this Agreement shall be
binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in
a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with reference to this Agreement
and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability
under the Indebtedness.

 

Survival
of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Agreement shall survive
the execution and delivery of this Agreement, shall be continuing in nature, and shall remain in full force and effect until such time
as Borrower’s Indebtedness shall be paid in full.

 

Time
is of the Essence. Time is of the essence in the performance of this Agreement.

 

Waive
Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any
party against any other party.

 

DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms
not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

Account.
The word “Account” means the deposit account(s) described in the “Collateral Description” section.

 

Agreement.
The word “Agreement” means this Assignment of Deposit Account, as this Assignment of Deposit Account may be amended or
modified from time to time, together with all exhibits and schedules attached to this Assignment of Deposit Account from time to time.

 

Borrower.
The word “Borrower” means Biolife4d Corporation and includes all co-signers and co-makers signing the Note and all their
successors and assigns.

 

Collateral.
The word “Collateral” means all of Grantor’s right, title and interest in and to all the Collateral as described
in the Collateral Description section of this Agreement.

 

Event
of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default
section of this Agreement.

 

Grantor.
The word “Grantor” means BioLife4D-SM Trust dated November 1, 2016.

 

Guaranty.
The word “Guaranty” means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.

 

Indebtedness.
The word “Indebtedness” means any and all debts, liabilities and obligations of any nature or form owed by Borrower to
Lender, its affiliates or both and any and all indebtedness owed by Grantor to Lender, its affiliates or both, including, but not limited
to, the following: (i) any indebtedness evidenced by the Note or Related Documents, including all principal and interest together with
all other indebtedness and costs and expenses for which Borrower or Grantor, whether jointly or severally, are responsible under this
Agreement or under any of the Related Documents; (ii) all other obligations, debts and liabilities of Grantor and Borrower, whether jointly
or severally, to Lender or an affiliate of Lender, or any one or more of them, as well as all claims by Lender or any affiliate of Lender,
against Grantor or Borrower, or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to this
Agreement or the Related Documents, whether voluntary or otherwise, whether due or not due, direct or indirect, absolute or contingent,
liquidated or unliquidated and whether Grantor or Borrower may be liable individually or jointly with others, whether obligated as a
guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by
any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become unenforceable; and (iii)
any and all Rate Management Obligations.

 

Lender.
The word “Lender” means Fifth Third Bank, National Association, its successors and assigns.

 

Note.
The word “Note” means that certain Promissory Note dated May 18, 2022 , in the original principal amount of $1,000,000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the Promissory Note.

 

Property.
The word “Property” means all of Grantor’s right, title and interest in and to all the Property as described in
the “Collateral Description” section of this Agreement.

 

Related
Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

    	 

     

    

 

	Loan
  No: 0906867635;New	ASSIGNMENT
                                            OF DEPOSIT ACCOUNT

                                                                                (Continued)
	Page
    5

 

 

BORROWER
AND GRANTOR HAVE READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS ASSIGNMENT OF DEPOSIT ACCOUNT AND AGREE TO ITS TERMS. THIS AGREEMENT
IS DATED MAY 18, 2022.

 

	GRANTOR:	 
	 	 	 
	BIOLIFE4D-SM
    TRUST DATED NOVEMBER 1, 2016	 
	 	 	 
	By:		 
	 	Steven
    R. Morris, Trustee of BioLife4D-SM Trust dated November 1, 2016	 
	 	 	 
	BORROWER:	 
	 	 	 
	BIOLIFE4D
    CORPORATION	 
	 	 	 
	By:		 
	 	Steven R. Morris,
    Chief Executive Officer of Biolife4d Corporation	 

 

 

LaserPro,
Ver. 21.4.0.034 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - IL C:\LASERPRO\CFI\LPL\E90.FC TR-3887 PR-41

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