Document:

Document

OUSTER, INC.
EMPLOYMENT AGREEMENT
This Employment Agreement (the “Agreement”), entered into effective as of March 1, 2021 (the “Effective Date”), is between Ouster, Inc., a Delaware corporation (the “Company”) and Nathan Dickerman (“Executive” and, together with the Company, the “Parties”).  This Agreement shall constitute a valid and binding agreement between the Parties effective as of the Effective Date, but the operative provisions hereof shall not become effective until the date Executive commences employment with the Company, which is currently anticipated to be April 12, 2021 (the date Executive actually commences employment with the Company, the “Commencement Date”).
WHEREAS, the Company desires to assure itself of the services of Executive by engaging Executive to perform services as an employee of the Company under the terms hereof; and
WHEREAS, Executive desires to provide services to the Company on the terms herein provided. 
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
1.Employment.
(a)General.  The Company shall employ Executive upon the terms and conditions provided herein effective as of the Commencement Date.  
(b)Position and Duties.  Effective as of the Commencement Date, Executive: (i) shall serve as the Company’s President of Field Operations, with responsibilities, duties, and authority usual and customary for such position, subject to direction by the Chief Executive Officer of the Company (the “CEO”); (ii) shall report directly to the CEO; and (iii) agrees promptly and faithfully to comply with all present and future policies, requirements, rules and regulations, and directions and requests, of the Company in connection with the Company’s business.  At the Company’s request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities are consistent with Executive’s position as the Company’s President of Field Operations.  In the event that Executive serves in any one or more of such additional capacities, Executive’s compensation shall not automatically be increased on account of such additional service.  
(c)Principal Office.  Executive shall perform services for the Company at the Company’s offices located in San Francisco, California, or, with the Company’s consent, at any other place in connection with the fulfillment of Executive’s role with the Company; provided, however, that the Company may from time to time require Executive to travel temporarily to other locations in connection with the Company’s business.
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(d)Exclusivity.  Except with the prior written approval of the CEO (which the CEO may grant or withhold in the CEO’s sole and absolute discretion), Executive shall devote Executive’s best efforts and full working time, attention, and energies to the business of the Company, except during any paid vacation or other excused absence periods.  Notwithstanding the foregoing, Executive may, without violating this Section 1(d), (i) as a passive investment, own publicly traded securities in such form or manner as will not require any services by Executive in the operation of the entities in which such securities are owned; (ii) engage in charitable and civic activities; or (iii) engage in other personal passive investment activities, in each case, so long as such interests or activities do not materially interfere to the extent such activities do not, individually or in the aggregate, interfere with or otherwise prevent the performance of Executive’s duties and responsibilities hereunder.  Executive may also serve as a member of the board of directors or board of advisors of another organization provided (i) such organization is not a competitor of the Company; (ii) Executive receives prior written approval from the CEO; and (iii)  such activities do not individually or in the aggregate interfere with the performance of Executive’s duties under this Agreement, violate the Company’s standards of conduct then in effect, or raise a conflict under the Company’s conflict of interest policies.  For the avoidance of doubt, the CEO has approved Executive’s continued service with those organizations set forth on Exhibit A, such approval to continue until the earlier to occur of (a) the CEO’s revocation of such approval in the CEO’s sole and absolute discretion, or (b) such time as such service interferes with the performance of Executive’s duties under this Agreement, violates the Company’s standards of conflict or raises a conflict under the Company’s conflict of interest policies. 
2.Term.  The period of Executive’s employment under this Agreement shall commence on the Commencement Date and shall continue until Executive’s employment with the Company is terminated pursuant to Section 5.  The phrase “Term” as used in this Agreement shall refer to the entire period of employment of Executive by the Company.
3.Compensation and Related Matters.
(a)Annual Base Salary.  During the Term, Executive shall receive a base salary at the rate of $325,000 per year (as may be increased from time to time, the “Annual Base Salary”).  The Annual Base Salary shall be subject to withholdings and deductions and paid to Executive in accordance with the customary payroll practices and procedures of the Company.  Such Annual Base Salary shall be reviewed by the CEO, and, as applicable, the Board of Directors of the Company (the “Board”) and/or the Compensation Committee of the Board, not less than annually. 
(b)Variable Compensation.  Executive shall be eligible to receive variable compensation of up to $325,000 per year (together with Executive’s Annual Base Salary, “On Target Earnings”) under the Company’s Sales Compensation Incentive Plan (the “Sales Incentive Plan”) based on Executive’s achievement of objectives set forth in Schedule A – President of Field Operations (the “Sales Incentive Schedule”).  The initial Sales Incentive Schedule shall cover April 1, 2021 through December 31, 2021.  Notwithstanding anything in the Sales Incentive Plan and on the Sales Incentive Schedule to the contrary, for the period 
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between April 1, 2021 through June 30, 2021 (the “Second Quarter”) the minimum payable to Executive under the Sales Incentive Plan shall be $81,250 (the “Second Quarter Guarantee”), such minimum to be applied and paid in three equal monthly installments, subject to continued employment through the applicable payment date and less withholdings and deductions.  Executive’s variable compensation otherwise shall be paid in accordance with the Sales Incentive Schedule.  For the avoidance of doubt, in the event the amount earned under the Sales Incentive Schedule for the Second Quarter is in excess of the Second Quarter Guarantee, the Second Quarter Guarantee shall not apply and Executive shall be paid in accordance with the Sales Incentive Schedule.
(c)Benefits.  Executive shall be entitled to participate in such employee and executive benefit plans and programs as the Company may from time to time offer to provide to its executives, subject to the terms and conditions of such plans.  Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require the Company to institute or continue any particular plan or benefit.
(d)Business Expenses.  The Company shall reimburse Executive for all reasonable, documented, out-of-pocket travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as are in effect from time to time.  
(e)Vacation.  Executive will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time.
4.Equity Awards.  Following the closing (the “Closing”) of the Company’s business combination with Colonnade Acquisition Corp. (“Ouster PubCo”), subject to approval by the Compensation Committee of the Board of Directors of Ouster PubCo, you will be granted equity awards covering an aggregate number of shares of PubCo common stock equal to eight tenths of one percent (0.8%) of the common stock of Ouster PubCo outstanding as of immediately following the Closing (the “Post Close Capitalization”), comprised of an option to purchase Ouster PubCo common stock and an award of restricted stock units.
(a)Option.  The Company shall recommend to the Ouster PubCo Board or Compensation Committee of the Board that on, as soon as administratively practicable after the later of the Closing or the Commencement Date, Ouster PubCo grant to Executive an option to purchase a number of shares of Ouster PubCo common stock equal to four tenths of one percent (0.4%) of the common stock of Ouster PubCo outstanding as of immediately following the Closing (the “Option”) pursuant to the Ouster PubCo’s 2021 Incentive Award Plan (the “Plan”) having an exercise price per share equal to the closing trading price of a share of Ouster PubCo common stock as of the date of grant (or the immediately preceding trading day if the date of grant is not a trading day).  The Option shall vest and become exercisable as to 25% of the total number of shares of Ouster PubCo common stock initially underlying the Option as of the first anniversary of the Commencement Date and as to 1/48th of the total number of shares of Ouster PubCo common stock initially underlying the Option as of each monthly anniversary of the Commencement Date, subject to Executive’s continued service to the Company through the applicable vesting date.  The Option shall otherwise be subject to the provisions of the Plan and 
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an option agreement approved for use under the Plan to be entered into between Executive and the Ouster PubCo. 
(b)RSU Award.  The Company shall recommend to the Ouster PubCo Board or Compensation Committee of the Board that, on the sixtieth (60th) day after the Closing, Ouster PubCo grant to Executive an award of that number of restricted stock units equal to four tenths of one percent (0.4%) of the common stock of Ouster PubCo outstanding as of immediately following the Closing (the “RSUs”) pursuant to the Plan.  Each RSU shall represent the right to be issued one share of Ouster PubCo common stock upon the vesting of the RSU.  The award of RSUs shall vest as to 25% of the total number of RSUs initially underlying the award as of the first anniversary of Ouster PubCo’s standard quarterly vesting date first following the Commencement Date (the “Vesting Commencement Date”) and as to 1/16th of the total number of RSUs initially underlying the award as of each quarterly anniversary of the Vesting Commencement Date, subject to Executive’s continued service to the Company through the applicable vesting date.  The RSUs shall otherwise be subject to the provisions of the Plan and an RSU agreement approved for use under the Plan to be entered into between Executive and the Ouster PubCo. 
(c)Eligibility.  Commencing in 2023, Executive shall be eligible for the discretionary grant of stock options and other equity awards as may be determined by the Board or its Compensation Committee.
4.Termination.        
(a)At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law.  This means that it is not for any specified period of time and, subject to any ramifications under Section 6 of this Agreement, can be terminated by Executive or by the Company at any time, with or without advance notice, and for any or no particular reason or cause.  It also means that Executive’s job duties, title, and responsibility and reporting level, work schedule, compensation, and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company (subject to any ramification such changes may have under Section 6 of this Agreement).  This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express writing signed by Executive and a duly-authorized officer of the Company.  If Executive’s employment terminates for any lawful reason, Executive shall not be entitled to any payments, benefits, damages, award, or compensation other than as provided in this Agreement.  
(b)Notice of Termination.  During the Term, any termination of Executive’s employment by the Company or by Executive (other than by reason of death) shall be communicated by written notice (a “Notice of Termination”) from one Party hereto to the other Party hereto (i) indicating the specific termination provision in this Agreement relied upon, if any, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (iii) specifying the Date of Termination (as defined below).  The failure by the Company to set forth in the 
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Notice of Termination all of the facts and circumstances which contribute to a showing of Cause (as defined below) shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing its rights hereunder. 
(c)Date of Termination.  For purposes of this Agreement, “Date of Termination” shall mean the date of the termination of Executive’s employment with the Company specified in a Notice of Termination.
(d)Deemed Resignation.  Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all offices and board memberships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such resignations.
5.Consequences of Termination.
(a)Payments of Accrued Obligations upon all Terminations of Employment.  Upon a termination of Executive’s employment for any reason, Executive (or Executive’s estate or legal representative, as applicable) shall be entitled to receive, within thirty (30) days after Executive’s Date of Termination (or such earlier date as may be required by applicable law): (i) any portion of Executive’s Annual Base Salary earned through Executive’s Date of Termination not theretofore paid, (ii) any expenses owed to Executive under Section 3, (iii) any accrued but unused paid time-off owed to Executive, (iv)  any Merit Bonus earned but unpaid as of the Date of Termination, and (v) any amount arising from Executive’s participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements.  Except as otherwise set forth in Sections 5(b) and (c), the payments and benefits described in this Section 5(a) shall be the only payments and benefits payable in the event of Executive’s termination of employment for any reason.  
(b)Severance Payments upon Covered Termination Outside a Change of Control Period.  If, during the Term, Executive experiences a Covered Termination outside of a Change of Control Period (each as defined below), then in addition to the payments and benefits described in Section 5(a), the Company shall, subject to Executive’s delivery to the Company of a waiver and release of claims agreement substantially in the form of Exhibit B hereto (but updated to the extent deemed by the Company to be necessary to reflect any changes in applicable law) (the “Release”) that becomes effective and irrevocable in accordance with Section 9(d), provide Executive with the following:
(i)The Company shall pay to Executive an amount equal to 0.5 multiplied by Executive’s Annual Base Salary.  Such amount will be subject to applicable withholdings and payable in a single lump sum cash payment on the first regular payroll date following the date the Release becomes effective and irrevocable in accordance with Section 9(d).
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(ii)During the period commencing on the Date of Termination and ending on the six-month anniversary thereof or, if earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “Non-CIC COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans, or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the Non-CIC COBRA Period (or remaining portion thereof).
(c)Severance Payments upon Covered Termination During a Change of Control Period.  If, during the Term, Executive experiences a Covered Termination during a Change of Control Period, then, in addition to the payments and benefits described in Section 5(a), the Company shall, subject to Executive’s delivery to the Company of the Release that becomes effective and irrevocable in accordance with Section 9(d), provide Executive with the following:
(i)The Company shall pay to Executive an amount equal to Executive’s Annual Base Salary.  Such amount will be subject to applicable withholdings and payable in a single lump sum cash payment on the first regular payroll date following the date the Release becomes effective and irrevocable in accordance with Section 9(d). 
(ii)During the period commencing on the Date of Termination and ending on the twelve-month anniversary thereof or, if earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “CIC COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s 
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dependents under its group health plans, or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the CIC COBRA Period (or remaining portion thereof).
(iii)Cause any unvested equity awards, including any stock options, restricted stock awards and any such awards subject to performance-based vesting, held by Executive as of the Date of Termination, to become fully vested and, if applicable, exercisable, and cause all restrictions and rights of repurchase on such awards to lapse with respect to all of the shares of the Company’s Common Stock subject thereto.  
(d)No Other Severance.  Except as otherwise approved by the Board, the provisions of this Section 5 shall supersede in their entirety any severance payment provisions in any severance plan, policy, program, or other arrangement maintained by the Company.
(e)No Requirement to Mitigate; Survival.  Executive shall not be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or in any other manner.  Notwithstanding anything to the contrary in this Agreement, the termination of Executive’s employment shall not impair the rights or obligations of any Party. 
(f)Definition of Cause.  For purposes hereof, “Cause” shall mean any one of the following: (i) Executive’s willful and continued failure to substantially perform Executive’s duties with the Company (other than any such failure resulting from Executive’s incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to you by the CEO or Board, (ii) Executive’s willful and continued failure to substantially follow and comply with such specific and lawful directives of the CEO or Board, after a written demand for substantial performance is delivered to Executive by the Company, (iii) Executive’s commission of an act of fraud or material dishonesty, or (iv) Executive’s conviction of, or entry by Executive of a guilty or no contest plea to, the commission of a felony or any other crime involving moral turpitude.
(g)Definition of Change of Control Period.  For purposes hereof, “Change of Control Period” shall mean the period commencing ninety days prior to a Change of Control and ending 12 months after such Change of Control.
(h)Definition of Covered Termination.  For purposes hereof, “Covered Termination” shall mean the termination of Executive’s employment by the Company without Cause or by Executive for Good Reason, and shall not include a termination due to Executive’s death or disability.
(i)Definition of Good Reason.  For purposes hereof, “Good Reason” means the occurrence of any of the following events or circumstances, without Executive’s prior written consent: (i) a material reduction in Executive’s On Target Earnings, (ii) a material diminution in Executive’s duties or responsibilities, or level of authority, (iii) a relocation of Executive’s 
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principal place of employment that increases Executive’s one-way commute by at least thirty-five (35) miles, (iv) material breach of this Agreement by the Company, including any failure to pay Executive any compensation or benefits to which you are entitled within fifteen (15) days of the date due, or (v) the Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place.  Notwithstanding the foregoing, in no event shall Executive be deemed to have Good Reason unless (a) Executive provides written notice to the Company of the condition giving rise to Good Reason within ninety (90) days of its initial occurrence, (b) the Company fails to cure such condition within thirty (30) days after the Company receives Executive’s written notice of such condition and (c) Executive’s resignation is effective within sixty (60) days following the end of such cure period. 
6.Assignment and Successors.  The Company shall assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise).  This Agreement shall be binding upon and inure to the benefit of the Company, Executive, and their respective successors, assigns, personnel, and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable.  None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will, operation of law, or as otherwise provided herein.
7.Miscellaneous Provisions.  
(a)Confidentiality Agreement.  As a condition to employment hereunder, Executive shall enter into the Confidential Information and Invention Assignment Agreement with the Company attached hereto as Exhibit C (the “Confidentiality Agreement”).  The Confidentiality Agreement shall survive the termination of this Agreement and Executive’s employment with the Company for the applicable period(s) set forth therein.  
(b)Non-Solicitation of Employees.  For a period of one year following Executive’s Date of Termination, Executive shall not, either directly or indirectly (i) solicit for employment by any individual, corporation, firm, or other business, any employees, consultants, independent contractors, or other service providers of the Company or any of its affiliates, or (ii) solicit any employee or consultant of the Company or any of its affiliates to leave the employment or consulting of or cease providing services to the Company or any of its affiliates; provided, however, that the foregoing clauses (i) and (ii) shall not apply to a general advertisement or solicitation (or any hiring pursuant to such advertisement or solicitation) that is not specifically targeted to such employees or consultants.
(c)Governing Law.  This Agreement shall be governed, construed, interpreted, and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the State of California, without giving effect to any principles of conflicts of law, whether of the State of California or any other jurisdiction, and where applicable, the laws of the United States, that would result in the application of the laws of any other jurisdiction.
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(d)Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.  
(e)Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  Signatures delivered by facsimile shall be deemed effective for all purposes.
(f)Entire Agreement.  The terms of this Agreement, together with the Confidentiality Agreement, are intended by the Parties to be the final expression of their agreement with respect to the employment of Executive by the Company and supersede all prior understandings and agreements, whether written or oral, regarding Executive’s service to the Company.  The Parties further intend that this Agreement, together with the Confidentiality Agreement, shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement or the Confidentiality Agreement.      
(g)Amendments; Waivers.  This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by Executive and a duly authorized representative of the Company.  By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company, as applicable, may waive compliance by the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.  
(h)Dispute Resolution.  To ensure the timely and economical resolution of disputes that arise in connection with this Agreement, Executive and the Company agree that, except as excluded herein, any and all controversies, claims and disputes arising out of or relating to this Agreement, including without limitation any alleged violation of its terms or otherwise arising out of the Parties’ relationship, shall be resolved solely and exclusively by final and binding arbitration held in Santa Clara County, California through JAMS in conformity with California law and the then-existing JAMS employment arbitration rules, which can be found at https://www.jamsadr.com/rules-employment-arbitration/. The Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. shall govern the interpretation and enforcement of this arbitration clause. All remedies available from a court of competent jurisdiction shall be available in the arbitration; provided, however, in the event of a breach of Sections 7(a) or 7(b), the Company may request relief from a court of competent jurisdiction if such relief is not available or not available in a timely fashion through arbitration as determined by the Company. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award.  The arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any.  Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money 
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the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them under Sections 8(a) and 8(b), and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at law.  Any such person shall, therefore, be entitled to seek injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of Sections 8(a) and 8(b), none of the Parties shall raise the defense, without a good faith basis for raising such defense, that there is an adequate remedy at law.  Executive and the Company understand that by agreement to arbitrate any claim pursuant to this Section 8(h), they will not have the right to have any claim decided by a jury or a court, but shall instead have any claim decided through arbitration.  Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities.  Except as may be prohibited by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or collective action or representative proceeding. Nothing herein shall limit Executive’s ability to pursue claims for workers compensation or unemployment benefits or pursue other claims which by law cannot be subject to mandatory arbitration.
(i)Enforcement.  If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement.  Furthermore, in lieu of such illegal, invalid, or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.
(j)Withholding.  The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, or foreign withholding or other taxes or charges which the Company is required to withhold.  The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.
(k)Whistleblower Protections and Trade Secrets.  Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies).  Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) for the disclosure of a 
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trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.
8.Golden Parachute Excise Tax. 
(a)Best Pay.  Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company pursuant to this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below).  The “Reduced Amount” will be either (A) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in Executive’ s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive.  If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).  Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows:  (1) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (2) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A. 
(b)Accounting Firm.  The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change of Control will perform the calculations set forth in Section 9(a).  If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm to make the determinations required hereunder.  The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder.  The accounting firm 
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engaged to make the determinations hereunder will provide its calculations, together with detailed supporting documentation, to the Company within thirty (30) days before the consummation of a Change of Control (if requested at that time by the Company) or such other time as requested by the Company.  If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive.
9.Section 409A.
(a)General.  The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date, (“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with Executive to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including, without limitation, actions intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A; however, this Section 9(a) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company (A) have any liability for failing to do so, or (B) incur or indemnify Executive for any taxes, interest or other liabilities arising under or by operation of Section 409A.
(b)Separation from Service, Installments and Reimbursements.  Notwithstanding any provision to the contrary in this Agreement:  (i) no amount that constitutes “deferred compensation” under Section 409A shall be payable pursuant to Section 6 unless the termination of Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations (“Separation from Service”); (ii) for purposes of Section 409A, Executive’s right to receive installment payments shall be treated as a right to receive a series of separate and distinct payments; and (iii) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31st of the year following the year in which the expense was incurred.  The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year.  The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.
12

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(c)Specified Employee.  Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death.  Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.  
(d)Release.  Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of the Release, (i)  if Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (ii) in any case where Executive’s Date of Termination and the Release Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year.  For purposes of this Section 9(d), “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive, or, in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date.  To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination of employment are delayed pursuant to this Section 9(d), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject to Section 9(d)(ii), on the first payroll period to occur in the subsequent taxable year, if later.
10.Employee Acknowledgement.  Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment.  
[Signature Page Follows]
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The Parties have executed this Agreement as of the date first set forth above.
            
OUSTER, INC.
By: /s/ Angus Pacala    
Name:  Angus Pacala
Title:  CEO
EXECUTIVE
By: /s/ Nathan Dickerman    
Name: Nathan Dickerman

14

|Exhibit 10.5

 

Execution Version

 

DISTRIBUTION AGREEMENT

 

This Distribution
Agreement (“Agreement”) is entered into as of August 29, 2019 (the “Effective Date”)
by and between IceCure Medical Ltd., a corporation having its principal office at
Haeshel 7, Caesarea, 3079504, , Israel (“IceCure”) and Terumo Corporation,
having its registered place of business at 2-44-1 Hatagaya, Shibuya-ku Tokyo, 151-0072 Japan (“Terumo”). IceCure
and Terumo may be referred to individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

Whereas,
IceCure has developed and is intending to commercialize and promote its Product (as defined below) in various countries;

 

Whereas,
IceCure wishes to commercialize the Product in certain countries through a distributor that will register, promote, market, sell and distribute
the Product within the Territory (as defined below) and the Limited Territory (as defined below);

 

Whereas,
Terumo has the ability to register, promote, market, sell and distribute such Product within the Territory and the Limited Territory and
wishes to be IceCure’s exclusive distributor of the Product within the Territory and the Limited Territory, and IceCure is willing
to appoint Terumo as the exclusive distributor of the Product in the Territory and the Limited Territory, on the terms and conditions
set forth in this Agreement; and

 

Whereas,
IceCure agrees to manufacture (or have manufactured) and sell to Terumo the Product for such commercialization and promotion activities
in the Territory, on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the foregoing premises and the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, IceCure and Terumo hereby agree as follows:

 

Article
1

Definitions

 

1.1 “Affiliate”
of a Party means any entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with such Party, as the case may be, but for only so long as such control exists. As used in this Section 1.1, “control”
means (a) to possess, directly or indirectly, the power to direct the management or policies of an entity, whether through ownership of
voting securities, or by contract relating to voting rights; or (b) direct or indirect beneficial ownership of more than fifty percent
(50%) of the voting share capital or other equity interest in such entity.

 

1.2 “Alliance
Manager” has the meaning set forth in Section 4.2.

 

     

    

    

 

1.3 
“Applicable Laws” means the applicable provisions of any law or regulation from Japan, Singapore, Israel and
the U.S. (as hereafter defined) including: national, regional, state and local laws, treaties, statutes, rules, regulations, administrative
codes, industry codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders or permits (including Regulatory Approvals)
of or from any court, arbitrator, Regulatory Authority or governmental agency or authority having jurisdiction over or related to the
subject item, including GMP, FCPA, trade, promotion, privacy, Export Control Laws and other laws and regulations pertaining to domestic
or international corruption, commercial bribery, fraud, kickback, embezzlement or money laundering.

 

1.4 “Authorization”
or “Authorized” means, with respect to any Information or Data, possession by either Party of the ability (whether
by ownership or grant of rights, other than pursuant to this Agreement) to grant to the other Party the applicable access or other right
under this Agreement without violating the terms of an agreement with a Third Party and/or any Applicable Law.

 

1.5 “Business
Day” means a day other than a Friday, Saturday or Sunday or any public holiday in Israel or Japan.

 

1.6 “Calendar
Quarter” means a period of three (3) consecutive months during a Calendar Year beginning on and including January 1st,
April 1st, July 1st or October 1st.

 

1.7 “Calendar
Year” means a period of twelve (12) consecutive months beginning on and including January 1st.

 

1.8 “Commercialization
Plan” has the meaning set forth in Section ‎6.1(c).

 

1.9 “Commercially
Reasonable Efforts” means, with respect to a Party’s specific obligations under this Agreement, that level of efforts
and resources at the relevant point in time, that is consistent with the usual practice followed by such Party in the exercise of its
scientific and business judgment relating to other medical device products owned or licensed by it or to which such Party has exclusive
rights (but in any event no less than the efforts consistent with those generally used by similarly positioned (in scope and value) medical
device companies with sufficient resources to advance a program) including commercial, technical, legal, scientific, or medical factors.

 

1.10 
“Confidential Information” has the meaning set forth in Section 8.1.

 

1.11 “Confidentiality
Agreement” means that certain Mutual Non-Disclosure Agreement dated December 19, 2018, executed between IceCure and Terumo.

 

1.12 
“Data” means any and all scientific, clinical, technical or test data pertaining to the Product that is generated
by or under the authority of Terumo or its Affiliates, Sub-Distributors or other subcontractors or by or under the authority of IceCure
or IceCure ex-Territory Distributors before or during the Term, including research data, clinical pharmacology data, chemistry, manufacturing
and controls data (including analytical and quality control data and stability data), preclinical data, clinical data and all submissions
made in association with an application for Regulatory Approval filed in or outside the Territory with respect to the Product, in each
case to the extent such data either (a) a Party has the Authorization on the Effective Date or (b) comes within a Party’s
Authorization during the Term.

 

    2

    

    

 

1.13 “Delivery”
means upon pick-up of the Product in Caesarea, Israel, or other location mutually agreed by the Parties, and based on delivery terms EXW
(Incoterms 2010).

 

1.14 “Disclosing
Party” has the meaning set forth in Section 8.1.

 

1.15 “Executives”
has the meaning set forth in Section 13.2.

 

1.16 “Exclusivity
Term” means: (a) with respect to the Territory the term commencing as of the Effective Date, and (b) with respect to the
Limited Territory the period commencing up to 6 (six) months after the Effective Date, subject to the termination of any existing agreement
with any the current exclusive distributor in the Limited Territory, and continuing until the earlier of: (i) termination of the Agreement
pursuant to Article 12 of the Agreement, or (ii) the termination of the exclusivity pursuant to Exhibit 6.4.

 

1.17 “Export
Control Laws” means all applicable U.S., European Union, Israel, and Japanese or other applicable laws and regulations relating
to (a) sanctions and embargoes imposed by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the Irish Government
or the European Union or (b) the export or re-export of commodities, technologies or services or data, including the Export Administration
Act of 1979, 24 U.S.C. §§ 2401-2420; the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706; the
Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et. seq.; the Arms Export Control Act, 22 U.S.C. §§ 2778 and 2779;
and the International Boycott Provisions of Section 999 of the U.S. Internal Revenue Code of 1986, European Union laws and regulations
(including but not limited to, Regulation (EC) No 428/2009, as amended), in each case as amended.

 

1.18 “FCPA”
means the U.S. Foreign Corrupt Practices Act (15 U.S.C. § 78dd-1 et. seq.), as amended.

 

1.19 
“First Upfront Payment” has the meaning set forth in Section ‎3.1.

 

1.20 “Fourth
Upfront Payment” has the meaning set forth in Section ‎3.4.

 

1.21 “GMP”
means current Good Manufacturing Practice, including MHLW’s Ordinance on QMS.

 

1.22 “IceCure
ex-Territory Distributor” means a licensee, or distributor engaged by IceCure or any of its Affiliates to market, promote
or sell the Product outside the Territory. For clarity, any such licensee, or distributor shall constitute an IceCure ex-Territory Distributor
only during the term of such engagement.

 

1.23 “IceCure
Indemnitees” has the meaning set forth in Section 11.1.

 

    3

    

    

 

1.24 “IceCure
Information” means all Information (including Data) that IceCure has the Authorization to share as of the Effective Date
or during the Term, which Information is necessary or reasonably useful, at IceCure’s reasonable discretion, to file for, obtain or maintain
Regulatory Approval or to distribute, commercialize, market, promote, sell, offer for sale or import the Product in the Territory.

 

1.25 “IceCure
Patents” means all IceCure’s Patents as of the Effective Date or during the Term.

 

1.26 “Indemnitee”
has the meaning set forth in Section 11.3.

 

1.27 “Indemnitor”
has the meaning set forth in Section 11.3.

 

1.28 “Information”
means information and submissions pertaining to, or made in association with, filings with any Regulatory Authority, data, including pharmacological,
toxicological and clinical data, analytical and quality control data, manufacturing data and descriptions, patent and legal data, market
data, financial data or descriptions, specifications and the like, in written, electronic or other form, now known or hereafter developed,
whether or not patentable.

 

1.29 “Intellectual
Property Rights” means rights in, and in relation to any Patents, utility models, design patents, design rights, trademarks,
trade and business names, copyright, database rights, domain names and topography rights, including the benefit of all registrations of,
applications to register and the right to apply for registration of any of the foregoing items and all rights in the nature of any of
the foregoing rights, each for their full term (including without limitation, any divisions, continuations, extentions or renewals thereof),
trade secrets, know-how and any other intellectual properties, all of the foregoing wherever enforceable in the world.

 

1.30 “Limited
Territory” means Singapore and its territories and possessions.

 

1.31 “Losses”
has the meaning set forth in Section 11.1.

 

1.32 “MA
Approval” means approval, licenses, registrations, or authorizations of Regulatory Authorities in the applicable regulatory
jurisdiction for the manufacture, use, storage, import, transport and/or sale of a pharmaceutical, therapeutic and medical device product
in such regulatory jurisdiction.

 

1.33 
“MHLW” means the Japanese Ministry of Health, Labor and Welfare, or any successor agency thereto having the
administrative authority to regulate the marketing of human pharmaceutical, therapeutic and medical device products in the Territory.

 

1.34 “Patent”
means (a) any patent, certificate of invention, application for certificate of invention, priority patent filing and patent application,
and (b) any renewal, division, continuation (in whole or in part) or request for continued examination of any of such patent, certificate
of invention and patent application, and any patent or certificate of invention issuing thereon, and any reissue, reexamination, extension,
restoration by any existing or future extension or restoration mechanism, division, renewal, substitution, confirmation, registration,
revalidation, revision and addition of or to any of the foregoing.

 

    4

    

    

 

1.35 “Person”
means any individual, corporation, partnership, limited liability company, trust or other entity.

 

1.36 “PMDA”
means Pharmaceuticals and Medical Devices Agency of Japan.

 

1.37 “Product”
means (a) IceCure’s proprietary cryo-ablation device known as ProsenseTM, as further described in Exhibit ‎1.37,
including any improvements made thereto during the Term and/or next generation thereof, and (b) IceCure’s proprietary probe and
other applicable accessories and components to the cryo-ablation device known as ProsenseTM.

 

1.38 “Product
Trademark” has the meaning set forth in Section ‎9.6(a).

 

1.39 “Public
Official or Entity” means (a) any officer, employee (including physicians, hospital administrators or other healthcare professionals),
agent, representative, department, agency, de facto official, corporate entity, instrumentality or subdivision of any government, military
or international organization, including any ministry or department of health or any state-owned or affiliated company or hospital, or
(b) any candidate for political office, any political party or any official of a political party.

 

1.40 
“Quality Agreement” has the meaning set forth in Section 6.5.

 

1.41 “Receiving
Party” has the meaning set forth in Section 8.1.

 

1.42 “Reimbursement
Approval” means approval of the reimbursement price (including medical treatment service fee) for the Cryo-ablation of breast
cancer with using device of same function of the Product which approval is issued by the MHLW (the approved price, the “Reimbursement
Price”).

 

1.43 “Regulatory
Approval” means any and all approvals, licenses, registrations, or authorizations of Regulatory Authorities in the applicable
regulatory jurisdiction, that are necessary or the manufacture, use, storage, import, transport and/or sale of the Product in such regulatory
jurisdiction, or are mutually agreed to be required for the commercialization between the Parties, including Shonin, Reimbursement Approval
and any approval for changes to the preceding approvals such as changes to indication or legal manufacturer.

 

1.44 “Regulatory
Authority” means any national, regional, state or local regulatory agency, department, bureau, commission, council or other
governmental entity whose review and/or approval is necessary for the manufacture, packaging, use, storage, import, export, distribution
or promotion of the Product in the applicable regulatory jurisdiction, including the MHLW and the PMDA. If governmental approval is required
for pricing or reimbursement by national health insurance (or its local equivalent), “Regulatory Authority” shall also include
any national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity whose review
and/or approval of pricing or reimbursement is required.

 

    5

    

    

 

1.45 “Regulatory
Filings” means all applications, approvals, licenses, notifications, registrations, submissions and authorizations made
to or received from a Regulatory Authority in connection with the development, manufacture or commercialization of the Product, including
any Regulatory Submissions, MA Approvals, and Reimbursements.

 

1.46 “Regulatory
Plan” has the meaning set forth in Section ‎5.2(a).

 

1.47 “Regulatory
Submissions” means all applications, notifications, and submissions made to a Regulatory Authority (including any attachment
or supplement thereto) to obtain Regulatory Approval in connection with the development, manufacture or commercialization of the Product,
and all Information contained therein (but excludes IceCure Information, IceCure Patents, and Inventions).

 

1.48 “Second
Upfront Payment” has the meaning set forth in Section ‎3.2.

 

1.49 “Shonin”
means the MA Approval of MHLW to market the Product in the Territory (Seizou-hambai-shonin).

 

1.50 “Specification(s)”
has the meaning set forth in Exhibit ‎1.37.

 

1.51 “Specification
Agreement” has the meaning set forth in Exhibit ‎1.37.

 

1.52 “Study
Information” means any and all Information (including Data) derived from clinical and non-clinical study, and pre-clinical
testing conducted by Terumo (directly or indirectly, excluding IceCure and/or its Affiliates) in the Territory, for making Regulatory
Submission, obtaining and maintaining Regulatory Approval and/or commercializing the Product in the Territory, but Study Information excludes
IceCure Information, IceCure Patents, and Inventions.

 

1.53 
“Sub-Distributor” means any Person other than Terumo that Terumo appoints to market, promote, offer for sale,
sell, import or distribute the Product in the Territory or the Limited Territory, beyond the mere right to purchase the Product from Terumo
for end use.

 

1.54 “Target
Indication” means indication with regard to a Shonin or a Reimbursement Approval of the cryo-ablation of breast cancer with
using device of same function of the Products.

 

1.55 
“Tax Authority” means any government, state, or municipality of any local, state, federal, or other fiscal, revenue,
customs, or excise authority, body, or official anywhere in the world, authorized to levy tax.

 

1.56 
“Term” means the period commencing on the Effective Date and continuing until the fifth (5th) anniversary of
the date of the Shonin of the Product in Japan (the “Initial Term”), and automatically extended for five (5)
years periods each (each, a “Renewal Term”) unless either Party notifies to the other Party of its intention
to terminate at least one (1) year prior to the end of the Initial Term or Renewal Term, as applicable, or if this Agreement is terminated
earlier pursuant to Article 12 of the Agreement.

 

    6

    

    

 

1.57 “Territory”
means Japan and its territories and possessions.

 

1.58 
“Third Party” means any governmental authority or Person other than IceCure, Terumo and their respective Affiliates.

 

1.59 “Third
Party Claims” has the meaning set forth in Section 11.1.

 

1.60 “Third
Upfront Payment” has the meaning set forth in Section ‎3.3.

 

1.61 “Trademark”
means any word, name, symbol, color, designation or device or any combination thereof, including any trademark, trade dress, brand mark,
service mark, trade name, brand name, logo or business symbol, whether or not registered.

 

1.62 “United
States” or “U.S.” means the United States of America, including its territories and possessions
and the District of Columbia.

 

1.63 “Upfront
Payments” means First Upfront Payment, Second Upfront Payment, Third Upfront Payment, and the Forth Upfront Payment, collectively
(or respectively, “Upfront Payment”).

 

Article
2

DISTRIBUTION APPOINTMENT

 

2.1 Appointment
of Terumo as Distributor. Subject to the terms and conditions of this Agreement, IceCure hereby appoints Terumo, and Terumo accepts
appointment, as the exclusive distributor of the Product for the Target Indication in the Territory and Limited Territory during the Exclusivity
Term, and IceCure grants to Terumo the exclusive rights to file for and maintain Regulatory Approval of, promote, market, offer for sale,
sell, import and distribute the Product in the Territory during the Term. IceCure may not sell the Product or any product that is substantially
similar to the Product in the Territory and the Limited Territory, for the Target Indication, through any other distributor (except for
Terumo and its Affiliates) or directly by itself during the Exclusivity Term. Notwithstanding the above, IceCure and/or its Affiliates
may sell in the Territory directly such Products to doctors and medical institutions until the date that Terumo notifies in writing IceCure
that it has received the Shonin of the Product in the Territory.

 

    7

    

    

 

2.2 Subcontracting
by Terumo. Subject to the terms and conditions of this Agreement, Terumo shall have the right to appoint Sub-Distributors for the
Product in the Territory and the Limited Territory and contract research organization (“CRO(s)”) in the Territory
and the Limited Territory with which clinical trials of the Product are contracted, without the prior consent of IceCure; provided, however,
in the event the performance of services by such Sub-Distributor will require to provide it with IceCure Information and IceCure Patents,
Terumo will execute a confidentiality and non-use agreement with such Sub-Distributor that will impose on the Sub-Distributor the obligations
as strict as those set forth in this Agreement. Terumo shall have the right to subcontract any regulatory, sales, marketing, or promotional
activities with respect to the Product in the Territory, and Limited Territory (only for sales, marketing, or promotional activities),
including to any contract sales organization (“Third Party Contractor”), in each case, without the prior consent of
IceCure. IceCure shall have the right to object to a Sub- Distributor and/or Third Party contractor if it becomes aware of issues with
respect to such Third Party Contractor that could have a material adverse effect on IceCure in the Territory or the Limited Territory.
In such event, IceCure will advise Terumo of its concerns, and the Parties will discuss what actions, if any, to take with respect to
such Sub- Distributor or Third Party Contractor, provided that no actions shall be taken with respect to such Sub-Distributor and/or
Third Party Contractor without Terumo’s prior consent, which shall not be unreasonably withheld or delayed. Terumo shall be responsible
for the acts or omissions of its Sub-Distributors and/or Third Party contractors under any agreement or engagement, including any such
act or omission that would constitute a breach hereunder if performed by Terumo. Notwithstanding the preceding, it is the express intention
of the Parties that Terumo shall act as the principal distributor of the Product in the Territory and may not hire Sub-Distributors with
the intent of reducing its obligations under this Agreement.

 

2.3 Supply
of Product for Distribution. IceCure shall supply or have supplied to Terumo, in accordance with the terms set forth in Section ‎6.3,
and Terumo shall purchase from IceCure, Product for sale by Terumo or its Affiliates or Sub-Distributors in the Territory or the Limited
Territory, subject to and under the provisions of this Agreement. Terumo shall purchase all such amounts of Product supplied by IceCure
under the payment provisions of Section 6.3 and ‎Article 7.

 

2.4 Right
of Negotiation. During the Exclusivity Term, in the event that IceCure intends to (a) sell any product other than the Product in the
Territory or the Limited Territory during the Term; (b) sell the Products for an indication other than the Target Indication in the Territory
or the Limited Territory during the term; or (c) sell the Product in Thailand, IceCure will notify Terumo in writing of such intention
(“Negotiation Notice” and “Negotiation Notice Date”, respectively) before notifying the same to
any other prospective distributor. If Terumo notifies IceCure in writing within thirty (30) days after receipt of Negotiation Notice from
IceCure, IceCure will be required to negotiate in good faith with Terumo a distribution agreement pursuant to which Terumo will obtain
the exclusive distribution appointment for such product in the Territory, the Limited Territory, and/or Thailand, as applicable. IceCure
may not enter into a distribution agreement and/or its equivalent (including without limitation term sheet and letter of intent) with
a Third Party for the purpose contemplated in this Section ‎2.4 without written consent from Terumo for three (3) months following
the Negotiation Notice Date by Terumo to IceCure. In the event Terumo has not notified IceCure within the said thirty (30) day period,
or the negotiations have not concluded to definitive agreement within the said three (3) month period above, IceCure shall be permitted
to negotiate and/or enter into a distribution agreement and its equivalent with any Third Party.

 

2.5 No
Other Rights. No rights shall be deemed granted by one Party to the other Party under this Agreement by implication, estoppel, or
otherwise.

 

    8

    

    

 

Article
3

UPFRONT PAYMENT

 

3.1 First
Upfront Payment. In consideration for the exclusive distribution appointment under Section 2.1, Terumo shall pay to IceCure, an upfront
payment of six hundred thousand U.S. dollars (US$600,000) (“First Upfront Payment”). Terumo shall pay to IceCure
First Upfront Payment within thirty (30) days of the Effective Date (“Due Date of Upfront Payment”); provided,
however, that the First Upfront Payment will be deemed to have been made in time if Terumo has instructed the paying bank to make
such payment to IceCure not later than three (3) Business Days before the Due Date of Upfront Payment and such payment is completed within
three (3) Business Days after the Due Date of Upfront Payment.

 

3.2 Second
Upfront Payment. Terumo shall notify IceCure in writing promptly after making the first Regulatory Submission regarding the Product
in the Territory. In further consideration for the exclusive distribution appointment under Section 2.1, Terumo shall pay to IceCure within
thirty (30) days after making such Regulatory Submission regarding the Product in the Territory, a payment of a quarter million U.S. dollars
(US$250,000) (“Second Upfront Payment”).

 

3.3 Third
Upfront Payment. Terumo shall notify IceCure in writing promptly after obtaining the first Shonin of the Product in the Territory.
In further consideration for the exclusive distribution appointment under Section 2.1, Terumo shall pay to IceCure within thirty (30)
days after obtaining such Shonin, a payment of a quarter million U.S. dollars (US$250,000) (“Third Upfront Payment”).

 

3.4 Fourth
Upfront Payment. Terumo shall notify IceCure in writing promptly after obtaining the first Reimbursement Approval from MHLW. In further
consideration for the exclusive distribution appointment under Section 2.1, Terumo shall pay to IceCure within thirty (30) days after
obtaining such Reimbursement Approval, a payment of half a million U.S. dollars (US$500,000) (“Fourth Upfront Payment”).

 

Article
4

COORDINATION

 

4.1 Meetings.
The Parties will hold meetings, either in-person or telephonically, or alternatively exchange views in writing, at such frequency
and in such method as determined by the Parties, to discuss and coordinate the Parties’ activities under this Agreement, including
with respect to filing for, obtaining, and maintaining Regulatory Approval and commercializing (including commercial supply to Terumo
and marketing and sales) the Product in the Territory and the Limited Territory. Each Party shall bear all its own costs and expenses
incurred by it in connection with attending in-person meetings. The items of such discussion are, without limitation, the following topics:

 

(a) the
Regulatory Plan, including all amendments thereto;

 

(b) the
Commercialization Plan, including all amendments thereto;

 

    9

    

    

 

(c) the
results of the Regulatory Plan and Commercialization Plan to ensure, to the extent reasonably practical, compliance with obligations under
this Agreement;

 

(d) to
the extent that IceCure is conducting business development of the Product in the Territory, the plans for and results of such business
development;

 

(e) discussing
the production capacity of IceCure and its Third Party manufacturers;

 

(f) discussing
marketing and sales updates;

 

(g) facilitating
the exchange of Data between the Parties, including any adverse event information.

 

(h) discussing
the rolling forecast and the safety stock of the Product for each of the Territory and the Limited Territory.

 

4.2 Alliance
Managers. Promptly after the Effective Date, each Party shall appoint an individual to act as the alliance manager for such Party
(the “Alliance Manager”). Each Alliance Manager will be permitted to attend meetings described in Section 4.1.
The Alliance Managers will be the primary contact for the Parties regarding the activities contemplated by this Agreement and shall facilitate
all such activities hereunder. Each Party may replace its Alliance Manager with an alternative representative at any time with prior written
notice to the other Party. Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager.

 

Article
5

DEVELOPMENT AND REGULATORY ACTIVITIES

 

5.1 Overview.
Terumo shall be responsible for filing, obtaining, and maintaining Regulatory Approval of the Product in the Territory, including for
improvements and post-marketing surveillance as described in this ‎Article 5.

 

5.2 Regulatory
Activities.

 

(a) Regulatory
Plan. All regulatory activities with respect to the Product in the Territory will be conducted in accordance with a comprehensive
regulatory plan (as amended in accordance with this Agreement, the “Regulatory Plan”) prepared by Terumo and
agreed upon by the Parties; provided, however, that not achieving the activities set forth in the Regulatory Plan will not constitute
a breach of this Agreement as long as Terumo has exerted its Commercially Reasonable Efforts to perform such activities.

 

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(b) Conduct
of Regulatory Activities. Terumo shall be solely responsible, in its expense (subject to IceCure’s obligation with respect to
assistance as set in this Article 5.2(e) below), for preparing, filing, obtaining, and maintaining Regulatory Approvals, including Shonin
and Reimbursement Approvals for the Product in the Territory, including those improvements and post-marketing surveillance, and including
the conduct of associated clinical trials or preclinical testing conducted in the Territory, all in accordance with the Regulatory Plan.
Terumo shall be the holder of the Regulatory Approval and all Regulatory Filings for the Product in the Territory issued pursuant to this
‎Article 5 and the Regulatory Plan, and shall be responsible for all interactions with Regulatory Authorities with respect to the
Product in the Territory. In the Limited Territory, IceCure shall be the holder of the Regulatory Approval and all Regulatory Filings
for the Product and shall be responsible for all interactions with Regulatory Authorities with respect to the Product in the Limited Territory;
without derogating from the above-mentioned, to the extent required by the Applicable Laws and/or with Terumo’s obligations as a
distributor of the Product, Terumo shall be responsible for interactions with Regulatory Authorities with respect to the Product in the
Limited Territory to such extent. Terumo shall ensure that IceCure is updated in advance of such activities and the decisions that may
affect the progress of the Regulatory Plan, including allowing IceCure to participate in the discussions with Regulatory Authority (to
the extent it is possible and permitted) and discussions regarding the labeling of, and post-marketing surveillance strategies with respect
to the Product in Territory, but Terumo may make the final decision with respect to any of the foregoing activities, provided that, in
the event such decision impose any substantial obligation on IceCure that are not set forth in this Agreement or Quality Agreement, such
decision is feasible and can be exerted by Commercially Reasonable Efforts by IceCure, and that Terumo will bear expenses with respect
to such decision as agreed by the Parties. Terumo shall consider in good faith all input provided by IceCure with respect to such regulatory
activities. In connection with such activities, Terumo shall timely inform IceCure of scheduled meetings with Regulatory Authorities in
the Territory with respect to the Product that may affect the progress of the Regulatory Plan in order to allow IceCure time to convey
its opinion on the matter.

 

(c) Efforts
to Obtain Target Indication. Terumo shall use its Commercially Reasonable Efforts to obtain Shonin and Reimbursement Approval for
the Target Indication in the Territory.

 

(d) Expenses.
Terumo shall bear all costs and expenses incurred in connection with Regulatory Filings, Regulatory Approvals and Regulatory Plan in the
Territory with respect to the Product under this Agreement, provided that IceCure shall bear its internal and out-of-pocket costs and
expenses incurred in connection with its assistance and cooperation as set in this Article 5 below which will be reasonably and mutually
agreed between the Parties.

 

(e) Regulatory
Cooperation. Each Party shall cooperate with any reasonable requests for assistance from the other Party with respect to obtaining
or maintaining Regulatory Approval of the Product in and outside the Territory. IceCure shall be responsible for providing reasonable
assistance and cooperation to Terumo, at its own cost (unless otherwise agreed by both Parties), for the Regulatory Filings. As part of
such assistance, to the extent available, IceCure shall provide Terumo with Authorized information related to the Product that is required
to facilitate such Regulatory Filings, including Data obtained from clinical trials conducted in countries other than the Territory.

 

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5.3 Transfer
of and Reference to IceCure Information. During the Term, if and when required necessary, and solely for the purpose of filing for,
obtaining, and maintaining Regulatory Approval for the Product and commercializing the Product in the Territory and the Limited Territory,
IceCure will make available to Terumo, in consideration of four hundred thousand U.S. dollars (US$400,000) (the “Information
Fee”), the IceCure Information that exists at the relevant date (in the existing language), together with reasonable assistance
to enable Terumo to understand and use such IceCure Information. Terumo shall pay to IceCure the Information Fee, after having deducted
the withholding tax amounting to forty thousand U.S. dollars (US$40,000) which amount will be applicable under tax treaty between Israel
and Japan after the completion of the application for the deduction of withholding tax to the Tax Authority in Japan. Terumo shall therefore
pay to IceCure three hundred sixty thousand U.S. dollars (US$360,000) within thirty (30) days after the completion of the application
for the deduction of withholding tax (under tax treaty between Israel and Japan) to the Tax Authority in Japan, provided that each Party
shall provide assistance to the other Party so that said application will be completed as soon as possible. Subject to IceCure’s
prior written consent which shall not be unreasonably withheld, Terumo shall have the right to reference Regulatory Filings outside the
Territory that contain IceCure Information solely for the purpose of filing for, obtaining and maintaining Regulatory Approval and commercializing
the Product in the Territory and the Limited Territory in accordance with this Agreement. Terumo may use and disclose such IceCure Information
to its Affiliates, Sub- Distributors and to Third Party Contractors in connection with marketing activities, medical education activities,
professional services activities and public relations activities, or for purposes of obtaining consultation services in the normal course
of business (such as business consultants, advertising agencies, law firms, accounting firms, etc.), in each case solely to the extent
necessary for filing for, obtaining, and maintaining Regulatory Approval in the Territory and commercializing the Product in the Territory
and the Limited Territory, or as may otherwise be agreed in writing by IceCure and Terumo. All such disclosures by Terumo shall be considered
as Confidential Information to each Third Party receiving such information and governed by the provisions of Article 8. Terumo shall be
responsible for the acts or omissions of a Third Party receiving such IceCure Information, including any such act or omission that would
constitute a breach hereunder if performed by Terumo.

 

5.4 Business
Development. As between the Parties, Terumo will have the sole right to conduct (itself or through an Affiliate or Third Party), at
Terumo’s expense, nonclinical and clinical business development activities of the Product in or for the Territory. The Parties shall
discuss such business development activities, including the design and implementation of such studies, any updates on the progress, and
results and publication thereof provided by Terumo. In connection with such activities, Terumo shall be solely responsible for preparing
and making Regulatory Submissions and other necessary Regulatory Filings, investigator and site agreements, and for communicating with
regulatory and ethics committees and related authorities in the Territory, except as otherwise mutually agreed to by the Parties in writing.
Terumo shall not execute any related clinical study agreement, application, or regulatory submission that names IceCure as a co-party,
indemnitee, or sponsor in any way without the prior written approval of IceCure. At IceCure’s request, Terumo shall update IceCure
with the then-current status of its clinical and non-clinical business development of the Product in or for the Territory. Terumo shall
maintain full compliance with any and all Applicable Laws, applicable regulatory, ethical, privacy, and legal requirements relating to
the conduct of human clinical studies in the Territory, including acquiring and maintaining any appropriate insurance related to product
liability and study conduct.

 

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5.5 Diligence.
Terumo shall use Commercially Reasonable Efforts to prepare, file for, obtain, and maintain Regulatory Approval for Product in the
Territory. IceCure shall use Commercially Reasonable Efforts to prepare, file for, obtain, and maintain regulatory approvals for the Product
in the Limited Territory.

 

5.6 Adverse
Event Reporting. Terumo shall be responsible for the timely reporting of all relevant adverse events, complaints, and safety data
relating to the Product to the appropriate Regulatory Authorities in the Territory (and provided that Terumo shall timely report
IceCure of any such events, complaints, or data prior to (or if it is not practicable to do so, promptly after) reporting to the appropriate
Regulatory Authorities and shall consider in good faith any reasonable comments made by IceCure, if any, with respect thereto prior to
reporting to the appropriate Regulatory Authorities in the Territory), all in accordance with Applicable Laws and requirements of Regulatory
Authorities in the Territory and the Limited Territory. IceCure (or its Affiliates, licensees, or sublicensees outside the Territory)
shall be responsible for the timely reporting of all relevant adverse events, complaints, and safety data relating to the Product to the
appropriate Regulatory Authorities outside the Territory (including the Limited Territory) (and to Terumo). The Parties may agree on a
separate agreement to detail such reporting. Each Party shall have the right to review from time to time the other Party’s vigilance
policies and procedures. The Parties agree to work together in good faith to coordinate regarding vigilance activities with respect to
the Product, including by exchanging each Party’s standard operating procedures and other Information relevant to such vigilance
activities.

 

5.7 Regulatory
Audit. Terumo shall notify IceCure promptly and any event no later than five (5) Business Days after becoming aware of a Regulatory
Authority audit or inspection of Terumo or its Affiliates with respect to the Product. The Parties agree to cooperate during the preparation
and conduct of any audit by a Regulatory Authority.

 

5.8 Recalls.
In the event that any Regulatory Authority issues or requests a recall (i.e. removal of the Product from distribution, sale or consumption
that present a significant health or safety threat) or takes similar action in connection with the Product in the Territory and/or the
Limited Territory, or in the event either Party determines that an event, incident, or circumstance has occurred that may result in the
need for a recall or market withdrawal (i.e. removal of the Product from the supply chain for any other reason than health or safety),
the Party notified of or desiring such recall or similar action shall, within ten (10) Business Days, advise the other Party thereof by
telephone (and confirm by email or facsimile). The Parties shall, to the extent practicable, endeavor to discuss and agree upon whether
to recall or withdraw the Product in the Territory and/or the Limited Territory[, and (a) in the Territory, Terumo shall review and consider
in good faith all information provided by IceCure in connection with such discussion, including any assessment of safety and whether to
recall or withdraw the Product; (b) in the Limited Territory, IceCure shall review and consider in good faith the same matter; provided
that if such discussion is not practicable or if the Parties fail to so agree within an appropriate time period (recognizing the exigencies
of the situation), then (i) in the Territory Terumo shall decide whether to recall or withdraw the Product; and (ii) in the Limited Territory
IceCure shall decide the same. Such Party determining the recall shall be responsible for conducting any such recall or withdrawal, shall
use Commercially Reasonable Efforts to minimize the expenses of any such recall or withdrawal and shall keep the other Party fully informed
of all actions taken in conducting such recall or withdrawal. Subject to above, any recall or withdrawal expenses shall be borne by the
Parties in proportion to their respective attribution to the cause of the recall.

 

5.9 Terumo
will use all reasonable efforts to seek confidential treatment for IceCure Information or IceCure Patents in all Regulatory Activities;
and provided, further, that Terumo will use good faith efforts to file redacted versions with any Regulatory Authority.

 

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Article
6

COMMERCIALIZATION AND SUPPLY

 

6.1 Commercialization
of the Product.

 

(a) Terumo
Responsibilities. Terumo shall (i) have the exclusive right, and shall use its Commercially Reasonable Efforts, to market, promote,
sell, offer for sale, and otherwise commercialize the Product in the Territory and the Limited Territory, at its sole cost and expense,
in accordance with the Applicable Laws and subject to the terms and conditions of this Agreement. Without limiting the foregoing, Terumo
shall have the exclusive right and responsibility in the Territory and the Limited Territory for the following:

 

(i) designing
the commercialization and marketing strategy and tactics for the Product, for potential inclusion in the Commercialization Plan;

 

(ii) undertaking
all promotional activities for the Product;

 

(iii) establishing
and implementing post-market surveillance programs for the Product as required or recommended by a Regulatory Authority (in the Territory
only);

 

(iv) receiving,
accepting and filling orders for the Product from customers;

 

(v) warehousing
and distributing the Product to customers;

 

(vi) controlling
invoicing, order processing and collection of accounts receivable for sales of the Product;

 

(vii) recording
sales of the Product in the Territory in its books of account for sales

 

(viii) providing
results of sales of the Product for purposes of periodic safety reports and exposure estimates; and

 

(ix) specific
packaging and labeling requirements for the Territory, provided that, if such packaging and labeling is performed by IceCure, Terumo
shall pay the incremental cost for specialized packaging and labeling (in the Territory only).

 

(b) IceCure
Responsibilities. IceCure shall provide Terumo with available information and materials reasonably required for Terumo’s marketing
and sales and training of Terumo’s sales force, including copies of informational brochures, sales and marketing materials, technical
information of the Products necessary to respond to any Product inquiries by customers in the Territory and the Limited Territory; provided
that, such information and material will be provided in English. During the preparation for the Regulatory Filings for and the initial
stage of distribution following obtaining the Shonin, IceCure shall provide assistance in training selected members of Terumo representing
Terumo’s sales force at IceCure’s premises or agreed place by IceCure. Each Party will bear its costs and expenses in connection
with the foregoing.

 

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(c) Commercialization
Plan. The Parties agree to collaborate in developing the plan for the commercialization of the Product in the Territory and the Limited
Territory, which shall identify proposed plans to address potential challenges with respect to commercialization of the Product in the
Territory and the Limited Territory (the “Commercialization Plan”) by in-person or telephonic meetings and which
may be revised from time to time. Terumo shall regularly consult with and provide quarterly written updates to IceCure regarding the commercialization
strategy for and the commercialization of the Product in the Territory and the Limited Territory.

 

6.2 Trademark
Licenses. During the Term and subject to the terms and conditions of this Agreement, IceCure hereby grants to Terumo an exclusive
(during the Exclusivity Term), royalty-free, limited license to use the Product Trademarks solely to promote, market, sell, offer for
sale, import, and distribute the Product in the Territory and the Limited Territory in accordance with the terms of this Agreement.

 

6.3 Supply.

 

(a) Supply
of the Products. The Parties acknowledge and agree that IceCure shall retain the exclusive right to make and have made the Product.
No later than September 30th of each calendar year during the Term, Terumo shall submit a non-binding good faith rolling Forecast
of Terumo’s anticipated quarterly demand of the Products for the coming calendar year for the Territory and the Limited Territory
(the “Forecast”). IceCure shall notify Terumo within five (5) Business Days from the receipt of the Forecast if it
expects it will not be able to fulfill the Forecast and thereafter the Parties shall discuss the Forecast in good faith. IceCure will
be deemed to have accepted the Forecast unless IceCure notifies Terumo of said non-fulfillment expectation within five (5) Business Days
from the receipt of the Forecast. Subject to the terms of this Agreement, IceCure shall manufacture or have manufactured and supply or
have supplied and maintain a capacity of manufacturing to fulfill the accepted Forecast, for the Territory and the Limited Territory,
and Terumo shall purchase from IceCure Product for sale in the Territory and the Limited Territory in accordance with the terms and conditions
of this Agreement.

 

(b) Product
Price. Terumo shall pay to IceCure the price of the Product in the currency of U.S. dollars as set forth on Exhibit ‎6.3 (“Product
Price”) within thirty (30) days from the date of relevant invoice. IceCure may issue invoice of an order at the time stipulated
in Exhibit 6.3.

 

(c) Purchase
Orders. Terumo shall issue written orders to purchase Product under this Agreement (each, a “Purchase Order”),
each of which shall specify the number of units of each item of the Product to be delivered and the requested delivery date. Within five
(5) Business Days after receipt of Terumo’s Purchase Order, IceCure shall confirm or decline the Purchase Order in writing. As long
as Terumo has submitted a Purchase Order to IceCure at least 120 days prior to the delivery date indicated in such Purchase Order, and
quantity of each item of the Product in such Purchase Order was contemplated in the Forecast, IceCure may not decline the Purchase Order.
Even if the Purchase Order was submitted later than 120 days prior to the delivery date, or was not contemplated in the Forecast, IceCure
shall use Commercially Reasonable Efforts to accept the Purchase Order. All Purchase Orders confirmed by IceCure will be binding and may
not be cancelled or modified by either Party without the other Party’s written consent.

 

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(d) Initial
Order. Upon execution of Distribution Agreement, Terumo shall issue a Purchase Order for ten (10) Consoles and fifty (50) Probes of
the Product [and the technical and professional services associated therewith] (“Initial Order”) for the purpose of
use for clinical studies (and if applicable, for commercial sale) in accordance with the Regulatory Plan. Prices for the Initial Order
shall be set forth in Exhibit ‎6.3.

 

(e) Superiority
of this Agreement. Any term or condition in a Purchase Order, confirmation, or other document furnished by a Party that is inconsistent
with the terms and conditions of this Agreement will not be binding on the Parties unless agreed in writing by both Parties.

 

(f) 
Safety Stock.  If agreed by IceCure in writing, IceCure will maintain such safety stock of Probes in an amount agreed by the Parties
in writing.

 

(g) Delivery.
Title to the Product will transfer upon Delivery.

 

(h) Specifications.
IceCure shall deliver Product that is manufactured in accordance with the Specifications, GMP, and Applicable Laws. Each Party shall notify
the other Party in writing if it becomes aware of any changes to the Specifications that are required by Applicable Laws or Regulatory
Approval in the Territory. In each case, IceCure shall use Commercially Reasonable Efforts to implement any such changes. Any changes
to the Specification or to the Product that will affect quality of the Product or Regulatory Approval of the Product must not be implemented
unless otherwise agreed by both Parties in advance, or unless otherwise implemented pursuant to the relevant terms and conditions of the
Quality Agreement. In any case, any such change to the Specification or to the Product will be notified by IceCure to Terumo at least
six (6) months prior to such change.

 

(i) Release
Testing. IceCure shall test each applicable batch or serial of Product in accordance with the Specification Agreement (as defined
in Exhibit ‎1.37) and the Quality Agreement. Prior to the Delivery, IceCure shall conduct inspection of the Product in accordance
with IceCure’s standard lot release testing methods approved by Terumo in writing. The Parties shall agree in good faith upon such
standard lot release-testing methods prior to the Shonin. IceCure shall send to Terumo a written certification of the results for each
shipment. At Terumo costs and expenses, Terumo or its Affiliates shall conduct the incoming inspections and testing of the Product as
set forth in the Specification Agreement or the Quality Agreement and as required by Applicable Laws and applicable Regulatory Authorities
in the Territory and the Limited Territory. Terumo shall be responsible for final Product release testing for the Product in the Territory.

 

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(j) Acceptance
and Rejection. At Terumo costs and expenses (including unpacking and packing), Terumo, itself or through its Affiliates or Sub-Distributors,
will inspect and test each shipment of the Product in accordance with the Specification Agreement or Quality Agreement upon arrival of
such Product in the Territory or the Limited Territory, as applicable. Terumo may reject and return any part of a shipment of the Product
that does not conform to the Specifications, GMP, or Applicable Laws by giving written notice to IceCure identifying the reasons for the
rejection of the shipment within thirty (30) days after discovering such defect, but no later than the time thirty (30) days have passed
upon receipt of the Products in the Territory/ the Limited Territory. The acceptance criteria is intended to be agreed by the Parties
in the Specification Agreement or Quality Agreement. Payment of the Product Price shall constitute the acceptance of the delivery. If,
after accepting a delivery of the Product, Terumo subsequently discovers an alleged Product defect not reasonably discoverable by the
inspection described in this Section, or by inspecting the batch documentation accompanying such shipment upon delivery, during the acceptance
period set forth in this Section, Terumo may revoke its acceptance and reject such delivery by giving written notice and disclosing the
nature of such defect to IceCure within thirty (30) days after discovering such defect.

 

(k) Evaluation
of Defect. Within twenty (20) Business Days after notice of rejection pursuant to Section ‎6.3‎(j) is received by IceCure,
IceCure shall notify Terumo whether it disagrees with the reasons for Terumo’s rejection of the Product. If IceCure disagrees, both
Parties shall discuss in good faith in order to agree on whether there was a reasonable basis for rejection. If the Parties do not agree
after thirty (30) days of discussion in good faith, IceCure shall, unless waived in writing by either Party accepting the other Party’s
opinion, have the right to submit such issue for resolution by an independent Third Party laboratory chosen by both Parties. IceCure shall
work closely with Terumo in preparing all statements, reports, analyses, and other materials submitted to the independent laboratory for
evaluation. The evaluation of the independent laboratory will be binding on IceCure and Terumo. If the evaluation determines that the
Product does not conform with the Specifications, GMP, or Applicable Laws, Terumo may reject the Product as set forth herein, and as between
IceCure and Terumo, IceCure shall be responsible for the cost of the evaluation. If the evaluation does not determine the said nonconformity
of the Product claimed by Terumo, then Terumo will be deemed to have accepted such Product, which will be deemed to be conforming on the
date the evaluation is delivered by the independent laboratory, and Terumo will reimburse IceCure for the costs of such evaluation; provided,
however, that Terumo may determine, in its sole discretion, not to use such Product. With respect to any quantity of Product that
IceCure agrees is deficient in accordance with Terumo’s notice of rejection, or that is otherwise found to be deficient by the independent
laboratory, IceCure shall repair such quantity of Product at its own cost and within reasonable time, and if such cannot be repaired or
is not repaired within reasonable time, at Terumo’s option, either refund to Terumo the Product Price paid by Terumo for such quantity
of Product or replace such quantity of Product at no charge (“Remedy for Defect”). All evaluation proceedings
by the independent laboratory shall be conducted in the English language and the personnel of the independent laboratory shall be fluent
in English. All documentation or discussions, shall be presented in English.

 

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(l) Disposition
of Rejected Product. Terumo may not destroy any damaged, defective, returned, or recalled Product for which it intends to send IceCure
a notice of rejection without IceCure’s prior written authorization to do so. With respect to any quantity of Product that IceCure
agrees is deficient in accordance with Terumo’s notice of rejection, or that is otherwise found to be deficient by the independent
laboratory, IceCure may instruct Terumo to return the defective Product to IceCure. IceCure shall bear the costs of shipping, storage,
and disposition for any damaged, defective, returned, or recalled Product for which it bears responsibility under this Section 6.3(k)
and will promptly reimburse Terumo for any such costs which may be incurred directly by Terumo. Further, IceCure shall make Commercially
Reasonable Efforts to conduct analysis of the cause of the deficiency upon receipt of Terumo’s request.

 

6.4 Terumo’s
Commitments to Purchase. Terumo commits to purchase from IceCure the amounts of Products under the conditions as set forth in Exhibit
‎6.4.

 

6.5 Quality.
The Parties will negotiate in good faith and, no later than one (1) month prior to the delivery of any Product (other than the Initial
Order) under this Agreement, or such later time as the Parties may agree in writing, enter into a quality agreement governing the quality
assurance obligations of the Parties with respect to the manufacture and supply of the Product (as it may be amended or modified from
time to time according to its terms, the “Quality Agreement”). In the event of a discrepancy between the provisions
of the Quality Agreement and the provisions of this Agreement, the provisions of the Quality Agreement shall control with respect to terms
governing quality of the Product and the provisions of this Agreement shall control with respect to all other terms. IceCure shall require
all Product supplied to Terumo hereunder to be manufactured, stored, tested, transported, disposed of, and otherwise handled in accordance
with the Specifications, GMP, Applicable Laws, and the Quality Agreement. IceCure shall maintain and follow a quality control and quality
assurance testing program consistent with the Quality Agreement. Each time IceCure ships the Product to Terumo, it will provide Terumo
with the documentation specified in the Quality Agreement. IceCure shall conduct GMP audits of its manufacturing facilities according
to its internal standard operating procedures.

 

6.6 Inspections.
During IceCure’s normal business hours and upon prior reasonable coordination in good faith between the Parties, IceCure shall make
its standard operating procedures, books and records relating to the manufacture of the Product available and allow access to all the
facilities used for the manufacture of the Product to Terumo and any Regulatory Authority in the Territory having jurisdiction over the
manufacture of the Product for the purposes of determining IceCure’s compliance with GMP and Applicable Laws. IceCure shall notify
Terumo of any U.S, and/or Chinese Regulatory Authority inspections and inspections conducted by a notified body in connection with CE
Mark, which are related to the manufacture of the Product by the process outlined in the Quality Agreement . IceCure shall promptly inform
Terumo if IceCure becomes aware of any action taken by such Regulatory Authority or notified body against IceCure that could reasonably
be expected to materially impact the Product or IceCure’s ability to supply the Product hereunder, and shall provide a copy of such
notice to Terumo within seven (7) Business Day after IceCure has actual knowledge that such action has been taken and receives such notice.
IceCure shall cooperate with Terumo in response to any communication, whether oral or written, from a Regulatory Authority in the Territory
to Terumo or IceCure or any Third Party engaged by either Party, with regard to the manufacture of the Product including validation, prior
to the Effective Date and throughout the Term, all in connection with the Regulatory Plan. Terumo may request IceCure that Terumo or its
designee, at Terumo costs and expense, conduct regularly schedule audit as agreed by the Parties and conduct “for cause” audits
where reasons exist for such “for cause” audit (such as death or serious injury possibly caused by the Product). If such “for
cause” audits result from any nonconformity of the Product to the Specifications, GMP, or Applicable Laws, including any defects
of Product as set forth in the Quality Agreement, IceCure shall reimburse Terumo for the reasonable cost of such audit, which amount will
be mutually discussed in good faith.

 

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6.7 Maintenance.
Terumo shall be entitled to provide technical service to its customers for the Products, including maintenance service, provided that
such technical service shall be provided by limited personnel of Terumo who received training provided by IceCure or its designee, or
subject to IceCure’s written approval prepared by Terumo pursuant to IceCure’s reasonable instruction (“Authorized
Personnel”). Upon request of Terumo, IceCure shall provide Terumo the training for the purpose that Terumo’s personnel
will be eligible to provide the technical services properly to its customers. The allocation of the cost for provision of such training
shall be mutually agreed by the Parties. Further upon reasonable request of Terumo, IceCure shall provide spare parts of the Products
to Terumo. The terms and conditions for providing such spare parts, including the spare parts’ pricing list, will be mutually agreed by
the Parties.

 

6.8 Licenses;
Permits; Documentation.  IceCure shall maintain, to the extent required by Applicable Laws in connection with IceCure’s performance
of its manufacturing obligations hereunder, during the Term, all government permits, including health, safety, environmental permits,
and Regulatory Approval in the Limited Territory, necessary for the manufacture of the Product and sale of the Products to Terumo or its
Affiliates pursuant to this Agreement. IceCure shall also maintain the qualifications as Gaikoku-seizou-gyosha (foreign legal manufacturer)
that was approved by MHLW as part of Shonin, unless Terumo approves of any change in writing, and shall consult with Terumo immediately
if any change that could impact such qualifications occurs or is expected to occur. The process to maintain qualification as Gaikoku-seizou-gyosha
and to maintain the supply of Product in the events of changes that require submissions to MHLW in relation to such qualification shall
be set forth in the Quality Agreement. IceCure shall maintain, to the extent required by Applicable Laws in connection with IceCure’s
performance of its obligations hereunder, in accordance with GMP and other Applicable Laws, complete, accurate, and authentic accounts,
notes, data, and records pertaining to the manufacture and testing of the Product. During IceCure’s normal business hours and upon
prior reasonable coordination, IceCure shall make such records available to Terumo for inspection. Retention of records of manufacturing
of each batch (as applicable) shall be agreed in the Quality Agreement, for removal of doubt samples will not be retained.

 

Article
7

Payments, Books, and Records

 

7.1 Payment
Method. All amounts specified to be payable under this Agreement are in United States dollars and shall be paid in United States dollars.
All payments under this Agreement shall be made by bank wire transfer in immediately available funds to an account designated in writing
by the payee Party or by such other means as directed by such Party in writing. Payments hereunder will be considered to be made as of
the day on which they are received by the payee Party’s designated bank.

 

7.2 Currency
Conversion. For the purpose of calculating any sums due under this Agreement, and subject to the Product Price adjustment set forth
on Exhibit ‎6.3, conversion shall be made to U.S. dollars by using the arithmetic mean of the exchange rates for the purchase of United
States dollars as quoted by the Bank of Tokyo-Mitsubishi UFJ or other reputable source if agreed between the Parties.

 

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7.3 No
Setoff.  Neither of the Parties will be entitled to setoff against any amounts due and payable to the other Party under this Agreement,
unless otherwise agreed, or except for setoff of the amount due and payable by Terumo to IceCure under this Agreement against (i) IceCure’s
indemnification obligation under this Agreement; (ii) IceCure’s obligation to make refund pursuant to Section 6.3 (k) or Section
12.3; and/or (iii) IceCure’s obligation to pay Termination Fee (as defined in Section 12.3(b)). In order to setoff the amount due
and payable by Terumo to IceCure under this Agreement against the amounts described in the above (i), (ii) and (iii) of this Section 7.3,
Terumo shall inform IceCure by sending a 30 day prior written notice regarding its decision to setoff the relevant amount (“Set-off
Amount”). Without prejudice to the entitlement to set-off by Terumo under this Section, IceCure may notify in writing to
Terumo within five (5) Business Days from the receipt of said notice from Terumo if IceCure reasonably believes that the Set-off Amount
is inconsistent with this Section 7.3, and upon receipt such notice by Terumo, the Parties will mutually discuss to find whether the amount
is inconsistent with this Section 7.3. If certain portion or whole of the IceCure’s obligations (i) through (iii) against which
set-off was made is finally found to be non-existent as a result of the dispute-resolution process under Article 13, or acknowledged in
writing by Terumo to be non-existent, the interest set forth in Section 7.6 shall accrue on such amount that was unpaid by Terumo from
the original due date.

 

7.4 Taxes.
In the event that Terumo is required to withhold any taxes on amounts payable to IceCure in accordance with Applicable Laws, Terumo will
make payment to IceCure net of any withholding tax that may be due (i.e. Terumo will make payment after deducting the amount of such withholding
tax from the amounts payable to IceCure).  Terumo shall notify IceCure its intention to deduct such withholding tax from the amounts
payable to IceCure. IceCure may notify Terumo of its opinion on a reasonable ground that Terumo will not be required to withhold the taxes
under Applicable Laws, in which case the Parties will discuss and make efforts to find a solution compliant with Applicable Laws.. For
purposes of this Section, each Party agrees to provide the other with reasonable assistance including provision of any tax forms and other
information that may be reasonably necessary in order for the paying Party not to withhold tax or to withhold tax at a reduced rate under
an applicable bilateral income tax treaty. Notwithstanding Article 3, unless otherwise agreed in writing by both Parties, in the event
Terumo is required to withhold any taxes on amounts of an Upfront Payment but that Terumo is able not to withhold tax or is able to withhold
tax at a reduced rate under applicable bilateral income tax treaty, , Terumo will not be required to make payment of applicable Upfront
Payment until the completion of the relevant application for the exemption or reduction of withholding tax to the Japanese tax authority.

 

7.5 Tax
Indemnification.  In case Tax Authority claims, demands, or brings action to or against Terumo claiming that (i) Terumo did not pay
the withholding tax imposed upon the Upfront Payment under Applicable Laws; and/or (ii) the withholding tax paid by Terumo in connection
with Upfront Payment was insufficient under Applicable Laws (collectively “Tax Authority Claims”), subject to
Section 10.5, IceCure shall indemnify and hold harmless Terumo Indemnitees (as defined in Section 11.2) from and against any and all damages,
losses, costs, and reasonable expenses (including any penalty of late payment of withholding tax or similar fine/penalty, except if such
penalty results from Terumo’s willful misconduct) incurred by Terumo Indemnitees due to the Tax Authority Claims (“Tax Liability”).

 

7.6 Late
Payments. In the event that any payment by a Party due to the other Party under this Agreement is not made when due, and in addition
to any other remedies the other Party may have in law or in equity, the payment shall accrue interest from the date due at a rate per
annum equal to one percent (1%) above the U.S. Prime Rate (as set forth in The Wall Street Journal, Eastern U.S. Edition) for the
date on which payment was due, calculated daily on the basis of a 365-day year, or similar reputable data source; provided that
in no event shall such rate exceed the maximum legal annual interest rate.

 

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Article
8

Confidentiality

 

8.1 Confidential
Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, the Parties
agree that during the Term and for five (5) years thereafter, the receiving Party (the “Receiving Party”) shall
keep confidential and shall not publish or otherwise disclose or use for any purpose other than as set forth in this Agreement any Information
or materials furnished to it or its Affiliates by or on behalf of the other Party (the “Disclosing Party”) or
its Affiliates pursuant to this Agreement, the Confidentiality Agreement or any other written agreement between the Parties or their Affiliates,
in any form (written, oral, photographic, electronic, magnetic, or otherwise), including all information concerning the Product and any
other technical or business information of whatever nature (collectively, “Confidential Information” of the
Disclosing Party). Each Party may use the Confidential Information of the other Party only to the extent required to accomplish the purposes
of this Agreement (including to exercise its rights or fulfill its obligations under this Agreement). Each Party will use at least the
same standard of care as it uses to protect proprietary or confidential information of its own (but in no event less than reasonable care)
to ensure that its employees, agents, consultants and other representatives do not disclose or make any unauthorized use of the Confidential
Information of the other Party. Each Party will promptly notify the other upon discovery of any unauthorized use or disclosure of the
Confidential Information of the other Party. For the avoidance of doubt, Terumo shall be responsible for the breach of this Article 8
by any Sub-Distributor or Third Party contractors that it retains.

 

8.2 Exceptions.
Notwithstanding Section 8.1 above, the obligations of confidentiality and non-use shall not apply to information that the Receiving
Party can prove by competent written evidence: (a) is now, or hereafter becomes, through no act or failure to act on the part of
the Receiving Party or any of its Affiliates, generally known or available; (b) is known by the Receiving Party or any of its Affiliates,
other than under an obligation of confidentiality to the Disclosing Party, at the time of receiving such information; (c) is hereafter
lawfully furnished to the Receiving Party or any of its Affiliates by a Third Party, which Third Party did not receive such information
directly or indirectly from the Disclosing Party or other Third Party under an obligation of confidence; (d) is independently discovered
or developed by the Receiving Party or any of its Affiliates without the use or reference of Confidential Information belonging to the
Disclosing Party; or (e) is the subject of a written permission to disclose provided by the Disclosing Party.

 

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8.3 Permitted
Disclosures. Notwithstanding the provisions of Section 8.1, the Receiving Party may disclose Confidential Information of the
Disclosing Party as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably necessary in the following
instances:

 

(a) filing
or prosecuting by IceCure of its Patents;

 

(b) prosecuting
or defending litigation as permitted by this Agreement (solely to non sensitive information);

 

(c) complying
with applicable court orders, governmental regulations or, applicable subpoenas or reasonable requests issued by governmental authorities
in relation to compliance with the FCPA, Export Control Laws and other Applicable Laws;

 

(d) in
the case of Terumo, disclosure under terms of confidentiality no less stringent than under this Agreement to Sub-Distributors and subject
to Article __ above;

 

(e) in
the case of IceCure, disclosure under terms of confidentiality no less stringent than under this Agreement to potential or actual IceCure
ex-Territory Distributors;

 

(f) disclosure
to its and its Affiliates’ contractors, employees and consultants, in each case who need to know such information for filing for,
obtaining and maintaining Regulatory Approvals and commercialization of Product in the Territory in accordance with this Agreement (or,
in the case of disclosures by IceCure, who need to know such information for the development, manufacture and commercialization of the
Product), on the condition that any such Third Parties agrees in writing to be bound by confidentiality and non-use obligations that are
no less stringent than those confidentiality and non-use provisions contained in this Agreement; and

 

(g) disclosure
of the Agreement (no other information) to Third Parties in connection with due diligence or similar investigations by such Third Parties,
and disclosure to current or prospective investors, lenders, sublicensees, collaborative partners, acquirers, merger partners, or providers
of financing and their advisors; provided, in each case, that any such Third Party agrees to be bound by confidentiality and non-use
obligations that are no less stringent than those confidentiality and non-use provisions contained in this Agreement.

 

Notwithstanding the foregoing,
in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 8.3(b)
or (c), it will, except where impracticable, give reasonable advance notice to the other Party of such disclosure and use efforts to secure
confidential treatment of such information at least as diligent as such Party would use to protect its own Confidential Information, but
in no event less than reasonable efforts. In any event, the Parties agree to take all reasonable action to avoid disclosure of Confidential
Information hereunder.

 

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8.4 Confidentiality
of this Agreement and its Terms. Except as otherwise set forth in this Article 8, each Party agrees not to disclose to any Third
Party the existence of this Agreement or the terms of this Agreement without the prior written consent of the other Party, except that
each Party may disclose the terms of this Agreement that are not otherwise made public as contemplated by Section 8.5 as permitted
under Section 8.3.

 

8.5 Public
Announcements.

 

(a) 
Except as required by Applicable Laws (including disclosure requirements of the SEC, TASE or any stock exchange on which securities issued
by a Party or its Affiliates are traded), neither Party shall make any public announcement concerning this Agreement or the subject matter
hereof without the prior written consent of the other; provided that each Party may make any public statement in response to questions
by the press, analysts, investors or those attending industry conferences or financial analyst calls, or issue press releases, so long
as any such public statement or press release is not inconsistent with prior public disclosures or public statements approved by the other
Party pursuant to this Section 8.5(a) and does not reveal non-public information about the other Party. In the event of a public announcement
required by Applicable Laws, to the extent practicable under the circumstances, the Party making such announcement shall provide the other
Party with a copy of the proposed text of such announcement sufficiently in advance of the scheduled release to afford such other Party
a reasonable opportunity to review and comment upon the proposed text.

 

(b) The
Parties will coordinate in advance with each other in connection with the filing of this Agreement (including redaction of certain provisions
of this Agreement) with any stock exchange on which securities issued by a Party or its Affiliate are traded, and each Party will use
reasonable efforts to seek confidential treatment for the terms proposed to be redacted; provided that each Party will ultimately
retain control over what information to disclose to an applicable government body, and provided, further, that the Parties will
use good faith efforts to file redacted versions with any governing bodies which are consistent with redacted versions previously filed
with any other governing bodies. Other than such obligation, neither Party (nor its Affiliates) will be obligated to consult with or obtain
approval from the other Party with respect to any filings to the government body governing a stock exchange.

 

(c) Except
as expressly permitted in this Agreement or as required by Applicable Laws, neither Party may use the other Party’s trademarks,
service marks or trade names, or otherwise refer to or identify that other Party in marketing or promotional materials, press releases,
statements to news media or other public announcements, without the other Party’s prior written consent, which that other Party
may grant or withhold in its sole discretion.

 

8.6 Publication.
At least thirty (30) days prior to Terumo or its Affiliates publishing, publicly presenting, and/or submitting for written or oral publication
a manuscript, presentation, abstract, marketing document or the like that includes Information or Data relating to the Product that has
not been previously published, Terumo shall provide to IceCure’s Alliance Manager a draft copy thereof for IceCure’s review
and approval (unless Terumo is required by Applicable Laws to publish such Information sooner, in which case Terumo shall provide such
draft copy to IceCure’s Alliance Manager as much in advance of such publication as possible). The contribution of each Party shall
be noted in all publications or presentations by acknowledgment or co-authorship, whichever is appropriate.

 

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8.7 Prior
Non-Disclosure Agreements. As of the Effective Date, the terms of this Article 8 shall supersede any prior non-disclosure, secrecy
or confidentiality agreement between the Parties (or their Affiliates) dealing with the subject of this Agreement, including the Confidentiality
Agreement. Any information disclosed under such prior agreements shall be deemed disclosed under this Agreement.

 

8.8 Equitable
Relief.  Given the nature and value of the Confidential Information and the competitive damage and irreparable harm that would result
to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary
damages may not be a sufficient remedy for any breach of this Article 8. If the Receiving Party becomes aware of any breach or threatened
breach of this Article 8 by the Receiving Party or a Third Party to whom the Receiving Party disclosed the Disclosing Party’s
Confidential Information, the Receiving Party promptly shall notify the Disclosing Party and cooperate with the Disclosing Party to regain
possession of its Confidential Information and prevent any further breach. In addition to all other remedies, a Party shall be entitled
to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 8
without furnishing proof of actual damages.

 

Article
9

INTELLECTUAL PROPERTY OWNERSHIP and Enforcement

 

9.1 Ownership
of Intellectual Property.

 

(a) IceCure
Patents and IceCure Information; Inventions. Without derogating from the limited license provided to Terumo explicitly set forth in
this Agreement including Sections 5.3, 6.2, and 9.1(b), IceCure shall retain all Intellectual Property Rights in the Product including
without limitation all right, title, and interest in and to the IceCure Patents and IceCure Information, and any and all derivative works
(by whomever created, including Terumo and/or its Affliates), developments, modifications and feedbacks related to the Product, IceCure
Patents and/or IceCure Information, but in any event excluding Study Information and Regulatory Submissions. Terumo shall inform IceCure
of any Invention (as defined below) relating to the Product and, at IceCure’s request and expense, Terumo hereby expressly assigns all
right, titles and interests in and to any Inventions (defined below) to IceCure and shall execute any necessary assignment, Patents forms,
trademarks, and the like and will assist in the drafting of any description or specification of the Invention as may be required for IceCure’s
records and in connection with any application for Patents. Terumo shall treat all Information relating to any Invention as Confidential
Information. While, where relevant, the name of the inventor on the Patent applications will be that of the inventor IceCure shall be
the exclusive owner of any invention, Trademark, copyright, improvement, know-how or other intellectual property which shall be developed
by Terumo using any IceCure Patents and IceCure Information, but in any event excluding Study Information and Regulatory Submissions (“Inventions”),
and of any patent, patent application, trademark, copyright and such other rights therein, without any additional compensation to Terumo.
For avoidance of doubt, Terumo will not be required to assigns all right, titles and interests in and to Study Information and Regulatory
Submission to IceCure.

 

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(b) Terumo’s
Intellectual Property Rights. Subject to the terms and conditions of this Agreement, Terumo shall retain all Intellectual Property
Rights in the Study Information and Regulatory Submissions, including without limitation all right, title, and interest therein and thereto.
For the removal of any doubt, IceCure shall retain all Intellectual Property Rights in all IceCure Information, IceCure Patents, Inventions
and/or any other Information (including Data) provided to Terumo by IceCure pursuant to this Agreement, included in the Regulatory Submissions.
Unless otherwise mutually agreed in writing, Terumo will not be required to (i) make available to IceCure, at no additional cost or expense
to IceCure, the Study Information and Regulatory Submissions (including without limitation all the related Data), and (ii) allow IceCure
to use such information at no additional cost or expense to IceCure, or to share it with IceCure’s licensee, distributors or other
Third Party, with respect to IceCure’s business outside of the Territory.

 

(c) Other
Intellectual Property Rights. Each Party shall own the entire right, title and interest in and to any and all Information discovered,
developed, identified, made, conceived or reduced to practice by or on behalf of such Party or its Affiliates or their respective employees,
agents or contractors during the Term, whether or not patented or patentable, together with any and all Intellectual Property Rights in
any such Information, including Patents that claim or disclose any such Information.

 

9.2 IceCure
Patent Prosecution and Maintenance. As between IceCure and Terumo, IceCure shall have the sole right, but not the obligation, to prepare,
file, prosecute (including any reissues, re-examinations, post-grant proceedings, requests for patent term extensions, interferences,
and defense of oppositions) and maintain the IceCure Patents, at IceCure’s sole discretion and cost.

 

9.3 Infringement
by Third Parties.

 

(a) Notice.
In the event that either IceCure or Terumo becomes aware of any infringement or threatened infringement by a Third Party in the Territory
or the Limited Territory of any IceCure Patents, it shall notify the other Party in writing to that effect. Any such notice shall include
evidence to support an allegation of infringement or threatened infringement by such Third Party.

 

(b) Control
of Action. IceCure shall have the right, but not the obligation, to bring and control any action or proceeding with respect to alleged
or threatened infringement by a Third Party in the Territory and the Limited Territory of any IceCure Patent (“Infringement
By Third Party”) at its own cost. IceCure shall keep Terumo reasonably informed of any such actions or proceedings, and
the Parties shall cooperate and consult with each other in strategizing regarding any such action or proceeding; provided that
IceCure shall control and have the right to make all final decisions (regardless of whether or not Terumo is a party to such action or
proceeding) regarding all matters in the preparation and conduct of any such action or proceeding. If the Infringement By Third Party
is with respect to Product and may affect the amount of Terumo’s distribution of the Products for the Target Indication in the Territory
under this Agreement (“Infringement By Third Party concerning the Target Indication”), and IceCure does not
bring such action or proceeding within a reasonable time frame, without the release of IceCure’s obligation in the preceding sentence,
Terumo shall be exempted from the obligation to purchase Minimum Purchase Amount set forth in Exhibit 6.4 (“MPA Exemption”),
and also may terminate this Agreement pursuant to Section 12.2 of this Agreement.

 

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(c) Recoveries.
Any monetary recovery resulting from actions or proceedings under this Section 9.3 will be allocated as follows: each of Terumo and IceCure
first will be reimbursed, out of such recovery, for its reasonable and verifiable costs and expenses with respect to such action or proceeding
(such reimbursement to be pro-rata based on the Parties’ relative costs and expenses if the recovery is not sufficient to reimburse
both Parties fully) with any remainder being allocated in proportion to each Party’s loss of gross profit, or if such allocation could
not be identified, equally between the Parties.

 

9.4 Infringement
of Third Party Rights. If either Party becomes aware of any intellectual property in the Territory and/or the Limited Territory owned
by a Third Party that it believes will, or may, be infringed by the manufacture, importation, development or commercialization of the
Product in the Territory or the Limited Territory as contemplated by this Agreement, such Party shall notify the other Party of such intellectual
property. The Parties then shall discuss the matter and seek in good faith to agree on whether the Parties should take a license under
such intellectual property, and if so, on what terms; provided that, if the Parties are unable to agree after a reasonable period,
not to exceed thirty (30) days, of good faith discussions, then IceCure shall have the right, but not the obligation, to obtain such a
license on such terms as it determines in its sole discretion. In the event any Third Party files a claim alleging infringement of the
Intellectual Property Rights of such Third Party by the manufacture, importation, development or commercialization of the Product in the
Territory and/or the Limited Territory as contemplated by this Agreement, IceCure shall bring and control any defense of any such claim,
at IceCure’s sole cost and expense and by counsel of its own choice, and Terumo shall have the right, to be represented in any such
action by counsel of its own choice, at Terumo’s sole cost and expense. Neither Party shall enter into any settlement or compromise
of any action under this Section 9.4 which would in any manner alter, diminish, or be in derogation of the other Party’s rights
under this Agreement without the prior written consent of such other Party, which shall not be unreasonably withheld or delayed. Subject
to preceding sentence, IceCure shall be responsible for any and all fees, milestones, royalties and other payments owed to a Third Party
under any agreement entered by IceCure with such Third Party in connection with the sale, offer for sale or import of the Product in the
Territory and the Limited Territory.

 

9.5 Patent
Term Restoration. IceCure may ask Terumo in writing to cooperate with IceCure in obtaining patent term restoration, extensions and/or
any other extensions of the IceCure Patents as available under Applicable Laws, subject to IceCure’s rights under Section 9.1. Terumo
will use good-faith efforts to provide cooperation, the way of which will be determined by Terumo at its sole discretion.

 

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9.6 Product
Trademarks.

 

(a) Selection
and Ownership of Product Trademarks. All packaging, promotional materials, package inserts, and labeling for the Product in the Territory
and the Limited Territory may bear one or more Trademarks that pertain specifically to the Product, including the Trademarks in existence
as of the Effective Date as set forth in Exhibit ‎9.6 (together with the alternative Trademarks mentioned in the next sentence, each,
a “Product Trademark”). If the Product Trademarks in existence as of the Effective Date are not eligible for
trademark protection or for use in connection with the Product in the Territory and/or the Limited Territory, then IceCure shall have
the right to identify alternative Trademarks owned, registered or to be registered by IceCure and that can be used for the Product in
the Territory and/or the Limited Territory. IceCure or its Affiliates shall own all Intellectual Property Right in and to all Product
Trademarks, all corresponding trademark applications and registrations thereof, and all common law rights thereto. All goodwill of the
business associated with or symbolized by the Product Trademarks shall inure to the benefit of IceCure. Terumo acknowledges IceCure’s
exclusive ownership of the Product Trademarks and agrees not to take any action inconsistent with such ownership.

 

(b) Maintenance
and Prosecution of Product Trademarks. IceCure shall, at IceCure’s sole expense, control the registration, prosecution and maintenance
of the Product Trademarks in the Territory and the Limited Territory; provided that IceCure shall keep Terumo reasonably informed
of IceCure’s actions with respect thereto and shall consider in good faith any reasonable comments made by Terumo with respect thereto.
If IceCure plans to abandon any such Product Trademark in the Territory and/or the Limited Territory, IceCure shall notify Terumo in writing
at least ninety (90) days in advance of the due date of any payment or other action that is required to maintain such Product Trademark,
and Terumo may elect, upon written notice within such ninety (90)-day period to IceCure, to make such payment or take such action, at
Terumo’s expense, and IceCure shall reasonably cooperate with Terumo in connection with such maintenance activities.

 

(c) Use
of Product Trademarks.  If the Parties agree and determine that Terumo will use the Product Trademarks on the Products sold in the
Territory and/or the Limited Territory, Terumo shall comply with reasonable policies provided by IceCure from time to time to maintain
the goodwill and value of the Product Trademarks. In such a case, Terumo shall not, and shall cause its Affiliates not to, (i) use, seek
to register, or otherwise claim rights in the Territory in any Trademark that is confusingly similar to, misleading or deceptive with
respect to, or that materially dilutes, any of the Product Trademarks, or (ii) knowingly do, cause to be done, or knowingly omit to do
any act, the doing, causing or omitting of which endangers, undermines, impairs, destroys or similarly affects, in any material respect,
the validity or strength of any of the Product Trademarks (including any registration or pending registration application relating thereto)
or the value of the goodwill pertaining to any of the Product Trademarks.

 

(d) Enforcement
of Product Trademarks. IceCure shall have the right, but not the obligation, to bring and control any action or proceeding, at IceCure’s
expense, to enforce the Product Trademarks in the Territory and/or the Limited Territory, including taking such action as IceCure deems
necessary against a Third Party based on any alleged, threatened or actual infringement, dilution or misappropriation of, or unfair trade
practices or any other like offense relating to, the Product Trademarks in the Territory and/or the Limited Territory by a Third Party.
If IceCure does not enforce the Product Trademarks in any such instance, then IceCure shall promptly so notify Terumo, and Terumo shall
have the right, but not the obligation, at Terumo’s expense, to do so. Each Party shall provide to the other Party all reasonable
assistance requested by such first Party in connection with any such action, claim or suit under this Section 9.7(d), including allowing
such first Party access to such other Party’s documents and to such other Party’s personnel who may have possession of relevant
information.

 

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Article
10

Representations, Warranties and Covenants; LIMITATION OF LIABILITY

 

10.1 Mutual
Representations, Warranties and Covenants. Each Party hereby represents and warrants to the other Party, as of the Effective Date,
as follows:

 

(a) such
Party is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation,
is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the conduct of its business
or the ownership of its properties requires such qualification and failure to have such would prevent such Party from performing its obligations
under this Agreement;

 

(b) the
execution, delivery and performance of this Agreement by such Party have been duly authorized by all necessary corporate action, and this
Agreement is a legal and valid obligation binding on such Party and enforceable in accordance with its terms and does not: (i) to
such Party’s knowledge and belief, violate any law, rule, regulation, order, writ, judgment, decree, determination or award of any
court, governmental body or administrative or other agency having jurisdiction over such Party; nor (ii) conflict with, or constitute
a default under, any agreement, instrument or understanding, oral or written, to which such Party is a party or by which it is bound;

 

(c) such
Party has obtained, or is not required to obtain, the consent, approval, order or authorization of any Third Party, or has completed,
or is not required to complete, any registration, qualification, designation, declaration or filing with any Regulatory Authority or governmental
authority in connection with the execution and delivery of this Agreement and the performance by such Party of its obligations under this
Agreement;

 

(d) such
Party has the right to grant the rights contemplated under this Agreement and has not, and will not during the Term, grant any right to
any Third Party that would conflict with the rights granted to the other Party hereunder;

 

(e) such
Party is not debarred or disqualified under the United States Federal Food, Drug and Cosmetic Act or related United States Applicable
Laws or comparable Applicable Laws in the Territory and it does not, and will not during the Term, employ or use the services of any Person
who is debarred or disqualified, in connection with activities relating to the Product, and in the event that either Party becomes aware
of the debarment or disqualification or threatened debarment or disqualification of any Person providing services to such Party, including
the Party itself and its Affiliates, that directly or indirectly relate to activities under this Agreement, such Party shall immediately
notify the other Party and shall cease employing, contracting with, or retaining any such person to perform any services under this Agreement;

 

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(f) in
the performance of its obligations hereunder, such Party shall comply in all material respects and shall cause its and its Affiliates’
employees and contractors to comply in all material respects with all Applicable Laws;

 

(g) such
Party and its Affiliates and their respective employees and contractors have not and shall not, directly or indirectly through Third Parties,
pay, promise or offer to pay, or authorize the payment of, any money or give any promise or offer to give, or authorize the giving of
anything of value to a Public Official or Entity or other Person for purpose of obtaining or retaining business for or with, or directing
business to, any Person, including IceCure or Terumo; and, without any limitation to the foregoing, such Party and its Affiliates and
their respective employees and contractors have not and shall not directly or indirectly promise, offer or provide any corrupt payment,
illicit gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or unethical benefit to a Public Official or
Entity or any other Person, and no political contributions or charitable donations have been or shall be given, offered, promised, or
paid, that are in any way related to this Agreement;

 

(h) such
Party is aware of all applicable anti-corruption and anti-bribery laws, including the FCPA, and all applicable anti-corruption laws in
effect in the countries in which such Party conducts or will conduct business, and such Party and its Affiliates and their respective
employees and contractors shall not cause any of their respective employees or agents to be in violation of the FCPA, Export Control Laws
or any other Applicable Laws;

 

(i) such
Party shall fully cooperate and shall cause its Affiliates and their respective employees, contractors and subcontractors to cooperate
fully with the other Party in ensuring compliance with the FCPA, Export Control Laws and all other similar Applicable Laws;

 

(j) such
Party shall maintain accurate and complete records of its receipts and expenses having to do with this Agreement, including records of
payments to any Public Official or Entity or other Person, in accordance with generally accepted accounting principles, and shall make
such books and accounting records available for review by the other Party, or by an independent party nominated by such other Party, at
such other Party’s reasonable request; and

 

(k) such
Party shall immediately notify the other Party if such Party has any information or suspicion that there may be a violation of the FCPA,
Export Control Laws or any other similar Applicable Law in connection with the performance of this Agreement or the sale of the Product
in the Territory; and

 

(l) If
either Party materially breaches any representation or warranty of this Section 10.1, the other Party shall have, in addition to any other
rights and remedies available to it, the right to unilaterally and immediately terminate this Agreement.

 

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10.2 Representations,
Warranties and Covenants of IceCure. IceCure represents, warrants, and covenants to Terumo that:

 

(a) as
of the Effective Date, IceCure has not received written notice of any pending or threatened claims or actions alleging that the development
or commercialization of the Product infringes or would infringe the Intellectual Property Right(s) of any Third Party in the Territory
and/or the Limited Territory, and IceCure is not aware of any facts that would give rise to any such claim or action;

 

(b) IceCure
will submit to Terumo, until the later of: (a) seventy (70) days after the end of each Calendar Quarter, or (b) ten (10) Business Days
following filing to TASE pursuant to the Israeli Securities Law, 5728-1968 the condensed consolidated financial statements in English
(consisting of balance sheet, profit and loss statement and cash flow statement reflecting the financial conditions and operating results
of IceCure’s business activities during the quarter) (“Financial Statements”); provided however, in case
IceCure or its Affiliates’ securities will no longer be traded, and the disclosure requirements of the SEC, TASE or any stock exchange
will not apply to such, IceCure’s will submit to Terumo, its non-audited condensed consolidated Financial Statements for the Calendar
Quarter which shall be certified by the CFO of IceCure as true and correct in all material respects and which shall be written in English;

 

(c) IceCure
will notify Terumo immediately if its management decides to discontinue IceCure’s business relating to the Product or to file for
insolvency proceedings;

 

(d) the
Product shall, at the time of Delivery to Terumo hereunder, meet the Specifications, and have no defect in design, material, or workmanship
to be used for the Target Indication. Notwithstanding, this warranty under this subsection with respect to the Console will be limited
for a period of twelve (12) months from the applicable Delivery (“Console Warranty”). The Console Warranty shall
not apply to a Console which has been transported, handled, stored, used repaired or altered other than in accordance with IceCure’s written
instructions, nor shall it apply to a Console which has been subject to misuse, unauthorized use, negligence, accident, (including fire,
water, explosion, smoke, vandalism, etc.) or which has been operated contrary to IceCure’s written instructions, and IceCure’s indemnification
obligation under Article 11.2 shall not apply with respect to such Console. Without derogating from the above, Console Warranty will be
void, if at any time: (i) anyone other than personnel authorized by IceCure unpacks a Console and/or attempts to open or remove the Console’s
packaging, and/or makes any unauthorized amendments, internal changes, removals, attachments or additions to the Console or components
thereof (except for amendments, internal changes, removals, attachments, or additions to the Console or components thereof made by Terumo’s
Authorized Personnel for providing technical service to its customers as contemplated in Section 6.7); or (ii) anyone installs unauthorized
hardware or software in the Product. Terumo, its Affiliates and the Sub- Distributors will not offer their customers any warranty that
differ from the terms set forth in this Article 10.2. ;

 

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(e) the
Product shall, at the time of Delivery to Terumo hereunder, new and not used. For clarification, the Consoles shall be provided to Terumo,
at the time of Delivery, within six (6) months from the production thereof, and the Probe shall have remaining shelf life of at least
four point five (4.5) years at the time of Delivery.

 

(f) the
Product shall be manufactured and tested in accordance with Applicable Laws, including GMP; and

 

(g) the
Product shall not be adulterated or misbranded within the meaning of the United States Food, Drug and Cosmetic Act, 21 U.S.C. Section
301c et. seq. or other Applicable Laws.

 

10.3 Disclaimer.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER
EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR
USE, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY OF PATENTS, OR THE PROSPECTS OR LIKELIHOOD OF DEVELOPMENT OR COMMERCIAL SUCCESS OF
THE PRODUCT.

 

10.4 Remedy
for breach of Product Warranty. In case of breach of warranty set forth in Section 10.2 (d), (e), (f), Terumo shall be entitled to,
and IceCure shall provide to Terumo, a remedy equivalent to the Remedy for Defect by following the process as set forth in Section 6.3
(k), without prejudice to any other rights and remedies under this Agreement and/or Applicable Laws.

 

10.5 Limitation
of Liability. NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR
PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT (INCLUDING WITHOUT LIMITATION ITS PERFORMANCE OR BREACH OF THIS AGREEMENT); provided,
however, that this Section 10.5 shall not be construed to limit (a) either Party’s right to indirect, special, incidental
or consequential damages for the other Party’s breach of Articles 8 and/or 9, fraud, intentional misrepresentation, willful
misconduct, or breach of another party’s Intellectual Property Rights; and (b) either Party’s indemnification rights or obligations
under Article 11.

 

10.6 
Liability Cap. WITHOUT DEROGATING FROM ARTICLE 10.5, EACH PARTY’S TOTAL LIABILITY ARISING UNDER THIS AGREEMENT SHALL BE LIMITED TO
THE GREATER OF (A) THE AMOUNT PAID AND PAYABLE BY TERUMO TO ICECURE HEREUNDER IN THE TWELVE (12) MONTHS PERIOD PRECEDING THE
DATE OF THE CLAIM UNDER THIS AGREEMENT; OR (B) TEN (10) MILLION U.S. DOLLARS; provided, however, that this Section 10.6 will not be applicable
in case such liability arise out of either for the other Party’s breach of Articles 8 and/or 9, fraud, intentional misrepresentation,
willful misconduct, or IceCure’s indemnification obligation with respect to Tax Liability. For the avoidance of doubt, this Section
10.6 will be applied to either Party’s indemnification obligations under Article 11.

 

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Article
11

Indemnification

 

11.1 Indemnification
of IceCure. Subject to the terms and provisions in this Agreement including Articles 10.3, 10,5 and 10.6 above, Terumo shall indemnify,
defend and hold harmless IceCure and its Affiliates and their respective directors, officers and employees (the “IceCure Indemnitees”),
from and against any and all losses, liabilities, damages, penalties, fines, costs and expenses (including reasonable attorneys’
fees and other expenses of litigation) (“Losses”) incurred by any IceCure Indemnitee resulting from any claims,
actions, suits or proceedings brought by a Third Party (“Third Party Claims”) to the extent arising from, or
occurring as a result of : (a) regulatory activities conducted by Terumo in the Territory to obtain Regulatory Approval of the Product,
or any misuse or mishandling of the Products by Terumo or its Affiliates; (b) the negligence or willful misconduct of any Terumo
Indemnitees in connection with Terumo’s and or any of its Sub-Distributors’ performance of its obligations or exercise of its rights
under this Agreement; or (c) any breach of any representations, warranties or covenants of Terumo in this Agreement by Terumo and
or any of its and or its Sub-Distributors, except to the extent such Third Party Claims fall within the scope of the indemnification obligations
of IceCure set forth in Section 11.2. In any Third Party Claim where both IceCure and Terumo are both at fault, Losses shall be apportioned
between the Parties on the basis of the relative fault of each Party relative to the total Losses.

 

11.2 Indemnification
of Terumo. Subject to the terms and provisions in this Agreement including Articles 10.3, 10.5 and 10.6 above, IceCure shall indemnify,
defend and hold harmless Terumo and its Affiliates and their respective directors, officers, employees and agents (the “Terumo
Indemnitees”), from and against any and all Losses incurred by any Terumo Indemnitee resulting from any Third Party Claims
to the extent arising from, or occurring as a result of: (a) the negligence or willful misconduct of any IceCure Indemnitees in connection
with IceCure’s performance of its obligations or exercise of its rights under this Agreement; (b) any claims or actions alleging
that any Product is defective when used in accordance with applicable Specifications and labeling; (c) any claims or actions alleging
that the Product or development or commercialization thereof infringes or would infringe the Intellectual Property Right(s) of any Third
Party in the Territory and/or the Limited Territory; (d) any claims or actions alleging death, injury or damages to property caused by
a defect of Product; or (e) any breach of any representations, warranties or covenants of IceCure in this Agreement, except to the
extent such Third Party Claims fall within the scope of the indemnification obligations of Terumo set forth in Section 11.1. In any
Third Party Claim where both IceCure and Terumo are both at fault, Losses shall be apportioned between the Parties on the basis of the
relative fault of each Party relative to the total Losses.

 

11.3 Procedure.
A Party that intends to claim indemnification under this Article 11 (the “Indemnitee”) shall promptly notify
the indemnifying Party (the “Indemnitor”) in writing of any Third Party Claim, in respect of which the Indemnitee
intends to claim such indemnification, and the Indemnitor shall have sole control of the defense and/or settlement thereof. The Indemnitee
may participate at its expense in the Indemnitor’s defense of and settlement negotiations for any Third Party Claim with counsel
of the Indemnitee’s own selection. The indemnity arrangement in this Article 11 shall not apply to amounts paid in settlement
of any action with respect to a Third Party Claim, if such settlement is effected without the consent of the Indemnitor, which consent
shall not be withheld or delayed unreasonably. The failure to deliver written notice to the Indemnitor within a reasonable time after
the commencement of any action with respect to a Third Party Claim shall only relieve the Indemnitor of its indemnification obligations
under this Article 11 if and to the extent the Indemnitor is actually prejudiced thereby. The Indemnitee shall cooperate fully with
the Indemnitor and its legal representatives in the investigation of any action with respect to a Third Party Claim covered by this indemnification.

 

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11.4 Insurance.
Each Party, at its own expense, shall maintain product liability and other appropriate insurance (or self-insure) in an amount consistent
with industry standards (used by similarly positioned (in scope and value) medical device companies) for conduct of all activities under
this Agreement during the Term and shall name the other Party as an additional insured with respect to such insurance. Each Party shall
provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to the other Party upon request.

 

Article
12

Term and Termination

 

12.1 Term.
This Agreement shall commence on the Effective Date and shall remain in effect for the Term.

 

12.2 Early
Termination.

 

(a) Mutual
Agreement. The Parties may terminate this Agreement by mutual written agreement.

 

(b) Material
Breach. A Party shall have the right to terminate this Agreement upon written notice to the other Party (“Breaching Party”)
if such Breaching Party is in breach of a material provision of this Agreement and has not cured such breach within sixty (60) days after
delivery of notice from the terminating Party (“Date of Notice”); provided, however, that, if such alleged
material breach is not reasonably susceptible of cure within such sixty (60) day period and the Breaching Party uses reasonable and diligent
good faith efforts to cure such alleged material breach, such sixty (60) day period shall be extended as long as is reasonably necessary
(but no more than six (6) months from the Date of Notice) and no such termination shall occur for so long as such efforts continue or
if such breach is cured (but in each case for no longer than six (6) months from the Date of Notice); provided, further, in the
event of a good faith disputed with respect to the existence of such breach, the sixty (60) day cure period shall be tolled until such
time as the dispute is resolved pursuant to Article 13.

 

(c) Insolvency.
A Party shall have the right to terminate this Agreement upon written notice to the other Party upon the bankruptcy, dissolution or winding
up of such other Party, or the making or seeking to make or arrange an assignment for the benefit of creditors of such other Party, or
the initiation of proceedings in voluntary or involuntary bankruptcy, or the appointment of a receiver or trustee of such other Party’s
property, that is not discharged within ninety (90) days.

 

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(d) Both
Parties’ Termination.

 

(i) Either
Party shall have the right to terminate this Agreement if, (in case Terumo terminates, having used Commercially Reasonable Efforts,) Terumo
is unable to obtain Shonin of the Product in the Territory within (a) eighteen (18) months after the Regulatory Submission of the Product
for the Target Indication, or (b) forty-eight (48) months from the Effective Date, whichever comes earlier. Either Party may terminate
this Agreement pursuant to this subsection if the Party notifies the other Party of such termination within hundred and twenty (120) days
after the completion of each applicable period.

 

(ii) Either
Party may also terminate this Agreement if, (in case Terumo terminates, having used Commercially Reasonable Efforts,) Terumo is unable
to obtain Reimbursement Approval of the Product in the Territory within twenty four (24) months after obtaining Shonin of the Product
in the Territory for the Target Indication. Either Party may terminate this Agreement pursuant to this subsection if the Party notifies
the other Party of such termination within hundred and twenty (120) days after the completion of each applicable period.

 

(iii) During:
(x) the Initial Term, IceCure may terminate this Agreement for convenience, without incurring liability to Terumo (except payment of the
hereafter defined Termination Fee), by providing written notice to Terumo at least thirty six (36)
months prior to the intended date of termination, and (y) a Renewal Term, either Party may terminate this Agreement for convenience, without
incurring liability to the other Party, with providing written notice to the other Party at least eighteen (18) months prior to the intended
date of termination.

 

(e) 
Terumo shall have the right to terminate this Agreement upon written notice to IceCure if the board of directors of IceCure votes to,
and actually does, discontinue IceCure’s business relating to the Product.

 

(f) If
Terumo fails to purchase at least (i) 60 % for Consoles; and (ii) 60 % for Probes respectively, of the Minimum Purchase Amount (as defined
in Exhibit 6.4) for each period set forth in this Exhibit 6.4 (A), IceCure shall have the right to terminate this Agreement, without incurring
liability to Terumo, if IceCure notifies Terumo of such termination within hundred and twenty (120) days after applicable MPA Year (as
defined in Exhibit 6.4) and at least [30] days prior to the intended date of termination. For avoidance
of doubt, such failure will not be construed to be a breach of the Distribution Agreement.

 

(g) If
IceCure does not bring action or proceeding with respect to the Infringement By Third Party concerning the Target Indication within a
reasonable time frame pursuant to Section 9.3 (b), Terumo shall have the right to terminate this Agreement without incurring liability
to Terumo or IceCure, with providing written notice to Terumo at least hundred and twenty (120) days prior to the intended date of termination.

 

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12.3 Rights
on Termination.  The following shall apply upon any termination of this Agreement:

 

(a) Refund
of Upfront Payments. In the event of Terumo’s termination of this Agreement pursuant to Sections 12.2(b), (c), (e), or 12.2
(g), without prejudice to the other remedies available under Applicable Law or this Agreement, IceCure shall reimburse (if actually paid
previously) Terumo the remaining value of Upfront Payments, depreciated proportionately over five (5) years from the date of receipt of
Shonin of the Product (as to Fourth Upfront Payment, over five (5) years from the date of receipt of Reimbursement Approval) using straight
line method. For clarity, (i) Terumo will in no event be precluded from remedies available under Applicable Laws or this Agreement, (ii)
Terumo will not be entitled to be reimbursed the remaining value of Upfront Payments, in the event of termination of this Agreement for
any reason other than pursuant to Sections 12.2(b), (c), (e), or 12.2 (g). For the avoidance of doubt, below are some examples of the
amounts to be reimbursed, if any, by IceCure to Terumo under this Article 12.3(a):

 

	12.2b,c,e,g	Refund after 1 month from payment of the Third Upfront Payment	(60-1)X$1,500,000	=	$ 1,475,000 
	60
	 	 	 	 	 
	12.2b,c,e,g	Refund after 30 months from payment of the Fourth Upfront Payment (after 48 months from payment of the Third Upfront Payment)	((60-48)X$1,500,000)+(60-30)X$500,000)	=	$ 550,000
	60
	 	 	 	 	 
	12.2b,c,e,g	Refund after 60 months from payment of the Fourth Upfront Payment	(60-60)X$2,000,000	=	$ 0
	60

 

(b) Termination
Fee. In the event IceCure provides termination notice of this Agreement pursuant to Section 12.2(d)(iii)(x) (termination for convenience
during Initial Term), IceCure shall pay to Terumo the following amount (“Termination Fee”): (x) Minimum Purchase
Amount for each of the Consoles and the Probes during the period from the Intended Termination Date (as hereafter defined) to the end
of Initial Term (period less than a year will be calculated on pro-rata basis), multiplied by (y) Deemed Lost Profit. In this section,
“Deemed Lost Profit” means (i)                per one set of Console;
and (ii)                per one piece of Probe. For the avoidance of doubt, by way of example only,
if the Intended Termination Date is 3.5 years after the date of the Shonin of the Products in Japan, Termination Fee will be US$9,155,750
                                                                                                . Upon the Intended Termination
Date, IceCure shall pay the Termination Fee to Terumo in immediately available funds to an account designated in writing by Terumo. The
termination of this Agreement pursuant to Section 12.2(d)(iii)(x) shall be effective upon later of (i) intended termination date following
the notice provided by IceCure to Terumo pursuant to Section 12.2(d)(iii)(x) (“Intended Termination Date”); or
(ii) completion of the payment of Termination Fee. Further, if IceCure shall notify Terumo its intention to terminate this Agreement pursuant
to Section 12.2(d)(iii)(x) before Terumo obtains the Shonin of the Products in Japan, the Termination Fee shall be calculated assuming
that the Shonin of the Product was obtained by Terumo upon the Intended Termination Date (“Assumed Shonin Date”),
and also assuming that the end of the Initial Term would be five (5) years after the Assumed Shonin Date.

 

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(c) Continued
Rights; Inventory. Subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of
law governing specific performance, injunctive relief or other equitable remedies, in the event this Agreement is terminated by Terumo
pursuant to Section 12.2(c), or Section 12.2(e), Terumo shall have the right to elect to continue its sale of the Product in the Territory.
In the event of such election, (i) Terumo shall retain its exclusive rights under this Agreement to do so; (ii) Terumo shall not be subject
to any obligation set forth in Sections 12.3(d), (e) and (f); and (iii) at Terumo’s option, IceCure shall cooperate with Terumo
and/or its designee to effect a smooth and orderly transition of the manufacture and supply of the Product for the Territory so that Terumo’s
supply of Product for the Territory is not disrupted and to ensure continued transfer of data and information necessary of useful to maintain
all required Regulatory Approvals in the Territory, including by providing any assistance necessary or useful in connection with submission
of Regulatory Filings required to transfer responsibility for supply of the Product to Terumo, including any changes to the Gaikoku-seizou-gyosha
(foreign legal manufacturer), and the transfer of supply arrangements between IceCure and its Third Party manufactures to Terumo, including
assignment of any and all agreements between IceCure and its Third Party manufactures involved in the supply of Products under this Agreement.
Except to the extent Terumo elects to maintain its distribution rights as set forth in this Section 12.3(c), above, in the event of any
other termination of this Agreement, Terumo shall continue, to the extent of selling Product inventory already ordered in accordance with
Articles 6 and 7 of the Agreement (“Remaining Inventory”), as of the time of termination, to distribute Product
in the Territory and the Limited Territory. For the avoidance of doubt, IceCure and/or its designee may elect to repurchase the inventory
at the price such inventory originally sold to Terumo.

 

(d) Termination
of Rights and Obligations. Upon termination of this Agreement, all rights and obligations of the Parties under this Agreement will
terminate, except as otherwise set forth in this Section 12.3 and Sections 12.4, 12.5, and 12.6. Within thirty (30) days after
the effective date of termination of this Agreement, each Party shall deliver to the other Party any and all Confidential Information
of such other Party then in its possession, except to the extent a Party retains the right to use such Confidential Information pursuant
to any rights granted under this Agreement that survive termination of this Agreement, and except for one (1) copy which may be kept in
such Party’s (or its counsel’s) office for archival purposes subject to a continuing obligation of confidentiality and non-use
under Article 8 for the duration set forth in Section 8.1.

 

(e) Assignment
of Regulatory Filings and Regulatory Approvals. At IceCure’s option, which shall be exercised by written notice to Terumo, to
the extent permitted under Applicable Laws and subject to the terms of this Agreement (including as otherwise set forth in this Article
12), Terumo shall assign or cause to be assigned to IceCure or its designee (or to the extent not so assignable, Terumo shall take all
reasonable actions to make available to IceCure or its designee the benefits of), in consideration of the compensation which amount to
be mutually agreed in good faith and in writing between the Parties, all Regulatory Filings for the Product in the Territory.

 

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(f) Transition.
Subject to the terms of this Agreement (including as otherwise set forth in this Article 12) and subject to IceCure’s payment of
the consideration provided in Section 12.3(d) above, Terumo shall use Commercially Reasonable Efforts to cooperate with IceCure and/or
its designee to effect a smooth and orderly transition in the registration, sale, marketing, promotion, and commercialization of the Product
in the Territory and the Limited Territory during the applicable notice period under Section 12.2 and following the effective date of
termination. Without limiting the foregoing, Terumo shall use Commercially Reasonable Efforts to conduct, in an expeditious manner, any
activities to be conducted under this Section 12.3.

 

12.4 Exercise
of Right to Terminate. The use by either Party of a termination right set forth in this Agreement shall not give rise, on its own,
to the payment of damages or any other form of compensation or relief to the other Party with respect thereto.

 

12.5 Damages;
Relief. Subject to Sections 10.3, 10.5, 10.6, 12.3(a) and 12.4, termination of this Agreement shall not preclude either Party from
claiming any other damages, compensation, or relief that it may be entitled to upon such termination.

 

12.6 Accrued
Obligations; Survival. The expiration or termination of this Agreement for any reason shall not release either Party from any liability
that, at the time of such expiration or termination, has already accrued to such Party or that is attributable to a period prior to such
termination, nor will any termination of this Agreement preclude either Party from pursuing all rights and remedies it may have under
this Agreement, at law or in equity, with respect to breach of this Agreement. The following Articles and Sections will survive any expiration
or termination of this Agreement: Sections 5.8, 10.2 (d) and (e), 10.3, 10.4, 10.5, 10.6, 12.3, 12.4, 12.5, and 12.6 and Articles 7, 8,
9, 11, 13, and 14.

 

Article
13

Dispute Resolution

 

13.1 Objective.
The Parties recognize that disputes as to matters arising under or relating to this Agreement or either Party’s rights or obligations
hereunder (including any claim based on warranty, contract, negligence, misrepresentation, statute, or other basis) may arise from time
to time. It is the objective of the Parties to establish procedures to facilitate the resolution of such disputes in an expedient manner
by mutual cooperation and without resort to litigation. To accomplish this objective, the Parties agree to follow the procedures set forth
in this Article 13 to resolve any such dispute if and when it arises.

 

13.2 Resolution
by Executives. Except as otherwise set forth in Article 4, if an unresolved dispute as to matters arising under or relating to
this Agreement or either Party’s rights or obligations hereunder arises, either Party may refer such dispute to the respective chief
of business unit including distribution of the Product under this Agreement (“Executive”), who shall meet in
person or by telephone within thirty (30) days after such referral to attempt in good faith to resolve such dispute. If such matter cannot
be resolved by discussion of such officers within such thirty (30)-day period (as may be extended by mutual written agreement), such dispute
shall be resolved in accordance with Section 13.3. The Parties acknowledge that discussions between the Parties to resolve disputes are
settlement discussions under applicable rules of evidence and without prejudice to either Party’s legal position.

 

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13.3 Arbitration.

 

(a) Any
dispute that is not resolved pursuant to Section 13.2, except for a dispute, claim or controversy subject to Section 13.3(j), shall first
be submitted for mediation under the auspices of the International Centre for Dispute Resolution (“ICDR”). Any
dispute that is not resolved pursuant to such mediation shall be settled by binding arbitration conducted under the auspices of the ICDR
in accordance with its International Arbitration Rules. In the event of a conflict between the procedures set forth herein and the Rules,
these procedures shall take precedence.

 

(b) The
dispute shall be heard and decided by a single arbitrator having significant executive experience in the medical device industry.

 

(c) The
arbitrator shall allow the Parties to obtain discovery as may reasonably be requested by a party, including use of interrogatories, document
requests, depositions, subpoenas and inspections of things or land.

 

(d) The
arbitration hearing shall be held in New York City, New York, U.S., at a location and time to be mutually agreed upon by the Parties,
or if they are unable to decide, then at a location and time determined by the arbitrator(s). The arbitration hearing shall be conducted
over the course of consecutive business days and weeks until it is concluded.

 

(e) All
proceedings shall be conducted in the English language and the arbitrator shall be fluent in English. All evidence, whether documentary
or testimonial, shall be presented in English. In the event testimony is given by a witness who is unable to testify in English, the party
proffering the testimony at the hearing (or obtaining the testimony in a deposition) shall provide a translator and shall bear that expense.

 

(f) The
hearing shall be recorded stenographically and a transcript prepared if requested by either Party. The expense of same shall be borne
equally by the Parties. Not less than ten (10) days prior to the hearing, the Parties shall submit briefs to the arbitrator(s) setting
forth each Party’s contentions concerning the facts and the law. Within thirty (30) days following the close of the hearing, the
Parties shall submit post-hearing briefs to the arbitrator. Within thirty (30) days after the timely submission of post-hearing briefs,
the arbitrator shall enter a written award concisely setting forth the grounds for the decision.

 

(g) The
arbitrator(s) shall decide the dispute by applying the law selected by the Parties in Section 14.1.

 

(h) The
decision of the arbitrator shall be final and binding and any award rendered thereon may be entered in any court having jurisdiction.

 

(i) During
the pendency of any dispute resolution proceeding between the parties under this Section 13.3, the obligation to make any payment under
this Agreement from one party to the other Party, which payment is the subject, in whole or in part, of a proceeding under this Section
13.3, shall be tolled until the final outcome of such dispute has been established. Any payments that are made by one Party to the other
Party pursuant to this Agreement pending resolution of the dispute will be promptly refunded if the arbitrator determines pursuant to
this Section 13.3 that such payments are to be refunded by one Party to the other Party.

 

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(j) Any
dispute, controversy or claim relating to the scope, validity, enforceability or infringement of any patents or trademarks shall be submitted
to a court of competent jurisdiction in the country in which such patent or trademark rights were granted or arose.

 

Article
14

General Provisions

 

14.1 Governing
Law. This Agreement and all questions regarding its existence, validity, interpretation, breach or performance and any dispute or
claim arising out of or in connection with it (whether contractual or non-contractual in nature such as claims in tort, from breach of
statute or regulation or otherwise) shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware,
United States, without reference to its conflicts of law principles to the extent those principles would require applying another jurisdiction’s
laws. The United Nations Conventions on Contracts for the International Sale of Goods shall not be applicable to this Agreement.

 

14.2 Force
Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached this Agreement for
failure or delay in performing any obligation under this Agreement (other than failure to make payment when due) when such failure or
delay is caused by or results from causes beyond the reasonable control of the affected Party, including embargoes, war, acts of war (whether
war be declared or not), insurrections, riots, civil commotions, fire, floods, or other acts of God, or acts, omissions or delays in acting
by any governmental authority or the other Party. The affected Party shall notify the other Party of such force majeure circumstances
as soon as reasonably practicable, and shall promptly undertake all reasonable efforts necessary to cure such force majeure circumstances.
Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in performance
and provided that the Party has not caused such event(s) to occur. In the event any such force majeure circumstances continue for
more than ninety (90) days, such other Party shall have the right to terminate this Agreement pursuant to Section 12.2(b).

 

14.3 Assignment.
Except as expressly set forth in this Section 14.3, neither this Agreement nor any rights or obligations hereunder may be assigned
or otherwise transferred by either Party without the prior written consent of the other Party, which consent shall not be unreasonably
withheld; provided, however, that either Party may assign this Agreement and its rights and obligations hereunder without the other
Party’s consent:

 

(a) in
connection with the transfer or sale of all or substantially all of the business of the assigning Party relating to the Product to a Third
Party, with all Patents and Know-How necessary to commercialize the Product as contemplated under this Agreement, whether by merger, sale
of stock, sale or contribution of assets or otherwise; or

 

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(b) to
an Affiliate; provided that, unless otherwise agreed differently by the Parties, the assigning Party shall remain liable and responsible
to the non-assigning Party for the performance and observance of all such duties and obligations by such Affiliate.

 

This Agreement shall be binding
upon successors and permitted assigns of the Parties. Any assignment not in accordance with this Section 14.3 will be null and void.

 

14.4 Severability.
If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless
the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties shall in such an instance
use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which,
insofar as practical, implement the purposes of this Agreement.

 

14.5 Notices.
All notices required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by facsimile or email
(and promptly confirmed by personal delivery, registered or certified mail or overnight courier or confirmatory email by recipient), sent
by internationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows:

 

If to IceCure, addressed to:

 

Haeshel 7, Caesarea, 3079504, Israel

Attention: Eyal Shamir - CEO

Email: eyals@icecure-medical.com

 

If to Terumo, addressed to:

 

Terumo Corporation

3-20-2, Nishi-Shinjuku, Shinjuku-ku,

Tokyo, 163-1450, Japan

Attention: Tsuyoshi Tomita – Group
Manager

Email: Tsuyoshi_Tomita@terumo.co.jp

 

or to such other address as the Party to whom
notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice shall be deemed to have
been given: (a) when delivered if personally delivered or sent by email on a Business Day; (b) on the Business Day after dispatch
if sent by internationally recognized overnight courier; and (c) on the third Business Day following the date of mailing if sent
by mail.

 

    40

    

    

 

14.6 Entire
Agreement; Amendments. This Agreement, together with the exhibits hereto and thereto, contains the entire understanding of the Parties
with respect to the subject matter hereof and thereof and supersedes and cancels all previous express or implied agreements and understandings,
negotiations, writings and commitments, either oral or written, in respect to the subject matter hereof and thereof, including the Confidentiality
Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by authorized representatives
of both Parties, but “written instrument” does not include the text of e-mails or similar electronic transmissions.

 

14.7 Headings.
The captions to the several Articles and Sections hereof are not a part of this Agreement, but are merely for convenience to assist
in locating and reading the several Sections hereof.

 

14.8 Independent
Contractors. It is expressly agreed that IceCure and Terumo shall be independent contractors and that the relationship between the
two Parties shall not constitute a partnership, joint venture or agency. Neither IceCure nor Terumo shall have the authority to make any
statements, representations or commitments of any kind or to take any action that shall be binding on the other Party, without the prior
written consent of the other Party.

 

14.9 Waiver.
The waiver by either Party of any right hereunder, or the failure of the other Party to perform, or a breach by the other Party, shall
not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature
or otherwise.

 

14.10 Cumulative
Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any
other remedy referred to in this Agreement or otherwise available under law.

 

14.11 Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation
of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting
Party shall not apply.

 

14.12 Interpretation.
All references in this Agreement to an Article or Section shall refer to an Article or Section in or to this Agreement, unless otherwise
stated. Any reference to any federal, national, state, local, or foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The word “including” and similar words means including
without limitation. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Section or other subdivision. All references to days, months, quarters or
years are references to calendar days, calendar months, calendar quarters, or calendar years, unless stated otherwise. References to the
singular include the plural.

 

14.13 No
Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit of any Party other than IceCure
and Terumo, except as otherwise set forth in this Agreement with respect to IceCure Indemnitees under Section 11.1 and Terumo Indemnitees
under Section 11.2. This Agreement may be terminated, varied or amended in accordance with its terms or with the agreement of Terumo and
IceCure without the consent of the IceCure Indemnitees or Terumo Indemnitees.

 

    41

    

    

 

14.14 English
Language. This Agreement is in the English language, and the English language shall control its interpretation. In addition, all notices
required or permitted to be given under this Agreement, and all written, electronic, oral or other communications between the Parties,
including any information provided by a Third Party regarding this Agreement, shall be in the English language.

 

14.15 Counterparts.
This Agreement may be executed by any party by PDF file signature, and on one or more counterparts, and by different parties on separate
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, all of which together
shall constitute but one and the same instrument.

 

[Signature Page Follows]

 

    42

    

    

 

Execution Version

 

In
Witness Whereof, the Parties have executed this Distribution Agreement as of the Effective Date.

 

	IceCure Medical Ltd. 	 	Terumo Corporation
	 	 	 
	By:	 	 	By:	            
	 	 	 
	Name: Eyal SHAMIR	 	Name:  Tsuyoshi Tomita
	 	 	 
	Title: CEO	 	Title:  Group Manager, General Hospital Products Group, Hospital Systems Division, General Hospital Company
	By:	      	 	 
	 	 	 
	Name: Ron MAYRON	 	 
	 	 	 
	Title: Chairman of the Board of Directors	 	 

 

     

    

    

 

Exhibit ‎1.37

 

PRODUCT SPECIFICATION

 

The Parties will mutually discuss
and determine the criteria and standards of testing contemplated in Section 6.3(i) and 6.3 (j) before obtaining Shonin of the Products
in Japan.

 

SYSTEM
SPECIFICATIONS

 

	Physical
                                            properties

     
	Dimensions
                                            (excluding the screen)

     

    Weight
	                                                

                                                    

                                                    

              

	Electrical
    requirements	 

     
	                      

             

                                     

     

          

     

                        

            

                                    

	Operating
                                            pressure

     
	Pressure
                                            range

     
	                

     

	Cryogen	Liquid
    Nitrogen	                                
	Environmental
                                            conditions

    Temperatures:

     
	Operating

     
	 

                                              

	Transportation
    and Storage	                                      
	Relative
    Humidity:	Operating	                                          

                                                                                                      

	Transportation
    and Storage	                                       
	Atmospheric
    pressure:	Operating	                                
	Transportation
    and Storage	                                
	 	 	                                 

                                                   

                              

                                           

 

     

    

    

 

Cryoprobe technical specifications

 

The packed cryoprobes shall be stored in a dry,
cool, well-ventilated and clean environment without corrosive gas.

 

In general, IceCure’s Cryoprobes are available
in various diameters (2.4mm to 3.4mm), various ice ball shapes, various tips) and various lengths according to the expected application,
treated tumor size and surgery approach.

 

Range temperature: -196°
C to +40° C

Needle diameter: 2.4mm (13G) or 3.4mm (10G)

Certain configurations are not available in some
regions.

 

Manufacturer’s
Declaration of the EUT as written in our user manual

 

Guidance and manufacturer’s declaration-electromagnetic emission-
for all EQUIPMENT AND SYSTEMS

 

	1	Guidance and manufacturer’s declaration-electromagnetic emission
	2	The model ProSenseTM Cryotherapy product is intended for use in the electromagnetic environment specified below. The customer or the user of the model ProSenseTM Cryotherapy product should ensure that it is used in such an environment.
	3	Emissions test	Compliance	Electromagnetic environment - guidance
	4	
    RF emissions

    CISPR 11
	Group 1	                                                                                             

                                                                                             

                                                                                     

                                                          
	5	
    RF emissions

    CISPR 11
	Class B	 
	6	
    Harmonic emissions

    EN 61000-3-2
	Class A	 
	7	
    Voltage fluctuations /

    flicker emissions

    EN 61000-3-3
	Complies	 

 

     

    

    

 

Guidance and manufacturer’s declaration-electromagnetic immunity-
for EQUIPMENT and SYSTEM that are not LIFE-SUPPORTING  

 

	Guidance
    and manufacturer’s declaration-electromagnetic immunity
	The
    model ProSenseTM Cryotherapy product is intended for use in the electromagnetic environment specified below. The customer or
    the user of the model ProSenseTM Cryotherapy product should ensure that it is used in such an environment.
	Immunity
    test	IEC
    60601 test level	Compliance
    level	Electromagnetic
    environment- guidance
	 

     

     

     

     

     

     

                                            

                        

     

                                            

                         
	 

     

     

     

     

     

     

                      

                             

             

     

                      

                             

             
	 

     

     

     

     

     

     

        

     

             
	                                                                    

                                                                                        

                                                                         

                                                                                     

                                                               

     

                                                                      

     

     

     

    

                                                                                        

                                                                              

                                                

                                                                                     
       

           

                                                                                         

                                                                                     

                                                                     

                                     

                                                                                    

                                                                                                 

     

    

	NOTE 1                                                                                 .

    NOTE 2 These guidelines may not apply in all situations. Electromagnetic
    is affected by absorption and reflection from structures, objects and people.

	a   Field strengths from fixed transmitters,
    such as base stations for radio (cellular/cordless) telephones and land mobile radios, amateur radio, AM and FM radio broadcast and
    TV broadcast cannot be predicted theoretically with accuracy. To assess the electromagnetic environment due to fixed RF transmitters,
    an electromagnetic site survey should be considered. If the measured field strength in the location in which the model ProSenseTM
    Cryotherapy product is used exceeds the applicable RF compliance level above, The model ProSenseTM Cryotherapy product should
    be observed to verify normal operation. If abnormal performance is observed, additional measures may be necessary, such as reorienting
    or relocating the model ProSenseTM Cryotherapy product.

    b    Over the frequency range 150 kHz to
    80 MHz, field strengths should be less than 3V/m.

 

     

    

    

 

Recommended separation distances between portable and mobile RF
communications equipment and the EQUIPMENT or SYSTEM- for EQUIPMENT and SYSTEMS that are not LIFE-SUPPORTING

 

	Recommended separation distances between portable and mobile RF communications equipment and the model ProSenseTM Cryotherapy product
	The model ProSenseTM Cryotherapy product is intended for use in an electromagnetic environment in which radiated RF disturbances are controlled. The customer or the user of the model ProSenseTM Cryotherapy product can help prevent electromagnetic interference by maintaining a minimum distance between portable and mobile RF communications equipment (transmitters) and the model ProSenseTM Cryotherapy product as recommended below, according to the maximum output power of the communications equipment.
	
     

     

    Rated maximum

     

    output of transmitter

     

    W

     
	
    Separation distance according to frequency of transmitter

    m

	
     

             

    

 

	
     

             

    

    

 

 
	
     

             

    

    

 

 

	     	     	     	     
	    	     	     	     
	  	     	     	     
	    	     	     	     
	      	     	     	     
	
    For transmitters rated at a maximum output power
    not listed above the recommended separation distance d in meters (m) can be estimated using the equation applicable to the frequency of
    the transmitter, where P is the maximum output power rating of the transmitter in watts (W) according to the transmitter manufacturer.

     

    NOTE 1 At 80 MHz and 800 MHz, the separation distance
    for the higher frequency range applies.

     

    NOTE 2 These guidelines may not apply in all situations. Electromagnetic
    propagation is affected by absorption and reflection from structures, objects and people.

 

     

    

    

 

Exhibit ‎6.3

 

PRODUCT PRICE

 

1. Prices for Initial Order
for the use in clinical trials to obtain Regulatory Approval

 

                                                                                .

 

IceCure shall be
entitled to issue invoice of the Initial Order,                                                                                                     
                                       of
the Initial Order shall be issued upon Delivery of all of the Products for the Initial Order.

 

2. Prices of the Products other
than for Initial Order and Payment Term

 

(A) Prices of a Console and
Payment Term

 

a) For the                                                              (the price is per console is regarding the existing Product as of the Effective Date; with
respect to Console that includes improvements and/or next generation thereof the price will be mutually agreed by the Parties.

 

b) For the Consoles subsequent
to said                 of Consoles: To be mutually discussed and agreed by the Parties, provided
that if the Parties do not reach agreement within thirty (30) days from the commencement of such discussion,                   will be the price of a Console subsequent to said                 of Consoles.

 

IceCure shall be entitled to issue invoice of an order,
for fifty (50%) percent of the Product Price of the Consoles on the date of the Purchase Order, and the invoice for remaining 50% of the
Product Price of the Consoles shall be issued upon Delivery of the applicable Purchase Order.

 

     

    

    

 

(B) Prices of a Probe

 

a) For the first                
pcs of Probes:                /pcs

 

b) For the Probes subsequent to said            
pcs of Probes: To be mutually discussed and agreed by the Parties, provided that if the Parties do not reach agreement within thirty (30)
days from the commencement of such discussion,                 will be the price of a Probe subsequent
to said                 of Probes.

 

IceCure shall be entitled to issue
invoice of an order for the Probes upon Delivery of the Probes.

 

If Yen to USD rate as of the
end of each Calendar Half Year (a period of six (6) consecutive months during a Calendar Year beginning on and including January 1st
and July 1st) has increased or decreased by more than ten percent (10%) compared to the rate on the Effective Date, all of
the aforementioned prices will be adjusted (upward or downward) by the below formulae starting from the next Calendar Half Year (for avoidance
of doubt, including the Calendar Half Year during which first Reimbursement Price was obtained) so that the change to Product Price on
Yen basis exceeding ten percent (10%) is halved (USD rounded off to the second decimal place).

 

Acronyms:

 

● OP
(Original Price): price provided on Exhibit ‎6.3 in USD

●
BCR (Baseline Currency Rate) : the USD to JPY rate on the Effective Date

●
ACR (Adjustment Currency Rate) : the USD to JPY rate on the last day of each Calendar Half Year

 

In case ACR is greater than 110% of BCR,

 

Adjusted Amount = OP×(1-
(ACR - BCR×1.1) ×0.5)

BCR

In case ACR is smaller than 90% of BCR,

 

Adjusted Amount = OP×(1
+ (BCR×0.9 - ACR) ×0.5)

BCR

 

The results of these formulae shall be rounded off to two decimal places.

 

As an example, if BCR is 115 and ACR on Dec 31, 2020 is 135, the Product
Price for a Probe will be adjusted from Jan 1, 2021 onwards to the following price.

 

     
× (1 - (135 - 115×
1.1) ×0.5) =      
× (1- (135-126.5)/115×0.5)
=           

115

 

As another example, if BCR is 115 and ACR on Dec 31, 2020 is 90, the
Product Price for a Probe will be adjusted from Jan 1, 2021 onwards to the following price.

 

     
× (1 + (115×
0.9 - 90) ×0.5) = 815 ×
(1+ (103.5-90)/115×0.5) =           

115

 

     

    

    

 

Exhibit ‎6.4

 

Minimum Purchase Amounts

 

(A) From
the period during the Term commencing upon receipt of the first Shonin for the Product (“MPA Commencement Date”),
subject to this Exhibit 6.4(C) and (D), below, Terumo shall purchase from IceCure at least the following amounts during the respective
period set forth in this Exhibit 6.4(A) below (“Minimum Purchase Amount” or “MPA”):

 

Initial Term: As shown below.

 

	 	MPA 1st Year 	MPA 2nd Year	MPA 3rd Year	MPA 4th Year	MPA 5th Year
	Console	  	  	  	   	   
	Probe	     	     	     	       	       

 

For avoidance of doubt, MPA
1st Year commences from MPA Commencement Date and ends 12 months after MPA Commencement Date. MPA 2nd, 3rd, 4th, and 5th Year shall be
construed accordingly.

 

Renewal Term: To be
mutually discussed in good faith and agreed by the Parties during the Initial Term.

 

(B) Any
amounts of Product that Terumo is not able to purchase from IceCure due to the following (i) through (iii), below, shall be deducted from
the applicable amounts set forth in this Exhibit ‎6.4(A) above:

 

		(i)	Force Majeure Event;

 

		(ii)	IceCure’s failure to supply the Product to Terumo in a timely fashion pursuant to the Forecast;
or

 

(C) If
Terumo fails to purchase (i) 100 % for Consoles; and (ii) 100 % for Probes respectively, of the Minimum Purchase Amount for each period
set forth in this Exhibit 6.4 (A) (“Failure of Full MPA”), Terumo will lose its exclusive right to distribute
the Products, and such Terumo’s distribution right will be non-exclusive upon the receipt of written notice of IceCure, without
incurring liability to Terumo if IceCure notifies Terumo of such termination of exclusivity within hundred and twenty (120) days after
applicable MPA Year and at least [30] days prior to the intended date of termination of exclusivity.
The Failure of Full MPA shall not be material breach of this Agreement, and the termination of the exclusivity under this provision shall
be the sole and exclusive remedy of IceCure for the Failure of Full MPA.

 

(D) In case MPA Exemption
is applicable pursuant to Section 9.3(b), Terumo will not be required to purchase such Minimum Purchase Amount so long as IceCure doesn’t
bring and control any action or proceedings contemplated in Section 9.3 (b), pursuant to same Section.

 

     

    

    

 

Exhibit ‎9.6

 

PRODUCT TRADEMARKS

 

Product Trademark includes the
following Trademarks in existence as of the Effective Date.

 

ProSense

 

IceCure

 

IceCure logo

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