Document:

Retention Agreement (Kempshall)

 Exhibit 10.5 
 RETENTION AGREEMENT 
 This RETENTION AGREEMENT (this
“Agreement”) is made and entered into as of the 18th day of April, 2013, by and between AEROSONIC CORPORATION, a Delaware corporation (the “Company”), and SCOTT R. KEMPSHALL (the
“Executive”), and provides as follows: 
 RECITALS 

WHEREAS, Executive must be free to make decisions in the best interest of the Company’s shareholders without being concerned about
the immediate impact to Executive’s job security or compensation; 
 WHEREAS, the Company desires to offer Executive
assurances that Executive will be paid severance compensation upon the occurrence of certain events in connection with a Change of Control as defined herein; and 
 WHEREAS, the Company and the Executive previously entered into the Retention Agreement dated as of December 13, 2010 (the “Prior Agreement”), and this Agreement amends and
restates in its entirety the Prior Agreement. 
 TERMS OF AGREEMENT 

NOW, THEREFORE, for and in consideration of the premises and of the mutual promises and undertakings of the parties as hereinafter set
forth, the parties covenant and agree as follows: 
 1. Definitions. As used in this Agreement, the following
terms shall be defined as set forth below: 
 “Base Salary” means the annualized, base salary payable to
Executive by the Company as of any particular date, and excludes all other cash and non-cash compensation paid or payable to Executive. 
 “Cause” means termination of Executive’s employment for Executive’s personal dishonesty, willful misconduct, breach of a fiduciary duty involving personal profit, willful
violation of any law, rule or regulation (other than traffic violations or similar offenses), conviction of a felony or of a misdemeanor involving moral turpitude, misappropriation of the Company’s assets, or a material breach of any other
provision of this Agreement or an Employment Agreement. 
 “Change of Control” means the occurrence of any one
of the following events: 
 (i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) (other than the Company, any trustee or other
fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or 

 
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), directly or indirectly, of securities of the Company representing
fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities; or 
 (ii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation or other entity, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
 (iii) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s
assets. 
 “Employment Agreement” means any employment agreement by and between the Executive and the Company
that may be made and entered into after the date of this Agreement, including any amendments thereto (as Executive currently does not have an employment agreement with the Company). 

“Triggering Event” means the occurrence of any one of the following events: 

(i) the Company terminates Executive’s employment with the Company without “Cause” as such term is defined
herein; or 
 (ii) Executive terminates his employment with the Company because the Company has reduced
Executive’s Base Salary or the amount of bonus for which Executive is eligible from the highest levels in place from the date that is three (3) months before a Change of Control through the time of the Change of Control; or 

(iii) Executive terminates his employment with the Company because the Company (i) has reduced Executive’s
title, duties, authority or reporting relationships so as to materially reduce Executive’s overall job responsibilities from the highest levels in place from the date that is three (3) month before a Change of Control through the time of
the Change of Control or (ii) has required that Executive relocate to a location more than 40 miles from the Company’s headquarters at the time of the Change of Control; 

provided that, none of the events described in clauses (ii) and (iii) above shall constitute a Triggering Event unless
and until the Executive first notifies the Company in writing describing the event(s) which constitute(s) the Triggering Event(s) within 90 days after the occurrence of such event(s) and the Company fails to cure such event(s) within 30 days after
the Company’s receipt of such written notice. 

  
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 2. Severance Compensation. 

(a) If a Triggering Event occurs within eighteen (18) months following a Change of Control or within three
(3) months before a Change of Control, the Company shall pay to Executive each of the following as “Severance Compensation”: 
 (i) An amount equal to 110% of Executive’s highest Base Salary in place from the date that is three (3) months before a Change of Control through the time of the Triggering Event, payable as
specified below; and 
 (ii) An amount equal to the average of Executive’s bonuses paid over the previous
two fiscal years from the Triggering Event, payable as specified below. 
 (b) Payment of the Severance
Compensation is contingent upon: (i) Executive’s executing and delivering to the Company a release in favor of the Company in the form attached hereto as Exhibit A (the “General Release”) and the General Release becoming
effective without timely revocation; and (ii) Executive’s satisfactorily performing his obligations under this Agreement as well as any restrictive covenants, including but not limited to, confidentiality, non-disclosure, non-solicitation,
and non-competition, that may be made and entered into by and between the Executive and the Company after the date of this Agreement, whether contained in an Employment Agreement or otherwise (the “Restrictive Covenants”).
Specifically, if Executive has not satisfactorily performed all of his obligations under this Agreement or the foregoing Restrictive Covenants, then Executive will not be entitled to any Severance Compensation and the Company shall not pay the
Severance Compensation; or, if such Severance Compensation has already been paid, Executive shall be required to reimburse the Company in the full amounts paid. Further, if the Executive has not executed and delivered the General Release by the date
that is sixty (60) days after the Triggering Event (the “Required Release Date”), the Executive shall forfeit all rights to receive the Severance Compensation. 

(c) Subject to Section 13, the Severance Compensation shall be paid in equal monthly installments over a period of
twelve (12) months on Employer’s regular payroll dates in effect on the date of termination of Executive’s employment with the Company, commencing with the first payroll date following the date on which the General Release is executed
and delivered and the expiration of all revocation periods in the General Release (the “Release Effective Date”); provided that, if the date of the Triggering Event and the Required Release Date are in different calendar
years, payment shall commence on the first payroll date of the second year (regardless of when the Release Effective Date occurs). 
 (d) All Severance Compensation payments are subject to the usual taxes, payroll deductions and withholdings and shall be mailed to Executive’s last known residential address. It is Executive’s
obligation to keep the Company informed as to any changes to such address. 

  
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 (e) Executive shall not be entitled to any other salary, bonuses, employee
benefits or other compensation after termination of his employment for reason other than a Triggering Event, except as otherwise specifically provided for under an Employment Agreement, the Company’s employee benefit plans or as otherwise
expressly required by applicable law. 
 3. Employment Status. This Agreement does not constitute an employment
agreement between the Company and Executive, but rather provides for the payment of severance compensation to Executive on the termination of his employment with the Company under the conditions described in this Agreement. This Agreement does not
guarantee the continued employment of Executive by the Company or the payment of any other amount of compensation. 
 4.
Governing Law. This Agreement shall be subject to and construed in accordance with the laws of the State of Florida, without giving effect to its principles of conflict of laws. 

5. Venue; Legal Fees. Any action brought to enforce or to test the enforceability of any provision of this Agreement, shall
be brought in either the United States District Court for the Middle District of Florida or the Circuit Court of Pinellas County, Florida. In any legal proceeding arising out of this Agreement, the losing party shall reimburse the prevailing party,
on demand, for all costs incurred by the prevailing party in connection with such legal proceeding, including reasonable attorneys’ fees and costs. 
 6. Assignability. This Agreement shall be binding upon and inure to the benefit of the Company, and may be assigned by the Company to any person or firm who may succeed to the majority of
the assets of the Company. This Agreement shall not be assignable by Executive. 
 7. Notices. Any and all
notices, designations, consents, offers, acceptance or any other communications provided for herein shall be given in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested,
addressed in the case of the Company to its registered agent or in the case of Executive to his last known address. 
 8.
Entire Agreement. 
 (a) This Agreement supersedes the Prior Agreement and constitutes the entire
agreement among the parties with respect to the payment of severance compensation upon the occurrence of certain events in connection with a change of control as defined herein and supersedes any and all other agreements, either oral or in writing,
among the parties hereto with respect to the subject matter hereof. 
 (b) Notwithstanding the foregoing, this
Agreement is not intended to supersede, terminate, alter, or modify any provision in Executive’s Employment Agreement; provided however that this Agreement is intended to be mutually exclusive of the severance payment provisions found in any
such Employment Agreement such that if Executive receives Severance Compensation under this Agreement, he shall not be entitled to receive any severance payments under any such Employment Agreement, and to the extent any such severance payments have
been made, they shall be credited against payments due under this Agreement. 
 (c) This Agreement may be
executed in one or more counterparts, each of which shall be considered an original copy of this Agreement, but all of which together shall evidence only one agreement. 

  
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 9. Amendment and Waiver. This Agreement may not be amended except by an
instrument in writing signed by or on behalf of each of the parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the person or party to be charged. 

10. Case and Gender. Wherever required by the context of this Agreement, the singular or plural case and the masculine,
feminine and neuter genders shall be interchangeable. 
 11. Captions. The captions used in this Retention
Agreement are intended for descriptive and reference purposes only and are not intended to affect the meaning of any Section hereunder. 
 12. Section 409A. This Agreement is intended to comply with the applicable requirements of Section 409A of the Code and shall be construed and interpreted in accordance therewith.
Notwithstanding the preceding, the Company shall not be liable to Executive or any other person if the Internal Revenue Service or any court or other authority having jurisdiction over such matter determines for any reason that any payments under
this Agreement are subject to taxes, penalties or interest as a result of failing to comply with Section 409A of the Code. 

13. Delay of Payment. Notwithstanding any other provision of this Agreement, if Executive is a “specified
employee” within the meaning of Section 409A of the Code, to the extent necessary to comply with Section 409A of the Code, no payments (which are not otherwise exempt) may be made hereunder before the date which is six months after
Executive’s separation from service or, if earlier, his death. Any amounts which would have otherwise been required to be paid during such six months or, if earlier, until Executive’s death, shall be paid to Executive in one lump sum cash
payment on the first payroll date after the date which is six months after Executive’s separation from service or, if earlier, after Executive’s death. Any other payments scheduled to be made under this Agreement shall be made and provided
at the times otherwise designated in this Agreement disregarding the delay of payment for the payments described in this Section 13. Additionally, notwithstanding any other provision of this Agreement, Executive will only be entitled to
receive payment on termination of his employment when the termination of employment qualifies as a “separation from service” within the meaning of Section 409A of the Code. Each installment under this Agreement shall be regarded as a
separate “payment” for purposes of Section 409A. 
 (signature page follows) 

  
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 IN WITNESS WHEREOF, the Company has caused this Retention Agreement to be signed by its duly
authorized officer and Executive has hereunto set his hand and seal on the day and year first above written. 
  

					
	AEROSONIC CORPORATION
		
	By:	 	 /s/ Douglas J. Hillman

		 	Name:	 	Douglas J. Hillman
		 	Title:	 	President and Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Scott R. Kempshall

	SCOTT R. KEMPSHALL

  
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 Exhibit A 

TERMINATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS 
 The undersigned Scott R. Kempshall (“Executive”), in consideration of the performance by AEROSONIC CORPORATION, a Delaware corporation (the “Company”), of its
obligations to Executive under the Retention Agreement, dated as of the 18th day of April 2013, between the Executive and the Company (the “Retention Agreement”), and in accordance with Section 2(b) of the Retention Agreement,
hereby agrees as follows: 
 1. Executive agrees that the payment of the Severance Compensation to Executive under the Retention
Agreement represents, in part, consideration for signing and delivering timely to the Company this Termination Agreement and General Release of all Claims (this “General Release”) and is in excess of all monies or anything else of
value owed to him/her by the Company to which Executive is already entitled. Executive agrees that he/she will not receive the Severance Compensation under the Retention Agreement unless and until he/she signs and delivers to the Company within
sixty (60) days after the Triggering Event, and does not revoke, this General Release. Capitalized terms not defined herein have the meaning given to them in the Retention Agreement. 

2. Except as provided in Section 5 below, Executive, for himself/herself and his/her heirs, successors, and assigns, and
anyone claiming by or through them (collectively, the “Releasing Parties”), hereby irrevocably and unconditionally releases, waives, and forever discharges the Company, its parent, subsidiaries and affiliates, and each of their
respective directors, officers, managers, agents, attorneys, present and former employees, partners, investors, stockholders, members, insurers, predecessors, successors, assigns, and representatives (the “Released Parties”), from
any and all actual or potential claims, complaints, liabilities, obligations, promises, actions, causes of action, liabilities, agreements, damages, costs, debts, and expenses of any kind, whether known or unknown, that the Releasing Parties have
ever had or now have from the beginning of time through the date Executive executes this General Release (collectively, the “Released Claims”). Without limitation, the Released Claims include all claims arising out of, related to or
connected with Executive’s employment, or the termination of his/her employment, with the Company, the payment of wages, salary, accrued vacation pay, or any other benefit Executive received or claims he/she should have received in connection
with his/her employment; all claims under Title VII of the Civil Rights Act of 1964, as amended; (42 U.S.C. § 2000e, et seq.); the Civil Rights Acts of 1866, 1871 and 1991, all as amended; 42 U.S.C. § 1981; the Family and Medical Leave Act
of 1993, as amended (29 U.S.C. § 2601, et seq.); the Americans With Disabilities Act, as amended (42 U.S.C. § 12101, et seq.); the Rehabilitation Act of 1973, as amended (29 U.S.C. § 793-94); the Fair Labor Standards Act, as amended
(29 U.S.C. § 201, et. seq.); the Equal Pay Act of 1963, as amended (29 U.S.C. § 206); the Employee Retirement Income Security Act, as amended (29 U.S.C. § 1001, et seq.); the Consolidated Omnibus Budget Reconciliation Act of 1985 (29
U.S.C. § 1161, et seq.); the Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.); the Older Workers Benefit Protection Act of 1990 (29 U.S.C. § 623); the National Labor Relations Act (NLRA); the Occupational Safety and
Health Act (OSHA); and any other federal or state whistle-blower statute or regulation; Chapter 760 of the Florida Civil Rights Act of 1992, as amended; any provision of Chapters 250, 440, 443, 447, 448, and 760 of Florida Statutes; the Florida
General 

  
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Labor Regulations, as amended; any other state law, rule or regulation of any other state; any local ordinance; workers’ compensation retaliation statutes; and any other federal, state or
local statute, rule, regulation or ordinance; any obligations under, arising out of, or related to any contracts, offer letter agreements, offer letters, bonus agreements or plans, other compensation agreements or plans, or any other actual or
quasi-contract, including but not limited to, salary payments, bonus payments, benefits, stock, or stock options; common law claims, including but not limited to claims of intentional or negligent infliction of emotional distress, negligent hiring,
retention, training or supervision, defamation, invasion of privacy, breach of a covenant of good faith and fair dealing, breach of fiduciary duty, breach of express or implied contract, promissory estoppel, negligence or wrongful termination of
employment; any claims for or to past or future unpaid salary, commissions, bonuses, incentive payments, expense reimbursements, health care benefits, life insurance, disability insurance and any other income or benefits the Releasing Parties
received or claim they should receive; and all other claims of any kind arising out of, related to or connected with Executive’s employment, or the termination of his/her employment, with the Company, including but not limited to any claims for
attorneys’ fees related thereto. 
 3. The Releasing Parties covenant not to sue any Released Party for any Released Claim.
The Releasing Parties represent and warrant that they have not filed any complaint, claim or charge against a Released Party with any local, state or federal agency or court. The Releasing Parties agree that, if any such agency or court assumes the
prosecution or jurisdiction of any complaint or charge against a Released Party, the Releasing Parties will immediately dismiss the complaint or charge and/or will immediately request such agency or court to dismiss and withdraw from the matter, and
the Releasing Parties will not support the effort of anyone else or any entity that might file an action against a Released Party. In the event the Releasing Parties fail or refuse to undertake these obligations, the Releasing Parties agree that
this General Release shall operate to effectuate his/her/their dismissal or withdrawal of such complaint, charge or claim and that the Releasing Parties will forward to the Released Party any monies the Releasing Parties receive from such complaint,
charge or claim. 
 4. The Releasing Parties represent and warrant that they have not assigned or otherwise transferred any
interest in any Released Claim. The Releasing Parties shall not commence, join in, or in any manner seek relief through any suit arising out of, based upon, or relating to any Released Claim. The Releasing Parties represent and warrant that they are
not aware of any claim other than the Released Claims that are released by this General Release. The Releasing Parties acknowledge that he/she/they may hereafter discover claims or facts with respect to claims which arose on or prior to the date
hereof in addition to or different than those which such party now knows or believes to exist with respect to the subject matter of this General Release and which, if known or suspected at the time of entering into this General Release, may have
materially affected this General Release and such party’s decision to enter into it. Nevertheless, the Releasing Parties hereby waive any right, claim or cause of action that might arise as a result of such different or additional claims or
facts. 
 5. The Released Claims shall not include (a) Executive’s rights to any Severance Compensation expressly
payable under the Retention Agreement and in accordance with the terms therein, (b) any right to benefits under any welfare, retirement, or health insurance plan maintained by the Company, if applicable, (c) any right under applicable law
or any policy 

  
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maintained by the Company for insurance continuation or conversion rights, (d) any right to indemnification by the Company under its organizational documents or otherwise with respect to
acts or omissions occurring during the Executive’s employment with the Company, and (e) any claim that cannot be released or waived under applicable law. The Releasing Parties affirm that Executive has been paid and/or has received all
leaves (paid or unpaid), compensation, wages, overtime, bonuses, commissions, and/or benefits, if any, to which Executive may be entitled, except with respect to (i) those payments of Severance Compensation to be made after the date hereof
pursuant to the terms of the Retention Agreement, and (ii) benefits under insurance plans (including COBRA rights under the Company’s health plans) and any retirement plans of the Company. 

6. Executive acknowledges, certifies and affirms that: 
  

	 	a.	Executive acknowledges and agrees that he/she has completely disclosed to Company management, in writing, any and all incidents, events, procedures, practices or
occurrences, that he/she is aware of, which have the potential of exposing the Company to any federal, state, or local civil monetary penalty or exclusion claim or any other claim that Executive believes may have resulted in a violation of any other
federal, state, or local statutes, rules, regulations or guidelines. 

  

	 	b.	Executive further acknowledges that he/she is not aware of any unreported work related illness or injury that he has suffered that would entitle him to Workers’
Compensation benefits. 

 7. If any provision of this General Release is held invalid, unenforceable or void to
any extent by a court of competent jurisdiction, the provision shall be modified, if possible, by reducing its duration and scope to allow enforcement of the maximum permissible duration and scope. The Company reserves the right to rescind the
Executive’s rights under the Retention Agreement and recover all Severance Compensation paid under the Retention Agreement if any provision of this General Release is held invalid, unenforceable or void. 

8. This General Release does not waive or release the Executive from any contractual or legal obligation to the Company, including, but
not limited, to any non-competition, non-solicitation, or other restrictive covenants already in existence (“Restrictive Covenants”). All such Restrictive Covenants remain in full force and effect. 

9. In accordance with the Older Workers Benefit Protection Act of 1990, the Executive represents and acknowledges that: 

 

	 	a.	This General Release and the underlying Retention Agreement are written in a manner the Executive understands; 

 

	 	b.	By execution of this General Release, the Executive does not waive rights or claims that arise after the date of its execution; 

  
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	 	c.	The Executive has been advised by the Company to consult with an attorney prior to the execution of this General Release, and has had the opportunity to do so;

  

	 	d.	The Executive waives all rights under the Age Discrimination in Employment Act (“ADEA”), including without limitation any claim for age discrimination under
the ADEA, in return for the consideration provided for in this General Release and the Retention Agreement, which is in excess of anything of value to which the Executive is already entitled; 

 

	 	e.	The Executive has been given a reasonable period of time, up to and including twenty-one (21) calendar days if the Executive wishes, to consider whether to sign
this General Release. Any change to the Retention Agreement or the General Release, whether material or immaterial, shall not re-start the twenty-one (21) day review period; 

 

	 	f.	The Executive understands that s/he has seven (7) calendar days after signing this General Release to revoke it, after which time the General Release becomes
binding and enforceable (the “Revocation Period”). To revoke this General Release, Executive shall deliver notice of such election in writing to the Company’s Chief Executive Officer before 5:00 p.m. on the seventh day after
execution. If the seventh day does not fall on a business day, then the Revocation Period shall be deemed extended to 5:00 p.m. the next business day; and 

  

	 	g.	The Executive understands and agrees that the Company shall be under no obligation whatsoever to provide the consideration and Benefits set forth in the Retention
Agreement unless s/he executes (and does not revoke) this General Release. 

 10. This General Release has been
delivered in the State of Florida and shall be governed by and construed in accordance with the laws of the State of Florida. Any action based upon or arising out of this General Release shall lie exclusively in the federal or state courts having
jurisdiction over Pinellas County, Florida. Executive agrees to waive any right to have any issue resolved by a jury and to cede to the Court all matters of law and fact for resolution. This General Release shall not be construed to waive any right
of removal that may apply to any action filed in any court. 
 11. This General Release shall be binding upon the Releasing
Parties and their respective heirs, devisees, legal representatives, personal representatives, successors, and assigns. 
 12.
If a Releasing Party challenges the validity of this General Release or violates this General Release by suing the Company or any other Released Parties for a Released Claim, he/she/they will pay all costs and expenses of defending against the suit
incurred by the Released Parties, including reasonable litigation costs and attorneys’ fees. 

  
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 EXECUTIVE ACKNOWLEDGES BY EXECUTIVE’S SIGNATURE THAT EXECUTIVE HAS CAREFULLY READ AND FULLY UNDERSTANDS
ALL OF THE PROVISIONS OF THIS GENERAL RELEASE. EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST THE RELEASED PARTIES.

  

									
	EXECUTED:                  , 20    	 	  

				
		 		 	Executive Name:	 	  

			
		 		 	Last Four Digits of Social Security Number:
					
		 		 	  
	 		 	
				
	WITNESS:	 		 		 	
				
	  
	 		 		 	
					
	Name:	 	  
	 		 		 	

  
 11EX-10.1

 [ * ] = Certain confidential information contained in this document, marked by brackets, is filed with
the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

Exhibit 10.1 
 CLINICAL TRIAL COLLABORATION AGREEMENT 
 This Clinical Trial Collaboration
Agreement (this “Agreement”) is made and entered into as of April 18, 2013 (the “Effective Date”) between ARCA biopharma, Inc., a Delaware corporation (hereinafter “ARCA”), and Medtronic, Inc.,
a Delaware corporation (hereinafter “Medtronic”). 
 INTRODUCTION 

A. ARCA is a drug development company, with capabilities related to the clinical development of cardiovascular drugs, the efficacy
and safety of which for patients may be improved through the use of genetic biomarkers.  
 B. ARCA is developing
the Drug Product and is planning to conduct the GENETIC-AF Trial as the next clinical study of the Drug Product, which will include the Phase 2B Study (as such terms are hereinafter defined). 

C. Medtronic is a leader in the field of developing and commercializing medical device technology, including the Reveal device, as
hereinafter defined. 
 D. ARCA desires to collaborate with Medtronic and utilize Medtronic’s capabilities in
cardiac monitoring and analysis, including use of the Reveal device in the Phase 2B Study, and Medtronic is interested in obtaining additional clinical cardiac monitoring data, including data on the use of the Reveal device in the Phase 2B Study;

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 In addition to terms defined elsewhere in this Agreement, for purposes of this Agreement, the terms defined in this Article I shall have the following meanings. Definitions are not dependent on whether a
defined term is used in its singular or plural form. Use of the singular includes the plural and vice versa, unless the context requires otherwise. 
 “Act” means the U.S. Food, Drug and Cosmetic Act, as amended, 21 U.S.C. 301 et. seq., and the regulations promulgated thereunder. 

“AF Burden” means the amount of time the heart is in atrial fibrillation, regardless of whether the patient is
symptomatic. 
 “Affiliate” means, with respect to any Party, any corporation or other entity that, directly or
indirectly, by itself or through one or more intermediaries, controls, or is controlled by, or is under common control with such party, or has the power to direct or cause the direction of the

 
management and policies of a Party, whether through the ownership of voting securities, by contract or otherwise. Control will be presumed if one Party owns, either of record or beneficially,
more than 50% of the voting stock of any other Party, at the applicable time during the term of this Agreement. When used in this definition the word “control” is not intended to be a form of the defined term “Controlled”.

 “ARCA Field” means the field of pharmaceutical therapeutics, including any companion genetic diagnostic
which is indicated for use with a pharmaceutical therapeutic. 
 “Bankruptcy Event” means the occurrence of any
of the following: voluntary or involuntary proceedings by or against such Party are instituted in bankruptcy or under any insolvency law, or a receiver or custodian is appointed for such, or proceedings are instituted by or against such Party for
corporate reorganization or the dissolution of such Party, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date of filing, or such Party makes an assignment for the benefit of its creditors, or
substantially all of the assets of such Party are seized or attached and not released within sixty (60) days thereafter. 

“Bucindolol” means the beta-adrenergic-receptor antagonist having the chemical formula bucindolol HCL
(oral)2-{2-hydroxy-3{{2-(3-indolyl)-1, 1-dimethylethyl}amino}propxy}-benzonit, and its racemates, isomers, prodrugs, active metabolites, analogs and any pharmaceutically acceptable salt or complex thereof. 

“CareLink” or the “CareLink System” means Medtronic’s proprietary remote
monitoring service that provides secure access to data from patients who have certain Medtronic cardiac medical device implants, including Reveal, that is currently marketed by Medtronic under the CareLink® trademark. 
 “CareLink Data” means data received by CareLink from the Medtronic Devices implanted in the patients in GENETIC-AF who are enrolled in CareLink, including information measuring AF Burden,
for the applicable Data Collection Period. 
 “Change of Control” means an event as a result of which the
holders of the outstanding voting securities of a Party or the Persons with the power to direct or cause the direction of the management and policies of a Party as of the Effective Date of this Agreement cease to own a majority of the outstanding
voting securities of such Party or the power to direct or cause the direction of the management and policies of such Party. When used in this definition the word “control” is not intended to be a form of the defined term
“Controlled”. 
 “Controlled” means the legal authority or right of a Party hereto to grant a license
or sublicense of intellectual property rights to another Party hereto, or to otherwise disclose proprietary or trade secret information to such other Party, without breaching the terms of any agreement with a Third Party, infringing upon the
intellectual property rights of a Third Party, or misappropriating the proprietary or trade secret information of a Third Party. 
 “CRMA Services” means the collection and analysis by Medtronic pursuant to Sections 5.1-5.3 of this Agreement of cardiac rhythm data collected from patients while they are enrolled in the
Phase 2B or Phase 3 portion of the GENETIC-AF trial through the use of Medtronic Devices implanted by physicians. 

“Data Collection Period” means the period during which the Protocol requires the CRMA Services to collect data for the
patients. 

  
 Clinical Trial
Collaboration Agreement—Confidential—Page 2 
 [ * ] = Certain confidential information contained in this document, marked by
brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 “De-identify” and “De-identification” mean removal of
information that identifies individuals in a manner that conforms with the standard in Section 164.514 (a) of the HIPAA Privacy Rule. 
 “Drug Product” means any pharmaceutical preparation in finished dosage form containing Bucindolol for administration to human patients. 

“Drug Product Application” means the application needed to obtain Drug Product Approval in any particular country or
jurisdiction in the world, such as an NDA. 
 “Drug Product Approval” means the regulatory approval of the Drug
Product by a regulatory authority in any country , such as the approval by the FDA of a NDA for the Drug Product. 

“FDA” means the United States Food and Drug Administration or any successor agency thereto. 

“GENETIC-AF” means the Phase 3 clinical trial described in Section 2.1. 

“Governmental Authority” means any applicable federal, state, local or other governmental body with jurisdiction over
the applicable subject matter. 
 “HIPAA” means the Health Insurance Portability and Accountability Act of
1996, Public Law 104-191 and the regulations promulgated thereunder. 
 “ICD” means implantable cardioverter
defibrillator. 
 “Know-How” means all proprietary material and information including data, clinical data,
technical information, know-how, experience, inventions, discoveries, trade secrets, compositions of matter and methods, process, techniques, products, materials and compositions. 

“Medtronic Device” means a Reveal or a Medtronic CRT or ICD with atrial leads. 

“Medtronic Field” means the field relating to electrical monitoring and implanted medical devices for humans and
animals. 
 “NDA” means a New Drug Application for marketing approval of the Drug Product, filed with the FDA.

 “Party” means ARCA or Medtronic, and “Parties” means ARCA and Medtronic. 

“Patents” means all existing patents and patent applications and all patent applications hereafter filed, including any
continuation, continuation-in-part, division, provisional or any substitute applications, any patent issued with respect to any such patent applications, any reissue, reexamination, renewal or extension (including any supplementary protection
certificate) of any such patent, and any confirmation patent or registration patent or patent of addition based on any such patent, and all foreign counterparts of any of the foregoing. 

“Person” means any individual, corporation, partnership, association, joint-stock company, trust, unincorporated
organization or government or political subdivision thereof. 
 “Phase 2B Study” means the initial Phase 2
portion of the GENETIC-AF trial. 
 “Phase 3 Portion” means the continuation of the GENETIC-AF trial beyond 200
patients enrolled, up to approximately 620 patients enrolled. 

  
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 “Primary Publication” means publication of trial results for the first
time, in contrast to review articles. 
 “Protocol” means the protocol for the Phase 2B Study a summary of
which is attached hereto as Appendix A, as amended from time to time in the manner provided for in this Agreement. 

“Regulatory Approval” means any and all approvals, clearances or other authorizations of the FDA necessary for the
commercial sale of Drug Product for human use in the United States. 
 “Regulatory Authority” means any
Governmental Authority with jurisdiction over drug products or medical devices intended for human use in the United States, including in the United States, the FDA. 

“Reveal” means Medtronic’s REVEAL®XT implantable cardiac monitor, and next generation equivalent product. 
 “Steering Committee” means the steering committee established pursuant to section 5.6. 
 “Territory” means world-wide. 
 “Third Party”
means any person or entity that is not a Party or an Affiliate of any Party to this Agreement. 
 “Trial
Sponsors” means Third Parties that may provide financing for the GENETIC-AF trial, including the United States Department of Veterans Affairs, the National Institutes of Health, or commercial pharmaceutical companies. 

ARTICLE II 

CONDUCT OF STUDY 
 2.1 GENETIC-AF Clinical Trial Background. 
 ARCA intends to conduct one or
more clinical trials of the Drug Product. GENETIC-AF is the first clinical trial, which is anticipated to be a 620-patient, Phase 3 study comparing the Drug Product to metoprolol CR/XL for prevention of atrial fibrillation,
post-cardioversion, in patients with heart failure and reduced left ventricular ejection fraction (“HFREF”), the protocol summary for which is attached hereto as Appendix A. GENETIC-AF is planned as an adaptive design, according to
which it will be initiated as a Phase 2b study in approximately 200 HFREF patients and will measure AF Burden as a clinical endpoint in all of those patients, through the use of implanted insertable cardiac monitors, ICD’s or cardiac
resynchronization therapy devices (the “Phase 2B Study”). GENETIC-AF may be expanded to a Phase 3 study in a total of approximately 620 patients depending on the outcome of the initial Phase 2B Study, as more specifically described
in Section 5.4 hereof. Although it is anticipated that GENETIC-AF may have one or more Trial Sponsors in addition to ARCA, [ * ] when permitted under Section 5.1(a) hereof. 

2.2 Conduct of GENETIC-AF. 
 (a) ARCA shall conduct GENETIC-AF at no cost to Medtronic, other than the costs incurred by Medtronic to perform the obligations it assumes in this Agreement. GENETIC-AF shall be conducted in
accordance with the requisite approvals of the FDA, and according to the Protocol, provided, that the Protocol may be revised based on the determination of the Steering Committee as a result of FDA guidance or other factors. 

  
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 (b) The sponsors of GENETIC-AF shall comply with all applicable laws and regulations
governing sponsors of clinical trials and shall be responsible for complying with agreements with the institutions representing the investigative sites, and providing appropriate information to and monitoring of the investigators so that GENETIC-AF
is performed by those investigators in conformance with generally accepted standards of good clinical practice, with the Protocol and with all applicable local, state and federal laws and regulations governing the performance of clinical
investigations including, but not limited to, the United States Food, Drug and Cosmetic Act and the regulations of the FDA. ARCA shall be responsible for and have the sole authority to conduct all regulatory activities required to secure FDA
approval of GENETIC-AF 
 (c) The sponsors of GENETIC-AF shall be responsible, subject to the responsibilities of the
investigators selected and the institutions, and contract research organizations engaged by ARCA, for the conduct of all aspects of GENETIC-AF, including protocol design study management, and data analysis (except for the data analysis Medtronic
conducts as part of the CRMA Services. Medtronic, through its participation in the CRMA Committee and the Steering Committee, will provide review of any investigators and institutions involved in the Phase 2B Study and provide site recommendations
to ARCA. Additional site support from Medtronic requires prior mutual agreement by ARCA and Medtronic. All compensation of such investigators and institutions shall be the responsibility of ARCA. Except as otherwise set forth in this Agreement
relating to Medtronic’s obligations, ARCA shall be responsible for the payment of all costs relating to GENETIC-AF, whether direct or indirect. 
 (d) ARCA shall include in the informed consents and research authorizations required to be signed by GENETIC-AF participants the appropriate language to permit the Parties to have access to and
utilize the data as provided in this Agreement and in compliance with state and federal laws, including HIPAA. 
 (e)
ARCA shall enroll the first patient in the Phase 2B Study no later than December 1, 2014. 
 ARTICLE III

 LICENSE GRANTS 
 3.1 License in the Medtronic Field. Subject to and in accordance with the other provisions of this Agreement, ARCA hereby grants to Medtronic (and its Affiliates) an exclusive perpetual, worldwide,
non-royalty-bearing, and fully paid-up license to use the De-identified Study Data for research and commercial purposes (including, but not limited to regulatory, IP filings, and marketing claims support) in the Medtronic Field. 

3.2 License in the ARCA Field. Subject to and in accordance with the other provisions of this Agreement, Medtronic hereby grants
to ARCA and its Affiliates an exclusive perpetual, worldwide, non-royalty-bearing, and fully paid-up license to use the CareLink Data for research and commercial purposes (including, but not limited to regulatory, IP filings, and marketing claims
support) in the ARCA Field. 

  
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 3.3 No Implied Licenses. Except as specifically set forth in this Agreement, neither
Party shall acquire any license or other intellectual property interest, by implication or otherwise, to any information disclosed to it under this Agreement or under any Patents or Know-How Controlled by the other Party or its Affiliates. The
rights granted to Medtronic in this Agreement convey no rights to the development, manufacture, use, sell, offer for sale, importation or any other rights to the Drug Product, which rights are expressly reserved exclusively to ARCA, and shall not
interfere with or restrict, in any way, ARCA’s rights, or those of its licensees, to develop, make, have made, perform, use, sell, offer for sale, import or otherwise commercialize the Drug Product. The rights granted to ARCA in this Agreement
convey no rights to the development, manufacture, use, sell, offer for sale, importation or any other rights to Reveal, which rights are expressly reserved exclusively to Medtronic, and shall not interfere with or restrict, in any way,
Medtronic’s rights, or those of its licensees, to develop, make, have made, perform, use, sell, offer for sale, import or otherwise commercialize Reveal. 
 3.4 Right of First Refusal. ARCA shall not use the Combined Study Data outside the ARCA Field unless Medtronic first declines to participate with ARCA in the proposed joint activity. ARCA shall
give Medtronic written notice of its interest in using the Combined Study Data outside the ARCA Field, which notice shall contain a summary of ARCA’s proposed activity. Medtronic shall promptly respond in writing. Medtronic shall be deemed to
have declined to participate if it fails to give ARCA written notice of its interest (“Interest Notice”) no more than 30 days (or such longer period that ARCA may agree to in writing) after ARCA’s notice. In the event that
Medtronic provides the Interest Notice, both Parties shall negotiate the terms of a definitive agreement concerning the proposed joint activity in good faith. If the Parties are unable to enter into a definitive agreement for the proposed activity
within 60 days after the Interest Notice (or such longer period after the Interest Notice that the parties may agree to in writing), either Party may give written notice terminating the discussions and ARCA shall be free to use the Combined Study
Data outside the ARCA Field (but not in the Medtronic Field) for the activity proposed by ARCA. 
 ARTICLE IV 

GENERAL; CRMA COMMITTEE 
 4.1 CRMA Committee. In accordance with the terms and conditions of this Agreement, the Parties shall consult with a committee (the “CRMA Committee”) which shall be comprised of an
equal number of representatives from each of ARCA and Medtronic and which shall oversee the Medtronic-ARCA collaboration and all other activities provided for under this Agreement. The CRMA Committee may have up to eight members and may add, as
appropriate, representatives of any Third Party vendor (if any) retained by Medtronic to assist in the CRMA Services under this Agreement. Each of ARCA and Medtronic shall, as soon as practical, notify the other Party in writing of the names of its
representative members to the CRMA Committee. The CRMA Committee will be co-chaired by one co-chairperson designated by ARCA and one co-chairperson designated by Medtronic. Members of the CRMA Committee shall serve in such capacities, on such terms
and conditions, and for such duration as shall be determined by the Party appointing same. Each Party may designate an alternate member or co-chairperson to serve temporarily in the absence of a permanent member or co-chairperson designated by such
Party. Each Party may from time to time change its co-chairperson or its representative members on the CRMA Committee by notifying the other party in writing. 

  
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 4.2 Meetings of the CRMA Committee. Unless otherwise agreed by the Parties from time
to time, the CRMA Committee will meet at such times and places and with such frequency as determined by the Parties, but no less frequently than annually. The CRMA Committee may conduct meetings in person or by conference telephone or video
conference, and may also act without a meeting if approved by each co-chair (or his/her designee). The co-chairs will keep minutes reflecting actions taken at meetings, which the Parties will use their reasonable efforts to cause to be circulated
and signed by each co-chair following each meeting. The CRMA Committee may amend or expand upon the foregoing procedures for its internal operation at a meeting of the CRMA Committee or by written agreement of the Committee co-chairs. 

4.3 Functions and Powers of the CRMA Committee. The CRMA Committee shall oversee the Medtronic-ARCA collaboration and all other
activities provided for under this Agreement, including the following functions: 
 (a) Coordinate the provision of the
CRMA Services by Medtronic for the Phase 2B Study, and the preparation of the Combined Study Data and the provision of the De-identified Study Data; 
 (b) consult with both Parties on the analysis Medtronic performs on the CareLink Data; 
 (c) in connection with any regulatory submissions regarding the Drug Product and that 1) involve the CRMA Services, and 2) relate to the Phase 2B Study, the GENETIC-AF Trial, or any submission
relating to Regulatory Approval of the Drug Product based on the GENETIC-AF Trial, consult with both Parties concerning the filing and coordinate any input from Medtronic in the filings as necessary or advisable; 

(d) coordinate the provision of the CRMA Services for the Phase 3 Portion of GENETIC-AF, if it is conducted. 

(e) perform such other functions as appropriate to further the purposes of this Agreement as determined by the Parties.

 4.4 CRMA Committee Actions or Decisions. Actions or decisions by the CRMA Committee pursuant to the terms of this
Agreement shall be taken or made by the unanimous vote of the co-chairpersons of the CRMA Committee. 
 4.5 Limits of Powers
of the CRMA Committee. The CRMA Committee shall only have such powers as are specifically delegated to it hereunder or as the Parties may otherwise agree in writing from time to time. The CRMA Committee is not empowered to take actions that
violate this Agreement. For the avoidance of doubt, the CRMA Committee shall not have the authority to modify the Protocol or any of the other powers delegated to the Steering Committee. 

4.6 Disputes. If the CRMA Committee fails to reach agreement on a matter before it for consideration, then either Party may by
written notice to the other Party invoke the dispute resolution procedure set forth in Article X, unless otherwise indicated in this Agreement. 
 4.7 Agendas. Each Party will notify the other a reasonable period prior to the date of a meeting of the CRMA Committee, proposing the agenda items it wishes to discuss at such meeting.

  
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Notwithstanding the foregoing, the CRMA Committee shall be free to consider any matter related to this Agreement which is within the scope of its responsibilities and is brought to its attention
by any Party at any meeting. 
 4.8 Publications. ARCA may publish GENETIC-AF Trial findings. For Primary Publications
the design and content will be determined in consultation with the Steering Committee. ARCA will consult with Medtronic regarding publications if CareLink Data is included as part of publication and coordinate timing to permit Medtronic to file
applications for appropriate patents if applicable. Such consultation and review period shall not be longer than 45 days. Medtronic may publish findings specific to the Medtronic Field of Use, in consultation with the Steering Committee for Primary
Publications. Medtronic will consult with ARCA regarding publications and coordinate timing to permit ARCA to file applications for appropriate patents if applicable. Such consultation and review period shall not be longer than 45 days. 

ARTICLE V 

PHASE 2B STUDY; CRMA SERVICES 
 5.1 Phase 2B Study Design; CRMA Services. The Parties shall meet as soon as reasonably practical, but no less than 120 days prior to enrollment of the first patient in the GENETIC-AF trial to
discuss the GENETIC-AF trial Protocol and the design of the Phase 2B Study, including a substudy to monitor and analyze AF Burden (the “AF Burden Substudy”). The Parties shall negotiate in good faith to agree on the specific
elements of the AF Burden Substudy and the CRMA Services for the AF Burden Substudy to be provided by Medtronic (“AF Burden Substudy Protocol”), which shall be signed by the parties and appended to this Agreement as Appendix B by
August 15, 2013. It is not bad faith for Medtronic to refuse to agree to undertake obligations in the AF Burden Substudy Protocol that materially exceed the obligations it agrees to undertake in this Agreement. Unless otherwise agreed- to by
the Parties, the Protocol, the AF Burden Substudy Protocol, and the CRMA Services shall contain the relevant elements set forth in this Article V. Once agreed upon by the Parties, the AF Burden Substudy Protocol, and the applicable elements of the
GENETIC-AF trial Protocol shall not be varied without the agreement of Medtronic; provided, that the Steering Committee at all times retains discretion over the conduct of GENETIC-AF, including the discretion to make changes to the Protocol, the AF
Burden Substudy Protocol, or the conduct of GENETIC-AF whenever it deems such changes advisable for any reason. 
 (a)
Medtronic will use its CareLink System and the Medtronic Devices implanted in patients in the Phase 2B Study to support the collection and analysis of AF burden data from up to 200 patients enrolled in the Phase 2B Study. [ * ] The AF Burden
Substudy Protocol will require that the patients in the Phase 2B Study will either have an existing implanted Medtronic Device, or will have a Reveal inserted as part of enrollment in the Phase 2B Study. The AF Burden Substudy Protocol will also
require that all patients be enrolled in CareLink. Notwithstanding the foregoing, the AF Burden Substudy Protocol may permit trial participants to have monitoring devices other than the Medtronic Devices (“Competitive Device”)
implanted or inserted, if the Medtronic Devices or the CareLink System are not available to patients in the GENETIC-AF Trial without unreasonable delay, due to voluntary or involuntary product recalls,. Medtronic has no obligation to provide CRMA
Services in connection with Competitive Devices. 

  
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 (b) The investigator nomination criteria will either require that all candidates are
CareLink users or attempt to determine which investigators are not CareLink users. If physicians who are not CareLink users are selected to participate in the Phase 2B Study, ARCA shall supply Medtronic with the names of such physicians and the
business entity with which they are affiliated as soon as practical. Medtronic shall thereafter offer such investigators who are not current CareLink users Medtronic’s standard CareLink Agreement and Business Associate Agreement, and shall
negotiate in good faith to execute such agreements with the investigators. 
 5.2 The Parties shall agree on an
enrollment plan for the Phase 2B Study to ensure that all patients eligible for the study are actively enrolled, including those with existing Medtronic Devices and those willing to have a Reveal device implanted. ARCA, through the Steering
Committee, will exercise its best efforts to ensure that enrollment is at a rate likely to result in at least [ * ] of the patients enrolled in the Phase 2B Study having a Reveal device as a means of continuous monitoring (as opposed to another type
of Medtronic Device). Eligible patients without a Medtronic Device will be implanted with a Reveal without unreasonable delay, which may result in substantially more than [ * ] of the Phase 2B Study participants receiving a Reveal device. If, in the
course of the Phase 2B Study, the Steering Committee concludes for any reason that the [ * ] Reveal device criterion is unable or impractical to be met, the CRMA Committee will determine if it is appropriate to continue the trial at a lower Reveal
proportion of the total number of monitoring devices. Medtronic shall ensure that sufficient Reveal devices and patient monitors are reasonably available to all Phase 2B Study sites, in order to meet the [ * ] threshold and avoid unreasonable delay
in the enrollment process. In addition, Medtronic shall provide training and technical support for Medtronic Devices, including training relating to insertion and use of Reveals, to the investigators. Medtronic will support the reimbursement process
for Reveal and the patient monitors, including insertion, by providing information about reimbursement opportunities to investigators. If reimbursement for the Reveal device and patient monitor is denied for a patient who receives one during
enrollment in the Phase 2B Study after the implanting physician has made reasonable efforts and cooperated with Medtronic in pursuit of reimbursement, [ * ], taken in the order of reimbursement denial, by [ * ]. The Parties agree that the
payments made by Medtronic hereunder: (a) are consistent with the fair market value of the applicable services and are inclusive of any and all applicable fees, personnel costs, overhead and the like; and (b) have not been determined in a
manner that takes into account the volume or value of any referrals or business otherwise generated between the Parties and any third party. The Parties also agree that the payments made by Medtronic described in this Section 5.2
constitute the complete and full compensation owed by Medtronic to ARCA for the work performed under this Agreement and Medtronic shall not be liable to ARCA or to any third party for any other payments which may be associated with this Agreement or
with any of the services provided hereunder. ARCA shall provide Medtronic with an invoice along with accompanying documentation, in a form satisfactory to Medtronic, of the contracted implant & physician fees for which payment is sought
under this Section 5.2. All fees sought for a given patient shall be included on a single invoice. Medtronic is not required to make any payment to ARCA for any invoice submitted hereunder until it has had the required documentation
for at least 30 days, and ARCA shall not submit invoices to Medtronic more often than once every three months. 

  
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 5.3 Data and Analysis. 

(a) Subject to the CareLink and device settings configured by the physician, Medtronic shall collect and maintain in CareLink all
of the CareLink Data for the patients in the Phase 2B Study for the Phase 2B Study Data Collection Period. CareLink does not collect information from devices that are interrogated by a programmer. 

(b) The CareLink Data will be retained by CareLink pursuant to Medtronic’s standard CareLink operating procedures and its
agreements with the patients’ physicians. Medtronic shall provide ARCA with a copy of the CareLink Data in the standard CareLink format or such other mutually agreed format at the end of the Data Collection Period and other mutually agreed
times. Unless Medtronic determines to its satisfaction that it is not needed under applicable law, ARCA and Medtronic shall enter into a mutually agreed Sub Business Associate Agreement (as defined in HIPAA regulations) prior to the transfer to ARCA
of CareLink Data that is not De-identified. 
 (c) Within 60 days after receipt of the CareLink Data from Medtronic, ARCA
shall [ * ] merge the CareLink Data with all other hard locked and clean patient-level data that stems from GENETIC-AF (“Combined Study Data”), De-identify a copy of the Combined Study Data (“De-identified Study
Data”) and provide a copy of the De-identified Study Data to Medtronic. 
 (d) As between the Parties, Medtronic
owns the CareLink Data, and ARCA owns the Combined Study Data and the De-identified Study Data. 
 (e) Data will be
provided in a mutually agreed format. Medtronic will provide mutually agreed analysis assistance on the CareLink Data. 
 5.4
GENETIC-AF Phase 3 Portion. If ARCA conducts the Phase 3 Portion of GENETIC-AF, Medtronic shall provide the CRMA Services for the Phase 3 Portion, subject to all the applicable terms and conditions of this Agreement, with the following
modifications. ARCA shall seek to enroll at least 100 patients in the Phase 3 Portion who have either existing Medtronic Devices, or are implanted with a Reveal device as part of the enrollment process, but this shall not be a requirement. Medtronic
shall ensure that sufficient Reveal devices and patient monitors are reasonably available to all Phase 3 Study sites in order to meet the 100 patient goal and avoid unreasonable delay in the enrollment process. Medtronic will support the
reimbursement process for Reveal and the patient monitors, including insertion, in the Phase 3 Portion by providing information about reimbursement opportunities to investigators, [ * ]. Medtronic shall collect and maintain CareLink Data for the
Data Collection Period of the Phase 3 Portion, and shall provide a copy of this CareLink Data to ARCA at the end of the Data Collection Period for the Phase 3 Portion. Within 60 days after receipt of the CareLink Data from Medtronic, ARCA shall
create Combined Study Data for the Phase 3 Portion and provide a copy of De-identified Study Data for the Phase 3 Portion to Medtronic. At the same time, ARCA shall also provide Medtronic with a copy of De-identified Study Data containing the data
from both Phase 2B Study and the Phase 3 Portion unless the De-identified Study Data provided for the Phase 2B Study and Phase 3 Portions are in a format that allows Medtronic to easily and accurately merge the two data sets. 

  
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 5.5 Regulatory Process & Approval. 

(a) ARCA will, through the CRMA Committee, involve Medtronic in all regulatory communications and actions that implicate
Medtronic’s rights and duties under this Agreement, or that implicate the use of Medtronic Devices. Medtronic will consult on the regulatory process related to conducting GENETIC-AF and to a subsequent NDA filed with the FDA for Regulatory
Approval of Gencaro based on GENETIC-AF, as reasonably requested by ARCA. The Parties do not believe that an Investigational Device Exemption (“IDE”) will be necessary in order to use Reveal in the Phase 2B Study, and the Protocol shall
not be amended in a way that will require use of Reveal in a manner inconsistent with FDA approval of Reveal. Medtronic, however, agrees to file and prosecute any regulatory application or submission that in Medtronic’s sole judgment is
required by any Regulatory Authority in order for Medtronic to perform the CRMA Services required by this Agreement. 
 (b)
ARCA will consult with, and allow participation by Medtronic on a reasonable basis regarding the content of any submissions to Regulatory Authorities related to the GENETIC-AF trial or any Drug Product Application to the extent it involves the
CRMA Services, Medtronic Devices, or the Medtronic Field of Use, and will provide Medtronic with the opportunity to attend or participate in all substantial contacts, including meetings and conference calls, between ARCA and the FDA and any other
Regulatory Authority relating to the CRMA Services Medtronic Devices, or the Medtronic Field of Use. Medtronic will consult with, and allow participation by ARCA on a reasonable basis regarding the content of any submissions to the FDA related to
the CRMA Services, and will provide ARCA with the opportunity to attend or participate in all substantial contacts, including meetings and conference calls, between Medtronic and the FDA related to the CRMA Services. Medtronic is responsible for
submitting reportable events relating to Medtronic Devices. Notwithstanding the foregoing, each Party shall notify the other Party of any oral or written communications to or from the FDA on matters relating to the CRMA Services, and shall provide
the other Party with copies of any such communications reasonably promptly and give the other Party the right to review and participate in any response to any such communications. 

5.6 GENETIC-AF Steering Committee. ARCA will create a steering committee to oversee the conduct of GENETIC-AF. The Steering
Committee shall approve the GENETIC-AF Protocol, prior to inception of the GENETIC-AF trial, and shall monitor and supervise the progress of GENETIC-AF and ensure that it is conducted in accordance with the principles of good clinical practice and
applicable law and regulations. The Steering Committee has discretion over any amendments to the Protocol and over decisions relating to the continuation or termination of GENETIC-AF. Medtronic is entitled to have one representative serve as a
non-voting member of the Steering Committee. As a member of the Steering Committee, Medtronic is entitled to consult on and deliberate any proposed changes to the design of GENETIC-AF, and in any other issues which may have an effect on the
study’s conduct, outcome, or publication. 

  
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 ARTICLE VI 
 INVENTIONS; CONFIDENTIALITY; PUBLICITY 
 6.1 Inventions. All
information, discoveries, knowledge, experience, processes, procedures, inventions, devices, skills, Know-How, samples, trade secrets, clinical data, designs, formulations, specifications, methods, techniques, technical information, compilations,
concepts, developments, inventions and improvements, whether patentable or not, and any associated patent, copyright, trade secret, or other intellectual property rights (“New Inventions”) in the ARCA Field of Use arising from the
performance of this Agreement, as well as New Inventions arising from ARCA’s performance of this Agreement and that are made, conceived, developed, or reduced to practice solely by ARCA after complying with Section3.4 (Right of First Refusal),
other than New Inventions in the Medtronic Field of Use, shall be owned by ARCA (collectively, the “ARCA Inventions”). All New Inventions in the Medtronic Field of Use arising from the performance of this Agreement, as well as New
Inventions arising from Medtronic’s performance of this Agreement and that are made, conceived, developed, or reduced to practice solely by Medtronic, other than New Inventions in the ARCA Field of Use, shall be owned by Medtronic
(collectively, the “Medtronic Inventions”). All New Inventions other than ARCA Inventions and Medtronic Inventions arising from the performance of this Agreement and that are made, conceived, developed, or reduced to practice
jointly by at least one employee or agent of ARCA and at least one employee or agent of Medtronic (collectively, “Joint Inventions”) shall be jointly owned by the Parties. 

6.2 Assignment; Licenses. ARCA shall assign to Medtronic ARCA’s rights to any and all New Inventions in the Medtronic Field
that arise out of this Agreement. Medtronic shall assign to ARCA Medtronic’s rights to any and all New Inventions in the ARCA Field arising out of this Agreement. Each Party agrees that it will execute and deliver all assignments and other
documents as may be necessary or appropriate to assign its rights to any Joint Inventions to the other Party as contemplated by this Agreement. Subject to the terms and conditions of this Agreement (including the licenses granted hereunder),
Medtronic and ARCA shall each retain their respective unrestricted rights to make, have made, use, sell, have sold, and import, respectively, the Medtronic Inventions and the ARCA Inventions. 

6.3 Confidentiality; Exceptions. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing, the
Parties agree that, for the term of this Agreement and for ten years thereafter, the receiving Party shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided for in this Agreement any
information, data and materials, including scientific, pre-clinical, clinical, regulatory, manufacturing, marketing, financial, and commercial information furnished to it by the other Party pursuant to this Agreement that is designated Confidential
in writing by the disclosing Party (collectively, “Confidential Information”). A Party that discloses information orally may designate it as Confidential Information by describing the orally disclosed information and designating it
Confidential in writing to the other Party within 10 days after the initial oral disclosure. The CareLink Data is the Confidential Information of Medtronic and the Combined Study Data and De-identified Study Data are the Confidential Information of
ARCA, regardless of any failure to hereafter so designate the information as Confidential. Designated information, data and materials are not Confidential Information to the extent that it can be established by the receiving Party that such
Confidential Information: 
 (a) was already known to the receiving Party, other than under an obligation of
confidentiality, at the time of disclosure by the other Party and such receiving Party has documentary evidence to that effect; 

  
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 (b) was generally available to the public or otherwise part of the public domain at
the time of its disclosure to the receiving Party; 
 (c) became generally available to the public or otherwise part of
the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; 
 (d) was disclosed to the receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing Party not to disclose such information to
others; or 
 (e) was independently developed by the receiving Party without use of the Confidential Information of the
disclosing Party. 
 6.4 Authorized Disclosure and Use. Each Party may disclose the other Party’s Confidential
Information hereunder to the extent such disclosure is reasonably necessary to exercise its rights and perform its duties under this agreement, and to the extent such disclosure is reasonably necessary in filing or prosecuting Patent applications,
prosecuting or defending litigation, or complying with applicable governmental regulations, provided that if a Party is required by law or regulation to make any such disclosure of the other Party’s Confidential Information, it will, except
where impracticable for necessary disclosures, give reasonable advance notice to the other Party of such disclosure requirement and will where applicable use its reasonable efforts to seek confidential treatment of such Confidential Information
required to be disclosed. If disclosure is reasonably necessary to exercise a Party’s rights or perform its duties under this agreement, the disclosing Party shall disclose the minimum necessary information and shall first obtain a
confidentiality agreement that protects the information from disclosure and use in a manner inconsistent with this Agreement. 

6.5 Survival. This Article VI shall survive the termination or expiration of this Agreement for a period of ten years.

 6.6 Publicity. The Parties shall consult and coordinate with each other respecting the text and timing of any
publicity, press, or news releases or other public announcements or disclosures prior to issuance thereof regarding the existence or terms of this Agreement and the transactions contemplated hereby; provided, however, that neither
Party shall issue any such press releases, announcements or disclosures without the other Party's prior written consent, which may not be unreasonably withheld. Neither Party shall use the name, trademarks, trade name or logo of the other for
marketing, advertising, or promotional claims without the prior written consent of the other Party. It is unreasonable to withhold consent to such press releases or public statements or disclosures (such as in annual reports to stockholders or
filings with the Securities and Exchange Commission) that are required to comply with applicable laws and regulations. 
 6.7
Specific Performance. Each Party acknowledges and agrees that disclosure or distribution of the Confidential Information or use of the Confidential Information of the other Party contrary to the terms of this Agreement may cause irreparable harm
to the disclosing Party for which damages at law may not provide an adequate remedy and agrees that the provisions of this Article may be specifically enforced and are in addition to any and all other remedies available at law or in equity.

  
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 6.8 Prosecution of ARCA Inventions. ARCA shall retain sole responsibility and
discretion for prosecution, maintenance and enforcement of the ARCA Inventions and of Joint Inventions in the ARCA Field, including any Patents relating thereto. 
 6.9 Prosecution of Medtronic Inventions. Medtronic shall retain sole responsibility and discretion for the prosecution of the Medtronic Inventions and of Joint Inventions in the Medtronic
Field, including any Patents relating thereto. 
 ARTICLE VII 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 7.1 Mutual Representations, Warranties and Covenants. Each Party hereby represents, warrants and covenants to the other Party as follows: 

(a) Such Party: (i) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
in which it is incorporated or organized; (ii) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder; and (iii) has taken all necessary corporate action on its part
to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. 
 (b) This
Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by such Party does not conflict with any material agreement, instrument or
understanding, oral or written, to which it is a party or by which it is bound, nor violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it. 

(c) All material consents, approvals and authorizations of all governmental authorities and other persons required to be obtained
by such Party in connection with the execution and delivery and performance of this Agreement have been and shall be obtained. 

(d) It’s obligations and responsibilities under this Agreement will be performed in a competent manner in conformance with
the standard of care usually and reasonably expected in the performance of such activities, and in compliance with applicable federal, state and local laws, rules and regulations, as interpreted and enforced by Regulatory Authorities.
Notwithstanding anything in this Agreement, it shall not have any obligation or responsibility to perform any activity that is contrary to applicable federal, state and local laws, rules and regulations, as interpreted and enforced by Regulatory
Authorities. 
 (e) Neither it nor any of its employees or agents rendering services pursuant to this Agreement is under
investigation by any Regulatory Authority, including the FDA, for activities that could form the basis of a debarment action or is presently debarred pursuant to the Generic Drug Enforcement Act of 1992, 21 U.S.C. § 335a, or any other
similar law of any other regulatory authority in the Territory. A Party shall notify the other Party and the CRMA Committee promptly after learning of any inquiry concerning or the commencement of any such proceeding involving such Party or any
person or entity related to or involved in such Party’s performance of its obligations under this Agreement. 

  
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 (f) If any Regulatory Authority conducts or gives notice to a Party of its intent
with respect to any activities under this Agreement to conduct an inspection at any facility of the Party or take any other regulatory action related to any activities under this Agreement, or if the Party becomes aware of any such governmental
inspection or other regulatory activity, the Party shall promptly give the other Party and the CRMA Committee notice thereof, including all information pertaining to any such inspections or actions, unless and only to the extent restricted by the
governmental or Regulatory Authority or applicable law. 
 (g) It’s personnel and consultants have, and shall have,
all training, licenses, approvals, certifications, immunizations, equipment and information necessary for safely and properly performing its obligations under this Agreement, and it will ensure that all such training, licenses, approvals,
certifications, immunizations, equipment and information are properly maintained throughout the conduct of it’s activities under this Agreement. 
 (h) It is and will remain (and shall use reasonable efforts to ensure any Third Party retained by it as permitted by this Agreement is and will remain) in substantial compliance with regulatory and
legal requirements, as interpreted and enforced by Regulatory Authorities. 
 (i) Neither it nor any of its personnel or
any Third Party engaged to perform any activities hereunder have been the subject of an investigation or in research that was terminated, as the term “termination” is used in 21 C.F.R. § 812.3(8), or have been the subject of
investigation or have been disqualified under 21 C.F.R. § 312.7, nor have they been subjected to any restrictions or sanctions related to allegations of research or professional misconduct. 

ARTICLE VIII 
 TERM AND TERMINATION 
 8.1 Term. This Agreement shall commence as of
the Effective Date and, unless sooner terminated as provided herein, shall continue in effect for five years. 
 8.2
Termination by Medtronic. This Agreement may be terminated by Medtronic in whole or in part as provided below: 
 (a)
At any time during the term of this Agreement if ARCA materially breaches this Agreement, which breach is not cured within sixty (60) days of written notice thereof from Medtronic. 

(b) At any time during the term of this Agreement upon written notice if ARCA becomes subject to a Bankruptcy Event. 

(c) Upon at least sixty (60) written notice given after the FDA advises either Party in writing, or issues any written
decision, pronouncement, or other communication, including but not limited to letters, emails, website information, final guidance documents, or final rulemaking, either to the Parties, to the public or to Third Parties, which provides a reasonable
basis for concluding that the FDA will not allow the GENETIC-AF Trial to enroll or proceed. 
 (d) Upon written notice if
on or after December 1, 2014 the Phase 2B Study has not enrolled its first patient. 

  
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 (e) Upon at least 10 days written notice given within thirty days after an action,
authorized or unauthorized, is taken by the Steering Committee, (e.g. an amendment of the Protocol) or a regulatory body that materially expands Medtronic’s obligations hereunder beyond those Medtronic voluntarily undertakes by entering into
this Agreement. 
 (f) Upon at least thirty days written notice if the parties do not agree to the AF Burden Substudy
Protocol by August 15, 2013. 
 8.3 Termination by ARCA. This Agreement may be terminated by ARCA in whole or in
part as provided below: 
 (a) At any time during the term of this Agreement if Medtronic materially breaches this
Agreement, which breach is not cured within sixty (60) days of written notice thereof from ARCA. 
 (b) At any time
during the term of this Agreement upon written notice if Medtronic becomes and remains subject to a Bankruptcy Event. 
 (c)
At any time during the term of this Agreement upon written notice given by ARCA at least ninety (90) days prior to the effective date of such termination in the event that a claim is made by a Third Party that the performance of the CRMA
Services by Medtronic infringes or otherwise violates such Third Party’s intellectual property rights, unless the claim is withdrawn during such ninety (90) day period, or Medtronic agrees to indemnify ARCA for any liability arising from
such claim. 
 (d) Upon sixty (60) days notice from ARCA if ARCA reasonably determines, based on clinical or
regulatory considerations, that it cannot enroll or continue the GENETIC-AF Phase 2B or Phase 3 Portion. If ARCA terminates because it determines that it cannot enroll or continue the Phase 3 Portion, ARCA’s obligation to provide Medtronic with
the De-identified Study Data from the Phase 2B study will survive termination. 
 (e) Upon at least thirty days written
notice if the parties do not agree to the AF Burden Substudy Protocol by August 15, 2013. 
 8.4 Effect of
Termination. 
 (a) Upon termination of this Agreement for any reason, each Party shall cooperate with the other
Party for an orderly wind-down of the services provided for hereunder. Any termination of this Agreement as provided herein shall not be an exclusive remedy but shall be in addition to any remedies whatsoever that may be available to the terminating
party. 
 (b) Upon any termination or expiration of this Agreement, each Party shall return to the other Party all
Information of the other Party in such Party’s Control, except that one copy may be retained solely for archival purposes. 

(c) Surviving Rights. Except as expressly modified herein, the obligations and rights of the Parties under Articles I, III, VII
through IX, Section 5.3(d), the first sentence of Section 5.5 (a), and Section 6.5 will survive termination or expiration of this Agreement. 

  
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 ARTICLE IX 
 LIMITATION OF LIABILITY 
 9.1 Limitation of Liability. In no event
will either party be liable to the other party for any indirect, special, incidental, consequential, or punitive damages arising out of or in connection with this Agreement. 
 ARTICLE X 
 DISPUTE RESOLUTION 

10.1 Disputes. 
 (a) The Parties recognize that disputes may arise from time to time respecting this Agreement and the rights and obligations of the Parties under this Agreement (“Disputes”), and desire
to establish the procedures in this Article to facilitate their resolution in an expedient and commercially reasonable manner by mutual cooperation and without resort to litigation. 

(b) Except as otherwise provided in this Agreement or agreed by the Parties, Disputes will be resolved as recited in this Article.
If the CRMA Committee is still active, Disputes must first be submitted to the CRMA Committee. If the CRMA Committee is unable to resolve such a dispute within thirty (30) days, either Party, by written notice to the other, may have such
dispute referred to their respective executive officers designated below or their successors, for attempted resolution by good faith negotiations: 
  

			
	 For Medtronic:

For ARCA:
	  	 General Manager, CRDM Diagnostics Division
 Chief Executive Officer of ARCA

 In the event the designated executive officers are not able to resolve the Dispute within thirty
(30) days after written notice by either Party referring the matter to them as provided herein, either Party may by written notice to the other commence the Arbitration process set forth in Section 10.2 below. 

10.2 Arbitration by Expert Panel. Except to the extent otherwise provided in this Agreement or by agreement of the Parties, any
Dispute that remains unresolved after going through the process set forth in Section 10.1 above shall be subject to the following alternative dispute resolution process (“Arbitration”): 

(a) The Party invoking the Arbitration shall give written notice (“Arbitration Notice”) thereof to the other
Party, setting forth in reasonable detail the issues to be resolved. As soon as possible but in any event within fifteen (15) days after such notice is given, each Party will appoint one neutral expert to serve as an arbitrator, and these two
arbitrators will as soon as possible but in any event within ten (10) days following delivery of such notice appoint a third neutral expert to serve as the third arbitrator (such three arbitrators, the “Panel”). 

(b) The members of the Panel shall be “neutral” in that they are not nor have they been within the previous five years
employees or paid consultants of either Party, nor have any other extended familial, close social or other material relation to either Party. 

  
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 (c) The Panel shall hold a hearing (the “Hearing”) on the merits of
the dispute as soon as possible but in no event more than sixty (60) days following delivery of the Arbitration Notice. The Hearing shall be at a location and time mutually acceptable to the Parties. Each Party may submit one written brief,
along with reasonable supporting materials, setting forth the issues of the dispute and a specific suggested resolution requested by such Party, which will be submitted simultaneously to the Panel and the other Party. The Hearing shall take place
over a period of no more than two full consecutive business days (or if agreeable to the Panel and the Parties, calendar days) and will follow a reasonable and equitable procedure adopted by the Panel for presentations, questions and answers, and
discussions, provided however hearing time shall be allocated equally between the Parties. Within ten (10) days following the Hearing, the Panel will present its decision (“Decision”) in writing, acting with the concurrence of
at least two Arbitrators, which will choose the resolution requested by one of the Parties (or if the Panel desires, offers a resolution other than either resolution requested by the Parties), together with a statement in reasonable detail of the
reasons therefor. The Panel is not empowered to award punitive damages. 
 10.3 Disputes About the Arbitration. All
disputes relating to the proper execution of the Arbitration (including, without limitation, failure of a Party to comply with the timing or other requirements of the arbitration or the fairness or appropriateness of an arbitrator) shall be finally
settled in a binding manner on both Parties by a retired federal court judge or, if not available, some other experienced professional adjudicator or arbitrator appointed by the President or other senior executive of the American Arbitration
Association (such retired judge, adjudicator, or arbitrator, a “Referee”) in an expedited hearing not to exceed one full business day (“Referee Hearing”) within fifteen (15) days of invocation in writing by
either Party. 
 10.4 Fees and Costs of the Arbitration. Each Party shall bear its own costs of the Arbitration
(including any Referee Hearing), but will share equally for payment of the fees and costs of the Panel and of any Referee. 

10.5 Waivers or Alterations to the Dispute Resolution Procedure. The Parties may mutually agree in writing to waive or alter
aspects of these Arbitration provisions in any Arbitration. The time limits provided in this Article X may be waived or altered in case of serious hardship or inconvenience on the part of any Arbitrator or Referee, provided that any such
waiver or alteration be minimized to the extent possible in accordance with the intent of the Parties at the time of the execution and delivery of this Agreement that the Arbitration procedure yield expedited resolutions. In addition, in the event
of any breach or threatened breach of Section 6.3, the nonbreaching Party will be entitled to seek equitable relief in any Federal District Court of competent jurisdiction in addition to its other available legal remedies without submitting
such matter to arbitration. 
 10.6 Arbitration Confidentiality. All aspects of the Arbitration and any Referee Hearing,
including the Decision, shall be confidential, and all participants including the Panel and the Referee shall be bound by judicially enforceable obligations of strict confidentiality except to the extent the Parties agree in writing to waive in
whole or part such confidentiality. 
 10.7 Jurisdiction. The Parties agree to accept the jurisdiction of the Federal
District Courts for the purposes of enforcing the mandatory arbitration provisions of this Article, including a Decision by a Panel. 

  
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 ARTICLE XI 
 MISCELLANEOUS 
 11.1 Assignment. 

(a) Neither Party may assign its rights or obligations under this Agreement without the prior written consent of the other Party;
provided, however, that upon prior written notice to the other Party, either Party may assign any of its rights or obligations under this Agreement to any Affiliates of such Party; and to an entity that acquires all or substantially all of the
business or assets of ARCA or Medtronic to which this Agreement pertains (including by way of merger, consolidation, reorganization, acquisition, sale or otherwise) and such entity agrees to be bound by the terms and conditions of this Agreement. In
any assignment of this Agreement to an Affiliate of a Party, the assigning Party shall remain responsible to be guarantor of the performance by its Affiliates and shall cause its Affiliates to comply with the provisions of this Agreement in
connection with such performance. 
 (b) Subject to the foregoing, this Agreement shall be binding upon and inure to the
benefit of the successors and permitted assigns of the Parties. Any assignment not in accordance with this Agreement shall be null and void and of no effect. 
 11.2 Costs and Expenses. Except as otherwise provided in this Agreement, or as agreed to from time to time by the Parties, each Party shall bear all of its own costs and expenses, including legal
and other advisory fees, incurred in connection with negotiating and performing its respective obligations under this Agreement. 
 11.3 Force Majeure. Neither Party shall lose any rights hereunder or be liable to the other Party for damages or losses on account of failure of performance by the defaulting Party if the failure
is occasioned by government action, war, fire, explosion, flood, strike, lockout, embargo, act of God, or other cause beyond the reasonable control of the defaulting Party, provided that the Party claiming force majeure has exerted commercially
reasonable efforts to avoid or remedy such force majeure, provided that in no event shall a Party be required to settle any labor dispute or disturbance, provided that the Party claiming a force majeure event promptly gives written notice of the
event to the other Party. If a force majeure event remains unresolved for more than 60 days, the other Party may terminate this Agreement upon at least 30 days written notice. 
 11.4 Further Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the
purposes and intent of this Agreement. 
 11.5 No Trademark Rights. No right, express or implied, is granted by the
Agreement to use in any manner the name “Medtronic,” “ARCA” or any other trade name or trademarks of the other Party or its Affiliates in connection with the performance of this Agreement. 

11.6 Notices. All notices hereunder shall be in writing and shall be deemed given when delivered in one of the following ways:
three business days after being mailed by registered or certified mail (return receipt requested), postage prepaid; or the next business day after being sent by express courier service (next business day delivery provided), to the Parties at the
following addresses (or at such other address for a party as shall be specified by like notice. 

  
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	If to ARCA, addressed to:	  	ARCA biopharma, Inc.
		  	8001 Arista Place, Suite 430
		  	Broomfield, Colorado 80021
		  	Attention: Chief Executive Officer
		  	Telephone: (720) 940-2100
		
	If to Medtronic, addressed to:	  	Medtronic, Inc.
		  	8200 Coral Sea Street NE
		  	Mounds View, MN 55112
		  	Attention: General Manager, CRDM Diagnostics
		  	Telephone: 763 526-0216
		
	With a copy to:	  	Medtronic, Inc.
		  	8200 Coral Sea Street NE (MVC42)
		  	Mounds View, MN 55112
		  	Attn: CRDM Legal Team Leader
		  	Telephone: 763 526-1252

 11.7 Waiver. Waiver by either of the Parties of any of their rights or their failure to
exercise any remedy shall not be effective unless in writing signed by the waiving Party and shall not operate or be construed as a continuing waiver of same or of any other of such Party’s rights or remedies provided in this Agreement.

 11.8 Severability. If any term, covenant, or condition of this Agreement or the application thereof to any Party or
circumstance shall, to any extent, be held to be invalid or unenforceable, then (i) the remainder of this Agreement, or the application of such term, covenant, or condition to Parties or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby and each term, covenant, or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law; and (ii) the Parties hereto covenant and agree to renegotiate
any such term, covenant, or application thereof in good faith in order to provide a reasonably acceptable alternative to the term, covenant, or condition of this Agreement or the application thereof that is invalid or unenforceable, it being the
intent of the Parties that the basic purposes of this Agreement are to be effectuated. 
 11.9 Ambiguities. Ambiguities,
if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 
 11.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 11.11 Days. Unless otherwise explicitly stated herein, a reference in this Agreement to a number of days means
calendar days. As used in this Agreement, “business day” refers to any day other than a Saturday or Sunday. 

11.12 Governing Law. This Agreement, and any dispute or controversy arising out of or relating thereto, shall in all respects be
governed by and construed according to the laws of the State of Minnesota (excluding its conflicts of law principles). 

  
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 11.13 Entire Agreement. This Agreement sets forth all the covenants, promises,
agreements, warranties, representations, conditions and understandings between the Parties hereto and supersedes and terminates all prior agreements and understandings between the Parties. There are no covenants, promises, agreements, warranties,
representations, conditions, or understandings, either oral or written, between the Parties other than as set forth herein and therein. No subsequent alteration, amendment, change of addition to this Agreement shall be binding upon the Parties
hereto unless reduced to writing and signed by the respective authorized officers of the Parties. 
 [Remainder of Page
Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	 MEDTRONIC, INC., a Minnesota corporation

		
	 By:
	 	 /s/ Richard L. Clark

		 	 Richard L. Clark

		 	 Senior Director

	
	 ARCA BIOPHARMA, INC., a Delaware corporation

		
	 By:
	 	 /s/ Michael R. Bristow

		 	 Michael Bristow

		 	 Chief Executive Officer

  
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 APPENDIX A 
 GENETIC-AF STUDY 
 The GENETIC-AF Study shall include the following elements as
part of the study protocol; provided, that ARCA may amend Appendix A from time to time as determined by the Steering Committee. 
  

					
	Name of Sponsor/Company
ARCA biopharma, Inc.	  	Name of Test Product
GencaroTM	  	Name of Active Ingredient
bucindolol hydrochloride
			
	IND / Protocol Number
16,463 / BUC-CLIN-303	  	Phase / Indication
Phase 2B-3 / Atrial Fibrillation	  	Version / Date
Draft v6 / 10 April 2013

 Title of Study: GENETIC-AF: A Genotype-Directed Comparative Effectiveness
Trial of Bucindolol and Metoprolol CR/XL for the Prevention of Recurrent Symptomatic Atrial Fibrillation in Patients with Heart Failure. 

Study Rationale: Most anti-arrhythmic agents currently approved for the treatment of atrial fibrillation (AF) are either contraindicated or have
label warnings for use in heart failure patients due to an increased risk of mortality in this patient population. 

Bucindolol hydrochloride (bucindolol) is a nonselective ß-adrenergic receptor (ß-AR) blocking agent with mild
vasodilator properties, which was previously studied in the BEST Phase 3 heart failure trial. In a large pharmacogenomic substudy of the BEST trial, two unique pharmacologic properties of bucindolol, sympatholysis and inverse agonism, were shown to
interact with adrenergic receptor polymorphisms in such a way that targeting specific genotypes of these variants could improve therapeutic index. Specifically, patients with the ß1389Arg/Arg AR variant had more efficacious treatment responses to bucindolol, as assessed by HF clinical outcomes and the
reduction of new onset AF, compared to patients with the ß1389 Gly polymorphism (i.e., Gly carriers). 
 Metoprolol succinate (metoprolol
CR/XL) is a ß1-adrenergic receptor (AR) selective beta
blocker indicated for the treatment of stable, symptomatic (NYHA Class II or III) heart failure of ischemic or nonischemic origin. Metoprolol has demonstrated mild efficacy for the prevention of new onset AF in a heart failure patient population and
is often used off-label in this setting (Class IIa indication with a “C” level of evidence for AF prevention per ACC/AHA/ESC joint Guidelines). In a previous study, metoprolol decreased the incidence of AF recurrence, compared to placebo,
in patients with persistent AF who had recently undergone electrical cardioversion (ECV) to sinus rhythm. In contrast to bucindolol, metoprolol CR/XL does not appear to confer added clinical benefits in patients that possess the ß1389Arg/Arg AR variant. 

The goal of the GENETIC-AF trial is to demonstrate the superiority of pharmacogenetically targeted bucindolol compared to metoprolol
therapy for the prevention of symptomatic AF in a genotype-defined ß1389Arg/Arg heart failure population with persistent AF that has recently undergone cardioversion to sinus rhythm. The trial utilizes an adaptive design, with initial enrollment of 200 patients who
will have their rhythm continuously monitored through inserted or implanted devices to measure AF burden (AFB) in addition to the other study endpoints. If the independent Data Safety Monitoring Committee (DSMB) determines that an efficacy signal
favorable to bucindolol has been detected by AFB and/or the primary endpoint, the trial will proceed to full enrollment of approximately 620 patients. 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Objectives: The primary objective of this study is to compare the effects of
bucindolol hydrochloride (bucindolol) and metoprolol CR/XL on the recurrence of symptomatic AF in patients with chronic heart failure and reduced LV ejection fraction (HFREF) who are ß1389Arg/Arg homozygous and have undergone cardioversion to sinus rhythm. 

The secondary objectives of this study are to compare the effects of bucindolol and metoprolol CR/XL on clinical outcomes and other
electrocardiograph parameters in patients with HFREF who are ß1389Arg/Arg homozygous and have undergone cardioversion to sinus rhythm, and to assess the effects on rate control in patients who have developed permanent AF. 

The safety and tolerability of bucindolol hydrochloride and metoprolol CR/XL will also be evaluated. 

Study Design: GENETIC-AF is a double-blind, two-arm, genotype-directed, active-controlled, adaptive-designed, superiority study that compares the
effects of bucindolol and metoprolol CR/XL on the time to first event of symptomatic recurrent AF in patients with HFREF who have recently undergone cardioversion to sinus rhythm. 

[ * ] Patients will be genotyped for ß1389 AR at screening and those who are ß1389Arg/Arg (~50% of patients) will be eligible for participation in the study. 

[ * ] 
 [ * ] 

[ * ] 
 The primary endpoint (i.e., time to
first event of symptomatic recurrent AF or all-cause mortality) will be assessed during the 24-week follow-up period after the initial cardioversion to stable sinus rhythm. [ * ] 
 The first 200 patients enrolled will have their cardiac rhythm monitored continuously via a Medtronic implanted device that can measure AFB, which can be previously placed or de novo inserted at the time
of enrollment. These devices will record AF burden (AFB), defined as the percent of time a patient is in AF. AFB will be used along with the primary endpoint to provide the DSMB with information relative to the presence or absence of an efficacy
signal in the initial patient cohort. If the DSMB determines that an efficacy signal favorable to bucindolol has been detected by AFB and/or the primary endpoint, the trial will proceed to full enrollment of approximately 620 patients. If the DSMB
determines that insufficient efficacy has been observed, patients will be instructed to return to the clinic for an end of study visit and the trial will be terminated. 
 Number of Patients: A total of 200 patients will be enrolled in the Phase 2B stage, and an additional 420 patients will be enrolled in the Phase 3 stage. The ß1389Arg/Arg genotype is expected in approximately 50% of patients. [ * ]

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
 Primary Efficacy Endpoint: 

 

	 	•	 	 Time to first event of symptomatic recurrent AF or all-cause mortality during the 24-week follow-up period after cardioversion to stable sinus rhythm.

 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
 [ * ] 
  

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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