Document:

Exhibit 10.3

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT (this
 “Agreement”) is entered into as of April 20, 2021, by and among CN ENERGY GROUP. INC., a British Virgin Islands company (the
 “Company”), NETWORK 1 FINANCIAL SECURITIES, INC. (“Placement Agent” and, together with the Company, sometimes
referred to individually as “Party” and collectively as the “Parties”), and Hunter Taubman Fisher & Li LLC
(the “Escrow Agent”). For the convenience of the Parties, capitalized terms used but not defined herein have the meanings
ascribed to them in the Placement Agreement; provided, however, that the Escrow Agent shall only be bound by, and shall look only to,
the terms defined within this Agreement.

 

WHEREAS, Company and Placement
Agent are parties to that certain Placement Agent Agreement dated as of April 20, 2021 (the “Placement Agent Agreement”) in
connection with certain private placement to be closed on or about [*], 2021 (the “Offering”);

 

WHEREAS, the Placement Agent
Agreement contemplates that Company will deposit, or will cause to be deposited, with the Escrow Agent on the date hereof an amount in
cash equal to $1,000,000 (the “Escrow Deposit”), to be held in escrow to pay certain compensation to Placement Agent pursuant
to the terms of Section 5.1 of the Placement Agent Agreement; and

 

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

 

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

 

		1.	Appointment. The Parties hereby appoint Escrow Agent as their escrow agent for the purposes set
forth herein, and Escrow Agent hereby accepts such appointment under the terms and conditions set forth herein.

 

		2.	Escrow Deposit. Company agrees to deposit with Escrow Agent the Escrow Deposit. Escrow Agent shall
hold the Escrow Deposit in its non-interest bearing attorney trust account.

 

		3.	Disposition and Termination.

 

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

 

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

 

     

     

    

 

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

 

		5.	Succession. Escrow Agent may resign and be discharged from its duties or obligations hereunder
by giving not less than thirty (30) days advance notice in writing of such resignation to the Parties, or may be
removed, with or without cause, by the Parties at any time after giving not less than thirty (30) days prior joint written notice to the
Escrow Agent. Escrow Agent’s sole responsibility after such applicable thirty (30) day notice period expires shall be to hold the
Escrow Deposit (without any obligation to reinvest the same) and to deliver the same to a designated substitute escrow agent, if any,
appointed by the Parties, or such other person designated by the Parties, or in accordance with the directions of a final court order,
at which time Escrow Agent’s obligations hereunder shall cease and terminate. If prior to the effective resignation or removal date,
the Parties have failed to appoint a successor escrow agent, or to instruct the Escrow Agent to deliver the Escrow Deposit to another
person as provided above, or if such delivery is contrary to applicable law, at any time on or after the effective resignation date, Escrow
Agent either (a) may interplead the Escrow Deposit with a court located in the State of New York and the costs, expenses and reasonable
attorney’s fees which are incurred in connection with such proceeding may be charged against and withdrawn from the Escrow Deposit;
or (b) appoint a successor escrow agent of its own choice. Any appointment of a successor escrow agent shall be binding upon the Parties
and no appointed successor escrow agent shall be deemed to be an agent of Escrow Agent. Escrow Agent shall deliver the Escrow Deposit
to any appointed successor escrow agent, at which time Escrow Agent’s obligations under this Agreement shall cease and terminate.
Any entity into which Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which all or substantially
all of the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act.

 

     

     

    

 

		6.	Dispute Resolution. In the event of any dispute between the parties to this Agreement in connection
with the Escrow Deposit, or if Escrow Agent shall in good faith be in doubt as to what action it should take hereunder, Escrow Agent may,
at its option, refuse to take any action hereunder for so long as such dispute continues or such doubt exists or until (1) the rights
of the parties shall have been fully and finally adjudicated by a court of competent jurisdiction or (2) all differences and all doubt
resolved by an agreement between Company and Placement Agent, and Escrow Agent shall have been notified thereof in writing thereof by
an Authorized Representative of each of the Parties. In addition, in the event of any such dispute or doubt, Escrow Agent shall have the
right to tender into the registry or custody of any court having jurisdiction any part of or all of the Escrow Deposit. Upon such tender,
the parties to this Agreement agree that Escrow Agent shall be discharged from all further duties under this Agreement.

 

		7.	Indemnification and Reimbursement. The Parties agree jointly and severally to indemnify and hold
harmless Escrow Agent and its agents, employees, officers and members (the “Indemnitees”) from and against any and all losses,
damages, claims, liabilities, costs or expenses (including attorneys’ fees) (collectively “Losses”), resulting directly
or indirectly from (a) Escrow Agent’s performance of this Agreement, except to the extent that such Losses are determined by a court
of competent jurisdiction to have been caused by the gross negligence or willful misconduct of the Escrow Agent or any such Indemnitee;
and (b) Escrow Agent’s following, accepting or acting upon any instructions or directions, whether joint or singular, from the Parties
received in accordance with this Agreement. The obligations set forth in this Section 7 shall survive the resignation, replacement
or removal of Escrow Agent or the termination of this Agreement.

 

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

 

     

     

    

 

If to the Placement Agent:

 

Network 1 Financial Securities, Inc. 

The Galleria, Building 2 

Penthouse 2 Bridge Avenue 

Red Bank, New Jersey 07701-1106 

Attention: Damon Testaverde, Managing
Director 

Email: [*]

 

with copies to (which shall not constitute
notice):

 

Ortoli | Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attention: Jason Ye, Esq.

Email: [*]

 

If to the Company:

 

CN Energy Group. Inc. 

Dikai Yinzuo, Room 1804-1, No. 29 Jiefang East Road 

Jianggan District, Hangzhou City, Zhejiang Province, PRC 

Attention: Ye Ren, Chief Financial Officer 

Email: [*]

 

with copies to (which shall not constitute
notice):

 

Hunter Taubman Fischer & Li LLC 

800 Third Avenue, Suite 2800 

New York, New York 10022 

Attention: Ying Li, Esq. 

Email: [*]

 

If to Escrow Agent:

 

Hunter Taubman Fisher
 & Li LLC

800 Third Avenue,
Suite 2800,

New York, NY 10022

Attention: Ying
Li, Esq.

Facsimile: [*]

E-mail: [*]

 

     

     

    

 

		9.	Legal Representations. Placement Agent and Company acknowledge that Hunter Taubman Fisher &
Li LLC is representing Company in connection with the Placement Agent Agreement and the transactions contemplated thereby and in other
matters, and further agree that such firm shall not be disabled or precluded from acting as attorney for Company or any of its stockholders,
directors or officers, in any suit, action or proceeding arising out of the Placement Agent Agreement or the transaction contemplated
thereby, or otherwise, by reason of its having acted as Escrow Agent hereunder.

 

		10.	Compliance with Court Orders. In the event that a legal garnishment, attachment, levy restraining
notice or court order is served with respect to any of the Escrow Deposit, or the delivery thereof shall be stayed or enjoined by an order
of a court, Escrow Agent is hereby expressly authorized, in its sole discretion, to obey and comply with all such orders so entered or
issued, and in the event that Escrow Agent obeys or complies with any such order it shall not be liable to any of the Parties hereto or
to any other person by reason of such compliance notwithstanding such order be subsequently reversed, modified, annulled, set aside or
vacated.

 

		11.	Miscellaneous.

 

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

 

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

 

[Signature Page to
Follow]

 

     

     

    

 

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

 

	 	CN ENERGY GROUP. INC.
	 	 
	 	By:	/s/ Kangbin, Zheng
	 	Name:	Kangbin, Zheng
	 	Title:	Chairman & CEO
	 	 
	 	NETWORK 1 FINANCIAL SECURITIES, INC.
	 	 
	 	By:	/s/ Damon D. Testaverde
	 	Name:	 Damon D. Testaverde
	 	Title:	 Chairman
	 	 
	 	HUNTER TAUBMAN FISCHER & LI LLC
	 	As Escrow Agent
	 	 
	 	By:	/s/ Ying Li
	 	Name:	Ying Li
	 	Title:	PartnerExhibit 10.4

 

Execution Version

 

COMMERCIAL COLLABORATION AGREEMENT

 

This Commercial Collaboration
Agreement (this “Agreement”), dated as of February 17, 2021 (the “Effective Date”), is made by and
between Anthem, Inc. and its Affiliates (as defined below) (collectively, “Anthem”) on the one hand, and Sera Prognostics,
Inc. (“Company”) on the other hand.

 

WHEREAS, Anthem currently participates
in Company's PRIME study, the goal of which is to determine the clinical validity of the PreTRM® test;

 

WHEREAS, at the conclusion of the PRIME
study, Anthem and Company will enter into Anthem's standard lab provider agreement, substantially in the form attached hereto as Exhibit
C (the “Lab Agreement”); and

 

WHEREAS, Anthem and Company desire to enter
into this Agreement relating to the delivery of, and compensation for, Testing Services (as defined below).

 

NOW THEREFORE, the parties agree as follows:

 

ARTICLE
1

ARTICLE 1 DEFINITIONS

 

		1.1	“Affiliate” means, with respect to any person, any other Person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, such person. The term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling”
have correlative meanings.

 

		1.2	“BCBS Licensee” means any organization licensed by the Blue Cross Blue Shield Association
to use the Blue Cross and Blue Shield trademarks and names.

 

		1.3	“Member” means any individual enrolled in, or serviced or covered by, the health benefits
products of Anthem. A “Member” does not include an individual participating in the PRIME study being sponsored by Anthem.

 

		1.4	“Ordering Clinician” means a duly licensed physician specializing in obstetrics and
gynecology (OB/GYN) or family medicine (FM), or a licensed Certified Nurse Midwife (CNM).

 

		1.5	“Payor” means any party that has contracted with Anthem to access the terms and conditions
of this Agreement, and which is responsible for payment pursuant to the terms of this Agreement.

 

		1.6	“Policies and Procedures” means the rules, policies, and procedures adopted by Anthem.

 

[***] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED. 

 

     

     

    

 

		1.7	“Testing Services” means the offering of the PreTRM® proteomic test to identify
singleton pregnant women at increased risk of spontaneous preterm birth developed by Company.

 

ARTICLE
2

COMPANY RESPONSIBILITIES

 

		2.1	Testing Services Capacity. Company shall perform Testing Services ordered by an Ordering Clinician
and provide results in a timely manner that complies with the service level standards as set forth in the Lab Agreement, industry practices
standards, as well as all applicable laws, rules, and regulations.

 

		2.2	Services and Supplies. Company will arrange for the provision of limited, non-standard, specialty
supplies, at no additional cost to Anthem, as may be necessary or desirable to facilitate the collection, transfer, and transport of specimens
from Members to Company, including but not limited to, supplies required for specimen management.

 

		2.3	Company Non-discrimination. Company shall provide Testing Services to Members in a manner similar
to, and within the same time availability in which, Company provides Testing Services to any other individual, and Company will not differentiate
in the performance of Testing Services based on a Member's race, color, creed, national origin, ancestry, religion, sex, marital status,
age, disability, payment source, state of health, military service, need for health services, status as a Medicare or Medicaid beneficiary,
sexual orientation, or any other basis prohibited by law. Company shall not be required to provide any type or kind of health service
to Members that it does not customarily provide to other individuals, unless such is required by applicable law.

 

		2.4	Inability to Perform. Company shall provide prompt notice to Anthem of its knowledge of any action
to restrict, suspend, or revoke Company's CLIA certification from the Centers for Medicare & Medicaid Services. Additionally, Company
shall send prompt written notice to Anthem of its knowledge of any other legal, governmental, or other action involving Company which
could reasonably materially impair the ability of Company to carry out any of its obligations under this Agreement.

 

		2.5	Marketing and Training. Company shall develop a sales, marketing, and customer service program
and provide such training and marketing to Ordering Clinicians at the reasonable request of Anthem. Such program will include physician
office training, education, fulfillment, and support.

 

		2.6	Subcontractors. Company shall give Anthem no less than 30 days' prior written notice of any subcontractors
which Company engages to assist in the offering of Testing Services. Company shall require such subcontractors to abide by the terms and
conditions of this Agreement and shall indemnify Anthem and Members for any failure of such subcontractor to comply with this Agreement.

 

		2.7	Policies and Procedures. Company agrees to abide by the terms of the Policies and Procedures and
to participate in, and comply with, Anthem's credentialing standards. In the event of a conflict between the terms of this Agreement and
the Policies and Procedures, the terms of this Agreement will control. Anthem shall give Company no less than 30 days' prior written notice
of any material change to the Policies and Procedures.

 

     

     

    

 

		2.8	Credentialing. Company represents and warrants that it has all licenses required to provide Testing
Services in accordance with applicable laws and regulations. Company shall cooperate fully with Anthem's credentialing and recredentialing
procedures, as set forth in the Policies and Procedures. Company expressly authorizes Anthem to solicit any information regarding licensures,
registrations, certifications or accreditations, qualifications, and liability or negligence history from any source in connection with
such credentialing and recredentialing procedures for the duration of this Agreement.

 

2.9.       [***].

 

ARTICLE
3

ANTHEM RESPONSIBILITIES

 

		3.1	Purchase of Tests. Anthem shall purchase the minimum number of tests as set forth in Exhibit A,
subject to earlier termination of the Agreement pursuant to Section 10.2.

 

		3.2	Implementation of Care Management Program. Anthem shall, in its sole discretion, develop appropriate
care management programs which incorporate the use of Testing Services and is targeted to patients who are stratified through use of the
PreTRM® test as high risk for pre-term births. Anthem shall, in its sole discretion, implement any such care management program with
applicable Ordering Clinicians.

 

		3.3	[***].

 

		3.4	Inability to Perform. Anthem shall provide prompt notice to Company of its knowledge of any legal,
governmental, or other action involving Anthem which Anthem reasonably believes could materially impair the ability of Anthem to carry
out some or all of its material duties and obligations under this Agreement.

 

		3.5	[***].

 

		3.6	[***].

 

ARTICLE
4

COMPENSATION AND BILLING

 

		4.1	Submission and Payment. Except as otherwise provided herein, Company will submit monthly invoices
to Anthem for Testing Services at the rate per test set forth in Exhibit A (or other mutually agreed upon and documented rate) on the
5th day of each month following the month in which such services were performed. Anthem shall pay all invoices for Testing Services submitted
by Company within 45 days of receipt of the applicable invoice.

 

     

     

    

 

		4.2	Guarantee of Payment. Provided that Company is not in material breach of this Agreement, and subject
to the terms and conditions herein, Anthem shall pay to Company for each of the first three ears f the Term a minimum amount per annum
equal to [***].

 

ARTICLE
5

JOINT OPERATING COMMITTEE

 

		5.1	Joint Operating Committee. A Joint Operating Committee (“JOC”) will be formed,
pursuant to the terms of this Article 5 and the provisions set forth in Exhibit B, by two voting members each from Anthem
and Company. The JOC will have a chairperson. The initial chairperson shall be Nadia Altomare, to serve in such role until such time as
Ms. Altomare is no longer employed by the Company or is otherwise unable to continue in such role at any point during the term of this
Agreement, in which such case the JOC shall designate a replacement chairperson. During the term of this Agreement, Dr. Charles Kennedy,
as long as employed by or affiliated with Blue Ox, will be an ex-officio, non-voting member of the JOC. The JOC will determine details
of Anthem's and Company's collaboration, including, but not limited to:

 

		1.	Overall program management;

 

		2.	Anthem provider contracting support and coordination needs;

 

		3.	Company's testing capacity and ramp up to meet Anthem's needs;

 

		4.	Anthem care management programs, utilization management programs, analytic support, and marketing support;

 

		5.	Company IT readiness to ensure operational capacity for the anticipated growth of the program;

 

		6.	Approach to the physician offices and other end user support;

 

		7.	Staffing and resources by both parties;

 

		8.	Building and sharing enhanced data and analytics for current and future products and services;

 

		9.	Billing process;

 

		10.	[***]; and

 

		11.	Definition of success metrics and performance monitoring.

 

		5.2	Meetings of the JOC. The JOC will establish and hold regular meetings, and any member of the JOC
may request a special meeting of the JOC in his or her discretion. Any meeting of the JOC may be held in person or via telephone or video
conference. Each member appointed by Anthem and Company will be a voting member of the JOC entitled to one vote on any matter up for a
vote at meetings of the JOC.

 

     

     

    

 

		5.3	Dispute Resolutions. If the JOC reaches a deadlock on a specific issue, one executive at each of
the parties shall meet to resolve the issue in good faith. Such meeting shall occur no less than seven business days following the occurrence
of a deadlock on the JOC which at least two JOC members agree needs escalation to be resolved. Either party may take an unresolved issue
to binding arbitration pursuant to the arbitration procedures in Article 11 to resolve a deadlock if the parties have failed to
resolve the deadlock for at least 45 days following the initial meeting of the two executives. The initial executives for purposes of
the dispute resolution under this Section 5.3 shall be Elizabeth Canis, Anthem Vice President, Emerging Business and Partnerships,
and Gregory Critchfield, CEO of Sera Prognostics, Inc. Either party may replace such named executive for purposes of the dispute resolution
under this Section 5.3 by written notice to the other party.

 

ARTICLE
6

CONFIDENTIALITY

 

		6.1	Proprietary Information. The parties agree that all proprietary information that either party may
receive from the other party in the performance of this Agreement is the sole property of the disclosing party. The party receiving such
information agrees to keep the information strictly confidential. Anthem specifically acknowledges and agrees that the PreTRM® test
is proprietary to Company, and nothing in this Agreement construes any title, license, interest, or any other right to Anthem in or relating
to the PreTRM® test. For the avoidance of doubt, the foregoing shall not be applicable to the results of the PreTRM® tests, which
shall be jointly owned by the applicable Member and Anthem. Company specifically acknowledges and agrees that Anthem's Provider Agreements,
Anthem's care management program and Anthem's Policies and Procedures are proprietary to Anthem, and nothing in this Agreement construes
any title, license, interest, or any other right to Company in or relating to such. Furthermore, nothing in this Agreement confers any
title, license, interest or any other right in or to a Member's personally identifiable information (“PII”) or personal
health information (“PHI”) to Company.

 

		6.2	Confidentiality of Personally Identifiable Information. Company and Anthem agree that all PII and
PHI related to Members is privileged and confidential. To the extent as necessary for the purposes of fulfilling the obligations set forth
in this agreement provided by law, rule, or regulation, the parties agree to keep confidential and not to disclose such information to
any third party without the prior consent of the Member.

 

		6.3	Transfer of Medical Records. At the direction of Anthem, to the extent permitted by law, rule,
and regulation, Company shall share a Member's medical records with other health care providers treating the Member in a timely manner
at no cost to Anthem, the Member, or other health care provider.

 

		6.4	Survival. This Article 6 survives the termination of this Agreement.

 

     

     

    

 

ARTICLE
7

INSURANCE

 

		7.1	Anthem Insurance. Anthem shall self-insure or maintain insurance coverage or comprehensive general
liability and other insurances necessary and customary to insure Anthem, its agents, servants, and employees, acting within the scope
of their duties, against any claim(s) for damages arising in connection with the performance or non-performance of this Agreement by Anthem,
its agents, servants, or employees.

 

		7.2	Company Insurance. Company shall self-insure or maintain general and professional liability insurance
including coverage for product liability in the amount of $[***] per occurrence and $[***] annual aggregate or such higher coverage as
may be required by law. Evidence of such coverage shall be provided to Anthem upon its prior written request. Company shall notify Anthem
no less than 10 days in advance of such policy being reduced, terminated, cancelled, or the occurrence of a lapse in coverage. Company
shall maintain such insurance for the duration of this Agreement, and thereafter, as necessary to maintain coverage for events occurring
during the term of this Agreement.

 

ARTICLE
8

INDEMNIFICATION

 

		8.1	Indemnification by Anthem. Anthem agrees to indemnify Company and to hold Company harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Anthem's fraud,
willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of it, its
agents, employees, or representatives under this Agreement.

 

		8.2	Indemnification by Company. Company agrees to indemnify Anthem and to hold Anthem harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Company's
fraud, willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of
it, its agents, employees, or representatives under this Agreement.

 

ARTICLE
9

RECORD ACCESS

 

		9.1	Utilization Review. Company will make the Member's medical records and other PII and PHI available
to Anthem for all lawful purposes. Company will also make such records available to federal or state authorities as required by applicable
law, rule, or regulation.

 

		9.2	Books and Records. Anthem shall have the right to access the books and records of Company other
than those set forth in Section 9.1 upon no less than 30 days' prior written notice to Company. Anthem shall have the right to
inspect such books and records during normal business hours and with minimum disruption to Company's business operations. Such inspection
shall not occur more frequently than once per calendar year unless otherwise required as a result of regulatory requirements or under
applicable law. Any expenses out of the ordinary course incurred by Company in such audit shall be reimbursed by Anthem. If requested
by Company, Anthem shall give Company a summary of all findings of such audit, including any underpayments identified by the audit, within
30 days of the completion of such audit.

 

     

     

    

 

		9.3	Retention of Records. Company shall maintain medical records for a period of (a) six years from
the applicable date of service, (b) in the case, of a minor, for three years after the minor achieves the age of majority or six years
from the applicable date of service, whichever is later, or (c) such longer period as required by applicable law, rule, or regulation.
This provision will survive the termination of this Agreement.

 

ARTICLE
10

TERM AND TERMINATION

 

		10.1	Term. The initial term of this Agreement shall commence on the Effective Date and, unless earlier
terminated pursuant to Section 10.2, remain in effect until the later of (a) the third anniversary of the Effective Date or (b)
the date on which Anthem has consumed [***] of the PreTRM® tests.

 

		10.2	Termination.

 

		1.	This Agreement may be terminated at any time by the mutual written consent of Anthem and Company.

 

		2.	Termination for Cause. This Agreement may be terminated for cause as follows:

 

		(a)	If either party fails to comply with or perform when due any material term or condition of this Agreement,
the other party shall notify the defaulting arty of the default in writing, and the defaulting party will have [***] days from the date
of such notice to cure the default. If the default is not cured to the reasonable satisfaction of the non-defaulting party within such
period, the non-defaulting party may terminate this Agreement at the conclusion of the cure period.

 

		(b)	Upon notice b Anthem to Company with no further obligations of either party: [***].

 

		(c)	[***], Company shall notify Anthem of such in reasonable detail in writing, and Anthem will have 60 days
from the date of receipt of such notice to cure such impact. If the impact is not cured to the reasonable satisfaction of Company within
such period, the Company may terminate this Agreement at the conclusion of the cure period.

 

		10.3	Continuation of Care. Unless otherwise set forth in this Agreement or required by applicable law
or regulation, Company shall, upon termination of this Agreement (for any reason other than those set forth in Section 10.2.3(b)),
continue to provide Testing Services to any Member who has, as of the date of termination, provided a specimen for a PreTRM® test.
Company shall be reimbursed for such Testing Services pursuant to the terms and conditions of this Agreement.

 

     

     

    

 

ARTICLE
11

DISPUTE RESOLUTION

 

		11.1	Dispute Resolution. If any dispute arises out of or relates to this Agreement, the aggrieved party
shall provide notice to the other party of such dispute. Company and Anthem shall meet to attempt to resolve the dispute. Any dispute
shall first be submitted to (a) the JOC for resolution and then (b) the process under Section 5.3 of this Agreement prior to submission
to binding arbitration pursuant to this Section 11.1. If such efforts are unsuccessful, either party may commence arbitration by
filing an arbitration demand with the American Arbitration Association (“AAA”) within 30 days of the date of the notice
of dispute. The dispute will be resolved through binding arbitration as set forth in this Article 11 in New York, New York, or another
location as mutually agreed to by the parties.

 

		11.2	Arbitration. The arbitrator's ruling on any dispute that is brought to arbitration shall be final
and binding on the parties. The Commercial Rules relating to Payor-Provider Disputes issued by AAA will apply to any arbitration between
the parties. The cost of any arbitration will be equally borne by the parties unless the arbitrator(s) specifically instruct otherwise.
The result of any arbitration may be entered into and enforced by a court of competent jurisdiction.

 

		11.3	Survival. This Article 11 survives the termination of this Agreement.

 

ARTICLE
12

MISCELLANEOUS

 

		12.1	Amendment. This Agreement may be amended only by a written instrument duly executed by the parties
hereto. Notwithstanding the foregoing, Anthem may reasonably amend this Agreement to comply with an applicable law, rule, or regulation.
If the amendment would impose a material adverse impact on Company, then Company may terminate this Agreement on sixty (60) days' prior
written notice to Anthem by sending a termination notice within thirty (30) days after receipt of the amendment.

 

		12.2	Assignment. Neither party may assign or delegate this Agreement or any part thereof (except as
otherwise expressly set forth herein) without the prior written consent of the other party.

 

		12.3	Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns.

 

		12.4	Notice. Any notice required or permitted under this Agreement must be made in writing and delivered
to the address(es) set forth below (a) by hand, (b) via nationally-recognized overnight courier with proof of delivery, (c) via certified
mail, return receipt requested, or (d) via email with delivery and read receipts requested. Notice will be deemed delivered as of the
date of verified delivery. Each party may update its address(es) for notice set forth below by providing notice to the other party of
the new address.

 

     

     

    

 

	if
    to Anthem:	1155
    Elm Street 
	 	Manchester,
    NH 03101 
	 	Attn:
    Paul Eisenstat, VP Networks 
	 	 
	if
    to Company:	2749
    E Parleys Way, Suite 200 
	 	Salt
    Lake City, UT 84109 
	 	Attn:
    Jay Moyes, Chief Financial Officer 

 

		12.5	Relationship of the Parties. For the purposes of this Agreement, Anthem and Company are, and will
act at all times, as independent contractors. None of the provisions of this Agreement is intended to create, nor will be deemed or construed
to create, any relationship other than that of independent entities contracting with each other for the purposes of effectuating this
Agreement. The provisions of this Agreement will not be deemed to establish or be deemed or construed to establish any partnership, agency,
employment, agreement, or joint venture between the parties. Neither of the parties, nor any of their respective officers, directors,
employees, authorized agents, or representatives shall be construed to be the agent, employee, or representative of the other.

 

		12.6	Survival. Provisions of this Agreement which, either explicitly or implicitly, apply to a party
following the termination of this Agreement will survive such termination for all purposes.

 

		12.7	Severability. If any term or provision of this Agreement shall be found to be illegal, invalid
or unenforceable under applicable law, then, notwithstanding such illegality, invalidity or unenforceability, this Agreement shall remain
in full force and effect and the illegal, invalid or unenforceable term or provision shall be deemed to be deleted.

 

		12.8	Governing Law. This Agreement shall be governed in all respects by the laws of the State of New
York without giving effect to the principles of conflicts of law thereof.

 

		12.9	Section Headings. Section headings contained in this Agreement are inserted for convenience of
reference only, will not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction, or scope of any of the provisions hereof.

 

		12.10	No Third-Party Beneficiaries. It is the explicit intention of the parties hereto that no person
or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against
either party hereto, and that the covenants, undertakings, and agreements set forth in this Agreement shall be solely for the benefit
of, and shall be enforceable only by, the parties hereto and their respective successors and assigns as permitted hereunder.

 

		12.11	Force Majeure. Each party shall use all commercially reasonable efforts to perform its obligations
under this Agreement but shall be excused for failure to perform or for delay in performance hereunder due to unforeseeable circumstances
beyond its reasonable control, or which could not have been prevented by it, including, but not limited to, floods, hurricanes, earthquakes,
acts of war or terrorism, civil unrest, or embargoes.

 

     

     

    

 

		12.12	No waiver. No waiver hereunder will be binding unless set forth in writing and duly executed by
the party against whom enforcement of the waiver is sought. Neither the waiver by either of the parties hereto or a breach of, or a default
under any of the provisions of this Agreement, nor the failure of either party, on one or more occasions, to enforce any of the provisions
of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or
default of a similar nature, or as a waiver of any of such provisions, rights, or privileges hereunder.

 

		12.13	Compliance with Law. Each party represents and warrants to the other party that it is in material
compliance with all applicable laws, rules, and regulations as respects its performance hereunder, and covenants that, for the duration
of this Agreement, such party will remain in material compliance with all applicable laws, rules, and regulations as respects its performance
hereunder.

 

		12.14	Cumulative Remedies. The remedies provided herein are cumulative and do not preclude one party
from asserting any other rights or seeking any other remedies against the other party, or its successors or permitted assigns, pursuant
to this Agreement or as provided by applicable law. Nothing contained herein precludes a party from seeking equitable relief, where appropriate.

 

		12.15	Execution. This Agreement may be executed in one or more counterparts, each of which is to be deemed
an original, and all of which, when taken together, are to be deemed one and the same instrument. Signatures to this Agreement may be
made and/or transmitted electronically, and each such signature is to be deemed an original signature for all purposes.

 

		12.16	Entire Agreement. Except as expressly set forth herein, this Agreement, together with all exhibits
and appendices hereto, constitute the entire agreement between the parties hereto with respect to the subject matter contained herein
and supersedes all prior oral or written agreements, representations, statements, negotiations, understandings, and undertakings with
respect to the matters provided for herein.

 

		12.17	BCBSA Affiliation. Company hereby expressly acknowledges its understanding that this Agreement
constitutes a contract between Company and Anthem, that Anthem is an independent entity operating under a license from the Blue Cross
Blue Shield Association, an Association of independent Blue Cross and Blue Shield plans (the “Association”), permitting
Anthem to use the Blue Cross and Blue Shield Service Marks, and that Anthem is not contracting as the agent of the Association. Company
acknowledges that it has no license to use the Blue Cross and/or Blue Shield names, symbols, or derivative marks (the “Brands”)
and nothing in this Agreement is to be deemed to grant a license to Company to use the Brands. Any references to the Brands made by Company
in its own materials are subject to the review and approval by Anthem pursuant to the terms of this Agreement. Company further acknowledges
and agrees that it has not entered into this Agreement based upon representations by any person other than Anthem, and that no person,
entity, or organization other than Anthem will be held accountable or liable to Company for any of Anthem's obligations to Company created
under this Agreement. This section does not create any additional obligations whatsoever on the part of Anthem other than those obligations
otherwise created under this Agreement.

 

     

     

    

 

		12.18	Publicity. Anthem and Company shall mutually agree on any press releases, communications, media
outreach, or similar public statements made by either party in regards to the existence and terms of this Agreement. Neither party shall
make any such public statement regarding this Agreement prior to the mutual agreement of the parties.

 

[Signatures appear on the following page]

 

 

     

     

    

 

The parties have executed
this Commercial Collaboration Agreement as of the date set forth below.

 

	ANTHEM,
    INC.	 	SERA
    PROGNOSTICS, INC.
	 	 	 
	By:	/s/
    Paul Marchetti	 	By:	/s/
    Gregory C. Critchfield
	Name:
     Paul Marchetti	 	Name:
     Gregory C. Critchfield
	Title:
     SVP Health Care Management	 	Title:
     Chief Executive Officer
	Date:
     February 17, 2021	 	Date:
     February 17, 2021

 

     

     

    

 

Exhibit A

 

PER TEST RATES AND NUMBER OF TESTS

 

		1.	Rates: Anthem shall pay Company an amount per PRETRM® test control to a Member equal to [***].

 

		2.	Guaranteed Tests per Year: Anthem shall purchase a minimum of [***] PreTRM® tests during the
term of this Agreement. The annual amounts are as follows:

 

		a.	Year 1 - [***] tests

 

		b.	Year 2 - [***] tests

 

		c.	Year 3 - [***] tests

 

In the event that Anthem purchases fewer
than the foregoing amount in either Year 1 or Year 2, the difference between the amount actually ordered and the guaranteed number of
tests will carry-over to the following year. For example, if Anthem orders only [***] tests in Year 1, then the guaranteed number of tests
for Year 2 will be [***].

 

		3.	Affiliates and BCBS Licensees. Any purchases made on behalf of, or distributed to, Anthem's Affiliates
or any other BCBS Licensee or one of their respective Affiliates will be credited against the guaranteed payment terms of Section 4.2
of the Agreement and guaranteed test volumes in Section 2 of this Exhibit A.

 

     

     

    

 

EXHIBIT B

 

[***]

 

     

     

    

 

EXHIBIT C

 

[***]

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