Document:

Exhibit 10.4

 

CADRENAL THERAPEUTICS,
INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement
(this “Agreement”) is made and entered into as of May 17, 2022 (the “Effective Date”)
by and between Cadrenal Therapeutics, Inc., a Delaware corporation with its principal place of business at 822 A1A North, Suite 320, Ponte
Vedra, Florida 32082 (the “Company”), and Matthew Szot, an individual residing at Carlsbad, CA (“Consultant”)
(each herein referred to individually as a “Party,” or collectively as the “Parties”).

 

The Company desires to retain
Consultant as an independent contractor to perform consulting services for the Company, and Consultant is willing to perform such services,
on the terms described below. In consideration of the mutual promises contained herein, the Parties agree as follows:

 

1. Services
and Compensation

 

Consultant shall perform
the services as acting chief financial officer as described in Exhibit A (the “Services”) for the
Company (or its designee), and the Company agrees to pay Consultant the compensation described in Exhibit A for
Consultant’s performance of the Services. Consultant shall devote such of Consultant’s time, attention and efforts to
the Services as may be reasonably requested by the Company; provided, however the Company acknowledges and agrees that Consultant
shall provide the Services on an “at-will” basis with no continuing obligation to provide Services to the Company.
Consultant shall comply with all applicable laws in the course of performing Services.

 

2. Confidentiality

 

A. Definition
of Confidential Information. “Confidential Information” means any information (including any and all
combinations of individual items of information) that relates to the actual or anticipated business and/or products, research or development
of the Company, its affiliates or subsidiaries, or to the Company’s, its affiliates’ or subsidiaries’ technical data,
trade secrets, or know-how, including, but not limited to, research, product plans, or other information regarding the Company’s,
its affiliates’ or subsidiaries’ products or services and markets therefor, customer lists and customers (including, but not
limited to, customers of the Company on whom Consultant called or with whom Consultant became acquainted during the term of this Agreement),
software, developments, inventions, discoveries, ideas, processes, formulas, technology, designs, drawings, engineering, hardware configuration
information, marketing, finances, and other business information disclosed by the Company, its affiliates or subsidiaries, either directly
or indirectly, in writing, orally or by drawings or inspection of premises, parts, equipment, or other property of Company, its affiliates
or subsidiaries or otherwise obtained by Consultant in connection with the performance of Services. Notwithstanding the foregoing, Confidential
Information shall not include any such information which Consultant can establish: (i) was publicly known or made generally available
prior to the time of disclosure to Consultant; (ii) becomes publicly known or made generally available after disclosure to Consultant
through no wrongful action or inaction of Consultant; (iii) is in the rightful possession of Consultant, without confidentiality obligations,
at the time of disclosure as shown by Consultant’s then-contemporaneous written records; (iv) is lawfully obtained by Consultant
from a third party that is entitled to disclose such information; or (v) is independently developed by Consultant without use or reference
to any Confidential Information as shown by Consultant’s then-contemporaneous written records; provided that any combination
of individual items of information shall not be deemed to be within any of the foregoing exceptions merely because one or more of the
individual items are within such exception, unless the combination as a whole is within such exception.

 

     

     

    

 

B. Nonuse
and Nondisclosure. During and after the term of this Agreement, Consultant will hold in strict confidence, and take reasonable
precautions to prevent any unauthorized use or disclosure of Confidential Information, and Consultant will not (i) use the Confidential
Information for any purpose whatsoever other than as necessary for the performance of the Services on behalf of the Company, or (ii) subject
to Consultant’s right to engage in Protected Activity (as defined below), disclose the Confidential Information to any third party
without the prior written consent of an authorized representative of the Company, except that Consultant may disclose Confidential Information
to the extent compelled by applicable law; provided, however, prior to such disclosure, Consultant shall provide prior written
notice to Company, to the extent not prohibited by applicable law, and shall cooperate, at the Company’s expense, with the Company’s
efforts to seek a protective order or such similar confidential protection as may be available under applicable law and shall limit disclosure
to only the portion of the Confidential Information that is legally required. Consultant agrees that no ownership of Confidential Information
is conveyed to the Consultant. Without limiting the foregoing, Consultant shall not use or disclose any Company property, intellectual
property rights, trade secrets or other proprietary know-how of the Company to invent, author, make, develop, design, or otherwise enable
others to invent, author, make, develop, or design identical or substantially similar designs as those developed under this Agreement
for any third party. Consultant agrees that Consultant’s obligations under this Section 2.B shall continue after the termination
of this Agreement.

 

C. Other
Client Confidential Information. Consultant agrees that Consultant will not improperly use, disclose, or induce the Company to
use any proprietary information or trade secrets of any former or current employer of Consultant or other person or entity with which
Consultant has an obligation to keep in confidence. Consultant also agrees that Consultant will not bring onto the Company’s premises
or transfer onto the Company’s technology systems any unpublished document, proprietary information, or trade secrets belonging
to any third party unless disclosure to, and use by, the Company has been consented to in writing by such third party.

 

D. Third
Party Confidential Information. Consultant recognizes that the Company has received and in the future will receive from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of
such information and to use it only for certain limited purposes. Consultant agrees that at all times during the term of this Agreement
and thereafter, Consultant owes the Company and such third parties a duty to hold all such confidential or proprietary information in
the strictest confidence and not to use it or to disclose it to any person, firm, corporation, or other third party except as necessary
in carrying out the Services for the Company consistent with the Company’s agreement with such third party.

 

3. Ownership

 

A. Assignment
of Inventions. Consultant agrees that all right, title, and interest in and to any copyrightable material, notes, records, reports,
drawings, designs, inventions, improvements, developments, discoveries, ideas and trade secrets conceived, discovered, authored, invented,
developed or reduced to practice by Consultant, solely or in collaboration with others, during the term of this Agreement and arising
out of, or in connection with, performing the Services under this Agreement and any copyrights, patents, trade secrets, mask work rights
or other intellectual property rights relating to the foregoing (collectively, “Inventions”), are the sole property
of the Company. Consultant also agrees to promptly make full written disclosure to the Company of any Inventions and to deliver and assign
(or cause to be assigned) without additional compensation and hereby irrevocably assigns fully to the Company all right, title and interest
in and to the Inventions. No rights or licenses, including without limitation trademarks, inventions, copyrights, patents or other intellectual
properties, are implied or granted to Consultant whether by implication, estoppel or otherwise, under this Agreement.

 

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B. Pre-Existing
Materials. Subject to Section 3.A, Consultant will provide the Company with prior written notice if, in the course of performing
the Services, Consultant incorporates into any Invention or utilizes in the performance of the Services any invention, discovery, idea,
original works of authorship, development, improvements, trade secret, concept, or other proprietary information or intellectual property
right owned by Consultant or in which Consultant has an interest, prior to, or separate from, performing the Services under this Agreement
(“Prior Inventions”), and the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable,
transferable, worldwide license (with the right to grant and authorize sublicenses) to make, have made, use, import, offer for sale, sell,
reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions without
restriction including, without limitation, as part of or in connection with such Invention, and to practice any method related thereto.
Consultant will not incorporate any invention, discovery, idea, original works of authorship, development, improvements, trade secret,
concept, or other proprietary information or intellectual property right owned by any third party, including, without limitation, any
free software or open source software into any Invention without Company’s prior written permission.

 

C. Moral
Rights. Any assignment to the Company of Inventions includes all rights of attribution, paternity, integrity, modification, disclosure
and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,” “artist’s
rights,” “droit moral,” or the like (collectively, “Moral Rights”). To the extent that Moral
Rights cannot be assigned under applicable law, Consultant hereby waives and agrees not to enforce any and all Moral Rights, including,
without limitation, any limitation on subsequent modification, to the extent permitted under applicable law.

 

D. Maintenance
of Records. Consultant agrees to keep and maintain adequate, current, accurate, and authentic written records of all Inventions
made by Consultant (solely or jointly with others) during the term of this Agreement, and for a period of three (3) years thereafter.
The records will be in the form of notes, sketches, drawings, electronic files, reports, or any other format that is customary in the
industry and/or otherwise specified by the Company. Such records are and remain the sole property of the Company at all times and upon
Company’s request, Consultant shall deliver (or cause to be delivered) the same.

 

E. Further
Assurances. Consultant agrees to assist Company, or its designee, at the Company’s expense, in every proper way to secure
the Company’s rights in Inventions in any and all countries, including the disclosure to the Company of all pertinent information
and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments that the
Company may deem necessary in order to apply for, register, obtain, maintain, defend, and enforce such rights, and in order to deliver,
assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title, and interest in and to all
Inventions and testifying in a suit or other proceeding relating to such Inventions. Consultant further agrees that Consultant’s
obligations under this Section 3.E shall continue after the termination of this Agreement.

 

F. Attorney-in-Fact.
Consultant agrees that, if the Company is unable because of Consultant’s unavailability, dissolution, mental or physical incapacity,
or for any other reason, to secure Consultant’s signature with respect to any Inventions, including, without limitation, for the
purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations covering
the Inventions assigned to the Company in Section 3.A, then Consultant hereby irrevocably designates and appoints the Company and its
duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and on Consultant’s behalf solely
to execute and file any papers and oaths and to do all other lawfully permitted acts with respect to such Inventions to further the prosecution
and issuance of patents, copyright and mask work registrations with the same legal force and effect as if executed by Consultant. This
power of attorney shall be deemed coupled with an interest, and shall be irrevocable.

 

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4. Conflicting
Obligations

 

A. Consultant
hereby certifies and represents and warrants that Consultant has no outstanding agreement, relationships or commitments or obligation
that is in conflict with any of the provisions of this Agreement, Consultant’s obligations under this Agreement and/or Consultant’s
ability to perform the Services or that would preclude Consultant from complying with the provisions hereof, and further certifies that
Consultant will not enter into any such conflicting agreement during the term of this Agreement. Specifically, Consultant represents and
warrants that Consultant is not prohibited from engaging in consulting services for the Company by the terms of Consultant’s employment
with Consultant’s current employer; and that such employer does not maintain any policies that would contradict or attempt to override
any of the terms hereof. Consultant will not enter into any such conflicting agreement during the term of this Agreement. Consultant will
not disclose to the Company, or induce the Company to use, any proprietary information, knowledge or data belonging to any third party.

 

B. Consultant
represents and warrants that Consultant is not a member of any organization or committee that sets formularies or develops clinical guidelines,
and in the event that Consultant becomes a member of any such organization or committee during the term of this Agreement, Consultant
will notify such organization or committee of the existence and nature of Consultant’s business relationship with the Company pursuant
to this Agreement.

 

C. Consultant
shall perform all Services in a professional manner, consistent with industry standards and in accordance with all applicable laws, rules,
or regulations. Consultant shall provide to the Company, upon the Company’s request, work products and other information to enable
the Company to verify that Consultant is proceeding in accordance with any specified phase and completion dates and general specifications
as agreed upon between the Parties. In accepting any fees or reimbursements under or in connection with this Agreement, Consultant represents
and warrants that Consultant is not in violation of any code of conduct, company or organizational policy, regulation, law or directive
to which the Consultant may be subject. If Consultant renders any opinion on the Company’s products or technology, Consultant agrees
to do so in good faith and in the exercise of his/her professional judgment, and in accordance with any requirements of any code of conduct,
company or organizational policy, regulation, law or directive to which the Consultant may be subject.

 

5.
Record-Keeping; Return of Company Materials

 

A. Consultant
shall keep records of all Services purchased by the Company. Such records shall include any operational documentation pertaining to the
Services, including records relevant to any costs, expenses, or payments incurred or made by Consultant on behalf of or reimbursable by
the Company, any financial records, procedures and such other documentation pertaining to Consultant’s performance under this Agreement.
Consultant shall preserve such records in accordance with the record retention period mandated by any applicable law. In the event that
a legal matter arises requiring preservation of certain records, Consultant shall suspend destruction of such records as requested by
the Company or any governmental body. During the term of this Agreement and, thereafter, in accordance with the applicable record retention
period, the Company shall have the right to inspect, copy and audit those records identified in this Paragraph 5.A during regular business
hours. This right shall include, but not be limited to, the right to inspect, copy and audit any records that may pertain to the representations
and warranties in Section 4, including but not limited to invoice records, contracts with third parties, payments relating to this agreement,
documents relating to clinical trial activity, medical records, and correspondence.

 

B. Upon
the termination of this Agreement, or upon Company’s earlier request, Consultant will immediately deliver to the Company, and will
not keep in Consultant’s possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited
to, Confidential Information, tangible embodiments of the Inventions, all devices and equipment belonging to the Company, all electronically-stored
information and passwords to access such property, those records maintained pursuant to Section 3.D and any reproductions of any of the
foregoing items that Consultant may have in Consultant’s possession or control, except that Consultant may retain his personal copies
of his compensation records and this Agreement.

 

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6.
Term and Termination

 

A. Term.
The term of this Agreement will begin on the Effective Date of this Agreement and will continue until the completion of an initial
public offering (“IPO”) at which time Consultant will become a full-time employee and serve as Chief Financial Officer of
the Company. Terms of such employment as provided in Exhibit B.

 

B. Termination.
Either Party may terminate this Agreement upon giving the other Party thirty (30) days prior written notice of such termination pursuant
to Section 12.H of this Agreement. The Company may terminate this Agreement immediately and without prior notice if Consultant refuses
to or is unable to perform the Services or is in breach of any material provision of this Agreement.

 

C. Survival.
Upon any termination, all rights and duties of the Company and Consultant toward each other shall cease except:

 

  (1) The
Company will pay, within thirty (30) days after the effective date of termination after receipt of a final invoice, all amounts owing
to Consultant for Services properly completed prior to the termination date and related reimbursable expenses, if any, submitted in accordance
with the Company’s policies and in accordance with the provisions of Section 1 of this Agreement; and

 

      (2) Section
2 (Confidentiality), Section 3 (Ownership), Section (Conflicting Obligations), Section 5 (Record Keeping; Return of Company Materials),
Section 6 (Term and Termination), Section 7 (Independent Contractor; Benefits), Section 9 (Nonsolicitation), Section 10 (Limitation of
Liability), Section 11 (Arbitration and Equitable Relief), and Section 12 (Miscellaneous) will survive termination or expiration of this
Agreement in accordance with their terms.

 

7.
Independent Contractor; Benefits

 

A. Independent
Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an independent contractor
to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as an employee of the Company. Company
agrees to furnish (or reimburse the Consultant for) all tools and materials necessary to accomplish this Agreement and shall incur all
expenses associated with performance. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation
received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and
other taxes on such income.

 

B. Benefits.
The Company and Consultant agree that Consultant will receive no Company-sponsored benefits from the Company where benefits include,
but are not limited to, paid vacation, sick leave, medical insurance and 401k participation. If Consultant is reclassified by a state
or federal agency or court as the Company’s employee, Consultant will become a reclassified employee and will receive no benefits
from the Company, except those mandated by state or federal law, even if by the terms of the Company’s benefit plans or programs
of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits.

 

8.
Publication.

 

The Consultant
shall not present or publish, nor submit for publication, any work resulting from the Services provided hereunder without the Company’s
prior written consent. 

 

9.
Nonsolicitation

 

To the fullest extent permitted
under applicable law, from the date of this Agreement until twelve (12) months after the termination of this Agreement for any reason
(the “Restricted Period”), Consultant will not, without the Company’s prior written consent, directly
or indirectly, solicit any of the Company’s employees to leave their employment, or attempt to solicit employees of the Company,
either for Consultant or for any other person or entity. Consultant agrees that nothing in this Section 9 shall affect Consultant’s
continuing obligations under this Agreement during and after this twelve (12) month period, including, without limitation, Consultant’s
obligations under Section 2.

 

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10.
Limitation of Liability

 

Intentionally Omitted

 

11.
Arbitration and Equitable Relief

 

Except as otherwise
provided by law, the parties hereto agree that any dispute or controversy arising out of, relating to or concerning any interpretation,
construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Los Angeles County, California, in
accordance with the employment and arbitration rules and procedures rules then in effect of Judicial Arbitration & Mediation Services,
Inc. The Arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator will be final,
conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having
jurisdiction.

 

12.
Miscellaneous

 

A. Force
Majeure. Neither Party shall be liable for non-performance or delay in performance caused by any event reasonably beyond the control
of such party including, but not limited to wars, acts of terrorism, hostilities, revolutions, riots, civil commotion, national emergency,
strikes, lockouts or other labor disputes or shortages or inability to obtain material or equipment, unavailability of supplies, compliance
with laws or regulation (including, without limitation, those related to infringement), epidemic, pandemic, fire, flood, earthquake, tsunami,
force of nature, explosion, embargo, or any act of God, or any law, proclamation, declaration, regulation, ordinance or other act or order
of any court, government or governmental agency.

 

B. Governing
Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of the State of California, without regard
to the conflicts of law provisions of any jurisdiction. To the extent that any lawsuit is permitted under this Agreement, the Parties
hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located in California.

 

C. Assignability.
This Agreement will be binding upon Consultant’s heirs, executors, assigns, administrators, and other legal representatives,
and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to this Agreement,
except as expressly stated. Except as may otherwise be provided in this Agreement, Consultant may not sell, assign or delegate any rights
or obligations under this Agreement. Notwithstanding anything to the contrary herein, Company may assign this Agreement and its rights
and obligations under this Agreement to any successor to all or substantially all of Company’s relevant assets, whether by merger,
consolidation, reorganization, reincorporation, sale of assets or stock, change of control or otherwise.

 

D. Entire
Agreement. This Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter
herein and supersedes all prior written and oral agreements, discussions, or representations between the Parties. Consultant represents
and warrants that Consultant is not relying on any statement or representation not contained in this Agreement. To the extent any terms
set forth in any exhibit or schedule conflict with the terms set forth in this Agreement, the terms of this Agreement shall control unless
otherwise expressly agreed by the Parties in such exhibit or schedule.

 

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E. Headings.
Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.

 

F. Severability.
If a court or other body of competent jurisdiction finds, or the Parties mutually believe, any provision of this Agreement, or portion
thereof, to be invalid or unenforceable, such provision will be enforced to the maximum extent permissible so as to effect the intent
of the Parties, and the remainder of this Agreement will continue in full force and effect.

 

G. Modification;
Waiver. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective
unless in a writing signed by the Parties. Waiver by the Company of a breach of any provision of this Agreement will not operate as a
waiver of any other or subsequent breach.

 

H. Notices. Any
notice or other communication required or permitted by this Agreement to be given to a Party shall be in writing and shall be deemed
given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by confirmed facsimile, or (iii) if
mailed by U.S. registered or certified mail (return receipt requested), to the Party at the Party’s address written below or
at such other address as the Party may have previously specified by like notice. If by mail, delivery shall be deemed effective
three business days after mailing in accordance with this Section 12.H.

 

(1) 
 If to the Company, to:

 

Cadrenal Therapeutics,
Inc.

822 A1A North, Suite
320

Ponte Vedra, Florida
32082

Attention: Chief Executive Officer

 

(2)
If to Consultant, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last
address of Consultant provided by Consultant to the Company.

 

I. Attorneys’
Fees. In any court action at law or equity that is brought by one of the Parties to this Agreement to enforce or interpret the
provisions of this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees, in addition to any other relief
to which that Party may be entitled.

 

J. Signatures.
This Agreement may be signed in two counterparts, each of which shall be deemed an original, with the same force and effectiveness
as though executed in a single document.

 

K. Applicability
to Past Activities. Consultant agrees that if and to the extent that Consultant provided any services or made efforts on behalf
of or for the benefit of Company, or related to the current or prospective business of Company in anticipation of Consultant’s involvement
with the Company, that would have been “Services” if performed during the term of this Agreement (the “Prior Consulting
Period”) and to the extent that during the Prior Consulting Period: (i) Consultant received access to any information from
or on behalf of Company that would have been “Confidential Information” if Consultant received access to such information
during the term of this Agreement; or Consultant (a) conceived, created, authored, invented, developed or reduced to practice any item
(including any intellectual property rights with respect thereto) on behalf of or for the benefit of Company, or related to the current
or prospective business of Company in anticipation of Consultant’s involvement with Company, that would have been an Invention if
conceived, created, authored, invented, developed or reduced to practice during the term of this Agreement, or (b) incorporated into any
such item any pre-existing invention, improvement, development, concept, discovery or other proprietary information that would have been
a Prior Invention if incorporated into such item during the term of this Agreement; then any such information shall be deemed Confidential
Information hereunder and any such item shall be deemed an Invention or Prior Invention hereunder, and this Agreement shall apply to such
activities, information or item as if disclosed, conceived, created, authored, invented, developed or reduced to practice during the term
of this Agreement. Consultant further acknowledges that Consultant has been fully compensated for all services provided during any such
Prior Consulting Period.

 

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L. Protected
Activity Not Prohibited. Consultant understands that nothing in this Agreement shall in any way limit or prohibit Consultant from
engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a
charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may
be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission (“Government
Agencies”). Consultant understands that in connection with such Protected Activity, Consultant is permitted to disclose
documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding
the foregoing, Consultant agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that
may constitute Company confidential information to any parties other than the Government Agencies. Consultant further understands that
“Protected Activity” does not include the disclosure of any Company attorney-client privileged communications.
Pursuant to the Defend Trade Secrets Act of 2016, Consultant is notified that an individual will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or
local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected
violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing
is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding,
if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to
court order.

 

M. Consultant
understands and agrees that the Company will suffer irreparable harm in the event that Consultant breaches any of Consultant’s obligations
under Sections 2 or 3 hereof and that monetary damages will be inadequate to compensate Company for such breach. Accordingly, Consultant
agrees that, in the event of a breach or threatened breach by Consultant of any of the provisions of Sections 2 or 3 hereof, the Company,
in addition to and not in limitation of any other rights, remedies or damages available to the Company at law or in equity, shall be entitled
to a temporary restraining order, preliminary injunction and/or permanent injunction without an obligation of posting a bond or proving
actual damages in order to prevent or to restrain any such breach by Consultant, or by any or all of Consultant’s partners, co-venturers,
employers, employees, servants, agents, representatives and any and all persons directly or indirectly acting for, on behalf of or with
Consultant.

 

(signature page follows)

 

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IN WITNESS WHEREOF, the Parties hereto
have executed this Consulting Agreement as of the date first written above.

 

	CONSULTANT	 	CADRENAL THERAPEUTICS, INC.
	 	 	 	 	 
	By:	/s/Matthew Szot	 	By:	/s/Quang Pham
	Name:	Matthew Szot	 	Name:	Quang Pham
			 	Title:	Chief Executive Officer
	 	 	 	 	 
	Address for Notice:	 	 	 

 

	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 

 

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EXHIBIT A

 

SERVICES AND COMPENSATION

 

1.
Contact. Consultant’s principal Company contact:

 

	 	Name:	Quang Pham	 
	 	 	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	 	Email:		 
	 	 	 
	 	Phone:	 	 

 

       2. Services.
Consultant will perform Services as the acting chief financial officer for the Company. Consultant will provide not more than a maximum
of 40 hours of Services per week.

 

3.
Compensation.

 

A. During
the term of this Agreement, the Company will pay Consultant $22,500.00 each month (the “Consulting Fee”), prorated
for any partial period based upon the number of days in such month that this Agreement is in effect.

 

This Exhibit A is accepted and agreed upon as of June  , 2022.

 

	CONSULTANT	 	CADRENAL THERAPEUTICS, INC.
	 	 	 	 	 
	By:	/s/Matthew Szot	 	By:	/s/Quang Pham
	Name:	Matthew Szot	 	Name:	Quang Pham
			 	Title:	Chief Executive Officer

 

    A - 1

     

    

 

EXHIBIT B

 

TERMS OF EMPLOYMENT UPON COMPLETION OF IPO

 

The following terms of employment between Matthew
Szot (“Szot”) and Cadrenal Therapeutics, Inc. (“Cadrenal”) are applicable upon the completion of an IPO (or
another Qualified Liquidity Event ***)

 

Cash Compensation

 

		●	Effective immediately upon completion of IPO, is deemed to be a W-2 employee of Cadrenal

 

		●	Annual base salary at $375,000 (“Annual Base Salary”); paid bi-weekly in accordance with normal company policy

 

		●	Annual targeted cash bonus equal to 50% of Annual Base Salary (“Targeted Bonus”)

 

Equity Compensation

 

		●	Szot is eligible for annual equity grants commensurate with other members of the Executive Leadership Team and/or market data (as
determined by the Compensation Committee of the Board of Directors)

 

Standard Employee Benefits

 

		●	100% Health (medical, dental, vision) Insurance premiums for Szot and his family

 

		●	Participation in 401K plan; with 4% matching contribution (in accordance with normal company policy)

 

Termination of Employment Clauses

 

		●	Change of Control – 1.0x Annual Base Salary and Targeted Bonus; all equity immediately vests; 100% of COBRA premiums for 1.0
years

 

		●	Termination without Cause – 1.0x Annual Base Salary and Targeted Bonus; all equity immediately vests; 100% of COBRA premiums
for 1.0 years

 

		●	Termination with Cause – No severance

 

Footnotes:

 

*** Qualified Liquidity Event (QLE) – the following events will
be deemed a QLE and result in immediate vesting of all equity and transition to W-2 benefits:

 

		●	Change of Control (exception of founder/CEO change of control for equity financing)

 

		●	Partnership / Capital Infusion from Strategic – over $7.5 million triggers moving to W-2 status

 

		●	If Szot remains with Cadrenal until raising $54 million of capital or more, or the initiation of the pivotal trial’s first patient
in (FPI), he would then be named as a Co-founder

 

 

B - 1Exhibit 10.5

 

RESTRICTED STOCK PURCHASE AGREEMENT

 

Pursuant to the terms of this Restricted Stock
Purchase Agreement (the “Agreement”), Cadrenal Therapeutics, Inc., a Delaware corporation (the “Company”),
has issued to Matthew Szot (the “Holder”) 450,000 shares of restricted common stock of the Company, par value $0.001 (“Common
Stock”).

 

A. ISSUANCE.
On May 17, 2022 (the “Issuance Date”), the Company issued the Holder 450,000 shares of restricted common stock for a purchase
price of $0.001 per share of Common Stock (such shares being referred to herein as the “Restricted Stock”). The Restricted
Stock shall be subject to the terms and conditions set forth in this Agreement.

 

B. VESTING. Subject to the adjustments
described below, the Restricted Stock will vest quarterly over a period of two (2) years from the date of this Agreement, with 56,250
shares of Restricted Stock vesting on the three (3) month anniversary of the date of this Agreement, and 56,250 Shares vesting on each
subsequent three (3) month anniversary of the date of this Agreement during the two-year period (“Time Vested Schedule”).
Time Vested Schedule is subject to adjustment as follows:

 

(1) If
Cadrenal’s initial public offering (“IPO”) is completed, the shares of Restricted Stock shall be 33.33% vested upon
completion of the IPO (to the extent the 33.33% exceeds the shares vested pursuant to the Time Vested Schedule), subject to any lock-up
period provided for in connection with the IPO and/or applicable state and federal securities laws, with the remaining shares to vest
pursuant to the Time Vested Schedule;

 

(2) Upon
the twelve (12) month anniversary of the IPO, the shares of Restricted Stock shall be 66.66% vested (to the extent the 66.66% exceeds
the shares vested pursuant to the Time Vested Schedule), with the remaining shares to vest pursuant to the Time Vested Schedule; and/or

 

(3) If
the Holder voluntarily terminates employment or consulting arrangement with Cadrenal before November 16, 2022 and at the time of termination
the Company has raised gross proceeds of $2,000,000 or more from any financing raised from the date hereof to the IPO (“Pre-IPO
Financing”), no further vesting of the shares of Restricted Stock will take place; provided, however that if the Company does not
complete the Pre-IPO Financing prior to November 16, 2022 and such termination occurs prior to November 16, 2022, the shares of Restricted
Stock will continue to vest regardless of consulting or employment status.

 

Until the shares of Restricted Stock vest, they shall be
held physically by the Company or in book entry form on the Company’s records.

 

C. LAPSING
FORFEITURE PROVISIONS. Subject to the terms of this Agreement, the Restricted Stock shall be automatically forfeited in the event
the applicable vesting requirements set forth above are not satisfied, or cannot by their terms be satisfied. Furthermore, except as set
forth above in Section B (3) above all of the unvested Restricted Stock shall be automatically forfeited upon the Holder’s termination
of service to the Company or any Affiliate for any reason, with respect to the Holder.

 

     

     

    

 

D. TRANSFER
RESTRICTIONS. Prior to the satisfaction of the conditions set forth in Section (B) above, the Holder shall not sell, assign, pledge
or otherwise transfer (voluntarily or involuntarily) any of the Restricted Stock. Upon satisfaction of the conditions set forth above
with respect to Restricted Stock, the transfer restrictions set forth in this Section shall lapse with respect to the Restricted Stock
for which such conditions are satisfied.

 

B. ADJUSTMENT
OF SHARES. Notwithstanding anything contained herein to the contrary, in the event of any change in the Common Stock resulting from
a corporate transaction including, but not limited to, a subdivision or consolidation, reorganization, recapitalization, merger, share
split, reverse share split, share distribution, combination of shares or the payment of a share dividend, the Restricted Stock shall be
treated in the same manner in any such transaction as other Common Stock but will be subject to the vesting requirements set forth in
this Agreement. Any Common Stock or other securities received by the Holder as a result of such transaction with respect to the Restricted
Stock shall be subject to the restrictions and conditions set forth herein.

 

C. RIGHTS
AS STOCKHOLDER. The Holder shall be entitled to all of the rights of a stockholder with respect to the Restricted Stock as of the
Issuance Date, including, but not limited to, the right to vote such shares and receive dividends and other distributions payable with
respect to same.

 

D. RECORDING;
ESCROW OF SHARE CERTIFICATES. As soon as reasonably practicable after the Issuance Date, the Company shall issue a stock certificate
(or otherwise or enter in its books and records if shares are in book entry form on the Company’s records) in the Holder’s
name that corresponds to the Restricted Stock (the “Certificate”), and shall hold such Certificate in escrow for the
Holder’s benefit, properly endorsed for transfer, until such time as the Restricted Stock are forfeited to the Company or all restrictions
thereon lapse. The Company shall not be liable for any act it may do or fail to do with respect to the holding of the Certificate in escrow
hereunder, provided it acts or fails to act in good faith and in the exercise of its sound judgment.

 

E. LEGEND.
To the extent the Company issues a Certificate prior to the lapse of the restrictions on a Holder’s Restricted Stock, the Certificate
shall bear the following legend:

 

THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF AN AGREEMENT ENTERED
INTO BETWEEN The HOLDER OF THIS CERTIFICATE AND CADRENAL THERAPEUTICS, INC. (WHICH
TERMS AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, CERTAIN TRANSFER RESTRICTIONS AND FORFEITURE CONDITIONS). COPIES OF THAT AGREEMENT
ARE ON FILE IN THE PRINCIPAL OFFICES OF CADRENAL THERAPEUTICS, INC. AND WILL BE MADE AVAILABLE
TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY.

 

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F. SECTION
83(b) ELECTION. The Holder hereby acknowledges that the Holder has been informed that, with respect to the Restricted Stock, the Holder
may be permitted to file an election with the Internal Revenue Service, within thirty (30) days of the Date of Grant, electing pursuant
to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), to be taxed currently on any difference
between the purchase price of the Restricted Stock and the fair market value of the Restricted Stock on the date of purchase or Award. 
Absent such an election, taxable income would likely be measured and recognized by the Holder at the time or times at which the forfeiture
restrictions on the Restricted Stock lapse.  The Company is not making any representation as to whether the Holder is permitted to
file a Section 83(b) election.  The Holder is strongly encouraged to seek the advice of the Holder’s own tax consultants in
connection with the issuance of the Restricted Stock and the advisability of filing of the election under Section 83(b) of the Code. 
A form of election under Section 83(b) is attached hereto as Exhibit A for reference.

 

THE HOLDER ACKNOWLEDGES THAT IT IS NOT THE
COMPANY’S, BUT RATHER THE HOLDER’S SOLE RESPONSIBILITY TO FILE THE ELECTION UNDER SECTION 83(b) TIMELY. TO THE EXTENT THE
HOLDER FILES A SECTION 83(b) ELECTION THE HOLDER IS REQUIRED TO FURNISH A COPY TO THE COMPANY.

 

WITHHOLDING TAXES. The Company shall have
the right to require the Holder to remit to the Company, or to withhold from amounts payable to the Holder, as compensation or otherwise,
an amount sufficient to satisfy all federal, state and local withholding tax requirements (including, without limitation, any tax resulting
from (i) the expiration of restrictions set forth hereunder that are applicable to any particular Restricted Stock or (ii) an election
made by the Holder under Section 83(b) of the Code).

 

G. HOLDER
REPRESENTATIONS. The Holder has reviewed with the Holder’s own tax advisors the federal, state, local and foreign tax consequences
of the transactions contemplated by this Agreement. The Holder is relying solely on such advisors and not on any statements or representations
of the Company or any of its agents, if any, made to the Holdert. The Holder understands that the Holder (and not the Company) shall be
responsible for the Holder’s own tax liability arising as a result of the transactions contemplated by this Agreement.

 

H. SERVICE.
Neither this Agreement nor any action taken hereunder shall be construed as giving the Holder any right of continuing employment or service
with the Company.

 

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I. NOTICES.
All notices and other communications given or made hereunder shall be in writing and shall be deemed effectively given:  (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally
recognized overnight courier, specifying next business day delivery, with written verification of receipt.  Subject to the limitations
set forth in Section 232(e) of the General Corporation Law of the state of Delaware (the “DGCL”), Holder consents to
the delivery of any notice or communications to stockholders given by the Company under this Agreement, the DGCL or the Company’s
Certificate of Incorporation or Bylaws by (i) facsimile telecommunication to the facsimile number set forth below (or to any other facsimile
number for the Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth below (or to any
other electronic mail address for the Holder in the Company’s records), (iii) posting on an electronic network together with separate
notice to Holder of such specific posting or (iv) any other form of electronic transmission (as defined in the DGCL) directed to Holder.
This consent may be revoked by Holder by written notice to the Company (the “Consent Revocation”) and may be deemed
revoked in the circumstances specified in Section 232 of the DGCL. 

 

J. ENTIRE
AGREEMENT; GOVERNING LAW. This Agreement and the Stock Restrictions Agreement, constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings relating to the subject matter
of this Agreement. This Agreement and all matters arising directly or indirectly herefrom shall be construed under the laws of the State
of Delaware, without regard to conflict of laws principles.

 

K. BINDING
EFFECT. This Agreement shall be binding upon and inure to the benefit of the Company and the Holder and their respective permitted
successors, assigns, heirs, beneficiaries and representatives. This Agreement is personal to the Participant and may not be assigned by
the Holder without the prior consent of the Company. Any attempted assignment in violation of this Section shall be null and void.

 

L. AMENDMENT.
This Agreement may be amended or modified only by a written instrument executed by both the Company and the Holder.

 

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EXHIBIT
A

 

ELECTION UNDER SECTION 83(b)

 

OF THE INTERNAL REVENUE CODE OF 1986

 

The undersigned taxpayer hereby
makes an election pursuant to section 83(b) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Regulations”),
and in connection with this election supplies the following information:

 

1. The
name, address and taxpayer identification number of the undersigned are:

 

	 	Name:	 	 
	 	Address:	 	 
	 	Social Security No.:	 	 

 

2. The
election is being made with respect to [●] shares of common stock, $[●] par value per share (the “Stock”)
of Cadrenal Therapeutics, Inc., a Delaware corporation (the “Company”).

 

3. The
date on which the Stock was transferred to the undersigned was [●]. The taxable year for which this election is being made
is calendar year [●].

 

4. The
property is subject to the following restrictions:

 

The above-mentioned shares may not
be transferred and are subject to forfeiture under the terms of a Restricted Stock Award.

 

Disposition of the Stock is also subject
to restrictions imposed under applicable federal and state securities laws regulating the transfer of unregistered securities.

 

5. The
fair market value of the Stock at the time of transfer (determined without regard to any lapse restriction, as defined in §1.83-3(i)
of the Regulations) was $[●] per share, for an aggregate fair market value of $[●].

 

6. The
undersigned paid $[●] for the Stock. Therefore, $[●] (the difference between the full fair market value of the
Stock stated above and the amount paid by the undersigned, if any) is includible in the undersigned’s gross income as compensation
for services.

 

7. A
copy of this election has been furnished to the Company as required by §1.83-2(d) of the Regulations.

 

8. This
election was executed on [●], 202[_].

 

 

	Signature of Taxpayer	 	Signature of Spouse (as applicable)

 

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INSTRUCTIONS FOR FILING SECTION 83(B) ELECTION

 

Attached is a form of election
under section 83(b) of the Internal Revenue Code. You should consult your tax advisor to determine whether you wish to make an election
under section 83(b). If, after consultation with your tax advisor, you wish to make such an election, you should complete, sign
and date the election and then proceed as follows:

 

1. Execute
three (3) counterparts of your completed election (plus one extra counterpart for each person other than you, if any, who receives property
that is the subject of your election), retaining at least one photocopy for your records. If you are married and a resident of Arizona,
California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin or the Commonwealth of Puerto Rico, your spouse also
should sign the election where indicated.

 

2. Send
two (2) of the counterparts of the Section 83(b) election via certified mail, return receipt requested to the Internal Revenue Service
at the address of the Internal Revenue Service Center where you will file your personal tax returns for the current year. Your transmittal
letter should request the return of one (1) of the counterparts that has been date-stamped by the Internal Revenue Service, and you should
enclose a self-addressed, stamped envelope so that the Internal Revenue Service may return the date-stamped counterpart to you.

 

We suggest that you have your
original transmittal package date-stamped at the post office. The post office will provide you with a white certified receipt that includes
a dated postmark. Your postmarked receipt is your proof of having timely filed the Section 83(b) election if you do not receive a date-stamped
counterpart or other confirmation from the Internal Revenue Service. If and when you receive the date-stamped counterpart from the Internal
Revenue Service, retain it for your records.

 

Please consult your personal
tax advisor for the address of the office of the Internal Revenue Service to which you should mail your election form.

 

THE ELECTION SHOULD BE SENT
IMMEDIATELY, BECAUSE YOU ONLY HAVE 30 DAYS AFTER THE DATE THE SHARES WERE GRANTED TO YOU WITHIN WHICH TO MAKE THE ELECTION
– NO WAIVERS, LATE FILINGS OR EXTENSIONS ARE PERMITTED, AND THERE IS NO REMEDY FOR FAILURE TO FILE ON TIME. FURTHER, BE ADVISED
THAT IF YOU MAKE THE SECTION 83(B) ELECTION, THE ELECTION IS IRREVOCABLE.

 

3. Deliver
one counterpart of the completed election to the Company for its files.

 

4. If
anyone other than you (e.g., one of your family members) will receive property that is the subject of your election, deliver one
counterpart of the completed election to each such person.

 

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	HOLDER	CADRENAL THERAPEUTICS, INC.
	 
	By:	/s/ Matthew Szot	 	By:	/s/ Quang Pham
	Name:	Matthew Szot	 	Name:	Quang Pham
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Restricted Stock Purchase
Agreement]

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