Document:

Exhibit 10.11

 

 

Exclusive
License Agreement

 

This
license agreement ("Agreement") effective as of this 2nd day of May, 2017 ("Effective Date") is by and between the
University of Iowa Research Foundation, a nonprofit corporation organized and existing under the laws of the State of Iowa and having
an address at 112 N. Capitol Street, 6, Gilmore Hall, Iowa City, Iowa 52242 ("UIRF"), and Cardio Diagnostics, LLC, an Iowa
limited liability corporation with principal offices at 2500 Crosspark Road, Suite W245, Coralville, IA 52240 ("Licensee").

WHEREAS,
as the agent of the University of Iowa ("UI"), for managing its intellectual property, UIRF has the exclusive right to license
patent rights and know-how relating to technologies entitled, "Methylation and GxMethylation Effects in Predicting Cardiovascular
Disease" and "Methylation and GxMethylation Effects in Predicting Stroke, Congestive Heart Failure and Diabetes" ("Invention"),
as identified in Exhibit A, and desires to have said Invention utilized in the public interest, and;

WHEREAS,
Licensee desires to commercialize the Invention and is willing to commit to developing and bringing to market products exploiting the
rights in the Invention.

NOW,
THEREFORE, UIRF is willing to grant a license under its rights in the Invention in accordance with the terms of this Agreement. In consideration
of the following covenants and conditions, the parties agree as follows:

		1.	Definitions

 

		1.1	"Affiliate(s)"
                                            means any entity that directly or indirectly owns or controls, is owned or controlled
                                            by, or is under common ownership or control with the Licensee. For the purposes of this definition,
                                            "ownership" or "control" mean: (a) possession, or the right to possession,
                                            of at least fifty percent (50%) of the voting stock of a corporation or of the ownership
                                            units if pertaining to a legal entity other than a corporation; (b) the power to direct the
                                            management and policies of the entity; (c) the power to appoint or remove a majority of the
                                            board of directors or of the equivalent partners, members or managers if pertaining to a
                                            legal entity other than a corporation; or (d) the right to receive fifty percent (50%) or
                                            more of the profits or earnings. An entity is entitled to the benefits of an Affiliate under
                                            this Agreement only for the period of time the entity qualifies as an Affiliate under this
                                            definition, however all obligations under this Agreement of an entity while an Affiliate
                                            shall survive until their purposes are fulfilled even if the entity no longer qualifies as
                                            an Affiliate.

 

		1.2	"Aggregate
                                            Consideration" means: (a) in the case of an Asset Sale, the sum of: (i) all cash,
                                            and the fair market value of all securities or other property transferred to Licensee, its
                                            Affiliates or any holder of securities or ownership units of Licensee at the time of the
                                            transaction, less all current and long-term liabilities (but not contingent liabilities)
                                            of Licensee that are not discharged or assumed by the buyer (or its affiliates) in connection
                                            with the Asset Sale; and (ii) all cash, and the fair market value of all securities and other
                                            property for Trailing Consideration payable to Licensee, its Affiliates or any holder of
                                            securities or ownership units of Licensee when and if, actually paid; or (b) in the case
                                            of a Merger or Security Sale, the sum of: (i) all cash, and the fair market value of all
                                            securities and other property transferred to the holders of the securities or ownership units
                                            of Licensee (and any option holders or warrant holders) in return for their equity (or options
                                            or warrants) or ownership in Licensee at the time of the transaction; and (ii) all cash,
                                            and the fair market value of all securities and other property transferred to the holders
                                            of the securities or ownership units of Licensee (and any option holders or warrant holders)
                                            for Trailing Consideration payable to the holders of Licensee's securities or ownership units,
                                            when and if actually paid.

 

 

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		1.3	"Confidential
                                            Information" means any information or materials disclosed by one party, the disclosing
                                            party, to the other, the receiving party, and marked as confidential (or with other similar
                                            designation) at the time of disclosure or, if first disclosed orally or observed visually,
                                            identified as confidential at such time and confirmed in writing within thirty (30) days.
                                            Notwithstanding the above, the failure to so mark or confirm such information as confidential
                                            shall not cause the information to be considered non-confidential if the receiving party
                                            knew or reasonably should have known that it was the type of information which is or should
                                            be considered confidential. Confidential Information includes the specific financial terms
                                            of this Agreement, but not the Agreement itself. Confidential Information does not include
                                            any information or material that is: (a) already lawfully known to the receiving party at
                                            the time of disclosure (other than from the disclosing party) as evidenced by receiving party's
                                            written records; (b) in the public domain other than through acts or omissions of the receiving
                                            party, or anyone that obtained the information or materials from the receiving party; (c)
                                            disclosed to the receiving party by a third party who was not and is not under any obligation
                                            of confidentiality; or (d) independently developed by employees of the receiving party without
                                            knowledge of or access to the Confidential Information as evidenced by the receiving party's
                                            written records.

 

 

		1.4	"Field"
                                            means research tools and clinical diagnostics for cardiovascular disease, stroke, congestive
                                            heart failure, and diabetes in humans.

 

		1.5	"Initial
                                            Public Offering" means the effectiveness of a registration statement for the first
                                            sale of Licensee's common stock in a firm commitment underwritten public offering registered
                                            under the Securities Act of 1933, as amended.

 

		1.6	"Licensed
                                            Product(s) and/ or Licensed Process(es)" means any product or process: (a) that
                                            is covered by the Patent Rights, infringes the Patent Rights, or would infringe the Patent
                                            Rights but for a valid statutory exception in the U.S. or other countries; (b} the development,
                                            manufacture, use, sale or importation of which is, incorporates, uses, or is derived from,
                                            any Technical Information; or (c) meeting the qualifications of both (a) and (b).

		1.7	"Liquidation
                                            Event" means each: (a) merger, share exchange, or other reorganization involving
                                            another previously-existing legal entity other than an Affiliate ("Merger");
                                            (b) sale by one or more holders of the securities or ownership units of Licensee equaling
                                            a majority of the voting power of Licensee ("Security Sale"); or (c) sale
                                            of all or substantially all of the assets of Licensee
                                            or all or substantially all of that portion of its assets related to the subject matter
                                            of this Agreement ("Asset Sale"); in which for (a), (b), and (c) above,
                                            the holders of the securities or ownership units of Licensee prior to such transaction do
                                            not own a majority of the voting power of the acquiring, surviving or successor entity, as
                                            the case may be. Notwithstanding the foregoing, a Liquidation Event shall include neither
                                            (i) a bona fide financing transaction in which voting control of Licensee transfers to one
                                            or more persons or entities who acquire the securities or owernship units of Licensee from
                                            Licensee in exchange for either cash payment to Licensee or the cancellation of indebtedness
                                            owed by Licensee, or a combination thereof, nor (ii) the reorganization of Licensee from
                                            one legal entity such as a limited liability company to a corporation not involving another
                                            previously existing legal entity other than an Affiliate.

 

		1.8	"Market
                                            Exclusivity" means an exclusive benefit by grant or an exclusion under or from any
                                            Regulatory Authority relating to the Licensed Product.

 

		1.9	"Net
                                            Sales" means the gross invoiced amount for Licensed Products sold, leased, transferred,
                                            performed, or otherwise provided by Licensee and its Affiliate(s) or Sublicensee(s), less
                                            the following solely to the extent documented and attributable only to Licensed Products:
                                            (a) customary trade, quantity and cash discounts actually given; (b} returns, credits and
                                            allowances actually granted; (c) transportation and insurance, if charged
                                            separately and included in the gross invoiced amount; and (d) sales taxes or other governmental
                                            customs charges (excluding value-added and other consumption taxes) actually paid and included
                                            in the gross invoice amount. Net Sales on Licensed Product(s)

 

 

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and/or
Licensed Process(es) transferred as part of a non-cash exchange or to Licensee's Affiliate(s) or Sublicensee(s) shall be calculated at
the then-current customary sales price or fair market value invoiced to third parties, whichever is greater. If there is no such invoice
to reference, then the parties shall agree on the fair market value. Net Sales accrue with the first to occur of delivery or invoice.

 

		1.10	"Patent
                                            Rights" means Valid Claims of the patents and/or patent applications listed on Exhibit
                                            A, Patent Rights, incorporated herein by reference, all U.S., PCT and foreign patent
                                            applications claiming priority thereto, including divisionals, continuations, and
                                            continuations-in-part (but only to the extent of subject matter claimed in such continuations
                                            in-part that is fully disclosed and enabled by the disclosures
                                            in Exhibit A to satisfy 35 U.S.C.

§112,
as determined by a court or administrative agency of competent jurisdiction), all patents issuing tt)erefrom, reissues, reexaminations
and any extensions of or supplementary protection certificates allowed on any of the foregoing, in each case only to the extent claiming
the Invention.

 

		1.11	"Pre-Money
                                            Valuation" means the amount equal to the product of: (a) the price per share of
                                            common stock sold in an Initial Public Offering; and (b) the total number of outstanding
                                            shares of common stock of Licensee immediately prior to the closing of the Initial Public
                                            Offering, determined on a fully-diluted, as converted
                                            into common stock basis, giving effect to any stock split, stock dividend, stock combination,
                                            recapitalization or similar action impacting Licensee's capitalization that occurs, or is
                                            deemed to occur, upon consummation of the Initial Public Offering.

 

		1.12	"Regulatory
                                            Authority" means the US Food and Drug Administration, European Medicines Agency
                                            or other similar regulatory body, agency, or entity and tl)eir respective successors worldwide,
                                            that grant approvals, licenses, registrations, authorizations on behalf of any national,
                                            multi-national, regional, state, or local agency, department, administration, bureau, fund,
                                            commission, council or other governmental entity necessary in order to test, make, market,
                                            distribute, use, and/or sell the Licensed Product(s) and/or Licensed Process(es)s in its
                                            respective jurisdiction.

 

		1.13	"Research
                                            Grants" means all funding awarded to Licensee under state of Iowa or federal government,
                                            foundation or private sponsored research grants or other funding, contracts, and/or
                                            cooperative agreements, including extensions thereof, that are related to the Patent Rights.
                                            Specifically, Research Grants includes SBIR and STTR awards.

 

		1.14	"Sublicensee(s)"
                                            means any person or entity, including Affiliates, (a) to whom Licensee or its Affiliates
                                            grants or otherwise conveys any of the rights licensed hereunder, and/or (b) against whom
                                            Licensee or its Affiliates agrees not to assert any of the rights licensed hereunder, and/or
                                            (c) who has obtained an agreement from Licensee that neither Licensee nor its Affiliates
                                            shall practice any of the rights licensed hereunder.

 

		1.15	"Technical
                                            Information" means information including, but not limited to, research and development
                                            information, materials, Confidential Information, technical data, unpatented inventions,
                                            know-how and supportive information owned and controlled by UIRF and not in the public domain
                                            as of the Effective Date describing the Invention, its manufacture and/or use, and selected
                                            by UIRF to provide to Licensee for use in or with the development, manufacture or use of
                                            a Licensed Product(s) and/or Licensed Process(es). In the case of Technical Information provided
                                            by UIRF as: (i) materials, all progeny and derivatives of the materials made by Licensee
                                            and/or Sublicensee(s) are included within Technical Information; and (ii) software or other
                                            copyrightable work, all derivatives of such software and other copyrightable work made by
                                            Licensee and/or Sublicensee(s) are included within Technical Information.

 

		1.16	"Term"
                                            means, unless earlier terminated in accordance with Section 10 below, the period of time
                                            from the Effective Date until the date of the last to expire of the Patent Rights, unless
                                            the proprietary, non-patented Technical Information related to the use or practice of the
                                            Invention is still being used by Licensee, in which case until the date of termination of
                                            such use as established by the notice provided to UIRF pursuant to Section 2.1.3 below.

 

 

 

 

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		1.17	"Territory"
                                            means the geographic area identified as the entire world.

 

		1.18	"Trailing
                                            Consideration" means any deferred or contingent consideration payable to Licensee
                                            or holders of the securities or ownership units of Licensee including, without limitation,
                                            any post-closing milestone payment, escrow or holdback of consideration.

 

		1.19	"Valid
                                            Claim" means any claim (a) of any issued, unexpired patent that has not been revoked
                                            or held unenforceable or invalid by a decision of a court or governmental agency of competent
                                            jurisdiction from which no appeal can be taken, or with respect to which an appeal is not
                                            taken within the time allowed for appeal, and that has not been disclaimed or admitted to
                                            be invalid or unenforceable through reissue, disclaimer or otherwise, or (b) of any pending
                                            patent application that has not been finally rejected or expired without the possibility
                                            of appeal or refiling or that has not been abandoned.

 

		2.	Grant
                                            of Rights

 

2.1
License.
Subject to the terms of this Agreement and Licensee's compliance therewith, UIRF grants Licensee: (a) an exclusive, non-transferable
license, limited to the Territory and the Field, with the right to sublicense through multiple tiers, under the Patent Rights to make,
have made, use, sell, offer for sale and import Licensed Product(s) and/or Licensed Process(es)s; and (b) a non-exclusive, non
transferable license, limited to the Territory and the Field with the right to sublicense through multiple tiers, to use the Technical
Information to develop, manufacture and sell Licensed Product(s) and/or Licensed Process(es)s. This Agreement confers no title, interest,
license or rights, including by implication, estoppel, or otherwise in or to tangible or intangible property or under any patent applications
or patents of UIRF other than the licensed Patent Rights regardless of whether any such patents are dominant or subordinate to the licensed
Patent Rights.

 

2.1.1
UIRF has made the Technical Information described
in Exhibit E reasonably available on an "AS IS", "WHERE IS" basis, and will transfer materials, if any, that are
included within the Technical Information on the same basis within ninety (90) days of the Effective Date. UIRF has no other obligation
with respect to the Technical Information. Nothing herein shall be construed as a sale of the Technical Information.

 

2.1.2
Licensee agrees that it
is not authorized and will not practice or have practiced any patents
of UIRF other than the Patent Rights and Technical Information, and only Licensee (and its Sublicensees) will practice and have practiced
the Patent Rights and Technical Information in compliance with the terms of this Agreement. Further and notwithstanding anything to the
contrary, Licensee agrees that UIRF has not granted any right to sell or offer for sale any subject matter other than those specific
Licensed Product(s) and/or Licensed Process(es)s for which Licensee has obtained and maintains its license hereunder. Licensee acknowledges
that it has thoroughly investigated the materials related to the Patent Rights and is satisfied that such information is accurate and
complete. Patent exhaustion shall not apply for any unauthorized sale and Licensee shall provide notice to all entities, including Sublicensee(s)
and customers of such restrictions, including as to the Field, to prevent exhaustion of the Patent Rights and any implied license.

 

		2.1.3	Licensee
                                            shall promptly notify UIRF in writing in the event it and/or Sublicensee(s):

(i)
cease to use the Patent Rights and/or Technical Information; and/or (ii) create any derivative work, improvement,
adaptation, change, modification, or redesign of Patent Rights and/or Technical Information.

 

2.2
Reservation of Rights.
UIRF reserves for itself and for the UI: (a) the right to practice and have practiced the Patent Rights and Technical Information, including
to use, have used, make, have made, transfer and have transferred the Patent Rights and the Technical Information for all nonprofit uses,
including for non-profit research and development and/or educational purposes including clinical trials and to publish thereon, provided,
however, that UIRF shall notify Licensee of UIRF's intent to disclose publicly (such·as in, but not limited to, an educational
setting) any such Patent Rights and/or Technical Information at least 60 (sixty) days in advance, so as to provide Licensee with the
opportunity to review and comment on such intended disclosure and to file one or more additional patent applications covering the intended
disclosure; and (b) all other right, title, and interest not expressly granted in Section 2.1, License.

 

 

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2.3
Government Funding.
Licensee understands that the Patent Rights and Technical Information may have been or may be in the future conceived or first actually
reduced to practice with funding from the U.S. or state government(s). All rights granted hereunder are limited by and subject to the
rights and requirements of the government which may attach as a result of such funding, including as set forth in 35 U.S.C. §§200
et al., 37 C.F.R. §401 et al. (the "Bayh-Dole Act"). Licensee agrees to comply and enable UIRF and the UI to comply with
the provisions of the Bayh-Dole Act, including promptly providing to UIRF and UI information requested to meet its compliance requirements,
and substantially manufacturing Licensed Product(s) and/or Licensed Process(es)s, and products produced through the use of Licensed Product(s)
and/or Licensed Process(es)s, in the United States.

 

2.4
Sublicenses.
Licensee may sublicense some or all of the rights granted in Section 2.1 provided that such sublicenses are consistent with all terms
of this Agreement, name UIRF as a third party beneficiary, and terminate upon termination of this Agreement, unless UIRF in its sole
discretion elects to receive assignment of such sublicense(s) from Licensee or negotiates a direct license to such Sublicensee(s), with
obligations no greater than those to Licensee hereunder. Any Affiliate of Licensee that desires to practice any of the rights licensed
by UIRF hereunder shall enter into a sublicense agreement and is referred to in this Agreement as a Sublicensee(s). Licensee shall have
the same responsibility for the activities of any Sublicensee(s) as if the activities were directly those of Licensee. Sublicenses granted
hereunder shall not be transferable, including by further sublicensing, without the prior written approval of UIRF. Licensee shall include
written notice in each sublicense of all restrictions, including those set forth in this Section. Within fourteen (14) days of full signature,
Licensee shall promptly notify and provide a copy to UIRF of each agreement with a Sublicensee(s) and each amendment thereof.

 

2.5
Funded Future IP. In
the event that future intellectual property, reasonably related to Patent Rights, is developed solely in Licensee's founders' academic
facilities at UI and is fully funded by Licensee ("Funded Future IP"), UIRF agrees to amend Exhibit A of this Agreement to
include the Funded Future IP in the definition of Patent Rights.

 

2.6
Third-Party Future IP. In
the event that future intellectual property, reasonably related to Patent Rights, is developed solely in Licensee's founders' academic
facilities at UI and is not fully funded by Licensee ("Third-Party Future IP"), UIRF agrees to amend Exhibit A of this Agreement
to include the Third-Party Future IP in the definition of Patent Rights subject to the following conditions:

 

		(a)	The
                                            Third-Party Future IP must be disclosed to UIRF within five (5) years of the Effective Date
                                            of this Agreement.

		(b)	Any
                                            third party that provided funding aside from the Licensee must have no rights to the Third-Party
                                            Future IP as a result of the funding

		(c)	All
                                            inventors of the Third-Party Future IP must agree to licensing of Third-Party Future IP to
                                            Licensee.

		(d)	Licensee
                                            pays UIRF a flat upfront fee of thirty thousand dollars ($30,000) due upon signing the
                                            amendment to Exhibit A to include Third-Party Future IP.

 

		3.	Financial
                                            Terms.

 

3.1
Contractual Obligation in Lieu of License Fee.
After the Effective Date, Licensee will pay UIRF
a fee equal to one percent (1%) of either the: (i) Aggregate Consideration (and Trailing Consideration, if any) for a Liquidation Event;
or (ii) Pre-Money Valuation for an Initial Public Offering. Such fee shall be paid after only the first to occur of either a Liquidation
Event or Initial Public Offering. The respective fee, when and if payable, shall be paid within thirty (30) days following the closing
of the Liquidation Event; except with respect to any fee based on Trailing Consideration which shall be payable within thirty (30) days
after the actual receipt of such Trailing Consideration by Licensee or its security or ownership unit holders.

 

 

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(a)
For a Liquidation Event, the fee shall be payable in the form in which the Aggregate Consideration and any Trailing Consideration
are paid to either Licensee or holders of the securities or ownership units of Licensee, whether in cash, equity or other property, and
in the same proportion such form of such consideration is payable to Licensee or holders of the securities or ownership units of Licensee.
Notwithstanding the foregoing, in the event the form of such consideration includes equity or other securities for which there is not
an active public market, in lieu of paying that portion of the fee with such securities, the Licensee will make a cash payment to UIRF
equal to the fair market value of such securities. The valuation of such securities shall be determined in accordance with the definition
of Aggregate Consideration.

 

		(b)	For
                                            an Initial Public Offering, the fee shall be payable in the form of cash.

 

(c)
The valuation of any securities or other property
shall be determined by reference to the operative transaction agreement for a respective Merger, Security Sale or Asset Sale, provided
that, if no such valuation is readily determinable from such operative transaction agreement, then for securities for which there is
an active public market:

 

(i)
if traded on a securities exchange or the NASDAQ
Stock Market, then the value shall be deemed to be the average of the closing prices of the securities on such exchange or market over
the thirty-day period ending three days prior to the closing of such transaction; or

 

(ii)
if actively traded over-the-counter, then the value
shall be deemed to be the average of the closing bid prices over the thirty-day period ending three days prior to the closing of such
transaction.

 

(d)
The method of valuation of securities subject to
investment letters or other similar restrictions on free marketability shall take into account an appropriate discount from the market
value as determined pursuant to clause (i) or (ii) in Section 3.1(c) above so as to reflect the approximate fair market value thereof.
Such discount shall be : (i) determined in good faith by the Board of Directors of Licensee; (ii) approved by UIRF, such approval not
to be unreasonably withheld; or (iii) determined by a third party appraiser acceptable to UIRF and appointed and paid for by Licensee.

 

(e)
For securities for which there is no active public
market, the value shall be the fair market value thereof as: (i) determined in good faith by the Board of Directors of Licensee; (ii)
approved by UIRF, such approval not to be unreasonably withheld; or (iii) determined by a third party appraiser acceptable to UIRF and
appointed and paid for by Licensee.

 

3.2
Sublicensee(s) Payments.
Licensee shall pay directly to UIRF fifteen percent (15%) of all remuneration that is not a royalty, due to Licensee from any Sublicensee(s)
for rights under the Patent Rights and/or Technical Information, including all upfront license fees, milestone payments, maintenance
fees or other sums and the fair market value of any non-cash payments such as equity, release from debt, and goods or services. Royalties
paid by Licensee hereunder based on Net Sales by Sublicensee(s) shall comply with the regular royalty rate on Net Sales as described
in Section 3.3. Licensee agrees not to receive from Sublicensee(s) anything in lieu of cash payments without prior written approval from
UIRF, such approval not to be unreasonably withheld. Licensee shall promptly notify UIRF of Sublicensee(s) remuneration due and remit
the payment within thirty (30) days of the date Sublicensee(s) payment is due.

 

 

3.3
Earned Royalty.
In consideration for the rights granted to Licensee under this Agreement, and regardless of whether such rights are actively exercised
by Licensee, Licensee shall pay directly to UIRF royalties as set forth in Exhibit C of two percent (2%) of annual Net Sales of Licensed
Product(s) and/or Licensed Process(es)s as defined in Section 1.6. Royalties shall be remitted in accordance with Sections 3.6, Payments
and 5.1, Financial Reports.

 

 

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3.6
Payments. All payments shall be paid in U.S. dollars to UIRF at the address designated under Section 5.5, Notices. Any withholding
taxes which Licensee is required by law to withhold on remittance of the royalty payments shall be deducted from the royalty paid and
Licensee shall furnish UIRF with original copies of all official receipts for such taxes. If any royalties are based on Net Sales converted
from foreign currency, payment shall be made by using the exchange rate published in the Wall Street Journal on the last business
day of the reporting period to which the royalty payments relate, and all transfer fees in connection with payment shall be borne by
Licensee. Late payment shall bear interest equivalent to the lesser of (a) the prime rate as published in the Wall Street Journal
on the last day of the period to which the payment relates plus 2%; or (b) the maximum percentage permitted under Iowa usury law.
Acceptance of late payments, other than payments in full of all amounts owing and interest as calculated herein, shall not negate or
waive UIRF's right to seek any other remedy, legal or equitable, to which it may be entitled. Waiver of, delay to, or failure to enforce
any particular payment requirement by UIRF does not extend by implication to any other, past or future, requirements set forth in this
Agreement.

 

		4.	Diligence

 

4.1
Development Plan.
Licensee shall use commercially reasonable efforts to bring Licensed Product(s) and/or Licensed Process(es)s to market in the Field in
the Territory. Licensee has provided UIRF with a development plan which describes how Licensee intends to bring Licensed Product(s} and/or
Licensed Process(es)s to market, attached to this Agreement as Exhibit 8, Development Plan,
incorporated herein by reference.

 

4.2
Development Milestones.
In partial satisfaction of its obligations to bring Licensed Product(s) and/or Licensed Process(es)s to market, Licensee shall achieve
commercial development performance milestones as set forth in Exhibit 8 consisting of:

 

		a.	Alpha
                                            development of assay prototype of cardiac test - January 1, 2019

		b.	Secure
                                            two hundred fifty thousand dollars ($250,000) in dilutive or nondilutive funding or revenue
                                            - January 1, 2019

		c.	Commercial
                                            availability of cardiac test through a CLIA facility - January 1, 2020

		d.	Attain
                                            one hundred thousand dollars ($100,000) in sales of commercial cardiac test - January 1,
                                            2022

 

Licensee
shall promptly notify UIRF upon the achievement of each of the development milestones, identify whether the Licensee or a Sublicensee(s}
is responsible for the achievement of such milestone, and the actual date of such achievement.

 

4.3
Diligence Reports.
Licensee shall provide UIRF with annual reports within thirty (30) days of each anniversary of the Effective Date as set forth in Exhibit
D describing in detail: (a) as of that reporting period, all development and marketing activities for each Licensed Product(s) and/or
Licensed Process(es) and the names and addresses of all Sublicensee(s), including which of the Sublicensee(s) are Affiliates and subcontractors;
(b) all Net Sales made for each Licensed Product(s) and/or Licensed Process(es); and (c) an updated development plan for the next annual
period. UIRF shall have the right to audit Licensee's and Sublicensees' records relating to development of Licensed Product(s} and/or
Licensed Process(es)s to confirm compliance with the terms of this Agreement.

 

4.4
Requirements.
Licensee's failure to: (a) substantially perform in accordance with the most recent
Development Plan provided under Section 4.3(c); (b} meet each development milestone; or (c) comply with the Bayh-Dole Act shall, in each
case, constitute a material breach of this Agreement.

 

		5.	Reports,
                                            Records, and Notices

 

5.1
Financial Reports.
Commencing after the first Net Sale has been made, Licensee shall submit to UIRF annual reports, due within thirty (30) days following
each anniversary of the Effective Date, setting forth a full accounting showing all amounts due to UIRF, the calculation of such amounts
on a Licensed Product(s) and/or Licensed Process(es)-by-Licensed Product(s) and/or Licensed Process(es) basis (stating the commercial
name of each Licensed Product(s) and/or Licensed Process(es}), including an accounting of total Net Sales with a reporting of any applicable
foreign exchange rates, deductions, allowances,
and charges, and any payments from Sublicensee(s). If no sales have occurred and no other payments are due, Licensee shall submit a report
so stating. Concurrent with the making of the report, Licensee shall remit the full payment due. To assist UIRF in projecting future
income, Licensee shall provide UIRF annually by January 31 of each year with a three (3) year projection of Net Sales and other amounts
Licensee anticipates becoming due and payable to UIRF hereunder during each of the three projected years. The foregoing three-year projections
shall not be binding on Licensee, and a failure to achieve projected Net Sales and amounts shall not constitute a breach of this Agreement.

 

 

 

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5.2
Records.
Licensee shall keep and maintain, and shall require all Sublicensees to keep and maintain, complete, accurate, and continuous records
regarding (a) any payments due hereunder; and

(b)
the development of Licensed Product(s) and/or Licensed Process(es)s as required herein for a period of five (5) years following the end
of the calendar year to which they pertain.

 

		5.3	Audit.

 

		a.	UIRF
                                            or its representative may, upon reasonable notice during normal business hours, and no
                                            more than once per year, audit and copy the records kept by Licensee and Sublicensee(s) related
                                            to Net Sales of Licensed Product(s) and Licensed Process(es) and Licensee's royalty payment
                                            obligations. UIRF shall not have the right to audit or review Licensee's payroll or compensation
                                            records. Licensee and Sublicensee(s) shall take all reasonable steps necessary so that UIRF
                                            may, within thirty (30) days of its written request, review and copy all records at a single
                                            U.S. location. Any amount found to have been owed but not paid prior to notice to Licensee
                                            of the audit shall be paid promptly to UIRF with interest as provided under Section 3.6,
                                            Payments. UIRF shall be responsible for the costs and expenses of any such audit,
                                            provided that if the audit shows that royalties were underpaid prior to notice to Licensee
                                            of the audit by 10% or more in any reporting period, Licensee shall reimburse UIRF for the
                                            costs and expense of the audit.

 

		b.	Licensee
                                            shall keep accurate records in sufficient detail to enable UIRF to determine which of
                                            the Licensee's products are subject to royalties. During the term of this Agreement and for
                                            a period of five (5) years thereafter, Licensee shall permit UIRF or its representative to
                                            inspect, audit and copy its technical records regarding the Licensee's products, upon reasonable
                                            notice, and during normal business hours, no more than once per calendar year. Such examination
                                            shall be made at UIRF's expense, except that if such examination discloses a product or products
                                            for which royalties were to have been paid by Licensee to UIRF, and for which no royalties
                                            have been so paid, then Licensee shall reimburse UIRF for the cost and expense of such examination
                                            or audit (regardless of the 10% discrepancy described in Section 5.3(a)), and shall pay UIRF
                                            the royalties in arrears and interest on the additional payment of royalties at the rate
                                            identified in Section 3.6.

 

5.4
Status.
On each anniversary of the Effective Date, Licensee shall report to UIRF in writing whether
or not Licensee and its Sublicensee(s): (a) is based on its size status eligible for reduced patent fees based on the eligibility requirement
in 13 C.F.R. §121.802; and (b) is a "small business firm" under the Bayh-Dole Act regulations, 37 C.F.R. §§401.2(g)
and 401.14(a)(5).'

 

5.5
Notices.
All required communications under this Agreement shall be in writing, sent to the party at its physical address, e-mail address, or facsimile
number below, or as otherwise designated by the party in accordance with this provision, and duly given or made: (a) on the date delivered
in person; (b) on the date transmitted by facsimile, e-mail, or other electronic means of transmission if confirmation is received; (c)
three (3) days after deposit in the mail if sent by certified U.S, mail postage prepaid, return receipt requested; and (d) one (1) day
after deposit with a nationally recognized overnight carrier service with charges prepaid.

 

	 	lf
to UIRF:	University
of Iowa Research Foundation

112
N. Capitol Street, 6 Gilmore Hall

Iowa City, Iowa 52242

Telephone:(319)
335-4546

Fax:  (319)
335-4486

E-mail:  uirf@uiowa.edu

	 	 	 

 

 

 

 

    	8 

    	 

    

 

	 	lf to  Licensee:	Cardio Diagnostics, LLC

2500
Crosspark Road, Suite W245

Coralville, IA 52240

	 	 	 

 

		6.	Confidentiality

 

6.1
Treatment of Confidential Information.
Unless expressly provided herein, neither party shall during the Term and for five (5) years thereafter, disclose, use or otherwise make
available the other's Confidential Information. Each party agrees to treat all Confidential Information of the other party with the same
degree of care it employs to protect its own confidential information, but in no case less than reasonable care.

 

		6.2	Right
                                            to Disclose.

 

(a)
To the extent it is reasonably necessary to fulfill
its obligations or exercise its rights under this Agreement, Licensee may disclose Confidential Information of UIRF to its Affiliates,
and to its Sublicensees (other than Affiliates), consultants, and subcontractors who agree in writing: (i) to maintain Confidential Information
for at least as long as and to the same extent as Licensee is required; and (ii) it is permitted to use the Confidential Information
only to the extent Licensee is entitled to use the Confidential Information. Licensee agrees not to directly or indirectly disclose,
use, or transfer any Confidential Information to UIRF's detriment or to the detriment of any rights, including Patent Rights, held by
UIRF or UI.

 

(b)
If law, regulation, subpoena or court order, requires
disclosure of any Confidential Information, the party compelled to disclose shall: (i) promptly notify the other party so the other party
may seek injunctive relief, a protective order or other available remedy; and (ii) only provide that portion of the Confidential Information
that is or becomes legally required.

 

 

6.3
Injunctive Relief.
Given the nature of the Confidential Information and the competitive damage that may result to a party upon unauthorized disclosure,
use or transfer of its Confidential Information to any third party, the parties hereto agree that monetary damages may not be a sufficient
remedy for any breach or threatened breach of this Section 6. In addition to all other remedies, a party shall be entitled to seek specific
performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Section 6 in any court
of competent jurisdiction.

 

		7.	Intellectual
                                            Property Management

 

 

7.1
Responsibility.
Upon execution of this Agreement, Licensee shall take responsibility for the filing, prosecution, maintenance, and defense of the Patent
Rights and Technical Information in the name of and on behalf of UIRF. Licensee shall select qualified patent counsel reasonably acceptable
to UIRF. UIRF confirms that the Fish & Richardson law firm is reasonably acceptable to UIRF. Licensee shall:

(a) 
keep UIRF informed of all developments with respect
to the Patent Rights; and (b) provide UIRF with thirty (30) days' advance notice prior to the abandonment of any patent filing, including
abandonment of future application filings such as a decision not to file continuing applications in the event of patent allowance. In
the event Licensee elects to abandon a patent application filing, UIRF shall thereafter control the
patent prosecution and patent maintenance of such abandoned patent or abandoned patent application. Payment of all costs and expenses
associated with the Patent Rights, including attorneys' fees and experts' fees, relating to the filing, prosecution, maintenance and
defense of the Patent Rights shall be the sole responsibility of Licensee, and Licensee shall arrange to be directly invoiced by patent
counsel and shall be solely liable for the payment of such invoices. Licensee shall ensure that patent counsel sends a courtesy copy
of such invoices to UIRF's accounting department. Licensee shall reimburse UIRF within thirty
(30) days of invoice for any documented costs and expenses incurred by UIRF associated with the Patent Rights that exceed a cumulative
total of fifteen thousand dollars ($15,000), whether arising before or during the Term and inclusive of costs of transferring prosecution
of Patent Rights to selected patent counsel.

 

 

    	9 

    	 

    

 

7.2
Patent Term Extension.
The parties shall cooperate in selecting a patent within the Patent Rights to seek a term extension for or supplementary protection certificate
under in accordance with the applicable laws in each country in the Territory. Each party agrees to sign any documents and to take any
additional actions as the other party may reasonably request in connection therewith.

 

7.3
Marking.
All Licensed Product(s) and/or Licensed Process(es)s shall be marked in such a manner as to conform with the patent laws and practice
in each country of use, shipment, sale and import, and with the reservation of rights notices set forth in Sections 2.2 and 2.3 above.
Upon request from UIRF, Licensee shall provide evidence of such proper marking.

 

7.4
Infringement.
UIRF and Licensee agree to promptly inform the other party in writing of any suspected infringement of the Patent Rights or Technical
Information along with any available evidence of such infringement lawfully in the possession of Licensee or its Sublicensee(s).

 

(a)
An exclusive Licensee has the first right to enforce
the Patent Rights in its name in the Field and Territory against infringers or otherwise act to eliminate infringement at its sole cost
and expense, provided that the license is exclusive at the commencement of the action and remains exclusive throughout the action, and
provided Licensee keeps UIRF fully informed with the right and opportunity to advise and comment. Prior to commencing any such action
an exclusive Licensee will give careful consideration to the views of UIRF and to the potential effects on the public interest in making
a decision whether or not to sue and, in the case of the Sublicensee(s) not a party to such action, Licensee agrees to report UIRF's
views to the Sublicensee(s). UIRF will reasonably cooperate, at Licensee's expense, in any such actions. Licensee shall act in good faith
to preserve UIRF's right, title and interest in and to the Patent Rights. Licensee shall pay to UIRF twenty-five percent (25%) of any
recovery in such suit or settlement, net of all reasonable and documented out-of-pocket costs and expenses associated with such suit
or settlement.

 

(b)
Licensee is not permitted to settle or agree to
a consent judgement in any action that would impose any material obligation on or make any admission of fault on behalf of UIRF, including
compromising the Patent Rights, without UIRF's express written consent, which it may withhold. Nothing herein shall prevent UIRF from
seeking to require that Licensee grant such third party infringer a sublicense permitting such infringer of the Patent Rights to practice
under the Patent Rights if such practice is allowed under a settlement arrangement entered into by UIRF in good faith with a third party
infringer. Notwithstanding the foregoing, Licensee shall have the right to review and approve a settlement arrangement prior to UIRF's
final acceptance of its terms. Such approval shall not be unreasonably withheld by Licensee. Licensee's approval of a settlement arrangement
shall be assumed if written notice of Licensee's rejection of a settlement arrangement is not received by UIRF from Licensee within five
(5) business days of receipt of notice from UIRF to Licensee of its terms. UIRF shall enter into any such settlement arrangement in good
faith.

 

7.5
Challenge by Licensee.
In the event Licensee or any Sublicensee(s) intends to challenge the validity or enforceability of any of the Patent Rights in any manner
including, but not limited to, instituting opposition, interference, inter partes review, or re-examination proceeding, Licensee
shall (a) give UIRF ninety (90) days' prior written notice; and (b) continue to make all payments due under this Agreement directly to
UIRF and have no right to pay into escrow or other account any such amounts. In the event that at least one claim of any of the Patent
Rights subject to a challenge survives the challenge by not being found invalid or unenforceable, regardless of whether the claim is
amended as part of the challenge, all royalty rates, minimum royalties and other payment rates set forth herein shall be trebled on the
date of such finding for the remaining term of this Agreement and Licensee shall pay all costs and expenses incurred by UIRF (including
actual attorneys' fees) in connection with defending the challenge. For purposes of clarity, no payment made to UIRF is refundable or
may be offset, including any amounts paid under
this Agreement prior to or during the period of the challenge, even if the challenge is successful or it is otherwise determined that
the Patent Rights do not include Valid Claims.

 

 

    	10 

    	 

    

 

		8.	Representations,
                                            Warranties and Disclaimers

 

		8.1	Representations
                                            and Warranties.

 

		(a)	Licensee
                                            warrants and represents that:

 

(i)
it is and shall be at all times during the Term a valid
legal entity existing under the law of its state of formation with the power to own all of its properties
and assets and to carry on its business as it is currently being conducted;

 

(ii)
the signature and delivery of this Agreement has been
duly authorized and no further approval, corporate or otherwise, is required in order to sign this binding agreement;

 

(iii)
it shall comply with any applicable international, national,
or local laws and regulations in its performance under this Agreement;

 

(iv)
it shall use commercially reasonable efforts to diligently
pursue the development, manufacture, and sale of Licensed Product(s) and/or Licensed Process(es)s in the Field throughout the Term; and

 

(v)
it now maintains and will continue to maintain throughout
the Term and beyond insurance coverage as set forth in Section 9.3.

 

		(b)	UIRF
                                            represents that:

 

(i)
It shall be at all times during the Term a valid legal
entity existing under the law of its state of formation;

 

(ii)
the signature and delivery of this Agreement has been
duly authorized and no further approval, corporate or otherwise, is required in order to sign this binding agreement;

 

(iii)
to the best of its knowledge there are no third party
intellectual property that would be infringed by the manufacture, use, sale, offer for sale and/or importation of the Licensed Product(s)
and/ or Licensed Process(es).

 

		8.2	Disclaimers.

 

		(a)	UIRF
                                            MAKES NO REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE
                                            NOT EXPRESSLY SET FORTH IN THIS AGREEMENT. UIRF EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS
                                            AND WARRANTIES, INCLUDING ANY WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE;
                                            COURSE OF DEALING, USAGE OR TRADE PRACTICE; WITH RESPECT TO THE SCOPE, VALIDITY OR ENFORCEABILITY
                                            OF THE TECHNICAL INFORMATION AND PATENT RIGHTS, AND WITH RESPECT TO THE LICENSED PRODUCT(S)
                                            AND/OR LICENSED PROCESS(ES)(S) OR LICENSED PROCESS(ES)
                                            CONTEMPLATED BY THIS AGREEEMENT; THAT ANY PATENT WILL ISSUE AND REMAIN; AND THE NONINFRINGEMENT
                                            OF THE MANUFACTURE, USE, SALE, OFFER FOR SALE OR IMPORTATION OF THE LICENSED PRODUCT(S) AND/OR
                                            LICENSED PROCESS(ES)S, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. IN NO EVENT SHALL
                                            UIRF BE LIABLE FOR LOSS OF PROFITS, LOSS OF USE, OR ANY OTHER CONSEQUENTIAL, INCIDENTAL,
                                            EXEMPLARY, OR PUNITIVE DAMAGES. NOTHING SHALL LIMIT UIRF'S REMEDIES OR ABILITY TO RECOVER
                                            DAMAGES, INCLUDING INCREASED DAMAGES FOR WILLFUL INFRINGEMENT, IN THE EVENT UIRF ASSERTS
                                            ITS INTELLECTUAL PROPERTY RIGHTS.

 

 

 

 

    	11 

    	 

    

		(b)	UIRF
                                            assumes no responsibility whatsoever with respect to design, development, manufacture, use,
                                            sale or other disposition by Licensee or Licensee's Affiliates of the Licensed Product(s)
                                            and/or Licensed Process(es)(s) or Licensed Process(es). The entire risk as to the design,
                                            development, manufacture, offering for sale, sale, or other disposition and performance of
                                            Licensed Product(s) and/or Licensed Process(es)(s) or Licensed Process(es) are assumed in
                                            their entirety by the Licensee.

 

8.3
Prohibition Against Inconsistent Representations.
Neither party will make any statements, representations
or warranties, or accept any liabilities or responsibilities whatsoever which are inconsistent with the terms of this Agreement.

 

		9.	Indemnification
                                            and Insurance

 

		9.1	Indemnification.

 

Licensee
shall indemnify, defend and hold harmless UIRF, UI, the State of Iowa Board of Regents and their respective affiliates, officers, directors,
employees, students, representatives, independent contractors, agents and consultants ("UIRF lndemnitees") from and against
any and all demands, judgments, suits, actions, proceedings, claims, losses, damages, and/or liability of whatsoever kind or nature,
as well as all costs and expenses, including, reasonable attorneys' fees, arbitration and court costs which arise or may arise at any
time out of or in connection with Licensee's or Sublicensees': (a) practice of any right granted herein; (b) breach of any term of this
Agreement; (c) the manufacture, sale, offer for sale, importation or use of Licensed Product(s) and/or Licensed Process(es)(s) or Licensed
Process(es); and/or (d) the death of or injury to person(s) or any damage to property caused by the Licensed Product(s) and/or Licensed
Process(es)(s) or Licensed Process(es) as predicated upon any theory of product liability (including, but not limited to, actions in
the form of tort, warranty, or strict liability) or tort liability.

 

9.2
Procedure.
UIRF shall notify Licensee of any claim or suit giving rise to Licensee's obligations under this Section 9 and permit Licensee to assume
sole direction and control of the defense of the claim with counsel acceptable to UIRF, including the right to reasonably settle such
action in its sole discretion, provided that such settlement does not impose any material obligation on or make any admission of fault
by UIRF lndemnitees (including compromising the Patent Rights). Provided UIRF is reimbursed by Licensee within thirty (30) days' receipt
of each invoice, UIRF lndemnitees will reasonably cooperate as requested, at the expense of Licensee, in the defense of the action. UIRF
lndemnitees may participate in the defense or prosecution of any claim with counsel of its choice at its own expense.

 

		9.3	Insurance.

 

		(a)	Beginning
                                            at the time any Licensed Product(s) and/or Licensed Process(es)(s) or Licensed Process(es)
                                            are being commercially distributed, offered or sold (other than for the purpose of obtaining
                                            approvals from a Regulatory Authority) by Licensee or an Affiliate of Licensee, Licensee
                                            shall, at its sole cost and expense procure and maintain Commercial General Liability insurance
                                            in amounts not less than $1,000,000 per occurrence and $1,000,000 annual aggregate and naming
                                            the lndemnitees as additional insureds. During clinical trials of any such Licensed Product(s)
                                            and/or Licensed Process(es)(s) or Licensed Process(es) Licensee shall, at its sole cost and
                                            expense, procure and maintain Commercial General Liability insurance in such equal or lesser
                                            amounts as UIRF shall require, naming the lndemnitees as additional insureds. Such Commercial
                                            General Liability insurance shall provide coverage for bodily injury and property damage,
                                            including completed operations, personal injury, coverage for contractual employees, blanket
                                            contractual and products. If Licensee elects to self-insure all or part of the limits described
                                            above (including deductibles or retentions which are in excess of $250,000 annual aggregate)
                                            such self-insurance program proposed must first be submitted to UIRF for UIRF's consideration.
                                            The minimum amounts of insurance coverage required shall not be construed to create a limit
                                            of Licensee's liability with respect to its indemnification obligation under this Agreement.
                                            Any and all insurance policies required herein shall contain a severability of interests'
                                            provision.

 

 

    	12 

    	 

    

		(b)	Licensee
                                            shall provide UIRF with a certificate of liability insurance concurrently with signing this
                                            Agreement. Licensee shall provide UIRF with written notice at least thirty (30) days prior
                                            to cancelling, not renewing or materially changing such insurance. If Licensee does not obtain
                                            replacement insurance providing comparable coverage within such thirty (30) day period,
                                            UIRF shall have the right to terminate this Agreement effective at the end of such thirty
                                            (30) day period without notice or any additional waiting periods.

 

		(c)	Licensee
                                            shall maintain such Commercial General Liability insurance beyond the expiration or termination
                                            of this Agreement during (i) the period that any Licensed Product(s) and/or Licensed Process(es)(s)
                                            or Licensed Process(es), relating to, or developed pursuant to, this Agreement is being commercially
                                            distributed, offered or sold by Licensee or by a Sublicensee(s) or an Affiliate(s) of Licensee
                                            and (ii) for a reasonable period after the period referred to in (c)(i) above which
                                            in no event shall be less than fifteen (15) years.

 

		10.	Expiration
                                            and Termination

 

10.1
Expiration.
This Agreement shall expire at the end of the Term unless earlier terminated in accordance with the provisions set forth in this Agreement.

 

		10.2	Termination
                                            by Either Party.

 

(a)
Either party may terminate this Agreement if the other
party commits a material breach of this Agreement and fails to fully remedy such breach within thirty (30) days after receiving written
notice thereof.

 

(b)
This Agreement shall immediately terminate if either
party (the "affected party") enters liquidation, has a receiver or administrator appointed over any assets related to
this Agreement, or ceases to carry on business, or files for bankruptcy .or if an involuntary bankruptcy petition is filed against the
affected party, or any similar event occurs, even if under the law of any foreign jurisdiction. The affected party or its
authorized representative shall promptly notify the other party of any such occurrence. Except as expressly described in Section 11.4
herein, this Agreement cannot be assumed, or assigned by Licensee, any trustee acting on behalf of the assets of Licensee, or otherwise.
The parties acknowledge and agree that this is a license of rights to intellectual property," as defined in the United States Bankruptcy
Code, and in the event of UIRF's bankruptcy, Licensee may elect to retain its rights in accordance with the provisions of 11 U.S.C.
Section 365(n),

 

		10.3	Termination
                                            by Licensee. Licensee may terminate this Agreement without cause upon ninety (90) days'
                                            prior written notice to UIRF. Within forty-five (45) days of termination, a final
                                            report that includes data and copies of filings made to a Regulatory Authority that are related
                                            to the Invention shall be submitted to UIRF.

		10.4	Termination
                                            by UIRF.

 

		(a)	UIRF
                                            may terminate this Agreement if the Licensee fails to make payments due hereunder unless
                                            Licensee fully remedies such breach plus all interest due as stipulated in Section 3.6 hereof
                                            within forty-five (45) days after receiving written notice thereof. If payments are
                                            not so made, UIRF may terminate this Agreement immediately by written notice.

 

		(b)	In
                                            the event that Licensee is in breach of any obligations under this Agreement (other
                                            than as provided in 10.2(a) above which shall take precedence over any other breach),
                                            and if the breach has not been cured within ninety (90) days after the date UIRF provides
                                            written notice of such breach, UIRF may terminate this Agreement immediately by written notice.

 

10.5
Cooperation Upon Liquidation.
Notwithstanding any provision
of this Agreement to the contrary: (a) in the event
Licensee liquidates, winds up, or ceases to function as a business as evidenced by failure to hold board meetings, file tax returns,
or the like, then Licensee and UIRF shall work together in good faith to attempt to dispose of Licensee's research data with the transfer
of the Patent Rights as a package in order to maximize the funds received, and funds so received shall be used to pay the liabilities
of Licensee (including amounts payable to UIRF) prior to any payment to the shareholders of Licensee; and (b) 
in the event UIRF liquidates, winds up, or ceases to function as a business, then Licensee and UIRF shall work together in good
faith to ensure that Licensee's license rights under this Agreement continue in effect in accordance with the tmers of this Agreement.

 

 

 

    	13 

    	 

    

 

10.6
Surviving Rights and Obligations.
The termination or expiration of this Agreement does not relieve either party of its rights and obligations that have previously accrued.
Rights and obligations that by their nature prescribe continuing rights and obligations shall survive the termination and expiration
of this Agreement, including but not limited to payment by Licensee of fees based on Aggregate Consideration and any Trailing Consideration
as specified in Section 3.1 above. Upon the earlier of termination or expiration of this Agreement, all rights granted immediately revert
to UIRF, Licensee agrees not to practice or have practiced any unexpired Valid Claims of the Patent Rights or the Technical Information,
and all Confidential Information of the other party shall be returned or destruction certified, at the disclosing party's election. Licensee
and its Sublicensee(s) shall provide a final accounting for and pay, within thirty (30) days of termination or expiration, all amounts
that have accrued in accordance with Section 3 hereof up to the date of such expiration or termination. The final accounting shall resemble
the type of financial report anticipated by, and contain all applicable information as described in, Section 5.1 above. As of the date
of expiration or termination of this Agreement, Licensee shall also provide to UIRF a certificate of Licensed Product(s) and/or Licensed
Process(es) inventory on hand at Licensee's facilities. Licensee shall have the right during a period of six (6) months following the
effective date of such expiration or termination to sell or otherwise dispose of the Licensed Product(s)
and/or Licensed Process(es) inventory existing at the time of such termination, and shall make a final report and payment of all
royalties related thereto within sixty (60) days following the end of such period or the date of the final disposition of such inventory,
whichever first occurs.

 

		11.	Miscellaneous
                                            Provisions

 

11.1
Governing Law and Venue.
This Agreement shall be governed by the laws of the state of Iowa, without regard to any choice-of-law provisions that would require
the application of the laws of another jurisdiction, and any and all disputes arising hereunder shall be resolved in the courts of the
State of Iowa. Any litigation or arbitration rising out of or relating to this Agreement that is not barred by sovereign immunity shall
be conducted by a court or tribunal of competent jurisdiction in the state of Iowa. Licensee agrees to avail itself of such courts. Nothing
herein shall be construed as a waiver of sovereign immunity.

 

11.2
Severability.
The provisions of this Agreement are severable, and if any provision of this Agreement is determined to be invalid or unenforceable under
any controlling body of law, such invalidity or non-enforceability shall not in any way affect the validity or enforceability of the
remaining provisions or enforceability of those terms in any jurisdiction where they are valid and enforceable. The parties desire the
terms herein to be valid and enforced to the maximum extent not prohibited by law, regulation or court order in a given jurisdiction
and as such, any invalid or unenforceable terms will be reformed by the parties to effectuate the intent of the parties as evidenced
on the Effective Date.

 

11.3
Export Controls.
Licensee understands and acknowledges that the transfer of certain items and technical data is subject to United States laws, regulations
and sanctions controlling the export of such items and technical data, including the Export Administration Regulations of the US Department
of Commerce, the International Traffic in Arms Regulations of the US Department of State, and/or regulations of the US Treasury's Office
of Foreign Assets Control. Licensee understands and acknowledges that these laws, regulations and sanctions may prohibit or require a
license for the export or deemed export of certain items or technical data to certain countries and/or foreign nationals. As between
Licensee and UIRF, Licensee hereby agrees to be solely responsible for any violation by Licensee or its Affiliates or Sublicensees of
applicable laws, regulations and sanctions, and Licensee agrees that it will defend and hold the UIRF lndemnitees (as defined in Section
9.1 above) harmless in the event of any legal action of any nature occasioned by such violation. For the avoidance of doubt, UIRF does
not represent that an export license is required nor that, if such a license is required, it will be issued.

 

 

    	14 

    	 

    

11.4
Assignment.
Notwithstanding the sublicensing rights stated in Section 2 above, the rights and licenses granted by UIRF under this Agreement are specific
and may not be assigned or otherwise transferred to any party without prior written consent of UIRF. However, Licensee is permitted to
assign, delegate or otherwise transfer this Agreement to (and only to) the assignee or transferee of its entire business or of that part
of its business to which this Agreement relates without requiring the written consent of UIRF. UIRF may assign or transfer this Agreement,
the Patent Rights, Technical Information, its obligations and/or benefits hereunder without the consent of Licensee. This Agreement shall
be binding on and inure to the sole benefit of the parties and their permitted successors and assigns. Any assignment, delegation or
transfer in contravention herewith shall be null and void.

 

		11.5	Use
                                            of Names.

 

a.
Licensee shall not use the names, trademarks, or any
adaptation of any names or trademarks of UIRF, UI, or any of their respective employees without prior written consent in each separate
case, except that the parties may state that Licensee has an exclusive license from UIRF under the Patent Rights and Technical Information.

 

b.
By entering into this Agreement, UIRF does not directly
or indirectly endorse any product or service provided, or to be provided, by Licensee whether directly or indirectly related to this
Agreement.

 

c.
A party may issue a press release or other form of public
announcement regarding the existence of this Agreement only after the other party has given its written approval, provided that such
approval will not be unreasonably withheld. In all other instances Licensee's use of the name "The University of Iowa" or the
name of any UI college, department, or inventor in advertising, publicity or other promotional activities is expressly prohibited.

 

 

11.6
Independent Contractors.
Nothing contained in this Agreement shall place the parties in a partnership, joint venture or agency relationship and neither party
shall have the right or authority to obligate or bind the other party in any manner other than explicitly described herein.

 

11.7
Registration of Licenses.
Licensee agrees to register and give required notice concerning this Agreement, at its expense, in each country where an obligation under
law exists to so register or give notice, and otherwise ensure that the local/national laws affecting this Agreement are fully satisfied.

 

11.8
Force Majeure.
No party hereto shall be liable for any failure or delay in performance under this Agreement to the extent said failures or delays are
proximately caused by, without limitation, natural disasters, wars, insurrections, riots, and/or any other force majeure beyond
the reasonable control of, and without the fault or negligence of, the party whose performance is affected. Except that, as a condition
to the claim of non-liability, the party experiencing the difficulty shall give the other party prompt written notice, with full details
following the occurrence of the cause relied upon. Dates by which performance obligations are scheduled to be met will be extended for
a period of time equal to the time lost due to any delay so caused.

 

11.9
Entire Agreement.
This Agreement, including its Exhibits, constitutes the entire agreement between the parties with
respect to the subject matter and supersedes all prior communications, agreements or understandings, written or oral. Any amendment
to this Agreement must be in writing and signed by both parties. The delay or failure to assert a right or to insist upon compliance
with any term or condition of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform
any such term or condition. A valid waiver must be executed in writing and signed by the party granting the waiver. Each party acknowledges
that it was provided an opportunity to seek advice of counsel and as such this Agreement shall not be strictly construed for or against
the drafter.

 

11.10. This
Agreement may be signed in any number of counterparts, each of which will be deemed an original, and all of which taken together
shall constitute one and the same agreement. Each party acknowledges that an original signature or a copy thereof transmitted by
facsimile, e-mail or other electronic means of transmission will constitute an original signature for purposes of this Agreement,
and will have be
in writing and signed by both parties. The delay or failure to assert a right or to insist upon compliance with any term or condition
of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition.
A valid waiver must be executed in writing
and signed by the party granting the waiver.
Each party acknowledges that it was
provided an opportunity
to seek advice of counsel and as such this Agreement shall not be strictly construed for or against the drafter.

 

 

    	15 

    	 

    

 

 

11.10.
This Agreement may be signed
in any number of counterparts,
each of which will be deemed an original,
and all of which taken together shall
constitute one and the same agreement.
Each party acknowledges that an original
signature or a copy thereof transmitted by facsimile,
e-mail
or other electronic means of transmission will constitute an original signature for purposes of this Agreement,
and will have the same force and legal
effect as if the original had been received.
Each individual signing this Agreement
on behalf of a legal entity does hereby represent and warrant to each other person so signing that he or she has been duly authorized
to sign this Agreement on behalf of such entity.

 

 Accepted
and Agreed:

 

	University of Iowa Research Foundation	 	 	Cardio Diagnostics, L.L.C.
	 	 	 	 
	Signature: /s/ Richard Hichwa	 	 	Signature: /s/ Michael R. Levin
	Name: Richard D. Hichwa, Ph.D.	 	 	Name: Michael R. Levin
	Title: Senior Associate VP of Research	 	 	Title: CFO
	Date: 5-3-2017	 	 	Date: May 2, 2017

 

 

 

 

 

    	16 

    	 

    

EXHIBIT
A

 

	Invention:	Methylation and GxMethylation Effects in Predicting Cardiovascular Disease, known as UIRF Technology# 2016-116;

                         

                         Methylation
and GxMethylation Effects in Predicting Stroke, Congestive Heart Failure and Diabetes, known as UIRF Technology# 2017-050

	 	 
	Patent Rights:	US Provisional Application No. 62/347,479 "Compositions and Methods
for Detecting Predisposition to Coronary Heart Disease";
US Provisional Application No. 62/455,416 "Compositions and Methods
for Detecting Predisposition to Coronary Heart Disease";
US Provisional Application No. 62/455,468 "Compositions and Methods
for Detecting Predisposition to Coronary Heart Disease"

 

Field
of Use: Exclusive right to make, have made, use, import, offer for sale, and sell Licensed Product(s) and/or Licensed Process(es)(s)

 

Territory:
Worldwide

 

 

    	17 

    	 

    

EXHIBIT
B

 

 

Development
Plan for Cardio Diagnostics LLC

Development
and commercialization of a test for predicting coronary heart disease will be achieved through a threefold approach that will be pursued
simultaneously. As a point of interest, each plan is already underway.

 

Cardio
Diagnostics, LLC is a subsidiary of Behavioral Diagnostic, LLC (BD), which currently has a 75% ownership interest in Cardio Diagnostics.
BD is commercializing a genetic-epigenetic diagnostic test for substance use, which is based on a similar technological platform.

 

Pathway
1: SBIR Development:

The
default development plan for the development of the Cardio test will consist of attaining Phase I and then Phase II Funding. The first
implementation of that plan, a SBIR Phase I-application entitled "An Integrated Genetic - Epigenetic Tool for Detecting
Coronary Heart Disease" has already been submitted. A revision of that application will be submitted for the September 5 deadline.
We believe that the critiques are fully addressable and we will note that by the time the revised application has been submitted, we
will have already collected a large number of the controls. After the successful execution of the Phase I application, we will submit
a Phase II application that will build upon the feasibility demonstrated in the initial application, and test an alpha version of the
diagnostic test.

 

A
strength of this pathway approach is the proven success of the BD associated team to win SBIR grants. BD has been awarded two Phase I
and three Phase II grants in the past three years (top in the State). What is more, we have been solicited by NIH to submit a supplement
to one of our current application. Furthermore, we already have the many of the resources needed for feasibility "in hand".
Therefore, we are optimistic about the success of this pathway.

The
alpha version of the test, like all subsequent versions, will likely be a sequencing-based test. Our research has demonstrated that using
our approach, even greater sensitivity and specificity can be attained by increasing the number of markers that are employed in a nested
set of ensembles. The exact format of this sequencing-based approach will take is not yet set, but it is extremely likely that both methylation
and genetic quantitation will utilize padlock like probes in combination to interrogate a discrete set of 15 to 30 loci

 

Time
Line:

Phase
I

		o	Initial
                                            Funding is anticipated in January 2018 or July 2018

		o	Phase
                                            II application submitted September 2018.

 

Pathway
2. Academic Development:

A
shared characteristic of Cardio Diagnostics with Behavioral Diagnostics is its intercalation into an academic consortium. This is to
the advantage of both parties since 1) the academic consortium is extremely interested in utilizing this groundbreaking technology to
better understand the role of psychosocial factors in promulgating the biological processes, especially heart disease, that differentially
affect African-Americans and 2) Cardio Diagnostics would benefit from the grant revenue and access to resources. Both would profit through
the unique publicity. We will note that Conflict of Interest plans are already in place for these activities. Ownership of data will
be governed by NIH R0l guidelines.

The
academic consortium is bringing two cohorts online in the next six months will be informative for Cardio outcomes. The first is the
Iowa Adoption Studies (IAS). The IAS was founded in the 1970s by Dr. Remi Cadoret and is one of the premier adoption studies in the
world. Uniquely, the adoptions in the IAS were closed adoptions. As result, the IAS has complete separation of nature and nurture
for key portions of
adolescent development. Most relevantly to Cardio Diagnostics, we have five waves of data on these subjects including one wave of data
that includes a blood draw and full medical history conducted between 2003 and 2007. We are now collecting the death certificates which
will include cause of death for these high-risk subjects whose average age is now nearly 60 years. These DNA and anonymized data will
be available to Cardio Diagnostics, on a cooperative basis, for use in developing the test.

 

 

 

    	18 

    	 

    

 

The
second cohort is the caretakers from the Family and Community Health Studies (FACHS). The FACHS is a study of the health behaviors of
African-American adults and their offspring. Over the past 30 years, the FACHS academic consortium has conducted five waves of analyses
of the subjects. During the last wave of studies, we (Dr. Philibert is the biologist attached to the study) collected blood and medical
histories on these subjects. Recently, our consortium has obtained funding to conduct two waves of genome wide methylation analyses on
these subjects. In collaboration with members of his consortium, which include academic investigators from the University of Connecticut,
the University of Georgia and Iowa State University, Cardio Diagnostics will participate in an application that will use our proprietary
technologies to dissect the relationship between psychosocial variables such as poverty, poor diet and racism, and distal outcomes such
as heart disease. Cardio Diagnostics will lend computational services and may contribute biological and clinical resources from its
biorepository. The outcome will be a better understanding of which gene combinations are most predictive. As a side benefit, the
cohort is of sufficient size that it will allow us to test and improve our approach so that the marker set will be applicable to all
ethnicities.

 

Pathway
3. Consortium Development

Whereas
these approaches will likely garner sufficient subjects to test and extend the validity of the test, by themselves, they are less likely
to result in rapid growth. Therefore, while the first two pathways are being pursued, we have also initiated conversations with major
medical device manufacturers. We envisage that the most effective pathway to commercialization will include this commercial collaboration
with several parties. The purpose of the consortium will be to produce laboratory developed test that can be mass marketed by Partner
Two or Three and performed under CLIA guidelines or as an FDA approved test sold by Partner Two.

 

Partner
One will be Cardio Diagnostics.

 

Partner
Two will be a major medical device manufacturer with inherent interests in gaining exclusive use of our technologies to gain market
share and drive reagent sales. This party will contribute platform specific expertise, with the goal of enabling a diagnostic test for
coronary heart disease using a commercially available platform. This platform is expected to be sequencing-based. In this regard, ThermoFisher,
lllumina and Oxford Nanopore could all be potential parties. Their participation will be incentivized by the award of stock in Cardio
Diagnostics in consideration of their cash and in kind contributions with their position being dependent on the scale of their contribution.

 

Partner
Three will be a major testing laboratory with inherent interests in using exclusive rights to our technologies to gain market
share for healthcare and civil (insurance) services. They will will aid the collaboration by contributing skill and infrastructure
in clinical testing. This partner will perform clinical trials on the commercial version of the coronary heart disease test, either
alone or in partnership with a commercial or academic partner or affiliate, in order to validate the test and provide support for
regulatory approval. Ideally, this company would have at least nationwide and perhaps worldwide connections to facilitate adoption
of this test overseas. In this regard, Covance/LabCorp, Quest and Quintiles all have large healthcare and insurance industry
contracts for testing and would be presumably interested in gaining a competitive advantage. Like Partner Two, participation will be
incentivized by the award
of stock in Cardio Diagnostics in consideration of their cash and in kind contributions with their position being dependent on the scale
of their contribution.

 

 

    	19 

    	 

    

 

Partner
Four will be an academic medical center with DNA from a large cohort of existing subjects (n=l0,000) whose outcomes are tied to electronic
medical records. The purpose of adding this partnership is to quickly gain clinical information that can be used to optimize and validate
the algorithms.

 

Currently,
Cardio Diagnostics LLC has two major stockholders. Meeshanthini Dogan owns 25% and is CEO. Behavioral Diagnostics LLC owns 75%. It is
anticipated that the ownership of both parties will be diluted as a consequence of investment by Partners Two, Three and Four. This
synergy in the commercialization process will be driven by capital and services in kind provided by Partners Two and Three. Partner Four
will be incentivized to join the partnership through inclusion in ownership of the resulting corporation as well as additional revenues
that can be garnered through the initial market exclusivity and "prestige" of being the first academic center to be able to
offer this test. Please see Pathway One for the description of the test.

 

 

 

 

 

 

Performance
Milestones: In addition to diligence as described in Section 4.3,

 

		a.	Alpha
                                            development of assay prototype of cardiac test - January 1, 2019

		b.	Secure
                                            two hundred fifty thousand dollars ($250,000) in dilutive or nondilutive funding or revenue
                                            - January 1, 2019

		c.	Commercial
                                            availability of cardiac test through a CLIA facility - January 1, 2020

		d.	Attain
                                            one hundred thousand dollars ($100,000) in sales of commercial cardiac test - January 1,
                                            2022

 
 
 
 

    	20 

    	 

    

EXHIBIT
C

 

 

Liquidation
Fee:

one
percent (1%) of either the: (i) Aggregate Consideration (and Trailing Consideration, if any) for a Liquidation Event; or (ii) Pre-Money
Valuation for an Initial Public Offering.

 

Earned
Royalty:

two
percent (2%) of annual Net Sales as defined in Section 1.6

 

Sublicensing:
fifteen percent (15%) of non-royalty fees paid to Licensee

 

 

 

    	21 

    	 

    

EXHIBIT
D

 

 

Annual
Development and Marketing Report Form

 

This
form covers the reporting period beginning [DATE] and ending [DATE].

 

		1.	Development
                                            and Marketing Activities

		a.	
List in detail all development and marketing activities for each Licensed Product(s) and/or Licensed Process(es)

		b.	Provide
                                            the name and address of the Sublicensee(s)

		i.	Indicate
                                            whether or not the Sublicensee(s) is an Affiliate

		ii.	Indicate
                                            whether or not the Sublicensee(s) is a contractor

 

		2.	Net
                                            Sales

		a.	
List in detail all Net Sales made for each Licensed
Product(s) and/or Licensed Process(es)

 

		3.	Future
                                            Development Plan

		a.	Provide
                                            a development plan for the next reporting period beginning [DATE] and ending

[DATE]

 

 

 

 

    	22 

    	 

    

EXHIBIT
E

 

Technical
Information

 

 

 

 

 

 

    	23Exhibit 10.13

 

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of May 27, 2022, by and between
Cardio Diagnostics, Inc., a Delaware corporation (the “Company”), and Meeshanthini Dogan, (the “Executive”
and together with the Company referred to as the “Parties”). For good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

1.
Positions and Duties. 

(a)
Position. The Executive shall serve as Chief Executive Officer (CEO) of the Company. 

(b)
Duties. The Executive shall perform for the Company the duties that are customarily associated
with being a CEO that are consistent with her experience and skills and such other duties as may be assigned to the Executive from time
to time by the Company’s Board of Directors (the “Board”) that are consistent with the duties normally performed
by those performing the role of the CEOs of similar entities. 

(c)
Reporting. The Executive shall report directly to the Board.

(d)
Devotion of Time. The Executive shall devote such working time, attention, knowledge, skills
and efforts as may be required to fulfill the Executive’s duties hereunder, as reasonably determined by the Board and/or the Company’s
CEO. The Executive may participate as a member of the board of directors or advisory board of other entities and in professional organizations
and civic and charitable organizations so long as any such positions are disclosed to the Board and do not materially interfere with the
Executive’s duties and responsibilities to the Company.

(e)
Location. The Executive shall be based in Chicago, Illinois. Executive is authorized to perform
her services for the Company from a location of her choosing other than the Company’s offices, so long as she is able to fulfill
the requirements of her position. The Executive must have quality internet connectivity and must be able to access email and have a working
telephone throughout the day. If the internal Company needs dictate, Executive may be required to physically attend certain pre-planned
in-person internal meetings at the principal executive offices in Chicago, Illinois. The Executive may also be required to travel on Company
business during the Term. 

(f)
Company Policies. The Executive agrees to comply with the policies and procedures of the Company
as may be adopted and changed from time to time. If this Agreement conflicts with such policies or procedures, this Agreement shall control.

(g)
Fiduciary Duties. The Executive owes a duty of loyalty to the Company, as well as a duty to
perform her duties in a manner that is in the best interests of the Company.

2.Term.
The Executive's employment hereunder shall be effective as of the date of the closing of the merger (the “Merger”)
provided for in the Merger Agreement and Plan Of Reorganization made and entered into as of May 27, 2022 by and among the Company, Meeshanthini
Dogan, as representative of the shareholders of the Company, Mana Capital Acquisition Corp., a Delaware corporation and Mana Merger Sub
Inc., a Delaware corporation. The term of this Agreement shall be for a five (5) year period commencing on the Effective Date (the “Initial
Term”). The term of this Agreement shall automatically renew for an additional year (each, a “Renewal Term”)
following the Initial Term and any Renewal Term unless either Party provides written notice to the other Party at least sixty (60) days
before the end of the Initial Term or any Renewal Term, as applicable, that it does not desire to renew this Agreement, in which case
this Agreement shall expire at the end of the Initial Term or any Renewal Term, as applicable. The Initial Term and any Renewal Term are
referred to herein collectively as the “Term”.

 

    	1 

    	 

    

3.
Compensation and Related Matters. The Company shall provide the Executive with the compensation
and benefits set forth in this Section 3 during the Term. Authority to take action under this Section 3 with respect to
the Executive’s compensation and benefits may be delegated by the Board to its compensation committee.

		a.	Base Salary. The Company shall pay the Executive for all services
rendered a base salary of Three Hundred Thousand Dollars ($300,000) per year (the “Base Salary”), payable in accordance
with the Company’s payroll procedures, subject to customary withholdings and employment taxes. The Base Salary shall be evaluated
annually by the Board for increase only.

		b.	Annual Bonus. The Executive will be eligible to receive an annual
cash bonus (the “Annual Bonus”) for each fiscal year during the Term based on the extent to which, in the discretion
of the Board, the Executive achieves or exceed specific and measurable individual and Company performance objectives established by the
Board and communicated to the Executive in advance. 

		c.	Long Term Incentive Awards. The Executive shall be eligible to participate
in any long-term incentive plan that may be available to similarly positioned executives. The Board may determine to grant long-term incentive
awards in cash or in equity awards settled in shares of the Company’s stock, including but not limited to stock options, restricted
stock and performance shares. In the event the Executive terminates service as a Good Leaver, any requirements under a long-term incentive
award held by the Executive shall be deemed to have been satisfied by the Company immediately prior to such termination. A “Good
Leaver” means that, during the Term, either the Executive has resigned for Good Reason (as defined in Section 4(e) below),
the Company has terminated the Executive’s employment without Cause (as defined in Section 4(d) below or the Executive terminates
employment on account of death or Disability (as defined in Section 4(b) below). For avoidance of doubt, being a Good Leaver entitles
the Executive to be fully vested with respect to any restricted stock, stock options, or other equity rights with vesting conditions based
solely on continued employment, and to be entitled to payment with respect to any long-term incentive award subject to corporate or business
goals to the extent that such goals are met during the performance period on the same basis as if the Executive had remained continuously
employed with the Company.

		d.	Paid Time Off. During the term, the Executive shall be entitled to
twenty (20) business days of paid time off (“PTO”) per calendar year which shall be accrued ratably during the calendar
year, to be taken at such times and intervals as shall be agreed to by Company and the Executive in their reasonable discretion. The Executive
shall be entitled to accrue a maximum of twenty (20) business days of paid time off. When the maximum accrual is reached, no additional
PTO time will accrue until Executive uses one or more accrued PTO days. Accrued and unused PTO at the end of a fiscal year will not be
carried over to the following fiscal year.

		e.	Business Expenses. The Executive shall be entitled to prompt reimbursement
of reasonable and usual business expenses incurred on behalf of Company in accordance with the Company’s expense reimbursement policy.

		f.	Benefit Plans. The Executive shall be entitled to continue to participate
in or receive benefits under any Executive benefit plan or arrangement which is or may, in the future, be made available by the Company
to its Executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plan or arrangement.

		4.	Termination. The Executive’s employment hereunder may be terminated
during the Term without any breach of this Agreement under the following circumstances:

		a.	Death. The Executive’s employment hereunder shall terminate
upon the Executive’s death.

 

    	2 

    	 

    

 

		b.	Disability. The Company may terminate the Executive’s employment
if the Executive is disabled and, because of the disability, is unable to perform the essential functions of the Executive’s then
existing position or positions under this Agreement with or without reasonable accommodation. This provision is not intended to reduce
any rights the Executive may have pursuant to any law.

		c.	Termination by the Company for Cause. At any time during the Term,
the Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause”
shall mean: (i) conduct by the Executive constituting a material act of willful misconduct in connection with the performance of the Executive’s
duties that results in loss, damage or injury that is material to the Company; (ii) the commission by the Executive of (A) any felony
or (B) a misdemeanor in which dishonesty or fraud is a material element, (iii) continued, willful and deliberate non-performance by the
Executive of the Executive’s duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity
or disability); (iv) a material breach by the Executive of Section 6 of this Agreement that results in loss, damage or injury that
is material to the Company; (v) willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory
or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve
documents or other materials known to be relevant to such investigation or the willful inducement of others to fail to cooperate or to
produce documents or other materials in connection with such investigations; or (vi) fraud, embezzlement or theft against the Company
or any of its Affiliates (as defined in Section 6(a) below). With respect to the events in (i), (iii) and (iv) herein, the Company
shall have delivered written notice to the Executive of its intention to terminate the Executive’s employment for Cause, which notice
specifies in reasonable detail the circumstances claimed to give rise to the Company’s right to terminate the Executive’s
employment for Cause and the Executive shall not have cured such circumstances to the extent such circumstances are reasonably susceptible
to cure as determined by the Board in good faith within thirty (30) days following the Company’s delivery of such notice. For avoidance
of doubt, “Cause” shall not include (w) below par or below average operational performance, in and of itself; (x) expense
reimbursement disputes in which the Executive acts in reasonable good faith; (y) occasional, customary and de minimis use of the Company’s
property for personal purposes; and (z) acting in good faith upon advice of Company’s legal counsel.

		d.	Termination without Cause. At any time during the Term, the Company
may terminate the Executive’s employment hereunder without Cause by providing the Executive with sixty (60) days advance written
notice. Any termination by the Company of the Executive’s employment under this Agreement that does not constitute a termination
for Cause under Section 4(c) and does not result from the death or Disability of the Executive under Sections 4(a) or 4(b)
shall be deemed a termination without Cause under this Section 4(d). Any suspension of the Executive’s employment with pay
or benefits pending an investigation of alleged improper activities by the Executive that, if determined to be accurate, would be grounds
for a Cause termination, shall not be considered a termination of the Executive’s employment without Cause or provide with Good
Reason to terminate employment. 

		e.	Termination by the Executive. At any time during the Term, the Executive
may terminate his employment hereunder for any reason, including, but not limited to, Good Reason. For purposes of this Agreement, “Good
Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following
the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties;
(ii) the material breach of this Agreement by the Company, including but not limited to a failure to pay Base Salary or Annual Bonus as
provided for under this Agreement; (iii) any relocation of the Executive’s principal place of business to a location more than 30
miles from the Executive’s current office location as specified in Paragraph 1(e); provided, however, that this clause (iii) will
not apply to the extent that any new office location is less than 30 miles from the Executive’s residence; or (iv) a change in control
of the Company. “Good Reason Process” shall mean (i) the Executive reasonably determines in good faith that a “Good
Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the occurrence of the Good Reason condition
within (60) days of the occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for
a period of sixty (60) days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding
such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within thirty (30) days after
the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to
have occurred.

 

    	3 

    	 

    

 

		f.	Notice of Termination. Except for termination as specified in Section
4(a), any termination of the Executive’s employment shall be communicated by written Notice of Termination by the terminating
Party to the other Party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon.

		g.	Date of Termination. “Date of Termination” shall
mean the earliest of the following: (i) if the Executive’s employment is terminated by the Executive’s death, the date of
the Executive’s death; (ii) if the Executive’s employment is terminated on account of Disability under Section 4(b) or
by the Company for Cause under Section 4(c), the date on which Notice of Termination is given that follows any applicable required
cure period; (iii) if the Executive’s employment is terminated by the Company under Section 4(d), thirty (30) days after
the date on which a Notice of Termination is given; (iv) if the Executive’s employment is terminated by the Executive under Section
4(e) without Good Reason, thirty (30) days after the date of which a Notice of Termination is given or such shorter period agreed
to by the Company; or (v) if the Executive’s employment is terminated by the Executive under Section 4(e) with Good Reason,
the date on which Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the
Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination but such acceleration
shall nevertheless be deemed a termination by the Executive on the accelerated date for purposes of this Agreement. For purposes of determining
the time when the lump sum portion of the Severance Amount, if any, is to be paid under Section 5(b)(i) of this Agreement, “Date
of Termination” means the Executive’s separation from service as defined under Section 409A. 

		5.	Compensation upon Termination.

		a.	Accrued Benefits. If the Executive’s employment with the Company
is terminated for any reason during the Term, or if the Term is not renewed, the Company shall pay or provide the Executive (or the Executive’s
authorized representative or estate) any earned but unpaid Base Salary or Annual Bonus for services rendered through the Date of Termination,
unpaid expense reimbursements, and accrued but unused paid time off (the “Accrued Benefits”) within thirty (30) days.
With respect to vested compensation or benefits the Executive may have under any Executive benefit or compensation plan, program or arrangement
of the Company, payment will be made to the Executive under the terms of the applicable plan, program or arrangement.

		b.	Termination by the Company without Cause or by the Executive with Good
Reason. If the Executive’s employment is terminated by the Company without Cause as provided in Section 4(d), or the
Executive terminates his employment for Good Reason as provided in Section 4(e), or the Executive terminates employment at the
end of the Term after the Company provides notice of intent not to renew pursuant to Section 1 for reasons other than would provide
grounds for a Cause termination, then the Company shall, through the Date of Termination, pay the Executive his or her Accrued Benefits.
If the Executive signs a general release of claims substantially in the form which is attached as Exhibit A to this Agreement)
(the “Release”) within twenty-one (21) days of the receipt of the form of the Release (extended to forty-five (45)
days in the event of a group termination or exit incentive program) and does not revoke such Release during the seven-day revocation period:

		i.	the Company shall pay the Executive an amount equal to two times the sum
of the Executive’s most recent Base Salary and target Annual Bonus (but determined prior to any action involving Base Salary that
would constitute Good Reason) (the “Severance Amount”). To the extent that such Severance Amount exceeds the 409A Separation
Pay Limit (as defined below), such amount shall be paid in a single lump sum on the regular payroll date of the Company, pertaining to
then current salaried Executives of the Company, (“payroll date”) next following the first anniversary date of the
Executive’s Date of Termination. The portion of the Severance Amount that does not exceed the 409A Separation Pay Limit shall be
paid in substantially equal amounts on each payroll date over a one year period; and

 

    	4 

    	 

    

 

		ii.	the Company shall pay the Executive an amount in cash equal to the Company’s
premium amounts paid for coverage of Executive at the time of the Executive’s termination of coverage under the Company’s
group medical, dental and vision programs for a period of twenty four (24) months, to be paid directly to the Executive at the same times
such payments would be paid on behalf of a current Executive for such coverage; provided, however:

1.
No payments shall be made under this paragraph (ii) unless and until the Executive timely elects
continued coverage under such plan(s) pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended (“COBRA”);

2.
This paragraph (ii) shall not be read or construed as placing any restrictions upon amounts paid
under this paragraph (ii) as to their use;

3.
Payments under this paragraph (ii) shall cease as of the earliest to occur of the following:

		a.	the Executive is no longer eligible for and continuing to receive the COBRA
coverage elected in subparagraph (A);

		b.	the time period set forth in the first sentence of this paragraph (ii);

		c.	the date on which the Executive first becomes eligible to enroll in a group
health plan in which eligibility is based on employment with an employer, and

		d.	if the Company in good faith determines that payments under this paragraph
(ii) would result in a discriminatory health plan pursuant to the Patient Protection and Affordable Care Act of 2010, as amended.

		iii.	If the Executive has opted out of the Company’s group medical, dental
and vision programs during the coverage year in which termination occurs, the Company shall add to the Severance Amount an amount equal
to twenty-four (24) months of the Company’s monthly amount paid to Executives who opt out from such coverage. 

		iv.	Each individual payment of Severance Amount under Section 5(b)(i),
Section 5(b)(ii), and Section 5(b)(iii) of this Agreement, shall be deemed to be a separate “payment” for purposes
and within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(iii).

		v.	Each individual payment of the Severance Amount under Section 5(b)(i),
Section 5(b)(ii), and Section 5(b)(iii) of this Agreement, which are considered “non-qualified deferred compensation”
(“NQDC”) under Section 409A shall be made on the date(s) provided herein and no request to accelerate or defer any
such payment under this Agreement shall be considered or approved for any reason whatsoever, except as permitted under Section 409A and
as the Company allows in its sole discretion. The Company may in its sole discretion accelerate or defer (but not beyond the time limit
set forth below) any severance payments which do not constitute NQDC in order to allow for the payment of taxes due, but not beyond the
time limit specified for such payment such that the payment would be treated as NQDC. Subject to the requirements of Section 409A, if
any severance payment or reimbursement under Section 5(b) of this Agreement is determined in good faith by the Company to constitute
NQDC payable to a “specified Executive” as defined under Section 409A, then the Company shall make any such payment not earlier
than the earlier of: (x) the first payroll date which is six (6) months following the Executive’s separation from service (as defined
under Section 409A) with the Company, or (y) the date of Executive’s death.

 

    	5 

    	 

    

 

		vi.	for purposes of this Section 5, “Section 409A” means
Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

		vii.	for purposes of this Section 5, “409A Separation Pay Limit”
means two times the lesser of (x) the Executive’s annual compensation during the calendar year preceding the year of the
termination of employment; and (y) the adjusted compensation limit under Code Section 401(a)(17) in effect for the year of the
termination.

		6.	Confidential Information, Non-solicitation, and Cooperation.

		a.	Definitions.

		i.	As used in this Agreement, “Affiliate” means, as to any
Person, (i) any other Person which directly, or indirectly through one or more intermediaries, controls such Person or is consolidated
with such Person in accordance with GAAP, (ii) any other Person which directly, or indirectly through one or more intermediaries, is controlled
by or is under common control with such Person, or (iii) any other Person of which such Person owns, directly or indirectly, fifty percent
(50%) or more of the common stock or equivalent equity interests. As used herein, the term “control” means possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership
of voting securities or otherwise.

		ii.	As used in this Agreement, “Person” means an individual,
a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization.

		b.	Confidential Information. As used in this Agreement, “Confidential
Information” means information belonging to the Company or its Affiliates which is of value to the Company or any of its Affiliates
in the course of conducting its business (whether having existed, now existing, or to be developed or created during Executive’s
employment by Company) and the disclosure of which could result in a competitive or other disadvantage to the Company or its Affiliates.
Confidential Information includes, without limitation, contract terms and rates; negotiating and contracting strategies; financial information,
reports, and forecasts; inventions, improvements and other intellectual property; product plans or proposed product plans; trade secrets;
designs, processes or formulae; software; market or sales information, plans or strategies; Executive, customer, patient, provider and
supplier information; information from patient medical records; financial data; insurance reimbursement methodologies, strategies and
practices; product and service pricing methodologies, strategies and practices; contracts with physicians, providers, provider networks,
payors, physician databases and contracts with hospitals; regulatory and clinical manuals; and business plans, prospects and opportunities
(such as possible acquisitions or dispositions of businesses or facilities) that have been discussed or considered by the Company or its
Affiliates, including, without limitation, the management of the Company or its Affiliates. Confidential Information includes information
developed by the Executive in the course of the Executive’s employment by the Company, as well as other information to which the
Executive may have access in connection with the Executive’s employment. Confidential Information also includes the confidential
information of others with which the Company or its Affiliates has a business relationship. Notwithstanding the foregoing, Confidential
Information does not include information in the public domain, unless due to breach of the Executive’s duties under Section 6(b),
unless otherwise due to Executive’s breach of the obligations in this Agreement, or unless due to violation of another Person’s
obligations to the Company or its Affiliates that Executive should have taken reasonable measures to prevent but that Executive did not
take.

 

    	6 

    	 

    

 

		c.	Confidentiality. The Executive understands and agrees that the Executive’s
employment creates a relationship of confidence and trust between the Company and the Executive with respect to all Confidential Information.
At all times, both during the Executive’s employment with the Company and after the Executive’s termination from employment
for any reason, the Executive shall keep in confidence and trust all such Confidential Information, and shall not use, disclose, or transfer
any such Confidential Information without the written consent of the Company, except as may be necessary within the scope of Executive’s
duties with Company and in the ordinary course of performing the Executive’s duties to the Company or as otherwise provided in Section
6(d) below. Executive understands and agrees not to sell, license or otherwise exploit any products or services which embody or otherwise
exploit in whole or in part any Confidential Information or materials. Executive acknowledges and agrees that the sale, misappropriation,
or unauthorized use or disclosure in writing, orally or by electronic means, at any time of Confidential Information obtained by Executive
during or in connection with the course of Executive’s employment constitutes unfair competition. Executive agrees and promises
not to engage in unfair competition with Company or its Affiliates, either during employment, or at any time thereafter.

		d.	Protected Rights. Notwithstanding anything to the contrary in this
Section 6, this Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with the Executive’s
protected rights under federal, state or local law to, without notice to the Company, (i) communicate or file a charge with a government
regulator; (ii) participate in an investigation or proceeding conducted by a government regulator; or (iii) receive an award paid by a
government regulator for providing information.

		e.	Documents, Records, etc. All documents, records, data, apparatus,
equipment and other physical property, whether or not pertaining to Confidential Information, that are furnished to the Executive by the
Company or its Affiliates or are produced by the Executive in connection with the Executive’s employment will be and remain the
sole property of the Company and its Affiliates. The Executive shall return to the Company all such materials and property as and when
requested by the Company. In any event, the Executive shall return all such materials and property immediately upon termination of the
Executive’s employment for any reason. The Executive shall not retain any such material or property or any copies thereof after
such termination. It is specifically agreed that any documents, card files, notebooks, programs, or similar items containing customer
or patient information are the property of the Company and its Affiliates regardless of by whom they were compiled.

		f.	Disclosure Prevention. The Executive will take all reasonable precautions
to prevent the inadvertent or accidental exposure of Confidential Information.

		g.	Removal of Material. The Executive will not remove any Confidential
Information from the Company’s or its Affiliate’s premises except for use in the Company’s business, and only consistent
with the Executive’s duties with the Company.

		h.	Copying. The Executive agrees that copying or transferring Confidential
Information (by any means) shall be done only as needed in furtherance of and for use in the Company’s and its Affiliate’s
business, and consistent with the Executive’s duties with the Company. The Executive further agrees that copies of Confidential
Information shall be treated with the same degree of confidentiality as the original information and shall be subject to all restrictions
herein.

		i.	Computer Security. During the Executive’s employment with the
Company, the Executive agrees only to use Company’s and its Affiliate’s computer resources (both on and off the Company’s
premises) for which the Executive has been authorized and granted access. The Executive agrees to comply with the Company’s policies
and procedures concerning computer security.

 

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		j.	E-Mail. The Executive acknowledges that the Company retains the right
to review any and all electronic mail communications made with employer provided email accounts, hardware, software, or networks, with
or without notice, at any time.

		k.	Assignment. The Executive acknowledges that any and all inventions,
discoveries, designs, developments, methods, modifications, improvements, trade secrets, processes, software, formulae, data, “know-how,”
databases, algorithms, techniques and works of authorship whether or not patentable or protectable by copyright or trade secret, made
or conceived, first reduced to practice, or learned by the Executive, either alone or jointly with others, during the Term that (i) relate
to or are useful in the business of the Company or its Affiliates, or (ii) are conceived, made or worked on at the expense of or during
the Executive’s work time for the Company, or using any resources or materials of the Company or its Affiliates, or (iii) arise
out of tasks assigned to the Executive by the Company (together “Proprietary Inventions”) will be the sole property
of the Company or its Affiliates. The Executive acknowledges that all work performed by the Executive is on a “work for hire”
basis and the Executive hereby assigns or agrees to assign to the Company the Executive’s entire right, title and interest in and
to any and all Proprietary Inventions and related intellectual property rights. The Executive agrees to assist the Company to obtain,
maintain and enforce intellectual property rights for Proprietary Inventions in any and all countries during the Term, and thereafter
for as long as such intellectual property rights exist.

		l.	Non-solicitation. Executive agrees and covenants that, at any time
during Executive’s employment with the Company and for a period of twelve (12) months immediately following the termination of Executive’s
relationship with the Company for any reason, whether with or without cause, Executive shall not, either on Executive’s own behalf
or on behalf of any other Person: (i) solicit the services of or entice away, directly or indirectly, any Person employed or engaged by
or otherwise providing services to the Company or its Affiliates (this provision does not prohibit the Executive’s post-termination
acceptance of unsolicited applications for employment); or (ii) take any illegal action or engage in any unfair business practice, including,
without limitation, any misappropriation of confidential, proprietary or trade secret information of the Company or its Affiliates, as
a result of which relations between the Company or its Affiliates, and any of their customers, clients, suppliers, distributors or others,
may be impaired or which might otherwise be detrimental to the business interests or reputation of the Company or its Affiliates.

		m.	Third-Party Agreements and Rights. The Executive hereby confirms
that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the
Executive’s use or disclosure of information or the Executive’s engagement in any business except as Executive has previously
provided written notice to Company and has attached to this Agreement. The Executive represents to the Company that the Executive’s
execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any previous employer or other party. In the Executive’s
work for the Company, the Executive will not disclose or use any information in violation of any agreements with or rights of any such
previous employer or other party, and the Executive will not bring to (by any means) the premises of the Company any copies or other tangible
embodiments of non-public information belonging to or obtained from any such previous employment or other party.

		n.	Litigation and Regulatory Cooperation. During and after the Executive’s
employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence
or that may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while the
Executive was employed by the Company. The Executive’s full cooperation in connection with such claims or actions shall include,
but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with
the Company in connection with any investigation or review of any federal, state, or local regulatory authority as any such investigation
or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse
the Executive for any reasonable out of pocket expenses incurred in connection with the Executive’s performance of obligations pursuant
to this Section. “Full cooperation” shall not be construed to in any way require any violation of law or any testimony
that is false or misleading.

 

    	8 

    	 

    

 

o.
Enforcement; Injunction. The Executive acknowledges and agrees that the restrictions contained
in this Agreement are reasonable and necessary to protect the business and interests of the Company and its Affiliates, do not create
any undue hardship for the Executive, and that any violation of the restrictions in this Agreement would cause the Company and its Affiliates
substantial irreparable injury. Accordingly, the Executive agrees that a remedy at law for any breach or threatened breach of the covenants
or other obligations in Section 6 of this Agreement would be inadequate and that the Company, in addition to any other remedies
available, shall be entitled to obtain preliminary and permanent injunctive relief to secure specific performance of such covenants and
to prevent a breach or contemplated or threatened breach of this Agreement without the necessity of proving actual damage and without
the necessity of posting bond or security, which the Executive expressly waives. Moreover, the Executive will provide the Company a full
accounting of all proceeds and profits received by the Executive as a result of or in connection with a breach of Section 6 of
this Agreement. Unless prohibited by law, the Company shall have the right to retain any amounts otherwise payable by the Company to the
Executive to satisfy any of the Executive’s obligations as a result of any breach of Section 6 of this Agreement. The Executive
hereby agrees to indemnify and hold harmless the Company and its Affiliates from and against any damages incurred by the Company or its
Affiliates as assessed by a court of competent jurisdiction as a result of any breach of Section 6 of this Agreement by the Executive.
The prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs if it prevails in any action to enforce
Section 6 of this Agreement. It is the express intention of the parties that the obligations of Section 6 of this Agreement
shall survive the termination of the Executive’s employment. The Executive agrees that each obligation specified in Section 6
of this Agreement is a separate and independent covenant that shall survive any termination of this Agreement and that the unenforceability
of any of them shall not preclude the enforcement of any other covenants in Section 6 of this Agreement. No change in the Executive’s
duties or compensation shall be construed to affect, alter or otherwise release the Executive from the covenants herein. 

		7.	Non Competition.

(a)
During the Employment Period and, thereafter, until that date which is the shorter of one (1) year after the termination or expiration
of the Employment Period, (the “Restrictive Period”) the Executive agrees and covenants he or she it shall not, and shall
cause each of his or her controlled Affiliates not to, directly or indirectly, own any interest in, control, manage, operate, participate
in, develop products for, advise or consult with or render services for (as a director, officer, employee, agent, broker, partner, consultant
or contractor), or engage in activities or businesses, or establish any new businesses, within North America (including Mexico), Europe,
or any country in which the Company is conducting business during the time of the Executive’s employment with the Company (the “Territory”)
any business that is competitive with the business operated by the Company, including any activities or business engaged in the Company
Business. Notwithstanding the foregoing, this Section 7 (a) shall be deemed not breached solely as a result of the ownership by the Executive
or any of his or her Affiliates of less than an aggregate of 2% of any class of stock that is subject to the periodic reporting requirements
of the Securities Exchange Act of 1934, as amended, and is listed on a national securities exchange; provided that such ownership represents
a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such entity.

(b)To
the extent during the Restrictive Period, the Executive is entitled to any severance payments following the Employment Term and the Company
breaches its obligations to make any such severance payments, the Restricted Period shall terminate on written notice of such breach by
the Executive to the Company.

(c)This
Section 7 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights
cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The
Executive shall promptly provide written notice of any such order to the Chief Executive Officer or General Counsel (in the case of the
Chief Executive Officer).

    	9 

    	 

    

 

8.
Successors and Assigns. This Agreement shall be assignable to and shall be binding upon and
inure to the benefit of, the Company’s successors and assigns, including, without limitation, successors through merger, name change,
consolidation, or sale of a majority of the Company’s stock or assets, and shall be binding upon the Executive. The Executive shall
not have the right to assign his rights or obligations under this Agreement.

9.
Severability. The provisions of this Agreement are severable. If any provision of this Agreement
is determined to be unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent
permitted by law. If such provision cannot be modified to be enforceable, the provision shall be severed from this Agreement to the extent
unenforceable. The remaining provisions and any partially enforceable provisions shall remain in full force and effect.

10.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed
by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by
any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver
of any subsequent breach.

11.
Notices. Whenever any notice is required hereunder, such notice shall
be deemed to have been effectively delivered or given and received on the date personally delivered or on the date sent via email to the
respective party to whom it is directed and confirmed by return email within three (3) business days, provided that if confirmation by
email is not received within such time, a copy of such notice is also delivered to the person via overnight delivery at the known address
of such person or, if not known, then to the corporate headquarters and to the attention of such person.

12.
Publicity. The Executive hereby grants to the Company the right to use the Executive’s
name and likeness, without additional consideration, on, in and in connection with technical, marketing and/or disclosure materials published
by or for the Company for the duration of Executive’s employment with Company.

13.
Conflicting Obligations and Rights. The Executive agrees to inform the Company of any apparent
conflicts between the Executive’s work for the Company and (a) any obligations the Executive may have to preserve the confidentiality
of another’s proprietary information or materials or (b) any rights the Executive claims to any inventions or ideas before using
the same on the Company’s behalf. Otherwise, the Company may conclude that no such conflict exists and the Executive agrees thereafter
to make no such claim against the Company. The Company shall receive such disclosures in confidence and consistent with the objectives
of avoiding any conflict of obligations and rights or the appearance of any conflict of interest.

14.
Notification of New Employer. In the event that the Executive leaves the employ of the Company,
voluntarily or involuntarily, the Executive agrees to inform any subsequent employer of the Executive’s obligations under Section
6 of this Agreement. The Executive further hereby authorizes the Company to notify the Executive’s new employer about the Executive’s
obligations under Section 6 of this Agreement.

15.
Entire Agreement. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any previous oral or written communications, negotiations, representations, understandings,
or agreements between them. Any modification of this Agreement shall be effective only if set forth in a written document signed by the
Executive and a duly authorized officer of the Company.

16.
Amendment. This Agreement may be amended or modified only by a written instrument signed by
the Executive and by a duly authorized representative of the Company.

17.
Non-Interference. Notwithstanding anything to the contrary set forth in this Agreement or
in any other agreement between the Executive and the Company, nothing in this Agreement or in any other agreement shall limit the Executive’s
ability, or otherwise interfere with the Executive’s rights, to (a) file a charge or complaint with the Equal Employment Opportunity
Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission,
or any other federal, state, or local governmental agency or commission (each a “Government Agency”), (b) communicate
with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency,
including providing documents or other information, without notice to the Company, (c) receive an award for information provided to any
Government Agency, or (d) engage in activity specifically protected by Section 7 of the National Labor Relations Act, or any other federal
or state statute or regulation.

    	10 

    	 

    

 

18.
Governing Law/Consent to Jurisdiction and Venue. The laws of the State of Illinois shall govern
this Agreement. If Illinois’s conflict of law rules would apply another state’s laws, the Parties agree that Illinois law
shall still govern. Any and all claims arising out of or relating to this Agreement shall be brought in a state or federal court of competent
jurisdiction in Illinois. The Parties consent to the personal jurisdiction of the state and/or federal courts located in Cook County,
Illinois. The Parties waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper
venue, in any action brought in such courts.

19.
Obligations of Successors. The Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place.

20.
Limitation on Payments in Certain Events. 

(a)Limitation
on Payments. Notwithstanding anything to the contrary in Section 3 and Section 5 of this Agreement, if any payment or
distribution that the Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute
a “parachute payment” within the meaning of Section 280G of the Code), and (b) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any
amounts of the Payment are paid to the Executive, which of the following alternative forms of payment would maximize the Executive’s
after-tax proceeds: (i) payment in full of the entire amount of the Payment (a “Full Payment”), or (ii) payment of
only a part of the Payment so that the Executive receives that largest Payment possible without being subject to the Excise Tax (a “Reduced
Payment”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and
the Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income taxes which could be obtained
from a deduction of such state and local taxes), results in the Executive’s receipt, on an after-tax basis, of the greater amount
of the Payment, notwithstanding that all or some portion the Payment may be subject to the Excise Tax.

(b)The
independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the date the first
Payment is due shall make all determinations required to be made under this Section 18. If the independent registered public accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, group or entity effecting the transaction, the
Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required
to be made hereunder.

(c)The
independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with
detailed supporting documentation, to the Company and the Executive at such time as requested by the Company or the Executive. If the
independent registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after
the application of the Reduced Payment, it shall furnish the Company and the Executive with an opinion reasonably acceptable to the Executive
that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall
be final, binding and conclusive upon the Parties.

21.
Counterparts. This Agreement may be executed in any number of counterparts, including, but
not limited to, electronically signed or scanned images, each of which when so executed and delivered shall be taken to be an original;
but such counterparts shall together constitute one and the same document.

[Signature Page Follows]

 

    	11 

    	 

    

 

IN WITNESS WHEREOF, this
Agreement has been executed as a sealed instrument by the Company by its duly authorized officer, and by the Executive, as of the date
first above written.

COMPANY:

CARDIO DIAGNOSTICS, INC.:

 

By: /s/ Elisa Lugman      

Printed Name: Elisa Luqman

Its: Chief Financial Officer

Date: May 27, 2022

 

EXECUTIVE: 

/s/ Meeshanthini Dogan      

Printed Name: Meeshanthini Dogan

Date: May 27, 2022

 

 

    	12 

    	 

    

 

EXHIBIT A

Release of Claims

I, _________________, in
consideration of and subject to the performance by CARDIO DIAGNOSTICS, INC., a Delaware corporation (the “Company”)
of its obligations under the Employment Agreement, dated as of ___________ _, 20__ (as amended from time to time, the “Agreement”),
do hereby release and forever discharge as of the date of my execution of this release (this “Release”) the Company,
its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective Executive
benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, Executives, attorneys, accountants
and agents of each of the foregoing in their official and personal capacities (collectively, the “Released Parties”)
to the extent provided below.

I understand that any payments or benefits paid or
granted to me under Section 5(b) of the Agreement represent, in part, consideration for signing this Release and are not salary,
wages or benefits to which I was already entitled. Such payments and benefits will not be considered compensation for purposes of any
Executive benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates.

 

Releases.

I knowingly and voluntarily (on behalf of myself,
my spouse, my heirs, executors, administrators, agents and assigns, past and present) fully and forever release and discharge the Company
and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross claims, counterclaims,
demands, debts, liens, contracts, covenants, suits, rights, obligations, expenses, judgments, compensatory damages, liquid damages, punitive
or exemplary damages, other damages, claims for costs and attorneys’ fees, orders and liabilities of whatever kind of nature, in
law and in equity, in contract of in tort, both past and present (through the date this General Release becomes effective and enforceable)
and whether known or unknown, vested or contingent, suspected, or claimed, against the Company or any of the Released Parties which I,
my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or relate to my employment with, or
my separation or termination from, the Company up to the date of my execution of this Release (including, but not limited to, any allegation,
claim of violation arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination
in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act), the Equal Pay Act of 1963, as amended; the
Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act;
the Executive Retirement Income Security Act of 1974; the Fair Labor Standards Act; or their state or local counterparts; or under any
other federal, state or local civil or human rights law, or under any other local state or federal law, regulation or ordinance; or under
any public policy, contract of tort, or under common law; or arising under any policies, practices or procedures of the Company; or any
claim for wrongful discharge, breach of the Agreement, infliction of emotional distress or defamation; or any claim for costs, fees, or
other expenses, including attorneys’ fees incurred in these matters) (collectively, the “Claims”).

 

Executive agrees that this Agreement is intended to
include all claims, if any, that Executive may have against the Company, and that this Agreement extinguishes those claims.

 

I represent that I have made no assignment of transfer
of any right, claim, demand, cause of action, or other matter covered by Section 2 above.

 

In signing this Release, I acknowledge and intend
that it shall be effective as a bar to each and every one of the claims, demands and causes of action herein above mentioned or implied.
I expressly consent that this Release shall be given full force and effect according to each and all of its express terms and provisions,
including those relating to unknown and unsuspected claims up to the date of my execution of this Release, if any, as well as those relating
to any other claims hereinabove mentioned. I acknowledge and agree that this waiver is an essential and material term of this Release
and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should
bring a claim seeking damages against the Company, this Release shall serve as a complete defense to such claims as to my rights and entitlements.
I further agree that I am not aware of any pending charge or complaint of the type described in Section 2 above as of the date
of my execution of this Release.

 

 

    	13 

    	 

    

I agree that neither this Release, nor the furnishing
of the consideration for this Release, shall be deemed or constructed at any time to be an admission or acknowledgement by the Company,
any Released Party or myself of any improper or unlawful conduct.

 

I agree and acknowledge that the provisions, conditions,
and negotiations of this Release are confidential and agree not to disclose any information regarding the terms, conditions and negotiations
of this Release, nor transfer any copy of this Release to any person or entity, other than my immediate family and any tax, legal or other
counsel or advisor I have consulted regarding the meaning or effect hereof or as required by applicable law, and I will instruct each
of the foregoing not to disclose the same to anyone.

 

Notwithstanding anything in the Release to the contrary,
nothing in this Release shall be deemed to affect, impair, relinquish, diminish, or in any way affect any rights or claims in any respect
to (i) any vested rights or other entitlements that I may have as of the date of my execution of this Release under the Company’s
401(k) plan; (ii) any other vested rights or other entitlements that I may have as of the date of my execution of this Release under any
Executive benefit plan or program, in which I participated in my capacity as an Executive of the Company; (iii) my rights under the Agreement;
or (iv) my rights under the Release.

 

I understand that I continue to be bound by Section
6 of the Agreement.

 

Whenever possible, each provision of this Release
shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provisions of this Release are held
to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision or any other jurisdiction, but this Release shall be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

 

This Release shall be governed by and construed in
accordance with the laws of the State of Illinois, without giving effect to the conflict of laws principles of the State of Illinois.

 

BY SIGNING THIS RELEASE,
I REPRESENT AND AGREE THAT:

		a.	I HAVE READ IT CAREFULLY;

		b.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS,
INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED;

		c.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

		d.	THE COMPANY IS HEREBY ADVISING ME TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING
IT, I HAVE HAD THE OPPORTUNITY TO SO CONSULT, AND HAVE AVAILED MYSELF OF SUCH ADVICE TO THE EXTENT I HAVE DEEMED NECESSARY TO MAKE A VOLUNTARY
AND INFORMED CHOICE TO EXECUTE THIS RELEASE;

		e.	I HAVE HAD AT LEAST TWENTY ONE (21) DAYS [45 DAYS IN CONNECTION WITH A GROUP
TERMINATION OR EXIT INCENTIVE PLAN] FOLLOWING THE DATE OF TERMINATION OF MY EMPLOYMENT TO CONSIDER THIS RELEASE;

		f.	CHANGES TO THIS RELEASE, WHETHER MATERIAL OR IMMATERIAL, DO NOT RESTART
THE RUNNING OF THE 21-DAY [OR 45 DAY] CONSIDERATION PERIOD;

		g.	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE
TO REVOKE IT, SUCH REVOCATION TO BE RECEIVED IN WRITING BY THE COMPANY BY THE END OF THE SEVENTH DAY AFTER THE DATE HEREOF, AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

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		h.	I HAVE SIGNED THIS RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE
OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

		i.	I AGREE THAT THE PROVISIONS OF THIS RELEASE MAY NOT BE AMENDED, WAIVED OR
MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

DATED AS OF ________, 20__

___________________________________________

[Name]

 

 

 

    	15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]