Document:

Consulting Agreement, by and between Registrant and Mark G. Allen, Ph. D.

 Exhibit 10.12 
 CARDIOMEMS, INC. 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (the “Agreement”) is entered on this 31st day of
May 2001 (“Effective Date”) by and among CARDIOMEMS, INC., a Delaware corporation, and its successors or assignees (“Company”), and MARK ALLEN, an
individual and resident of the State of Georgia (referred to herein as “Consultant”) for the purpose of setting forth the terms and conditions by which the Company will acquire Consultant’s services. 
 1. ENGAGEMENT OF SERVICES. Consultant will, to the best of his ability, render the services set forth in Exhibit
A attached hereto. Consultant shall perform the actions necessary to complete such services in a timely and professional manner consistent with industry standards, and at a location, place and time which the Consultant deems
appropriate. Consultant may not subcontract or otherwise delegate his obligations under this Agreement without Company’s prior written consent. 
 2.
COMPENSATION. Company will compensate Consultant for services rendered under this Agreement as set forth in Exhibit A attached hereto. Unless otherwise agreed to by the Company in writing, Consultant shall be responsible
for all expenses incurred in performing services under this Agreement. 
 3. INDEPENDENT CONTRACTOR
RELATIONSHIP. Consultant’s relationship with Company will be that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship.
Consultant will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Consultant’s performance of services and receipt of fees under this Agreement.
Because Consultant is an independent Consultant, Company will not withhold or make payments for social security; make unemployment insurance or disability insurance contributions; or obtain worker’s compensation insurance on Consultant’s
behalf. Consultant hereby agrees to indemnify and defend Company against any and all such taxes or contributions, including penalties and interest incurred by Company as a result of Consultant’s failure to file or pay any such taxes or
payments. 
 4. PROPRIETARY INFORMATION. 
 4.1 Proprietary Information. Consultant agrees during the term of this Agreement and thereafter that it will take all steps reasonably necessary to hold Company’s Proprietary Information (as defined below)
in trust and confidence, will not use Proprietary Information in any manner or for any purpose not expressly set forth in this Agreement, and will not disclose any such Proprietary Information to any third party without first obtaining the express
written consent of the Company. By way of illustration but not limitation “Proprietary Information” includes (a) information relating to products, processes, know-how, designs, techniques, drawings, clinical data, test data, formulas,
methods, samples, development or experimental work, improvements, discoveries, trade secrets, inventions, ideas, other works of authorship, (hereinafter collectively referred to as “Inventions”); (b) information regarding plans for
research, development, new products, marketing and selling, business plans, budgets and non-public financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding the skills and compensation of
consultants and employees of Company. Notwithstanding the other provisions of this Agreement, nothing received by Consultant will be considered to be Company Proprietary Information if (1) it has been published or is otherwise readily available
to the public other than by a breach of this Agreement; (2) it has been rightfully received by Consultant from a third party without any confidentiality limitations; or (3) it was known by the Consultant, as evidenced by his records, prior
to its disclosure by the Company. 
 4.2 Third Party Information. Consultant understands that Company has received and will in the
future receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and use it only for certain limited
purposes. Consultant agrees to hold Third Party Information in confidence and not to disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or to use, except in connection with
Consultant’s work for Company, Third Party Information unless expressly authorized in writing by an officer of Company. 

 5. OWNERSHIP OF WORK PRODUCT. 
 5.1 Disclosure of Work Product. As used in this Agreement, the term “Work Product” means any Invention, whether or not patentable, and
all related know-how, designs, trademarks, formulae, processes, techniques, trade secrets, ideas, artwork, software, or any other copyrightable or patentable works. Consultant agrees to disclose promptly in writing to Company, or any person
designated by Company, all Work Product which is solely or jointly conceived, made, reduced to practice, authored, or learned by Consultant in the course of any work performed for the Company under this Agreement (“Company Work Product”).
Consultant agrees that any and all Company Work Product shall be the sole and exclusive property of Company. For clarification purposes, Company Work Product shall not include, and Consultant shall have no obligation to disclose to Company, any Work
Product resulting from Consultant’s pre-existing obligations as described in section 8.2; provided, however, Consultant shall notify the Company in advance (to the extent permitted by any confidential obligations) of any situation arising out
of any of these pre-existing obligations or any other obligation that could impair or diminish the Company’s full rights to any Work Product developed or created pursuant to this Agreement. 
 5.2 Background Technology. Consultant shall specifically describe and identify in Exhibit B any and all works of authorship and Inventions
which (a) Consultant intends to use in performing under this Agreement, (b) is either owned by Consultant or licensed to Consultant with a right to sublicense and (c) is made, conceived, reduced to practice, or is in existence in the
form of a writing or fixed in any medium prior to the Effective Date (“Background Technology”). If disclosure of any Background Technology would cause Consultant to violate any prior confidentiality agreement, Consultant understands that
it is not to list such Background Technology in Exhibit B but it will disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs, and the fact that full disclosure as to such Background
Technology has not been made for that reason. A space is provided in Exhibit B for such purpose. Consultant further represents that any Work Product which Consultant has made, conceived or reduced to practice prior to signing this
Agreement in the Field (as such term is defined in Section 8.2 below) has been disclosed in writing to Company and attached to this Agreement as Exhibit B (“Prior Technology”). If no such disclosure is attached in
Exhibit B, Consultant represents that there is no Prior Technology. If, in the course of performance of this Agreement, Consultant incorporates any Background Technology or Prior Technology into a Company Invention, product, process or
machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Invention,
product, process or machine. Notwithstanding the foregoing, Consultant agrees that he will not incorporate, or permit to be incorporated, any Background Technology or Prior Technology in any Company Inventions, product, process or machine without
the Company’s prior written consent. 
 5.3 Assignment of Company Work Product. Consultant irrevocably assigns to Company all
right, title and interest worldwide in and to the Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without limitation, patents, copyrights, trademarks, trade secrets, contract and
licensing rights (the “Proprietary Rights”). Except as expressly set forth herein, Consultant retains no rights to use the Company Work Product. 
 5.4 Assistance. At the expense of Company, Consultant agrees to cooperate with Company or its designee(s), both during and after the term of this Agreement, in the procurement and maintenance of Company’s
rights in Company Work Product and to execute, when requested, any other documents deemed necessary by Company to carry out the purpose of this Agreement. 
 5.5 Enforcement of Proprietary Rights. At the expense of Company, Consultant will assist Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights
relating to Company Work Product. To that end Consultant will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Company may reasonably request for use in applying for, obtaining,
perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof, including any applicable filings with US Patent and Trademark Office and the US Food and Drug Administration Agency and the respective foreign
counterparts to such government office or agencies. In addition, Consultant will execute, verify and deliver assignments of such Proprietary Rights to 

  

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Company or its designee. Consultant’s obligation to assist Company with respect to Proprietary Rights relating to such Company Work Product in any and
all countries shall continue beyond the termination of this Agreement, but Company shall compensate Consultant at a reasonable rate after such termination for the time actually spent by Consultant at Company’s request on such assistance.

 5.6 Execution of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Consultant’s
signature on any document needed in connection with the actions specified in the preceding Sections 5.4 and 5.5, Consultant hereby irrevocably designates and appoints Company and its duly authorized officers and agents as its agent and attorney in
fact, which appointment is coupled with an interest, to act for and in its behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force
and effect as if executed by Consultant. Consultant hereby waives and quitclaims to Company any and all claims, of any nature whatsoever, which Consultant now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to
Company. 
 6. OBLIGATION TO KEEP COMPANY INFORMED. Subject to the
pre-existing obligations as described in Section 8.2, during the period of this Agreement and for twelve (12) months after termination of this Agreement, Consultant shall promptly disclose to the Company fully and in writing all Inventions
in the Field authored, conceived or reduced to practice by Consultant, either alone or jointly with others. In addition, subject to the pre-existing obligations as described in Section 8.2, Consultant shall promptly disclose to the Company all
patent applications relating to the Field filed by him or on his behalf within a year after termination of this Agreement. 
 7. CONSULTANT
REPRESENTATIONS AND WARRANTIES. Consultant hereby represents and warrants that (a) to the best of Consultant’s knowledge, neither the Company Work Product, nor any element thereof will
infringe the Proprietary Rights of any third party; (b) neither the Company Work Product, nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances or encroachments;
(c) Consultant will not grant, directly or indirectly, any rights or interest whatsoever in the Company Work Product to third parties; (d) subject to the limitations of his employment agreement with Georgia Institute of Technology,
Consultant has full right and power to enter into and perform this Agreement without the consent of any third party. 
 8. RESTRICTIVE
COVENANTS. Consultant acknowledges that: (a) the business of the Company is intensely competitive and that Consultant’s relationship with the Company requires that Consultant have access to and knowledge of Proprietary
Information; (b) the direct and indirect disclosure of any such Proprietary Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company’s business; (c) the Proprietary
Information constitutes a trade secret of the Company; and (d) the engaging by Consultant in any of the activities prohibited by this Section 8 may constitute improper misappropriation and/or use of such information and trade secrets.

 8.1 Nondisclosure of Proprietary Information. Consultant agrees that at all times during and for a period of seven (7) years after
the termination of his relationship with the Company, Consultant shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee, principal or agent of any business, or in any other capacity, make known,
disclose, furnish, make available or utilize any of the Proprietary Information. This confidentiality covenant has no geographical or territorial restriction. Consultant agrees to immediately return all Proprietary Information, Company documents
(and all copies thereof) and other Company property and materials in his possession or control, including, but not limited to, Company reports, notes, files, memoranda, records, drawings, business plans and forecasts, financial information,
specifications, computer-recorded information, software, tangible property (including, but not limited to, computers and cellular phones), credit cards, travel cards, entry cards, identification badges and keys, and any materials of any kind that
contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). 
 8.2 No Conflict of
Interest. Consultant agrees that he will not, at any time during the term of this Agreement and for a period of one (1) year thereafter, without the prior written consent of the Company, engage in any business or activity, accept work or
enter into a contract or agreement, or otherwise become associated with any business (i) relating to the research, design, development, transfer of intellectual property rights, and/or marketing of any product or technology aimed at using

  

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MicroElectroMechanical Systems (“MEMS”) for applications in medical diagnostic equipment, implants and prostheses, medical monitoring equipment,
surgical and medical equipment, medical services and applications, medical therapeutic equipment or any other medical uses and applications derived or conceived from work directly related to the foregoing (the “Field”), or (ii) that
is in conflict or incompatible with Consultant’s obligations under this Agreement or the scope of services rendered for Company. Consultant represents and warrants that except for this Agreement and the pre-existing obligations to Redeon, Inc.
(including any successor in interest and/or assignee of Redeon’s rights), and the Georgia Institute of Technology (“Georgia Tech”) as described below, he has not entered into any contract or agreement relating to the Field. Consultant
further represents that he is not a party to any existing agreement or obligation inconsistent or in conflict with this Agreement. Notwithstanding anything contained in this Section 8.2 to the contrary, the Company acknowledges that Consultant
is under a pre-existing obligation to provide services to Redeon, Inc. (including any successor in interest and assignee of Redeon’s rights), a company engaged in the use of MEMS technology to develop and manufacture micro-needles and
micro-needle based systems, based on MEMS technology, as further described in that certain licensing agreement between Redeon and Georgia Tech (“Pre-Existing Field Obligation”). As a result, the definition of Field set forth above, shall
exclude the Pre-Existing Field Obligation for all purposes under this agreement. Furthermore, notwithstanding anything in this agreement to the contrary, Company acknowledges that Consultant is under a pre-existing obligation as an employee of the
Georgia Tech to perform scholarly works and other Work Product, including without limitation research and development as part of employment obligations with Georgia Tech, and creation and dissemination of scientific results in all field and
applications, which may incidentally include the Field (“Georgia Tech Field of Obligations”). Hence, the definition of Field set forth above, shall exclude the Georgia Tech Field Obligation for all purposes under this agreement.

 8.3 Non-solicitation of Company Employees and Customers. Consultant hereby agrees that for one (1) year following the
Separation Date, Consultant will not, without first obtaining the Company’s prior written permission, (a) directly or indirectly solicit, entice, induce, or encourage employees or consultants of the Company to leave the Company to accept
work with a competing business, or (b) directly or indirectly solicit any customer or prospective customer of the Company on Consultant’s own behalf or on behalf of any competitor of the Company, for which Consultant rendered services
during his relationship with the Company. 
 9. TERM AND TERMINATION. 
 9.1 Term. The term of this Agreement will be for one (1) year beginning on the Effective Date, unless terminated earlier pursuant to this
Section 9; thereafter, this Agreement shall automatically be renewed for three (3) additional one (1) year period(s) unless either party has provided notice to the other not less than sixty (60) days prior to the expiration of
the then applicable term of its intention not to renew this Agreement. 
 9.2 Termination. Either the Company or Consultant may
terminate this Agreement at its convenience by providing at least 30 days prior written notice to the other. 
 9.3 Return of Company
Property. Upon termination of the Agreement or earlier as requested by Company, Consultant will deliver to Company any and all samples, drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies
thereof, and any other material containing or disclosing any Company Work Product, Third Party Information or Proprietary Information of Company. 
  

	10.	GENERAL PROVISIONS. 

 10.1 Governing Law. This Agreement will be governed by and construed according to the laws of the State of Georgia, as such laws are applied to agreements entered into and to be performed entirely within Georgia between Georgia
residents. The Consultant hereby expressly consent to the personal jurisdiction of the state and federal courts located in the county where Company’s principle place of business is located for any lawsuit filed there against Consultant by
Company arising from or related to this Agreement. 
 10.2 Severability. In case any one or more of the provisions contained in this
Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other 

  

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provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.
If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be
enforceable to the extent compatible with the applicable law as it shall then appear. 
 10.3 No Assignment. This Agreement may not be
assigned by Consultant without Company’s consent, and any such attempted assignment shall be void and of no effect. 
 10.4
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with the notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight
courier upon written verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; (iv) by certified or registered mail, return receipt requested, upon verification of
receipt. Notice shall be sent to the addresses set forth below or such other address as either party may specify in writing. 
 10.5
Injunctive Relief. A breach of any of the promises or agreements contained in this Agreement may result in irreparable and continuing damage to Company for which there may be no adequate remedy at law, and Company is therefore entitled to
seek injunctive relief as well as such other and further relief as may be appropriate. 
 10.6 Survival. Sections 2,
4, 5, 6, 7, 8 and 10 shall survive termination of this Agreement. 
 10.7 Waiver. No waiver by Company of any breach of this
Agreement shall be a waiver of any preceding or succeeding breach. No waiver by Company of any right under this Agreement shall be construed as a waiver of any other right. 
 10.8 Entire Agreement. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and
supersedes and merges all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged. 
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 In Witness Whereof, that parties have caused this Consulting Agreement to be executed as of the
date first written above. 
  

									
	CARDIOMEMS, INC.	 		  	CONSULTANT:
					
	BY:	 	 /S/    JAY S. YADAV,
M.D.        
	 		  	BY:	  	 /S/    MARK G. ALLEN,
PH.D.        

	NAME:	 	JAY S. YADAV, M.D.	 		  	NAME:	  	 MARK G. ALLEN, PH.D.

	TITLE:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER	 		  		  	
	ADDRESS:	 	 430 10th Street, NW
 Suite N-005

Atlanta, GA 30318
	 		  	ADDRESS:	  	 425 W. Spalding Drive

		 	 		  		  	 Atlanta, GA 30328

					
		 		 		  		  	  

  

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 CONSULTING AGREEMENT 
 CARDIOMEMS, INC. / MARK ALLEN 
 EXHIBIT A 
 Services to be Performed: 
 Consultant shall render such services as the Company may request from time to time, including, without limitation, serving as the chief technology advisor to the Company
reporting to the Chief Executive Officer, providing guidance for overall engineering and research and development efforts, providing guidance and recommending appropriate manufacturing facilities, contributing to the intellectual property position
and strengthening of the Company’s proprietary rights portfolio, and identifying and recommending potential technology and proprietary rights for acquisition or license by the Company. In this capacity, Consultant would be available to render
services to the Company at the equivalent rate of at least two (2) full days per month. 
 Compensation: 
 For so long as Consultant’s services to the Company as set forth herein have not been terminated for any reason, the stock issued to Consultant pursuant to that
certain Founder Stock Purchase Agreement dated May 31, 2001 by and between the Company and the Consultant shall continue to vest in accordance with the terms thereof. 
 Consultant shall be reimbursed for documented reasonable out of pocket expenses incurred in connection with rendering of the services to the Company, subject to the Company’s prior approval of any expenses,
either individually or in the aggregate, in excess of $1,000. 
 Consultant Initial /s/ M.A. 
 Company Initial /s/ J.Y. 
  

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 AMENDMENT TO THE CONSULTING AGREEMENT 
 THIS AMENDMENT TO THE CONSULTING AGREEMENT (the
“Amendment”) is made and entered into this 10th day of November, 2003, by and between CARDIOMEMS, INC., a corporation existing under the laws of the State of Delaware and having its principal offices at
75 5th St. N.W., Suite 205, Atlanta, Georgia 30308 (“CardioMEMS”) and MARK G. ALLEN, an individual (“Consultant”). CardioMEMS and Consultant may each be referred to herein
individually as a “Party” and jointly as the Parties. 
 WITNESSETH: 
 WHEREAS, CardioMEMS and Consultant are party to that certain Consulting Agreement, dated May 31, 2001 (the “Agreement”); and 
 WHEREAS, CardioMEMS intends to assign all of its right, title and interest in and to certain intellectual property to Maya Interventional LLC
(“Maya”) pursuant to that certain Technology and Assignment Agreement of even date herewith and to grant an exclusive licenses to MedSensor LLC (“LLC”) to exploit other CardioMEMS intellectual property in a particular field of
use pursuant to that certain License Agreement and that certain R&D Agreement, both of even date herewith (collectively, the “IP Transfer”); 
 WHEREAS, following the IP Transfer, both Maya and LLC may each wish to engage the services of Consultant, and CardioMEMS and Consultant desire to amend the Agreement to facilitate such events and to better define the
scope of Consultant’s permitted services in light of the IP Transfer; 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and intending to be legally bound, CardioMEMS and Consultant mutually agree as follows: 
 1. Subsection (i) of Section
8.2 of the Agreement is amended to read in its entirety as follows: 
 “(i) relating to the research, design,
development, transfer of intellectual property rights, and/or marketing of any product or technology (A) whose primary purpose is to sense any physical property (including pressure, temperature or chemical) for the purpose of diagnosing or treating
aortic aneurysms or congestive heart failure (the “CardioMEMS Field”), (B) whose primary purpose is to sense any physical property (including pressure, temperature or chemical) for the purpose of diagnosing or treating any disease or
medical condition other than aortic aneurysms or congestive heart failure (the “Other Sensor Field,” and together with the CardioMEMS Field, the “Primary Non-Compete Field”), or (C) that is outside both the CardioMEMS Field and
the Other Sensor Field and that is aimed at using MicroElectroMechanical Systems (“MEMS”) for applications in medical diagnostic equipment, implants and prostheses, medical monitoring equipment, surgical 

 and medical equipment, medical services and applications, medical therapeutic equipment or any other
medical uses and applications derived or conceived from work directly related to the foregoing (the “Non-Sensor Field,” and together with the Primary Non-Compete Field, the “Field”), except that CONSULTANT shall be permitted to
perform services in the Non-Sensor Field for Maya Interventional LLC and its Affiliates, and provided that the scope of competitive services or activities prohibited by this Section 8.2(i) shall be limited to those services and activities conducted
in the United States and the countries and principalities within the European Union, or” 
 2. The following is hereby added as a new Section 8.4
to the Agreement: 
 “8.4 Relationship with MedSensor LLC. Notwithstanding Section 8.2(i), Consultant shall be
permitted to perform services within the Other Sensor Field for MedSensor LLC and its Affiliates (“LLC”). In the event that Consultant enters into an agreement with LLC pursuant to which the Consultant will perform services for LLC in the
Other Sensor Field, whether as a consultant, an employee, or otherwise, the terms of such agreement shall supercede the terms of Section 8.2(i) solely with respect to services in the Other Sensor Field, and the Primary Non-Compete Field shall be
deemed not to include the Other Sensor Field. For the avoidance of doubt, in the event that Consultant enters into such an agreement with LLC, the power to restrict the Consultant’s ability to perform services in the Other Sensor Field shall
lie solely with LLC pursuant to such agreement (if at all), and not with CardioMEMS. 
 3. The following is hereby added as a new Section 8.5 to the
Agreement: 
 “8.5 Definition of Affiliate. For the purpose of this Section 8, “Affiliate” shall mean,
as to a first entity, (i) a second entity that owns directly or indirectly, a controlling interest in such first entity, (ii) a second entity in which such first entity owns a controlling interest, by stock ownership or otherwise, or (iii) a second
entity under common control with such first entity, directly or indirectly. As used in this Section 8.5, the terms “controlling interest” and “common control” mean the ownership, directly or indirectly through the stockholders or
members of an entity, of more than fifty percent (50%) of the voting securities or other ownership interest of the other entity, or the possession, directly or indirectly, of the power to direct the management or policies of the other entity,
whether through the ownership of voting securities, by contract, or otherwise.” 
 4. Except as expressly amended by this Amendment, the terms of
the Agreement shall remain unchanged. Without limiting the generality of the foregoing, the Parties acknowledge and agree that this Amendment does not modify, and is expressly subject to, any limitations, conditions, or restrictions on
Consultant’s non-compete obligations to CardioMEMS set forth in the Agreement, including but not limited to the express exclusion of the Pre-Existing Field Obligations and the Georgia Tech Field Obligations (as such terms are defined in the
Agreement) from the definition of the Field. 

 IN WITNESS WHEREOF, CardioMEMS and Consultant have caused this Amendment to be executed on the day and year first written
above. 
  

							
	CARDIOMEMS, INC.	 		 	CONSULTANT
				
	By:	 	 /s/ David R. Stern
	 		 	
	Name:	 	 David R. Stern
	 		 	 /s/ Mark G. Allen, Ph.D.

	Title:	 	 President & CEO
	 		 	Mark G. Allen, Ph.D.

 SECOND AMENDMENT TO THE CONSULTING AGREEMENT 
 THIS SECOND AMENDMENT TO THE CONSULTING
AGREEMENT (the “Amendment”) is made and entered into this 17th day of January, 2007 (the “Effective Date”), by and between CARDIOMEMS, INC., a corporation existing under the
laws of the State of Delaware and having its principal offices at 75 Fifth Street N.W., Suite 440, Atlanta, Georgia 30308 (“CardioMEMS” or the “Company”)) and MARK G. ALLEN, an
individual (“Consultant”). CardioMEMS and Consultant may each be referred to herein individually as a “Party” and jointly as the Parties. 
 WITNESSETH: 
 WHEREAS, CardioMEMS and Consultant are party to that certain Consulting Agreement,
dated May 31, 2001, which was amended pursuant to the Amendment to the Consulting Agreement dated November 10, 2003 (collectively, the “Agreement,” attached hereto as Appendix A); and 
 WHEREAS, the Parties desire to amend the Compensation terms set forth in Exhibit A to the Agreement; 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and intending to be legally bound, CardioMEMS and Consultant
mutually agree as follows: 
 1. Amendment of Compensation Section of Exhibit A. As of the Effective Date, the Compensation section of Exhibit A to the
Agreement is amended to include the following new paragraphs three through nine, which shall be in addition to the current first and second paragraphs of the Compensation section of Exhibit A: 
 “Consultant shall receive cash consulting fees from the Company at an annual rate of $115,000, paid in equal installments in arrears
on a semi-monthly basis. Consultant must submit written invoices to the Company on a monthly basis listing the applicable monthly consulting fee amount and any expenses submitted for reimbursement pursuant hereto, with supporting documentation of
such expenses, and such expenses shall be reimbursed by the Company in accordance with its standard expense reimbursement policies and practices. 
 In the event that the Company terminates the Agreement with Consultant other than for Cause (as defined below), and Consultant is not entitled to receive the Change of Control Termination Benefits (as defined below),
then Consultant will be eligible to receive the following as his sole termination benefits (the “Termination Benefits”): continued payment of consulting fees (at the monthly consulting fee rate in effect as of the termination of the
Agreement) for six (6) months after the termination date of the Agreement, paid on a semi-monthly basis (provided that, the Company may provide the additional consulting fees in a lump sum payment in lieu of continued payments for six
(6) months, at its sole discretion). 

 If the Company consummates a Change of Control (as defined below) and, at any time within
the time period beginning thirty (30) days prior to the consummation of the Change of Control and ending twelve (12) months after the consummation of the Change of Control, the Company (or any successor entity) terminates the Agreement
without Cause or Consultant terminates the Agreement for Good Reason (as defined below), then Consultant will be eligible to receive as his sole change of control termination benefits (the “Change of Control Termination Benefits”): (i)
continued payment of consulting fees (at the monthly consulting fee rate in effect as of the termination of the Agreement) for twelve (12) months after the termination date of the Agreement, paid on a semi-monthly basis (provided that, the
Company may provide the additional consulting fees in a lump sum payment in lieu of continued payments for twelve (12) months, at its sole discretion); and (ii) any then-outstanding stock options provided to Consultant by the Company in
connection with his consulting relationship with the Company shall be subject to accelerated vesting such that all unvested shares will vest and become exercisable effective as of the date of termination of the Agreement. 
 As a condition of, and prior to receiving any of the Termination Benefits or Change of Control Termination Benefits, Consultant must
timely execute, make effective and deliver to the Company a general release of all known and unknown claims in a form satisfactory to the Company, and Consultant must not be in material breach of the terms of any proprietary information and
inventions agreement or any other agreement or contract he has entered into with the Company. In addition, if Consultant is a member of the Company’s Board of Directors (the “Board”) at the time that he ceases to serve as a
consultant to the Company, then he must promptly resign from the Board if his resignation is requested by the Board. In the event that, during such time as Consultant continues to receive Termination Benefits or Change of Control Termination
Benefits as described herein, Consultant materially breaches any proprietary information and inventions agreement or any other agreement or contract with the Company (including any continuing obligations under the Agreement), the Company’s
obligation to continue to provide the Termination Benefits or Change of Control Termination Benefits will immediately cease in full. 
 For purposes of this Amendment, “Cause” for the Company (or any acquiror or successor in interest thereto) to terminate the Agreement shall exist if any of the following occurs: (i) Consultant’s conviction (including a
guilty plea or plea of nolo contendere) of any felony or any other crime involving fraud, dishonesty or moral turpitude; (ii) Consultant’s commission or attempted commission of or participation in a fraud or act of dishonesty or
misrepresentation against the Company that results (or could reasonably be expected to result) in material harm or injury to the business or reputation of the Company; (iii) Consultant’s material violation of any contract or agreement
between Consultant and the Company, including without limitation, material breach of the Agreement or of any proprietary information and inventions agreement, or of any Company policy applicable to Consultant, or of any statutory duty Consultant may
owe to the Company; or (iv) Consultant’s conduct that constitutes gross insubordination, 

 
incompetence or habitual neglect of duties and that results in (or could reasonably be expected to have resulted in) material harm to the business or
reputation of the Company; provided, however, that the action or conduct described in clause (iv) above will constitute “Cause” only if such action or conduct continues after the Board has provided Consultant with written
notice thereof and thirty (30) days opportunity to cure the same, except that the Board is not obligated to provide such written notice and opportunity to cure if the action or conduct is not reasonably susceptible to cure. The determination
that a termination of the Agreement is for Cause shall be made in good faith by the Board in its sole discretion. 
 For
purposes of this Amendment, “Good Reason” for Consultant’s termination of the Agreement shall mean a termination of the Agreement by Consultant within sixty (60) days after the occurrence of any of the following events which is
not corrected within fifteen (15) days after the Company (or any successor thereto) receives written notice from Consultant that any of the following events have occurred and that Consultant asserts that grounds for a termination of the
Agreement for Good Reason exist as a result: (i) without Consultant’s written consent, a material diminution of Consultant’s duties, position or responsibilities; provided, however, a mere change in title or reporting
relationship following a Change of Control will not by itself constitute “Good Reason” for Consultant’s termination of the Agreement, and further provided, however, that the acquisition of the Company and subsequent conversion
of the Company to a division or unit of the acquiring entity will not by itself result in a “diminution;” (ii) without Consultant’s written consent, a reduction by the Company in Consultant’s annual consulting fees as in
effect immediately prior to such reduction by more than ten percent (10%) (unless such reduction is made in connection with an across the board reduction of the base salaries of the Company’s senior executives); or (iii) without
Consultant’s consent, the relocation of Consultant’s assigned office location (if any) by more than sixty (60) miles unless, as a result of such relocation, Consultant’s assigned office location is closer to his primary residence
than the immediately preceding assigned office location. 
 For purposes of this Amendment, a “Change of Control”
shall mean: the consummation of any one of the following events: (i) a sale, lease or other disposition of all or substantially all of the assets of the Company; (ii) a consolidation or merger of the Company with or into any other
corporation or other entity or person, or any other corporate reorganization, in which the shareholders of the Company immediately prior to such consolidation, merger or reorganization, own less than fifty percent (50%) of the Company’s
outstanding voting power of the surviving entity following the consolidation, merger or reorganization; or (iii) any transaction (or series of related transactions involving a person or entity, or a group of affiliated persons or entities) in
which in excess of fifty percent (50%) of the Company’s then-outstanding voting power is transferred, excluding any consolidation or merger effected exclusively to change the domicile of the Company and excluding any such change of voting
power resulting from bona fide equity financing event or public offering of the stock of the Company.” 
 2. Miscellaneous. Except as expressly
amended by this Amendment, the terms of the Agreement, including but not limited to Exhibit A thereto, shall remain unchanged. This 

 
Amendment forms the complete and exclusive amendment of the Agreement and it supersedes any other agreements or promises, whether oral or written, concerning
amendment or modification of the Agreement, with the exception of the Amendment to the Consulting Agreement dated November 10, 2003 which remains in effect. This Amendment may only be modified in a written agreement approved by the Board and
signed by Consultant and a duly authorized officer of the Company. This Amendment will bind the heirs, personal representatives, successors and assigns of both Consultant and the Company, and inure to the benefit of both Consultant and the Company,
their heirs, successors and assigns. If any provision of this Amendment is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Amendment and the provision in question shall
be modified so as to be rendered enforceable in a manner consistent with the intent of the Parties insofar as possible under applicable law. This Amendment shall be construed and enforced in accordance with the laws of the State of Georgia without
regard to conflicts of law principles. Any ambiguity in this Amendment shall not be construed against either Party as the drafter. Any waiver of a breach of this Amendment, or rights hereunder, shall be in writing and shall not be deemed to be a
waiver of any successive breach or rights hereunder. This Amendment may be executed in counterparts which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures. 
 IN WITNESS WHEREOF, CardioMEMS and Consultant have caused this Amendment to be executed on the day and year first written above. 
  

							
	CARDIOMEMS, INC.	 		 	CONSULTANT
				
	 By:
	 	 /s/    Jay S. Yadav, M.D.
	 		 	
				
	Name:	 	 Jay S. Yadav, M.D.
	 		 	 /s/    Mark G. Allen, Ph.D.

		 		 		 	Mark G. Allen, Ph.D.
	Title:	 	 Chief Executive Officer
	 		 	

 Appendix A – Consulting Agreement dated May 31, 2001, and Amendment to the Consulting Agreement dated
November 10, 2003Offer Letter Agreement, by and between the Registrant and Matthew Borenzweig

 Exhibit 10.13 
  

			
	 CardioMEMS, Inc.
 75 Fifth Street, NW,
 Suite 440
 Atlanta, GA 30308
 Phone (404) 920-6700
 Fax (404) 885-9974
	 	

 December 12, 2005 
 Matt Borenzweig 
 Re: Employment Terms 
 Dear
Matt, 
 CardioMEMS, Inc. (the “Company”) is pleased to offer you the position of Vice President of Sales, on the following terms:

 1. Duties; Office Location. 
 You will be responsible
for developing and implementing the Company’s sales strategy, supervising Company’s sales personnel and managing other resources to attain the Company’s sales and financial performance goals. You will report to the Company’s
Chief Executive Officer, David Stern and will be a member of the executive team responsible for overall planning and strategic implementation. It is contemplated that your work will be based out of your home office in LA. And that is acceptable to
the company in the VP of sales role and will travel and visit customer sites, respective sales territories and Company’s headquarter in Atlanta, Georgia as necessary to fulfill your responsibility. 
 2. Compensation and Benefits 
 Your salary shall be $250,000 per
annum, subject to payroll deductions and all required withholdings. Your salary will be paid semi-monthly. 
 In addition to the above salary, you will be
eligible for a bonus payment for the calendar year 2006 calculated as follows: 
 Variable (commission) portion of compensation will be renegotiated for the
calendar year 2007. 
 Sales for calendar year 2006 X [(Sales for 2006/$million) / (1000)] 
 For example, if sales for 2006 equals $15MM, you are eligible for a bonus equal to $15MM x (15/1000) = $225,000. 
 Sales for calendar year is such number as is reflected in the Company’s year-end financial statements. 75% of bonus payments may be paid on a quarterly basis based
upon the Company’s sales for the quarter as reflected in the Company’s financial statements. The remaining 25% of the bonus payment shall be paid subject to year-end adjustments and audited financial statements reflecting the sales
numbers. The balance of the 25% to be paid no later than February 1st 2007. 

 You will be eligible for the Company’s general employee benefits in accordance with the terms, conditions and
limitations of the benefit plans. The Company may modify compensation and benefits from time to time as it deems necessary. 
 3. Option Grant

 After you commence employment, the Company’s board of directors (the “Board”) will grant you an option (“Initial Grant”) to
purchase three hundred thousand (300,000) shares of the Company’s common stock. 
 In addition to the Initial Grant, you will be eligible for two
additional option grants (i) to purchase up to one hundred thousand (100,000) shares of the Company common stock if the Company’s sales for the six month period ending June 30, 2006 are at least $6,775,000.00, and (ii) to
purchase up to one hundred thousand (100,000) shares of the Company common stock if the Company’s sales for the calendar year 2006 are at least the target amount of $15,000,000, and (iii) to purchase up to one hundred thousand
(100,000) shares of the Company common stock if the Company’s sales for the calendar year 2006 are at least the target amount of $19,000,000. You will be eligible for a pro-rated portion of the option grants provided that at least 75% of
the sales target amounts for the respective option grant have been achieved. For example, if the 2006 sales equals $12,000,000 (more than 75% of $15MM), you will be eligible for an option grant equal $12MM/$15MM = 80,000 shares. 
 All options shall be issued under the Company’s current stock option plan (the “Plan”) at fair market value of the stock on the date of grant as
determined by the Board. Subject to the acceleration provision set forth below in paragraph 4 below, all option will vest over four (4) years, contingent on your continued employment with the Company, with 25% of the shares to vest on the one
year anniversary of your vesting commencement date, and the remaining shares to vest monthly thereafter. The options will be governed by the terms of the Plan and your stock option agreement. 
 4. Change of Control, Termination following Change of Control 
 a. Change of Control Acceleration. Subject to the terms and conditions set forth in this paragraph 4, the following acceleration of vesting of the shares subject to any of your outstanding options (“Options”) shall occur
upon a Change of Control (as defined below) provided that such Change of Control occurs within one year of your employment commencement date (“Commencement Date”) and you are an employee of the Company at such time; provided, further,
that if your employment with the Company is terminated by the Company without Cause (as defined below) within the 30-day period immediately prior to the effective date of the consummation of the Change of Control, then you shall be entitled to
the accelerated vesting as set forth below. 
 In the event of a Change of Control within one year of your Commencement Date, such number of
unvested shares subject to your Options shall accelerate and become vested and immediately exercisable such that at least 25% of the shares subject to your Options are vested notwithstanding any cliff vesting or similar requirements. Such
acceleration to be effective as of the closing date of such Change of Control. Thereafter, the remaining unvested shares subject to the Option will continue to vest on a monthly basis as set forth in paragraph 3 and subject to paragraph 4(b) below.

 b. Acceleration upon Termination following Change of Control. 
 In the event that your employment is terminated by the Company without Cause or by you for Good Reason (as defined below), in either case, at any time
during the 30-day period immediately prior to the effective date of the consummation or within one year following such Change of Control, and you provide the required release of claims described below, then you shall be entitled to the accelerated
vesting under your Options as set forth below: 
  

 Page 2 

 (i) Termination Within One Year. If the termination occurs within one (1) year of your
Commencement Date, you shall receive the accelerated vesting set forth in paragraph 4(a) above and no other acceleration. 
 (ii)
Termination Following Year One and On or Prior to Year Two. If the termination occurs after the first anniversary of the Commencement Date and on or prior to the second anniversary of the Commencement Date, such number of unvested shares subject
to your Options shall accelerate and become vested and immediately exercisable as shall equal to fifty (50%) of all unvested shares subject to your Options. 
 (iii) Termination Following Year Two and On or Prior to Year Three. If the termination occurs after the second anniversary of the Commencement Date and on or prior to the third anniversary of the Commencement
Date, such number of unvested shares subject to your Options shall accelerate and become vested and immediately exercisable as shall equal seventy-five (75%) of all unvested shares subject to your Options. 
 (iii) Termination Following Year Three. If the termination occurs after the third anniversary of the Commencement Date any and all unvested shares
subject to your Options shall accelerate and become vested and immediately exercisable. 
 (c) Definitions. 
 (i) “Change of Control” shall mean the consummation of any one of the following events: (a) a sale, lease or other disposition of all or
substantially all of the assets of the Company; (b) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the shareholders of the Company
immediately prior to such consolidation, merger or reorganization, own less than 50% of the Company’s outstanding voting power of the surviving entity following the consolidation, merger or reorganization; or (c) any transaction (or series
of related transactions involving a person or entity, or a group of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s outstanding voting power is transferred, excluding any consolidation or merger
effected exclusively to change the domicile of the Company and excluding any such change of voting power resulting from bona fide equity financing event or public offering of the stock of the Company. 
 (ii) “Cause” for the Company (or any acquiror or successor in interest thereto) to terminate your employment shall exist if any of the
following occurs: (i) your conviction or a plea of nolo contendere of any felony or any other crime involving fraud, dishonesty or moral turpitude; (ii) your commission or attempted commission of or participation in a fraud or act
of dishonesty or misrepresentation against the Company that results (or could reasonably be expected to result) in material harm or injury to the business or reputation of the Company; (iii) your material violation of any contract or agreement
between you and the Company or any Company policy, or of any statutory duty you owe to the Company, including without limitation, material breach of your proprietary information and inventions agreement with the Company; or (iv) your conduct
that constitutes gross insubordination, incompetence or habitual neglect of duties and that results in (or could reasonably be expected to have resulted in) material harm to the business or reputation of the Company; provided, however, that
the action or conduct described in clause (iv) above will constitute “Cause” only if such action or conduct 

  

 Page 3 

 
continues after the Board has provided you with written notice thereof and thirty (30) days opportunity to cure the same, except that the Company is not
obligated to provide such written notice and opportunity to cure if the action or conduct is not reasonably susceptible to cure. The determination that a termination is for Cause shall be made in good faith by the Board in its sole reasonable
discretion. 
 (iii) A resignation for “Good Reason” shall mean a resignation of your employment after the occurrence of any of the
following events which is not corrected within 15 days after the Company (or any successor thereto) receives written notice from you that any of the following events have occurred and that you assert that grounds for a voluntary termination for Good
Reason exist as a result: (i) without your written consent, a material diminution of your duties, position or responsibilities; provided, or (ii) without your written consent, a reduction by the Company in your Base Salary or Performance
Bonus as in effect immediately prior to such or (iii) without your written consent, a requirement that you relocate from your current Los Angeles residence more than sixty miles (unless, as a result of such relocation, your
principal place of employment is closer to your primary residence than before the relocation). 
 5. Release Requirements. To be eligible to receive
the vesting acceleration set forth in paragraph 4(b) above, you must (i) first timely execute, make effective, and deliver to the Company a general release of all known and unknown claims, in a form reasonably acceptable to the Company; and
(ii) not be in material breach of the Employee Proprietary Agreement or any other agreement or contract between you and the Company at the time of the receipt of such benefits. 
 6. At Will Employment. Your employment with the Company is an “at-will” arrangement and this offer letter agreement does not constitute a guarantee of employment for any specific period of time. This
means that either you or the Company may terminate your employment at any time, with or without Cause, and with or without advance notice. This “at-will” employment relationship cannot be changed except in a written agreement approved by
the Board and signed by a duly authorized Company officer. 
  

	7.	Confidentiality and Proprietary Information Obligations. 

 (a) Proprietary Information. As a Company employee, you will be expected to abide by Company rules and regulations and must sign and comply with the Employee Proprietary Agreement, two originals which are
attached hereto as Exhibit A. 
 (b) Third Party Information. In your work for the Company, you will be expected not to use or
disclose any confidential information, including trade secrets, of any former employer or other third party to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and
used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring
onto Company premises or use in your work for the Company, any unpublished documents or property (including but not limited to proprietary information) belonging to any former employer or other third party that you are not authorized to use or
disclose. During our discussions about your proposed job duties, you assured us that you would be able to perform those duties within the guidelines just described. By entering into this offer letter agreement, you represent that you will be able to
perform your job duties within these guidelines. 
 (c) Exclusive Property. You agree that all business procured by you and all
Company-related business opportunities and plans made known to you while you are employed by the Company, shall remain the permanent and exclusive property of the Company. 
  

 Page 4 

 (d) No Adverse Business Activities. Throughout your employment with the Company, you may engage in
civic, academic teaching and lectures, and not-for-profit activities so long as such activities do not interfere with the performance of your duties hereunder or present a conflict of interest with the Company. You may not engage in other employment
or undertake any other commercial business activities unless you obtain the prior written consent of the Board. In addition, throughout the term of your employment with the Company, you agree not to, directly or indirectly, without the prior written
consent of the Board, own, manage, operate, join, control, finance or participate in the ownership, management, operation, control or financing of, or be connected as an officer, director, executive, partner, employee, principal, agent,
representative, consultant, licensor, licensee or otherwise with, any business or enterprise engaged in any business which is competitive with or which is reasonably anticipated to be competitive with the Company’s business. 
 8. No Conflicts. By signing this letter you hereby represent to the Company that, except as previously disclosed to the Company:
(a) your employment with the Company is not prohibited under any employment agreement or other contractual arrangement; and (b) you do not know of any conflicts which would restrict your employment with the Company. 
 9. Noninterference. While employed by the Company, and for one (1) year immediately following the termination of your employment for
any reason, you agree not to interfere with the business of the Company by: (a) soliciting, attempting to solicit, inducing, or otherwise causing any employee or consultant of the Company to terminate employment or consulting relationship with
the Company in order to become an employee, consultant or independent contractor to or for any other person or entity; or [(b) directly or indirectly soliciting the business of any customer or prospective customer of the Company which at the time of
your employment termination, or during the year immediately prior thereto, was listed on the Company’s customer or prospective customer only if the technology competes with Cardiomems directly. 
 If termination occurs and this non interference agreement precludes you from employment the company will provide you with severance monies equivalent to
lost wages for the period described in the non interference portion of the agreement. This is in effect only if you make a good faith effort at employment with a non competitive company. 
 10. Miscellaneous 
 Normal working
hours are from 8:00 a.m. to 5:00 p.m., Monday through Friday. As an exempt salaried employee, you will be expected to work additional hours as required by the nature of your work assignments and you will not be eligible for overtime compensation.
You will accrue paid vacation at the rate of three (3) weeks per year, subject to the Company’s policies and practices. 
 This
letter, together with your Proprietary Information and Inventions Agreement, forms the complete and exclusive statement of your employment agreement with the Company. The employment terms in this letter supersede any other agreements or promises
made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an officer of the Company. As
required by law, this offer is subject to satisfactory proof of your right to work in the United States. 
 Please sign and date this letter,
and return it to me by Wednesday December 14, 2005 if you wish to accept employment at the Company under the terms described above. If you accept our offer, we would like you to start no later than January 15, 2006. 
  

 Page 5 

 Matt, speaking for myself and other, we are all very excited to have you join the CardioMEMS team. We look forward to
your favorable reply and to a productive and enjoyable work relationship. 
 Sincerely, 
  

	
	 CardioMEMS, Inc.

	
	 /s/ Jay Yadav

	Jay Yadav
	Founder and Chairman, Board of Directors
	
	 Accepted:

	
	 /s/ Matt Borenzweig

	Matt Borenzweig
	
	Date: 12/13/05

 Attachment: Proprietary Information and InventionsAgreement 
  

 Page 6 

			
	 CardioMEMS, Inc.
 75 Fifth Street, NW,
 Suite 440
 Atlanta, GA 30308
 Phone (404) 920-6700
 Fax (404) 885-9974
	  	

 January 17, 2007 
 VIA HAND DELIVERY 
 Matthew Borenzweig 
 CardioMEMS,
Inc. 
 75 Fifth Street, NW, 
 Suite 440 
 Atlanta, GA 30308 
 Re: Amendment of Offer Letter Agreement

 Dear Matt, 
 This letter agreement (the
“Agreement”) supersedes and replaces in full Sections 4 (Change of Control, Termination following Change of Control) and 5 (Release Requirements), and all subsections contained therein, of your December 12, 2005 offer letter agreement
with CardioMEMS, Inc. (the “Company”). This Agreement is effective as of January 17, 2007. 
 1. General Severance Benefits. In
the event that, at any time, your employment is terminated by the Company without Cause (as defined in Section 4(b)), and you are not eligible for the Change of Control Severance Benefits (as defined in Section 2), you will be eligible to
receive, as your sole severance benefits (the “General Severance Benefits”), severance pay in the form of continuation of your base salary in effect as of the employment termination date for six (6) months, subject to required payroll
deductions and withholdings and paid on the Company’s normal payroll schedule (provided that, the Company may provide the severance pay in a lump sum payment in lieu of salary continuation, at its sole discretion). Notwithstanding the
foregoing, in order to be eligible for the General Severance Benefits, you must meet the Release Requirements as set forth in Section 5. 
 You will not
be eligible for the General Severance Benefits if the Company terminates your employment for Cause, or if you resign for any reason. 
 2. Change of
Control Severance Benefits. You will be eligible for the Change of Control Severance Benefits as your sole severance benefits, if the Company consummates a Change of Control (as defined in Section 4(a)) and, at any time within the time
period beginning thirty (30) days prior to the consummation of the Change of Control and ending twelve (12) months after the consummation of the Change of Control, the Company (or any successor entity) terminates your employment without
Cause or you resign from your employment for Good Reason (as defined in Section 4(c)). The Change of Control Severance Benefits shall consist of: (a) severance pay in the form of continuation of your base salary in effect as of the
termination date, subject to required deductions and withholdings, for a period of twelve (12) months (provided that, the Company may provide the severance pay in a lump sum payment in lieu of salary continuation, at its sole discretion);
(b) if you timely elect and continue to remain eligible for continued group health insurance coverage under federal COBRA law or, if applicable, state insurance laws, (collectively, “COBRA”), the Company will pay your COBRA premiums
sufficient to continue your group health insurance coverage at the same level in effect as of your employment termination date 

 
Matthew Borenzweig 
 January 17, 2007 
 Page 2 
 (including dependent coverage, if applicable) through the earlier
of either twelve (12) months after the employment termination date or the date that you become eligible for group health insurance coverage through a new employer; and (c) any then-outstanding stock options provided to you in
connection with your employment relationship with the Company shall be subject to accelerated vesting such that all unvested shares will vest and become exercisable effective as of your employment termination date. You agree to provide prompt
written notice to the Company if you become eligible for group health insurance coverage through a new employer within twelve (12) months of your employment termination date. Notwithstanding the foregoing, in order to be eligible for the Change
of Control Severance Benefits, you must meet the Release Requirements as set forth in Section 5. 
 You will not be eligible for the Change of Control
Severance Benefits if the Company (or any successor entity) terminates your employment for Cause or if you resign for any reason that does not qualify as Good Reason. 
 3. Deferred Compensation and Excise Tax Provisions. 
 (a) Deferred Compensation. In the event
that the Company determines that any payments hereunder fail to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), the payment of such benefit shall be
accelerated to the minimum extent necessary so that the benefit is not subject to the provisions of Section 409A(a)(1) of the Code. (It is the intention of the preceding sentence to apply the short-term deferral provisions of Section 409A
of the Code, and the regulations and other guidance thereunder, to the payments hereunder, and the payment schedule as revised after the application of the preceding sentence shall be referred to as the “Revised Payment Schedule.”) However
if there is no Revised Payment Schedule that would avoid application of Section 409A(a)(1) of the Code, the payment of such benefits shall not be paid pursuant to the Revised Payment Schedule and instead shall be delayed to the minimum extent
necessary so that such benefits are not subject to the provisions of Section 409A(a)(1) of the Code. The Company may attach conditions to or adjust the amounts paid pursuant to this Section 3(a) to preserve, as closely as possible, the
economic consequences that would have applied in the absence of this Section 3(a); provided, however, that no such condition or adjustment shall result in the payments being subject to Section 409A(a)(1) of the Code. 
 (b) Excise Tax. Anything in this Agreement to the contrary notwithstanding, if any payment or benefit that you would receive pursuant to this
Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount (defined below). The “Reduced Amount” shall be either (y) the largest portion of the Payment that would result in no
portion of the Payment (after reduction) being subject to the Excise Tax, or (z) the entire Payment, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all
computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in your receipt, on an after-tax basis, of the greatest amount of
the Payment to you. 
 If a reduction in the Payment is to be made, the reduction in payments and/or benefits shall occur in the following order unless you
elect in writing a different order (provide, however, that such election shall be subject to Company approval if made on or after the date on which the event that triggers the Payment occurs): (1) reduction of cash payments;
(2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to you. In the event that acceleration of
compensation from your equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant unless you elect in writing a different order for cancellation. 
  

 Matthew Borenzweig 
 January 17, 2007 
 Page 3 
 The Company shall
reasonably determine the procedures and manner of making the calculation required above. 
 4. Definitions. 
 (a) Definition of Change of Control. “Change of Control” shall mean the consummation of any one of the following events: (i) a sale,
lease or other disposition of all or substantially all of the assets of the Company; (ii) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the
shareholders of the Company immediately prior to such consolidation, merger or reorganization, own less than fifty percent (50%) of the Company’s outstanding voting power of the surviving entity following the consolidation, merger or
reorganization; or (iii) any transaction (or series of related transactions involving a person or entity, or a group of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s then-outstanding voting
power is transferred, excluding any consolidation or merger effected exclusively to change the domicile of the Company and excluding any such change of voting power resulting from bona fide equity financing event or public offering of the stock of
the Company. 
 (b) Definition of Cause. “Cause” for the Company (or any acquiror or successor in interest thereto) to
terminate your employment shall exist if any of the following occurs: (i) your conviction (including a guilty plea or plea of nolo contendere) of any felony or any other crime involving fraud, dishonesty or moral turpitude;
(ii) your commission or attempted commission of or participation in a fraud or act of dishonesty or misrepresentation against the Company that results (or could reasonably be expected to result) in material harm or injury to the business or
reputation of the Company; (iii) your material violation of any contract or agreement between you and the Company, including without limitation, material breach of your Employee Proprietary Information and Inventions Agreement with the Company
(the “Proprietary Information Agreement”), or of any Company policy, or of any statutory duty you owe to the Company; or (iv) your conduct that constitutes gross insubordination, incompetence or habitual neglect of duties and that
results in (or could reasonably be expected to have resulted in) material harm to the business or reputation of the Company; provided, however, that the action or conduct described in clause (iv) above will constitute “Cause”
only if such action or conduct continues after the Board has provided you with written notice thereof and thirty (30) days opportunity to cure the same, except that the Board is not obligated to provide such written notice and opportunity to
cure if the action or conduct is not reasonably susceptible to cure. The determination that a termination is for Cause shall be made in good faith by the Board in its sole discretion. 
 (c) Definition of Good Reason. A resignation for “Good Reason” shall mean a resignation of your employment within sixty (60) days
after the occurrence of any of the following events which is not corrected within fifteen (15) days after the Company (or any successor thereto) receives written notice from you that any of the following events have occurred and that you assert
that grounds for a resignation for Good Reason exist as a result: (i) without your written consent, a material diminution of your duties, position or responsibilities; provided, however, a mere change in title or reporting relationship
following a Change of Control will not by itself constitute “Good Reason” for your resignation, and further provided, however, that the acquisition of the Company and subsequent conversion of the Company to a division or unit of the
acquiring entity will not by itself result in a “diminution;” (ii) without your written consent, a reduction by the Company in your base salary as in effect immediately prior to such reduction by more than ten percent
(10%) (unless such reduction is made pursuant to an across the board reduction applicable to senior executives of the Company); or (iii) without your consent, the relocation of your assigned office location by more than sixty
(60) miles unless, as a result of such relocation, your assigned office location is closer to your primary residence than the immediately preceding assigned office location. 

 
Matthew Borenzweig 
 January 17, 2007 
 Page 4 
 5. Release Requirements. 
 To be eligible to receive the General Severance Benefits or the Change of Control Severance Benefits, you must meet the following requirements (the “Release
Requirements”): (a) you must first timely execute, make effective, and deliver to the Company a general release of all known and unknown claims, in a form acceptable to the Company (which may, at the Company’s election, be
incorporated into a separation agreement); (b) you must not be in material breach of the Proprietary Information Agreement or any other agreement or contract between you and the Company at the time of the receipt of such benefits; and
(c) if you are a member of the Board of Directors of the Company (the “Board”) as of the termination date, you must promptly resign from the Board if your resignation is requested by the Board. In the event that, during such time as
you continue to receive the General Severance Benefits or Change of Control Severance Benefits, as applicable, you materially breach the Proprietary Information Agreement or any other agreement or contract between you and the Company, the
Company’s obligation to continue to provide the General Severance Benefits or Change of Control Severance Benefits will immediately cease in full, and you will not be entitled to receive any such additional benefits as of the date of your
breach. 
 6. Miscellaneous. 
 Nothing in this Agreement
is intended to alter the at-will nature of your employment with the Company. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and you with regard to severance and change of control
benefits, and it supersedes and replaces any other agreements (whether written or unwritten) you may have with the Company concerning severance or change of control benefits including but not limited to Sections 4 (Change of Control, Termination
following Change of Control) and 5 (Release Requirements), and all subsections contained therein, of your December 12, 2005 offer letter agreement with the Company. This Agreement is entered into without reliance on any promise or
representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a written agreement approved by the Board
and signed by you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs,
successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the provision in question shall be modified
so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement shall be construed and enforced in accordance with the laws of the State of Georgia without regard to
conflicts of law principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any
successive breach or rights hereunder. This Agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures. 
  

 Matthew Borenzweig 
 January 17, 2007 
 Page 5 
 To indicate your
understanding and acceptance of this Agreement, please sign and date below, and return this Agreement to me within five (5) business days. You may retain the enclosed additional copy of this Agreement for your files. 
 We are very pleased to offer these new severance terms, and look forward to a continued productive employment relationship. 
  

	
	 Sincerely,

	 CardioMEMS, Inc.

	
	 /s/    Jay S. Yadav, M.D.

	 Jay S. Yadav, M.D.

	 Chief Executive Officer

	
	 Understood and Accepted:

	
	 /s/    Matthew Borenzweig

	 Matthew Borenzweig

	
	 Date: January 18, 2007

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