Document:

Exhibit 10.2

 

ANIKA THERAPEUTICS, INC.

 

Form
of Change in Control, Bonus and Severance Agreement

 

AGREEMENT made as
of July 11, 2005 by and among Anika Therapeutics, Inc., a Massachusetts
corporation with its principal place of business in Woburn, Massachusetts (the “Company”),
and Kevin W. Quinlan, with his principal residence in Marblehead, MA, (the “Executive”),
an individual presently employed as the Chief Financial Officer of the Company.

 

1.                                       Purpose.  The Company considers it essential to the
best interests of its stockholders to foster the continuous employment of key
management personnel.  The Board of
Directors of the Company (the “Board”) recognizes, however, that, as is the
case with many publicly held corporations, the possibility of a Change in Control
(as defined in Section 2 hereof) exists and that such possibility, and the
uncertainty and questions which it may raise among management, may result in
the departure or distraction of management personnel to the detriment of the
Company and its stockholders.  Therefore,
the Board has determined that appropriate steps should be taken to reinforce
and encourage the continued attention and dedication of members of the Company’s
management, including the Executive, to their assigned duties without distraction
in the face of potentially disturbing circumstances arising from the
possibility of a Change in Control. 
Nothing in this Agreement shall be construed as creating an express or
implied contract of employment and, except as otherwise agreed in writing
between the Executive and the Company, the Executive shall not have any right
to be retained in the employ of the Company.

 

2.                                       Change
in Control.  A “Change in Control”
shall mean the occurrence of any one of the following events:

 

(a)                                  any
“person,” as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934 (the “Act”) (other than the Company, any of its
subsidiaries, any trustee, fiduciary or other person or entity holding
securities under any employee benefit plan or trust of the Company or any of
its subsidiaries), together with all “affiliates” and “associates” (as such
terms are defined in Rule 12b-2 under the Act) of such person, shall become the
“beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly
or indirectly, of securities of the Company representing 51% or more of the
combined voting power of the Company’s then outstanding securities having the
right to vote in an election of the Company’s Board of Directors (“Voting
Securities”); or

 

(b)                                 persons
who, as of the date hereof, constitute the Company’s Board of Directors (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of
a tender offer, proxy contest, merger or similar transaction, to constitute at least
a majority of the Board, provided that any person becoming a director of the
Company subsequent to the date hereof whose election or nomination for election
was approved by a vote of at least a majority of the Incumbent Directors shall,
for purposes of this Agreement, be considered an Incumbent Director; or

 

1

 

Form of Change in Control, Bonus
and Severance Agreement

 

(c)                                  the
stockholders of the Company shall approve (A) any consolidation or merger of the
Company where the shareholders of the Company, immediately prior to the
consolidation or merger, would not, immediately after the consolidation or
merger, beneficially own (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, shares representing in the aggregate 51% of the voting
shares of the corporation issuing cash or securities in the consolidation or
merger (or of its ultimate parent corporation, if any), (B) any sale, lease,
exchange or other transfer (in one transaction or a series of transactions
contemplated or arranged by any party as a single plan) of all or substantially
all of the assets of the Company or (C) any plan or proposal for the
liquidation or dissolution of the Company.

 

Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to have occurred for
purposes of the foregoing clause (a) solely as the result of an acquisition of
securities by the Company which, by reducing the number of shares of Voting
Securities outstanding, increases the proportionate voting power represented by
the Voting Securities beneficially owned by any person to 51% or more of the
combined voting power of all then outstanding Voting Securities; provided,
however, that if any person referred to in this sentence shall thereafter
become the beneficial owner of any additional shares of Voting Securities
(other than pursuant to a share split, stock dividend or similar transaction or
direct purchase from the Company), then a “Change in Control” shall be deemed
to have occurred for purposes of the foregoing clause (a).

 

3.                                       Terminating
Event.  A “Terminating Event” shall
mean any of the events provided in this Section 3 occurring within twelve
(12) months subsequent to a Change in Control as defined in Section 2:

 

(a)                                  termination
by the Company of the employment of the Executive with the Company for any
reason other than for Cause or the death of the Executive.  “Cause” shall mean, and shall be limited to,
the occurrence of any one or more of the following events:

 

(i)                                     a
willful act of dishonesty by the Executive with respect to any matter involving
the Company;

 

(ii)                                  conviction
of the Executive of a crime involving moral turpitude; or

 

(iii)                               the
deliberate or willful failure by the Executive (other than by reason of the
Executive’s physical or mental illness, incapacity or disability) to
substantially perform the Executive’s duties with the Company and the
continuation of such failure for a period of 30 days after delivery by the
Company to the Executive of written notice specifying the scope and nature of
such failure and its intention to terminate the Executive for Cause.

 

2

 

A Terminating
Event shall not be deemed to have occurred pursuant to this Section 3(a)
solely as a result of the Executive being an employee of any direct or indirect
successor to the business or assets of the Company, rather than continuing as
an employee of the Company following a Change in Control.

 

(b)                                 termination
by the Executive of the Executive’s employment with the Company for Good
Reason.  “Good Reason” shall mean the
occurrence of any of the following events:

 

(i)                                     a
substantial adverse change in the nature or scope of the Executive’s
responsibilities or duties from the responsibilities or duties exercised by the
Executive immediately prior to the Change in Control, it being understood by
the parties hereto, that so long as the Executive retains primary financial and
accounting responsibilities for the business conducted by Anika immediately
prior to the Change in Control, Good Reason shall not exist under this
Section 3(b)(i); or

 

(ii)                                  a
reduction in the Executive’s annual base salary and/or benefits as in effect on
the date hereof or as the same may be increased from time to time except for
across-the-board salary and/or benefits reductions similarly affecting all or
substantially all management employees.

 

For purposes of
this Section 3, unless the context otherwise requires, Company shall mean the
Company or any successor thereto or to the business thereof in a transaction
involving a Change in Control.

 

4.                                       Special
Termination Payments.  In the event a
Terminating Event occurs within twelve (12) months after a Change in Control in
lieu of any payments under the Employment Letter (as hereinafter defined),

 

(a)                                  the
Company shall pay to the Executive, in addition to the payment, if any,
required by Section 5, an amount equal to 100% of the Executive’s annual
salary as in effect immediately prior to the Change in Control, said amount
shall be paid in one lump sum payment no later than thirty-one (31) days
following the Date of Termination (as such term is defined in Section 9(b));
and

 

(b)                                 the
Company shall continue to provide health, dental, long-term disability, life
insurance and other fringe benefits to the Executive, on the same terms and
conditions (including any required co­-payments) as though the Executive had
remained an active employee, for twelve (12) months;
and

 

(c)                                  to
the extent permitted under applicable documents, the Company shall provide
COBRA benefits to the Executive following the end of the period referred to in

 

3

 

Section 4(b)
above, such benefits to be determined as though the Executive’s employment had
terminated at the end of such period.

 

5.                                       Payment
Upon Effective Date of Change in Control. 
Upon the effective date of a Change in Control, regardless of whether a
Terminating Event has occurred, in addition to any other payment required by
Section 4, the Company shall pay the Executive an amount in cash
representing fifty percent (50%) of the Executive’s annual salary as in effect
immediately prior to the Change in Control. 
Said amount shall be paid in one lump sum payment no later than
thirty-one (31) days following the effective date of a Change in Control.

 

6.                                       Certain
Limitations.  It is the intention of
the Executive and of the Company that no payments by the Company to or for the
benefit of the Executive under this Agreement or any other agreement or plan,
if any, pursuant to which the Executive is entitled to receive payments or
benefits shall be nondeductible to the Company by reason of the operation of
Section 280G of the Code relating to parachute payments or any like statutory
or regulatory provision.  Accordingly,
and notwithstanding any other provision of this Agreement or any such agreement
or plan, if by reason of the operation of said Section 280G or any like
statutory or regulatory provision, any such payments exceed the amount which
can be deducted by the Company, such payments shall be reduced to the maximum
amount which can be deducted by the Company. 
To the extent that payments exceeding such maximum deductible amount
have been made to or for the benefit of the Executive, such excess payments
shall be refunded to the Company with interest thereon at the applicable
Federal rate determined under Section 1274(d) of the Code, compounded annually,
or at such other rate as may be required in order that no such payments shall
be nondeductible to the Company by reason of the operation of said Section 280G
or any like statutory or regulatory provision. 
To the extent that there is more than one method of reducing the
payments to bring them within the limitations of said Section 280G or any
like statutory or regulatory provision, the Executive shall determine which
method shall be followed, provided that if the Executive fails to make such
determination within forty-five (45) days after the Company has given notice of
the need for such reduction, the Company may determine the method of such
reduction in its sole discretion.

 

7.                                       Term.  This Agreement shall take effect on the date
first set forth above and shall terminate upon the earliest of (a) the
termination by the Company of the employment of the Executive for Cause; (b)
the cessation of the Executive’s employment with the Company for any reason or
the resignation or termination of the Executive for any reason, in each case,
prior to a Change in Control; or (c) the resignation of the Executive after a
Change in Control for any reason other than for Good Reason.

 

8.                                       Withholding.  All payments made by the Company under this
Agreement shall be net of any tax or other amounts required to be withheld by
the Company under applicable law.

 

4

 

9.                                       Notice
and Date of Termination; Disputes; Etc.

 

(a)                                  Notice
of Termination.  After a Change in
Control and during the term of this Agreement, any purported termination of the
Executive’s employment (other than by reason of death) shall be communicated by
written Notice of Termination from one party hereto to the other party hereto
in accordance with this Section 9. 
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 and the Date of Termination. 
Further, a Notice of Termination for Cause is required to include a copy
of a resolution duly adopted by the affirmative vote of not less than a
majority of the entire membership of the Board (exclusive of the Executive) at
a meeting of the Board (after reasonable notice to the Executive and an
opportunity for the Executive, accompanied by the Executive’s counsel, to be
heard before the Board) finding that, in the good faith opinion of the Board,
the termination met the criteria for Cause set forth in Section 3(a)
hereof.

 

(b)                                 Date
of Termination.  “Date of
Termination,” with respect to any purported termination of the Executive’s
employment after a Change in Control and during the term of this Agreement,
shall mean the date specified in the Notice of Termination.  In the case of a termination by the Company
other than a termination for Cause (which may be effective immediately), the
Date of Termination shall not be less than 30 days after the Notice of
Termination is given.  In the case of a
termination by the Executive, the Date of Termination shall not be less than 15
days from the date such Notice of Termination is given.  Notwithstanding Section 3(a) of this
Agreement, in the event that the Executive gives a Notice of Termination to the
Company, the Company may unilaterally accelerate the Date of Termination and
such acceleration shall not result in a second Terminating Event for purposes
of Section 3(a) of this Agreement.

 

(c)                                  No
Mitigation.  The Company agrees that,
if the Executive’s employment by the Company is terminated during the term of
this Agreement, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the
Company pursuant to Sections 4 and 5 hereof. 
Further, the amount of any payment provided for in this Agreement shall
not be reduced by any compensation earned by the Executive as the result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Company, or otherwise.

 

(d)                                 Mediation
of Disputes.  The parties shall
endeavor in good faith to settle within 90 days any controversy or claim
arising out of or relating to this Agreement or the breach thereof through
mediation with J.A.M.S./Endispute or similar organizations.  If the controversy or claim is not resolved
within 90 days, the parties shall be free to pursue other legal remedies in law
or equity.

 

5

 

10.                                 Assignment;
Prior Agreements; Non-Solicitation. 
Except for an assignment by the Company in connection with a Change in
Control in which the successor, if other than the Company, shall assume and
agree to perform this Agreement in writing, neither the Company nor the
Executive may make any assignment of this Agreement or any interest herein, by
operation of law or otherwise, without the prior written consent of the other
party, and without such consent any attempted transfer shall be null and void
and of no effect.  This Agreement shall
inure to the benefit of and be binding upon the Company and the Executive,
their respective successors, executors, administrators, heirs and permitted
assigns.  In the event of the Executive’s
death after a Terminating Event but prior to the completion by the Company of
all payments due him under Sections 4 and 5 of this Agreement, the Company
shall continue such payments to the Executive’s beneficiary designated in
writing to the Company prior to his death (or to his estate, if the Executive
fails to make such designation).  This
Agreement supercedes all prior Agreements, whether written or oral with respect
to the subject matter hereof.  Notwithstanding
the foregoing that certain Non-Disclosure and Non-Competition Agreement of
March 17, 2003, by and between Executive and the Company shall remain in full
force and effect in accordance with its terms.

 

Executive
covenants to the Company that during his employment with the Company and until
one (1) year from the date he is no longer employed by the Company, any
affiliate thereof or any successor thereto, he will not in any manner, on his
own behalf, or as a partner, officer, director, employee, agent or entity,
directly or indirectly, induce or attempt to influence any person serving as an
employee of the Company or any successor thereto to leave its employ or hire
any such person.

 

11.                                 Enforceability.  If any portion or provision of this Agreement
shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such
portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

 

12.                                 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.

 

13.                                 Notices.  Any notices, requests, demands, and other
communications provided for by this Agreement shall be sufficient if in writing
and delivered in person or sent by registered or certified mail, postage
prepaid, to the Executive at the last address the Executive has filed in
writing with the Company, or to the Company at its main office, attention of
the Board of Directors.

 

6

 

14.                                 Effect
on Other Plans.  Except as provided
in Section 10 hereof, nothing in this Agreement shall be construed to
limit the rights of the Executive under the Company’s benefit plans, programs
or policies.

 

15.                                 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.

 

16.                                 Governing
Law.  This is a Massachusetts
contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Massachusetts.

 

17.                                 Obligations
of Successors.  In addition to any
obligations imposed by law upon any successor to the Company, the Company will
use its commercially reasonable efforts to 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.

 

 

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

 

 

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ANIKA THERAPEUTICS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles H. Sherwood

  	
   

  
	
   

  	
   

  	
  Charles H. Sherwood, Ph.D.

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Kevin W. Quinlan

  	
   

  
	
   

  	
  Kevin W. Quinlan

  	
   

  
	
   

  	
   

  	
   

  
					

 

7<PAGE>

                                                                     Exhibit 4.4

                                WARRANT AGREEMENT

         Agreement made as of ___________, 2005 between HEALTHCARE ACQUISITION
CORP., a Delaware corporation, with offices at 2116 Financial Center, 666 Walnut
Street, Des Moines, Iowa 50309 (the "COMPANY"), and CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, a New York corporation, with offices at 17 Battery Place, New
York, New York 10004 (the "WARRANT AGENT").

         WHEREAS, the Company is engaged in a public offering (a "PUBLIC
OFFERING") of Units (the "UNITS") and, in connection therewith, has determined
to issue and deliver up to (i) 9,200,000 Warrants (the "PUBLIC WARRANTs") to the
public investors, and (ii) as part of an Underwriter's purchase option, 400,000
Warrants to Maxim Group LLC. ("MAXIM") or its designees (the "REPRESENTATIVE'S
WARRANTS" and, together with the Public Warrants, the "WARRANTS"), which
Representative's Warrants shall have an exercise price of $7.50, subject to
adjustment, each of such Public Warrants evidencing the right of the holder
thereof to purchase one share of common stock, par value $.0001 per share, of
the Company's Common Stock (the "COMMON STOCK") for $6.00, subject to adjustment
as described herein; and

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement, No. 333-124712 on Form S-1 (as the same may
be amended from time to time, the "REGISTRATION STATEMENT") for the
registration, under the Securities Act of 1933, as amended (the "ACT") of, among
other securities, the Warrants and the Common Stock issuable upon exercise of
the Warrants; and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the
Warrants; and

         WHEREAS, the Company desires to provide for the form and provisions of
the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the
Warrant Agent, and the holders of the Warrants; and

         WHEREAS, all acts and things have been done and performed which are
necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the
valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

         1. Appointment of Warrant Agent. The Company hereby appoints the
Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in
accordance with the terms and conditions set forth in this Agreement.

         2. Warrants.

<PAGE>

            2.1. Form of Warrant. Each Warrant shall be issued in registered
form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the
facsimile signature of, the Chief Executive Officer or President and Treasurer,
Secretary or Assistant Secretary of the Company and shall bear a facsimile of
the Company's seal. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to be such at the date of
issuance.

            2.2. Effect of Countersignature. Unless and until countersigned by
the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of
no effect and may not be exercised by the holder thereof.

            2.3. Registration.

                2.3.1. Warrant Register. The Warrant Agent shall maintain books
(the "WARRANT REGISTER"), for the registration of original issuance and the
registration of transfer of the Warrants. Upon the initial issuance of the
Warrants, the Warrant Agent shall issue and register the Warrants in the names
of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the Company.

                2.3.2. Registered Holder. Prior to due presentment for
registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant shall be registered upon
the Warrant Register (the "REGISTERED HOLDER"), as the absolute owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

            2.4. DETACHABILITY OF WARRANTS. The securities comprising the Units
will not be separately transferable until 90 days after the date hereof (and the
Units will thereafter cease trading) unless Maxim informs the Company of its
decision to allow earlier separate trading, but in no event will Maxim allow
separate trading of the securities comprising the Units until the Company files
a Current Report on Form 8-K which includes an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Public Offering,
including any proceeds received by the Company from the exercise of the
Underwriter's over-allotment option, if the over-allotment option is exercised
prior to the filing of the Form 8-K.

            2.5 WARRANTS AND REPRESENTATIVE'S WARRANTS. The Representative's
Warrants shall have the same terms and be in the same form as the Public
Warrants, except with respect to the Warrant Price as set forth below in Section
3.1.

                                      -2-
<PAGE>

      3.  Terms and Exercise of Warrants.

            3.1. Warrant Price. Each Warrant shall, when countersigned by the
Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the
number of shares of Common Stock stated therein, at the price of $6.00 per whole
share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. Each Representative's Warrant shall, when
countersigned by the Warrant Agent, entitle the Registered Holder thereof,
subject to the provisions of such Representative's Warrant and of this Warrant
Agreement, to purchase from the Company the number of shares of Common stock
stated therein, at the price of $7.50 per whole share, subject to the
adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term "Warrant Price" as used in this Warrant Agreement refers
to the price per share at which Common Stock may be purchased at the time a
Warrant is exercised. The Company in its sole discretion may lower the Warrant
Price at any time prior to the Expiration Date; provided, that the period of
time during which such reduction in the Warrant Price is in effect shall not be
less than ten business days.

            3.2. Duration of Warrants. A Warrant may be exercised only during
the period (the "EXERCISE PERIOD") commencing on the later of (i) the
consummation by the Company of a merger, capital stock exchange, asset
acquisition or other similar business combination (a "BUSINESS COMBINATION") (as
described more fully in the Company's Registration Statement) and (ii)
_________, 2006, and terminating at 5:00 p.m., New York City time on the earlier
to occur of (i) ____________, 2009 or (ii) the date fixed for redemption of the
Warrants as provided in Section 6 of this Agreement (the "EXPIRATION DATE").
Except with respect to the right to receive the Redemption Price (as set forth
in Section 6 hereunder), each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect
thereof under this Agreement shall cease at the close of business on the
Expiration Date. The Company in its sole discretion may extend the duration of
the Warrants by delaying the Expiration Date. In the event the Company elects to
extend the Expiration Date and the Company's securities are then traded on the
American Stock Exchange, the Company shall provide at least twenty (20) days
prior written notice of such extension to the American Stock Exchange.

            3.3. Exercise of Warrants.

                3.3.1. Payment. Subject to the provisions of the Warrant and
this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may
be exercised by the Registered Holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed, and by paying in full, in lawful money
of the United States, in cash, good certified check or good bank draft payable
to the order of the Company (or as otherwise agreed to by the Company), the
Warrant Price for each full share of Common Stock as to which the Warrant is
exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, the exchange of the Warrant for the Common Stock, and the
issuance of the Common Stock.

                                      -3-
<PAGE>

                3.3.2. Issuance of Certificates. As soon as practicable after
the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price, the Company shall issue to the Registered Holder of such Warrant
a certificate or certificates for the number of full shares of Common Stock to
which he is entitled, registered in such name or names as may be directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned Warrant for the number of shares as to which such Warrant shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a registration statement under the Act with respect to the Common Stock is
effective. Warrants may not be exercised by, or securities issued to, any
Registered Holder in any state in which such exercise would be unlawful.

                3.3.3. Valid Issuance. All shares of Common Stock issued upon
the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.

                3.3.4. Date of Issuance. Each person in whose name any such
certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

                3.3.5. Warrant Solicitation and Warrant Solicitation Fee.

                  a. The Company has engaged Maxim, on a non-exclusive basis, as
its agent for the solicitation of the exercise of the Warrants. The Company, at
its cost, will (i) assist Maxim with respect to such solicitation, if requested
by Maxim, and (ii) provide Maxim, and direct the Company's transfer agent and
the Warrant Agent to deliver to Maxim, lists of the record and, to the extent
known, beneficial owners of the Company's Warrants. The Company hereby instructs
the Warrant Agent to cooperate with Maxim in every respect in connection with
Maxim's solicitation activities, including, but not limited to, providing to
Maxim, at the Company's cost, a list of record and beneficial holders of the
Warrants and circulating a prospectus or offering circular disclosing the
compensation arrangements referenced in Section 3.3.5(b) below to holders of the
Warrants at the time of exercise of the Warrants. In addition to the conditions
set forth in Section 3.3.5(b), Maxim shall accept payment of the warrant
solicitation fee provided in Section 3.3.5(b) only if it has provided bona fide
services to the Company in connection with the exercise of the Warrants and only
to the extent that an investor who exercises his Warrants specifically
designates, in writing, that Maxim solicited his exercise. In addition to
soliciting, either orally or in writing, the exercise of Warrants by a Warrant
holder, such services may also include disseminating information, either orally
or in writing, to Warrant holders about the Company or the market for the
Company's securities, or assisting in the processing of the exercise of
Warrants.

                                      -4-
<PAGE>

                  b. In each instance in which a Warrant is exercised, the
Warrant Agent shall promptly give written notice of such exercise to the Company
and Maxim (the "WARRANT AGENT'S EXERCISE NOTICE"). If, upon the exercise of any
Warrant more than one year from the effective date of the Registration
Statement, (i) the market price of the Company's Common Stock is greater than
the Warrant Price, (ii) disclosure of compensation arrangements between the
Company and Maxim with respect to the solicitation of the exercise of the
Warrants was made both at the time of the Public Offering and at the time of
exercise (by delivery of the Prospectus or as otherwise required by applicable
law, rule or regulation), (iii) the holder of the Warrant confirms in writing
that the exercise of the Warrant was solicited by Maxim, (iv) the Warrant was
not held in a discretionary account, and (v) the solicitation of the exercise of
the Warrant was not in violation of Regulation M (as such rule or any successor
rule may be in effect as of such time of exercise) promulgated under the
Securities Exchange Act of 1934, as amended, then the Warrant Agent,
simultaneously with the distribution of the Common Stock underlying the Warrants
so exercised in accordance with the instructions from the Company following
receipt of the proceeds to the Company received upon exercise of such
Warrant(s), shall, on behalf of the Company, pay to Maxim a fee of 4% of the
cash proceeds received upon exercise of the Warrants, provided that Maxim
delivers to the Warrant Agent within ten (10) business days from the date on
which Maxim has received the Warrant Agent's Exercise Notice, a certificate that
the conditions set forth in the preceding clauses (iii), (iv) and (v) have been
satisfied. Notwithstanding the foregoing, no fee will be paid to Maxim with
respect to the exercise by the Underwriters or their affiliates or the Company's
officers or directors of Warrants purchased by it or them and still held by them
for its or their own account. Maxim and the Company may at any time during
business hours, examine the records of the Warrant Agent, including its ledger
of original Warrant certificates returned to the Warrant Agent upon exercise of
Warrants.

                  c. The provisions of this Section 3.3.5. may not be modified,
amended or deleted without the prior written consent of Maxim.

         4. Adjustments.

            4.1. Stock Dividends - Split-Ups. If after the date hereof, and
subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common
Stock, or by a split-up of shares of Common Stock, or other similar event, then,
on the effective date of such stock dividend, split-up or similar event, the
number of shares of Common Stock issuable on exercise of each Warrant shall be
increased in proportion to such increase in outstanding shares of Common Stock.

            4.2. Aggregation of Shares. If after the date hereof, and subject to
the provisions of Section 4.6, the number of outstanding shares of Common Stock
is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

            4.3 Adjustments in Exercise Price. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to
the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

                                      -5-
<PAGE>

            4.4. Replacement of Securities upon Reorganization, etc. In case of
any reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the
Warrants and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any
such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

            4.5. Notices of Changes in Warrant. Upon every adjustment of the
Warrant Price or the number of shares issuable upon exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to the Warrant holder, at the
last address set forth for such holder in the warrant register, of the record
date or the effective date of the event. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such event.

            4.6. No Fractional Shares. Notwithstanding any provision contained
in this Warrant Agreement to the contrary, the Company shall not issue
fractional shares upon exercise of Warrants. If, by reason of any adjustment
made pursuant to this Section 4, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, upon such exercise, round up to the nearest whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

            4.7. Form of Warrant. The form of Warrant need not be changed
because of any adjustment pursuant to this Section 4, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares
as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not
affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

                                      -6-
<PAGE>

         5. Transfer and Exchange of Warrants.

            5.1. Registration of Transfer. The Warrant Agent shall register the
transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with
signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

            5.2. Procedure for Surrender of Warrants. Warrants may be
surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor
one or more new Warrants as requested by the Registered Holder of the Warrants
so surrendered, representing an equal aggregate number of Warrants; provided,
however, that in the event that a Warrant surrendered for transfer bears a
restrictive legend, the Warrant Agent shall not cancel such Warrant and issue
new Warrants in exchange therefor until the Warrant Agent has received an
opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.

            5.3. Fractional Warrants. The Warrant Agent shall not be required to
effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

            5.4. Service Charges. No service charge shall be made for any
exchange or registration of transfer of Warrants.

            5.5. Warrant Execution and Countersignature. The Warrant Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company, whenever required by the Warrant Agent, will
supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.

         6. Redemption.

            6.1. Redemption. Subject to Section 6.4 hereof, not less than all of
the outstanding Warrants may be redeemed, at the option of the Company, at any
time after they become exercisable and prior to their expiration, at the office
of the Warrant Agent, upon the notice referred to in Section 6.2., at the price
of $.01 per Warrant (the "REDEMPTION PRICE"), provided that the last sales price
of the Common Stock has been at least $11.50 per share, for any twenty (20)
trading days within a thirty (30) trading day period ending on the third
business day prior to the date on which notice of redemption is given.

                                      -7-
<PAGE>

            6.2. Date Fixed for, and Notice of, Redemption. In the event the
Company shall elect to redeem all of the Warrants, the Company shall fix a date
for the redemption. Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than 30 days prior to the date fixed
for redemption to the Registered Holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly
given whether or not the Registered Holder received such notice.

            6.3. Exercise After Notice of Redemption. The Warrants may be
exercised, for cash in accordance with Section 3 of this Agreement at any time
after notice of redemption shall have been given by the Company pursuant to
Section 6.2. hereof and prior to the time and date fixed for redemption. On and
after the redemption date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

            6.4 Outstanding Warrants Only. The Company understands that the
redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such
purchase rights shall not be extinguished by redemption. However, once such
purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met. The provisions
of this Section 6.4 may not be modified, amended or deleted without the prior
written consent of Maxim.

         7. Other Provisions Relating to Rights of Holders of Warrants.

            7.1. No Rights as Stockholder. A Warrant does not entitle the
Registered Holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other
distributions, exercise any preemptive rights to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

            7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant
is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may
on such terms as to indemnity or otherwise as they may in their discretion
impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the
Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall
constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

            7.3. Reservation of Common Stock. The Company shall at all times
reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all
outstanding Warrants issued pursuant to this Agreement.

                                      -8-
<PAGE>

            7.4. Registration of Common Stock. The Company agrees that prior to
the commencement of the Exercise Period, it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration statement, for the registration, under the Act, of, and it
shall take such action as is necessary to qualify for sale, in those states in
which the Warrants were initially offered by the Company, the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of the
Warrants in accordance with the provisions of this Agreement. The provisions of
this Section 7.4 may not be modified, amended or deleted without the prior
written consent of Maxim.

         8. Concerning the Warrant Agent and Other Matters.

            8.1. Payment of Taxes. The Company will from time to time promptly
pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of shares of Common Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

            8.2. Resignation, Consolidation, or Merger of Warrant Agent.

               8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent,
or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty
(60) days' notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant
Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his Warrant for inspection by the Company), then the holder of any
Warrant may apply to the Supreme Court of the State of New York for the County
of New York for the appointment of a successor Warrant Agent at the Company's
cost. Any successor Warrant Agent, whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal office in the Borough of
Manhattan, City and State of New York, and authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and
obligations of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed; but if for
any reason it becomes necessary or appropriate, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and
rights of such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge, and
deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations.

                                      -9-
<PAGE>

               8.2.2. Notice of Successor Warrant Agent. In the event a
successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

               8.2.3. Merger or Consolidation of Warrant Agent. Any corporation
into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the
Warrant Agent shall be a party shall be the successor Warrant Agent under this
Agreement without any further act.

          8.3. Fees and Expenses of Warrant Agent.

               8.3.1. Remuneration. The Company agrees to pay the Warrant Agent
reasonable remuneration for its services as Warrant Agent hereunder and will
reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.

               8.3.2. Further Assurances. The Company agrees to perform,
execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and
assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

          8.4. Liability of Warrant Agent.

               8.4.1. Reliance on Company Statement. Whenever in the performance
of its duties under this Warrant Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the
Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a statement signed by the
President or Chairman of the Board of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or
suffered in good faith by it pursuant to the provisions of this Agreement.

               8.4.2. Indemnity. The Warrant Agent shall be liable hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all
liabilities, including judgments, costs and reasonable counsel fees, for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                                      -10-
<PAGE>

               8.4.3. Exclusions. The Warrant Agent shall have no responsibility
with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof); nor shall it
be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section 4 hereof or
responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any shares of Common Stock to
be issued pursuant to this Agreement or any Warrant or as to whether any shares
of Common Stock will when issued be valid and fully paid and nonassessable.

            8.5. Acceptance of Agency. The Warrant Agent hereby accepts the
agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account
promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all moneys received by the Warrant Agent
for the purchase of shares of the Company's Common Stock through the exercise of
Warrants.

         9. Miscellaneous Provisions.

            9.1. Successors. All the covenants and provisions of this Agreement
by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

            9.2. Notices. Any notice, statement or demand authorized by this
Warrant Agreement to be given or made by the Warrant Agent or by the holder of
any Warrant to or on the Company shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, or sent
by facsimile transmission (with confirmation of receipt), addressed (until
another address is filed in writing by the Company with the Warrant Agent), as
follows:

            Healthcare Acquisition Corp.
            2116 Financial Center
            666 Walnut Street
            Des Moines, Iowa 50309
            Attn:  Matthew P. Kinley

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, or sent by facsimile transmission (with
confirmation of receipt) addressed (until another address is filed in writing by
the Warrant Agent with the Company), as follows:

            Continental Stock Transfer & Trust Company
            17 Battery Place
            New York, New York 10004
            Attn: Compliance Department

                                      -11-
<PAGE>

with a copy in each case to:

            Ellenoff Grossman & Schole LLP
            370 Lexington Avenue
            New York, New York 10017
            Attn: Stuart Neuhauser, Esq.

and

            Lowenstein Sandler PC
            65 Livingston Avenue
            Roseland, New Jersey 07068
            Attn: Steven Skolnick, Esq.

and

            Maxim Group LLC.
            405 Lexington Avenue
            New York, New York 10174
            Attn: Clifford Teller, Managing Director

            9.3. Applicable Law. The validity, interpretation, and performance
of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflict of laws. The
Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in
the courts of the State of New York located in New York County or the United
States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum. Any such process or summons to be served upon
the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at
the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action,
proceeding or claim

            9.4. Persons Having Rights under this Agreement. Nothing in this
Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any
person or entity other than the parties hereto and the Registered Holders of the
Warrants (who shall, for all purposes hereunder, be deemed third party
beneficiaries of this Agreement) and, for the purposes of Sections 3.3.5, 6.1,
6.4, 7.4 and 9.2 hereof, Maxim, any right, remedy, or claim under or by reason
of this Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. Maxim shall be deemed to be a third-party beneficiary of
this Agreement with respect to Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof. All
covenants, conditions, stipulations, promises, and agreements contained in this
Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and Maxim with respect to the Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2
hereof) and their successors and assigns and of the Registered Holders of the
Warrants.

                                      -12-
<PAGE>

            9.5. Examination of the Warrant Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the
Registered Holder of any Warrant. The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

            9.6. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

            9.7. Effect of Headings. The Section headings herein are for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                  [Remainder of Page Intentionally Left Blank]

                                      -13-
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the day and year first above written.

                                                    HEALTHCARE ACQUISITION CORP.

                                                     By:________________________
                                                     Name: Matthew P. Kinley
                                                     Title: President

                                                      CONTINENTAL STOCK TRANSFER
                                                        & TRUST COMPANY

                                                     By:_______________________
                                                     Name: Steven Nelson
                                                     Title: Chairman

                                      -14-

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