Document:

EXHIBIT 10.1

 

TRANSITION SERVICES AGREEMENT

 

DATED AS OF [•], 2013

 

BY AND BETWEEN

 

HARVARD BIOSCIENCE, INC.

 

AND

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

 

    	 

    	 

    

 

This
TRANSITION SERVICES AGREEMENT, dated as of [—],
2013 (this “Agreement”), is by and between HARVARD BIOSCIENCE, INC., a Delaware corporation (“HBIO”),
and HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC., a Delaware corporation (“HART”).

 

RECITALS

 

WHEREAS, HBIO and HART have entered into
a Separation and Distribution Agreement, dated as of the date hereof (as amended, modified or supplemented from time to time in
accordance with its terms, the “Separation Agreement”);

 

WHEREAS, in connection with the Separation
Agreement, the Parties (as defined below) agreed that (a) HBIO (and/or its Affiliates on the date of this Agreement immediately
after giving effect to the Separation, collectively referred to as the “HBIO Entities”) shall provide or cause
to be provided to HART (and/or its Affiliates on the date of this Agreement immediately after giving effect to the Separation (as
defined in the Separation Agreement), collectively referred to as the “HART Entities”) certain services, use
of facilities and other assistance on a transitional basis, and (b) the HART Entities shall provide or cause to be provided to
the HBIO Entities certain services, use of facilities and other assistance on a transitional basis, each in accordance with the
terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS, the Separation Agreement requires
execution and delivery of this Agreement by HBIO and HART on or prior to the Separation Date (as defined in the Separation Agreement).

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained in this Agreement, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01. Certain Defined Terms.

 

(a) Unless otherwise defined in this
Agreement, all capitalized terms used in this Agreement shall have the same meaning as in the Separation Agreement.

 

(b) The following capitalized terms used
in this Agreement shall have the meanings set forth below:

 

“Additional Services”
shall have the meaning set forth in Section 2.03(a).

 

“Agreement” shall have
the meaning set forth in the Preamble.

 

“Dispute” shall have
the meaning set forth in Section 9.01(a).

 

“Distribution Date”
shall have the meaning set forth in the Separation Agreement.

 

“Force Majeure” means,
with respect to a Party, any acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference
by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international
calamity or one or more acts of terrorism or failure of energy sources or distribution facilities, that are beyond the control
of such Party (or any Person acting on its behalf), which by its nature could not have been reasonably foreseen by such Party (or
such Person), or, if it could have been reasonably foreseen, was unavoidable.

 

“HART” shall have the
meaning set forth in the Preamble.

 

“HART Entities” shall
have the meaning set forth in the Recitals.

 

“HART Services” shall
have the meaning set forth in Section 2.01.

 

“HART Services Manager”
shall have the meaning set forth in Section 2.05(b).

 

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“HBIO” shall have the
meaning set forth in the Preamble.

 

“HBIO Entities” shall
have the meaning set forth in the Recitals.

 

“HBIO Materials” shall
have the meaning set forth in Section 3.01(a).

 

“HBIO Services” shall
have the meaning set forth in Section 2.01.

 

“HBIO Services Manager”
shall have the meaning set forth in Section 2.05(a).

 

“Interest Payment” shall
have the meaning set forth in Section 6.01(c).

 

“New Services” shall
have the meaning set forth in Section 2.04(a).

 

“Party” means either
HBIO or HART individually (as the case may be), and “Parties” means HBIO and HART collectively, and, in each
case, their permitted successors and assigns.

 

“Provider” means the
Party or its Subsidiary or Affiliate providing a Service under this Agreement.

 

“Provider Indemnified Party”
shall have the meaning set forth in Section 8.05.

 

“Recipient” means the
Party or its Subsidiary or Affiliate to whom a Service under this Agreement is being provided.

 

“Recipient Indemnified Party”
shall have the meaning set forth in Section 8.04.

 

“Representative” of
a Person means any director, officer, employee, agent, consultant, accountant, auditor, attorney or other representative of such
person.

 

“Schedule(s)” shall
have the meaning set forth in Section 2.02.

 

“Separation Agreement”
shall have the meaning set forth in the Preamble.

 

“Service Charges” shall
have the meaning set forth in Section 6.01(a).

 

“Service Extension”
shall have the meaning set forth in Section 10.01(d).

 

“Service Increases”
shall have the meaning set forth in Section 2.03(b).

 

“Services” shall have
the meaning set forth in Section 2.01.

 

ARTICLE II

SERVICES, DURATION AND SERVICES MANAGERS

 

Section 2.01. Services. Subject
to the terms and conditions of this Agreement, (a) HBIO shall provide (or cause to be provided by the HBIO Entities or otherwise)
to the HART Entities the services listed on Schedule A to this Agreement (the “HBIO Services”) and (b)
HART shall provide (or cause to be provided by the HART Entities or otherwise) to the HBIO Entities the services listed on Schedule
B to this Agreement (the “HART Services,” and, collectively with the HBIO Services, any Additional Services,
any Service Increases and any New Services, the “Services”). All of the Services shall be for the sole use and
benefit of the respective Recipient and its  Party.

 

Section 2.02. Duration of Services.
Subject to the terms of this Agreement, commencing on the Distribution Date, each of HBIO and HART shall provide or cause to be
provided to the respective Recipients each Service until the earlier to occur of, with respect to each such Service, (i) the
expiration of the period of the maximum duration for such Service as set forth on Schedule A or Schedule B (each,
a “Schedule”, and collectively, the “Schedules”) or (ii) the date on which such Service
is terminated under Section 10.01(b); provided, however, that each Recipient shall use its commercially reasonable
efforts to transition itself to a stand-alone entity with respect to each Service during the period for such Service as set forth
in the respective Schedules; and provided, further, to the extent that a Provider’s ability to provide a Service is
dependent on the continuation of either a HBIO Service or a HART Service (and such dependence has been made known to the other
Party), as the case may be, the Provider’s obligation to provide such dependent Service shall terminate automatically with
the termination of such supporting HBIO Service or supporting HART Service, as the case may be.

 

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Section 2.03. Additional Unspecified
Services. (a) After the date of this Agreement, if HART or HBIO (i) identifies a service that (x) the HBIO Entities
provided to the HART Business prior to the Distribution Date that HART reasonably needs in order for the HART Business to continue
to operate in substantially the same manner in which the HART Business operated prior to the Distribution Date, and such service
was not included on Schedule A (other than because the Parties agreed such service shall not be provided), or (y) the
HART Entities provided to HBIO or its Affiliates prior to the Distribution Date that HBIO reasonably needs in order for the HBIO
Business to continue to operate in substantially the same manner in which the HBIO Business operated prior to the Distribution
Date, and such service was not included on Schedule B (other than because the Parties agreed such service shall not be provided),
and (ii) provides written notice to the other Party within one hundred twenty (120) days following the Distribution Date
requesting such additional services, then such other party shall use its commercially reasonable efforts to provide such requested
additional services (such additional services, the “Additional Services”); provided, however, that no
Party shall be obligated to provide any Additional Service if it does not, in its reasonable judgment, have adequate resources
to provide such Additional Service or if the provision of such Additional Service would significantly disrupt the operation of
its businesses. Notwithstanding the foregoing, the Provider shall promptly notify the Recipient if it deems itself unable to provide
such Additional Service, and will use commercially reasonable efforts to cooperate with the Recipient to identify and engage a
third party to provide comparable services to the Recipient, the payment for which will be negotiated directly between the Recipient
and such third party. In connection with any request for Additional Services in accordance with this Section 2.03(a),
the HBIO Services Manager and the HART Services Manager shall in good faith negotiate the terms of a supplemental Schedule, which
terms shall be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement.
The Parties shall agree to the applicable Service Charge and the supplemental Schedule shall describe in reasonable detail the
nature, scope, service period(s), termination provisions and other terms applicable to such Additional Services. Each supplemental
Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and the
Additional Services set forth therein shall be deemed “Services” provided under this Agreement, in each case subject
to the terms and conditions of this Agreement.

 

(b) After the date of this Agreement, if
(i) (x) a Recipient requests or (y) a Provider reasonably determines that the Recipient’s business requires,
the Provider to increase, relative to historical levels prior to the Distribution Date, the volume, amount, level or frequency,
as applicable, of any Service provided by such Provider and (ii) such increase is reasonably determined by the Recipient as
necessary for the Recipient to operate its businesses (such increases, the “Service Increases”), then such Provider
shall use its commercially reasonable efforts to provide the Service Increases in accordance with such request; provided,
however, that the Provider shall not be obligated to provide any Service Increase if it does not, in its reasonable judgment,
have adequate resources to provide such Service Increase or if the provision of such Service Increase would significantly disrupt
the operation of its businesses. Notwithstanding the foregoing, the Provider shall promptly notify the Recipient if it deems itself
unable to provide such Service Increase, and will use commercially reasonable efforts to cooperate with the Recipient to identify
and engage a third party to provide comparable services to the Recipient, the payment for which will be negotiated directly between
the Recipient and such third party. In connection with any request for Service Increases in accordance with this Section 2.03(b),
the HBIO Services Manager and the HART Services Manager shall in good faith negotiate the terms of an amendment to the applicable
Schedule, which amendment shall be consistent with the terms of, and the pricing methodology used for, the applicable Service.
Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement
and the Service Increases set forth therein shall be deemed a part of the “Services” provided under this Agreement,
in each case subject to the terms and conditions of this Agreement.

 

Section 2.04. New Services.
(a) From time to time during the term of this Agreement, either Party may request the other Party to provide additional or
different services which such other Party is not expressly obligated to provide under this Agreement (the “New Services”).
The Party receiving such request shall consider such request in good faith; provided, however, that no Party shall be obligated
to provide any New Services, including because, after negotiations between the Parties pursuant to Section 2.04(b),
the Parties fail to reach an agreement with respect to the terms (including the Service Charges) applicable to the provision of
such New Services.

 

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(b) In connection with any request for
New Services in accordance with Section 2.04(a), the HBIO Services Manager and the HART Services Manager shall in good
faith (i) negotiate the applicable Service Charge and the terms of a supplemental Schedule, which supplemental Schedule shall
describe in reasonable detail the nature, scope, Service period(s), termination provisions and other terms applicable to such New
Services, and (ii) determine any costs and expenses, including any start-up costs and expenses, that would be incurred by
the Provider in connection with the provision of such New Services, which costs and expenses shall be borne solely by the Recipient.
Each supplemental Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such
agreement and the New Services set forth therein shall be deemed “Services” provided under this Agreement, in each
case subject to the terms and conditions of this Agreement. The provision of New Services between the Parties may also be governed
by a separate agreement if the Parties deem it necessary or desirable at such time.

 

Section 2.05. Transition Services
Managers. (a) HBIO hereby appoints and designates the individual holding the HBIO position set forth on Exhibit I
to act as its initial services manager (the “HBIO Services Manager”), who will be directly responsible for coordinating
and managing the delivery of the HBIO Services and have authority to act on HBIO’s behalf with respect to matters relating
to this Agreement. The HBIO Services Manager will work with the personnel of the HBIO Entities to periodically address issues and
matters raised by HART relating to this Agreement. Notwithstanding the requirements of Section 11.05, all communications
from HART to HBIO pursuant to this Agreement regarding routine matters involving the Services set forth on the Schedules shall
be made through the HBIO Services Manager, or such other individual as specified by the HBIO Services Manager in writing and delivered
to HART by email or facsimile transmission with receipt confirmed. HBIO shall notify HART of the appointment of a different HBIO
Services Manager, if necessary, in accordance with Section 11.05.

 

(b) HART hereby appoints and designates
the individual holding the HART position set forth on Exhibit I to act as its initial services manager (the “HART
Services Manager”), who will be directly responsible for coordinating and managing the delivery of HART Services and
have authority to act on HART’s behalf with respect to matters relating to this Agreement. The HART Services Manager will
work with the personnel of the HART Entities to periodically address issues and matters raised by HBIO relating to this Agreement.
Notwithstanding the requirements of Section 11.05, all communications from HBIO to HART pursuant to this Agreement
regarding routine matters involving the Services set forth on the Schedules shall be made through the HART Services Manager or
such other individual as specified by the HART Services Manager in writing and delivered to HBIO by email or facsimile transmission
with receipt confirmed. HART shall notify HBIO of the appointment of a different HART Services Manager, if necessary, in accordance
with Section 11.05.

 

Section 2.06. Personnel. (a) The
Provider of any Service will make available to the Recipient of such Service such personnel as may be necessary to provide such
Service (who shall be appropriately qualified for purposes of the provision of such Service by the Provider). The Provider will
have the right, in its reasonable discretion, to (i) designate which personnel it will assign to perform such Service, and
(ii) remove and replace such personnel at any time, so long as there is no resulting increase in costs or decrease in the
level of service for the Recipient; provided, however, that the Provider will use its commercially reasonable efforts to
limit the disruption to the Recipient in the transition of the Services to different personnel.

 

(b) In the event that the provision of
any Service by the Provider requires, as set forth in the Schedules, the cooperation and services of the applicable personnel of
the Recipient, the Recipient will make available to the Provider such personnel (who shall be appropriately qualified for purposes
of the provision of such Service by the Provider) as may be necessary for the Provider to provide such Service. The Recipient will
have the right, in its reasonable discretion, to (i) designate which personnel it will make available to the Provider in connection
with the provision of such Service, and (ii) remove and replace such personnel at any time, so long as there is no resulting
increase in costs to, or any adverse effect to the provision of such Service by, the Provider; provided, however, that the
Recipient will use its commercially reasonable efforts to limit the disruption to the Provider in the transition of such personnel.
The Provider may, in its reasonable discretion and following discussions with the Recipient, request the Recipient to remove and/or
replace any such personnel from their roles in respect of the Services being provided by the Provider.

 

(c) No Provider shall be liable under this
Agreement for any Liabilities incurred by the Recipient Indemnified Parties to the extent that they are attributable to or a consequence
of any actions or inactions of the personnel of the Recipient, except for any such actions or inactions undertaken pursuant to
the direction of the Provider.

 

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ARTICLE III

HBIO MATERIALS

 

Section 3.01. Corporate Policies.
(a) HBIO shall provide HART copies of the corporate compliance policies and manuals published on the HBIO Intranet (the “HBIO
Materials”). Subject to the terms and conditions of this Agreement, HBIO grants to HART a non-exclusive, royalty-free,
fully paid-up, worldwide license to create or have created materials based on the HBIO Materials for distribution to employees
and suppliers of HART and use such materials in the operation of the HART Business in substantially the same manner as the HBIO
Materials were used by HBIO prior to the Distribution. It is understood and agreed that HBIO makes no representation or warranty,
express or implied, as to the accuracy or completeness of any of the HBIO Materials, as to whether the HBIO Materials comply with
Law, as to the non-infringement of any of the HBIO Materials or as to the suitability of any of the HBIO Materials for use by HART
in respect of its business, or otherwise.

 

(b) Notwithstanding the foregoing and except
as may be expressly provided for in the Intellectual Property Matters Agreement between the Parties, the text of any materials
created by or for HART, and related to, or based upon, any of the HBIO Materials, may not contain any references to HBIO (or any
of HBIO’s marks, names, trade dress, logos or other source or business identifiers, including the HBIO Name and HBIO Marks),
HBIO’s publications, HBIO’s personnel (including senior management), HBIO’s management structures or any other
indication that such materials are based upon any of the HBIO Materials.

 

Section 3.02. Limitation on Rights
and Obligations with Respect to the HBIO Materials. (a) HBIO shall have no obligation to (i) notify HART of any changes
or proposed changes to any of the HBIO Materials, (ii) include HART in any consideration of proposed changes to any of the
HBIO Materials, (iii) provide draft changes of any of the HBIO Materials to HART for review and/or comment or (iv) provide
HART with any updated materials relating to any of the HBIO Materials, except as such updated materials may be necessary in order
to permit HART to comply with the requirements of any corporate policy that is contained in the HBIO Materials and with which HART
is otherwise required to comply. HART acknowledges and agrees that, except as expressly set forth above, HBIO reserves all rights
(including all Intellectual Property rights) in, to and under the HBIO Materials and no rights with respect to ownership or use,
except as otherwise expressly provided in this Agreement or the Intellectual Property Matters Agreement, shall vest in HART. The
Parties acknowledge and agree that the HBIO Materials are the confidential Information of HBIO. HART shall use at least the same
degree of care to prevent and restrain the unauthorized use or disclosure of any materials created by or for HART that are based
upon any of the HBIO Materials as it uses for its other confidential Information of a like nature, but in no event less than a
reasonable degree of care. HART will allow HBIO reasonable access to personnel and information as reasonably necessary to determine
HART’s compliance with the provisions set forth above; provided, however, such access shall not unreasonably interfere
with any of the business or operations of HART. Subject to Section 9.01, in the event that HBIO determines that HART
has not materially complied with some or all of its obligations with respect to any or all of the HBIO Materials, and such failure
to comply shall continue uncured for a period of thirty (30) days after receipt by HART of a written notice of such failure
from HBIO, HBIO may terminate HART’s rights with respect to such HBIO Materials upon written notice to HART and, in such
case, HBIO shall be entitled to require such HBIO Materials to be returned to HBIO or destroyed and any materials created by or
for HART that are based upon such HBIO Materials to be destroyed (with such destruction certified by HART in writing to HBIO promptly
after such termination).

 

(b) If HART determines to cease to avail
itself of any of the HBIO Materials or upon expiration or termination of any period during which HART is permitted to use any of
the HBIO Materials, HBIO and HART shall cooperate in good faith to take reasonable and appropriate actions to effectuate such determination,
expiration or termination, to arrange for the return to HBIO or destruction of such HBIO Materials and to protect HBIO’s
rights and interests in such HBIO Materials.

 

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ARTICLE IV

OTHER ARRANGEMENTS

 

Section 4.01. Software and Software
Licenses.

 

(a) If and to the extent requested
by HART, HBIO shall use commercially reasonable efforts to assist HART in its efforts to obtain licenses (or other appropriate
rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for HBIO to provide,
or HART to receive, HBIO Services (which shall include providing HART the opportunity to receive a copy of, or participate in,
any communication between HBIO and the applicable third-party licensor in connection therewith); provided, however, that
HBIO and HART shall identify the specific types and quantities of any such software licenses; provided, further, that HBIO
shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable HART to obtain any such
license or rights; provided, further, that HBIO shall not be required to seek broader rights or more favorable terms for
HART than those applicable to HBIO or HART, as the case may be, prior to the date of this Agreement or as may be applicable to
HBIO from time to time hereafter; and, provided, further, that HART shall bear only those costs that relate solely and directly
to obtaining such licenses (or other appropriation rights) in the ordinary course. The Parties acknowledge and agree that there
can be no assurance that HBIO’s efforts will be successful or that HART will be able to obtain such licenses or rights on
acceptable terms or at all and, where HBIO enjoys rights under any enterprise or site license or similar license, the Parties acknowledge
that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of unaffiliated
entities. In the event that HART is unable to obtain such software licenses, the Parties shall work together using commercially
reasonable efforts to obtain an alternative software license to allow HBIO to provide, or HART to receive, such HBIO Services,
and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which
amended Schedule shall not require HART to pay for any fees, expenses or costs relating to the software license that HART was unable
to obtain pursuant to the provisions of this Section 4.01(a).

 

(b) If and to the extent requested by
HBIO, HART shall use commercially reasonable efforts to assist HBIO in its efforts to obtain licenses (or other appropriate rights)
to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for HART to provide, or HBIO
to receive, HART Services (which assistance shall include providing HBIO the opportunity to receive a copy of, or participate in,
any communication between HART and the applicable third party licensor in connection therewith); provided, however, that
HBIO and HART shall identify the specific types and quantities of any such software licenses; provided, further, that HART
shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable HBIO to obtain any such
license or rights; provided, further, that HART shall not be required to seek broader rights or more favorable terms for
HBIO than those applicable to HBIO or HART, as the case may be, prior to the date of this Agreement or as may be applicable to
HART from time to time hereafter; and, provided, further, that HBIO shall bear only those costs that relate solely and directly
to obtaining such licenses (or other appropriation rights) in the ordinary course. The Parties acknowledge and agree that there
can be no assurance that HART’s efforts will be successful or that HBIO will be able to obtain such licenses or rights on
acceptable terms or at all and, where HART enjoys rights under any enterprise or site license or similar license, the Parties acknowledge
that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of unaffiliated
entities. In the event that HBIO is unable to obtain such software licenses, the Parties shall work together using commercially
reasonable efforts to obtain an alternative software license to allow HART to provide, or HBIO to receive, such HART Services,
and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which
amended Schedule shall not require HBIO to pay for any fees, expenses or costs relating to the software license that HBIO was unable
to obtain pursuant to the provisions of this Section 4.01(b).

 

(c) In the event that there are any costs
associated with obtaining software licenses in accordance with Section 4.01 that (i) would not be payable in the
ordinary course in connection with a third-party demand to resolve an issue that is unrelated to the Recipient or the license
that the Recipient is seeking to obtain, and (ii) would not have been payable by the Recipient absent the need for a consent
or waiver in connection with the license that the Recipient is seeking to obtain, such costs shall be split 50/50 between the Provider
and the Recipient.

 

(d) For the avoidance of doubt, the terms
of this Section 4.01 shall apply only to commercially available software obtained by the Parties in the ordinary course of business.

 

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ARTICLE V

ADDITIONAL AGREEMENTS

 

Section 5.01. HBIO Computer-Based
and Other Resources. From and after the date of this Agreement, HART and its Affiliates shall cause all of their personnel
having access to the HBIO Intranet or such other computer software, networks, hardware, technology or computer based resources
pursuant to the Separation Agreement, or any Ancillary Agreement, or in connection with performance, receipt or delivery of a Service,
to comply with all security guidelines (including physical security, network access, internet security, confidentiality and personal
data security guidelines) of HBIO and its Affiliates (of which HBIO provides HART notice). HART shall ensure that the access contemplated
by this Section 5.01 shall be used by such personnel only for the purposes contemplated by, and subject to the terms
of, this Agreement.

 

Section 5.02. Access to Facilities.

 

(a) HART shall, and shall cause its
Subsidiaries to, allow HBIO and its Representatives reasonable access to the facilities of HART necessary for HBIO to fulfill its
obligations under this Agreement.

 

(b) HBIO shall, and shall cause its Subsidiaries
to, allow HART and its Representatives reasonable access to the facilities of HBIO necessary for HART to fulfill its obligations
under this Agreement.

 

Notwithstanding the other rights of access
of the Parties under this Agreement, each Party shall, and shall cause its Subsidiaries to, afford the other Party, its Subsidiaries
and Representatives, following not less than five (5) business days’ prior written notice from the other Party, reasonable
access during normal business hours to the facilities, information, systems, infrastructure, and personnel of the relevant Providers
as reasonably necessary for the other Party to verify the adequacy of internal controls over information technology, reporting
of financial data and related processes employed in connection with the Services, including in connection with verifying compliance
with Section 404 of the Sarbanes-Oxley Act of 2002; provided, however, such access shall not unreasonably interfere
with any of the business or operations of such Party or its Subsidiaries.

 

(c) Except as otherwise permitted by the
other Party in writing, each Party shall permit only its authorized Representatives, contractors, invitees or licensees to access
the other Party’s facilities.

 

5.03 Cooperation. It is understood
that it will require the significant efforts of both Parties to implement this Agreement and to ensure performance of this Agreement
by the Parties at the agreed upon levels in accordance with all of the terms and conditions of this Agreement. The Parties will
cooperate, acting in good faith and using commercially reasonable efforts, to effect a smooth and orderly transition of the Services
provided under this Agreement from the Provider to the Recipient (including repairs & maintenance Services and the assignment
or transfer of the rights and obligations under any third-party contracts relating to the Services); provided, however,
that this Section 5.03 shall not require either Party to incur any out-of-pocket costs or expenses unless and except
as expressly provided in this Agreement or otherwise agreed to in writing by the Parties.

 

ARTICLE VI

COSTS AND DISBURSEMENTS

 

Section 6.01. Costs and Disbursements.
(a)  Except as otherwise provided in this Agreement or in the Schedules to this Agreement, a Recipient of Services shall pay
to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting
a “Service Charge” and, collectively, “Service Charges”), which Service Charges shall be
agreed to by the Parties from time to time and generally determined in a manner consistent with the methodology used by HBIO for
assessing fees with respect to the HART Business; provided further that to the extent the Service Charge for a particular Service
is accrued on an hourly basis, such Service Charge shall be paid monthly by the Recipient and include the aggregate amount of the
hourly charges for the immediate preceding month. During the term of this Agreement, the amount of a Service Charge for any Services
(or category of Services, as applicable) may increase to the extent of: (i) any increases mutually agreed to by the Parties,
(ii) any Service Charges applicable to any Additional Services or New Services, and (iii) any increase in the rates or
charges imposed by any third-party provider that is providing Services. Together with any monthly invoice for Service Charges,
the Provider shall provide the Recipient with documentation to support the calculation of such Service Charges.

 

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(b) Recipient shall reimburse Provider
for all reasonable out-of-pocket costs and expenses incurred by Provider or its Affiliates in connection with providing the Services
to the extent that such costs and expenses are not reflected in the Service Charge for such Services; provided, however,
that any such cost or expense not consistent with historical practice between the Parties and exceeding $2,500 per month, for any
Service (including business travel and related expenses) shall require advance approval of the Recipient. Any authorized travel-related
expenses incurred in performing the Services shall be incurred and charged to Recipient in accordance with Provider’s then
applicable business travel policies.

 

(c) The Recipient shall pay the amount
of each such invoice by wire transfer (or such other method of payment as may be agreed between the Parties) to the Provider within
thirty (30) days of the receipt of each such invoice, including appropriate documentation as described herein, as instructed
by the Provider. In the absence of a timely notice of billing dispute in accordance with the provisions of Article IX of this Agreement,
if the Recipient fails to pay such amount by the due date, the Recipient shall be obligated to pay to the Provider, in addition
to the amount due, interest at an annual default interest rate of three percent (3%), or the maximum legal rate whichever is lower
(the “Interest Payment”), accruing from the date the payment was due through the date of actual payment.

 

(d) Subject to the confidentiality provisions
set forth in Section 11.03, each Party shall, and shall cause their respective Affiliates to, provide, upon ten (10) days’
prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession that the
requesting Party reasonably requests in connection with any Services being provided to such requesting Party by an unaffiliated
third-party provider, including any applicable invoices, agreements documenting the arrangements between such third-party provider
and the Provider and other supporting documentation; provided, however, that each Party shall make no more than one such
request during any fiscal quarter.

 

Section 6.02. Taxes. (a) Without
limiting any provisions of this Agreement, the Recipient shall bear any and all sales, use, transaction and transfer taxes and
other similar charges (and any related interest and penalties) imposed on, or payable with respect to, any fees or charges, including
any Service Charges, payable by it pursuant to this Agreement; provided, however, that any applicable gross receipts taxes
shall be borne by the Provider unless the Provider is required by law to obtain, or allowed to separately invoice for and obtain,
reimbursement of such taxes from the Recipient.

 

(b) Notwithstanding anything to the contrary
in this Section 6.02, or elsewhere in this Agreement, the Recipient shall be entitled to withhold from any payments
to the Provider any such taxes that Recipient is required by law to withhold and shall pay over such taxes to the applicable taxing
authority.

 

ARTICLE VII 

STANDARD FOR SERVICE

 

Section 7.01. Standard for Service.
Except where the Provider is restricted by an existing contract with a third party or by Law, the Provider agrees (i) to perform
the Services with substantially the same nature, quality, standard of care and service levels at which the same or similar services
were performed by or on behalf of the Provider prior to the Distribution Date or, if not so previously provided, then substantially
similar to that which are applicable to similar services provided to the Provider’s Affiliates or other business components;
(ii) upon receipt of written notice from the Recipient identifying any outage, interruption or other failure of any Service,
to respond to such outage, interruption or other failure of any Service in a manner that is substantially similar to the manner
in which such Provider or its Affiliates responded to any outage, interruption or other failure of the same or similar services
prior to the Distribution Date. The Parties acknowledge that an outage, interruption or other failure of any Service shall not
be deemed to be a breach of the provisions of this Section 7.01 so long as the applicable Provider complies with the
foregoing clause (ii). As of, or following, the date of this Agreement, if the Provider is or becomes aware of any restriction
on the Provider by an existing contract with a third-party that would restrict the nature, quality, standard of care or service
levels applicable to delivery of the Services to be provided by the Provider to the Recipient, the Provider shall promptly notify
the Recipient of any such restriction (which notice shall in any event precede any change to, or reduction in, the nature, quality,
standard of care or service levels applicable to delivery of the Services resulting from such restriction) and use commercially
reasonable efforts in good faith to provide such Services in a manner as closely as possible to the standards described in this
Section 7.01, and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any
such new arrangement.

 

    	8

    	 

    

 

Section 7.02. Disclaimer of Warranties.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT THE SERVICES ARE PROVIDED AS-IS, THAT THE
RECIPIENTS ASSUME ALL RISKS AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE SERVICES AND EACH PROVIDER
MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT THERETO. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, PROVIDERS HEREBY EXPRESSLY
DISCLAIM ALL REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR
WARRANTY IN REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF THE TRANSITION SERVICES
FOR A PARTICULAR PURPOSE.

 

Section 7.03. Compliance with
Laws and Regulations. Each Party shall be responsible for its own compliance with any and all Laws applicable to its performance
under this Agreement. No Party will knowingly take any action in violation of any such applicable Law that results in Liability
being imposed on the other Party.

 

ARTICLE VIII

LIMITED LIABILITY AND INDEMNIFICATION

 

Section 8.01. Consequential and
Other Damages. Notwithstanding anything to the contrary contained in the Separation Agreement, any other Ancillary Agreement
or this Agreement, except with respect to its obligations to provide indemnity under Section 8.04, the Provider shall not
be liable to the Recipient or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict
liability) or otherwise, at law or equity, for any special, indirect, incidental, punitive or consequential damages whatsoever
(including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or
are a consequence of, the performance or nonperformance by the Provider (including any Affiliates and Representatives of the Provider
and any third-party providers, in each case, providing the applicable Services) under this Agreement or the provision of, or failure
to provide, any Services under this Agreement, including with respect to loss of profits, business interruptions or claims of customers.

 

Section 8.02. Limitation of Liability.
Except with respect to its obligations to provide indemnity under Section 8.04, the Liabilities of each Provider and its
Affiliates and Representatives, collectively, under this Agreement for any act or failure to act in connection herewith (including
the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated
by this Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, shall not exceed the total
aggregate Service Charges (excluding any third-party costs and expenses included in such Service Charges) actually paid to such
Provider by the Recipient pursuant to this Agreement.

 

Section 8.03. Obligation To Reperform;
Liabilities. In the event of any breach of this Agreement by any Provider with respect to the provision of any Services (with
respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall
(a) promptly correct in all material respects such error, defect or breach or re-perform in all material respects such Services
at the request of the Recipient and at the sole cost and expense of the Provider and (b) subject to the limitations set forth
in Sections 8.01 and 8.02, reimburse the Recipient and its Affiliates and Representatives for Liabilities attributable
to such breach by the Provider. The remedy set forth in this Section 8.03 shall be the sole and exclusive remedy of
the Recipient for any such breach of this Agreement, except to the extent that Provider is also required to indemnify any Recipient
Indemnified Party pursuant to Section 8.04 as a result of such breach. Any request for re-performance in accordance with
this Section 8.03 by the Recipient must be in writing and specify in reasonable detail the particular error, defect
or breach, and such request must be made no more than one (1) month from the date that Recipient became aware that such breach
occurred.

 

    	9

    	 

    

 

Section 8.04. Provider Indemnity.
Each Provider hereby agrees to indemnify, defend and hold harmless each applicable Recipient and its Affiliates and Representatives
(each a “Recipient Indemnified Party”), from and against any and all Liabilities from third-party claims brought
against a Recipient Indemnified Party arising from, relating to, or in connection with the provision of any Services by such
Provider or any of its Affiliates, Representatives or other Persons providing such Services pursuant to or contemplated by this
Agreement, except to the extent that such Liabilities arise out of, relate to or are a consequence of the applicable Recipient’s
bad faith, gross negligence or willful misconduct.

 

Section 8.05. Recipient Indemnity.
Each Recipient hereby agrees to indemnify, defend and hold harmless each applicable Provider and its Affiliates and Representatives
(each a “Provider Indemnified Party”), from and against any and all Liabilities from third-party claims brought
against a Provider Indemnified Party arising from, relating to, or in connection with the negligence, or intentional or willful
misconduct of Recipient or any of its Affiliates, Representatives or other Persons in their use of any Services pursuant to or
contemplated by this Agreement, except to the extent that such Liabilities arise out of, relate to or are a consequence of the
applicable Provider’s bad faith, gross negligence or willful misconduct.

 

Section 8.06. Indemnification
Procedures. The applicable provisions of Article V of the Separation Agreement shall govern the procedure for claims for indemnification
under this Agreement.

 

Section 8.07. Liability for Payment
Obligations. Nothing in this Article VIII shall be deemed to eliminate or limit, in any respect, HBIO’s or HART’s
express obligation in this Agreement to pay Termination Charges or Service Charges for Services rendered in accordance with this
Agreement.

 

Section 8.08. Exclusion of Other
Remedies. The provisions of Sections 8.03, 8.04, and 8.05 of this Agreement shall be the sole and exclusive
remedies of the Recipient Indemnified Parties and Provider Indemnified Parties, as applicable, for any claim, loss, damage, expense
or liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or
otherwise under this Agreement.

 

ARTICLE IX

DISPUTE RESOLUTION

 

Section 9.01. Dispute Resolution.

 

(a) In the event of any dispute, controversy
or claim arising out of or relating to the transactions contemplated by this Agreement, or the validity, interpretation, breach
or termination of any provision of this Agreement, or calculation or allocation of the costs of any Service, including claims seeking
redress or asserting rights under any Law (each, a “Dispute”), HBIO and HART agree that the HBIO Services Manager
and the HART Services Manager (or such other persons as HBIO and HART may designate) shall negotiate in good faith in an attempt
to resolve such Dispute amicably. If such Dispute has not been resolved to the mutual satisfaction of HBIO and HART within thirty
(30) days after the initial written notice of the Dispute (or such longer period as the Parties may agree), then such Dispute
shall be resolved in accordance with the dispute resolution process referred to in Article IX of the Separation Agreement; provided,
however, that such dispute resolution process shall not modify or add to the remedies available to the Parties under this Agreement.
Nothing in this Article IX will prevent either HBIO or HART from seeking injunctive relief if any delay resulting from the efforts
to resolve the Dispute through the procedures set forth in Article IX of the Separation Agreement could result in serious and irreparable
injury to either company.

 

(b) In any Dispute regarding the amount
of a Service Charge, if such Dispute is finally resolved pursuant to the dispute resolution process set forth or referred to in
Section 9.01(a) and it is determined that the Service Charge that the Provider has invoiced the Recipient, and that
the Recipient has paid to the Provider, is greater or less than the amount that the Service Charge should have been, then (a) if
it is determined that the Recipient has overpaid the Service Charge, the Provider shall within five (5) business days after
such determination reimburse the Recipient an amount of cash equal to such overpayment, plus the Interest Payment, accruing from
the date of payment by the Recipient to the time of reimbursement by the Provider; and (b) if it is determined that the Recipient
has underpaid the Service Charge, the Recipient shall within five (5) business days after such determination reimburse the
Provider an amount of cash equal to such underpayment, plus the Interest Payment, accruing from the date such payment originally
should have been made by the Recipient to the time of payment by the Recipient.

 

    	10

    	 

    

 

ARTICLE X

TERM AND TERMINATION

 

Section 10.01. Term and Termination.
(a) This Agreement shall commence immediately upon the Distribution Date and shall terminate upon the earlier to occur of:
(i) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms
of this Agreement or (ii) the mutual written agreement of the Parties to terminate this Agreement in its entirety.

 

(b) A Recipient may from time to time
terminate this Agreement with respect to the entirety of any individual Service but not a portion thereof:

 

(i) for any reason or no reason,
upon providing at least thirty (30) days’ prior written notice to the Provider; or

 

(ii) without prejudice to a
Recipient’s rights with respect to a Force Majeure, if the Provider of such Service has failed to perform any of its
material obligations under this Agreement with respect to such Service, and such failure shall continue to exist thirty (30) days
after receipt by the Provider of written notice of such failure from the Recipient.

 

A Provider may terminate this Agreement
with respect to one or more Services, in whole but not in part, at any time upon prior written notice to the Recipient if the Recipient
has failed to perform any of its material obligations under this Agreement relating to such Services, including making payment
of Service Charges when due, and such failure shall continue uncured for a period of thirty (30) days after receipt by the
Recipient of a written notice of such failure from the Provider. The relevant Schedule shall be updated to reflect any terminated
Service. In the event that any Service is terminated other than at the end of a month, the Service Charge associated with such
Service shall be pro-rated appropriately. The Parties acknowledge that there may be interdependencies among the Services being
provided under this Agreement that are not identified on the applicable Schedules and agree that, if the Provider’s ability
to provide a particular Service in accordance with this Agreement is materially and adversely affected by the termination of another
Service in accordance with Section 10.01(b)(i) prior to the expiration of the period of the maximum duration for such
Service, then the Parties shall negotiate in good faith to amend the Schedule relating to such impacted continuing Service, which
amendment shall be consistent with the terms of, and the pricing methodology used for, comparable Services.

 

(c) A Recipient may from time to time
request a reduction in part of the scope or amount of any Service that is identified on the applicable Schedule as being subject
to the provisions of this Section 10.01(c). If requested to do so by Recipient, the Provider agrees to discuss in good
faith appropriate reductions to the relevant Service Charges in light of all relevant factors including the costs and benefits
to the Provider of any such reductions. If, after such discussions, the Recipient and the Provider do not agree to any requested
reduction of the scope or amount of any Service and the relevant Service Charges in connection therewith, then there shall be no
change to the scope or amount of any Services or Service Charges under this Agreement. In the event that a Recipient and a Provider
agree to any reduction of a Service and the relevant Service Charges, the relevant Schedule shall be updated to reflect such reduced
Service. Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of
such agreement and any such reduced Service shall be deemed “Services” provided under this Agreement, in each case
subject to the terms and conditions of this Agreement. In the event that any Service is reduced other than at the end of a month,
the Service Charge associated with such Service for the month in which such Service is reduced shall be pro-rated appropriately.

 

    	11

    	 

    

 

(d) In connection with the termination
of any Service other than the Services identified on the Schedules as not being subject to the provisions of this Section 10.01(d),
if the Recipient reasonably determines that it will require such Service to continue beyond the date on which such Service is scheduled
to terminate (either in accordance with any termination notice provided pursuant to Section 10.01(b)(i) or the termination
date specified in the applicable Schedule), the Recipient may request the other Provider to extend such Service for a specified
period beyond the scheduled termination of such Service (which period shall in no event be longer than ninety (90) days, a “Service
Extension”) by written notice to the Provider no less than thirty (30) days prior to the date of such scheduled
termination, and the Provider shall use commercially reasonable efforts to comply with such Service Extension; provided, however,
that (i) there shall be no more than one (1) Service Extension with respect to each Service and (ii) the Provider shall
not be obligated to provide such Service Extension if a third-party consent is required and cannot be obtained by the Provider
following reasonable efforts to obtain the same. Within five (5) days following either Party’s receipt of a written
notice requesting a Service Extension, the HBIO Services Manager and the HART Services Manager shall in good faith (x) negotiate
the terms of an amendment to the applicable Schedule, which amendment shall be consistent with the terms of, and the pricing methodology
used for, the applicable Service, and (y) determine the costs and expenses (which shall not include any Service Charges payable
under this Agreement), if any, that would be incurred by the Provider or the Recipient, as the case may be, in connection with
the provision of such Service Extension, which costs and expenses shall be borne solely by the Party requesting the Service Extension.
Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement
and any Services provided pursuant to such Service Extensions shall be deemed “Services” provided under this Agreement,
in each case subject to the terms and conditions of this Agreement.

 

Section 10.02. Effect of Termination.
Upon termination of any Service pursuant to this Agreement, the Provider of the terminated Service will have no further obligation
to provide the terminated Service, and the relevant Recipient will have no obligation to pay any future Service Charges relating
to any such Service; provided, however, that the Recipient shall remain obligated to the relevant Provider for the Service
Charges owed and payable in respect of Services provided prior to the effective date of termination. In connection with termination
of any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination,
and in connection with a termination of this Agreement, Article I, Article VIII (including liability in respect of
any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), Article IX,
Article X, Article XI, all confidentiality obligations under this Agreement and liability for all due and unpaid
Service Charges, shall continue to survive indefinitely.

 

Section 10.03. Force Majeure.
(a) Neither Party shall be deemed to be in default of this Agreement for failure to fulfill any obligation (other than a payment
obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated,
hindered or delayed as a consequence of circumstances of Force Majeure; provided, however, that (i) such Party
(or Person acting on its behalf) shall have exercised commercially reasonable efforts to minimize the effect of Force Majeure
on its obligations; and (ii) the nature, quality and standard of care that the Provider shall provide in delivering a Service
after a Force Majeure shall be substantially the same as the nature, quality and standard of care that the Provider provides
to its Affiliates and its other business components with respect to such Service. In the event of an occurrence of a Force Majeure,
the Party whose performance is affected thereby shall give notice of suspension as soon as reasonably practicable to the other
stating the date and extent of such suspension and the cause thereof, and such Party shall resume the performance of such obligations
as soon as reasonably practicable after the removal of such cause.

 

(b) During the period of a Force Majeure,
the Recipient shall be entitled to seek an alternative service provider with respect to such Service(s) and shall be entitled to
permanently terminate such Service(s) (and shall be relieved of the obligation to pay Service Charges for such Services(s) throughout
the duration of such Force Majeure) if a Force Majeure shall continue to exist for more than fifteen (15) consecutive
days, it being understood that Recipient shall not be required to provide any advance notice of such termination to Provider.

 

ARTICLE XI

GENERAL PROVISIONS

 

Section 11.01. No Agency.
Nothing in this Agreement shall be deemed in any way or for any purpose to constitute any party an agent of another unaffiliated
party in the conduct of such other party’s business. A Provider of any Service under this Agreement shall act as an independent
contractor and not as the agent of the Recipient in performing such Service, maintaining control over its employees, its subcontractors
and their employees and complying with all withholding of income at source requirements, whether federal, state, local or foreign.

 

Section 11.02. Subcontractors.
A Provider may hire or engage one or more subcontractors to perform any or all of its obligations under this Agreement; provided,
however, that (i) such Provider shall use the same degree of care in selecting any such subcontractor as it would if such
contractor was being retained to provide similar services to the Provider and (ii) such Provider shall in all cases remain
primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the standard for
services as set forth in Article VII and the content of the Services provided to the Recipient.

 

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Section 11.03. Treatment of Information.

 

(a) Each Party shall, and shall cause
all other persons providing or receiving Services or having access to Information of the other Party to, (i) maintain the confidentiality
of the disclosing Party’s Information in accordance with Article VII of the Separation Agreement, and (ii) comply with all
other applicable provisions of Article VII of the Separation Agreement in the performance of its duties and obligations under this
Agreement.

 

(b) Each Party shall comply with all applicable
state, federal and foreign privacy and data protection Laws that are or that may in the future be applicable to the provision of
Services under this Agreement.

 

Section 11.04. Further Assurances.
Each Party covenants and agrees that, without any additional consideration, it shall execute and deliver any further legal instruments
and perform any acts that are or may become necessary to effectuate this Agreement.

 

Section 11.05. Notices. Except
with respect to routine communications by the HBIO Services Manager and HART Services Manager under Section 2.05, all
notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made
(and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile
or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered
or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such
other address for a Party as shall be specified in a notice given in accordance with this Section 11.05):

 

	 	(i)	if to HBIO:
	 	 	 
	 	 	Harvard Bioscience, Inc.

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer

 

	 	(ii)	if to HART:
	 	 	 
	 	 	Harvard Apparatus Regenerative Technology, Inc. 

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer

 

Section 11.06. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter
of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the greatest extent possible.

 

Section 11.07. Entire Agreement.
Except as otherwise expressly provided in this Agreement, this Agreement, the Separation Agreement and the other Ancillary Agreements
constitute the entire agreement of the Parties with respect to the subject matter of this Agreement and supersede all prior agreements
and undertakings, both written and oral, between or on behalf of the Parties with respect to the subject matter of this Agreement.

 

Section 11.08. No Third-Party
Beneficiaries. Except as provided in Article VIII with respect to Provider Indemnified Parties and Recipient Indemnified
Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other Person, including any union or any employee or former employee
of HBIO or HART, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for
any specified period, under or by reason of this Agreement.

 

    	13

    	 

    

 

Section 11.09. Governing Law.
This Agreement (and any claims or disputes arising out of or related to this Agreement or to the transactions contemplated by this
Agreement or to the inducement of any Party to enter into this Agreement or the transactions contemplated by this Agreement, whether
for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall in all
respects be governed by, and construed in accordance with, the Laws of the Commonwealth of Massachusetts, including all matters
of construction, validity and performance, in each case without reference to any conflict of Law rules that might lead to the application
of the Laws of any other jurisdiction.

 

Section 11.10. Amendment.
No provision of this Agreement, including any Schedules to this Agreement, may be amended, supplemented or modified except by a
written instrument making specific reference to this Agreement or any such Schedules to this Agreement, as applicable, signed by
all the Parties.

 

Section 11.11. Rules of Construction.
Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall
be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context
requires; (b) references to the terms Article, Section, paragraph and Schedule are references to the Articles, Sections, paragraphs
and Schedules of this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the
word “including” and words of similar import when used in this Agreement shall mean “including without limitation,”
unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written”
or “in writing” include in electronic form; (g) provisions shall apply, when appropriate, to successive events
and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement; (i) HBIO and HART have each participated in the negotiation and drafting
of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted
jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship
of any of the provisions in this Agreement or any interim drafts of this Agreement; (j) a reference to any Person includes
such Person’s successors and permitted assigns; (k) any reference to “days” means calendar days unless business
days are expressly specified; and (l) when calculating the period of time before which, within which or following which any
act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall
be excluded, if the last day of such period is not a business day, the period shall end on the next succeeding business day.

 

Section 11.12. Counterparts.
This Agreement may be executed in one or more counterparts, and by each Party in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery
of a manually executed counterpart of this Agreement.

 

Section 11.13. Assignability.
This Agreement shall be binding upon and inure to the benefit of the Parties hereto and thereto, respectively, and their respective
successors and permitted assigns; provided, however, that no Party hereto or thereto may assign its respective rights or delegate
its respective obligations under this Agreement without the express prior written consent of the other Party hereto (which consent
may be withheld in such Party’s sole and absolute discretion) and any assignment or attempted assignment in violation of
the foregoing will be null and void. Notwithstanding the preceding sentence, a Party may assign this Agreement in connection with
a merger transaction in which such Party is not the surviving entity or the sale by such Party of all or substantially all of its
Assets, and upon the effectiveness of such assignment the assigning Party shall be released from all of its obligations under this
Agreement if the surviving entity of such merger or the transferee of such Assets shall agree in writing, in form and substance
reasonably satisfactory to the other Party, to be bound by all terms of this Agreement as if named as a “Party” hereto.
Any and all costs and expenses incurred by either Party in connection with such assignment referenced in the prior sentence shall
be borne solely by the assigning Party

 

Section 11.14. Waiver of Jury
Trial. EACH PARTY TO THIS AGREEMENT WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY
(I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; AND (II) ACKNOWLEDGES THAT IT AND THE
OTHER PARTY TO THIS AGREEMENT HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION AGREEMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.14.

 

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Section 11.15. Non-Recourse.
No past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney
or representative of either HBIO or HART or their Affiliates shall have any liability for any obligations or liabilities of HBIO
or HART, respectively, under this Agreement or for any claims based on, in respect of, or by reason of, the transactions contemplated
by this Agreement.

 

[The remainder of this page is intentionally
left blank.]

 

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IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed on the date first written above by their respective duly authorized officers.

  

	 	Harvard Bioscience, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Harvard Apparatus Regenerative Technology, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Schedule A

HBIO Services

 

Unless otherwise specified below, upon
the request of HART, for the periods commencing on the Distribution Date and ending on the respective end-dates specified below,
Harvard Bioscience, Inc. (“HBIO”) will provide the following services to Harvard Apparatus Regenerative Technology,
Inc. (“HART”), at the monthly Service Charge described in Article VI of this Agreement, with such increases
or reductions thereto, or such additional fees and expenses, as may be agreed upon by the parties.

 

	SERVICE	 	DESCRIPTION
    OF SERVICE	 	CHARGES
    AFTER

    DISTRIBUTION DATE	 	END
    DATE
	 	 	 	 	 	 	 
	Information Technology	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Network Access	 	
        HBIO Intranet on HBIO Servers and
        internet access on fiber optic line

         
	 	If HART continues to use HBIO systems and support, it will be charged for fully loaded staff time based on time spent and a percentage of license and maintenance fees reflective of the number of users.  Another fee for infrastructure allocation (servers, lines, IT room, etc.) will also have to be charged.	 	One Year After Distribution Date
	Email	 	
        HBIO Servers with Minecast Security, Annual
        Licenses & Maint. Fees

         
	 	 
	ERP	 	
        Old Version of MK from Infor, Annual Licenses
        & Maint. Fees

         
	 	 
	CRM	 	Old Version of Goldmine, Annual Licenses & Maint. Fees	 	 	 	 
	 	 	 	 	 	 	 
	Financial Reporting	 	Clarity, Annual License & Maint. Fees	 	 	 	 
	 	 	 	 	 	 	 
	Desktop Support, Report Writing	 	Service Provided by HBIO Staff	 	 	 	 
	 	 	 	 	 	 	 
	Paper, Toner, Copiers, Printers, Supplies, Laptops, Desktops	 	HART employees use various copiers, printers and computers and related supplies.  We will transfer all laptops, desktops, phones used by HART employees to HART.  	 	HBIO will charge HART for all supplies requisitioned by HART employees and will pass on any rental/maintenance fees.   These will all be itemized on a monthly invoice.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Phones	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Switchboard	 	All calls to main lines handled by receptionist.	 	If HART continues to use these services, the expenses will be itemized and charged on a monthly basis.	 	One Year After Distribution Date

 

    	 

    	 

    

 

	Accounting	 	 	 	 	 	 
	 	 	 	 	 	 	 
	G/L, Payables, A/R, Collection, Credit, Inventory Processing, Cash Management, Audit, Reporting, Tax	 	Accounting administration assistance.	 	Will charge fully loaded staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Payroll and Benefit Admin	 	HBIO’s subsidiary employees re: HART in Germany and Sweden will provide services for HART until hired by HART’s applicable subsidiaries	 	Will charge fully loaded staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Operations	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Shipping & Receiving	 	All handled by HBIO.	 	Will charge fully loaded cost based on time reported.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Purchasing	 	HBIO employee purchasing all HART components.	 	Employee will become a HART employee or we will charge for time on a fully loaded basis.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Engineering	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Electronics, Mechanical, Software, Documentation, Management	 	Employees hired for HART activities are charged to HART cost center.	 	Any shared HBIO employees will allocate their time and HART will be charged on a monthly basis their fully loaded cost.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Equipment Use	 	Model Maker, Oscilliscope	 	Will charge for use on an hourly basis.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Marketing	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Website Development & Maint.	 	Currently being handled by HBIO staff with content being provided by HART employees.	 	HART will be charged for all direct expenses and with a fully loaded cost for any HBIO staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Printed Materials, Mailings	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Electronic Marketing Campaigns	 	 	 	 	 	 

 

    	 

    	 

    

 

Schedule B

 

HART Services

 

Unless otherwise specified below, upon
the request of HBIO, for the periods commencing on the Distribution Date and ending on the respective end-dates specified below,
HART will provide the following services to HBIO, at the monthly Service Charge described in Article VI of this Agreement, with
such increases or reductions thereto, or such additional fees and expenses, as may be agreed upon by the parties.

 

	SERVICE	 	DESCRIPTION
    OF SERVICE	 	CHARGES
    AFTER

DISTRIBUTION DATE	 	END
    DATE
	 	 	 	 	 	 	 
	Management	 	 	 	 	 	 
	 	 	 	 	 	 	 
	David Green and Tom McNaughton	 	Consulting services to assist HBIO in transition with respect to new chief executive officer and new chief financial officer	 	HBIO will be charged on a monthly basis for a fully loaded cost of such services.	 	On or before three (3) months from the Distribution Date.

 

    	 

    	 

    

 

Exhibit I

Services Managers

 

	 	1.	Initial HART Services Manager: 

Thomas McNaughton, Chief Financial Officer

 

	 	2.	Initial HBIO Services Manager: 

Walter DiGiusto, President - Harvard ApparatusEXHIBIT 10.23

 

SUBLEASE

 

THIS SUBLEASE is made this     
day of ____________, 2013, by and between Harvard Bioscience, Inc., a Delaware corporation with an address at 84 October Hill Road,
Holliston, MA 01746 (“Sublessor”), and Harvard Apparatus Regenerative Technology, Inc., a Delaware corporation
with an address at 84 October Hill Road, Holliston, MA 01746 (“Sublessee”).

 

WHEREAS, Sublessor is tenant under a lease
of the Premises (hereinafter defined) dated as of December 30, 2005, with Seven October Hill, LLC, a Massachusetts limited liability
(the “Prime Lessor”), as amended by that certain Amendment No. 1 dated as of June 1, 2006 and that certain Amendment
No. 2 dated as of May 22, 2010 (collectively, the “Prime Lease”), whereby Sublessor leases approximately 61,570
square feet and constitutes approximately 55.0% of space in the Building (as defined herein) (the “Prime Space”).

 

WHEREAS, Sublessee desires to sublease a
portion of the Prime Space from Sublessor.

 

NOW, THEREFORE, it is mutually agreed by
and between the parties as follows:

 

Capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to them in the Prime Lease.

 

		1.	PREMISES AND SUBLESSEE’S PROPORTIONATE SHARE

 

In consideration of the rent prescribed
herein and of the performance by Sublessee of the terms, covenants and agreements herein contained to be kept and performed by
Sublessee, Sublessor hereby demises and leases to Sublessee certain space located on the Upper Level and Lower Level of that certain
building located at of 84 October Hill Road (Building #7) (the “Building”), which premises are more particularly
described in Exhibit A attached hereto and incorporated herein by reference (the “Premises”), together
with the right in common with others entitled thereto to use the hallways and stairways in the Building and in the Prime Space
for purposes of ingress to and egress from the Premises, those certain restrooms indicated on Exhibit A, and the Common
Areas. The parties acknowledge and agree that, after having had a satisfactory opportunity to review and inspect the Building and
the Premises, the Premises is deemed to be 16,963 Rentable Square Feet for purposes of this Sublease.

 

“Tenant’s Proportionate Share
of the Premises” shall be 27.55 15.15%, which is the percentage obtained by dividing the rentable square feet in the
Premises (16,963) by the rentable square feet in the Prime Space (61,570). Sublessor and Sublessee stipulate that the number of
rentable square feet in the Prime Space and in the Premises set forth above shall be binding upon them.

 

    	 

    	 

    

 

		2.	SUBJECT TO PRIME LEASE.

 

Sublessor represents and warrants that a
true and correct copy of the Prime Lease has as of the date of this Sublease, been delivered to Sublessee. This Sublease is subject
and subordinate to the Prime Lease, which Prime Lease is incorporated herein by this reference, and by execution hereof Sublessee
acknowledges receipt of a copy of the same. If the Prime Lease terminates for any reason, this Sublease shall terminate. Except
for the terms set forth in this Sublease which are inconsistent with the terms of the Prime Lease, all the terms, covenants and
conditions contained in the Prime Lease shall be applicable to this Sublease with the same force and effect as if Sublessor were
the landlord under the Prime Lease and Sublessee were the tenant thereunder, except that Sublessor’s option to extend the
original term is not applicable under this Sublease. In case of any breach hereof by Sublessee, Sublessor shall have all the rights
against Sublessee as would be available to the landlord against the tenant under the Prime Lease if such breach were by the tenant
thereunder. Sublessee expressly covenants and agrees not to do or permit to be done any act or thing in violation of the Prime
Lease nor to require Sublessor to do or perform any act or thing not authorized or permitted by the terms of the Prime Lease. Provided
Sublessee pays all amounts due to Sublessor hereunder, Sublessor shall timely pay all rent and other amounts due to the Prime Lessor,
and subject to the terms and provisions of this Sublease, provided Sublessee is not in default hereunder, Sublessor shall not hinder
or disturb Sublessee’s quiet enjoyment and possession of the Premises. If Sublessor fails to pay any amounts due under the
Prime Lease after notice thereof and reasonable opportunity to cure, Sublessee may cure the same and may deduct any amounts so
paid to the Prime Lessor from amounts due to the Sublessor.

 

		3.	TERM

 

The initial term of this Sublease shall
be for eighteen (18) months, commencing on the date the Premises is delivered to Sublessee (the “Commencement Date”),
and terminating on the last day of the eighteenth full month thereafter (the “Term”). The definition of “Term”
hereunder shall also mean and include any extensions of the such term, as set forth in Section 4, below.

 

		4.	EXTENSION TERMS.

 

So long as (i) there shall not exist any
default by Sublessee hereunder or any event which, with notice or the passage of time shall constitute a default, and (ii) neither
party has provided the other a notice of termination of the Sublease within one hundred eighty (180) days prior to termination
of the then current Term this Sublease shall be automatically extended for additional successive twelve (12) month periods, provided
however, that notwithstanding the aforesaid, in no event shall the Term hereunder be extended beyond expiration of the Extended
Term of the Prime Lease (May 31, 2017), unless such Extended Term is further extended under the Prime Lease. Except for the payment
of rent as set forth in Section 5 hereof, any extension Term shall be upon the same terms, covenants and conditions as set
forth herein for the Term.

 

    	-2-

    	 

    

  

		5.	RENTAL

 

Commencing as of the Commencement Date, Sublessee shall pay
rent in the amount equal to the following Base Rent then in effect for the entire Premises:

 

	Dates:	 	Monthly Base Rent	 	Per Square Foot
	 	 	 	 	 	 
	Commencement Date to May 31, 2014	 	$	7,491.78	 	$	5.30psf triple net
	 	 	 	 	 	 	 
	June 1, 2014 to May 31, 2015	 	$	7,845.17	 	$	5.55psf triple net
	 	 	 	 	 	 	 
	June 1, 2015 to May 31, 2016	 	$	8,198.55	 	$	5.80psf triple net
	 	 	 	 	 	 	 
	June 1, 2016 to May 31, 2017	 	$	8,481.27	 	$	6.00psf triple net

 

		6.	PAYMENTS

 

All payments are to be made to the order
of: Harvard Bioscience, Inc., and delivered to such payee at 84 October Hill Road, Holliston, MA 01746, Attn: Controller or as
otherwise directed by Sublessor in a writing to Sublessee.

 

		7.	ADDITIONAL RENT, UTILITIES AND CLEANING

 

In addition to the rental provided herein,
Sublessee covenants and agrees to pay to Sublessor, as “Additional Rent” hereunder, Tenant’s Proportionate
Share of the Operating Costs and Taxes that Sublessor has to pay the Prime Lessor under the Lease. Sublessor shall provide Sublessee,
within five (5) business days of receipt by Sublessor, a copy of any invoice provided by the Prime Lessor with respect to Operating
Costs and Taxes, and the Sublessee shall pay its Proportionate Share thereof (or of any lessor amount if disputed by the Sublessor)
on or before the date that the Sublessor is required to make such payment to the Prime Lessor.

 

In addition, unless the Sublessee utilities
are separately metered and billed by the Landlord or the utility company, in which case the Sublessee shall timely pay for such
amounts that are due and owing, Sublessee covenants and agrees to pay to Sublessor the Tenant’s Proportionate Share of the
utility charges that the Sublessor incurs in accordance with Section 8 of the Prime Lease. Sublessor shall provide Sublessee, within
five (5) business days of receipt by Sublessor, a copy of any invoice provided with respect to the utilities, and the Sublessee
shall pay its Proportionate Share thereof (or of any lessor amount if disputed by the Sublessor) on or before the date that the
Sublessor is required to make such payment to the applicable party.

 

    	-3-

    	 

    

 

In addition, unless the Sublessee independently
obtains and pays for cleaning services for the Premises, the Sublessee covenants and agrees to pay to Sublessor the Tenant’s
Proportionate Share of the cleaning charges that the Sublessor actually incurs with respect to cleaning of the Prime Space, including
the Premises. Sublessor shall provide Sublessee, within five (5) business days of receipt by Sublessor, a copy of any invoice provided
with respect to the cleaning, and the Sublessee shall pay its Proportionate Share thereof (or of any lessor amount if disputed
by the Sublessor) on or before the date that the Sublessor is required to make such payment to the applicable party.

 

Sublessee shall be reimbursed, or a credit
shall be applied toward future Additional Rent, and utility or cleaning costs, in the amount of any overpayment of such amounts,
as and in the manner as Sublessor is reimbursed or credited pursuant to the terms of the Prime Lease or otherwise. Sublessee
understands that some monthly charges are based on estimates and agrees to pay its proportionate share of any true-up charges for
operating costs and real estate and other charges pertaining to the period.

 

		8.	USE

 

The Premises shall be used by Sublessee
for office, warehouse, distribution and light manufacturing use as permitted by the zoning by-laws of the Town of Holliston by
Sublessee and for no other purposes. Sublessee shall comply with any directive of any governmental authority with respect to Sublessee’s
use or occupancy of the Premises. Sublessee shall not do or permit anything in or about the Premises which will in any way damage
the Premises, obstruct or interfere with the rights of other tenants or occupants of the Building, or injure or annoy them, or
use the Premises or allow them to be used for any unlawful purpose. Sublessee shall not cause, maintain or permit any nuisance
in, on or about the Premises, or commit or allow any waste in or upon the Premises. Sublessee shall not use the Premises for any
purpose which would increase the cost of any insurance carried by Sublessor nor do or suffer to be done upon Premises anything
which may make void or voidable any policy of insurance thereon.

 

		9.	REPAIRS AND MAINTENANCE

 

Sublessee shall keep in good order, condition and repair
theinterior portion of the Premises and shall keep the Premises in a first-class tenantable and attractive condition during
the Term of this Sublease. All repairs made by Sublessee shall be equal in quality and class to the original work. Sublessee shall
repair all broken glass and shall at all times keep the Premises free and clear of all rubbish, debris and litter.

 

		10.	ALTERATIONS BY SUBLESSEE

 

Sublessee shall not make any alterations,
decorations, additions, or installations or improvements in and to the Premises (“Alterations”) without first
obtaining Sublessor’s prior written consent. All work on any Alterations shall be done at reasonable times in a first-class
workmanlike manner, by contractors for whom Sublessee shall provide Sublessor with evidence of contractor’s insurance and
contractor’s performance and payment bond satisfactory to Sublessor, approved in writing by Sublessor in accordance with
plans and specifications approved by Sublessor. All work shall be done so as to minimize interference with other tenants and with
operation of the Building. All Alterations affixed to the Premises shall become part thereof, without compensation to Sublessee,
at the end of the Term. Sublessee shall be responsible for all cost of all Alterations, including costs of space planning. As an
essential and bargained-for condition of this Sublease, Sublessee agrees that it will place the Premises in the condition required
by the terms of the Prime Lease at the end of the Term, or such other condition as the Prime Lessor shall approve in writing, including
removal of any improvements from or repairs required for the Premises under the Prime Lease, two (2) days prior to the end of the
Term of this Sublease, and Sublessor shall have access to the Premises at such time to inspect the condition of the Premises.

 

 

    	-4-

    	 

    

  

		11.	INSURANCE

 

(a)          Sublessee
shall maintain the following insurance throughout the Term: (i) property insurance including fire, extended coverage, vandalism,
malicious mischief and all-risks coverage upon all property owned by Sublessee, its employees or invitees and located in the Building,
in the full replacement cost thereof; (ii) Comprehensive Public Liability Insurance to include personal injury, bodily injury,
broad form property damage, premises/operations, owner’s protective coverage, blanket contractual liability, in limits not
less than Two Million Dollars ($2,000,000.00), inclusive with a deductible not to exceed One Hundred Thousand Dollars ($100,000.00);
and (iii) any other forms of insurance as Sublessor may reasonably require from time to time in form, in amounts, and for insurance
risks against which a prudent tenant would protect itself.

 

(b)          All
policies shall be taken out with insurers acceptable to Sublessor, in form satisfactory to Sublessor, and shall (i) include Sublessor
as additional insured, as their interests may appear, (ii) contain a waiver of any right of subrogation against Sublessor, its
agents, employees, and representatives which might arise for any reason, (iii) contain a cross-liability endorsement, and (iv)
contain a provision that any coverage afforded thereby shall be primary and noncontributing with respect to any insurance carried
by Sublessor, and any insurance carried by Sublessor shall be excess and noncontributing. Sublessee shall provide certificates
of insurance in form satisfactory to Sublessor before occupancy of the Premises, and shall provide certificates evidencing renewal
at least ten (10) days before the expiration of any such policy. All policies shall contain an endorsement requiring at least thirty
(30) days’ prior written notice to Sublessor and any mortgagee of Sublessor prior to any material change, reduction, cancellation
or other termination.

 

(c)          Upon
termination of this Sublease pursuant to any casualty, Sublessee shall retain any proceeds attributable to Sublessee’s personal
property and Alterations not affixed to the Premises and Sublessee shall immediately pay to Sublessor any insurance proceeds received
by Sublessee relating to any Alterations affixed to the Premises, unless Sublessor has required their removal.

 

		12.	INDEMNIFICATION

 

Sublessee shall indemnify and hold Sublessor
harmless from and against any and all claims, actions, damages, liability and expense in connection with loss of life, personal
injury and damage to property arising from or out of the occupancy or use by Sublessee of the Premises or any part thereof, or
occasioned wholly or in part by any act or omission of Sublessee, its agents, contractors or employees. This provision shall survive
any termination of this Sublease.

 

    	-5-

    	 

    

 

		13.	SUBORDINATION

 

Sublessee hereby agrees that this Sublease
and all of Sublessee’s right, title and interest hereunder shall be subject, subordinate and inferior to the lien of any
and all mortgages of the Premises now on or hereafter to be placed on the Premises, and to any and all terms and conditions therefor.

 

The subordination of this Sublease to any
such mortgage shall be automatic and self-operative, and no special instrument of subordination shall be necessary. Promptly upon
request of Sublessor, Sublessee shall execute, acknowledge and deliver to Sublessor any and all instruments necessary or proper
to evidence such subordination. If Sublessee fails to do so within ten (10) days of request, in addition to any other remedy available
to Sublessor, Sublessor may execute, acknowledge, and deliver the same as the attorney-in-fact of Sublessee and in Sublessee’s
name, place and stead and Sublessee hereby irrevocably makes, constitutes and appoints Sublessor, its successors and assigns, with
full power of substitution, to so execute, acknowledge and deliver such instruments. Sublessee shall not suffer or permit any liens
to be recorded or filed against the Premises and shall undertake to cause any such liens so filed or recorded to be immediately
discharged. Sublessee shall not withhold its consent to changes or amendments to this Sublease requested by a mortgagee of Sublessor,
so long as such changes do not materially alter the rights and obligations of the parties hereto.

 

		14.	MUTUAL WAIVER OF SUBROGATION

 

Sublessor and Sublessee and all parties
claiming under them hereby mutually release and discharge each other from all claims and liabilities arising from, or caused by
any hazard covered by insurance on the leased property, regardless of the cause of the damage or loss. Each party shall obtain
from their insurers any waivers or special endorsements, if required by their insurer to evidence compliance with the aforementioned
release.

 

		15.	ENTRY

 

Sublessor, its agents, employees and contractors
shall have the right to enter the Premises (a) three (3) months prior to the expiration of this Sublease at reasonable times, (b)
at any time in response to an emergency, (c) upon reasonable notice to show the property to prospective subtenants, and (d) at
any reasonable time upon reasonable notice.

 

		16.	DEFAULT

 

The occurrence of any one or more of the
following events shall constitute a default hereunder by Sublessee:

 

(a)          The
failure by Sublessee to make any payment of the rent or any part thereof or of other sums payable by Sublessee hereunder at the
times and places herein fixed for the payment thereof and said default shall continue ten (10) days (whether or not the payment
of said rent shall have been demanded);

 

    	-6-

    	 

    

  

(b)          The
vacation or abandonment of the Premises by Sublessee;

 

(c)          The
failure by Sublessee to observe or perform any other of the covenants herein contained or contained in the Prime Lease to be observed
and performed and said default shall continue for a period of fifteen (15) days after notice to Sublessee (provided, however, that
if the nature of Sublessee’s default is such that more than fifteen (15) days are reasonably required for its cure, then
Sublessee shall not be deemed to be in default if Sublessee shall commence such cure within said fifteen (15)-day period and thereafter
diligently prosecutes such cure to completion, which completion shall occur not later than thirty (30) days from the date of such
notice from Sublessor); or

 

(d)          
If Sublessee shall make an assignment for the benefit of creditors, or file a voluntary petition in bankruptcy or insolvency, or
shall be adjudged bankrupt, or if a permanent receiver of the property of Sublessee shall be appointed or Sublessee shall be declared
bankrupt or insolvent according to law.

 

In the event of any such default, notwithstanding
any license or waiver of any former breach of covenant or consent in a former instance, in addition to all rights afforded the
Prime Lessor under the Prime Lease, it shall be lawful for Sublessor thereupon or at any time thereafter, while such default, assignment,
insolvency, legal proceedings, desertion, vacancy or neglect shall continue to be in effect, to terminate this Sublease and all
of Sublessee’s interest hereunder by (i) giving written notice to Sublessee of such termination and of the effective date
thereof (and, such notice having been given, this Sublease shall cease and expire on the date named therein); if this Sublease
is terminated pursuant to the provisions of this subparagraph (i), Sublessee will remain liable to Sublessor for damages in an
amount equal to the rent and other sums which would have been owing by Sublessee under this Sublease for the balance of the Term,
if this Sublease had not been terminated. Sublessor will be entitled to either (a) collect such damages from Sublessee monthly
on the days on which the rent and other amounts would have been payable under this Sublease if this Sublease had not been terminated,
and Sublessor will be entitled to receive such damages from Sublessee on each such day or (b) at Sublessor’s option, the
rent due for the balance of the Term shall immediately become due and payable in full in its entirety and shall be discounted to
present value based upon a six percent (6%) rate; and/or (ii) at Sublessor’s option, without demand or notice, and with or
without process of law to enter upon and into the Premises or any part thereof in the name of the whole, and to declare this Sublease
at an end and in such case expel Sublessee and those claiming under it without being guilty of any manner of trespass, without
prejudice, however, to Sublessor’s claims for rent or other claims for breach of covenant hereunder, it being expressly understood
and agreed that this Sublease shall not continue or inure to the benefit of any assignee, receiver or trustee in bankruptcy, excepting
at the option of Sublessor. Sublessee covenants that in the case of the termination of this Sublease in any manner specified in
the foregoing proviso, Sublessee shall indemnify and save harmless Sublessor against all loss of rent or other payments which it
may suffer by reason of such termination. This Section 16 shall survive termination of this Sublease.

 

    	-7-

    	 

    

 

Additionally, all sums due to Sublessor
from Sublessee which are not paid when due (due date shall not be extended by any periods of grace granted under this Sublease),
whether or not a default has occurred or been declared by Sublessor, shall bear interest at the rate of fifteen percent (15%) per
annum until paid in full, payable to Sublessor.

 

		17.	ATTORNEY’S FEES

 

In the event either party brings suit to
compel performance of, or to recover damages for the breach of any covenant, condition or agreement contained herein, the prevailing
party shall be entitled to reasonable attorney’s fees in addition to reasonable costs and necessary disbursements incurred
as a result of such suit.

 

		18.	ASSIGNMENT

 

Sublessee may not sublet or assign all or
a any portion of the Premises during the Term.

 

		19.	HOLDOVER

 

If Sublessee holds over in occupancy of
the Premises after the expiration of the Term, Sublessee shall become a tenant at sufferance only, at a rental rate equal to twice
the rent in effect at the end of such term, plus the amount of any additional rental for which Sublessee is responsible hereunder,
and shall be otherwise subject to the terms and conditions herein specified, so far as applicable, and shall be liable for all
damages sustained by Sublessor on account of such holding over. This Section shall not operate as a waiver of any right of reentry
provided in this Sublease, and Sublessor’s acceptance of rent after expiration of the then existing term or earlier termination
of this Sublease shall not constitute consent to a holdover or result in a renewal. If Sublessee fails to surrender the Premises
upon the expiration of the then existing term or earlier termination despite demand by Sublessor to do so, Sublessee shall indemnify
and hold Sublessor harmless from all loss or liability, including, without limitation, any claim made by any succeeding tenant
resulting from such failure.

 

		20.	CERTIFICATES

 

At any time and from time to time, either
party hereto on at least twenty (20) days’ prior written request by the other, shall deliver to the requesting party a statement
in writing certifying this Sublease is unmodified and in full force and effect (or if there shall have been modifications that
the same is in full force and effect as modified and stating the modifications) and the date on which rent commenced to accrue
and the date to which the rent and other charges have been paid and stating whether or not, to the best knowledge of Sublessee,
Sublessor is in default in performance of any covenant, agreement or condition contained in this Sublease or any condition exists
which if continued would constitute a default and, if so, specifying each such default or condition of which Sublessee may have
knowledge and stating whether or not Sublessee holds any claim against Sublessor which might be set off against accruing rentals.
The party requesting the aforesaid statement shall bear the costs of document preparation, including attorney’s fees, associated
therewith.

 

    	-8-

    	 

    

 

		21.	LIMITATION ON LIABILITY

 

In consideration of the benefits
accruing hereunder, Sublessee hereby covenants and agrees that, in the event of any actual or alleged failure, breach or
default hereunder by Sublessor: (a) The obligations of Sublessor under this Sublease do not constitute personal obligations
of the individual directors, officers or shareholders of Sublessor, and Sublessee shall not seek recourse against the
directors, officers or shareholders of Sublessor, or any of their personal assets for satisfaction of any liability with
respect to this Sublease; and (b) Sublessee’s sole and exclusive remedy shall be against Sublessor’s interest in
the Building.

 

		22.	WAIVER

 

The failure of any party to insist upon
strict performance of a covenant hereunder or of any obligation hereunder, irrespective of the length of time for which such failure
continues, shall not be a wavier of such party’s right to demand strict compliance in the future. No consent or wavier, expressed
or implied, to or of any breach or default in the performance of any obligation hereunder, shall constitute a consent or waiver
to or of any other breach or default in the performance of the same or any other obligation hereunder. No term or provision of
this Sublease may be waived unless such wavier is in writing and signed by the party against whom such wavier is sought to be enforced.

 

		23.	SUCCESSION

 

This Sublease shall benefit and be binding
upon Sublessor and Sublessee and their respective heirs, legal representatives, successors and assigns.

 

		24.	NOTICES

 

All notices to either Sublessor or Sublessee
shall be in writing and shall be deemed to have been duly given, if mailed, by registered or certified mail, return receipt requested,
or, if by other means, when received by the other party at the address as set forth herein, or such other addresses may hereafter
be furnished to the other party by like notice.

 

		25.	RECORDING

 

Sublessee shall not record this Sublease
or notice thereof in any way in any public office.

 

		26.	OTHER AGREEMENTS

 

This Sublease constitutes the entire understanding
between the parties hereto with respect to the transactions contemplated herein and this Sublease shall not be modified except
in a writing executed by all parties hereto.

 

		27.	GOVERNING LAW

 

The laws of the Commonwealth of Massachusetts
shall govern the validity, performance and enforcement of this Sublease. The invalidity or unenforceability of any provision hereof
shall not affect or impair any other provision.

 

    	-9-

    	 

    

 

		28.	CAPTIONS

 

Titles or captions of Sections contained
in this Sublease are inserted only as a matter of convenience and for reference, and in no way define, limit, extend or describe
the scope of this Sublease or the intent of any provision hereof.

 

		29.	SECURITY DEPOSIT

 

[Reserved]

 

		30.	ACCESS

 

Sublessee shall have access to the Premises twenty-four
(24) hoursper day, seven (7) days per week.

 

		31.	COMPLIANCE WITH LAWS

 

Sublessee will comply with all laws, ordinances,
orders, rules, regulations, and other governmental requirements relating to the use, condition or occupancy of the Premises, and
all rules, orders, regulations and requirements of the board of fire underwriters or insurance service office, or any other similar
body, having jurisdiction over the Building

  

[The
remainder of this page is intentionally left blank]

 

    	-10-

    	 

    

  

IN WITNESS WHEREOF, the parties have executed
this Sublease as of the day and year first above written.

 

	 	 	SUBLESSOR:
	 	 	 
	 	 	HARVARD BIOSCIENCE, INC.
	 	 	 
	 	 	 	By:	 
	Witness	 	 	 	Name: Jeffrey Duchemin
	 	 	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	SUBLESSEE:
	 	 	 
	 	 	HARVARD APPARATUS REGENERATIVE
	 	 	TECHNOLOGY, INC.
	 	 	 
	 	 	 	By:	 
	Witness	 	 	 	Name: David Green
	 	 	 	 	Title: Chief Executive Officer

 

    	 

    	 

    

  

Exhibit A

 

(Description/Depiction of the Premises)

  

[See attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]