Document:

EX-10.17

 Exhibit 10.17 

 
 

 
  
 AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This
Amended and Restated Employment Agreement (“Agreement”) is made as of April 5, 2022 (the “Effective Date”) by and between Heart Test Laboratories, Inc. dba HeartSciences, a Texas
corporation with principal offices at 550 Reserve St, Southlake Tx 76092 (“HTL”, “Company” or “Employer”) Mark Hilz (“you” or
“Employee”). 
 NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Employment. You and Company desire to enter an employment relationship by means of this Agreement.
Company, hereby employs you subject to the terms hereof, and you hereby accept such employment upon such terms as of the Effective Date. 

  

	2.	 Confidentiality. Employee recognizes that the Company has expended and will continue to expend
substantial time, money and effort in developing formulas, patterns, designs, compilations, programs, devices, methods, techniques, processes, training, intellectual property, and general knowhow that derive independent economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, which is the subject of efforts that are reasonable under the circumstances
to maintain its secrecy. Company possesses valuable information, including information about customers, dealers and suppliers, and among other things, about their technical problems and needs, purchasing habits, and procedures, all resulting in a
great deal of customer goodwill. Company owns financial records, contracts, marketing and strategic plans, intellectual property, and other valuable information. For purposes of this Agreement, all such items and information, as well as the
information defined as “Confidential Information” in the CONFIDENTIALITY, INVENTION ASSIGNMENT, NON-SOLICITATION AND NO-HIRE AGREEMENT
(“Confidentiality Agreement”) (required to be executed by you concurrently herewith) are owned by Company and hereafter referred to in this Agreement as “Trade Secrets and Confidential
Information.” 

  

	 	a.	 You will, in the course of your employment, be personally entrusted with and exposed to Company’s Trade
Secrets and Confidential Information. 

  

	 	b.	 Company, during the term of this Agreement and after its termination, will be engaged, throughout the world, in
the highly competitive Healthcare industry, in which many firms, including Company, compete. 

  

	 	c.	 You could, after having access to Company’s Trade Secrets and Confidential Information, become or be
employed by a competitor. 

  

	 	d.	 Company will suffer great loss and irreparable harm if you were to separate your employment and thereafter
participate, directly or indirectly, as a consultant, employee, manager, officer, director or in any other capacity in any business or venture in competition with Company, or if you at any time (during or after your employment) disclose
Company’s Trade Secrets and Confidential Information. 

  

					
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	 	e.	 It is Company’s policy that you should have no investment in or relationship with an outside organization
that might affect the independence of your judgment in performing your duties or in any way conflict with the best interests of Company. The company shall allow an Employee or any of his affiliates to purchase or hold an aggregate equity interest of
up to 1% in any publicly-traded company which is in competition with Employer. 

  

	 	f.	 Employee agrees to execute a Heart Test Laboratories, Inc., CONFIDENTIALITY, INVENTION ASSIGNMENT, NON-SOLICITATION AND NO-HIRE AGREEMENT “Confidentiality Agreement” as a condition of employment. 

 

	3.	 Term of Employment. UNLESS EARLIER TERMINATED PURSUANT TO SECTION 4 BELOW, THE TERM OF THIS
AGREEMENT SHALL COMMENCE AS OF THE DATE IN EXHIBIT “A”, AND SHALL CONTINUE FOR ONE (1) YEAR THEREAFTER; PROVIDED, HOWEVER, THAT THE TERM SHALL AUTOMATICALLY RENEW FOR AN ADDITIONAL ONE-YEAR
PERIOD AT THE END OF THE ORIGINAL ONE-YEAR TERM AND ANY ADDITIONAL ONE-YEAR TERM, UNLESS EITHER PARTY GIVES WRITTEN NOTICE TO THE OTHER PARTY, AT LEAST NINETY
(90) DAYS PRIOR TO THE END OF THE APPLICABLE TERM, OF SUCH PARTY’S TERMINATION OF THIS AGREEMENT AT THE END OF THE APPLICABLE TERM. AS USED HEREIN, “TERM” SHALL MEAN THE ORIGINAL TERM AND ANY ADDITIONAL RENEWAL TERM(S).

  

	4.	 Termination.  

4.1     This Agreement and the employment relationship created hereby shall terminate upon the occurrence of any of the
following events (each, a “Termination Event”): 
  

	 	a.	 The expiration of the Term in accordance with Section 3; 

 

	 	b.	 The death of Employee; 

 

	 	c.	 The Excessive Absence (as hereinafter defined) of Employee; 

 

	 	d.	 Written notice to Employee from Employer of termination for Just Cause (as hereinafter defined);

  

	 	e.	 Written notice to Employee from Employer of termination for any reason other than subparts (b), (c) or
(d) in this Section 4 above; 

  

	 	f.	 Written notice to Employer from Employee of termination for any reason other than Constructive Termination (as
hereinafter defined); 

  

	 	g.	 Written notice to Employer from Employee of termination for Constructive Termination and Employer does not cure
the breach within the time periods required; or 

  

	 	h.	 Written notice from either party for any reason in the 18 months following a Change of Control (as hereinafter
defined). 

  

	 	i.	 All written notices pursuant to this Section 4 shall be given at least thirty (30) days prior to the
applicable Termination Event. 

  

					
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 4.2     In the
event of the termination of Employee’s employment pursuant to (b), (c), (d) or (f) in Section 4.1 above, then Employee shall be entitled to such compensation that has been accrued, but not yet paid, for the period up to the effective
date of such Termination Event (as applicable, the “Termination Date”), as follows: 
 (i) accrued
but unpaid base salary (as provided in Exhibit A) and accrued vacation which shall be paid on the first payroll date immediately following the Termination Date in accordance with the Company’s customary payroll procedures and subject to
applicable withholding; 
 (ii) health insurance and other benefits, if any, to which the Employee may be entitled under the
Company’s benefit plans as of the effective date of the Termination Event (collectively, (i)-(ii) shall be referred to as the “Accrued Amounts”); and 

(iii) a pro rata share of any bonus that Employee would be eligible to receive had he continued to be employed by the Company
through the end of the bonus calculation period, such pro rata portion to be calculated at the end of the bonus calculation period (based on the number of days the Employee was employed during the applicable calendar year divided by 365) and paid to
Employee on the date that bonuses are normally paid to employees (provided that such payment must occur during the calendar year following the year in which the Termination Event occurred). 

The Employee shall have no further rights to compensation or any other benefits from the Company or any of its affiliates except as described
in this Section 4.2. 
 4.3    In the event of the termination of Employee’s employment pursuant to (a), (e),
(g) or (h) in Section 4.1 above, then Employee shall be entitled to receive; provided, however, : 
 (i) the
Accrued Amounts; and 
 (ii) subject to the Employee’s compliance with Sections 2 and 9 of this Agreement and the
Employee’s execution and non-revocation of a release of claims in favor of the Company, its affiliates and their respective officers and directors in form and substance satisfactory to the Company (the
“Release”) within sixty (60) days following the applicable Termination Date (such 60-day period, the “Release Consideration Period”), additional severance
payments as follows: 
 (a) the continuation of Employee’s then current base salary (as provided in Exhibit A) for a
period of twelve (12) months, payable in equal installments in accordance with the Company’s normal payroll practices and subject to applicable withholding, which shall commence on the first payroll date following the date the Release
becomes non-revocable and 
 (b) a lump-sum
payment equal to the below, provided that in either case, such amount shall be paid to Employee on the date that bonuses are normally paid to employees (provided further that such payment must occur during the calendar year following the year in
which the Termination Event occurred, his share of any bonus that Employee would be eligible to receive by the Company to the termination date of Employee. 

  

					
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 The Employee shall have no further
rights to any compensation or any other benefits from the Company or any of its affiliates except as described in this Section 4.3. 

4.4     Regardless of the type of Termination Event, the treatment of any outstanding equity awards, if any, shall be
determined in accordance with the terms of the applicable plan or agreement under which such awards are granted and related award agreements. 

4.5    Notwithstanding anything to the contrary in this Agreement, the provisions of Section 2 and 9 of this
Agreement shall survive any termination, for whatever reason, of Employee’s employment under this Agreement. 

4.6    For purposes of this Agreement, the following terms have the following meanings: 

 

	 	(a)	 “Constructive Termination” shall mean: (i) a material reduction in Employee’s duties
and responsibilities without Employee’s consent; (ii) an action by the Employer which undermines or renders unfeasible the Employee’s ability to undertake or fulfill his role in an effective manner; (iii) any breach by Employer
of any of the material terms of, or the failure to perform any material covenant contained in, this Agreement; (iv) a material reduction in Employee’s compensation without Employee’s prior written consent; or (v) the Employee
ceasing to be a director for the Company for any reason other than the resignation by the Employee of his director position. Notwithstanding the above, an event listed in (i) – (v) of this paragraph will not constitute a Constructive
Termination unless the Employee has provided written notice to the Company of the circumstances which constitute a Constructive Termination within thirty (30) days of the initial occurrence of such event, the Company has had at least thirty
(30) days from the date on which such notice is provided to cure such circumstances, and the Employee terminates his employment within thirty (30) days after the expiration of such cure period. 

(b)     “Excessive Absence” of Employee shall mean his inability, for whatever reason, to
perform his duties under this Agreement for a continuous period of 60 days or for 120 days out of a continuous period of 240 days. 

(c)     “Just Cause” shall mean (i) Employee’s conviction of a felony or
commission of any act of fraud, moral turpitude or dishonesty, (ii) an intentional, material violation by Employee of a statutory or fiduciary duty not corrected within ten days after written notice from Employer, (iii) any material breach
by Employee of any of the terms or conditions of, or the failure to perform any material covenant contained in, this Agreement and Employee does not cure such breach or failure within ten days following notice from Employer; provided, however, that
Employee will not be entitled to cure 

  

					
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 any breach or failure under this
subclause (iii) more than one time in any consecutive three (3) month period, or (iv) the violation by Employee of reasonable instructions or policies established by Employer with respect to the operation of its business and affairs
or Employee’s failure to carry out the reasonable instructions of the Board of Directors, and following notice thereof from Employer to Employee, Employee does not cure any such violation or failure within ten days following notice from
Employer; provided, however, that Employee will not be entitled to cure any breach or failure under this subclause (iv) more than one time in any consecutive three (3) month period. 

(d)     “Change of Control” shall mean a change of control of HTL being: (i) the sale
of all or substantially all the assets of the Company; (ii) any merger, consolidation or acquisition of the Company with, by or into another corporation, entity or person; (iii) any change in the ownership of more than fifty percent (50%)
of the voting capital stock of HTL in one or more related transactions; or (iv) a majority of the members of the Company’s Board of Directors is replaced during any 12-month period by directors who
are not endorsed by a majority of the members of the Company’s Board of Directors before the appointment or election date. 
  

	5.	 Compensation. In consideration of the services provided by you to Company under the terms of this
Agreement, Company will pay you starting on your actual Start Date the compensation as set forth in Exhibit “A”. 

  

	6.	 Duties and Responsibilities. 

 

	 	a.	 Duties. Subject to the power of the Board of Directors to hire and/or remove officers and employees,
Employee shall continue to serve as Chief Operating Officer of Employer, and shall perform, faithfully and diligently, the services and functions relating to such position or otherwise reasonably incident to such position as may be designated from
time to time by the Chief Executive Officer or Board of Directors of the Employer. Employee shall report directly to the Board of Directors. Employee shall be based in the Dallas/Fort Worth Metroplex as necessary to perform the duties of COO
adequately and shall also travel as required by his duties under this Agreement. 

  

	 	b.	 Full Time and Attention. During your employment, you will devote your best efforts and entire time,
attention and energy to the business of Company. Employee shall not provide services or conduct activities for or related to any other business(es) unless approved by the Board of Directors. The initial approved outside businesses and related
activities will be listed in Exhibit “B”. 

  

	 	c.	 Compliance with Company Rules, Policies and Procedures. During the employment, you will, at all times,
comply with all of Company’s rules, policies and procedures, including but not limited to those regarding employment and confidentiality, . 

  

	 	d.	 Legal Obligations Owed to Others. You represent and warrant to Company that this Agreement, the
performance of your obligations under this Agreement or the employment relationship between Company and you under this Agreement does not and will not violate or conflict with (i) any of the following agreements or restrictive covenants:
employment, non-competition (as pertaining to being 

  

					
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	 	employed by a competitor), non-solicitation (as pertaining to customers, employees, or independent contractors), no-hire (as pertaining to
employees or independent contractors), non-interference (as pertaining to employees, agents or servants) or confidentiality (as pertaining to trade secrets and other confidential information); and
(ii) any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency, or any other obligation to which you are subject. To the extent you are subject to any of the foregoing restrictions or agreements, you represent
and warrant to Company that you have provided such documents to the Company’s Employee Services prior to the offer of employment being made to you. You also represent and warrant to Company that you will not use or disclose the trade secrets or
other confidential information of former employers or other persons or entities in connection with your employment by Company and that you will not bring onto the premises of Company any unpublished document or proprietary information belonging to
any such employer, person, or entity unless consented to in writing by such employer, person, or entity. 

  

	7.	 Fiduciary Duties. You acknowledge and agree that you owe a fiduciary duty of loyalty, fidelity and
allegiance to act at all times in the best interests of Company. You agree that you will not act or will not fail to act in any manner that would injure the business, interests, or reputation of Company or any of its affiliates. Additionally, you
agree to immediately disclose to the Board of Directors or Chairman of the Board all information and business opportunities pertaining to the business of Company and any of its affiliates learned of by you while employed by Company and not to
appropriate for your benefit or that of any third party such opportunities or information. 

  

	8.	 Dishonesty by others. If at any time you become aware, or believe, that any other employee, agent or
servant of Company, or any third party, is or appears to be (a) removing, concealing, transferring or using any property or funds of Company for the benefit of anyone other than Company or is otherwise not authorized by Company to do so, or
(b) divulging, providing or otherwise disseminating in any manner not authorized by Company any of Company’s Trade Secrets and Confidential Information to any third person not authorized by Company to possess such Trade Secrets and
Confidential Information, you will immediately communicate your knowledge or belief as to such matters to the Chairman of the Board of the Company. 

  

	9.	 Restrictive Covenants. You agree that the following covenants are reasonable and necessary to protect
Company’s interests, including but not limited to its client and vendor relationships, competitive position, Trade Secrets and Confidential Information, and therefore agree to the following covenants which are agreed to be ancillary to the
Confidentiality Agreement to be executed by you concurrently herewith. You agree as follows: 

  

	 	a.	 That certain Confidentiality Agreement entered into by and between Company and you are incorporated herein by
reference for all pertinent purposes and such Confidentiality Agreement and all of its terms and provisions will be deemed a part hereof and will be enforceable hereunder separate and distinct from its enforceability as a separate agreement (e.g.,
it will be enforceable as a separate and distinct agreement as well as being enforceable as a part hereof); and 

  

					
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	 	b.	 You further agree that you will not, while at any time employed by Company and for a period of twelve
(12) months following the termination of such employment, whether as an individual, or in any capacity, directly or indirectly do the following: 

  

	 	i.	 Solicit or sell or participate in any way concerning the sale or development of products or services, similar
to Company’s products or services, to any customer or client; 

  

	 	ii.	 Request, advise, induce or attempt to request, advise, or induce any distributor, vendor, representative, agent
or contractor of Company to terminate, modify, curtail, or alter its business relationship with Company; 

  

	 	iii.	 Request, advise, induce or attempt to request, advise, or induce any of Company’s customers or clients to
terminate or in any way modify, curtail, or alter its business relationship with Company; and 

  

	 	iv.	 Request, advise, solicit, divert or take away, or attempt to request, advise, solicit, divert or take away,
from Company, any individuals or entities, who were with Company as an employee, consultant or independent contractor within twelve (12) months preceding your Termination Date; 

 

	 	v.	 Be employed, advise or participate in any way concerning another ECG manufacturer or company involved in the
sale or development of products or services similar to Company’s products or services. 

  

	 	c.	 You further agree that enforcement of the above Sections 9(b)(i) through (iv), inclusive, is the only practical
means of enforcing Section 9(a), above, and of enforcing the Confidentiality Agreement. You agree that enforcement of Sections 9(b)(i) through (iv), inclusive, is necessary to protect Company’s goodwill and other business interests. You
further agree that Company will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if you breach any of the obligations under Sections 9(b)(i) through (iv), inclusive. Accordingly, you agree that Company will be
entitled to injunctive relief against any breach or prospective breach by you of your obligations under Sections 9(b)(i) through (iv) inclusive. Nothing herein will be construed as prohibiting Company from pursuing any other remedies available
to Company for such breach or threatened breach, including the recovery of damages from you. In the event of a violation or attempted violation of Sections 9(b)(i) through (iv) inclusive, you agree that an amount of time equal to the time
period during which a violation exists will be added to the duration of the restrictions in Sections 9(b)(i) through (iv) inclusive. 

  

	 	d.	 Sections 9(a) and (b)(i) through (iv), inclusive, will be deemed ancillary to the Confidentiality Agreement.
You agree that all of the provisions of this Agreement and the Confidentiality Agreement are valid and enforceable as written and according to their terms. The obligations of Company hereunder will not apply to any of its parents, subsidiaries, or
affiliates. 

  

	 	e.	 You agree to notify any prospective employer of the existence and terms of this Section 9, prior to
acceptance of employment. Company may inform any person or entity subsequently employing you, or evidencing an intention to employ you, of the existence of this Agreement, the terms hereof, and provide to that person or entity a copy of this
Agreement. 

  

					
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	10.	 Assignment. Company may assign this Agreement at any time without notice (but you cannot). This
Agreement is personal to you and no individual or entity will have any interest in same except you, personally, on the one hand, and Company and its subsidiaries, affiliates, successors, assigns or its associated companies, on the other hand.

  

	11.	 Non-Waiver. The failure of Company at any time to enforce any
provision hereof will never be construed to be a waiver of such provision or of the right of Company to enforce each and every provision hereof at any time. No course of dealing between Company and you will be implied as a waiver by Company of any
provision of this Agreement. 

  

	12.	 Savings Clause. The provisions of this Agreement are severable. In the event any paragraph, provision or
clause, or any combination of same hereof will be found or held to be unenforceable at law or in equity, or under any ordinance, statute or regulation, such finding or holding will not in any way affect the other paragraphs, provisions and clauses
which will remain in full force and effect. In the event any paragraph, provision or clause, or any combination of same hereof will not be enforceable in accordance with its terms, Company and you agree that such paragraph, provision, or clause will
be reformed to make such paragraph, provision, or clause enforceable in a manner which provides Company the maximum rights permitted at law. 

  

	13.	 Resolution of Disputes. Any controversy or claim arising out of or relating to this Agreement, your
employment or director position with the Company, other than under Section 6 or the Confidentiality Agreement, shall be determined by binding arbitration in accordance with the Employment Arbitration Rules of the American Arbitration
Association. The place of arbitration shall be Dallas, Texas. This Agreement shall be exclusively construed, applied and performed, per the internal laws of the state of Texas, U.S.A. Judgment on any award rendered by the arbitrator(s) may be
entered in any court of competent jurisdiction . The arbitration provision in this section 13 shall survive if this Agreement should be adjudged null and void or should be canceled or terminated for any reason. 

 

	14.	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Texas, without reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any court in a county as determined by the Company and the parties
hereto hereby consent to the jurisdiction of such courts in any such action or proceeding. You hereby consent to the exclusive venue and personal jurisdiction of said court with respect to any litigation arising from this Agreement or your
employment with Company. 

  

	15.	 Construction. Each party hereto acknowledges and agrees that it has had the opportunity to consult with
its own legal counsel in connection with the negotiation of this Agreement and that it has bargaining power equal to that of the other party hereto in connection with the negotiation, execution and delivery of the Agreement. Accordingly, the parties
hereto agree that the rule of contract construction that an agreement will be construed against the drafter will have no application in the construction or interpretation of this Agreement. For purposes of this Agreement, whenever the context
requires: (i) the singular number shall include the plural, and vice versa; (ii) the masculine gender shall include the feminine and neuter genders, the feminine gender shall include the masculine and neuter genders, the

  

					
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	 	neuter gender shall include the masculine and feminine genders; and (iii) the words include and including, and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be
followed by the words without limitation. 

  

	16.	 Legal Fees. The parties hereto agree that the non-prevailing
party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a “Dispute”), shall reimburse the prevailing party for
reasonable attorney’s fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however, that the Employee shall only be required to reimburse the Company for its fees and expenses incurred in connection with
a Dispute if the Employee’s position in such Dispute was found by the court, arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith. 

 

	17.	 Consideration for This Agreement. In consideration for the covenants and promises made by you in the
recitals to this Agreement and in Sections 2, 9, 18 and 22 herein, the sufficiency of which you hereby acknowledge, Company will employ you as set forth herein. You acknowledge that your execution of this Agreement and your agreement to the
covenants contained in Sections 2, 9, 18 and 22 herein are integral to Company’s agreement to employ you and, without such agreements, covenants and promises by you, Company would not employ you. 

 

	18.	 Non-Disparagement, Defamation and Privacy. You will refrain,
both during and after termination of the employment relationship between Company and you, from publishing, uttering or otherwise disseminating any oral or written statements about Company or its officers, directors, employees, agents or
representatives that are slanderous, libelous, or otherwise defamatory; or that disclose private or confidential information about Company or its business affairs, officers, directors, employees, agents, or representatives that you know or should
know is materially injurious to Company;; or that place Company or any of its officers, directors, employees, agents or representatives in a false light before the public; or that constitute a misappropriation of the name or likeness of Company or
its officers directors, employees, agents or representatives. A violation or threatened violation of this prohibition may be enjoined by any court of competent jurisdiction. The rights afforded Company under the provision of this Section 18 are
in addition to any and all rights and remedies otherwise afforded by law or by this Agreement. 

  

	19.	 Entire Agreement. This Agreement (including all written amendments and modifications hereto and all
documents ancillary hereto) and the Confidentiality Agreement (as defined herein) constitutes the entire agreement and understanding between the parties and supersedes any prior agreement (including, without limitation, the Employment Agreement by
and between the Company and Mr. Hilz, entered into on March 7, 2017 and any other prior employment or severance agreement), plan, condition, practice, custom, usage and obligation with respect to such matters insofar as any such prior
agreement, plan, condition, practice, usage or obligation might have given rise to any enforceable right. Additionally, it is expressly agreed that no representations, promises, warranties or understandings, express or implied, other than set forth
herein or referred to herein, will be binding on either party. None of the provisions herein will be waived, altered or amended unless in writing signed by the parties. 

  

					
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	20.	 Survival. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 2, 4,
9, 10, 11, 12, 13, 14, 16, and 18 of this Agreement and the Confidentiality Agreement shall survive any termination, for whatever reason, of Employee’s employment under this Agreement. 

 

	21.	 Counterparts. You and Company agree that this Agreement may be executed in any number of counterparts,
and in that event, each counterpart will be deemed a complete original and all counterparts will constitute a single agreement. 

  

	22.	 Withholding. All payments made by the Company to the Employee under this Agreement shall be net of any
tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Employee for any adverse tax effect associated with any
payments or benefits or for any deduction or withholding from any payment or benefit. 

  

	23.	 Section 409A. 

 

	 	a.	 This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended,
and any applicable regulations thereunder (“Section 409A”), or an exemption thereunder and shall be construed and administered in such a manner. For purposes of Section 409A,
Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments, and each payment made under this Agreement shall be designated as a separate
payment within the meaning of Section 409A. Any payments to be made under this Agreement upon a termination of employment will only be made on a “separation from service” within the meaning of Section 409A. Notwithstanding the
foregoing, if any payment or benefit provided to Employee in connection with a termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Employee is determined to
be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then such payment or benefit will not be paid until the first payroll date to occur following the six-month
anniversary of such termination or, if earlier, on Employee’s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date
will be paid to Employee in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments will be paid without delay in accordance with their original schedule. 

 

	 	b.	 Notwithstanding the above, the Company makes no representation that the payments and benefits provided under
this Agreement comply with Section 409A, and the Employee acknowledges and agrees that (i) the Employee is solely responsible for any and all obligations arising as a result of the tax consequences associated with any payment under this
Agreement, including without limitation, any taxes, interest or penalties associated with Section 409A, (ii) Employee is not relying upon any written or oral statement or representation the Company, any entity affiliated with the Company,
or any of their respective employees, directors, officers, attorneys or agents regarding the tax effects associated with the execution of this Agreement, and (iii) in no event will the Company be liable for all or any portion of any such
obligations that may be incurred by the Employee on account of non-compliance with Section 409A or otherwise in connection with this Agreement or any payment under this Agreement. 

  

					
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	24.	 Section 280G. Notwithstanding any other provision of this Agreement or any other
plan, arrangement or agreement to the contrary, if (1) Employee is a “Disqualified Individual” (as defined in Section 280G of the Internal Revenue Code of 1986, as amended, and any applicable regulations thereunder
(“Section 280G”)) and (2) any of the payments or benefits provided or to be provided by the Company or its affiliates to Employee or for the Employee’s benefit pursuant to the terms
of this Agreement or otherwise, individually or together with any other payments which Employee has the right to receive from the Company, would constitute a “parachute payment” within the meaning of Section 280G (the
“Parachute Payment(s)”) and would, but for this Section 24, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the total amounts received by
Employee from the Company which constitute Parachute Payments shall be reduced in a manner determined by the Company that is consistent with the requirements of Section 409A to an amount equal, in the aggregate, to one dollar ($1.00) less than
three (3) times the Employee’s base amount within the meaning of Section 280G, so that no portion of the Parachute Payments received by Employee shall be subject to the Excise Tax, if and only if such reduction produces a better net after-tax position (taking into account any applicable Excise Tax and any applicable income tax) than if the total payments owed to Employee were paid in full and subject to the tax. 

 

	25.	 Your Certification. YOU HEREBY CERTIFY THAT: 

 

	 	a.	 YOU RECEIVED A COPY OF THIS AGREEMENT AND THE CONFIDENTIALITY AGREEMENT FOR REVIEW AND STUDY BEFORE YOU WERE
ASKED TO EXECUTE THEM; 

  

	 	b.	 YOU HAVE READ SUCH AGREEMENTS CAREFULLY; 

 

	 	c.	 YOU HAVE BEEN AFFORDED THE OPPORTUNITY TO DISCUSS AND REVIEW THIS AGREEMENT AND THE CONFIDENTIALITY AGREEMENT
WITH AN ATTORNEY OF YOUR CHOICE; 

  

	 	d.	 YOU UNDERSTAND WHAT YOUR RIGHTS ARE UNDER THE AGREEMENTS AS WELL AS YOUR OBLIGATIONS; 

 

	 	e.	 YOU HAVE READ AND UNDERSTAND EACH AND EVERY PROVISION OF THE AGREEMENTS AND DO HEREBY ACCEPT AND AGREE TO THE
SAME; AND 

  

	 	f.	 YOU ARE EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY COMPANY OR ANYONE
ELSE. 

  

					
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 IN WITNESS WHEREOF, you have, on the
date set forth below, affixed your hand and Company has caused this Agreement to be executed by a duly authorized person, on the date set forth below. 
  

							
		 		 	Employee:
			
	Date: 4/5/2022	 		 	         /s/ Mark Hilz

			
		 		 	Employer:
				
	Date: April 5, 2022	 		 	By:	 	 /s/ Andrew Simpson

		 		 	Name:	 	Andrew Simpson
		 		 	Title:	 	Chairman and CEO

  

					
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 EXHIBIT A 

Compensation 
  

	1.	 Base Salary: Base Salary will commence at the rate of $200,000.00 per annum, which base salary will be
paid in arrears in equal bi-monthly installments during the Term in accordance with the Company’s customary payroll practices and subject to applicable withholdings. Any increase in the base salary shall
be at the sole discretion of the Board of Directors or compensation committee as appropriate. 

  

	2.	 Employment Start Date: March 15, 2022 

 

	3.	 Bonuses: Employee may be entitled to participate in a bonus scheme(s) from time to time at the sole
discretion of the Board of Directors or remuneration committee as appropriate. It being agreed and understood that neither the Board of Directors, nor the remuneration committee, has any obligation to put in place any bonus(es) schemes, and
Employee’s right to any bonus under a bonus scheme, if any, shall be subject to all terms and conditions of such bonus scheme(s). 

  

	4.	 Stock and Stock Option Plans: Employee may be entitled to participate in any stock plans (either ISO
approved or non-approved) from time to time at the sole discretion of the Board of Directors or remuneration committee as appropriate. It being agreed and understood that neither the Board of Directors, nor
the remuneration committee, has any obligations to grant any participation in such stock plans to Employee, and Employee’s right to any award or benefit under a stock plan, if any, shall be subject to all terms and conditions of such stock
plan. 

  

	5.	 Health Insurance: The Employee will be entitled to participate in the Company’s health insurance
plan on a comparable basis to other senior officers of the Company and subject to the terms and conditions of such health insurance plan. 

  

	6.	 Benefits: Employee shall be entitled to receive such group benefits as Employer may provide to its other
senior officers of the Company (pro-rated for partial years) and subject to the terms and conditions of such group benefit plans. 

  

					
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 EXHIBIT B 

Approved Outside Businesses 
 None
noted. 

  

					
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 Exhibit 10.18 

 
 

 
  
 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made as of April 5, 2022 (the
“Effective Date”) by and between Heart Test Laboratories, Inc. dba HeartSciences, a Texas corporation with principal offices at 550 Reserve St, Southlake Tx 76092 (“HTL”,
“Company” or “Employer”) and Andrew Simpson (“you” or “Employee”). 

NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Employment. You and Company desire to enter an employment relationship by means of this Agreement.
Company, hereby employs you subject to the terms hereof, and you hereby accept such employment upon such terms as of the Effective Date. 

  

	2.	 Confidentiality. Employee recognizes that the Company has expended and will continue to expend
substantial time, money and effort in developing formulas, patterns, designs, compilations, programs, devices, methods, techniques, processes, training, intellectual property, and general knowhow that derive independent economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, which is the subject of efforts that are reasonable under the circumstances
to maintain its secrecy. Company possesses valuable information, including information about customers, dealers and suppliers, and among other things, about their technical problems and needs, purchasing habits, and procedures, all resulting in a
great deal of customer goodwill. Company owns financial records, contracts, marketing and strategic plans, intellectual property, and other valuable information. For purposes of this Agreement, all such items and information, as well as the
information defined as “Confidential Information” in the CONFIDENTIALITY, INVENTION ASSIGNMENT, NON-SOLICITATION AND NO-HIRE AGREEMENT
(“Confidentiality Agreement”) (required to be executed by you concurrently herewith) are owned by Company and hereafter referred to in this Agreement as “Trade Secrets and Confidential
Information.” 

  

	 	a.	 You will, in the course of your employment, be personally entrusted with and exposed to Company’s Trade
Secrets and Confidential Information. 

  

	 	b.	 Company, during the term of this Agreement and after its termination, will be engaged, throughout the world, in
the highly competitive Healthcare industry, in which many firms, including Company, compete. 

  

	 	c.	 You could, after having access to Company’s Trade Secrets and Confidential Information, become or be
employed by a competitor. 

  

	 	d.	 Company will suffer great loss and irreparable harm if you were to separate your employment and thereafter
participate, directly or indirectly, as a consultant, employee, manager, officer, director or in any other capacity in any business or venture in competition with Company, or if you at any time (during or after your employment) disclose
Company’s Trade Secrets and Confidential Information. 

  

					
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	 	e.	 It is Company’s policy that you should have no investment in or relationship with an outside organization
that might affect the independence of your judgment in performing your duties or in any way conflict with the best interests of Company. The company shall allow an Employee or any of his affiliates to purchase or hold an aggregate equity interest of
up to 1% in any publicly-traded company which is in competition with Employer. 

  

	 	f.	 Employee agrees to execute a Heart Test Laboratories, Inc., CONFIDENTIALITY, INVENTION ASSIGNMENT, NON-SOLICITATION AND NO-HIRE AGREEMENT “Confidentiality Agreement” as a condition of employment. 

 

	3.	 Term of Employment. UNLESS EARLIER TERMINATED PURSUANT TO SECTION 4 BELOW, THE TERM OF THIS
AGREEMENT SHALL COMMENCE AS OF THE DATE IN EXHIBIT “A”, AND SHALL CONTINUE FOR ONE (1) YEAR THEREAFTER; PROVIDED, HOWEVER, THAT THE TERM SHALL AUTOMATICALLY RENEW FOR AN ADDITIONAL ONE-YEAR
PERIOD AT THE END OF THE ORIGINAL ONE-YEAR TERM AND ANY ADDITIONAL ONE-YEAR TERM, UNLESS EITHER PARTY GIVES WRITTEN NOTICE TO THE OTHER PARTY, AT LEAST NINETY
(90) DAYS PRIOR TO THE END OF THE APPLICABLE TERM, OF SUCH PARTY’S TERMINATION OF THIS AGREEMENT AT THE END OF THE APPLICABLE TERM. AS USED HEREIN, “TERM” SHALL MEAN THE ORIGINAL TERM AND ANY ADDITIONAL RENEWAL TERM(S).

  

	4.	 Termination.  

4.1     This Agreement and the employment relationship created hereby shall terminate upon the occurrence of any of the
following events (each, a “Termination Event”): 
  

	 	a.	 The expiration of the Term in accordance with Section 3; 

 

	 	b.	 The death of Employee; 

 

	 	c.	 The Excessive Absence (as hereinafter defined) of Employee; 

 

	 	d.	 Written notice to Employee from Employer of termination for Just Cause (as hereinafter defined);

  

	 	e.	 Written notice to Employee from Employer of termination for any reason other than subparts (b), (c) or
(d) in this Section 4 above; 

  

	 	f.	 Written notice to Employer from Employee of termination for any reason other than Constructive Termination (as
hereinafter defined); 

  

	 	g.	 Written notice to Employer from Employee of termination for Constructive Termination and Employer does not cure
the breach within the time periods required; or 

  

	 	h.	 Written notice from either party for any reason in the 18 months following a Change of Control (as hereinafter
defined). 

  

	 	i.	 All written notices pursuant to this Section 4 shall be given at least thirty (30) days prior to the
applicable Termination Event. 

  

					
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 4.2     In the
event of the termination of Employee’s employment pursuant to (b), (c), (d) or (f) in Section 4.1 above, then Employee shall be entitled to such compensation that has been accrued, but not yet paid, for the period up to the effective
date of such Termination Event (as applicable, the “Termination Date”), as follows: 
 (i) accrued
but unpaid base salary (as provided in Exhibit A) and accrued vacation which shall be paid on the first payroll date immediately following the Termination Date in accordance with the Company’s customary payroll procedures and subject to
applicable withholding; 
 (ii) health insurance and other benefits, if any, to which the Employee may be entitled under the
Company’s benefit plans as of the effective date of the Termination Event (collectively, (i)-(ii) shall be referred to as the “Accrued Amounts”); and 

(iii) a pro rata share of any bonus that Employee would be eligible to receive had he continued to be employed by the Company
through the end of the bonus calculation period, such pro rata portion to be calculated at the end of the bonus calculation period (based on the number of days the Employee was employed during the applicable calendar year divided by 365) and paid to
Employee on the date that bonuses are normally paid to employees (provided that such payment must occur during the calendar year following the year in which the Termination Event occurred). 

The Employee shall have no further rights to compensation or any other benefits from the Company or any of its affiliates except as described
in this Section 4.2. 
 4.3    In the event of the termination of Employee’s employment pursuant to (a), (e),
(g) or (h) in Section 4.1 above, then Employee shall be entitled to receive; provided, however, : 
 (i) the
Accrued Amounts; and 
 (ii) subject to the Employee’s compliance with Sections 2 and 9 of this Agreement and the
Employee’s execution and non-revocation of a release of claims in favor of the Company, its affiliates and their respective officers and directors in form and substance satisfactory to the Company (the
“Release”) within sixty (60) days following the applicable Termination Date (such 60-day period, the “Release Consideration Period”), additional severance
payments as follows: 
 (a) the continuation of Employee’s then current base salary (as provided in Exhibit A) for a
period of twelve (12) months, payable in equal installments in accordance with the Company’s normal payroll practices and subject to applicable withholding, which shall commence on the first payroll date following the date the Release
becomes non-revocable and 
 (b) a lump-sum
payment equal to the below, provided that in either case, such amount shall be paid to Employee on the date that bonuses are normally paid to employees (provided further that such payment must occur during the calendar year following the year in
which the Termination Event occurred, his share of any bonus that Employee would be eligible to receive by the Company to the termination date of Employee. 

  

					
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 The Employee shall have no further
rights to any compensation or any other benefits from the Company or any of its affiliates except as described in this Section 4.3. 

4.4     Regardless of the type of Termination Event, the treatment of any outstanding equity awards, if any, shall be
determined in accordance with the terms of the applicable plan or agreement under which such awards are granted and related award agreements. 

4.5    Notwithstanding anything to the contrary in this Agreement, the provisions of Section 2 and 9 of this
Agreement shall survive any termination, for whatever reason, of Employee’s employment under this Agreement. 

4.6    For purposes of this Agreement, the following terms have the following meanings: 

 

	 	(a)	 “Constructive Termination” shall mean: (i) a material reduction in Employee’s duties
and responsibilities without Employee’s consent; (ii) an action by the Employer which undermines or renders unfeasible the Employee’s ability to undertake or fulfill his role in an effective manner; (iii) any breach by Employer
of any of the material terms of, or the failure to perform any material covenant contained in, this Agreement; (iv) a material reduction in Employee’s compensation without Employee’s prior written consent; or (v) the Employee
ceasing to be a director for the Company for any reason other than the resignation by the Employee of his director position. Notwithstanding the above, an event listed in (i) – (v) of this paragraph will not constitute a Constructive
Termination unless the Employee has provided written notice to the Company of the circumstances which constitute a Constructive Termination within thirty (30) days of the initial occurrence of such event, the Company has had at least thirty
(30) days from the date on which such notice is provided to cure such circumstances, and the Employee terminates his employment within thirty (30) days after the expiration of such cure period. 

(b)    “Excessive Absence” of Employee shall mean his inability, for whatever reason, to
perform his duties under this Agreement for a continuous period of 60 days or for 120 days out of a continuous period of 240 days. 

(c)    “Just Cause” shall mean (i) Employee’s conviction of a felony or
commission of any act of fraud, moral turpitude or dishonesty, (ii) an intentional, material violation by Employee of a statutory or fiduciary duty not corrected within ten days after written notice from Employer, (iii) any material breach
by Employee of any of the terms or conditions of, or the failure to perform any material covenant contained in, this Agreement and Employee does not cure such breach or failure within ten days following notice from Employer; provided, however, that
Employee will not be entitled to cure 

  

					
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 any breach or failure under this
subclause (iii) more than one time in any consecutive three (3) month period, or (iv) the violation by Employee of reasonable instructions or policies established by Employer with respect to the operation of its business and affairs
or Employee’s failure to carry out the reasonable instructions of the Board of Directors, and following notice thereof from Employer to Employee, Employee does not cure any such violation or failure within ten days following notice from
Employer; provided, however, that Employee will not be entitled to cure any breach or failure under this subclause (iv) more than one time in any consecutive three (3) month period. 

(d)    “Change of Control” shall mean a change of control of HTL being: (i) the sale
of all or substantially all the assets of the Company; (ii) any merger, consolidation or acquisition of the Company with, by or into another corporation, entity or person; (iii) any change in the ownership of more than fifty percent (50%)
of the voting capital stock of HTL in one or more related transactions; or (iv) a majority of the members of the Company’s Board of Directors is replaced during any 12-month period by directors who
are not endorsed by a majority of the members of the Company’s Board of Directors before the appointment or election date. 
  

	5.	 Compensation. In consideration of the services provided by you to Company under the terms of this
Agreement, Company will pay you starting on your actual Start Date the compensation as set forth in Exhibit “A”. 

  

	6.	 Duties and Responsibilities. 

 

	 	a.	 Duties. Subject to the power of the Board of Directors to hire and/or remove officers and employees,
Employee shall continue to serve as President and CEO of Employer, and shall perform, faithfully and diligently, the services and functions relating to such position or otherwise reasonably incident to such position as may be designated from time to
time by the Board of Directors of the Employer. Employee shall report directly to the Board of Directors. Employee shall travel to and spend such time in the Dallas/Fort Worth Metroplex and/or travel elsewhere, as necessary, in order to perform his
role with the Company and fulfill his duties under this Agreement. 

  

	 	b.	 Full Time and Attention. During your employment, you will devote your best efforts and entire time,
attention and energy to the business of Company. Employee shall not provide services or conduct activities for or related to any other business(es) unless approved by the Board of Directors. The initial approved outside businesses and related
activities will be listed in Exhibit “B”. 

  

	 	c.	 Compliance with Company Rules, Policies and Procedures. During the employment, you will, at all times,
comply with all of Company’s rules, policies and procedures, including but not limited to those regarding employment and confidentiality, . 

  

	 	d.	 Legal Obligations Owed to Others. You represent and warrant to Company that this Agreement, the
performance of your obligations under this Agreement or the employment relationship between Company and you under this Agreement does not and will not violate or conflict with (i) any of the following agreements or restrictive covenants:
employment, non-competition (as pertaining to being 

  

					
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	 	employed by a competitor), non-solicitation (as pertaining to customers, employees, or independent contractors), no-hire (as pertaining to
employees or independent contractors), non-interference (as pertaining to employees, agents or servants) or confidentiality (as pertaining to trade secrets and other confidential information); and
(ii) any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency, or any other obligation to which you are subject. To the extent you are subject to any of the foregoing restrictions or agreements, you represent
and warrant to Company that you have provided such documents to the Company’s Employee Services prior to the offer of employment being made to you. You also represent and warrant to Company that you will not use or disclose the trade secrets or
other confidential information of former employers or other persons or entities in connection with your employment by Company and that you will not bring onto the premises of Company any unpublished document or proprietary information belonging to
any such employer, person, or entity unless consented to in writing by such employer, person, or entity. 

  

	7.	 Fiduciary Duties. You acknowledge and agree that you owe a fiduciary duty of loyalty, fidelity and
allegiance to act at all times in the best interests of Company. You agree that you will not act or will not fail to act in any manner that would injure the business, interests, or reputation of Company or any of its affiliates. Additionally, you
agree to immediately disclose to the Board of Directors or Chairman of the Board all information and business opportunities pertaining to the business of Company and any of its affiliates learned of by you while employed by Company and not to
appropriate for your benefit or that of any third party such opportunities or information. 

  

	8.	 Dishonesty by others. If at any time you become aware, or believe, that any other employee, agent or
servant of Company, or any third party, is or appears to be (a) removing, concealing, transferring or using any property or funds of Company for the benefit of anyone other than Company or is otherwise not authorized by Company to do so, or
(b) divulging, providing or otherwise disseminating in any manner not authorized by Company any of Company’s Trade Secrets and Confidential Information to any third person not authorized by Company to possess such Trade Secrets and
Confidential Information, you will immediately communicate your knowledge or belief as to such matters to the Chairman of the Board of the Company. 

  

	9.	 Restrictive Covenants. You agree that the following covenants are reasonable and necessary to protect
Company’s interests, including but not limited to its client and vendor relationships, competitive position, Trade Secrets and Confidential Information, and therefore agree to the following covenants which are agreed to be ancillary to the
Confidentiality Agreement to be executed by you concurrently herewith. You agree as follows: 

  

	 	a.	 That certain Confidentiality Agreement entered into by and between Company and you are incorporated herein by
reference for all pertinent purposes and such Confidentiality Agreement and all of its terms and provisions will be deemed a part hereof and will be enforceable hereunder separate and distinct from its enforceability as a separate agreement (e.g.,
it will be enforceable as a separate and distinct agreement as well as being enforceable as a part hereof); and 

  

					
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	 	b.	 You further agree that you will not, while at any time employed by Company and for a period of twelve
(12) months following the termination of such employment, whether as an individual, or in any capacity, directly or indirectly do the following: 

  

	 	i.	 Solicit or sell or participate in any way concerning the sale or development of products or services, similar
to Company’s products or services, to any customer or client; 

  

	 	ii.	 Request, advise, induce or attempt to request, advise, or induce any distributor, vendor, representative, agent
or contractor of Company to terminate, modify, curtail, or alter its business relationship with Company; 

  

	 	iii.	 Request, advise, induce or attempt to request, advise, or induce any of Company’s customers or clients to
terminate or in any way modify, curtail, or alter its business relationship with Company; and 

  

	 	iv.	 Request, advise, solicit, divert or take away, or attempt to request, advise, solicit, divert or take away,
from Company, any individuals or entities, who were with Company as an employee, consultant or independent contractor within twelve (12) months preceding your Termination Date; 

 

	 	v.	 Be employed, advise or participate in any way concerning another ECG manufacturer or company involved in the
sale or development of products or services similar to Company’s products or services. 

  

	 	c.	 You further agree that enforcement of the above Sections 9(b)(i) through (iv), inclusive, is the only practical
means of enforcing Section 9(a), above, and of enforcing the Confidentiality Agreement. You agree that enforcement of Sections 9(b)(i) through (iv), inclusive, is necessary to protect Company’s goodwill and other business interests. You
further agree that Company will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if you breach any of the obligations under Sections 9(b)(i) through (iv), inclusive. Accordingly, you agree that Company will be
entitled to injunctive relief against any breach or prospective breach by you of your obligations under Sections 9(b)(i) through (iv) inclusive. Nothing herein will be construed as prohibiting Company from pursuing any other remedies available
to Company for such breach or threatened breach, including the recovery of damages from you. In the event of a violation or attempted violation of Sections 9(b)(i) through (iv) inclusive, you agree that an amount of time equal to the time
period during which a violation exists will be added to the duration of the restrictions in Sections 9(b)(i) through (iv) inclusive. 

  

	 	d.	 Sections 9(a) and (b)(i) through (iv), inclusive, will be deemed ancillary to the Confidentiality Agreement.
You agree that all of the provisions of this Agreement and the Confidentiality Agreement are valid and enforceable as written and according to their terms. The obligations of Company hereunder will not apply to any of its parents, subsidiaries, or
affiliates. 

  

	 	e.	 You agree to notify any prospective employer of the existence and terms of this Section 9, prior to
acceptance of employment. Company may inform any person or entity subsequently employing you, or evidencing an intention to employ you, of the existence of this Agreement, the terms hereof, and provide to that person or entity a copy of this
Agreement. 

  

					
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	10.	 Assignment. Company may assign this Agreement at any time without notice (but you cannot). This
Agreement is personal to you and no individual or entity will have any interest in same except you, personally, on the one hand, and Company and its subsidiaries, affiliates, successors, assigns or its associated companies, on the other hand.

  

	11.	 Non-Waiver. The failure of Company at any time to enforce any
provision hereof will never be construed to be a waiver of such provision or of the right of Company to enforce each and every provision hereof at any time. No course of dealing between Company and you will be implied as a waiver by Company of any
provision of this Agreement. 

  

	12.	 Savings Clause. The provisions of this Agreement are severable. In the event any paragraph, provision or
clause, or any combination of same hereof will be found or held to be unenforceable at law or in equity, or under any ordinance, statute or regulation, such finding or holding will not in any way affect the other paragraphs, provisions and clauses
which will remain in full force and effect. In the event any paragraph, provision or clause, or any combination of same hereof will not be enforceable in accordance with its terms, Company and you agree that such paragraph, provision, or clause will
be reformed to make such paragraph, provision, or clause enforceable in a manner which provides Company the maximum rights permitted at law. 

  

	13.	 Resolution of Disputes. Any controversy or claim arising out of or relating to this Agreement, your
employment or director position with the Company, other than under Section 6 or the Confidentiality Agreement, shall be determined by binding arbitration in accordance with the Employment Arbitration Rules of the American Arbitration
Association. The place of arbitration shall be Dallas, Texas. This Agreement shall be exclusively construed, applied and performed, per the internal laws of the state of Texas, U.S.A. Judgment on any award rendered by the arbitrator(s) may be
entered in any court of competent jurisdiction . The arbitration provision in this section 13 shall survive if this Agreement should be adjudged null and void or should be canceled or terminated for any reason. 

 

	14.	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Texas, without reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any court in a county as determined by the Company and the parties
hereto hereby consent to the jurisdiction of such courts in any such action or proceeding. You hereby consent to the exclusive venue and personal jurisdiction of said court with respect to any litigation arising from this Agreement or your
employment with Company. 

  

	15.	 Construction. Each party hereto acknowledges and agrees that it has had the opportunity to consult with
its own legal counsel in connection with the negotiation of this Agreement and that it has bargaining power equal to that of the other party hereto in connection with the negotiation, execution and delivery of the Agreement. Accordingly, the parties
hereto agree that the rule of contract construction that an agreement will be construed against the drafter will have no application in the construction or interpretation of this Agreement. For purposes of this Agreement, whenever the context
requires: (i) the singular number shall include the plural, and vice versa; (ii) the masculine gender shall include the feminine and neuter genders, the feminine gender shall include the masculine and neuter genders, the

  

					
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	 	neuter gender shall include the masculine and feminine genders; and (iii) the words include and including, and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be
followed by the words without limitation. 

  

	16.	 Legal Fees. The parties hereto agree that the non-prevailing
party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a “Dispute”), shall reimburse the prevailing party for
reasonable attorney’s fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however, that the Employee shall only be required to reimburse the Company for its fees and expenses incurred in connection with
a Dispute if the Employee’s position in such Dispute was found by the court, arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith. 

 

	17.	 Consideration for This Agreement. In consideration for the covenants and promises made by you in the
recitals to this Agreement and in Sections 2, 9, 18 and 22 herein, the sufficiency of which you hereby acknowledge, Company will employ you as set forth herein. You acknowledge that your execution of this Agreement and your agreement to the
covenants contained in Sections 2, 9, 18 and 22 herein are integral to Company’s agreement to employ you and, without such agreements, covenants and promises by you, Company would not employ you. 

 

	18.	 Non-Disparagement, Defamation and Privacy. You will refrain,
both during and after termination of the employment relationship between Company and you, from publishing, uttering or otherwise disseminating any oral or written statements about Company or its officers, directors, employees, agents or
representatives that are slanderous, libelous, or otherwise defamatory; or that disclose private or confidential information about Company or its business affairs, officers, directors, employees, agents, or representatives that you know or should
know is materially injurious to Company;; or that place Company or any of its officers, directors, employees, agents or representatives in a false light before the public; or that constitute a misappropriation of the name or likeness of Company or
its officers directors, employees, agents or representatives. A violation or threatened violation of this prohibition may be enjoined by any court of competent jurisdiction. The rights afforded Company under the provision of this Section 18 are
in addition to any and all rights and remedies otherwise afforded by law or by this Agreement. 

  

	19.	 Entire Agreement. This Agreement (including all written amendments and modifications hereto and all
documents ancillary hereto) and the Confidentiality Agreement (as defined herein) constitutes the entire agreement and understanding between the parties and supersedes any prior agreement (including, without limitation, any other prior employment or
severance agreement), plan, condition, practice, custom, usage and obligation with respect to such matters insofar as any such prior agreement, plan, condition, practice, usage or obligation might have given rise to any enforceable right.
Additionally, it is expressly agreed that no representations, promises, warranties or understandings, express or implied, other than set forth herein or referred to herein, will be binding on either party. None of the provisions herein will be
waived, altered or amended unless in writing signed by the parties. 

  

					
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	20.	 Survival. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 2, 4,
9, 10, 11, 12, 13, 14, 16, and 18 of this Agreement and the Confidentiality Agreement shall survive any termination, for whatever reason, of Employee’s employment under this Agreement. 

 

	21.	 Counterparts. You and Company agree that this Agreement may be executed in any number of counterparts,
and in that event, each counterpart will be deemed a complete original and all counterparts will constitute a single agreement. 

  

	22.	 Withholding. All payments made by the Company to the Employee under this Agreement shall be net of any
tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Employee for any adverse tax effect associated with any
payments or benefits or for any deduction or withholding from any payment or benefit. 

  

	23.	 Section 409A. 

 

	 	a.	 This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended,
and any applicable regulations thereunder (“Section 409A”), or an exemption thereunder and shall be construed and administered in such a manner. For purposes of Section 409A,
Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments, and each payment made under this Agreement shall be designated as a separate
payment within the meaning of Section 409A. Any payments to be made under this Agreement upon a termination of employment will only be made on a “separation from service” within the meaning of Section 409A. Notwithstanding the
foregoing, if any payment or benefit provided to Employee in connection with a termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Employee is determined to
be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then such payment or benefit will not be paid until the first payroll date to occur following the six-month
anniversary of such termination or, if earlier, on Employee’s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date
will be paid to Employee in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments will be paid without delay in accordance with their original schedule. 

 

	 	b.	 Notwithstanding the above, the Company makes no representation that the payments and benefits provided under
this Agreement comply with Section 409A, and the Employee acknowledges and agrees that (i) the Employee is solely responsible for any and all obligations arising as a result of the tax consequences associated with any payment under this
Agreement, including without limitation, any taxes, interest or penalties associated with Section 409A, (ii) Employee is not relying upon any written or oral statement or representation the Company, any entity affiliated with the Company,
or any of their respective employees, directors, officers, attorneys or agents regarding the tax effects associated with the execution of this Agreement, and (iii) in no event will the Company be liable for all or any portion of any such
obligations that may be incurred by the Employee on account of non-compliance with Section 409A or otherwise in connection with this Agreement or any payment under this Agreement. 

  

					
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	24.	 Section 280G. Notwithstanding any other provision of this Agreement or any other
plan, arrangement or agreement to the contrary, if (1) Employee is a “Disqualified Individual” (as defined in Section 280G of the Internal Revenue Code of 1986, as amended, and any applicable regulations thereunder
(“Section 280G”)) and (2) any of the payments or benefits provided or to be provided by the Company or its affiliates to Employee or for the Employee’s benefit pursuant to the terms
of this Agreement or otherwise, individually or together with any other payments which Employee has the right to receive from the Company, would constitute a “parachute payment” within the meaning of Section 280G (the
“Parachute Payment(s)”) and would, but for this Section 24, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the total amounts received by
Employee from the Company which constitute Parachute Payments shall be reduced in a manner determined by the Company that is consistent with the requirements of Section 409A to an amount equal, in the aggregate, to one dollar ($1.00) less than
three (3) times the Employee’s base amount within the meaning of Section 280G, so that no portion of the Parachute Payments received by Employee shall be subject to the Excise Tax, if and only if such reduction produces a better net after-tax position (taking into account any applicable Excise Tax and any applicable income tax) than if the total payments owed to Employee were paid in full and subject to the tax. 

 

	25.	 Your Certification. YOU HEREBY CERTIFY THAT: 

 

	 	a.	 YOU RECEIVED A COPY OF THIS AGREEMENT AND THE CONFIDENTIALITY AGREEMENT FOR REVIEW AND STUDY BEFORE YOU WERE
ASKED TO EXECUTE THEM; 

  

	 	b.	 YOU HAVE READ SUCH AGREEMENTS CAREFULLY; 

 

	 	c.	 YOU HAVE BEEN AFFORDED THE OPPORTUNITY TO DISCUSS AND REVIEW THIS AGREEMENT AND THE CONFIDENTIALITY AGREEMENT
WITH AN ATTORNEY OF YOUR CHOICE; 

  

	 	d.	 YOU UNDERSTAND WHAT YOUR RIGHTS ARE UNDER THE AGREEMENTS AS WELL AS YOUR OBLIGATIONS; 

 

	 	e.	 YOU HAVE READ AND UNDERSTAND EACH AND EVERY PROVISION OF THE AGREEMENTS AND DO HEREBY ACCEPT AND AGREE TO THE
SAME; AND 

  

	 	f.	 YOU ARE EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY COMPANY OR ANYONE
ELSE. 

  

					
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 IN WITNESS WHEREOF, you have, on the
date set forth below, affixed your hand and Company has caused this Agreement to be executed by a duly authorized person, on the date set forth below. 
  

							
		 		 	Employee:
			
	Date: April 5, 2022	 		 	     /s/ Andrew Simpson

			
		 		 	Employer:
				
	Date: April 5, 2022	 		 	By:	 	 /s/ Mark Hilz

		 		 	Name:	 	Mark Hilz
		 		 	Title:	 	Chief Operating Officer

  

					
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 EXHIBIT A 

Compensation 
  

	1.	 Base Salary: Base Salary will commence at the rate of $200,000.00 per annum, which base salary will be
paid in arrears in equal bi-monthly installments during the Term in accordance with the Company’s customary payroll practices and subject to applicable withholdings. Any increase in the base salary shall
be at the sole discretion of the Board of Directors or remuneration committee as appropriate. 

  

	2.	 Employment Start Date: March 15, 2022 

 

	3.	 Bonuses: Employee may be entitled to participate in a bonus scheme(s) from time to time at the sole
discretion of the Board of Directors or remuneration committee as appropriate. It being agreed and understood that neither the Board of Directors, nor the remuneration committee, has any obligation to put in place any bonus(es) schemes, and
Employee’s right to any bonus under a bonus scheme, if any, shall be subject to all terms and conditions of such bonus scheme(s). 

  

	4.	 Stock and Stock Option Plans: Employee may be entitled to participate in any stock plans (either ISO
approved or non-approved) from time to time at the sole discretion of the Board of Directors or remuneration committee as appropriate. It being agreed and understood that neither the Board of Directors, nor
the remuneration committee, has any obligations to grant any participation in such stock plans to Employee, and Employee’s right to any award or benefit under a stock plan, if any, shall be subject to all terms and conditions of such stock
plan. 

  

	5.	 Health Insurance: The Employee will be entitled to participate in the Company’s health insurance
plan on a comparable basis to other senior officers of the Company and subject to the terms and conditions of such health insurance plan. 

  

	6.	 Benefits: Employee shall be entitled to receive such group benefits as Employer may provide to its other
senior officers of the Company (pro-rated for partial years) and subject to the terms and conditions of such group benefit plans. 

  

					
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 EXHIBIT B 

Approved Outside Businesses 

Kyngstone Limited. 

  

					
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