Document:

Exhibit
4.7

 

DESCRIPTION
OF VYANT BIO INC.’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As
of December 31, 2021, Vyant Bio, Inc. (the “Company”) had one class of securities registered under Section 12 of the Securities
Exchange Act of 1934, as amended: our voting common stock, $.0001 par value per share.

 

DESCRIPTION
OF CAPITAL STOCK

 

The
following is a summary of information concerning capital stock of Vyant Bio, Inc. (“us,” “our,” “we”
or the “Company”) and does not purport to be complete. The summary is subject to, and qualified in its entirety by reference
to, Vyant Bio, Inc.’s fourth amended and restated certificate of incorporation, as amended, amended and restated bylaws and the
Delaware General Corporation Law (the “DGCL”). You are urged to read our fourth amended and restated certificate of incorporation,
as amended, amended and restated bylaws and the applicable provisions of the DGCL for additional information.

 

General

 

Our
fourth amended and restated certificate of incorporation authorizes us to issue up to 100,000,000 shares of common stock, par value $0.0001
per share, and 9,764,000 shares of preferred stock, par value $0.0001 per share. As of December 31, 2021, 28,992,995 shares of Common
Stock, and no shares of our preferred stock, were outstanding. All outstanding shares of our common stock are fully paid and non-assessable.

 

Voting
Rights. Holders of our common stock are entitled to one vote per share in the election of directors and on all other matters on which
stockholders are entitled or permitted to vote. Holders of our common stock are not entitled to cumulative voting rights.

 

Dividend
Rights. Subject to the terms of any outstanding series of preferred stock, the holders of our common stock are entitled to dividends
in the amounts and at times as may be declared by the board of directors out of funds legally available therefor.

 

Liquidation
Rights. Upon liquidation or dissolution, holders of our common stock are entitled to share ratably in all net assets available for
distribution to stockholders after we have paid, or provided for payment of, all of our debts and liabilities, and after payment of any
liquidation preferences to holders of our preferred stock.

 

Other
Matters. Holders of our common stock have no redemption, conversion or preemptive rights. There are no sinking fund provisions applicable
to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to the rights of the holders
of shares of any series of preferred stock that we may issue in the future.

 

Preferred
Stock

 

Our
board of directors has the authority to issue preferred stock in one or more classes or series and to fix the designations, powers, preferences
and rights, and the qualifications, limitations or restrictions thereof, including dividend rights, conversion right, voting rights,
terms of redemption, liquidation preferences and the number of shares constituting any class or series, without further vote or action
by the stockholders. Although we have no present plans to issue any other shares of preferred stock, the issuance of shares of preferred
stock, or the issuance of rights to purchase such shares, could decrease the amount of earnings and assets available for distribution
to the holders of common stock, could adversely affect the rights and powers, including voting rights, of the common stock, and could
have the effect of delaying, deterring or preventing a change of control of us or an unsolicited acquisition proposal. The preferred
stock may provide for an adjustment of the conversion price in the event of an issuance or deemed issuance at a price less than the applicable
conversion price, subject to certain exceptions.

 

    	 

    	 

    

 

Anti-Takeover
Effects of Delaware law and Our Certificate of Incorporation and Bylaws 

 

The
provisions of Delaware law, our certificate of incorporation and our bylaws described below may have the effect of delaying, deferring
or discouraging another party from acquiring control of us.

 

Section
203 of the Delaware General Corporation Law

 

We
are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business
combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder,
with the following exceptions:

 

●
before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted
in the stockholder becoming an interested stockholder;

 

●
upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned
at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining
the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons
who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially
whether shares held subject to the plan will be tendered in a tender or exchange offer; or

 

●
on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting
of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is
not owned by the interested stockholder.

 

In
general, Section 203 defines a “business combination” to include any merger or consolidation involving the corporation and
the interested stockholder; any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving
the interested stockholder; subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation
of any stock of the corporation to the interested stockholder; any transaction involving the corporation that has the effect of increasing
the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or the
receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through
the corporation.

 

Certificate
of Incorporation and Bylaws

 

Our
certificate of incorporation and bylaws provide that:

 

●
the authorized number of directors can be changed only by resolution of our board of directors;

 

●
our bylaws may be amended or repealed by our board of directors or our stockholders;

 

    	 

    	 

    

 

●
no action can be taken by stockholders except at an annual or special meeting of the stockholders called in accordance with our bylaws,
and stockholders may not act by written consent, unless the stockholders amend the certificate of incorporation to provide otherwise;

 

●
stockholders may not call special meetings of the stockholders or fill vacancies on the board;

 

●
our board of directors will be authorized to issue, without stockholder approval, preferred stock, the rights of which will be determined
at the discretion of the board of directors and that, if issued, could operate as a “poison pill” to dilute the stock ownership
of a potential hostile acquirer to prevent an acquisition that our board of directors does not approve;

 

●
our stockholders do not have cumulative voting rights, and therefore our stockholders holding a majority of the shares of common stock
outstanding will be able to elect all of our directors; and

 

●
our stockholders must comply with advance notice provisions to bring business before or nominate directors for election at a stockholder
meeting.

 

Potential
Effects of Authorized but Unissued Stock

 

We
have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional
shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions
or payment as a dividend on the capital stock.

 

The
existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly
to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to
obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management.
In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including
voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock,
all to the fullest extent permissible under the Delaware General Corporation Law and subject to any limitations set forth in our certificate
of incorporation. The purpose of authorizing the board of directors to issue preferred stock and to determine the rights and preferences
applicable to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred
stock, while providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could
have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from acquiring, a majority
of our outstanding voting stock.

 

Exclusive
Forum Charter Provision

 

Our
certificate of incorporation requires that the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable
law, be the sole and exclusive forum for the following:

 

●
any derivative action or proceeding brought on behalf of the Company;

 

●
any action asserting a claim of breach of a fiduciary duty owed by, or other wrongdoing by, any director, officer, employee or agent
of the Company to the Company or the Company’s stockholders;

 

●any
action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or the Company’s certificate
of incorporation or bylaws;

 

●
any action to interpret, apply, enforce or determine the validity of the Company’s certificate of incorporation or bylaws; or

 

●
any action asserting a claim governed by the internal affairs doctrine, in each such case subject to said Court of Chancery having personal
jurisdiction over the indispensable parties named as defendants therein.

 

    	 

    	 

    

 

Because
the applicability of the exclusive forum provision is limited to the extent permitted by applicable law, we do not intend that the exclusive
forum provision would apply to suits brought to enforce any duty or liability created by the Securities Exchange Act of 1934, as amended,
or any other claim for which the federal courts have exclusive jurisdiction, and acknowledge that federal courts have concurrent jurisdiction
over all suits brought to enforce any duty or liability created by the Securities Act. We note that there is uncertainty as to whether
a court would enforce the provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the
types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

Transfer
Agent

 

The
transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company. Its address is 1 State Street, 30th
Floor, New York, NY 10004.

 

NASDAQ
Listing

 

Our
common stock is traded on The Nasdaq Stock Market under the symbol “VYNT.”Exhibit
10.25

 

VYANT
BIO, INC.

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is entered into as of October 25, 2021, by and between Vyant Bio, Inc. (the “Company”),
and Robert T. Fremeau, Jr. PhD, with the address indicated on the signature page hereto (“Employee”).

 

In
consideration of the mutual covenants and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereby agree, effective as of the Effective Time, as follows:

 

1.
Employment. The Company hereby employs Employee in the capacity of the Chief Scientific Officer of the Company, reporting directly
to the Chief Executive Officer of the Company (the “CEO”). Employee accepts such employment and agrees to perform such roles
and provide such management and other services for the Company as are customary to such office and such additional responsibilities,
consistent with Employee’s position as the Chief Scientific Officer, as may be assigned to Employee from time to time by the CEO.
All employees in the research and development operations of the Company shall report, directly or indirectly, to Employee, and Employee
shall make (or delegate to others) all employment decisions regarding and with respect to direct and indirect reports.

 

2.
Term. The employment hereunder shall be for a period commencing on the date on which the Effective Time occurs (the “Effective
Date”) and ending when terminated as provided in Section 4 or 5 (the “Term”). Employee’s employment following
the Effective Date will be on a full-time business basis requiring the devotion of substantially all of Employee’s productive business
time for the efficient and successful operation of the business of the Company; provided, however, that Employee shall be permitted to
serve on outside boards and committees and perform other civic and charitable activities in addition to his employment as Chief Scientific
Officer of the Company, provided such outside activities during the Term do not materially interfere or conflict with Employee’s
duties hereunder or create an actual or perceived business or fiduciary conflict (in each case, as determined by the Company in good
faith).

 

3.
Compensation and Benefits

 

3.1
Cash Compensation. For the performance of Employee’s duties hereunder following the Effective Date, the Company shall pay
Employee an annual salary in the amount of $325,000 (the “Base Compensation”). The annual salary shall be paid in installments
either every two weeks or twice per month, based on and in accordance with Company’s regular payroll procedures.

 

3.2
Bonus. Commencing for calendar year 2021, Employee shall be eligible annually for a bonus to be determined by the Board of up
to 40% of Base Compensation, and will be prorated for the employment period worked. Commencing for calendar year 2022, Employee shall
be eligible annually for a bonus to be determined by the Board of up to 40% of Base Compensation. The amount of the bonus shall be determined
by the Board, based on its assessment of Employee’s performance and, if the Board has established performance goals, the Company’s
performance against the goals established by the Board or the Compensation Committee of the Board. Any bonus shall be payable prior to
March 15 of the following calendar year, subject to continued employment through the end of the performance period unless otherwise provided
for in Section 5.2.

 

    	 

     

    

 

3.3
Stock Options.

 

(a)
From time to time, the Company may grant to Employee options under the Company’s Stock Option Plan (or its successor stock plan)
to purchase shares of the Company’s common stock at a stated exercise price per share, which shall be no less than fair market
value.

 

(b)
Upon approval of the Compensation Committee, the Company shall grant to Employee a stock option under the 2021 Vyant Bio Stock Option
Plan (the “Plan”) to purchase 250,000 shares of Common Stock, with the exercise price of the stock options that is no less
than the fair market value on the date of grant, with the option to be treated as an incentive stock option to the greatest extent permitted
by law and a non-qualified stock option as to the balance, if applicable, vesting in accordance with the notice of stock option grant
and stock option grant attached hereto as Exhibit A (the “Stock Options”).

 

3.4
Benefits. Employee and his dependents shall be entitled to such medical/dental, disability and life insurance coverage and such
401(k) plan and other retirement plan participation, vacation, sick leave and holiday benefits, if any, and any other benefits as are
made available either to Company’s other senior executives or to the Company’s personnel generally, all in accordance with
the Company’s benefits program in effect from time to time. Employee is responsible for paying Employee’s portion of the
benefit costs consistent with other relevant employees of the Company. The medical/dental, disability and life benefits provided to Employee
under this Section 3.4 shall continue until, and shall terminate, twelve (12) months after a Termination Event pursuant to Section 4
or Section 5, subject to Employee signing the Company’s form of Release as provided as Exhibit B, except to the extent that
Employee receives comparable benefits at a future employer during the twelve (12) months after the Termination Event, in which case the
pertinent benefits from the Company shall end upon Employee’s enrollment in the future employer’s benefit plan.

 

3.5
Reimbursement of Expenses. The Company shall reimburse Employee for all reasonable business expenses incurred by Employee in performing
his tasks, duties and responsibilities under Section 1 or otherwise in connection with and reasonably related to the furtherance of the
Company’s business, including, without limitation, the costs of maintaining professional license needed to perform his duties,
and relocation related expenses up to a maximum of $15,000. Employee shall submit expense reports and receipts documenting the expenses
incurred in accordance with Company policy, and will comply with using the Company’s electronic T&E software and travel planning
systems.

 

3.6
Mobile Device and Phones. The Company shall provide a mobile phone that is compliant with the Company policy and is HIPAA compliant.
Employee is welcome to use his own device or phone, but it must be registered with the I.T. department and must follow the Company’s
“BYOD” (Bring Your Own Device) policies, including but not limited to setting up of passwords, backups of information and
compliance with email and communication policies.

 

4.
Change of Control.

 

4.1
In the event of a termination of Employee’s employment hereunder by the Company with or without Cause or by Employee with or without
Good Reason, within twelve (12) months following a Change of Control, (i) the Company will promptly pay Employee, in lieu of the amounts
required under Section 5.2(b) and in addition to the amounts required under Sections 3.4, 3.5 and 5.2(a), a severance amount, payable
in a lump sum immediately upon the later of such termination of employment or Employee’s execution of a Release in the form attached
as Exhibit B, equal to (A) twelve (12) months base compensation, plus (B) an amount equal to the prior year bonus, and (ii) any unvested
Stock Options held by Employee shall vest in full.

 

    	-2-

     

    

 

4.2
As used herein, a “Change of Control” of the Company shall mean any of the following: (i) the acquisition by any person(s)
(individual, entity or affiliated or unaffiliated group) in one or a series of transactions (including, without limitation, issuance
of shares by the Company or through merger of the Company with another entity) of direct or indirect record or beneficial ownership of
50% or more of the voting power with respect to matters put to the vote of the shareholders of the Company and, for this purpose, the
terms “person” and “beneficial ownership” shall have the meanings provided in Section 13(d) or 14(d) of the Securities
Exchange Act of 1934 or related rules promulgated by the Securities and Exchange Commission; (ii) the commencement of or public
announcement of an intention to make a tender or exchange offer for more than 50% of the then outstanding Shares of the common stock
of the Company; (iii) a sale of all or substantially all of the assets of the Company; or (iv) the Board, in its sole and absolute
discretion, determines that there has been a sufficient change in the stock ownership of the Company to constitute a change in control
of the Company. Notwithstanding the foregoing, the following acquisitions shall not constitute a “Change of Control”: (1)
any capital raised by the Company (not used for a redemption of outstanding shares); (2) the closing of any transaction that in
good faith may be reasonably characterized as an acquisition of another entity by the Company rather than the other way around;
or (3) any acquisition of the Company or its shares by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company.

 

4.3
If Employee is a “specified employee” for purposes of Section 409 of the Internal Revenue Code of 1986, as amended (the “Code”),
to the extent any amounts required to be paid pursuant to this Agreement constitute “non-qualified deferred compensation”
for purposes of Section 409A, payment thereof shall be delayed until the day after the first to occur of (i) the day which is six months
from the Termination Event (as defined below) and (ii) the date of Employee’s death, with any delayed amounts being paid in a lump
sum on such date and any remaining payments being made in the normal course. For purposes of this Agreement, the terms “terminate,”
“terminated” and “termination” mean a termination of Employee’s employment that constitutes a “separation
from service” within the meaning of the default rules under Section 409A. For purposes of Section 409A, the right to a series of
installment payments under this Agreement shall be treated as a right to a series of separate payments.

 

5.
Termination

 

5.1
Termination Events. The employment hereunder will terminate upon the occurrence of any of the following events (“the Termination
Event”):

 

(a)
Employee dies; or

 

(b)
The Company, by written notice to Employee or Employee’s personal representative, discharges Employee due to the inability to continue
to perform the duties previously assigned to Employee hereunder prior to such injury, illness or disability for a continuous period exceeding
90 days or 180 out of 360 days by reason of injury, physical or mental illness or other disability, which condition has been certified
by a physician reasonably acceptable to the Company; provided, however, that prior to discharging Employee due to such disability,
the Company shall give a written statement of findings to Employee or Employee’s personal representative setting forth specifically
the nature of the disability and the resulting performance failures, and Employee shall have a period of thirty (30) days thereafter
to respond in writing to the Company’s findings, whereupon the Company shall conduct a reasonable and fair hearing with Employee
and any supporting witnesses and evidence for Employee to reach a final determination; or

 

    	-3-

     

    

 

(c)
Employee is discharged by the Company for “Cause.” As used in this Agreement, the term “Cause” shall mean:

 

(i)
Employee’s conviction of (or pleading guilty or “nolo contendere” to) any felony or a major misdemeanor involving dishonesty
or moral turpitude; provided, however, that prior to discharging Employee for Cause, the Company shall give a written statement
of findings to Employee setting forth specifically the grounds on which Cause is based, and Employee shall have a period of ten (10)
days thereafter to respond in writing to the Company’s findings; or

 

(ii)
Employee’s (1) unreasonable failure to perform Employee’s duties, as determined by the Board of Directors, or (2) substantial
and material breach of, or default under, this Agreement or the Proprietary Information and Invention Assignment Agreement (as defined
herein), (3) unreasonable failure as determined by the Board of Directors, to meet reasonable benchmarks, as may be agreed to from time
to time by Employee and the Board of Directors. In the case of any of the conditions set forth in this Section 5.1(c)(ii), Employee shall
be given written notice of the intent of the Board of Directors to terminate Employee’s employment under this paragraph, and shall
be permitted thirty (30) days from receipt of such written notice to promptly cure any such breach or default to the reasonable satisfaction
of the Board of Directors.

 

(d)
Employee is discharged by Company other than in accordance with Section 5.1(a)-(c) (a termination “without Cause”), which
the Company may do at any time, with at least thirty (30) days’ advance written notice, subject to the full performance of the
obligations of the Company to Employee pursuant to Section 4 or Section 5.2, as the case may be; or

 

(e)
Employee voluntarily terminates Employee’s employment due to “Good Reason,” which shall mean, without Employee’s
consent (i) a material default by the Company in the performance of any of its obligations hereunder, which default, if not previously
cured under this Section 5.1(e)(i), remains uncured by the Company for a period of thirty (30) days following receipt of written notice
thereof to the Company from Employee; (ii) excluding business travel or a work from home arrangement, the relocation of Employee’s
principal place of employment that would increase Employee’s one-way commute by more than twenty-five (25) miles, (iii) a material
diminution of the roles, responsibilities or duties and/or the position, title or authority of Employee hereunder, or (iv) a requirement
that Employee report to any person other than the CEO; or

 

(f)
Employee voluntarily terminates Employee’s employment without Good Reason, which Employee may do at any time with at least thirty
(30) days advance notice.

 

5.2
Effects of Termination.

 

(a)
Upon termination of Employee’s employment hereunder for any reason, the Company will promptly pay Employee all Base Compensation
owed to Employee, all bonuses earned and unpaid through the date of termination (including, without limitation, salary and employee expenses
reimbursements), and all accrued but unused paid time off as of the date of termination. Employee shall also be paid for any performance
bonus plan then in effect on a pro rata basis of the target bonus for that period of time during the fiscal year in which termination
occurs, but such amount shall only be paid at a commensurate time as other employees are paid their bonus amounts.

 

    	-4-

     

    

 

(b)
Unless Section 4 applies (in which case Section 4, and not this Section 5.2(b), will be followed), and in addition to the amounts required
under Sections 3.4, 3.5 and 5.2(a):

 

(i)
Upon termination of Employee’s employment under Section 5.1(a), Company shall continue to pay the Base Compensation to the estate
of Employee for a period of ninety (90) days after such death.

 

(ii)
Upon termination of Employee’s employment under Section 5.1(b), the Company shall pay Employee, commencing immediately upon such
termination of employment, monthly (or biweekly at the Company’s discretion) amounts equal to the then applicable Base Compensation,
excluding bonus, for a period of six (6) months after termination.

 

(iii)
Upon termination of Employee’s employment under Section 5.1(d) or 5.1(e), the Company shall pay Employee, commencing immediately
upon the later of such termination of employment or Employee’s execution of a Release in the form attached as Exhibit B,
monthly (or biweekly at the Company’s discretion) amounts equal to the Employee’s then applicable Base Compensation for a
period of nine (9) months after termination plus the greater of the actual prior-year and current-year target bonus times the number
of days from the beginning of the current fiscal year through the Employee’s termination date divided by 365 days.

 

(c) As consideration for Employee’s employment with the Company at all times both during Employee’s employment and upon the termination of Employee’s employment hereunder pursuant to Sections 5.1(b), 5.1(c), 5.1(d), 5.1(e) or 5.1(f), Employee agrees that for the twelve- (12) month period following the Termination Event:

 

(i)
Employee will not directly, whether as an individual, employee, director, consultant or advisor, or in any other capacity whatsoever
other than a passive investor, provide services to any person, firm, corporation or other business enterprise which is involved in the
business of developing human cell-based assays and related analytical tools to define a preclinical toxicity or efficacy model(s) as
a service, product or combined with the ability to test drugs for repurposing for new and emerging disease indications targeting the
pharmaceutical industry and in direct competition with the Company anywhere in the United States of America or (a) in any geographic
location where Employee performed direct, substantive services for any of the Company’s customers, (b) in which Employee provided
services to Company, or (c) where Employee’s use or disclosure of Proprietary Information (as defined in the Proprietary Information
and Invention Assignment Agreement) could disadvantage the Company (the “Competitive Engagements”), unless Employee obtains
the Company’s prior written consent. This Section 5.3(c)(i) shall be subject to and interpreted under the laws of the Commonwealth
of Massachusetts during the period that the Employee lives and works in Massachusetts and to the extent required by applicable law. If
the Employee relocates, this section shall be interpreted under Delaware law.

 

(ii)
Employee will not directly or indirectly solicit any individual to leave the Company’s then full-time employ, for any reason, to
join or be employed by any employer that then employs Employee as an employee, director, consultant or advisor.

 

    	-5-

     

    

 

(iii)
Employee will not directly or indirectly do anything to divert or attempt to divert from the Company any business of any kind, including,
without limitation, solicit or interfere with a Business Partner (as defined in the Proprietary Information and Invention Assignment
Agreement) with whom Employee performed direct, substantive services during Employee’s employment or as to whom Employee had access
to Proprietary Information where Employee’s use or disclosure of Proprietary Information could disadvantage the Company or cause
such Business Partners to cease doing business with the Company or to breach its agreement with the Company. This restriction shall not
apply to any Business Partner with whom Employee can demonstrate that Employee had a pre-existing relationship prior to Employee’s
employment with the Company.

 

(d)
Employee acknowledges that monetary damages may not be sufficient to compensate the Company for any economic loss, which may be incurred
by reason of breach of the restrictive covenants set forth in Section 5.2(c). Accordingly, in the event of any such breach, the Company
shall, in addition to any remedies available to the Company at law, be entitled to seek equitable relief in the form of an injunction,
precluding Employee from continuing to engage in such breach, without the need to post a bond or other security.

 

(e)
If any restriction set forth in Section 5.2(c) is held to be unreasonable, then Employee and the Company agree, and hereby submit, to
the reduction and limitation of such prohibition to such area or period as shall be deemed reasonable.

 

(f)
Except as required by law, Employee agrees not to make to any person, including but not limited to customers of the Company, any statement
that disparages the Company or which reflects negatively upon the Company, including but not limited to statements regarding the Company’s
financial condition, its officers, directors, shareholders, employees and affiliates. The Company agrees not to make to any person, including
but not limited to customers of the Company, any statement that disparages Employee or which reflects negatively upon Employee, including
but not limited to statements regarding his financial condition.

 

6.
Conflicts of Interest.

 

6.1
Duty to Disclose. Employee will provide the CEO and Board with a report on the existence of any actual or the appearance of any
conflicts of interest. In connection with any actual conflicts of interests or the appearance of a conflict of interest, Employee will
confidentially disclose the existence of any conflicts of interests, including Employee’s financial interest and the minimum amount
of facts necessary to assess the conflict of interest, to the CEO and Board or to any special committees with Board delegated powers
considering the proposed transaction or arrangement. If the Board or committee has reasonable cause to believe that Employee has failed
to disclose any actual conflict of interest, it shall inform Employee of the basis for such belief and afford Employee an opportunity
to explain the alleged failure to disclose.

 

6.2
Determining Whether a Conflict of Interest Exists. After disclosure of the financial interest and the minimum about of facts necessary
to assess the conflict of Interest, and after any discussion with the Employee, Employee shall excuse himself from the Board or committee
meeting while the determination of whether a conflict of interest exists is discussed and voted upon. The remaining Board or committee
members shall determine whether a conflict of interest exists.

 

    	-6-

     

    

 

6.3
Addressing Conflict. If the Board determines that Employee has either an actual conflict of interest or the appearance of a conflict,
the Company and Employee shall employ good faith actions to resolve the conflict of interest.

 

7.
General Provisions.

 

7.1
Assignment. Employee may not assign or delegate any of Employee’s rights or obligations under this Agreement. The Company
may assign this Agreement to a purchaser of, or other successor to, all or substantially all of the assets of the Company.

 

7.2
Entire Agreement; Effect on Prior Agreements. This Agreement, together with the Proprietary Information and Invention Assignment
Agreement, contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior
written and verbal agreements between the parties. Without limiting the foregoing, the Company (on behalf of StemoniX) and Employee agree
that the compensation and restrictive covenant-related provisions of that certain offer letter by and between StemoniX and Employee dated
as of August 19, 2019, as amended to date (but not the related Employee Confidential Information, Assignment of Inventions, And Arbitration
Agreement), shall be terminated effective as of the Effective Date.

 

7.3
Modifications. This Agreement may be changed or modified only by an agreement in writing signed by both parties hereto.

 

7.4
Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its
successors and permitted assigns and Employee and Employee’s legal representatives, heirs, legatees, distributees, assigns and
transferees by operation of law, whether or not any such person shall have become a party to this Agreement and have agreed in writing
to join and be bound by the terms and conditions hereof.

 

7.5
Governing Law. This Agreement shall be governed by, construed and enforced in accordance with, the laws of the State of Delaware;
provided, however, section 5.1(c)(i) shall be subject to Massachusetts law as provided therein.

 

7.6
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remaining provisions shall nevertheless continue in full force and effect.

 

7.7
Further Assurances. The parties will execute such further instruments and take such further actions as may be reasonably necessary
to carry out the intent of this Agreement.

 

7.8
Notices. Any notices or other communications required or permitted hereunder shall be in writing and shall be deemed received
by the recipient when delivered personally or, if mailed, five (5) days after the date of deposit in the United States mail, certified
or registered, postage prepaid and addressed, in the case of the Company, to its corporate headquarters, attention CEO, and in the case
of Employee, to the address shown for Employee on the signature page hereof, or to such other address as either party may later specify
by at least ten (10) days advance written notice delivered to the other party in accordance herewith.

 

7.9
No Waiver. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of that provision,
nor prevent that party thereafter from enforcing that provision of any other provision of this Agreement.

 

    	-7-

     

    

 

7.10
Arbitration and Equitable Relief. In consideration of Employee’s employment with the Company, its promise to arbitrate all
employment-related disputes, and Employee’s receipt of the compensation and any and all other benefits provided to Employee by
the Company, at present and in the future, Employee agrees that any and all controversies, claims or disputes with anyone, including
(but not limited to) the Company or any employee, manager, officer, agent, shareholder, fiduciary, administrator, or benefit plan of
the Company, arising from, relating to, or resulting from Employee’s employment with the Company, including any breach of this
Agreement, shall be subject to and be resolved by binding arbitration. Employee understands that this agreement to arbitrate also applies
to any disputes that the Company may have with Employee. Unless specifically prohibited by applicable Minnesota law, all disputes subject
to arbitration must be brought in the party’s individual capacity, and not as a plaintiff or class member in any class, collective,
or representative action. In agreeing to arbitrate any and all claims, Employee agrees to waive
and hereby does waive any right to trial by jury, including for any statutory claims under state and federal law, specifically including
(but not limited to) claims under Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990,
the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Minnesota Human Rights Act, claims of
sexual or other unlawful harassment or discrimination, wrongful termination, any other statutory claims, and any claims for breach of
contract, tort, or any other bases in federal, state, local, or common law.

 

(a)
Procedure. Employee agrees that any arbitration will be administered by Judicial Arbitration and Mediation Services (“JAMS”)
and that a single neutral arbitrator will be selected in a manner consistent with its Employment Arbitration Rules and Procedures (the
“Rules”). The Parties agree that the arbitration shall take place in Hennepin County, Minnesota and that the arbitrator
shall conduct and administer any arbitration in a manner consistent with the Rules, and with Minnesota law, including the power to conduct
adequate discovery, decide any motions brought by any party, and to award any remedies available under applicable law. The arbitrator
shall award to the prevailing party its reasonable attorneys’ fees incurred and costs, unless prohibited by applicable law. Employee
agrees that the arbitrator shall issue a binding written award that sets forth the essential findings and conclusions on which the award
is based. The Company will pay all fees charged by the arbitrator and by JAMS, regardless of the party initiating the arbitration. The
full text of the Rules is available here: https://www.jamsadr.com/rules-employment-arbitration/.

 

(b)
Remedies and Provisional Relief. Arbitration shall be the sole, exclusive and final method for resolving any dispute between the
Company and Employee. Accordingly, neither the Company nor Employee will be permitted to pursue an action in court regarding claims that
are subject to arbitration. However, nothing in this Agreement will prohibit either party from seeking provisional relief, including
an injunction or other available provisional relief. Employee agrees that no bond or other security will be required when seeking such
provisional relief. If either party seeks such relief from a court, the prevailing party shall be entitled to recover allowable costs
and reasonable attorneys’ fees incurred with respect to such application.

 

(c)
Administrative Relief. This Agreement does not prohibit Employee from filing a charge or complaint with the U.S. Equal Employment
Opportunity Commission, the National Labor Relations Board, the Department of Labor, or any other federal, state, or local government
agency or commission (collectively, “Government Agencies”) or from communicating with any Government Agencies or otherwise
participating in any investigation or proceeding that may be conducted by any Government Agency. This Agreement does, however, prohibit
Employee from pursuing a court action regarding any such charge or complaint.

 

7.11
Counterparts. This Agreement may be executed by exchange of facsimile signature pages and/or in counterparts, each of which shall
be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

7.12
Insurance on Employee. The Company shall be entitled to obtain and maintain, at the Company’s expense, key person life insurance
on the life of Employee, naming the Company as the beneficiary of such policy. Employee agrees to cooperate with the Company and take
all reasonable actions necessary to obtain such insurance, such as taking usual and customary physical examinations and providing true
and accurate personal, health related information for any application at no cost to Employee.

 

7.13
Proprietary Information and Invention Assignment Agreement. The terms of the proprietary information and invention assignment
agreement attached hereto as Exhibit C (the “Proprietary Information and Invention Assignment Agreement”) are incorporated
herein by reference. If there is any conflict between the terms of the Proprietary Information and Invention Assignment Agreement and
the terms of this Agreement, the terms of this Agreement shall prevail.

 

[Signatures
on Next Page]

 

    	-8-

     

    

 

IN
WITNESS WHEREOF, the Company and Employee have executed this Agreement, effective as of the day and year first above written.

 

	Vyant Bio, Inc.:	 
	 	 	 
	 	/s/
    John A. Roberts	 
	Name:	John
    A. Roberts	 
	Title:	President
    & Chief Executive Officer	 
	 	 	 
	EMPLOYEE:	 
	 	 	 
	 	/s/
    Robert T. Fremeau, Jr., PhD	 
	Name:	Robert
    T. Fremeau, Jr., PhD	 
	Address:	 	 

 

    	-9-

     

    

 

EXHIBIT
A

 

INCENTIVE
STOCK OPTION GRANT AGREEMENT

 

VYANT
BIO, INC. 2021 STOCK INCENTIVE PLAN

 

This
Stock Option Grant Agreement (the “Grant Agreement”) is made and entered into effective on the Date of Grant set forth
in Exhibit A (the “Date of Grant”) by and between Vyant Bio, Inc., a Delaware corporation (the “Company”),
and the individual named in Exhibit A hereto (the “Optionee”).

 

WHEREAS,
the Company desires to provide the Optionee an incentive to participate in the success and growth of the Company through the opportunity
to earn a proprietary interest in the Company; and

 

WHEREAS,
to give effect to the foregoing intention, the Company desires to grant the Optionee an option pursuant to the Vyant Bio, Inc. 2021 Equity
Incentive Plan (the “Plan”) to acquire the Company’s common stock, par value $0.0001 per share (the “Common
Stock”);

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto
agree as follows:

 

1.
Grant. The Company hereby grants the Optionee an Incentive Stock Option (the “Option”) to purchase up to the
number of shares of Common Stock (the “Shares”) set forth in Exhibit A hereto at the exercise price per Share
(the “Exercise Price”) set forth in Exhibit A, and on the vesting schedule set forth in Exhibit A, subject
to the terms and conditions set forth herein and the provisions of the Plan, the terms of which are incorporated herein by reference.
Capitalized terms used but not otherwise defined in this Grant Agreement shall have the meanings as set forth in the Plan.

 

This
Option is intended to qualify as an Incentive Stock Option (“ISO”) under Section 422 of the Code. However, notwithstanding
such designation, if the Optionee becomes eligible in any given year to exercise ISOs for Shares having a Fair Market Value in excess
of $100,000, those options representing the excess shall be treated as Nonqualified Stock Options. In the previous sentence, “ISOs”
include ISOs granted under any plan of the Company or any parent or any Subsidiary of the Company. For the purpose of deciding which
options apply to Shares that “exceed” the $100,000 limit, ISOs shall be taken into account in the same order as granted.
The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. The Optionee
hereby acknowledges that there is no assurance that the Option will, in fact, be treated as an Incentive Stock Option under Section 422
of the Code.

 

2.
Exercise Period Following Termination of Service. This Option shall terminate and be canceled to the extent not exercised within
three (3) months after the Optionee’s Service terminates; provided that if such termination is due to the Optionee’s total
and permanent disability within the meaning of Section 22(e)(3) of the Code, this Option shall terminate and be canceled one (1) year
from the date of termination of the Optionee’s Service; and provided, further, that if Optionee’s Service terminates (other
than for Cause) on or after a Change in Control, then the Option shall remain exercisable until the Expiration Date. Notwithstanding
the foregoing, in the event that the Optionee’s Service is terminated for Cause, then the Option shall immediately terminate on
the date of such termination of Service and shall not be exercisable for any period following such date. In no event, however, shall
this Option be exercised later than the Expiration Date set forth in Exhibit A and in no event shall this Option be exercised
for more Shares than the Shares which otherwise have become exercisable as of the date of termination.

 

    	-10-

     

    

 

3.
Method of Exercise. This Option is exercisable by delivery to the Company of an exercise notice (the “Exercise Notice”)
in a form satisfactory to the Committee or by such other form or means as the Committee may permit or require. Any Exercise Notice shall
state or provide the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”),
and include such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise
Notice shall be accompanied by payment of the aggregate Exercise Price for the Exercised Shares in (i) cash; (ii) check; or (iii) such
other manner as is acceptable to the Committee, provided that such form of consideration is permitted by the Plan and by applicable law.
Upon exercise of the Option by the Optionee and prior to the delivery of such Exercised Shares, the Company shall have the right to require
the Optionee to satisfy applicable Federal and state tax income tax withholding requirements and the Optionee’s share of applicable
employment withholding taxes in a method satisfactory to the Company. Notwithstanding the foregoing, no Exercised Shares shall be issued
unless such exercise and issuance complies with the requirements relating to the administration of stock option plans and other applicable
equity plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system
on which the Common Stock is listed or quoted, and the applicable laws of any foreign country or jurisdiction where stock grants or other
applicable equity grants are made under the Plan; assuming such compliance, for income tax purposes the Exercised Shares shall be considered
transferred to the Optionee on the date the Option is exercised with respect to such Shares.

 

4.
Covenants Agreement. This Option shall be subject to forfeiture at the election of the Company in the event that the Optionee
breaches any agreement between the Optionee and the Company with respect to noncompetition, nonsolicitation, assignment of inventions
and contributions and/or nondisclosure obligations of the Optionee.

 

5.
Taxes. By executing this Grant Agreement, Optionee acknowledges and agrees that Optionee is solely responsible for the satisfaction
of any applicable taxes that may be imposed on Optionee that arise as a result of the grant, vesting or exercise of the Option, including
without limitation any taxes arising under Section 409A of the Code (regarding deferred compensation) or Section 4999 of the Code (regarding
golden parachute excise taxes), and that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes
or otherwise indemnify or hold Optionee harmless from any or all of such taxes.

 

6.
Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent
or distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Grant Agreement
shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

    	-11-

     

    

 

7.
Securities Matters. All Shares and Exercised Shares shall be subject to the restrictions on sale, encumbrance and other disposition
provided by Federal or state law. The Company shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this
Grant Agreement unless, on the date of sale and issuance thereof, such Shares are either registered under the Securities Act of 1933,
as amended (the “Securities Act”), and all applicable state securities laws, or are exempt from registration thereunder.
Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act, or have been registered
or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other
transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary in order to achieve compliance with the Securities Act or the securities
laws of any state or any other law.

 

8.
Investment Purpose. The Optionee represents and warrants that unless the Shares are registered under the Securities Act, any and
all Shares acquired by the Optionee under this Grant Agreement will be acquired for investment for the Optionee’s own account and
not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of
such Shares within the meaning of the Securities Act. The Optionee agrees not to sell, transfer or otherwise dispose of such Shares unless
they are either (1) registered under the Securities Act and all applicable state securities laws, or (2) exempt from such registration
in the opinion of Company counsel.

 

9.
Lock-Up Agreement. The Optionee hereby agrees that in the event that the Optionee exercises this Option during a period in which
any directors or officers of the Company have agreed with one or more underwriters not to sell securities of the Company, then, as a
condition to such exercise, the Optionee shall enter into an agreement, in form and substance satisfactory to the Company, pursuant to
which the Optionee shall agree to restrictions on transferability of the Shares comparable to the restrictions agreed upon by such directors
or officers of the Company.

 

10.
Other Plans. No amounts of income received by the Optionee pursuant to this Grant Agreement shall be considered compensation for
purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or its subsidiaries, unless
otherwise expressly provided in such plan.

 

11.
No Guarantee of Continued Service. The Optionee acknowledges and agrees that the right to exercise the Option pursuant to the
exercise schedule hereof is earned only through continuous Service and such other requirements, if any, as are set forth in Exhibit
A (and not through the act of being hired, being granted an option or purchasing shares hereunder). The Optionee further acknowledges
and agrees that (i) this Grant Agreement, the transactions contemplated hereunder and the exercise schedule set forth herein do not constitute
an express or implied promise of continued employment or service for the exercise period or for any other period, and shall not interfere
with the Optionee’s right or the right of the Company or its Subsidiaries to terminate the employment or service relationship at
any time, with or without cause, subject to the terms of any written employment agreement that the Optionee may have entered into with
the Company or any of its Subsidiaries; and (ii) the Company would not have granted this Option to the Optionee but for these acknowledgements
and agreements.

 

    	-12-

     

    

 

12.
Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Grant Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be amended to materially impair the
rights of the Optionee without the Optionee’s consent; provided, however, that no action of the Board or the Committee that alters
or affects the tax treatment of the Option shall be considered to materially impair any rights of the Optionee. In the event of any conflict
between this Grant Agreement and the Plan, the Plan shall be controlling, except as otherwise specifically provided in the Plan. This
Grant Agreement shall be construed under the laws of the State of Delaware, without regard to conflict of laws principles.

 

13.
Opportunity for Review. Optionee and the Company agree that this Option is granted under and governed by the terms and conditions
of the Plan and this Grant Agreement. The Optionee has reviewed the Plan and this Grant Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Grant Agreement and fully understands all provisions of the Plan and this Grant
Agreement. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon
any questions relating to the Plan and this Grant Agreement. The Optionee further agrees to notify the Company upon any change in the
residence address indicated herein.

 

14.
Section 409A. This Option is intended to be excepted from coverage under Section 409A and shall be administered, interpreted and
construed accordingly. The Company may, in its sole discretion and without the Optionee’s consent, modify or amend the terms of
this Grant Agreement, impose conditions on the timing and effectiveness of the exercise of the Option by Optionee, or take any other
action it deems necessary or advisable, to cause the Option to be excepted from Section 409A (or to comply therewith to the extent the
Company determines it is not excepted).

 

15.
Recoupment. In the event the Company restates its financial statements due to material noncompliance with any financial reporting
requirements under applicable securities laws, any shares issued pursuant to this Agreement for or in respect of the year that is restated,
or the prior three years, may be recovered to the extent the shares issued exceed the number that would have been issued based on the
restatement. In addition and without limitation of the foregoing, any amounts paid hereunder shall be subject to recoupment in accordance
with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy
adopted by the Company or as is otherwise required by applicable law or stock exchange listing conditions.

 

[Signature
Page Follows]

 

    	-13-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Grant Agreement as of the date set forth in Exhibit A.

 

	 	VYANT BIO, INC.
	 	 	
	 	By:	        
	 	Name: 	 
	 	Title:	 
	 	 	
	 	OPTIONEE
	 	 	 
	 	    
	 	Name:	 

 

    	-14-

     

    

 

EXHIBIT
A

 

INCENTIVE
STOCK OPTION GRANT AGREEMENT

 

VYANT
BIO, INC.

 

	 	(a).	Optionee’s
    Name:_____________________________________________
	 	 	 
	 	(b).	Date
    of Grant:__________________________
	 	 	 
	 	(c).	Number
    of Shares Subject to the Option:___________________
	 	 	 
	 	(d).	Exercise
    Price: $______ per Share
	 	 	 
	 	(e).	Expiration
    Date:_______________________
	 	 	 
	 	(f).	Vesting
    Schedule:

 

_______
(Initials)

	 	Optionee	 

 

_______
(Initials)

Company
Signatory

 

STOCK
OPTIONS

 

    	-15-

     

    

 

EXHIBIT
B

 

RELEASE

 

1.
In exchange for the good and valuable consideration set forth in the Employment Agreement between the parties, the undersigned individual
(“Releasor”), on Releasor’s own behalf and on behalf of Releasor’s heirs, beneficiaries and assigns, hereby releases
and forever discharges Vyant Bio, Inc. and its subsidiaries and all of their respective officers and directors, employees, agents, attorneys,
successors and assigns (collectively, “Company Group”), both individually and in their official capacities, from any and
all liability, claims, demands, actions and causes of action of any type (collectively, “Claims”) which Releasor has had
in the past, now has, or might now have, through the date of the Releasor’s execution of this Release, in any way resulting from,
arising out of or connected with his employment by Vyant Bio, Inc. and its subsidiaries (collectively, “Company”) or its
termination or pursuant to any federal, state or local employment law, regulation or other requirement (including without limitation,
and as each may be amended from time to time, the Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal
Pay Act, the Age Discrimination in Employment Act, (“ADEA”); the Americans with Disabilities Act, ERISA (excluding COBRA),
the Fair Credit Reporting Act, OSHA, the Genetic Information Nondiscrimination Act, the Family Medical Leave Act, the Fair Labor Standards
Act, the Sarbanes Oxley Act of 2002, the False Claims Act, the New Jersey Law Against Discrimination, the Conscientious Employee Protection
Act, Minnesota Human Rights Act, Minnesota Equal Pay for Equal Work Law, Minnesota’s Dismissal for Age Statute, Minnesota Nonwork
Activities Law, Minnesota Notice of Termination Law, Minnesota Parenting Leave Act and Polygraph Tests Prohibited). “Claims”
also means any and all actions, charges, controversies, demands, causes of action, suits, rights, and/or claims whatsoever for debts,
sums of money, wages, salary, severance pay, commissions, fees, bonuses, unvested stock options, vacation pay, sick pay, fees and costs,
attorneys fees, losses, penalties, damages, including damages for pain and suffering and emotional harm, arising, directly or indirectly,
out of any promise, agreement, offer letter, contract, understanding, common law, tort, statutes, and/or regulations.

 

2.
Excluded from the scope of this Release is (i) any claim or right of Releasor under any policy or policies of directors and officers
liability insurance maintained by the Company as in effect from time to time; (ii) any right of or for indemnification or contribution
pursuant to contract and/or the Articles of Incorporation or By-Laws (or other charter documents) of the Company that Releasor has or
hereafter may acquire if any claim is asserted or proceedings are brought against Releasor including, without limitation, if by any governmental
or regulatory agency, or by any customer, creditor, employee or shareholder of the Company, or by any self-regulatory organization, stock
exchange or the like, arising out of or related or allegedly related to the undersigned individual being or having been an officer or
employee of the Company or to any of his actions, inactions or activities as an officer or employee of the Company; (iii) any rights
or claims that may arise after the date Releasor signs this Agreement; (iv) any claim for workers’ compensation benefits
(but it does apply to, waive and affect claims of discrimination and/or retaliation on the basis of having made a workers’ compensation
claim); (v) claims for unemployment benefits; (vi) any other claims or rights that by law cannot be waived in a private agreement between
an employer and employee; or (vii) Releasor’s rights to any vested benefits to which he is entitled under the terms of the applicable
employee benefit plan (the “Excluded Claims”)

 

    	-16-

     

    

 

3.
This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with:

 

(a)
Releasor’s protected rights under federal, state or local employment discrimination laws (including, without limitation, the ADEA
and Title VII) to communicate or file a charge with, or participate in an investigation or proceeding conducted by, the Equal Employment
Opportunity Commission (“EEOC”) or similar federal, state or local government body or agency charged with enforcing
employment discrimination laws. Therefore, nothing herein shall prohibit, interfere with or limit Releasor from filing a charge with,
communicating with or participating in any manner in an investigation, hearing or proceeding conducted by, the EEOC or similar federal,
state or local agency. However, Releasor shall not be entitled to any relief or recovery (whether monetary or otherwise), and Releasor
hereby waives any and all rights to relief or recovery, under, or by virtue of, any such filing of a charge with, or investigation, hearing
or proceeding conducted by, the EEOC or any other similar federal, state or local government agency relating to any claim that has been
released herein;

 

(b)
Releasor’s protected right to test in any court, under the Older Workers Benefit Protection Act, or like statute or regulation,
the validity of the waiver of rights under ADEA in this Agreement; or

 

(c)
Releasor’s right to enforce the terms of this Agreement and to exercise his rights relating to any other Excluded Claims.

 

.
4. Releasor represents and warrants that he has no charges, lawsuits, or actions pending in his name against any of the Company
Group relating to any claim that has been released in this Agreement. Releasor also represents and warrants that he has not assigned
or transferred to any third party any right or claim against any of the Company Group that he has released herein. Except with respect
to the Excluded Claims, Releasor covenants and agrees that he will not report, institute or file a charge, lawsuit or action (or encourage,
solicit, or voluntarily assist or participate in, the reporting, instituting, filing or prosecution of a charge, lawsuit or action by
a third party) against any of the Company Group with respect to any claim that has been released herein.

 

5.
Releasor agrees, at the Company’s request, to reasonably cooperate, by providing truthful information, documents and testimony,
in any Company investigation, litigation, arbitration, or regulatory proceeding regarding events that occurred during Releasor’s
employment with the Company. This may include, for example, making Releasor reasonably available to consult with the Company’s
counsel, providing truthful information and documents, and to appear to give truthful testimony. The Company will, to the extent permitted
by applicable law and court rules, reimburse Releasor for reasonable out-of-pocket expenses that Releasor incurs in providing any requested
cooperation, so long as Releasor provides advance written notice to the Company of Releasor’s request for reimbursement and provides
satisfactory documentation of the expenses. Nothing in this section is intended to, and shall not, preclude or limit Releasor’s
protected rights described in the Excluded Claims.

 

6.
Releasor confirms that Releasor has returned to the Company any and all Company documents, materials and information (whether in hardcopy,
on electronic media or otherwise) related to Company business and/or containing any non-public information concerning the Company, as
well as all equipment, keys, access cards, credit cards, computers, computer hardware and software, electronic devices and any other
Company property in Releasor’s possession, custody or control. Releasor also represents and warrants that Releasor has not retained
copies of any Company documents, materials or information (whether in hardcopy, on electronic media or otherwise). Releasor also agrees
that Releasor will disclose to the Company all passwords necessary or desirable to enable the Company to access all information which
Releasor has password-protected on any of its computer equipment or on its computer network or system.

 

7.
The undersigned individual further acknowledges that Releasor has been advised by this writing that: (a) Releasor’s waiver and
release in this Release does not apply to any rights or claims that may arise after the execution date of this Release; (b) that
Releasor is encouraged by Company and has the right to consult with an attorney prior to executing this Release; (c) Releasor has
been provided with up to twenty-one (21) days to review and consider this Release; (d) Releasor has fifteen (15) days following Releasor’s
execution and delivery of this Release to revoke this Agreement by so notifying the Company in writing (c/o CEO); and (e) this Release
shall not be effective until the date upon which the this fifteen (15) day revocation period has expired unexercised (the “Effective
Date”), which shall be the fifteen (15) day after this Release is executed by the undersigned individual.

 

    	-17-

     

    

 

8.
The Company hereby releases and forever discharges the Releasor and Releasor heirs, beneficiaries and representatives and assigns, both
individually and in their official capacities, from any and all Claims (defined above) which it has had in the past, now has, or might
now have, through the date of its execution and delivery of this Release, in any way resulting from, arising out of, or connected with
Releasor’s employment with the Company or separation therefrom. Company agrees not to take any action that is designed, specifically
as to you or with respect to a class of similarly situated employees, to reduce or abrogate, or may reasonably be expected to result
in an abridgement or elimination of, any rights of indemnification or contribution available to Releasor, as described above, or under
any such policy or policies of directors and officers liability insurance, unless any such abridgement or elimination of rights also
is generally applicable to all then-current officers and employees of the Company. Notwithstanding the foregoing, nothing herein shall
constitute a release by Company against Releasor for fraud, theft, or illegal acts or omissions.

 

9.
This Release does not constitute an admission by the Company or by the undersigned individual of any wrongful action or violation of
any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning
employment actions, or of any other possible or claimed violation of law or rights. This Release is entered into without reliance on
any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises,
warranties or representations. This Release may not be modified or amended except in a writing signed by both the undersigned individual
and a duly authorized officer of the Company.

 

10.
This Release will bind the heirs, personal representatives, successors and assigns of both the undersigned individual and the Company,
and inure to the benefit of both the undersigned individual and the Company and their respective heirs, successors and assigns. If any
provision of this Release is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other
provision of this Release and the provision in question will be modified by the court so as to be rendered enforceable. This Agreement
will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the state of Minnesota as
applied to contracts made and to be performed entirely within Minnesota.

 

	VYANT BIO, Inc.:	 	EMPLOYEE:
	 	 	 	 	 
	 	 	 
	Name: 	 	 	Name: 	 
	Title:	    	 	 	           

 

    	-18-

     

    

 

EXHIBIT
C

 

PROPRIETARY
INFORMATION AND INVENTION ASSIGNMENT AGREEMENT

 

I
(the “Employee”) recognize that Vyant Bio, Inc., a Delaware corporation (the “Company”), is engaged in the business
of developing human cell-based assays and related analytical tools to define a preclinical toxicity or efficacy model(s) as a service,
product or combined with the ability to test drugs for repurposing for new and emerging disease indications targeting the pharmaceutical
industry (the “Business”). Any company with which the Company enters into, or seeks or considers entering into, a business
relationship in furtherance of the Business including but not limited to as a provider, agent, customer, supplier, distributor, or licensee
is referred to as a “Business Partner.”

 

I
understand that as part of my performance of duties as an employee of the Company (the “Employment”), I will have access
to confidential or proprietary information of the Company and the Business Partners, and I may make new contributions and inventions
of value to the Company. I further understand that my Employment creates in me a duty of trust and confidentiality to the Company with
respect to any information: (1) related, applicable or useful to the business of the Company, including the Company’s anticipated
research and development or such activities of its Business Partners; (2) resulting from tasks performed by me for the Company; (3) resulting
from the use of equipment, supplies or facilities owned, leased or contracted for by the Company; or (4) related, applicable or useful
to the business of any partner, client or customer of the Company, which may be made known to me or learned by me during the period of
my Employment.

 

For
purposes of this Agreement, the following definitions apply: “Proprietary Information” shall mean information relating to
the Business or the business of any Business Partner and generally unavailable to the public that has been created, discovered, developed
or otherwise has become known to the Company or in which property rights have been assigned or otherwise conveyed to the Company or a
Business Partner, which information has economic value or potential economic value to the business in which the Company is or will be
engaged. Proprietary Information shall include, but not be limited to, trade secrets, processes, formulas, writings, data, know-how,
negative know-how, improvements, discoveries, developments, designs, inventions, techniques, technical data, patent applications, customer
and supplier lists, financial information, business plans or projections and any modifications or enhancements to any of the above. Proprietary
Information does not include, and the restrictions upon use and disclosure of Proprietary Information shall not apply to, information
that: (1) is now in the public domain or subsequently enters the public domain through no breach of this Agreement, or (2) I lawfully
receive from any third party without restriction as to use or confidentiality, or (3) is independently developed by me, or for me by
others.

 

“Inventions”
shall mean all Business-related discoveries, developments, designs, improvements, inventions, formulas, software programs, processes,
techniques, know-how, negative know-how, writings, graphics and other data, whether or not patentable or registrable under patent, copyright
or similar statutes, that are related to or useful in the business or future business of the Company or its Business Partners or result
from use of premises or other property owned, leased or contracted for by the Company. Without limiting the generality of the foregoing,
Inventions shall also include anything related to the Business that derives actual or potential economic value from not being generally
known to the public or to other persons who can obtain economic value from its disclosure or use.

 

    	-19-

     

    

 

As
part of the consideration for my Employment, as the case may be, and the compensation received by me from the Company from time to time,
I hereby agree as follows:

 

1.
Proprietary Information and Inventions. All Proprietary Information and Inventions related to the Business shall be the sole property
of the Company and its assigns, and the Company or its Business Partners, as the case may be, and their assigns shall be the sole owner
of all patents, trademarks, service marks, copyrights and other rights (collectively referred to herein as “Rights”) pertaining
to Proprietary Information and Inventions. I hereby assign to the Company, any rights I may have or acquire in Proprietary Information
or Inventions or Rights pertaining to the Proprietary Information or Inventions which Rights arise in the course of my Employment. I
further agree as to all Proprietary Information or Inventions to which Rights arise in the course of my Employment to reasonably assist
the Company or any person designated by it in every proper way (but at the Company’s sole expense) to obtain and, from time to
time, enforce Rights relating to said Proprietary Information or Inventions in any and all countries. I will execute all truthful and
accurate documents reasonably necessary for use in applying for, obtaining and enforcing such Rights in such Proprietary Information
or Inventions as the Company may desire, together with any assignments thereof to the Company or persons designated by it. My obligation
to assist the Company or any person designated by it in obtaining and enforcing Rights relating to Proprietary Information or Inventions
shall continue beyond the cessation of my Employment (“Cessation of my Employment”). I hereby acknowledge that all original
works of authorship that are made by me (solely or jointly with others) within the scope of my Employment and which are protectable by
copyright are “works for hire” as that term is defined in the United States Copyright Act (17 USCA, Section 101). Notwithstanding
the foregoing, the Agreement does not apply to an invention for which no equipment, supplies, facility or trade secret information of
the Company was used and which was developed entirely on my own time, and (1) which does not relate (a) directly to the business of the
Company or (b) to the Company’s actual or demonstrably anticipated research or development, or (2) which does not result from any
work performed by me for the Company.

 

2.
Confidentiality. At all times, both during my Employment and after the Cessation of my Employment, whether the cessation is voluntary
or involuntary, for any reason or no reason, or by disability, I will keep in strictest confidence and trust all Proprietary Information,
and I will not disclose or use or permit the use or disclosure of any Proprietary Information or Rights pertaining to Proprietary Information,
or anything related thereto, without the prior written consent of the Company, except as may be necessary in the ordinary course of performing
my duties for the Company or as required by law or requested by any governmental agency or court of competent jurisdiction. I recognize
that the Company has received and in the future will receive from third parties (including Business Partners) their confidential or proprietary
information subject to a duty on the Company’s part to maintain the confidentiality of such information. I agree that I owe the
Company and such third parties (including Business Partners), during my Employment and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence, and I will not disclose or use or permit the use or disclosure of any such confidential
or Proprietary Information without the prior written consent of the Company, except as may be necessary in the ordinary course of performing
my duties for the Company consistent with the Company’s agreement with such third party. I acknowledge receipt of the following
notice under the Defend Trade Secrets Act: An individual shall not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret if he/she (i) makes such disclosure in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii) such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected
violation of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court proceeding
if the individual: (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except
pursuant to court order.

 

    	-20-

     

    

 

3.
Delivery of Company Property and Work Product. In the event of the Cessation of my Employment, I will deliver to the Company all biological
and chemical materials, devices, records, sketches, reports, memoranda, notes, proposals, lists, correspondence, equipment, documents,
photographs, photostats, negatives, undeveloped film, drawings, specifications, tape recordings or other electronic recordings, programs,
data, marketing material and other materials or property of any nature belonging to the Company or its clients or customers, which property
is then in existence, and I will not take with me, or allow a third party to take, any of the foregoing or any reproduction of any of
the foregoing.

 

5.
No Conflict. I represent to the best of my knowledge that my performance of all the terms of this Agreement and the performance of my
duties for the Company does not and will not breach any agreement to keep in confidence proprietary information acquired by me in confidence
or in trust prior to my Employment. I have not entered into, and I agree that I will not enter into, any agreement, either written or
oral, in conflict herewith.

 

6.
No Use of Confidential Information. I represent to the best of my knowledge that I have not brought and will not bring with me to the
Company or use in my Employment any materials or documents of a former employer, or any person or entity for which I have acted as an
independent contractor or consultant, that are not generally available to the public, unless I have obtained written authorization from
any such former employer, person or firm for their possession and use. I understand and agree that, in my service to the Company, I am
not to breach any obligation of confidentiality that I have to former employers or other persons.

 

7.
Equitable Relief. I acknowledge that in the event of my violation or of the terms of this Agreement, I expressly agree that the Company
shall be entitled to seek, in addition to damages and any other remedies provided by law, an injunction or other equitable remedy respecting
such violation or continued violation by me without being required to post a bond or other security.

 

8.
Severability. If any provision of this Agreement shall be determined by any court of competent jurisdiction to be unenforceable or otherwise
invalid as written, the same shall be enforced and validated to the extent permitted by law. All provisions of this Agreement are severable,
and the unenforceability or invalidity of any single provision hereof shall not affect the remaining provisions.

 

9.
Miscellaneous. This Agreement shall be governed by and construed under the laws of the State of Minnesota applied to contracts made and
performed wholly within such state. No implied waiver of any provision within this Agreement shall arise in the absence of a waiver in
writing, and no waiver with respect to a specific circumstance, event or occasion shall be construed as a continuing waiver as to similar
circumstances, events or occasions. This Agreement, together with the employment agreement (if any) between the Company and myself, contains
the sole and entire agreement and understanding between the Company and myself with respect to the subject matter hereof and supersedes
and replaces any prior agreements to the extent any such agreement is inconsistent herewith. This Agreement can be amended, modified,
released or changed in whole or in part only by a written agreement executed by the Company and myself. This Agreement shall be binding
upon me, my heirs, executors, assigns and administrators, and it shall inure to the benefit of the Company and each of its successors
or assigns. This Agreement shall be effective as of the first day of my being retained to render services to the Company, even if such
date precedes the date I sign this Agreement.

 

9.
Thorough Understanding of Agreement. I have read all of this Agreement and understand it completely, and by my signature below
I represent that this Agreement is the only statement made by or on behalf of the Company upon which I have relied in signing this Agreement.

 

    	-21-

     

    

 

IN
WITNESS WHEREOF, I have caused the Proprietary Information and Inventions Agreement to be signed on the date written below.

 

	Signed: 		 
	 	 	 
	Name:	 	 
	 	 	 
	Date:	 	 

 

    	-22-

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