Document:

EXHIBIT 10.1

 

SEPARATION AND DISTRIBUTION AGREEMENT

 

BY AND BETWEEN

 

HARVARD BIOSCIENCE, INC.

 

AND

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

 

DATED
AS OF [—],
2013 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE I  DEFINITIONS	2
	 	 
	ARTICLE II THE SEPARATION	12
	 	 
	2.1.	Transfer of Assets and Assumption of Liabilities	12
	 	 	 
	2.2.	HART Assets	13
	 	 	 
	2.3.	HART Liabilities	14
	 	 	 
	2.4.	Transfer of Excluded Assets; Assumption of Excluded Liabilities	15
	 	 	 
	2.5.	Approvals and Notifications	15
	 	 	 
	2.6.	Bank Accounts; Cash Balances	16
	 	 	 
	2.7.	Other Documents, Items and Ancillary Agreements	17
	 	 	 
	2.8.	Termination of Agreements	17
	 	 	 
	2.9.	Disclaimer of Representations and Warranties	17
	 	 	 
	ARTICLE III THE IPO AND ACTIONS PENDING THE IPO	18
	 	 
	3.1.	Transactions Prior to the IPO	18
	 	 	 
	3.2.	Proceeds of the IPO	18
	 	 	 
	3.3.	Conditions Precedent to Consummation of the IPO	19
	 	 	 
	3.4.	Charter; Bylaws	20
	 	 	 
	ARTICLE IV THE DISTRIBUTION	20
	 	 
	4.1.	The Distribution	20
	 	 	 
	4.2.	Actions Prior to the Distribution	20
	 	 	 
	4.3.	Conditions to Distribution	21
	 	 	 
	4.4.	Fractional Shares	21
	 	 	 
	ARTICLE V  MUTUAL RELEASES; INDEMNIFICATION	22
	 	 
	5.1.	Release of Pre-Closing Claims	22
	 	 	 
	5.2.	Indemnification by HART	23
	 	 	 
	5.3.	Indemnification by HBIO	24

 

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	5.4.	Indemnification Obligations Net of Insurance Proceeds and Other Amounts	24
	 	 	 
	5.5.	Procedures for Indemnification of Third-Party Claims	25
	 	 	 
	5.6.	Additional Matters	25
	 	 	 
	5.7.	Remedies Cumulative	26
	 	 	 
	5.8.	Survival of Indemnities	26
	 	 	 
	5.9.	Effect of Ancillary Agreements	26
	 	 	 
	ARTICLE VI INTERIM OPERATIONS AND CERTAIN OTHER MATTERS	26
	 	 
	6.1.	Financial Covenants	26
	 	 	 
	6.2.	Other Covenants	29
	 	 	 
	6.3.	Covenants Relating to the Incurrence of Indebtedness	30
	 	 	 
	6.4.	Auditors and Audits; Annual Financial Statements and Accounting	30
	 	 	 
	6.5.	Insurance Matters	32
	 	 	 
	ARTICLE VII EXCHANGE OF INFORMATION; CONFIDENTIALITY	34
	 	 
	7.1.	Agreement for Exchange of Information; Archives	34
	 	 	 
	7.2.	Ownership of Information	34
	 	 	 
	7.3.	Compensation for Providing Information	34
	 	 	 
	7.4.	Record Retention	34
	 	 	 
	7.5.	Limitations of Liability	34
	 	 	 
	7.6.	Other Agreements Providing for Exchange of Information	34
	 	 	 
	7.7.	Production of Witnesses; Records; Cooperation	34
	 	 	 
	7.8.	Confidentiality	35
	 	 	 
	7.9.	Protective Arrangements	36
	 	 	 
	ARTICLE VIII MATTERS RELATING TO EMPLOYEES AND OTHER PARTICIPANTS	36
	 	 
	8.1.	General Principles	36
	 	 	 
	8.2.	Annual Bonus Awards	38
	 	 	 
	8.3.	Certain Welfare Benefit Matters	38
	 	 	 
	8.4.	[Reserved.]	39

 

	8.5.	Qualified Defined Contribution Plan	39
	 	 	 
	8.6.	Deferred Compensation	39
	 	 	 
	8.7.	Assignment of Individual Letter Agreements	40
	 	 	 
	8.8.	Treatment of Outstanding HBIO Equity Awards	40

 

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	8.9.	No Severance Rights	43
	 	 	 
	8.10.	No Third-Party Beneficiaries	43
	 	 	 
	8.11.	Fiduciary Matters	43
	 	 	 
	8.12.	Consent of Third Parties	43
	 	 	 
	ARTICLE IX DISPUTE RESOLUTION	43
	 	 
	9.1.	Agreement to Resolve Disputes	43
	 	 	 
	9.2.	Dispute Resolution	44
	 	 	 
	9.3.	Arbitration	45
	 	 	 
	9.4.	Continuity of Service and Performance	45
	 	 	 
	ARTICLE X FURTHER ASSURANCES AND ADDITIONAL COVENANTS	45
	 	 
	10.1.	Further Assurances	45
	 	 	 
	ARTICLE XI TERMINATION	46
	 	 
	11.1.	Termination by Mutual Consent	46
	 	 	 
	11.2.	Other Termination	46
	 	 	 
	11.3.	Effect of Termination	46
	 	 	 
	ARTICLE XII MISCELLANEOUS	47
	 	 
	12.1.	Counterparts; Entire Agreement; Corporate Power	47
	 	 	 
	12.2.	Governing Law, Jurisdiction and WAIVER	47
	 	 	 
	12.3.	Assignability	48
	 	 	 
	12.4.	Third-Party Beneficiaries	48
	 	 	 
	12.5.	Notices	48
	 	 	 
	12.6.	Severability	49
	 	 	 
	12.7.	Force Majeure	49
	 	 	 
	12.8.	Publicity	49
	 	 	 
	12.9.	Expenses	49
	 	 	 
	12.10.	Headings	49
	 	 	 
	12.11.	Survival of Covenants	49
	 	 	 
	12.12.	Waivers of Default	49
	 	 	 
	12.13.	Specific Performance	50

 

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	12.14.	Amendments	50
	 	 	 
	12.15.	Interpretation	50
	 	 	 
	12.16.	Limitations of Liability	50

 

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	 	SCHEDULES
	 	 
	Schedule 1.1	Certain HART Contracts
	Schedule 1.2(a)	Certain HART Registrable IP
	Schedule 2.2(a)(i)	Certain HART Assets
	 	 
	 	 
	 	EXHIBITS
	 	 
	Exhibit A	Restated Certificate of Incorporation of HART
	Exhibit B	Amended and Restated Bylaws of HART

 

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SEPARATION AND DISTRIBUTION AGREEMENT

 

This
SEPARATION AND DISTRIBUTION AGREEMENT, dated as of [—],
2013 (this “Agreement”), is by and between HARVARD BIOSCIENCE, INC., a Delaware corporation (“HBIO”)
and HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC., a Delaware corporation (“HART”) (each, a “Party”
and, collectively, the “Parties”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings assigned to them in Article I hereof. 

 

RECITALS

 

WHEREAS, HBIO is a global developer, manufacturer
and marketer of a broad range of specialized products, primarily apparatus and scientific instruments, used to advance life science
research and regenerative medicine;

 

WHEREAS, the Board of Directors of HBIO
(the “HBIO Board”) has determined that it is appropriate, desirable and in the best interests of HBIO and its
stockholders to separate HBIO into two independent companies, one for each of: (i) the HBIO Business, which shall continue
to be owned and conducted, directly or indirectly, in addition to any other line of business it may conduct, by HBIO, and (ii) the
HART Business (as defined below), which shall be owned and conducted, directly or indirectly, by HART;

 

WHEREAS, in furtherance of the foregoing,
the HBIO Board and the board of directors of HART (the “HART Board”) have determined that it is appropriate
and desirable for HBIO and its applicable Subsidiaries to transfer the HART Assets to HART and its applicable Subsidiaries, and
for HART and its applicable Subsidiaries to assume the HART Liabilities, in each case, as more fully described in this Agreement
and the Ancillary Agreements (the “Separation”);

 

WHEREAS, HART has been incorporated for
purpose of the Separation;

 

WHEREAS, the HBIO Board has further determined
that it is appropriate and desirable, on the terms and conditions contemplated hereby, for an offer and sale to the public of a
limited number of shares of the common stock, par value $0.01 per share, of HART (the “HART Common Stock”),
to take place pursuant to a registration statement on Form S-1, as more fully described in this Agreement and the Ancillary Agreements
(the “IPO”);

 

WHEREAS, HBIO currently intends that, after
the IPO, HBIO shall distribute to holders of shares of HBIO Common Stock, through a spin-off, the outstanding shares of HART Common
Stock then owned directly or indirectly by HBIO, as more fully described in this Agreement and the Ancillary Agreements (the “Distribution”);

 

WHEREAS, for U.S. federal income tax purposes,
the Contribution (as defined below) and the Distribution, if effected, taken together, are intended to qualify as a tax-free spin-off
under Section 355 and 368(a)(1)(D) of the Code;

 

WHEREAS, HBIO has received a private letter
ruling from the U.S. Internal Revenue Service (the “IRS”) substantially to the effect that, among other things,
the contribution by HBIO (itself) of the assets of the regenerative medicine device business to HART (itself) (the “Contribution”)
and the Distribution, if effected, taken together, will qualify as a transaction that is tax-free for U.S. federal income tax purposes
under Section 355 and 368(a)(1)(D) of the Code (the “Private Letter Ruling”);

 

WHEREAS, this Agreement is intended to be
a “plan of reorganization” within the meaning of Treas. Reg. 1.368-2(g);

 

WHEREAS, it is appropriate and desirable
to set forth the principal corporate transactions required to effect the Contribution, the Separation, the IPO and the Distribution
and certain other agreements that will govern certain matters relating to the Contribution, the Separation, the IPO and the Distribution
and the relationship of HBIO, HART and their respective Subsidiaries following the Contribution, the IPO and the Distribution.

 

NOW, THEREFORE, in consideration of the
mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree
as follows:

 

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ARTICLE I 

DEFINITIONS

 

For the purpose of this Agreement, the
following terms shall have the following meanings:

 

“Action” shall mean
any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, subpoena, proceeding or investigation of any nature
(whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any federal, state,
local, foreign or international Governmental Authority or any arbitration or mediation tribunal.

 

“Affiliate” (including,
with a correlative meaning, “affiliated”) shall mean, when used with respect to a specified Person, a Person
that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such
specified Person. For the purpose of this definition, “control” (including with correlative meanings, “controlled
by” and “under common control with”), when used with respect to any specified Person shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities or other interests, by contract, agreement, obligation, indenture, instrument,
lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. It is expressly agreed that, from and after
the Separation Date and for purposes of this Agreement and the other Ancillary Agreements, (1) no member of the HART Group
shall be deemed to be an Affiliate of any member of the HBIO Group, and (2) no member of the HBIO Group shall be deemed to
be an Affiliate of any member of the HART Group.

 

“Agent” means the distribution
agent to be appointed by HBIO to distribute to the shareholders of HBIO all of the shares of HART Common Stock held by HBIO pursuant
to the Distribution.

 

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

 

“Ancillary Agreements”
means collectively, all of the agreements, instruments, understandings, assignments or other arrangements entered into in connection
with the transactions contemplated hereby, including, without limitation, this Agreement, the Transition Services Agreement, the
Tax Sharing Agreement, Contribution Agreement, Sublease Agreement, Sublicense Agreement, Intellectual Property Matters Agreement,
Product Distribution Agreement, and the Transfer Documents, and individually, each such agreement.

 

“Approvals or Notifications”
shall mean any consents, waivers, approvals, permits or authorizations to be obtained from, notices, registrations or reports to
be submitted to, or other filings to be made with, any third Person, including any Governmental Authority.

 

“Assets” means, with
respect to any Person, the assets, properties, claims and rights (including goodwill) of such Person, wherever located (including
in the possession of vendors or other third Persons or elsewhere), of every kind, character and description, whether real, personal
or mixed, tangible, intangible or contingent, in each case whether or not recorded or reflected or required to be recorded or reflected
on the books and records or financial statements of such Person, including the following:

 

(a) all accounting and other
books, records and files whether in paper, microfilm, microfiche, computer tape or disc, magnetic tape, electronic or any other
form;

 

(b) all apparatus, computers
and other electronic data processing and communications equipment, fixtures, machinery, equipment, furniture, office equipment,
automobiles, trucks, vessels, motor vehicles and other transportation equipment and other tangible personal property;

 

(c) all inventories of materials,
parts, raw materials, components, supplies, work-in-process and finished goods and products;

 

(d) all interests in real property
of whatever nature, including easements, whether as owner, mortgagee or holder of a Security Interest in real property, lessor,
sublessor, lessee, sublessee or otherwise;

 

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(e) (i) all interests in any
capital stock or other equity interests of any Subsidiary or any other Person, (ii) all bonds, notes, debentures or other
securities issued by any Subsidiary or any other Person, (iii) all loans, advances or other extensions of credit or capital
contributions to any Subsidiary or any other Person and (iv) all other investments in securities of any Person;

 

(f) all license agreements,
leases of personal property, open purchase orders for raw materials, supplies, parts or services and other contracts, agreements
or commitments;

 

(g) all deposits and letters
of credit;

 

(h) all written (including
in electronic form) or oral technical information, data, specifications, research and development information, engineering drawings
and specifications, operating and maintenance manuals, and materials and analyses prepared by consultants and other third Persons;

 

(i) all Intellectual Property
and Technology;

 

(j) all Software;

 

(k) all cost information, sales
and pricing data, customer prospect lists, supplier records, customer and supplier lists, customer and vendor data, correspondence
and lists, product data and literature, artwork, design, formulations and specifications, quality records and reports and other
books, records, studies, surveys, reports, plans and documents;

 

(l) all prepaid expenses, trade
accounts and other accounts and notes receivable;

 

(m) all rights under contracts
or agreements, all claims or rights against any Person arising from the ownership of any Asset, all rights in connection with any
bids or offers and all claims, choses in action or similar rights, whether accrued or contingent;

 

(n) all licenses, permits,
approvals and authorizations which have been issued by any Governmental Authority;

 

(o) all cash or cash equivalents,
bank accounts, lock boxes and other deposit arrangements; and

 

(p) all interest rate, currency,
commodity or other swap, collar, cap or other hedging or similar agreements or arrangements.

 

“Benefit Plan” means,
with respect to an entity or any of its Subsidiaries, (a) each “employee welfare benefit plan” (as defined in
Section 3(1) of ERISA) and all other employee benefits arrangements, policies or payroll practices (including, without limitation,
severance pay, sick leave, vacation pay, salary continuation, disability, retirement, deferred compensation, bonus, stock option
or other equity-based compensation, hospitalization, medical insurance or life insurance) sponsored or maintained by such entity
or by any of its Subsidiaries (or to which such entity or any of its Subsidiaries contributes or is required to contribute) and
(b) all “employee pension benefit plans” (as defined in Section 3(2) of ERISA), occupational pension plan
or arrangement or other pension arrangements sponsored, maintained or contributed to by such entity or any of its Subsidiaries
(or to which such entity or any of its Subsidiaries contributes or is required to contribute). For the avoidance of doubt, “Benefit
Plans” includes Health and Welfare Plans. When immediately preceded by “HBIO,” Benefit Plan means any Benefit
Plan sponsored, maintained or contributed to by HBIO or a member of the HBIO Group. When immediately preceded by “HART,”
Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by HART or any member of the HART Group.

 

“Business Day” means
a day other than a Saturday, a Sunday or a day on which banking institutions located in Boston, Massachusetts or New York, New
York are authorized or obligated by law or executive order to close.

 

“COBRA” means the continuation
coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended, and as codified in Code § 4980B and ERISA §§ 601 through 608.

 

“Code” shall mean the
Internal Revenue Code of 1986, as amended.

 

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“Committee” shall have
the meaning set forth in Section 8.8(a).

 

“Contribution” shall
have the meaning set forth in the Recitals.

 

“Contribution Agreement”
means the Contribution Agreement, dated as of the date hereof, between HBIO and HART.

 

“Covered Subsidiary”
means a corporation or other legal entity controlled or owned, directly or indirectly, by HBIO that is covered under an HBIO insurance
policy.

 

“DC Trust” shall have
the meaning set forth in Section 8.5(a).

 

“Disclosure Committee”
shall have the meaning set forth in Section 6.1(d).

 

“Dispute” shall have
the meaning set forth in Section 9.2.

 

“Dispute Notice” shall
have the meaning set forth in Section 9.2.

 

“Distribution” shall
have the meaning set forth in the Recitals.

 

“Distribution Date”
shall mean the date determined in accordance with Section 4.3(a) on which the Distribution occurs.

 

“Distribution Ratio”
shall mean a ratio of a certain number of shares of HART Common Stock for every certain number of shares of HBIO Common Stock as
determined by the HBIO Board with respect to the Distribution.

 

“Environmental Law”
shall mean any Law relating to pollution, protection or restoration of or prevention of harm to the environment or natural resources,
including the use, handling, transportation, treatment, storage, disposal, Release or discharge of Hazardous Materials or the protection
of or prevention of harm to human health and safety.

 

“Environmental Liabilities”
shall mean all Liabilities relating to, arising out of or resulting from any Hazardous Materials, Environmental Law or contract
or agreement relating to environmental, health or safety matters (including all removal, remediation or cleanup costs, investigatory
costs, response costs, natural resources damages, property damages, personal injury damages, costs of compliance with any product
take back requirements or with any settlement, judgment or other determination of Liability and indemnity, contribution or similar
obligations) and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith.

 

“Exchange Act” shall
mean the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

 

“Excluded Assets” shall
have the meaning set forth in Section 2.2(b).

 

“Excluded Liabilities”
shall have the meaning set forth in Section 2.3(b).

 

“Existing HBIO Exercise Price”
means for each HBIO Option, the per share exercise price of such HBIO Option immediately prior to the Distribution Date.

 

“Existing HBIO Option Amount”
means for each HBIO Option, the number of shares of HBIO Common Stock subject to such HBIO Option immediately prior to the Distribution
Date.

 

“Existing HBIO Restricted Stock
Unit Amount” means the number of shares of HBIO Common Stock subject to the respective HBIO Restricted Stock Unit immediately
prior to the Distribution Date.

 

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

 

“Former HART Employee”
means any individual who as of the Separation Date is a former employee of the HART Group or the HBIO Group, and whose last employment
with the HART Group or the HBIO Group, was with a member of the HART Group.

 

“Former HBIO Employee”
means any individual who as of the Separation Date is a former employee of the HBIO Group or the HART Group, and whose last employment
with the HBIO Group or HART Group, was with a member of the HBIO Group.

 

“GAAP” shall mean United
States generally accepted accounting principles.

 

“Governmental Approvals”
shall mean any notices, reports or other filings to be made, or any consents, registrations, approvals, permits or authorizations
to be obtained from, any Governmental Authority.

 

“Governmental Authority”
shall mean any nation or government, any state, municipality or other political subdivision thereof, and any entity, body, agency,
commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign
or multinational, exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining
to, government and any executive official thereof.

 

“Group” shall mean
either the HART Group or the HBIO Group, as the context requires.

 

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

 

“HART 401(k) Plan”
shall have the meaning set forth in Section 8.5.

 

“HART’s Auditors”
shall have the meaning set forth in Section 6.1(i).

 

“HART Accounts” shall
have the meaning set forth in Section 2.6(a).

 

“HART Assets” shall
have the meaning set forth in Section 2.2(a).

 

“HART Balance Sheet”
shall mean the unaudited combined balance sheet of the HART Group, including the notes thereto, as of [_______________________].

 

“HART Benefit Plan”
shall mean, any Benefit Plan sponsored or maintained by HART.

 

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

 

“HART Business” means
the development, manufacture and sale of products for use in human regenerative medicine. This includes the development, manufacture
and sale of pumps for human clinical injections and bioreactors and scaffolds for regenerating human organs and tissues and products
for use on humans (or on human cells, tissue or organs) as part of a procedure that involves an injection, implant or transplant
into a human. As used in this Agreement, the term “HART Business” includes any of the aforementioned activities plus
any natural expansion of such business in the regenerative medicine field for use in humans by comparable companies in the regenerative
medicine field for use in humans.

 

“HART Capital Stock”
shall mean all classes or series of capital stock of HART, including the HART Common Stock, and all options, warrants and other
rights to acquire such capital stock.

 

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

 

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“HART Contracts” shall
mean the following contracts and agreements to which HBIO or any of its Affiliates is a party or by which it or any of its Affiliates
or any of their respective Assets is bound, whether or not in writing, except for any such contract or agreement that is contemplated
to be retained by HBIO or any member of the HBIO Group pursuant to any provision of this Agreement or any other Ancillary Agreement:

 

(a) any customer, distribution,
supply or vendor contracts or agreements entered into after the date hereof and prior to the Separation Date that relate exclusively
to the HART Business;

 

(b) any contract or agreement
entered into in the name of, or expressly on behalf of, any division, business unit or member of the HART Group;

 

(c) any joint venture agreement
entered into by entities within the HART Group;

 

(d) any guarantee, indemnity,
representation, warranty or other Liability of any member of the HART Group or the HBIO Group in respect of any other HART Contract,
any HART Liability or the HART Business;

 

(e) any employment, change
of control, retention, consulting, indemnification, termination, severance or other similar agreements with any HART Group Employee
or consultants of the HART Group that are in effect as of the Separation Date; and

 

(f) any contract or agreement
that is otherwise expressly contemplated pursuant to this Agreement or any of the other Ancillary Agreements to be assigned to
HART or any member of the HART Group; or

 

(g) any contract or agreement
listed on Schedule 1.1.

 

“HART Employee” means
(i) any individual who, immediately prior to the Separation, is either actively employed by, or then on an approved leave
of absence from, any member of the HART Group and (ii) any Transferred Employee.

 

“HART Employment” means
a HART Employee’s employment with any member of the HART Group.

 

“HART Fair Value Per Option”
means for each HART Option, the Black Scholes value per share of such HART Option immediately following the Distribution as determined
by the Compensation Committee of the HBIO Board in its sole discretion, based on assumptions necessary to preserve the value of
the Existing HBIO Option Amounts and Existing HBIO Restricted Stock Unit Amount as adjusted in accordance with the requirements
of Article VIII hereof.

 

“HART Group” shall
mean HART, each Subsidiary of HART immediately after the Separation Date and each other Person that is controlled directly or indirectly
by HART immediately after the Separation Date.

 

“HART Indebtedness”
means the aggregate principal amount of total liabilities (whether long-term or short-term) for borrowed money (including capitalized
leases) of the HART Group collectively, as determined for purposes of its annual and quarterly financial statements prepared in
accordance with GAAP.

 

“HART Indemnitees”
shall have the meaning set forth in Section 5.3.

 

“HART Intellectual Property”
means (a) the patents, patent applications, statutory invention registrations, registered trademarks, registered service marks,
registered Internet domain names and copyright registrations (collectively, “Registrable IP”) set forth on Schedule
1.2(a), (b) all Registrable IP that is owned exclusively by any member of the HART Group at or prior to the Separation
Date, excluding any such Registrable IP that has been assigned by any member of the HART Group to any member of the HBIO Group
prior to the Separation Date, and (c) all Intellectual Property, other than Registrable IP, that is owned by or licensed to
any member of the HBIO Group or HART Group and that is used or held for use primarily in the HART Business as of the Separation
Date.

 

“HART Liabilities”
shall have the meaning set forth in Section 2.3(a).

 

“HART Long-Term Incentive Plan”
means the Harvard Apparatus Regenerative Technology Inc. 2013 Equity Incentive Plan to be established by HART, effective immediately
prior to the IPO Closing Date.

 

    	- 6 -

    	 

    

 

 

“HART Participant”
shall mean any individual who, immediately following the Separation Date, is a HART Employee, a Former HART Employee, a Transferred
Employee or a beneficiary, dependent or alternate payee of any of the foregoing who participates in or is eligible for benefits
under a HART Benefit Plan.

 

“HART Offering Expenses”
shall have the meaning set forth in Section 2.3(a).

 

“HART Option” means
an option which may be exercised to acquire HART common stock and issued by HART in connection with the equitable adjustment of
a HBIO Option as part of the Distribution.

 

“HART Ratio” means
the quotient obtained by dividing the HART Stock Value by the HBIO Stock Value, carried out to four decimal places.

 

“HART Software” means
all Software owned by any member of the HBIO Group or HART Group and that is primarily used or held for use in the HART Business
as of the Separation Date.

 

“HART
Stock Value” means, unless otherwise determined by the Compensation Committee of the HBIO Board in its sole discretion
in order to effect an equitable adjustment of a HBIO Option in connection with the Distribution, the closing per share trading
price of HART Common Stock on a when issued basis on the Distribution Date or, if none, the opening per share trading price of
HART Common Stock on the first date following the Distribution Date on which there is trading).

 

“HART Technology” means
all Technology owned by any member of the HBIO Group or HART Group and that is primarily used or held for use in the HART Business
as of the Separation Date.

 

“HART Transfer Documents”
shall have the meaning set forth in Section 2.4(b).

 

“HART Value Factor”
means Twenty Percent (20%).

 

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

 

“HBIO 401(k) Plan” shall
mean the Harvard Bioscience Inc. 401(k) Plan.

 

“HBIO Annual Statements”
shall have the meaning set forth in Section 6.4(b).

 

“HBIO’s Auditors”
shall have the meaning set forth in Section 6.4(b).

 

“HBIO Accounts” shall
have the meaning set forth in Section 2.6(a).

 

“HBIO Benefit Plan”
shall mean, any Benefit Plan sponsored or maintained by HBIO.

 

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

 

“HBIO Business” means
the business of HBIO and its various existing and future business units and subsidiaries not including the HART Business.

 

“HBIO Common Stock”
shall mean the common stock, par value $.01 per share, of HBIO.

 

“HBIO Disclosure Portions”
means all (a) information set forth in, incorporated by reference into, or omitted from, the IPO Registration Statement to
the extent relating exclusively to (i) the HBIO Group, (ii) all business and operations of HBIO that is not included
in the HART Business, (iii) HBIO’s intentions with respect to the Distribution, or (iv) the terms of the Distribution,
including, without limitation, the form, structure and terms of any transaction(s) and/or offering(s) to effect the Distribution
and the timing of and conditions to the consummation of the Distribution and (b) information publicly disclosed by HBIO outside
of the IPO Registration Statement to the extent relating exclusively to (x) the items enumerated in subparagraphs (i)-(iv) above,
or (y) HART, in each case to the extent that such information is attributed to HART and/or HART’s directors and officers,
for liability purposes under the Securities Act or the Exchange. For the avoidance of doubt, information publicly disclosed by
HART Employees regarding information related to HART shall not be deemed to be information publicly disclosed by HBIO notwithstanding
that such HART Employees may have been employees of HBIO at the time of the public disclosure.

 

    	- 7 -

    	 

    

 

 

“HBIO Employee” means
any individual who, immediately prior to the Separation Date, is either actively employed by, or then on an approved leave of absence
from, any member of the HBIO Group, excluding the Transferred Employees.

 

“HBIO Employment” means
an HBIO Employee’s employment with any member of the HBIO Group.

 

“HBIO Group” shall
mean HBIO, each Subsidiary of HBIO immediately after the Separation Date and each other Person that is controlled directly or indirectly
by HBIO immediately after the Separation Date (in each case other than any member of the HART Group).

 

“HBIO Indemnitees”
shall have the meaning set forth in Section 5.2.

 

“HBIO Intellectual Property”
means (i) the HBIO Name and HBIO Marks and (ii) all other Intellectual Property that is owned by any member of the HBIO
Group or the HART Group, other than the HART Intellectual Property.

 

“HBIO Long-Term Incentive Plan”
means collectively, the Harvard Bioscience, Inc. Third Amended and Restated 2000 Stock Option and Incentive Plan, Harvard Apparatus,
Inc. 1996 Stock Option and Grant Plan.

 

“HBIO Name and HBIO Marks”
means the names, marks, trade dress, logos, monograms, domain names and other source or business identifiers of HBIO or any of
its Affiliates using or containing “HBIO” (in block letters or otherwise), “HBIO” either alone or in combination
with other words or elements and all names, marks, trade dress, logos, monograms, domain names and other source or business identifiers
confusingly similar to or embodying any of the foregoing either alone or in combination with other words or elements, together
with the goodwill associated with any of the foregoing.

 

“HBIO Nonqualified Plans”
shall have the meaning set forth in Section 8.6(a).

 

“HBIO Option” means
each option issued by HBIO and outstanding on the Distribution Date which may be exercised to acquire HBIO common stock.

 

“HBIO Post-Distribution Fair
Value Per Option” means for each HBIO Option, the Black Scholes value per share of such HBIO Option immediately following
the Distribution as determined by the Compensation Committee of the HBIO Board in its sole discretion, based on assumptions necessary
to preserve the value of the Existing HBIO Option Amounts and Existing HBIO Restricted Stock Unit Amount as adjusted in accordance
with the requirements of Article VIII hereof.

 

“HBIO Post-Distribution Stock
Value” means, unless otherwise determined by the Compensation Committee of the HBIO Board in its sole discretion in order
to effect an equitable adjustment of a HBIO Option in connection with the Distribution, the closing per share trading price of
HBIO Common Stock on an ex-distribution basis on the Distribution Date or, if none, the closing per share trading price of HBIO
Common Stock on the Distribution Date (or, if there is no trading on the Distribution Date, on the first following date on which
there is trading).

 

“HBIO Pre-Distribution Fair Value
Per Option” means for each HBIO Option, the Black Scholes value per share of such HBIO Option immediately prior to the
Distribution Date as determined by the Compensation Committee of the HBIO Board in its sole discretion, based on assumptions necessary
to preserve the value of the Existing HBIO Option Amounts and Existing HBIO Restricted Stock Unit Amount as adjusted in accordance
with the requirements of Article VIII hereof.

 

“HBIO Public Filings”
shall have meaning set forth in Section 6.1(i).

 

“HBIO Ratio” means
the quotient obtained by dividing the HBIO Post-Distribution Stock Value to the HBIO Stock Value, carried out to four decimal places.

 

    	- 8 -

    	 

    

 

 

“HBIO Software” means
all Software that is owned by any member of the HBIO Group or the HART Group, other than the HART Software.

 

“HBIO Stock Value”
means the closing per share trading price of HBIO Common Stock on the day immediately preceding the Distribution Date.

 

“HBIO Technology” means
all Technology that is owned by any member of the HBIO Group or the HART Group, other than the HART Technology.

 

“HBIO Transfer Documents”
shall have the meaning set forth in Section 2.1(b).

 

“HBIO Value Factor”
means Eighty Percent (80%).

 

“Hazardous Materials”
means any chemical, material, substance, waste, pollutant, emission, discharge, release or contaminant that could result in liability
under, or that is prohibited, limited or regulated by or pursuant to, any Environmental Law, and any natural or artificial substance
(whether solid, liquid or gas, noise, ion, vapor or electromagnetic) which could cause harm to human health or the environment,
including petroleum, petroleum products and byproducts, asbestos and asbestos-containing materials, urea formaldehyde foam insulation,
electronic, medical or infectious wastes, polychlorinated biphenyls, radon gas, radioactive substances, chlorofluorocarbons and
all other ozone-depleting substances.

 

“Health and Welfare Plans”
means any plan, fund or program which was established or is maintained for the purpose of providing for its participants or their
beneficiaries, through the purchase of insurance or otherwise, medical, dental, surgical or hospital care or benefits, or benefits
in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs
or day care centers, scholarship funds, or prepaid legal services, including any such plan, fund or program as defined in Section 3(1)
of ERISA. When immediately preceded by “HBIO,” Health and Welfare Plans means each Health and Welfare Plan that is
a HBIO Benefit Plan. When immediately preceded by “HART,” Health and Welfare Plans means each Health and Welfare Plan
that is a HART Benefit Plan.

 

“HIPAA” means the health
insurance portability and accountability requirements for “group health plans” under the Health Insurance Portability
and Accountability Act of 1996, as amended.

 

“Indemnifying Party”
shall have the meaning set forth in Section 5.4(a).

 

“Indemnitee” shall
have the meaning set forth in Section 5.4(a).

 

“Indemnity Payment”
shall have the meaning set forth in Section 5.4(a).

 

“Information” shall
mean information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms,
stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts,
know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data,
computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by
or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under
their direction (including attorney work product), and other technical, financial, employee or business information or data.

 

“Intellectual Property”
means all of the following whether arising under the Laws of the United States or of any other foreign or multinational jurisdiction:
(i) patents, patent applications (including patents issued thereon) and statutory invention registrations, including reissues,
divisions, continuations, continuations in part, substitutions, renewals, extensions and reexaminations of any of the foregoing,
and all rights in any of the foregoing provided by international treaties or conventions, (ii) trademarks, service marks,
trade names, service names, trade dress, logos and other source or business identifiers, including all goodwill associated with
any of the foregoing, and any and all common law rights in and to any of the foregoing, registrations and applications for registration
of any of the foregoing, all rights in and to any of the foregoing provided by international treaties or conventions, and all reissues,
extensions and renewals of any of the foregoing, (iii) Internet domain names, (iv) copyrightable works, copyrights, moral
rights, mask work rights, database rights and design rights, in each case, other than Software, whether or not registered, and
all registrations and applications for registration of any of the foregoing, and all rights in and to any of the foregoing provided
by international treaties or conventions, (v) confidential and proprietary information, including trade secrets, invention
disclosures, processes and know-how, in each case, other than Software, (vi) intellectual property rights arising from or
in respect of any Technology, and (vii) Software, other than commercially available “off-the-shelf” software.

 

    	- 9 -

    	 

    

 

 

“Intellectual Property Matters
Agreement” means the Intellectual Property Matters Agreement, dated as of the date hereof, between HBIO and HART.

 

“IRS” shall have the
meaning set forth in the Recitals.

 

“Insurance Proceeds”
shall mean those monies: (a) received by an insured from an insurance carrier; or (b) paid by an insurance carrier on behalf of
the insured; in any such case net of any applicable premium adjustments (including reserves and retrospectively rated premium adjustments)
and net of any costs or expenses incurred in the collection thereof; provided, however, with respect to a captive insurance arrangement,
Insurance Proceeds shall only include amounts received by the captive insurer in respect of any reinsurance arrangement.

 

“IPO” shall have the
meaning set forth in the Recitals.

 

“IPO Closing Date”
shall mean the First Closing Date as defined in the Underwriting Agreement.

 

“IPO Registration Statement”
shall mean the registration statement on Form S-1 to be filed under the Securities Act, pursuant to which the HART Common Stock
to be issued in the IPO will be registered under the Securities Act, together with all amendments thereto.

 

“Law” shall mean any
applicable national, supranational, federal, state, provincial, local or similar law (including common law), statute, code, order,
ordinance, rule, regulation, treaty (including any income tax treaty), license, permit, authorization, approval, consent, decree,
injunction, binding judicial or administrative interpretation or other requirement, in each case, enacted, promulgated, issued
or entered by a Governmental Authority.

 

“Liabilities” shall
mean any and all debts, guarantees, assurances, commitments, liabilities, responsibilities, Losses, remediation, deficiencies,
damages, fines, penalties, settlements, sanctions, costs, expenses, interest and obligations, whether accrued or fixed, absolute
or contingent, matured or unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen,
known or unknown, reserved or unreserved, or determined or determinable, including those arising under any Law, claim (including
any Third-Party Claim), demand, Action, or order, writ, judgment, injunction, decree, stipulation, determination or award entered
by or with any Governmental Authority or arbitration tribunal, and those arising under any contract, agreement, obligation, indenture,
instrument, lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages or equitable relief
that is imposed, in each case, including all costs and expenses relating thereto.

 

“Losses” shall mean
actual losses (including any diminution in value), costs, damages, penalties and expenses (including legal and accounting fees
and expenses and costs of investigation and litigation), whether or not involving a Third-Party Claim.

 

“NASDAQ” shall mean
the NASDAQ Capital Market.

 

“Option” shall mean
either HBIO Option, HART Option, or both, as the context requires.

 

“Participating Company”
means (a) HBIO and (b) any other Person (other than an individual) that participates in a plan sponsored by any member
of the HBIO Group.

 

“Person” shall mean
an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited
liability entity, any other entity and any Governmental Authority.

 

“Private Letter Ruling”
shall have the meaning set forth in the Recitals.

 

    	- 10 -

    	 

    

 

 

“Privilege” shall mean,
relating to the members of the HBIO Group or HART Group, information and advice that has been previously developed of such entities
but is legally protected from disclosure under legal privileges, such as the attorney-client privilege or work product exemption
and other concepts of legal privilege.

 

“Product Distribution Agreement”
means the Product Distribution Agreement, dated as of the date hereof, between HBIO and HART.

 

“Prospectus” shall
mean each preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement.

 

“Record Date” shall
mean, in the case of a Distribution that is a spin-off, the close of business on the date to be determined by the HBIO Board as
the record date for determining shareholders of HBIO entitled to receive shares of HART Common Stock in such Distribution.

 

“Release” means any
release, spill, emission, discharge, leaking, pumping, pouring, dumping, injection, deposit, disposal, dispersal, leaching or migration
of Hazardous Materials into the environment (including, ambient air, surface water, groundwater and surface or subsurface strata).

 

“Replacement Fair Value”
means the result obtained by subtracting (A) the product obtained by multiplying the Existing HBIO Option Amount by the related
HBIO Post-Distribution Fair Value Per Option from (B) the product obtained by multiplying (a) the Existing HBIO Option Amount by
(b) the related HBIO Pre-Distribution Fair Value Per Option.

 

“Representatives” means,
with respect to any Person, any of such Person’s directors, officers, employees, agents, consultants, advisors, accountants,
attorneys or other representatives.

 

“Response” shall have
the meaning set forth in Section 9.2.

 

“Restricted Stock Unit”
when immediately preceded by “HBIO,” means a deferred stock award of restricted stock units issued under the HBIO Long-Term
Incentive Plan and, when immediately preceded by “HART,” means a deferred stock award of restricted stock units issued
under the HART Long-Term Incentive Plan.

 

“SEC” shall mean the
U.S. Securities and Exchange Commission.

 

“Securities Act” shall
mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder.

 

“Security Interest”
shall mean any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction,
right-of-way, covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever.

 

“Separation” shall
have the meaning set forth in the Recitals.

 

“Separation Date” shall
mean the date first set forth above in this Agreement.

 

“Software” means any
and all (i) computer programs, including any and all software implementation of algorithms, models and methodologies, whether
in source code, object code, human readable form or other form, (ii) databases and compilations, including any and all data
and collections of data, whether machine readable or otherwise, (iii) descriptions, flow charts and other work products used
to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools,
templates, menus, buttons and icons, and (iv) documentation, including user manuals and other training documentation, relating
to any of the foregoing.

 

“Subsidiary” or “subsidiary”
shall mean, with respect to any Person, any corporation, limited liability company, joint venture or partnership of which such
Person (i) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (A) the total combined
voting power of all classes of voting securities of such Person, (B) the total combined equity interests or (C) the capital
or profit interests, in the case of a partnership, or (ii) otherwise has the power to vote, either directly or indirectly,
sufficient securities to elect a majority of the board of directors or similar governing body.

 

    	- 11 -

    	 

    

 

 

“Tax Sharing Agreement”
means the Tax Sharing Agreement, dated as of the date hereof, between HBIO and HART.

 

“Taxes” shall have
the meaning set forth in the Tax Sharing Agreement.

 

“Technology” means
tangible embodiments, whether in electronic, written or other media, of technology, including designs, design and manufacturing
documentation (such as bill of materials, build instructions and test reports), schematics, algorithms, routines, software, databases,
lab notebooks, development and lab equipment, processes, prototypes and devices. Technology does not include Intellectual Property
in any of the foregoing.

 

“Third-Party Claim”
shall have the meaning set forth in Section 5.5(a).

 

“Transfer Documents”
shall have the meaning set forth in Section 2.4(b).

 

“Transferred Employee”
means any individual who in connection with the Separation (at the time of the Separation or thereafter) is transferring his or
her primary employment from HBIO or any member of the HBIO Group to HART or any member of the HART Group.

 

“Transition Services Agreement”
shall mean the Transition Services Agreement, dated as of the date hereof, by and between HBIO and HART.

 

“Underwriters” shall
mean the managing underwriters for the IPO.

 

“Underwriting Agreement”
shall mean the underwriting agreement to be entered into among HART, HBIO and the Underwriters as representatives of the several
underwriters named therein with respect to the IPO.

 

ARTICLE II

THE SEPARATION

 

2.1. Transfer of Assets and Assumption
of Liabilities.

 

(a) On the Separation Date, to the extent
not previously effectuated prior to the date hereof:

 

(i) HBIO shall, and shall cause its applicable
Subsidiaries to, assign, transfer, convey and deliver to HART, or certain of HART’s Subsidiaries designated by HART, and
HART or such Subsidiaries shall accept from HBIO and its applicable Subsidiaries, all of HBIO’s and such Subsidiaries’
respective direct or indirect right, title and interest in and to all of the HART Assets, including without limitation all transfers
of all “Transferred Intellectual Property”, “Transferred Licenses”, (in both cases, as such terms are defined
in the Intellectual Property Matters Agreement) and Technology used in the HART Business, in each case pursuant to the Intellectual
Property Matters Agreement;

 

(ii) HART and certain of its Subsidiaries
designated by HART shall accept, assume and agree faithfully to perform, discharge and fulfill all the HART Liabilities in accordance
with their respective terms. HART and such Subsidiaries shall be responsible for all HART Liabilities, regardless of when or where
such HART Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Separation
Date, regardless of where or against whom such HART Liabilities are asserted or determined (including any HART Liabilities arising
out of claims made by HBIO’s or HART’s respective directors, officers, employees, agents, Subsidiaries or Affiliates
against any member of the HBIO Group or the HART Group) or whether asserted or determined prior to the date hereof, and regardless
of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any
member of the HBIO Group or the HART Group, or any of their respective directors, officers, employees, agents, Subsidiaries or
Affiliates;

 

    	- 12 -

    	 

    

 

(b) In furtherance of the assignment,
transfer, conveyance and delivery of the HART Assets and the assumption of the HART Liabilities in accordance with Sections 2.1(a)(i)
and 2.1(a)(ii), on the date that such HART Assets are assigned, transferred, conveyed or delivered or such HART Liabilities are
assumed (i) HBIO shall execute and deliver, and shall cause its Subsidiaries to execute and deliver, such bills of sale, quitclaim
deeds, stock powers, certificates of title, assignments of contracts and other instruments of transfer, conveyance and assignment
as and to the extent necessary to evidence the transfer, conveyance and assignment of all of HBIO’s and its Subsidiaries’
(other than HART and its Subsidiaries) right, title and interest in and to the HART Assets to HART and its Subsidiaries, and (ii) HART
shall execute and deliver, and shall cause its Subsidiaries to execute and deliver, such assumptions of contracts and other instruments
of assumption as and to the extent necessary to evidence the valid and effective assumption of the HART Liabilities by HART and
its Subsidiaries. All of the foregoing documents contemplated by this Section 2.1(b) shall be referred to collectively herein
as the “HBIO Transfer Documents”.

 

(c) In the event that at any time or from
time to time (whether prior to or after any Separation Date), any Party hereto (or any member of such Party’s respective
Group), shall receive or otherwise possess any Asset that is allocated to any other Person pursuant to this Agreement or any other
Ancillary Agreement, such Party shall promptly transfer, or cause to be transferred, such Asset to the Person so entitled thereto.
Prior to any such transfer, the Person receiving or possessing such Asset shall hold such Asset in trust for any such other Person.

 

(d) HART hereby waives compliance by each
and every member of the HBIO Group with the requirements and provisions of any “bulk-sale” or “bulk-transfer”
Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the HART Assets
to any member of the HART Group.

 

(e) HBIO hereby waives compliance by each
and every member of the HART Group with the requirements and provisions of any “bulk-sale” or “bulk-transfer”
Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the Excluded Assets
to any member of the HBIO Group.

 

2.2. HART Assets.

 

(a) For purposes of this Agreement, “HART
Assets” shall mean (without duplication):

 

(i) all Assets that are expressly
provided by this Agreement or any other Ancillary Agreement as Assets to be transferred to HART or any other member of the HART
Group, including the Assets listed on Schedule 2.2(a)(i);

 

(ii) all HART Contracts;

 

(iii) all Assets reflected
as assets of HART or its Subsidiaries, if any, on the HART Balance Sheet, subject to any dispositions of such Assets subsequent
to the date of the HART Balance Sheet;

 

(iv) all HART Intellectual
Property, HART Software and HART Technology; and

 

(v) except as contemplated
by Section 2.5(b), any and all Assets owned or held immediately prior to the Separation Date by HBIO or any of its Subsidiaries
that are used primarily in the HART Business. The intention of this clause (v) is only to rectify any inadvertent omission
of transfer or conveyance of any Assets that, had the Parties given specific consideration to such Asset as of the date hereof,
would have otherwise been classified as a HART Asset. No Asset shall be deemed to be a HART Asset solely as a result of this clause
(v) if such Asset is within the category or type of Asset expressly covered by the terms of an Ancillary Agreement unless
the Party claiming entitlement to such Asset can establish that the omission of the transfer or conveyance of such Asset was inadvertent.

 

Notwithstanding the foregoing, the HART Assets shall not in
any event include the Excluded Assets referred to in Section 2.2(b). All rights of the HART Group in respect of HBIO insurance
policies are set forth in Section 6.5 and shall not otherwise be included in the HART Assets.

 

(b) For the purposes of this Agreement,
“Excluded Assets” shall mean (without duplication):

 

    	- 13 -

    	 

    

 

 

(i) any and all Assets that
are expressly contemplated by this Agreement or any other Ancillary Agreement (or the Schedules hereto or thereto) as Assets to
be retained by HBIO or any other member of the HBIO Group;

 

(ii) any cash or cash equivalents
withdrawn from HART Accounts in accordance with Section 2.6(e);

 

(iii) the HBIO Intellectual
Property and the HBIO Technology; and

 

(iv) any and all Assets of
any members of the HBIO Group that are not HART Assets.

 

2.3. HART Liabilities.

 

(a) For the purposes of this Agreement,
“HART Liabilities” shall mean (without duplication):

 

(i) all Liabilities, including
any Environmental Liabilities and any Liability relating to the protection of human and occupational health and safety, the protection
or restoration of, or prevention of harm to, the environment or natural resources, relating to, arising out of or resulting from:

 

(A) the operation of the HART
Business, as conducted at any time prior to, on or after the Separation Date (including any Liability relating to, arising out
of or resulting from any act or failure to act by any Representative (whether or not such act or failure to act is or was within
such Person’s authority));

 

(B) the operation of any business
conducted by any member of the HART Group at any time after the Separation Date (including any Liability relating to, arising out
of or resulting from any act or failure to act by any Representative (whether or not such act or failure to act is or was within
such Person’s authority)); or

 

(C) any HART Assets (including
without limitation any HART Contracts and any real property and leasehold interests);

 

in any such case whether arising before,
on or after the Separation Date;

 

(ii) any and all Liabilities
that are expressly provided by this Agreement or any other Ancillary Agreement (or the schedules or exhibits hereto or thereto)
as Liabilities to be assumed by HART or any member of the HART Group, and all agreements, obligations and Liabilities of any member
of the HART Group under this Agreement or any of the other Ancillary Agreements;

 

(iii) all Liabilities relating
to, arising out of or resulting from any terminated, divested or discontinued businesses and operations of the HART Business;

 

(iv) all Liabilities reflected
as liabilities or obligations of HART or its Subsidiaries on the HART Balance Sheet, subject to any discharge of such Liabilities
subsequent to the date of the HART Balance Sheet;

 

(v) all Liabilities arising
out of claims made by HBIO’s or HART’s respective directors, officers, shareholders, employees, agents, Subsidiaries
or Affiliates against any member of the HBIO Group or the HART Group to the extent relating to, arising out of or resulting from
the HART Business; and

 

(vi) all direct offering costs
and expenses incurred in connection with the IPO, including without limitation, all third-party costs, fees and expenses relating
to the offering, the underwriting discounts and commissions, all of the reimbursable expenses of the underwriters pursuant to the
underwriting agreement and all of the costs of producing, printing, mailing and otherwise distributing the prospectus (the “HART
Offering Expenses").

 

Notwithstanding the foregoing, the HART Liabilities shall not
include the Excluded Liabilities referred to in Section 2.3(b) below.

 

    	- 14 -

    	 

    

 

 

(b) For the purposes of this Agreement,
“Excluded Liabilities” shall mean (without duplication):

 

(i) any and all Liabilities
that are expressly contemplated by this Agreement or any other Ancillary Agreement (or the Schedules hereto or thereto) as Liabilities
to be retained or assumed by HBIO or any other member of the HBIO Group, and all agreements and obligations of any member of the
HBIO Group under this Agreement or any of the other Ancillary Agreements;

 

(ii) any and all Liabilities
of a member of the HBIO Group to the extent relating to, arising out of or resulting from any Excluded Assets;

 

(iii) any and all Liabilities
of any members of the HBIO Group that are not HART Liabilities; and

 

(iv) any and all third-party
legal, accounting and other operating costs and expenses actually incurred with respect to the HART Business through the IPO Closing
Date (including without limitation those relating to the Separation), except for the HART Offering Expenses which shall remain
and be deemed HART Liabilities hereunder.

 

2.4. Transfer of Excluded Assets; Assumption
of Excluded Liabilities.

 

(a) To the extent any Excluded Asset is
transferred or assigned to, or any Excluded Liability is assumed by, a member of the HART Group at the Separation Date or is owned
or held by a member of the HART Group after the Separation Date, from and after the Separation Date:

 

(i) HART shall, and shall cause its applicable
Subsidiaries to, promptly assign, transfer, convey and deliver to HBIO or certain of its Subsidiaries designated by HBIO, and HBIO
or such Subsidiaries shall accept from HART and its applicable Subsidiaries, all of HART’s and such Subsidiaries’ respective
right, title and interest in and to such Excluded Assets; and

 

(ii) HBIO and certain of its Subsidiaries
designated by HBIO will promptly accept, assume and agree faithfully to perform, discharge and fulfill all such Excluded Liabilities
in accordance with their respective terms.

 

(b) In furtherance of the assignment,
transfer, conveyance and delivery of Excluded Assets and the assumption of Excluded Liabilities set forth in Sections 2.4(a)(i)
and 2.4(a)(ii) and without any additional consideration therefor: (A) HART shall execute and deliver, and shall cause its
Subsidiaries to execute and deliver, such bills of sale, quitclaim deeds, stock powers, certificates of title, assignments of contracts
and other instruments of transfer, conveyance and assignment as and to the extent necessary to evidence the transfer, conveyance
and assignment of all of HART’s and its Subsidiaries’ right, title and interest in and to the Excluded Assets to HBIO
and its Subsidiaries, and (B) HBIO shall execute and deliver such assumptions of contracts and other instruments of assumption
as and to the extent necessary to evidence the valid and effective assumption of the Excluded Liabilities by HBIO. All of the foregoing
documents contemplated by this Section 2.4(b) shall be referred to collectively herein as the “HART Transfer Documents”
and, together with the HBIO Transfer Documents, the “Transfer Documents.”

 

2.5. Approvals and Notifications.

 

(a) To the extent that the transfer or
assignment of any HART Asset, the assumption of any HART Liability, the Separation, the IPO or the Distribution requires any Approvals
or Notifications, the Parties will use their commercially reasonable efforts to obtain or make such Approvals or Notifications
as soon as reasonably practicable; provided, however, that, except to the extent expressly provided in this Agreement
or any of the other Ancillary Agreements, neither HBIO nor HART shall be obligated to contribute capital or pay any consideration
in any form (including providing any letter of credit, guaranty or other financial accommodation) to any Person in order to obtain
or make such Approvals or Notifications.

 

    	- 15 -

    	 

    

 

 

(b) If and to the extent that the valid,
complete and perfected transfer or assignment to the HART Group of any HART Assets or assumption by the HART Group of any HART
Liabilities would be a violation of applicable Law or require any Approvals or Notifications in connection with the Separation,
the IPO or the Distribution, that has not been obtained or made by the Separation Date then, unless the Parties hereto mutually
shall otherwise determine, the transfer or assignment to the HART Group of such HART Assets or the assumption by the HART Group
of such HART Liabilities, as the case may be, shall be automatically deemed deferred and any such purported transfer, assignment
or assumption shall be null and void until such time as all legal impediments are removed or such Approvals or Notifications have
been obtained or made. Notwithstanding the foregoing, any such HART Assets or HART Liabilities shall continue to constitute HART
Assets and HART Liabilities for all other purposes of this Agreement.

 

(c) If any transfer or assignment of any
HART Asset or any assumption of any HART Liabilities intended to be transferred, assigned or assumed hereunder, as the case may
be, is not consummated on or prior to the Separation Date, whether as a result of the provisions of Section 2.5(b) or for
any other reason, then, insofar as reasonably possible, the member of the HBIO Group retaining such HART Asset or such HART Liability,
as the case may be, shall thereafter hold such HART Asset or HART Liability, as the case may be, for the use and benefit of the
member of the HART Group entitled thereto (at the expense of the member of the HART Group entitled thereto). In addition, the member
of the HBIO Group retaining such HART Asset or such HART Liability shall, insofar as reasonably possible and to the extent permitted
by applicable Law, treat such HART Asset or HART Liability in the ordinary course of business in accordance with past practice
and take such other actions as may be reasonably requested by the member of the HART Group to whom such HART Asset is to be transferred
or assigned, or which will assume such HART Liability, as the case may be, in order to place such member of the HART Group in a
substantially similar position as if such HART Asset or HART Liability had been transferred, assigned or assumed as contemplated
hereby and so that all the benefits and burdens relating to such HART Asset or HART Liability, as the case may be, including use,
risk of loss, potential for gain, and dominion, control and command over such HART Asset or HART Liability, as the case may be,
is to inure from and after the Separation Date to the HART Group.

 

(d) If and when the Approvals or Notifications,
the absence of which caused the deferral of transfer or assignment of any HART Asset or the deferral of assumption of any HART
Liability pursuant to Section 2.5(b), are obtained or made, and, if and when any other legal impediments for the transfer
or assignment of any HART Asset or the assumption of any HART Liability have been removed, the transfer or assignment of the applicable
HART Asset or the assumption of the applicable HART Liability, as the case may be, shall be effected in accordance with the terms
of this Agreement and/or the applicable Ancillary Agreement.

 

(e) Any member of the HBIO Group retaining
a HART Asset or HART Liability due to the deferral of the transfer or assignment of such HART Asset or the deferral of the assumption
of such HART Liability, as the case may be, shall not be obligated, in connection with the foregoing, to expend any money unless
the necessary funds are advanced (or otherwise made available) by HART or the member of the HART Group entitled to the HART Asset
or HART Liability, other than reasonable out-of-pocket expenses, attorneys’ fees and recording or similar fees, all of which
shall be promptly reimbursed by HART or the member of the HART Group entitled to such HART Asset or HART Liability.

 

2.6. Bank Accounts; Cash Balances.

 

(a) HBIO and HART each agrees to take,
or cause the respective members of their respective Groups to take, at the IPO Closing Date (or such earlier time as HBIO and HART
may agree), all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by HART
or any other member of the HART Group (collectively, the “HART Accounts”) so that such HART Accounts, if currently
linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter
“linked”) to any bank or brokerage account owned by HBIO or any other member of the HBIO Group (collectively,
the “HBIO Accounts”) are no longer linked following the IPO.

 

(b) HBIO and HART each agrees to take,
or cause the respective members of their respective Groups to take, at the IPO Closing Date (or such earlier time as HBIO and HART
may agree), all actions necessary to amend all HART Contracts governing the HBIO Accounts so that such HBIO Accounts, if currently
linked to a HART Account, are de-linked from the HART Accounts.

 

(c) It is intended that, following consummation
of the actions contemplated by Sections 2.6(a) and 2.6(b), there will be in place separate cash management processes for each of
HBIO and HART, pursuant to which (i) the HBIO Accounts will be managed separately and funds collected will be transferred into
one (1) or more accounts maintained by HBIO, and (ii) the HART Accounts will be managed separately and funds collected will
be transferred into one (1) or more accounts maintained by HART.

 

    	- 16 -

    	 

    

 

(d) With respect to any outstanding checks
issued by HBIO, HART, or any of their respective Subsidiaries prior to the Separation, such outstanding checks shall be honored
following the Separation by the Person or Group owning the account on which the check is drawn.

 

(e) As between HBIO and HART (and the
members of their respective Groups) all payments made and reimbursements received after the IPO Closing Date by either Party (or
member of its Group) that relate to a business, Asset or Liability of the other Party (or member of its Group), shall be held by
such Party in trust for the use and benefit of the Party entitled thereto and, promptly upon receipt by such Party of any such
payment or reimbursement, such Party shall pay over, or shall cause the applicable member of its Group to pay over to the other
Party the amount of such payment or reimbursement.

 

2.7. Other Documents, Items and Ancillary
Agreements. Effective as of the date hereof, or such later date as agreed to by the Parties (but not with respect to clause
(ii) below), each of HBIO and HART will execute, deliver and/or provide (as applicable), or will cause its appropriate Subsidiaries
to execute and deliver, all of the following items and agreements applicable to such Party:

 

(i) all Ancillary Agreements to which it
is a Party;

 

(ii) HBIO shall make a capital contribution
to HART in the amount of at least $10 million; and

 

(iii) such other agreements, documents
or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof.

 

2.8 Termination of Agreements. (a)
Except as set forth in Section 2.8(b), on behalf of the Parties and their respective Groups, the Parties hereby terminate
any and all written or oral agreements, arrangements, commitments or understandings, between or among them, effective as of the
IPO Closing Date; and each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions
as may be necessary to effect the foregoing.

 

(b)
The provisions of Section 2.8(a) shall not apply to any of the following agreements, arrangements, commitments or understandings
(or to any of the provisions thereof): (i) this Agreement and the Ancillary Agreements (and each other agreement or instrument
expressly contemplated by this Agreement or any other Ancillary Agreement to be entered into by any of the Parties hereto or any
of the members of their respective Groups that shall survive in
accordance with their respective terms); (ii)  any agreements, arrangements, commitments or understandings to which any Person
other than the parties hereto and their respective Affiliates is a party (it being understood that to the extent that the rights
and obligations of the parties and the members of their respective Groups under any such agreements, arrangements, commitments
or understandings constitute HART Assets or HART Liabilities, they shall be assigned pursuant to Section 2.1); (iii) any
intercompany accounts payable or accounts receivable accrued as of the Distribution Date that are reflected in the books and records
of the parties or otherwise documented in writing in accordance with past practices; (iv) any agreements, arrangements, commitments
or understandings to which any non-wholly owned Subsidiary of HBIO or HART, as the case may be, is a party; and (v) any other
agreements, arrangements, commitments or understandings that this Agreement or any other Ancillary Agreement expressly contemplates
will survive the IPO Closing Date. 

 

2.9. Disclaimer of Representations and
Warranties. EACH OF HBIO (ON BEHALF OF ITSELF AND EACH MEMBER OF THE HBIO GROUP) AND HART (ON BEHALF OF ITSELF AND EACH MEMBER
OF THE HART GROUP) UNDERSTANDS AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER ANCILLARY AGREEMENT, NO PARTY
TO THIS AGREEMENT, ANY ANCILLARY AGREEMENT OR ANY OTHER AGREEMENT OR DOCUMENT CONTEMPLATED BY THIS AGREEMENT, ANY ANCILLARY AGREEMENT
OR OTHERWISE, IS REPRESENTING OR WARRANTING IN ANY WAY AS TO THE ASSETS, BUSINESSES OR LIABILITIES TRANSFERRED OR ASSUMED AS CONTEMPLATED
HEREBY OR THEREBY, AS TO ANY CONSENTS OR APPROVALS REQUIRED IN CONNECTION THEREWITH, AS TO THE VALUE OR FREEDOM FROM ANY SECURITY
INTERESTS OF, OR ANY OTHER MATTER CONCERNING, ANY ASSETS OF SUCH PARTY, OR AS TO THE ABSENCE OF ANY DEFENSES OR RIGHT OF SETOFF
OR FREEDOM FROM COUNTERCLAIM WITH RESPECT TO ANY CLAIM OR OTHER ASSET, INCLUDING ANY ACCOUNTS RECEIVABLE, OF ANY PARTY, OR AS TO
THE LEGAL SUFFICIENCY OF ANY ASSIGNMENT, DOCUMENT OR INSTRUMENT DELIVERED HEREUNDER TO CONVEY TITLE TO ANY ASSET OR THING OF VALUE
UPON THE EXECUTION, DELIVERY AND FILING HEREOF OR THEREOF. EXCEPT AS MAY EXPRESSLY BE SET FORTH HEREIN OR IN ANY OTHER ANCILLARY
AGREEMENT, ALL SUCH ASSETS ARE BEING TRANSFERRED ON AN “AS IS,” “WHERE IS” BASIS (AND, IN THE CASE OF ANY
REAL PROPERTY, BY MEANS OF A QUITCLAIM OR SIMILAR FORM DEED OR CONVEYANCE) AND THE RESPECTIVE TRANSFEREES SHALL BEAR THE ECONOMIC
AND LEGAL RISKS THAT (I) ANY CONVEYANCE WILL PROVE TO BE INSUFFICIENT TO VEST IN THE TRANSFEREE GOOD AND MARKETABLE TITLE,
FREE AND CLEAR OF ANY SECURITY INTEREST, AND (II) ANY NECESSARY APPROVALS OR NOTIFICATIONS ARE NOT OBTAINED OR THAT ANY REQUIREMENTS
OF LAWS OR JUDGMENTS ARE NOT COMPLIED WITH.

 

    	- 17 -

    	 

    

 

ARTICLE III

THE IPO AND ACTIONS PENDING THE IPO

 

3.1. Transactions Prior to the IPO.

 

(a) Subject to the conditions specified
in Section 3.3, HBIO and HART shall use their reasonable best efforts to consummate the IPO. Such actions shall include, but
not necessarily be limited to, those specified in this Section 3.1.

 

(b) HART shall file such amendments or
supplements to the IPO Registration Statement as may be necessary in order to cause the same to become and remain effective as
required by Law or by the Underwriting Agreement, including, but not limited to, filing such amendments to the IPO Registration
Statement as may be required by the Underwriting Agreement, the SEC or federal, state or foreign securities Laws. HBIO and HART
shall also cooperate in preparing, filing with the SEC and causing to become effective a registration statement registering the
HART Common Stock under the Exchange Act, and any registration statements or amendments thereof which are required to reflect the
establishment of, or amendments to, any employee benefit and other plans necessary or appropriate in connection with the IPO, the
Separation, the Distribution or the other transactions contemplated by this Agreement and the Ancillary Agreements.

 

(c) HART shall enter into the Underwriting
Agreement, in form and substance reasonably satisfactory to HART and shall comply with its obligations thereunder.

 

(d) HBIO and HART shall consult with each
other and the Underwriters regarding the timing, pricing and other material matters with respect to the IPO.

 

(e) HART shall use its reasonable best
efforts to take all such action as may be necessary or appropriate under state securities and blue sky laws of the United States
(and any comparable Laws under any foreign jurisdictions) in connection with the IPO.

 

(f) HART shall prepare, file and use reasonable
best efforts to seek to make effective, an application for listing of the HART Common Stock issued in the IPO on the NASDAQ, subject
to official notice of issuance.

 

(g) HART shall participate in the preparation
of materials and presentations as HBIO or the Underwriters shall deem necessary or desirable.

 

(h) HART will pay, or will reimburse HBIO
for, all applicable SEC registration fees, FINRA fees, and all other third-party costs, fees and expenses relating to the IPO,
all of the reimbursable expenses of the Underwriters pursuant to the Underwriting Agreement, all of the costs of producing, printing,
mailing and otherwise distributing the Prospectus, as well as the Underwriters’ discount as provided in the Underwriting
Agreement.

 

3.2. Proceeds of the IPO.

 

The IPO will be a primary offering of HART
Common Stock, and the net proceeds of the IPO will be used as described in the IPO Registration Statement in the section entitled
“Use of Proceeds”.

 

    	- 18 -

    	 

    

 

3.3. Conditions Precedent to Consummation
of the IPO.

 

(a) As soon as practicable after the date
of this Agreement, the Parties hereto shall use their reasonable best efforts to satisfy the following conditions to the consummation
of the IPO. The obligations of the Parties to consummate the IPO shall be conditioned on the satisfaction, or waiver by HBIO in
its sole discretion, of the following conditions:

 

(i) The Separation shall have
been completed in accordance with the provisions of Section 2.

 

(ii) The IPO Registration
Statement shall have been filed and declared effective by the SEC, and there shall be no stop-order in effect with respect thereto
and no proceeding for that purpose shall have been instituted by the SEC.

 

(iii) The actions and filings
with regard to state securities and blue sky laws of the United States (and any comparable Laws under any foreign jurisdictions)
referenced in Section 3.1(e) shall have been taken and, where applicable, have become effective or been accepted.

 

(iv) The HART Common Stock
to be issued in the IPO shall have been accepted for listing on the NASDAQ, on official notice of issuance.

 

(v) The Ancillary Agreements
shall have been duly executed and delivered by the parties thereto.

 

(vi) HART shall have entered
into the Underwriting Agreement and all conditions to the obligations of HART and the Underwriters shall have been satisfied or
waived.

 

(vii) HBIO shall own at least
80.1% of the total voting power with respect to the election and removal of directors of the outstanding HART Common Stock immediately
following the IPO; and HBIO shall be satisfied in its sole discretion that all other conditions to permit the Distribution to qualify
as a tax-free distribution to HBIO, HART and HBIO’s stockholders shall, to the extent applicable as of the time of the IPO,
be satisfied and there shall be no event or condition that is likely to cause any of such conditions not to be satisfied as of
the time of the Distribution or thereafter.

 

(viii) No order, injunction
or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation
of the Separation or the IPO or any of the other transactions contemplated by this Agreement or any other Ancillary Agreement shall
be in effect.

 

(ix) Such other actions as
the Parties hereto may, based upon the advice of counsel, reasonably request to be taken prior to the Separation and the IPO in
order to assure the successful completion of the Separation and the IPO and the other transactions contemplated by this Agreement
shall have been taken.

 

(x) HBIO will have determined
that the terms of the IPO, including the timing and pricing thereof, and other material matters in connection therewith, are reasonably
acceptable.

 

(xi) This Agreement shall
not have been terminated.

 

(xii) HBIO shall have made
a capital contribution to HART in the amount of at least $10 million.

 

(xiii) No event or development
shall have occurred or exist or be expected to occur that, in the judgment of the HBIO Board, in its sole discretion, makes it
inadvisable to effect the Separation or the IPO.

 

(b) The foregoing conditions are for the
sole benefit of HBIO and shall not give rise to or create any duty on the part of HBIO or the HBIO Board to waive or not waive
such conditions or in any way limit HBIO’s right to terminate this Agreement as set forth in Article XI or alter the consequences
of any such termination from those specified in such Article. Any determination made by the HBIO Board prior to the IPO concerning
the satisfaction or waiver of any or all of the conditions set forth in this Section 3.3 shall be conclusive.

 

    	- 19 -

    	 

    

 

3.4. Charter; Bylaws.

 

At or prior to the IPO Closing Date, HBIO
and HART shall each take all actions that may be required to provide for the adoption, and filing as necessary, by HART of an Amended
and Restated Certificate of Incorporation and Amended and Restated Bylaws, each in form acceptable to the HART Board.

 

ARTICLE IV

THE DISTRIBUTION

 

4.1. The Distribution.

 

(a) HART shall cooperate with HBIO to
accomplish the Distribution and shall, at HBIO’s direction, promptly take any and all actions necessary or desirable to effect
the Distribution, including, without limitation, the registration under the Securities Act of HART Common Stock on an appropriate
registration form or forms to be designated by HBIO. HBIO shall select any investment bank or manager in connection with the Distribution,
as well as any financial printer, solicitation and/or exchange agent and financial, legal, accounting and other advisors for HBIO.
HART and HBIO, as the case may be, will provide to the Agent all share certificates and any information required in order to complete
the Distribution.

 

(b) Subject to Section 4.3 hereof,
on or prior to the Distribution Date, HBIO will deliver to the Agent for the benefit of holders of record of HBIO Common Stock
on the Record Date all of the outstanding shares of HART Common Stock then owned by HBIO or any member of the HBIO Group (including,
if such shares are represented by one or more stock certificates, such stock certificates, endorsed by HBIO in blank), and shall
cause the transfer agent for the shares of HBIO Common Stock to instruct the Agent to distribute on the Distribution Date the appropriate
number of such shares of HART Common Stock to each such holder or designated transferee or transferees of such holder. The Distribution
shall be effective at 12:01 a.m. Eastern Standard Time on the Distribution Date or at such other time as the Parties may agree.

 

(c) Subject to Section 4.4, each
holder of HBIO Common Stock on the Record Date (or such holder’s designated transferee or transferees) will be entitled to
receive in the Distribution a number of shares of HART Common Stock equal to the number of shares of HBIO Common Stock held by
such holder on the Record Date multiplied by the Distribution Ratio.

 

4.2. Actions Prior to the Distribution.

 

(a) HBIO and HART shall prepare, and HBIO
shall mail, prior to the Distribution Date, to the holders of HBIO Common Stock, such information concerning HART, its business,
operations and management, the Distribution and such other matters as HBIO shall reasonably determine and as may be required by
Law. HBIO shall bear the cost of any such delivery to its stockholders. HBIO and HART will prepare, and HART will, to the extent
required under applicable Law, file with the SEC any such documentation and any requisite no-action letters which HBIO determines
are necessary or desirable to effectuate the Distribution and HBIO and HART shall each use its reasonable best efforts to obtain
all necessary approvals from the SEC with respect thereto as soon as practicable.

 

(b) HBIO and HART shall take all such
action as may be necessary or appropriate under the securities or blue sky Laws of the United States (and any comparable Laws under
any foreign jurisdiction) in connection with the Distribution.

 

(c) HBIO and HART shall take all reasonable
steps necessary and appropriate to cause the conditions set forth in Section 4.3 (subject to Section 11.2(b)) to be satisfied
and to effect the Distribution on any Distribution Date.

 

(d) HART shall prepare and file, and shall
use its reasonable best efforts to have approved, an application for the listing of the HART Common Stock to be distributed in
the Distribution on NASDAQ, subject to official notice of distribution.

 

    	- 20 -

    	 

    

 

4.3. Conditions to Distribution.

 

(a) Following the consummation of the
IPO, HBIO currently intends to effect the Distribution by means of a spin-off. HBIO shall, in its sole discretion, determine the
terms of the Distribution, including, without limitation, the form (including whether to effect the transaction as a spin-off,
a split-off or a combination of both transactions), structure and all other terms of any transaction and/or offering to effect
the Distribution. Subject to any restrictions contained in the Underwriting Agreement, HBIO shall have sole discretion to determine
the date of consummation of the Distribution at any time after the IPO Closing Date; and such date as so determined by HBIO is
referred to herein as the “Distribution Date.” The consummation of the Distribution will be subject to the satisfaction,
or waiver by HBIO in its sole discretion, of the following conditions:

 

(i) The private letter ruling
received by HBIO from the IRS prior to the date hereof in connection with the transactions contemplated hereby shall continue in
effect and such ruling shall be in form and substance satisfactory to HBIO in its sole discretion, and HBIO’s receipt of
an opinion from Burns & Levinson, LLP, counsel to HBIO, to the effect that the Contribution and the Distribution, taken together,
will qualify as a transaction that is described in Section 355(a) and 368(a)(1)(D) of the Code.

 

(ii) All Governmental Approvals
necessary to consummate the Distribution shall have been obtained and be in full force and effect.

 

(iii) The actions and filings
necessary or appropriate under applicable securities Laws in connection with the Distribution will have been taken or made, and,
where applicable, have become effective or been accepted by the applicable Governmental Authority.

 

(iv) No order, injunction
or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation
of the Distribution or any of the related transactions shall be in effect, and no other event outside the control of HBIO shall
have occurred or failed to occur that prevents the consummation of the Distribution or any of the related transactions.

 

(v) The approval for listing
on NASDAQ for the shares of the HART Common Stock to be distributed to the HBIO stockholders in the Distribution shall have been
obtained.

 

(vi) No other events or developments
shall have occurred subsequent to the completion of the IPO that, in the judgment of the HBIO Board, would result in the Distribution
not being in the best interest of HBIO or its shareholders.

 

(vii) the receipt by HBIO
of an opinion, in form and substance satisfactory to it, from its financial advisor that HBIO has sufficient surplus under Delaware
law to permit the Distribution and that HBIO, immediately before and after the spin-off, is solvent.

 

(b) The foregoing conditions are for the
sole benefit of HBIO and shall not give rise to or create any duty on the part of HBIO or the HBIO Board to waive or not waive
such conditions or in any way limit HBIO’s right to terminate this Agreement as set forth in Article XI or alter the consequences
of any such termination from those specified in such Article. Any determination made by the HBIO Board prior to the Distribution
concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 4.3 shall be conclusive.

 

4.4. Fractional Shares. As soon
as practicable after the Distribution Date, HBIO shall direct the Agent to determine the number of whole shares and fractional
shares of HART Common Stock allocable to each holder of record or beneficial owner of HBIO Common Stock as of the Record Date,
to aggregate all such fractional shares and to sell the whole shares obtained thereby in open market transactions (with the Agent,
in its sole discretion, determining when, how, through which broker-dealer at what price to make such sales), and to cause to be
distributed to each such holder or for the benefit of each such beneficial owner, in lieu of any fractional share, such holder’s
or owner’s ratable share of the proceeds of such sale, after making appropriate deductions of the amount required to be withheld
for federal income tax purposes and after deducting an amount equal to all brokerage charges, commissions and transfer taxes attributed
to such sale.

 

    	- 21 -

    	 

    

 

ARTICLE V

 MUTUAL RELEASES; INDEMNIFICATION

 

5.1. Release of Pre-Closing Claims.

 

(a) Except as provided in Section 5.1(c)
and 5.1(d), effective as of the IPO Closing Date, HART does hereby, for itself and each other member of the HART Group, their respective
Affiliates (other than any member of the HBIO Group), successors and assigns, and all Persons who at any time prior to the IPO
Closing Date have been stockholders, directors, officers, agents or employees of any member of the HART Group (in each case, in
their respective capacities as such), remise, release and forever discharge HBIO and the members of the HBIO Group, their respective
Affiliates (other than any member of the HART Group), successors and assigns, and all Persons who at any time prior to the IPO
Closing Date have been stockholders, directors, officers, agents or employees of any member of the HBIO Group (in each case, in
their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and
all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract
or agreement, by operation of law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged
to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the IPO Closing
Date, including in connection with the transactions and all other activities to implement any of the Separation, the IPO and the
Distribution.

 

(b) Except as provided in Section 5.1(c),
effective as of the IPO Closing Date, HBIO does hereby, for itself and each other member of the HBIO Group, their respective Affiliates
(other than any member of the HART Group), successors and assigns, and all Persons who at any time prior to the IPO Closing Date
have been stockholders, directors, officers, agents or employees of any member of the HBIO Group (in each case, in their respective
capacities as such), remise, release and forever discharge HART, the respective members of the HART Group, their respective Affiliates
(other than any member of the HBIO Group), successors and assigns, and all Persons who at any time prior to the IPO Closing Date
have been stockholders, directors, officers, agents or employees of any member of the HART Group (in each case, in their respective
capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Liabilities
whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or agreement,
by operation of law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have
occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the IPO Closing Date, including
in connection with the transactions and all other activities to implement any of the Separation, the IPO and the Distribution.

 

(c) Nothing contained in Section 5.1(a)
or (b) shall impair any right of any Person to enforce this Agreement, any other Ancillary Agreement or any agreements, arrangements,
commitments or understandings that are specified in Section 2.8(b) or the applicable exhibits or schedules thereto not to
terminate as of the IPO Closing Date, in each case in accordance with its terms. Nothing contained in Section 5.1(a) or (b) shall
release any Person from:

 

(i) any Liability provided
in or resulting from any agreement among any members of the HBIO Group or the HART Group that is specified in Section 2.8(b)
or the applicable schedules or exhibits thereto as not to terminate as of the IPO Closing Date, or any other Liability specified
in such Section 2.8(b) as not to terminate as of the IPO Closing Date;

 

(ii) any Liability, contingent
or otherwise, assumed, transferred, assigned or allocated to the Group of which such Person is a member in accordance with, or
any other Liability of any member of any Group under, this Agreement or any other Ancillary Agreement;

 

(iii) any Liability for the
sale, lease, construction or receipt of goods, property or services purchased, obtained or used in the ordinary course of business
by a member of one Group from a member of the other Group prior to the IPO Closing Date;

 

(iv) any Liability for unpaid
amounts for products or services or refunds owing on products or services due on a value-received basis for work done by a member
of one Group at the request or on behalf of a member of the other Group;

 

(v) any Liability that the
Parties may have with respect to indemnification or contribution pursuant to this Agreement for claims brought against the Parties
by third Persons, which Liability shall be governed by the provisions of this Article V and Article VI and, if applicable, the
appropriate provisions of the Ancillary Agreements or other agreement specified in Section 2.8(b) or the applicable schedules
or exhibits thereto; or

 

    	- 22 -

    	 

    

 

(vi) any Liability the release
of which would result in the release of any Person other than a Person released pursuant to this Section 5.1.

 

In addition, nothing contained in Section 5.1(a) shall
release HBIO from honoring its existing obligations to indemnify any director, officer or employee of HART who was a director,
officer or employee of HBIO on or prior to the Distribution Date, to the extent such director, officer or employee becomes a named
defendant in any Action with respect to which such director, officer or employee was entitled to such indemnification pursuant
to then existing obligations.

 

(d) HART shall not make, and shall not
permit any member of the HART Group to make, any claim or demand, or commence any Action asserting any claim or demand, including
any claim of contribution or any indemnification, against HBIO or any member of the HBIO Group, or any other Person released pursuant
to Section 5.1(a), with respect to any Liabilities released pursuant to Section 5.1(a). HBIO shall not, and shall not
permit any member of the HBIO Group, to make any claim or demand, or commence any Action asserting any claim or demand, including
any claim of contribution or any indemnification against HART or any member of the HART Group, or any other Person released pursuant
to Section 5.1(b), with respect to any Liabilities released pursuant to Section 5.1(b).

 

(e) It is the intent of each of HBIO and
HART, by virtue of the provisions of this Section 5.1, to provide for a full and complete release and discharge of all Liabilities
existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur
and all conditions existing or alleged to have existed on or before the IPO Closing Date, between or among HART or any member of
the HART Group, on the one hand, and HBIO or any member of the HBIO Group, on the other hand (including any contractual agreements
or arrangements existing or alleged to exist between or among any such members on or before the IPO Closing Date), except as expressly
set forth in Section 5.1(c). At any time, at the request of any other Party, each Party shall cause each member of its respective
Group to execute and deliver releases reflecting the provisions hereof.

 

5.2. Indemnification by HART. Except
as provided in Section 5.4, HART shall, and shall cause the other members of the HART Group to, jointly and severally, indemnify,
defend and hold harmless HBIO, each member of the HBIO Group and each of their respective directors, officers and employees, and
each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “HBIO Indemnitees”),
from and against any and all Liabilities of the HBIO Indemnitees relating to, arising out of or resulting from any of the following
items (without duplication):

 

(a) the failure of HART or any other member
of the HART Group or any other Person to pay, perform or otherwise promptly discharge any HART Liabilities or HART Contract in
accordance with its respective terms, whether prior to or after the Separation Date or the date hereof;

 

(b) the HART Business, any HART Liability
or any HART Contract (including, without limitation, any claims by third parties relating to the HART Business arising prior to,
on or after the Seperation Date);

 

(c) any breach by HART or any member of
the HART Group of this Agreement;

 

(d) any guarantee, indemnification obligation,
surety bond or other credit support agreement, arrangement, commitment or understanding for the benefit of HART or its Subsidiaries
by HBIO or any of its Subsidiaries (other than HART or its Subsidiaries) that survives following the Separation Date; and

 

(e) any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, with respect to all information contained in any IPO Registration Statement or Prospectus
(including in any amendments or supplements thereto), other than any such statement or omission in the Registration Statement or
Prospectus pertaining to the HBIO Disclosure Portions.

 

    	- 23 -

    	 

    

 

5.3. Indemnification by HBIO. Except
as provided in Section 5.4, HBIO shall, and shall cause the other members of the HBIO Group to, jointly and severally, indemnify,
defend and hold harmless HART, each member of the HART Group and each of their respective directors, officers and employees, and
each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “HART Indemnitees”),
from and against any and all Liabilities of the HART Indemnitees relating to, arising out of or resulting from any of the following
items (without duplication):

 

(a) the failure of HBIO or any other member
of the HBIO Group or any other Person to pay, perform or otherwise promptly discharge any Excluded Liabilities, whether prior to
or after the Separation Date or the date hereof;

 

(b) the Excluded Liabilities;

 

(c) any breach by HBIO or any member of
the HBIO Group of this Agreement;

 

(d) any action or failure to act by HART
or any member of the HART Group at the written direction of HBIO;

 

(e) the HBIO Disclosure Portions;
and

 

(f) any guarantee, indemnification obligation,
surety bond or other credit support agreement, arrangement, commitment or understanding for the benefit of HBIO or its Subsidiaries
by HART or any of its Subsidiaries (other than HBIO or its Subsidiaries) that survives following the Separation Date.

 

5.4. Indemnification Obligations Net
of Insurance Proceeds and Other Amounts.

 

(a) The Parties intend that any Liability
subject to indemnification or reimbursement pursuant to this Article V or Article VI will be net of Insurance Proceeds that actually
reduce the amount of the Liability. Accordingly, the amount which any Party (an “Indemnifying Party”) is required
to pay to any Person entitled to indemnification hereunder (an “Indemnitee”) will be reduced by any Insurance
Proceeds theretofore actually recovered by or on behalf of the Indemnitee in respect of the related Liability. If an Indemnitee
receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect
of any Liability and subsequently receives Insurance Proceeds, then the Indemnitee will pay to the Indemnifying Party an amount
equal to the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if the
Insurance Proceeds had been received, realized or recovered before the Indemnity Payment was made.

 

(b) An insurer who would otherwise be
obligated to pay any claim shall not be relieved of the responsibility with respect thereto or, solely by virtue of the indemnification
provisions hereof, have any subrogation rights with respect thereto, it being expressly understood and agreed that no insurer or
any other third party shall be entitled to a “windfall” (i.e., a benefit they would not be entitled to receive
in the absence of the indemnification provisions) by virtue of the indemnification provisions hereof.

 

(c) The Parties intend that any indemnification
or reimbursement payment in respect of a Liability pursuant to this Article V or Article VI shall be (i) reduced to take into
account the amount of any Tax Benefit (as defined in the Tax Sharing Agreement) to the indemnified or reimbursed Person resulting
from the Liability so indemnified or reimbursed and (ii) increased so that the amount of such payment, reduced by the amount
of all Income Taxes (as defined in the Tax Sharing Agreement) payable with respect to the receipt thereof (but taking into account
all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount of the payment which the
Person receiving such payment would otherwise be entitled to receive pursuant to this Agreement. For purposes of this Section 5.4(c),
the amount of any Tax Benefit and any Income Taxes shall be calculated on the basis that the indemnified or reimbursed Person is
subject to the highest marginal regular statutory income Tax rate, has sufficient taxable income to permit the realization or receipt
of any relevant Tax Benefit at the earliest possible time and is not subject to the alternative minimum tax.

 

    	- 24 -

    	 

    

 

5.5. Procedures for Indemnification
of Third-Party Claims.

 

(a) If an Indemnitee shall receive notice
or otherwise learn of the assertion by a Person (including any Governmental Authority) who is not a member of the HBIO Group or
the HART Group of any claim or of the commencement by any such Person of any Action (each such claim or Action, a “Third-Party
Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnitee pursuant
to Section 5.2 or 5.3, or any other Section of this Agreement or any other Ancillary Agreement, such Indemnitee shall give
such Indemnifying Party written notice thereof within twenty (20) days after becoming aware of such Third-Party Claim. Any such
notice shall describe the Third-Party Claim in reasonable detail and include copies of all notices and documents (including court
papers) received by the Indemnitee relating to the Third-Party Claim. Notwithstanding the foregoing, the failure of an Indemnitee
to provide notice in accordance with this Section 5.5(a) shall not relieve an Indemnifying Party of its indemnification obligations
under this Agreement, except to the extent to which the Indemnifying Party is actually prejudiced by the Indemnitee’s failure
to provide notice in accordance with this Section 5.5(a).

 

(b) An Indemnifying Party may elect to
defend (and, unless the Indemnifying Party has specified any reservations or exceptions, to seek to settle or compromise), at such
Indemnifying Party’s own expense and by such Indemnifying Party’s own counsel, any Third-Party Claim. Within 30 days
after the receipt of notice from an Indemnitee in accordance with Section 5.5(a) (or sooner, if the nature of such Third-Party
Claim so requires), the Indemnifying Party shall notify the Indemnitee of its election whether the Indemnifying Party will assume
responsibility for defending such Third-Party Claim, which election shall specify any reservations or exceptions. After notice
from an Indemnifying Party to an Indemnitee of its election to assume the defense of a Third-Party Claim, such Indemnitee shall
have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof,
but the fees and expenses of such counsel shall be the expense of such Indemnitee except as set forth in the next sentence. In
the event that the Indemnifying Party has elected to assume the defense of the Third-Party Claim but has specified, and continues
to assert, any reservations or exceptions in such notice, then, in any such case, the reasonable fees and expenses of one separate
counsel for all Indemnitees shall be borne by the Indemnifying Party.

 

(c) If an Indemnifying Party elects not
to assume responsibility for defending a Third-Party Claim, or fails to notify an Indemnitee of its election as provided in Section 5.5(b),
such Indemnitee may defend such Third-Party Claim at the cost and expense of the Indemnifying Party.

 

(d) Unless the Indemnifying Party has
failed to assume the defense of the Third-Party Claim in accordance with the terms of this Agreement, no Indemnitee may settle
or compromise any Third-Party Claim without the consent of the Indemnifying Party, such consent not to be unreasonably withheld,
delayed or conditioned.

 

(e) In the case of a Third-Party Claim,
no Indemnifying Party shall consent to entry of any judgment or enter into any settlement of the Third-Party Claim without the
consent of the Indemnitee if the effect thereof is to permit any injunction, declaratory judgment, other order or other non-monetary
relief to be entered, directly or indirectly against any Indemnitee.

 

(f) The above provisions of this Section 5.5
and the provisions of Section 5.6 do not apply to Taxes (Taxes being governed by the Tax Sharing Agreement). In the case of
any conflict between this Agreement and the Tax Sharing Agreement in relation to any matters addressed by the Tax Sharing Agreement,
the Tax Sharing Agreement shall prevail.

 

5.6. Additional Matters.

 

(a) Indemnity Payments in respect of any
Liabilities for which an Indemnitee is entitled to indemnification under this Article V shall be paid by the Indemnifying
Party to the Indemnitee as such Liabilities are incurred upon demand by the Indemnitee, including reasonably satisfactory documentation
setting forth the basis for the amount of such indemnification payment, including documentation with respect to calculations made
and consideration of any Insurance Proceeds that actually reduce the amount of such Liabilities. The indemnity agreements contained
in this Article V shall remain operative and in full force and effect, regardless of (i) any investigation made
by or on behalf of any Indemnitee, (ii) the knowledge by the Indemnitee of Liabilities for which it might be entitled to indemnification
hereunder and (iii) any termination of this Agreement.

 

    	- 25 -

    	 

    

 

(b) Any claim on account of a Liability
which does not result from a Third-Party Claim shall be asserted by written notice given by the Indemnitee to the related Indemnifying
Party. Such Indemnifying Party shall have a period of 30 days after the receipt of such notice within which to respond thereto.
If such Indemnifying Party does not respond within such 30-day period, such Indemnifying Party shall be deemed to have refused
to accept responsibility to make payment. If such Indemnifying Party does not respond within such 30-day period or rejects such
claim in whole or in part, such Indemnitee shall be free to pursue such remedies as may be available to such Party as contemplated
by this Agreement and the Ancillary Agreements. Notwithstanding anything to the contrary contained herein, except in connection
with indemnification for a Third-Party Claim, to the extent of such claim, no Indemnifying Party shall, in any event, be liable
to any Indemnitee for any Liabilities that are punitive, exemplary, treble or any other form of non-compensatory monetary damages.

 

 (c) In the event of payment by or
on behalf of any Indemnifying Party to any Indemnitee in connection with any Third-Party Claim, such Indemnifying Party shall be
subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee
may have any right, defense or claim relating to such Third-Party Claim against any claimant or plaintiff asserting such Third-Party
Claim or against any other Person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at
the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim.

 

(d) In the event of an Action in which
the Indemnifying Party is not a named defendant, if either the Indemnitee or Indemnifying Party shall so request, the Parties shall
endeavor to substitute the Indemnifying Party for the named defendant. If such substitution or addition cannot be achieved for
any reason or is not requested, the named defendant shall allow the Indemnifying Party to manage the Action as set forth in this
section, the Indemnifying Party shall fully indemnify the named defendant against all costs of defending the Action (including
court costs, sanctions imposed by a court, attorneys’ fees, experts fees and all other external expenses), the costs of any
judgment or settlement, and the cost of any interest or penalties relating to any judgment or settlement.

 

5.7. Remedies Cumulative. The remedies
provided in this Article V shall be cumulative and shall not preclude assertion by any Indemnitee of any other rights or the seeking
of any and all other remedies against any Indemnifying Party.

 

5.8. Survival of Indemnities. The
rights and obligations of each of HBIO and HART and their respective Indemnitees under this Article V shall survive the sale or
other transfer by any Party of any Assets or businesses or the assignment by it of any Liabilities.

 

5.9. Effect of Ancillary Agreements.
To the extent the indemnity provisions of this Article V conflict with the indemnity or similar provisions of any Ancillary Agreement
in relation to any matters addressed by such Ancillary Agreement, the terms of the respective Ancillary Agreement shall prevail.

 

ARTICLE VI

 INTERIM OPERATIONS AND CERTAIN OTHER
MATTERS

 

6.1. Financial Covenants. HART agrees
that, for so long as HBIO is required to consolidate the results of operations and financial position of HART and any other members
of the HART Group or to account for its investment in HART or any other member of the HART Group under the equity method of accounting
(determined in accordance with GAAP consistently applied and consistent with SEC reporting requirements), or with respect to only
clause (g) below, for so long as the auditors of HBIO need information pertaining to HART and any other members of the HART Group
with respect to audits, notes, opinions and related matters of HBIO:

 

(a) Disclosure of Financial Controls.
HART will, and will cause each other member of the HART Group to, maintain, as of and after the IPO Closing Date, disclosure controls
and procedures and internal control over financial reporting as defined in Exchange Act Rule 13a-15 promulgated under the Exchange
Act; HART will, and will cause each other member of the HART Group to, maintain as of and after the IPO Closing Date internal systems
and procedures that will provide reasonable assurance that (A) HART’s annual and quarterly financial statements are
reliable and timely prepared in accordance with GAAP and applicable law, (B) all transactions of members of the HART Group
are recorded as necessary to permit the preparation of HART’s annual and quarterly financial statements, (C) the receipts
and expenditures of members of the HART Group are authorized at the appropriate level within HART, and (D) unauthorized use
or disposition of the assets of any member of the HART Group that could have a material effect on HART’s annual and quarterly
financial statements is prevented or detected in a timely manner.

 

    	- 26 -

    	 

    

 

(b) Fiscal Year. HART will, and
will cause each member of the HART Group organized in the U.S. to, maintain a fiscal year that commences and ends on the same calendar
days as HBIO’s fiscal year commences and ends, and to maintain monthly accounting periods that commence and end on the same
calendar days as HBIO’s monthly accounting periods commence and end.

 

(c) Monthly Financial Reports.
No later than eight (8) Business Days after the end of each month (including the last month of HBIO’s fiscal year),
HART will deliver to HBIO a consolidated income statement and, if requested by HBIO, income statements for each HART Affiliate
which is consolidated with HART, for such period. HART will also deliver to HBIO a consolidated balance sheet and statement of
cash flows for HART for such period and, if requested, balance sheets and statements of cash flow for each HART Affiliate which
is consolidated with HART, no later than twelve (12) Business Days after the end of each monthly accounting period of HART
(including the last monthly accounting period of HART of each fiscal year). The income statements, balance sheets and statements
of cash flows will be in such format and detail as HBIO may request. As long as HBIO is required to consolidate the results of
operations and financial position of HART in its financial statements, the information supporting such statements shall be submitted
electronically for inclusion in HBIO’s financial reporting systems by such date to permit timely preparation of HBIO’s
consolidated financial statements. In addition, if HART makes adjustments or other corrections to such financial information, adjustments
or other corrections will be delivered by HART to HBIO as soon as practicable, and in any event within twenty-four (24) hours
thereafter.

 

(d) Quarterly and Annual Financial
Statements. HART shall establish a disclosure committee (the “Disclosure Committee”) for the purposes of
review and approval of HART’s Forms 10-Q and Form 10-K and other significant filings with the SEC (collectively, “HART
Public Filings”) prior to the filing of such documents. HBIO will have the sole discretion to select up to three (3) of
its employees to participate in all meetings of such committee for the purpose of reviewing the consistency of such documents with
similar documents or other disclosures of HBIO. Distribution of documents by HART for review by HBIO should be made at the time
such documents are distributed to the HART participants and should provide a reasonable period for review prior to the applicable
meeting. The management of HART shall be solely liable for the completeness and accuracy of any such filings, including any financial
statements included therein, and as such, subject at all times to HART’s continued compliance with the applicable provisions
of this Agreement, HART will determine in its sole discretion the final form and content of all HART Public Filings. HART will
cause each of its principal executive and principal financial officers to sign and deliver to HBIO the certifications required
by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and will include the certifications in HART’s periodic reports,
as and when required pursuant to Exchange Act Rule 13a-14 and Item 601 of Regulation S-K.

 

(e) Conformance with HBIO Financial
Presentation. All information provided by any HART Group member to HBIO or filed with the SEC pursuant to Section 6.1(c)
through (f) inclusive will be consistent in terms of format and detail and otherwise with HBIO’s policies with respect
to the application of GAAP and practices in effect on the IPO Closing Date with respect to the provision of such financial information
by such HART Group member to HBIO, with such changes therein as may be required by GAAP or requested by HBIO from time to time
consistent with changes in such accounting principles and practices.

 

(f) Budgets and Financial Projections.
HART will, as promptly as practicable, deliver to HBIO copies of all annual budgets and periodic financial projections (consistent
in terms of format and detail and otherwise required by HBIO) relating to HART on a consolidated basis and will provide HBIO an
opportunity to meet with management of HART to discuss such budgets and projections. HART will continue to provide to HBIO projections
on a monthly basis consistent with past practices, including income, cash flow and operating indicators, as well as capital expenditure
detail on a quarterly basis. Such projections will be submitted electronically for inclusion in HBIO’s management reporting
systems.

 

(g) Other Information. With reasonable
promptness, HART will deliver to HBIO such additional financial and other information and data with respect to the HART Group and
their business, properties, financial positions, results of operations and prospects as from time to time may be reasonably requested
by HBIO.

 

    	- 27 -

    	 

    

 

(h) Press Releases and Similar Information.
HART and HBIO will consult with each other as to the timing of their annual and quarterly earnings releases and any interim financial
guidance for a current or future period and will give each other the opportunity to review the information therein relating to
the HART Group and to comment thereon. HBIO and HART will make reasonable efforts to coordinate the issuance of their respective
quarterly earnings releases, which are generally expected to both occur within one business day at approximately the same time
on the same date. No later than twenty-four (24) hours prior to the time and date that a Party intends to publish its regular
quarterly earnings release or any financial guidance for a current or future period, such Party will deliver to the other Party
copies of drafts (or relevant portions thereof) of all press releases and other statements to be made available by any member of
that Party’s Group to its employees or to the public concerning any matters that could be reasonably likely to have a material
financial impact on the earnings, results of operations, financial condition or prospects of any HART Group member. In addition,
prior to the time and date that a Party intends to publish its regular quarterly earnings release or any financial guidance for
a current or future period, such Party will deliver to the other Party copies of substantially final drafts of all press releases
and other statements to be made available by any member of that Party’s Group to its employees or to the public concerning
any matters that could be reasonably likely to have a material financial impact on the earnings, results of operations, financial
condition or prospects of any HART Group member. In addition, prior to the issuance of any such press release or public statement
that meets the criteria set forth in the preceding two sentences, HART will consult with HBIO regarding any changes (other than
typographical or other similar minor changes) to such substantially final drafts. Immediately following the issuance thereof, HART
will deliver to HBIO copies of final drafts of all press releases and other public statements.

 

(i) Cooperation on HBIO Filings.
HART shall (i) except as may be set forth in the Transition Services Agreement, maintain in effect at its own cost and expense
adequate systems and controls to the extent necessary to enable the members of the HBIO Group to satisfy their respective reporting,
accounting, audit and other obligations, and (ii) provide, or cause to be provided, to HBIO in such form as HBIO shall request,
at no charge to HBIO (except with respect to any reasonable out-of-pocket costs incurred by HART in fulfilling such requests),
all financial and other data and information as HBIO determines necessary or advisable in order to prepare its financial statements
and reports or filings with any Governmental Authority, including copies of all quarterly and annual financial information and
other reports and documents HART intends to file with the SEC prior to such filings (as well as final copies upon filing), and
copies of HART’s budgets and financial projections. HART will cooperate fully, and use commercially reasonable efforts to
cause HART’s independent certified public accountants (“HART’s Auditors”) to cooperate fully, with
HBIO to the extent requested by HBIO in the preparation of HBIO’s public earnings or other press releases, Quarterly Reports
on Form 10-Q, Annual Reports to Shareholders, Annual Reports on Form 10-K, any Current Reports on Form 8-K, financial statements
and notes, audits, and any other proxy, information and registration statements, reports, notices, prospectuses and any other filings
made by HBIO with the SEC, any national securities exchange or otherwise made publicly available (collectively, the “HBIO
Public Filings”). HART is responsible for the preparation of its financial statements in accordance with HBIO’s
policies with respect to the application of GAAP and shall indemnify HBIO for any liabilities it shall incur with respect to inaccuracy
of such statements in accordance with Article V. HART will continue to prepare the quarterly and annual financial reporting analysis
and provide support for financial statement footnotes and other information included in HBIO’s filings with the SEC. Such
information and the timing thereof will be consistent with the HBIO financial statement processes in place prior to the Separation.
HART also agrees to provide to HBIO all other information that HBIO reasonably requests in connection with any HBIO Public Filings
or that, in the judgment of HBIO’s legal department and its outside securities counsel, is required to be disclosed or incorporated
by reference therein under any Law. HART will provide such information in a timely manner on the dates requested by HBIO (which
may be earlier than the dates on which HART otherwise would be required hereunder to have such information available) to enable
HBIO to prepare, print and release all HBIO Public Filings on such dates as HBIO will determine but in no event later than as required
by applicable Law. HART will use its commercially reasonable efforts to cause HART’s Auditors to consent to any reference
to them as experts in any HBIO Public Filings required under any law, rule or regulation. If and to the extent requested by HBIO,
HART will diligently and promptly review all drafts of such HBIO Public Filings and prepare in a diligent and timely fashion any
portion of such HBIO Public Filing pertaining to HART. HART management’s responsibility for reviewing such disclosures shall
include a determination that such disclosures are complete and accurate and consistent with other public filings or other disclosures
which have been made by HART. Prior to any printing or public release of any HBIO Public Filing, an appropriate executive officer
of HART will, if requested by HBIO, certify that the information relating to any HART Group member in such HBIO Public Filing is
accurate, true, complete and correct in all material respects. Unless required by applicable Law, HART will not publicly release
any financial or other information which conflicts with the information with respect to any HART Group member that is included
in any HBIO Public Filing without HBIO’s prior written consent. Prior to the release or filing thereof, HBIO will provide
HART with a draft of any portion of a HBIO Public Filing containing information relating to the HART Group and will give HART an
opportunity to review such information and comment thereon; provided that HBIO will determine in its sole discretion the
final form and content of all HBIO Public Filings.

 

    	- 28 -

    	 

    

 

(j) For the avoidance of doubt, HART’s
requirements under this Section 6.1 will continue until the reporting for all financial statement periods during which HBIO
was required to consolidate the results of operations and financial position of HART and any other members of the HART Group or
to account for its investment in HART or any other member of the HART Group under the equity method of accounting (determined in
accordance with GAAP consistently applied and consistent with SEC reporting requirements) has been completed. For example, if HART
ceases to be a consolidated subsidiary or equity method affiliate of HBIO on September 30 of a given year, HART’s obligations
with regard to information required for HBIO’s Form 10-K for such year ended December 31 will remain in effect until
such Form 10-K has been filed.

 

6.2. Other Covenants.

 

(a) For so long as HBIO beneficially owns
at least 50% of the total voting power of HART’s outstanding capital stock entitled to vote in the election of the HART Board:

 

(i) HART will not, without
the prior written consent of HBIO (which HBIO may withhold in its sole discretion), take, or cause to be taken, directly or indirectly,
any action, including making or failing to make any election under the Law of any state, which has the effect, directly or indirectly,
of restricting or limiting the ability of HBIO to freely sell, transfer, assign, pledge or otherwise dispose of shares of HART
Common Stock or would restrict or limit the rights of any transferee of HBIO as a holder of HART Common Stock. Without limiting
the generality of the foregoing, HART will not, without the prior written consent of HBIO (which HBIO may withhold in its sole
discretion), take any action, or take any action to recommend to its stockholders any action, which would among other things, limit
the legal rights of, or deny any benefit to, HBIO as a HART stockholder either (i) solely as a result of the amount of HART
Common Stock owned by HBIO or (ii) in a manner not applicable to HART stockholders generally.

 

(ii) To the extent that HBIO
is a party to any contract that provides that certain actions or inactions of HBIO Affiliates (which for purposes of such contract
includes any member of the HART Group) which may result in HBIO being in breach of or in default under such contract and HBIO has
advised HART of the existence, and has furnished HART with copies, of such contracts (or the relevant portions thereof), HART will
not take or fail to take, as applicable, and HART will use commercially reasonable efforts to cause the other members of the HART
Group not to take or fail to take, as applicable, any actions that reasonably could result in HBIO being in breach of or in default
under any such contract. The Parties acknowledge and agree that from time to time HBIO may in good faith (and not solely with the
intention of imposing restrictions on HART pursuant to this covenant) enter into additional contracts or amendments to existing
contracts that provide that certain actions or inactions of HBIO Subsidiaries or Affiliates (including, for purposes of this Section 6.2(a)(ii),
members of the HART Group) may result in HBIO being in breach of or in default under such contracts. In such event, provided HBIO
has notified HART of such additional contracts or amendments to existing contracts, HART will not thereafter take or fail to take,
as applicable, and HART will use commercially reasonable efforts to cause the other members of the HART Group not to take or fail
to take, as applicable, any actions that reasonably could result in HBIO being in breach of or in default under any such additional
contracts or amendments to existing contracts. HBIO acknowledges and agrees that HART will not be deemed in breach of this Section 6.2(a)(ii)
to the extent that, prior to being notified by HBIO of an additional contract or an amendment to an existing contract pursuant
to this Section 6.2(a)(ii), a HART Group member already has taken or failed to take one or more actions that would otherwise
constitute a breach of this Section 6.2(a)(ii) had such action(s) or inaction(s) occurred after such notification, provided
that HART does not, after notification by HBIO, take any further action or fail to take any action that contributes further to
such breach or default. HART agrees that any Information provided to it pursuant to this Section 6.2(a)(ii) will constitute
Information that is subject to HART’s obligations under Article VII.

 

    	- 29 -

    	 

    

 

(b) For so long as HBIO beneficially owns
at least 80% of the total voting power of HART’s outstanding capital stock entitled to vote in the election of the HART Board,
HART will not, without the prior written consent of HBIO (which it may withhold in its sole discretion), issue any shares of HART
Capital Stock or any rights, warrants or options to acquire HART Capital Stock (including, without limitation, securities convertible
into or exchangeable for HART Capital Stock), if after giving effect to such issuances and considering all of the shares of HART
Capital Stock acquirable pursuant to such rights, warrants and options to be outstanding on the date of such issuance (whether
or not then exercisable), HBIO could own (a) less than eighty percent (80%) of the total voting power of the outstanding
shares of HART Capital Stock entitled to vote in the election of HART directors, (b) less than eighty percent (80%) of
the outstanding shares of any class of HART Capital Stock not entitled to vote in the election of HART directors, or (c) less
than eighty percent (80%) of the value of the outstanding shares of HART Capital Stock.

 

6.3. Covenants Relating to the Incurrence
of Indebtedness.

 

(a) HART covenants and agrees that through
the Distribution Date, HART will not, and HART will not permit any other member of the HART Group to, without HBIO’s prior
written consent (which HBIO may withhold in its sole discretion), directly or indirectly, solicit, initiate or encourage any negotiations
or discussions with respect to any offer or proposal for HART Indebtedness (other than any such negotiations or discussions regarding
ordinary course non-convertible HART Indebtedness).

 

(b) In addition to Section 6.3(c), HART
covenants and agrees that after the IPO Closing Date and through the Distribution Date, HART will not, and HART will not permit
any other member of the HART Group to, without HBIO’s prior written consent (which HBIO may withhold in its sole discretion),
directly or indirectly, incur any HART Indebtedness.

 

(c) HART covenants and agrees that after
the IPO Closing Date and through the Distribution Date, HART will not, and HART will not permit any other member of the HART Group
to, without HBIO’s prior written consent (which HBIO may withhold in its sole discretion), create, incur, assume or suffer
to exist any HART Indebtedness if the incurrence of such HART Indebtedness would cause HBIO to be in breach of or in default under
any contract the existence of which HBIO has advised HART, or if the incurrence of such HART Indebtedness could be reasonably likely
to adversely impact the credit rating of any commercial HBIO indebtedness.

 

(d) In order to implement this Section 6.3,
HART will notify HBIO in writing, at least thirty (30) days prior to the time it or any other member of the HART Group intends
to incur any additional HART Indebtedness, of its intention to do so and will either (i) demonstrate to HBIO’s satisfaction
that this Section 6.3 will not be violated by such proposed additional HART Indebtedness or (ii) obtain HBIO’s
prior written consent to the incurrence of such proposed additional HART Indebtedness. Any such written notification from HART
to HBIO will include documentation of any existing HART Indebtedness and estimated HART Indebtedness after giving effect to such
proposed incurrence of additional HART Indebtedness. HBIO will have the right to verify the accuracy of such information and HART
will cooperate fully with HBIO in such effort (including, without limitation, by providing HBIO with access to the working papers
and underlying documentation related to any calculations used in determining such information).

 

6.4. Auditors and Audits; Annual Financial
Statements and Accounting. HART agrees that, for so long as HBIO is required to consolidate the results of operations and financial
position of HART and any other members of the HART Group or to account for its investment in HART or any other member of the HART
Group under the equity method of accounting (determined in accordance with GAAP consistently applied and consistent with SEC reporting
requirements):

 

(a) Auditor. No member of the HART
Group shall change its independent auditors without HBIO’s prior written consent, which shall not be unreasonably withheld
or delayed.

 

(b) Audit Timing. HART shall use
commercially reasonable efforts to enable its independent auditors to complete their audit such that they will date their opinion
on HART’s audited annual financial statements on the same date that HBIO’s independent certified public accountants
(“HBIO’s Auditors”) date their opinion on HBIO’s audited annual financial statements (the “HBIO
Annual Statements”), and to enable HBIO to meet its timetable for the printing, filing and public dissemination of the
HBIO Annual Statements, all in accordance with Section 6.1 hereof and as required by applicable law;

 

    	- 30 -

    	 

    

 

(c) Information Needed by HBIO.
HART shall provide to HBIO on a timely basis all information that HBIO reasonably requires to meet its schedule for the preparation,
printing, filing, and public dissemination of the HBIO Annual Statements in accordance with Section 6.1 hereof and as required
by applicable Law. Without limiting the generality of the foregoing, HART will provide all required financial information with
respect to the HART Group to HART’s Auditors in a sufficient and reasonable time and in sufficient detail to permit HART’s
Auditors to take all steps and perform all reviews necessary to provide sufficient assistance to HBIO’s Auditors with respect
to information to be included or contained in the HBIO Annual Statements;

 

(d) Access to HART Auditors. HART
shall authorize HART’s Auditors to make available to HBIO’s Auditors both the personnel who performed, or are performing,
the annual audit of HART and work papers related to the annual audit of HART, in all cases within a reasonable time prior to HART’s
Auditors’ opinion date, so that HBIO’s Auditors are able to perform the procedures they consider necessary to take
responsibility for the work of HART’s Auditors as it relates to HBIO’s Auditors’ report on HBIO’s statements,
all within sufficient time to enable HBIO to meet its timetable for the printing, filing and public dissemination of the HBIO Annual
Statements; and

 

(e) Access to Records. If HBIO
determines in good faith that there may be some inaccuracy in a HART Group member’s financial statements or deficiency in
a HART Group member’s internal accounting controls or operations that could materially impact HBIO’s financial statements,
at HBIO’s request, HART will provide HBIO with access to the HART Group’s books and records upon reasonable notice
and during normal business hours so that HBIO may conduct reasonable audits relating to the financial statements provided by HART
under this Agreement as well as to the internal accounting controls and operations of the HART Group.

 

(f) Notice of Changes. Subject
to Section 6.1(g), HART will give HBIO as much prior notice as reasonably practicable of any proposed determination of, or
any significant changes in, HART’s accounting estimates or accounting principles from those in effect on the IPO Closing
Date. HART will consult with HBIO and, if requested by HBIO, HART will consult with HBIO’s Auditors with respect thereto.
HART will not make any such determination or changes without HBIO’s prior written consent if such a determination or a change
would be sufficiently material to be required to be disclosed in HART’s or HBIO’s financial statements as filed with
the SEC or otherwise publicly disclosed therein.

 

(g) Accounting Changes Requested by
HBIO. Notwithstanding clause (g) above, HART will make any changes in its accounting estimates or accounting principles
that are requested by HBIO in order for HART’s accounting practices and principles to be consistent with those of HBIO.

 

(h) Special Reports of Deficiencies
or Violations. HART will report in reasonable detail to HBIO the following events or circumstances promptly after any executive
officer of HART or any member of the HART Board becomes aware of such matter: (A) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
HART’s ability to record, process, summarize and report financial information; (B) any fraud, whether or not material,
that involves management or other employees who have a significant role in HART’s internal control over financial reporting;
(C) any illegal act within the meaning of Section 10A(b) and (f) of the Exchange Act; and (D) any report of
a material violation of law that an attorney representing any HART Group member has formally made to any officers or directors
of HART pursuant to the SEC’s attorney conduct rules (17 C.F.R. Part 205).

 

(i) For the avoidance of doubt, HART’s
requirements under this Section 6.4 will continue until the reporting for all financial statement periods during which HBIO
was required to consolidate the results of operations and financial position of HART and any other members of the HART Group or
to account for its investment in HART or any other member of the HART Group under the equity method of accounting (determined in
accordance with GAAP consistently applied and consistent with SEC reporting requirements) has been completed. For example, if HART
ceases to be a consolidated subsidiary or equity method affiliate of HBIO on September 30 of a given year, HART’s obligations
with regard to information required for HBIO’s Form 10-K for such year will remain in effect until such Form 10-K has been
filed.

 

    	- 31 -

    	 

    

 

6.5. Insurance Matters.

 

(a)          (i)
HART and each Covered Subsidiary that is a member of the HART Group, and each of their respective directors and officers shall
be covered under HBIO’s directors’ and officers’ insurance program until the Distribution Date. HART shall promptly
pay or reimburse HBIO for all costs and expenses associated with this coverage that are properly allocated to HART and any members
of the HART Group by HBIO consistent with HBIO’s allocation of such costs and expenses with respect to the HART Business
as of the IPO Closing Date. HART may review HBIO’s directors’ and officers’ insurance policies upon request.
HART acknowledges that such directors’ and officers’ insurance coverage shall terminate as of the Distribution Date,
and HART covenants and agrees that it shall take appropriate steps to secure directors’ and officers’ insurance coverage
for itself, each of its Subsidiaries, if any, and each of their respective directors and officers no later than the Distribution
Date.

 

(ii) Except as set forth in Section 6.5(a)(i)
with respect to directors’ and officers’ insurance, during the period from the IPO Closing Date through the Distribution
Date, HBIO will, subject to insurance market conditions and other factors beyond HBIO’s control, maintain, for the protection
of HART and its Covered Subsidiaries, policies of insurance that are comparable to those maintained generally for HBIO and its
Covered Subsidiaries during the same period. HART shall promptly pay or reimburse HBIO for all costs and expenses associated with
this coverage that are properly allocated to HART and any members of the HART Group by HBIO consistent with HBIO’s allocation
of such costs and expenses with respect to the HART Business as of the IPO Closing Date. To the extent HBIO purchases a new type
of insurance, or an amount or level of insurance not previously purchased by HBIO in order to protect, at least in part, HART or
any of its Covered Subsidiaries, that portion of the costs and expenses of such insurance attributable to HART or any of its Covered
Subsidiaries, as determined in HBIO’s sole discretion, shall be reimbursed by HART.

 

(b) HBIO and HART agree to cooperate in
good faith to provide for an orderly transition of insurance coverage from the date hereof through the Distribution Date. Except
with respect to HBIO’s obligation to indemnify the HART Indemnitees pursuant to Section 5.3 if applicable, in no event
shall HBIO, any other member of the HBIO Group or any HBIO Indemnitee have liability or obligation whatsoever to any member of
the HART Group solely as a result of any insurance policy or other contract or policy of insurance being terminated or otherwise
ceasing to be in effect (except with respect to HBIO’s obligation to indemnify the HART Indemnitees pursuant to Section
5.3 that are impacted by any instance in which such insurance policy or other contract or policy of insurance that was required
to be maintained by the HBIO Group or any HBIO Indemnitee hereunder (i) is terminated voluntarily by HBIO or any member of the
HBIO Group or (ii) lapses as a result of HBIO or any member of the HBIO Group failing to pay any insurance premium when due), being
unavailable or inadequate to cover any Liability of any member of the HART Group for any reason whatsoever or not being renewed
or extended beyond the current expiration date.

 

(c) From and after the Distribution Date,
other than as provided in Section 6.5(d), neither HART nor any member of the HART Group shall have any rights to or under
any of HBIO’s or its Affiliates’ insurance policies. At the Distribution Date, HART shall have in effect all insurance
programs required to comply with HART’s contractual obligations and such other insurance policies as reasonably necessary
or customary for companies operating a business similar to HART’s. Such insurance programs may include, but are not limited
to, general liability, commercial auto liability, workers’ compensation, employer’s liability, product liability, professional
services liability, property, cargo, employment practices liability, employee dishonesty/crime, aircraft hull and liability, directors’
and officers’ liability and fiduciary liability.

 

(d) From and after the Distribution Date,
with respect to any losses, damages and liability incurred by any member of the HART Group prior to the Distribution Date, HBIO
will provide HART with access to, and HART may make claims under HBIO’s third-party insurance policies in place at the time
of the Distribution and HBIO’s historical policies of insurance, but solely to the extent that such policies provided coverage
for the HART Group prior to the Distribution; provided, that such access to, and the right to make claims under such insurance
policies, shall be subject to the terms and conditions of such insurance policies, including any limits on coverage or scope, any
deductibles and other fees and expenses, and shall be subject to the following additional conditions:

 

(A) HART shall report, as promptly as
practicable claims in accordance with HBIO’s claim reporting procedures in effect immediately prior to the Distribution Date
(or in accordance with any modifications to such procedures after the Distribution Date communicated by HBIO to HART in writing);

 

    	- 32 -

    	 

    

 

(B) HART and its Affiliates shall indemnify,
hold harmless and reimburse HBIO and its Affiliates for any deductibles, self-insured retention, fees and expenses incurred by
HBIO or its Affiliates to the extent resulting from any access to, any claims made by HART or any of its Affiliates under, any
insurance provided pursuant to this Section 6.5(d), including any indemnity payments, settlements, judgments, legal
fees and allocated claims expenses and claim handling fees, whether such claims are made by HART, its employees or third Persons;
and

 

(C) Except with respect to HBIO’s
obligation to indemnify the HART Indemnitees pursuant to Section 5.3 if applicable, HART shall exclusively bear (and neither
HBIO nor its Affiliates shall have any obligation to repay or reimburse HART or its Affiliates for) and shall be liable for all
uninsured, uncovered, unavailable or uncollectible amounts of all such claims made by HART or any of its Affiliates under the policies
as provided for in this Section 6.5(d).

 

In the event an insurance policy aggregate is exhausted, or
believed likely to be exhausted, due to noticed claims, the HART Group, on the one hand, and the HBIO Group, on the other hand,
shall be responsible for their pro rata portion of the reinstatement premium, based upon the losses of such Group submitted
to HBIO’s insurance carrier(s) (including any submissions prior to the Distribution Date). To the extent that the HBIO Group
or the HART Group is allocated more than its pro rata portion of such premium due to the timing of losses submitted to HBIO’s
insurance carrier(s), the other Party shall promptly pay the first Party an amount so that each Group has been properly allocated
its pro rata portion of the reinstatement premium. HBIO and HART can mutually agree not to reinstate the policy aggregate
and each Group then will bear all of its own future costs.

 

(e) All payments and reimbursements by
HART pursuant to this Section 6.5 will be made within thirty (30) days after HART’s receipt of an invoice therefor
from HBIO. If HBIO incurs costs to enforce HART’s obligations herein, HART agrees to indemnify HBIO for such enforcement
costs, including attorneys’ fees.

 

(f) HBIO shall retain the exclusive right
to control its insurance policies and programs, including the right to exhaust, settle, release, commute, buy-back or otherwise
resolve disputes with respect to any of its insurance policies and programs and to amend, modify or waive any rights under any
such insurance policies and programs, notwithstanding whether any such policies or programs apply to any HART Liabilities and/or
claims HART has made or could make in the future, and no member of the HART Group shall, without the prior written consent of HBIO,
erode, exhaust, settle, release, commute, buy-back or otherwise resolve disputes with HBIO’s insurers with respect to any
of HBIO’s insurance policies and programs, or amend, modify or waive any rights under any such insurance policies and programs.
HART shall cooperate with HBIO and share such information as is reasonably necessary in order to permit HBIO to manage and conduct
its insurance matters as it deems appropriate. Neither HBIO nor any of its Affiliates shall have any obligation to secure extended
reporting for any claims under any of HBIO’s or its Affiliates’ liability policies for any acts or omissions by any
member of the HART Group incurred prior to the Distribution Date.

 

(g) This Agreement shall not be considered
as an attempted assignment of any policy of insurance or as a contract of insurance and shall not be construed to waive any right
or remedy of any member of the HBIO Group in respect of any insurance policy or any other contract or policy of insurance.

 

(h) HART does hereby, for itself and each
other member of the HART Group, agree that no member of the HBIO Group shall have any Liability whatsoever as a result of the insurance
policies and practices of HBIO and its Affiliates as in effect at any time, including as a result of the level or scope of any
such insurance, the creditworthiness of any insurance carrier, or the terms and conditions of any policy, and except with respect
to HBIO’s obligation to indemnify the HART Indemnitees pursuant to Section 5.3 if applicable, the adequacy or timeliness
of any notice to any insurance carrier with respect to any claim or potential claim or otherwise.

 

    	- 33 -

    	 

    

 

ARTICLE VII

 EXCHANGE OF INFORMATION; CONFIDENTIALITY

 

7.1. Agreement for Exchange of Information;
Archives. Subject to Section 7.8 and any other applicable confidentiality obligations, each of HBIO and HART, on behalf
of its respective Group, agrees to provide, or cause to be provided, to the other Group, at any time before or after the IPO Closing
Date, as soon as reasonably practicable after written request therefor, any Information in the possession or under the control
of such respective Group which the requesting Party reasonably needs (i) to comply with reporting, disclosure, filing or other
requirements imposed on the requesting Party (including under applicable securities or Tax Laws) by a Governmental Authority having
jurisdiction over the requesting Party, (ii) for use in any other judicial, regulatory, administrative, tax or other proceeding
or in order to satisfy audit, accounting, claims, regulatory, litigation, tax or other similar requirements, in each case other
than claims or allegations that one Party to this Agreement has against the other, or (iii) subject to the foregoing clause
(ii), to comply with its obligations under this Agreement or any other Ancillary Agreement; provided, however, that,
in the event that any Party determines that any such provision of Information could be commercially detrimental, violate any Law
or agreement, or waive any attorney-client privilege, the Parties shall take all reasonable measures to permit the compliance with
such obligations in a manner that avoids any such harm or consequence.

 

7.2. Ownership of Information. Any
Information owned by one Group that is provided to a requesting Party pursuant to Section 7.1 or Section 7.7 shall be
deemed to remain the property of the providing Party. Unless specifically set forth herein, nothing contained in this Agreement
shall be construed as granting or conferring rights of license or otherwise in any such Information.

 

7.3. Compensation for Providing Information.
Except as set forth in Section 7.1, the Party requesting Information agrees to reimburse the other Party for the reasonable
costs, if any, of creating, gathering and copying such Information, to the extent that such costs are incurred for the benefit
of the requesting Party. Except as may be otherwise specifically provided elsewhere in this Agreement or in any other agreement
between the Parties, such costs shall be computed in accordance with the providing Party’s standard methodology and procedures.

 

7.4. Record Retention. To facilitate
the possible exchange of Information pursuant to this Article VII and other provisions of this Agreement after the Separation Date,
the Parties agree to use their reasonable best efforts to retain all Information in their respective possession or control on the
Separation Date in accordance with the policies of HBIO as in effect on the Separation Date or such other policies as may be adopted
by HBIO after the Separation Date (provided, in the case of HART, that HBIO notifies HART of any such change). No Party will destroy,
or permit any of its Subsidiaries to destroy, any Information which the other Party may have the right to obtain pursuant to this
Agreement prior to the end of the retention period set forth in such policies without first notifying the other Party of the proposed
destruction and giving the other Party the opportunity to take possession of such information prior to such destruction; provided,
however, that in the case of any Information relating to Taxes, employee benefits or Environmental Liabilities, such retention
period shall be extended to the expiration of the applicable statute of limitations (giving effect to any extensions thereof).
Notwithstanding the foregoing, Section 9 of the Tax Sharing Agreement will govern the retention of Tax Records (as defined
in the Tax Sharing Agreement).

 

7.5. Limitations of Liability. No
Party shall have any liability to any other Party in the event that any Information exchanged or provided pursuant to this Agreement
which is an estimate or forecast, or which is based on an estimate or forecast, is found to be inaccurate in the absence of willful
misconduct by the Party providing such Information. No Party shall have any liability to any other Party if any Information is
destroyed after reasonable best efforts by such Party to comply with the provisions of Section 7.4.

 

7.6. Other Agreements Providing for
Exchange of Information.

 

The rights and obligations granted under
this Article VII are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange, retention
or confidential treatment of Information (however it may be elsewhere defined) set forth in any Ancillary Agreement.

 

7.7. Production of Witnesses; Records;
Cooperation.

 

(a) After the IPO Closing Date, except
in the case of an adversarial Action by one Party against another Party, each Party hereto shall use its commercially reasonable
efforts to make available to each other Party, upon written request, the directors, officers and employees of the members of its
respective Group as witnesses and any books, records or other documents within its control, to the extent that any such Person
(giving consideration to business demands of such directors, officers and employees) or books, records or other documents may reasonably
be required in connection with any Action in which the requesting Party may from time to time be involved, regardless of whether
such Action is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all costs
and expenses in connection therewith.

 

    	- 34 -

    	 

    

 

(b) If an Indemnifying Party chooses to
defend or to seek to compromise or settle any Third-Party Claim, the other parties shall make available to such Indemnifying Party,
upon written request, the directors, officers and employees of the members of its respective Group as witnesses and any books,
records or other documents within its control, to the extent that any such Person (giving consideration to business demands of
such directors, officers and employees) or books, records or other documents may reasonably be required in connection with such
defense, settlement or compromise, or such prosecution, evaluation or pursuit, as the case may be, and shall otherwise cooperate
in such defense, settlement or compromise, or such prosecution, evaluation or pursuit, as the case may be.

 

(c) Without limiting the foregoing, the
Parties shall cooperate and consult to the extent reasonably necessary with respect to any Actions.

 

(d) Without limiting any provision of
this Section 7.7 or the Intellectual Property Matters Agreement, each of the Parties agrees to cooperate, and to cause each member
of its respective Group to cooperate, with each other in the defense of any infringement or similar claim with respect any intellectual
property and shall not claim to acknowledge, or permit any member of its respective Group to claim to acknowledge, the validity
or infringing use of any intellectual property of a third Person in a manner that would hamper or undermine the defense of such
infringement or similar claim.

 

(e) The obligation of the Parties to provide
witnesses pursuant to this Section 7.7 is intended to be interpreted in a manner so as to facilitate cooperation and shall
include the obligation to provide as witnesses inventors and other officers without regard to whether the witness or the employer
of the witness could assert a possible business conflict (subject to the exception set forth in the first sentence of Section 7.7(a)).

 

(f) In connection with any matter contemplated
by this Section 7.7, the Parties will enter into a mutually acceptable joint defense agreement so as to maintain to the extent
practicable any applicable attorney-client privilege or work product immunity of any member of any Group.

 

7.8. Confidentiality.

 

(a) Subject to Section 7.9,
each of HBIO and HART, on behalf of itself and each member of its respective Group, agrees to hold, and to cause its respective
Representatives to hold, in strict confidence, with at least the same degree of care that applies to HBIO’s confidential
and proprietary information pursuant to policies in effect as of the IPO Closing Date, all Information concerning each such other
Group that is either in its possession (including Information in its possession prior to any of the date hereof, the IPO Closing
Date or any Distribution Date) or furnished by any such other Group or its respective Representatives at any time pursuant to this
Agreement, any other Ancillary Agreement or otherwise, and shall not use any such Information other than for such purposes as shall
be expressly permitted hereunder or under and Ancillary Agreement, except, in each case, to the extent that such Information is
or has been (i) in the public domain through no fault of such Party or any member of such Group or any of their respective
Representatives, (ii) later lawfully acquired from other sources by such Party (or any member of such Party’s Group)
which sources are not themselves bound by a confidentiality obligation with respect to such Information, (iii) independently
generated without reference to or use of any proprietary or confidential Information of the other Party, or (iv) approved for release
or disclosure by written authorization of the non-disclosing Party.

 

(b) Each Party agrees not to release or
disclose, or permit to be released or disclosed, any such Information to any other Person, except its Representatives who need
to know such Information and who shall be subject by agreement or otherwise to confidentiality restrictions at least as restrictive
as those set forth herein with respect to such Information, except as permitted pursuant to Section 7.9. Without limiting
the foregoing, when any Information is no longer needed for the purposes contemplated by this Agreement or any other Ancillary
Agreement, each Party will promptly after request of the other Party either return to the other Party all Information in a tangible
form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party that it has
destroyed such Information (and such copies thereof and such notes, extracts or summaries based thereon).

 

    	- 35 -

    	 

    

 

7.9. Protective Arrangements. In
the event that any Party or any member of its Group either determines on the advice of its counsel that it is required to disclose
any Information pursuant to applicable Law or receives any demand under lawful process or from any Governmental Authority to disclose
or provide Information of any other Party (or any member of any other Party’s Group) that is subject to the confidentiality
provisions hereof, such Party shall notify the other Party prior to disclosing or providing such Information and shall cooperate
at the expense of the requesting Party in seeking any and all commercially feasible protective arrangements requested by such other
Party. Subject to the foregoing, the Person that received such request may thereafter disclose or provide Information, or portions
thereof, only to the extent required by such Law (as so advised by counsel) or by lawful process or such Governmental Authority.

 

ARTICLE VIII

MATTERS RELATING TO EMPLOYEES AND OTHER
PARTICIPANTS

 

8.1. General Principles.

 

(a) Employment of HART
Employees. All HART Employees shall continue to be employees of HART or another member of the HART Group, as the case may
be, immediately after the Separation Date. All Transferred Employees shall be deemed to be employees exclusively of HART or
the applicable member of the HART Group, as the case may be, on or immediately after the IPO Closing Date except for the
President and Chief Financial Officer of HBIO who may be employees of both HART and HBIO prior to the Distribution Date, and
except for certain foreign Transferred Employees whom HBIO and HART agree will be transitioning to HART on or prior to the
Distribution Date. Following the Separation Date, HART hereby agrees to promptly, and in event prior to the Distribution Date
or later period that HBIO agrees to provide related transition services pertaining to such foreign Transferred Employees to
HART,  transfer such foreign Transferred Employees to the appropriate members of the HART Group.

 

(b) Assumption and Retention of Liabilities;
Related Assets.

 

(i) As of through the IPO Closing Date,
except as expressly provided in this Article VIII, the HBIO Group shall assume or retain and pay, perform, fulfill and discharge,
in due course in full (A) all Liabilities under all HBIO Benefit Plans in accordance with the terms thereof, (B) all
other Liabilities with respect to the employment or termination of employment of all HBIO Employees, Former HBIO Employees, Transferred
Employees and their dependents and beneficiaries, and other service providers (including any individual who is, or was, an independent
contractor, or other non-employee service provider of any member of the HBIO Group), arising in connection with or as a result
of the provision of services to any member of the HBIO Group; and (C) any other Liabilities expressly assigned to HBIO under
this Article VIII.

 

(ii) From and after the IPO Closing Date,
except as expressly provided in this Article VIII, the HART Group shall assume or retain, and pay, perform, fulfill and discharge,
in due course and in full, (A) all Liabilities under all HART Benefit Plans, (B) all other Liabilities with respect to
the employment or termination of employment of all HART Employees (including without limitation any Transferred Employees), Former
HART Employees and their dependents and beneficiaries, and other service providers (including any individual who is, or was, an
independent contractor or other non-employee service provider of any member of the HART Group or arising in connection with or
as a result of the provision of services to any member of the HART Group; and (C) any other Liabilities expressly assigned
to any member of the HART Group under this Article VIII. Notwithstanding anything herein to the contrary, until the President and
Chief Financial Officer of HBIO and certain foreign Transferred Employees are transferred to the exclusive employ of HART or the
HART Group on or prior to the Distribution Date, the HART Liabilities for all such individuals shall be governed by the Transition
Services Agreement.

 

(iii) HART Participation in HBIO Benefit
Plans. Except as expressly provided in this Article VIII, effective as of the IPO Closing Date, HART and each other member
of the HART Group shall cease to be a Participating Company in any HBIO Benefit Plan, and each HART Employee who is a participant
in one or more HBIO Benefit Plans immediately prior to the IPO Closing Date shall cease active participation in such HBIO Benefit
Plans as of the IPO Closing Date. Notwithstanding anything herein to the contrary, any Transferred Employee who is a participant
in one or more HBIO Benefit Plans immediately prior to the Distribution Date shall cease active participation in such HBIO Benefit
Plans as of the Distribution Date. Notwithstanding anything herein to the contrary, for purposes of counting service for eligibility,
vesting and the accrual of benefits under any HART Benefit Plan, the HBIO Employment of any Transferred Employee shall count as
HART Employment.

 

    	- 36 -

    	 

    

 

 

(c) Commercially Reasonable Efforts.
HBIO and HART shall use commercially reasonable efforts to (i) enter into any necessary agreements to accomplish the assumptions
and transfers contemplated by this Article VIII; (ii) amend any Benefit Plans; and (iii) provide for the transfer and maintenance
of the necessary participant records. After the IPO Closing Date, HBIO and HART shall each be individually responsible for the
appointment of the trustees and the engagement of record keepers, investment managers, providers, and insurers for its respective
Benefit Plans.

 

(d) Regulatory Compliance. HBIO
and HART shall, in connection with the actions taken pursuant to this Article VIII, cooperate, as reasonably necessary and appropriate,
in making any and all filings required under the Code, ERISA and any applicable securities laws, disseminating all appropriate
communications with participants, transferring appropriate records and taking all such other actions as may be reasonably necessary
and appropriate to implement the provisions of this Article VIII in a timely manner.

 

(e) Approval by HBIO as Sole Stockholder.
Prior to the IPO Closing Date, HBIO shall cause HART to adopt the Harvard Apparatus Regenerative Technology Inc. 2013 Equity and
Incentive Plan and any other HART Benefit Plan that may require stockholder approval under applicable Law.

 

(f) Sections 162(m)/409A. Notwithstanding
anything in this Agreement to the contrary (including the treatment of supplemental and deferred compensation plans, outstanding
long-term incentive awards, annual incentive awards as described herein, and awards under the Harvard Apparatus Regenerative Technology
Inc. 2013 Equity and Incentive Plan), the Parties agree to negotiate in good faith regarding the need for any treatment different
from that otherwise provided in this Article VIII to ensure that (i) a federal income Tax deduction for the payment of such supplemental
or deferred compensation or long-term incentive award, annual incentive award or other compensation is not limited by reason of
Section 162(m) of the Code, and (ii) the treatment of such supplemental or deferred compensation or long-term incentive award,
annual incentive award or other compensation does not cause the imposition of a tax under Section 409A of the Code.

 

(g) No Change in Control. The Parties
hereto acknowledge and agree that the transactions contemplated by this Agreement do not constitute a “change of control”
for purposes of any Benefit Plan, and to the extent that any Benefit Plan provides otherwise, such Benefit Plan shall be amended
to comply with this provision prior to the IPO Closing Date, provided that such amendment does not trigger adverse tax results
under Code Section 409A or otherwise.

 

(h) Effect on Employment. Except
as expressly provided in this Agreement, the occurrence of either the IPO or Separation and Distribution alone shall not cause
any employee of a member of either the HART Group or the HBIO Group to be deemed to have incurred a termination of employment which
entitles such individual to the commencement of benefits under any of the HBIO Benefit Plans. Furthermore, nothing in this Agreement
is intended to confer upon any employee or former employee of HBIO, HART or either of their respective Affiliates any right to
continued employment, or any recall or similar rights to an individual on layoff or any type of approved leave. Additional conditions
to the Separation will be (1) that the President and Chief Financial Officer of HBIO who are transferring to the employ of HART
as of the Distribution Date shall execute employment agreements with HART with a term commencing on the Distribution Date, and
(2) that each HART Employee or Transferred Employee having an employment agreement with HBIO, shall execute an agreement in favor
of HBIO terminating his or her employment agreement with HBIO as of the Distribution Date, and acknowledging that no severance
payments are due as a result of such termination of employment. Notwithstanding anything herein to the contrary, such HBIO termination
agreement executed by the President or Chief Financial Officer shall be effective as of the Distribution Date. Notwithstanding
anything in this paragraph to the contrary, HART acknowledges and agrees that it shall assume any and all Liabilities relating
to any termination of HBIO employment by any HART Employee or Transferred Employee, described hereinabove (including any severance).

 

(i) Consent Of Third Parties. If
any provision of this Agreement is dependent on the consent of any third party and such consent is withheld, the Parties hereto
shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable.
If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto
shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

 

    	- 37 -

    	 

    

 

(j) Beneficiary Designation/Release
Of Information/Right To Reimbursement. To the extent permitted by applicable Law and except as otherwise provided for in this
Agreement or the HART Benefit Plans, all beneficiary designations, authorizations for the release of Information and rights to
reimbursement made by or relating to HART participants under HBIO Benefit Plans shall be transferred to and be in full force and
effect under the corresponding HART Benefit Plans as of the IPO Closing Date until such beneficiary designations, authorizations
or rights are replaced or revoked by, or no longer apply, to the relevant HART participant.

 

8.2. Annual Bonus Awards

 

(a) HART Bonus Awards. HART shall
be responsible for determining all bonus awards payable for any time period following the IPO Closing Date with respect to individuals
who are employees of the HART Group on or after the IPO Closing Date. HART shall be responsible for all Liabilities with respect
to such bonus awards.

 

(b) HBIO Bonus Awards. HBIO shall
be responsible for determining, and shall retain all Liabilities with respect to, any bonus awards payable to HBIO Employees for
2013 and thereafter. In addition, HBIO shall be responsible for determining, and shall retain all Liabilities with respect to any
portion of bonus awards pertaining to any periods prior to the IPO Closing Date, if any, that are payable to HART Employees who
were also employees of the HBIO Group during such period. HBIO shall pay to each such HART Employee the amount of any such bonus
pertaining to any periods prior to the IPO Closing Date.

 

8.3. Certain Welfare Benefit Matters.

 

(a) HART Health and Welfare Plans.
HART (or any third party with which HART contracts) shall be responsible for all Liabilities relating to, arising out of or resulting
from health and welfare coverage or claims under the HART Health and Welfare Plans from and after the Distribution Date which shall
also be the effective date of such HART Health and Welfare Plans. From the IPO Closing Date to the Distribution Date, HART Employees
(including any Transferred Employees) shall participate in the HBIO Health and Welfare Plans, and HBIO shall charge HART its pro
rata share of the cost of such coverage for Transferred Employees and other HART Employees.

 

(b) HBIO Health and Welfare Plans.
HBIO (or any third party with which HART contracts) shall be responsible for all Liabilities relating to, arising out of or resulting
from health and welfare coverage or claims under the HBIO Health and Welfare Plans, including but not limited to the claims of
HART Employees (including any Transferred Employees) participating in such Plans before the Distribution Date.

 

(c) Workers’ Compensation Liabilities.
All workers’ compensation Liabilities relating to, arising out of, or resulting from any claim by a HBIO Employee or Former
HBIO Employee with respect to HBIO Employment, shall be retained by HBIO. All workers’ compensation Liabilities relating
to, arising out of, or resulting from any claim by a HART Employee (including without limitation Transferred Employees) or Former
HART Employee with respect to HART Employment shall be retained by HART. To the extent necessary, HBIO and HART shall cooperate
with respect to any notification to appropriate governmental agencies of the effective time and the issuance of new, or the transfer
of existing, workers’ compensation insurance policies and claims handling contracts. 

 

(d) COBRA and HIPAA Compliance.
HBIO shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate
of creditable coverage requirements of HIPAA, and the corresponding provisions of the HBIO Health and Welfare Plans with respect
to HBIO Employees, Former HBIO Employees, Transferred Employees and their covered dependents who incur a COBRA qualifying event
or loss of coverage under the HBIO Health and Welfare Plans at any time before, on or after the IPO Closing Date. HART shall be
responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable
coverage requirements of HIPAA, and the corresponding provisions of the HART Health and Welfare Plans with respect to HART Employees
(including, as applicable Transferred Employees) and Former HART Employees and their covered dependents who incur a COBRA qualifying
event or loss of coverage under the HART Health and Welfare Plans at any time before, on or after the IPO Closing Date.

 

    	- 38 -

    	 

    

 

8.4. [Reserved.]

 

8.5. Qualified Defined Contribution
Plan.

 

(a)(i) Subject to the terms of this §8.5(e),
Assets and Liabilities attributable to the vested and unvested account balances of the Transferred Employees (or any other applicable
HART Employee who is an HBIO Participant) , including any notes relating to outstanding plan loans, which are held in the trust
under the Harvard Bioscience, Inc. 401(k) Plan (the “DC Trust”) shall be spun off to a new 401(k) plan, the
provisions of which shall initially mirror the plan under the DC Trust, and which HART shall sponsor and maintain (the “HART
401(k) Plan”). The Parties hereto shall cooperate in good faith to complete such separation on commercially reasonable
terms and conditions, effective as of the Distribution Date or as soon thereafter as reasonably practicable. For purposes of counting
service for eligibility, vesting and the accrual of benefits under the HART 401(k) Plan, the HBIO Employment of any Transferred
Employee (or other HART Employee) shall count as HART Employment under the HART 401(k) Plan, as of the effective date of such Plan.

 

(a)(ii) HART shall be responsible for
taking all necessary, reasonable and appropriate actions to establish, maintain and administer the HART 401(k) Plan so that it
is qualified under Section 401(a) of the Code, so that the trust related thereto is exempt from Federal income tax under Section
501(a) of the Code. HART (acting directly or through one or more of its Affiliates) shall be responsible for any and all Liabilities
and other obligations with respect to the HART 401(k) Plan.

 

(b) Transfer of Assets. The
transfer described in subsection (a) hereof shall occur as soon as practicable following both the establishment of the HART 401(k)
Plan and the Distribution Date, subject to the terms of clause (e) hereof. HART shall cause the HART 401(k) Plan to accept such
transfer of accounts and underlying Assets and Liabilities, and, effective as of the date of such transfer, HART shall assume and
fully perform, pay and discharge, all obligations of the HBIO 401(k) Plan relating to the accounts of HART Participants. Any transfer
of Assets pursuant to this Section 8.5 shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(1)-1,
and Section 208 of ERISA.

 

(c) Continuation of Elections.
As soon as practicable following the establishment of the HART 401(k) Plan, HART (acting directly or through its Affiliates) shall,
to the extent practicable, cause the HART 401(k) Plan to recognize and maintain all HBIO 401(k) Plan elections, including, but
not limited to, loan arrangements, deferral, investment, and the form of payment, beneficiary designations, and the rights of alternate
payees under qualified domestic relations orders with respect to HART Participants who are HBIO Participants); otherwise, HART
shall require HART Participants to make new elections or designations, as necessary and appropriate with respect to the HART 401(k)
Plan.

 

(d) Form 5310-A. No later
than thirty (30) days prior to the date of any transfer of Assets and Liabilities pursuant to Section 8.5(b), HBIO and
HART (each acting directly or through their respective Affiliates) shall, if required, file Internal Revenue Service Form 5310-A
regarding the transfer of Assets and Liabilities from the HBIO 401(k) Plan to the HART 401(k) Plan as described in this Section 8.5.

 

(e) Contributions to the HART 401(k)
Plan. The transfer of Assets and Liabilities described in (b) hereof shall include all contributions payable to the HBIO 401(k)
Plan for any employee deferrals and contributions, HBIO matching contributions and other contributions, whether vested or unvested,
and loan repayments, and any rollovers accounts that are allocable to the accounts of each and every Transferred Employee (or other
HART Employee) who is a HBIO Participant, plus any suspense accounts or forfeiture accounts attributable to said Employees, where
the amount of such transfer is determined through date, after the Distribution Date, that is established for transfer by the mutual
agreement of HBIO and HART, determined in accordance with the terms and provisions of the HBIO 401(k) Plan, the HART 401(k) Plan,
applicable law, and this section 8.5.

 

8.6. Deferred Compensation

 

(a) HBIO shall retain, or cause any member
of the HBIO Group to retain, all Assets and all Liabilities arising out of or relating to any HBIO Benefit Plans that provide for
nonqualified deferred compensation (the “HBIO Nonqualified Plans”), and any and all trusts relating to such
HBIO Benefit Plans, including any grantor or “rabbi trust,” and shall make payments to all participants in such plans
who are HART Employees (including without limitation any Transferred Employees), or Former HART Employees and their respective
beneficiaries in accordance with the terms of the applicable HBIO Nonqualified Plan.

 

    	- 39 -

    	 

    

 

(b) Except as otherwise provided under
the applicable HBIO Nonqualified Plan, HBIO and HART intend that neither the Separation nor the IPO, the Distribution nor any of
the other transactions contemplated by this Agreement will alone trigger a payment or distribution of compensation under the HBIO
Nonqualified Plans for any HART Employee or Former HART Employee, but rather, that the payment or distribution of any compensation
to which any HART Employee (including without limitation any Transferred Employee) or Former HART Employee is entitled under any
HBIO Nonqualified Plan will occur upon such HART Employee’s separation from service from the HBIO Group or at such other
time as provided in such HBIO Nonqualified Plan or such HART Employee’s deferral election. If any HBIO Nonqualified Plan
must be amended to comply with this subsection (b), it shall be amended only if it is expected that the amendment shall not trigger
any adverse tax consequence under Code Section 409A.

 

8.7. [Reserved].

 

8.8. Treatment of Outstanding HBIO Equity
Awards. HBIO and HART shall use commercially reasonable efforts to take all actions necessary or appropriate so that each outstanding
HBIO Option and HBIO Restricted Stock Unit held by any individual shall be adjusted as set forth in this Section 8.8,
provided that such adjustment does not trigger taxation under Code Section 409A.

 

(a) HBIO Options Held by HBIO Employees,
Former HBIO Employees, HBIO Directors and HART Employees. As determined by the Compensation Committee of the HBIO Board (the
“Committee”) pursuant to its authority under the applicable HBIO Long-Term Incentive Plan, and as approved by
the HART Board pursuant to its authority under the applicable HART Long-Term Incentive Plan, each HBIO Option held by an HBIO Employee,
a Former HBIO Employee, a member of the HBIO Board of Directors or a HART Employee (including without limitation, any Transferred
Employee), whether vested or unvested, shall be converted on the Distribution Date into both an adjusted HBIO Option and a HART
Option, each as described below, provided that tax under Code section 409A is not expected to be triggered thereby, and except
as modified in accordance with this Section 8.8 below (including clause (c)), shall otherwise be subject to the same terms and
conditions after the Distribution Date as the terms and conditions applicable to such HBIO Option immediately prior to the Distribution
Date; provided, however, that from and after the Distribution Date:

 

(i) the number of shares of HBIO
Common Stock available for purchase upon the exercise of such adjusted HBIO Option shall be equal to the sum of (I) the respective
Existing HBIO Option Amount, plus (II) the result, rounded down to the nearest whole dollar, obtained by multiplying (A) the Replacement
Fair Value pertaining to such HBIO Option by (B) the HBIO Value Factor and dividing the product by (C) the HBIO Post-Distribution
Fair Value Per Option pertaining to such HBIO Option,

 

(ii) the per share exercise price
of such HBIO Option, rounded up to the nearest whole cent, shall be equal to the product of (A) the Existing HBIO Exercise Price
times (B) the HBIO Ratio, provided that such per share exercise price after the Distribution Date complies with the conversion
requirements of Treas. Reg. §1.409A-1(b)(5)(v)(D), and, if not, is adjusted so to comply,

 

(iii) the number of shares of HART
Common Stock available for purchase upon the exercise of HART Option shall be equal to the result, rounded down to the nearest
whole dollar, obtained by multiplying (A) the Replacement Fair Value pertaining to such HBIO Option by (B) the HART Value Factor
and dividing the product by (C) the HART Fair Value Per Option pertaining to such HART Option,

 

(iv) the per share exercise price
of the HART Option, rounded up to the nearest whole cent, shall be equal to the product of (A) the Existing HBIO Exercise
Price times (B) the HART Ratio, provided that such per share exercise price after the Distribution Date complies with the
conversion requirements of Treas. Reg. §1.409A-1(b)(5)(v)(D), and, if not, is adjusted so to comply,

 

provided, however, that
the exercise price, the number of shares of HBIO Common Stock and HART Common Stock subject to such options, the requirements of
this section, and the terms and conditions of vesting and exercise of such options shall be determined such that tax is not triggered
under Section 409A of the Code; provided, further, that, in the case of any HBIO Option to which Section 421
of the Code applies by reason of its qualification under Section 422 of the Code immediately prior to the Distribution Date,
the exercise price, the number of shares of HBIO Common Stock and HART Common Stock subject to such option and the terms and conditions
of exercise of such option shall be determined in a manner consistent with the requirements of Section 424(a) of the Code.

 

    	- 40 -

    	 

    

 

(b) HBIO Restricted Stock Units.

 

(i) As determined by the Committee pursuant
to its authority under the applicable HBIO Long-Term Incentive Plan, and approved by the HART Board pursuant to its authority under
the applicable HART Long-Term Incentive Plan, with respect to each unvested HBIO Restricted Stock Unit, such HBIO Restricted Stock
Unit shall be converted on the Distribution Date into both an adjusted HBIO Restricted Stock Unit and a HART Restricted Stock Unit,
provided that such conversion shall not trigger Code Section 409A tax, and except as modified in accordance with Section 8.8(c),
shall otherwise be subject to the same terms and conditions after the Distribution Date as the terms and conditions applicable
to such HBIO Restricted Stock Unit immediately prior to the Distribution Date; provided, however, that from and after
the Distribution Date:

 

(i) the number of shares of HBIO
Common Stock subject to such HBIO Restricted Stock Unit, rounded down to the nearest whole share, shall be equal to the sum of
(I) the Existing HBIO Restricted Stock Unit Amount plus (II) the amount obtained by multiplying (A) the Existing HBIO Restricted
Stock Unit Amount times (B) the Distribution Ratio times (C) the HART Stock Value times (D) the HBIO Value Factor and dividing
the result by (E) the HBIO Post-Distribution Stock Value,

 

(ii) the number of shares of HART
Common Stock subject to such HART Restricted Stock Unit rounded down to the nearest whole share, shall be equal to the amount obtained
by multiplying (A) the Existing HBIO Restricted Stock Unit Amount times (B) the Distribution Ratio times (C) the HART Stock
Value times (D) the HART Value Factor and dividing the result by (E) the HART Stock Value;

 

provided, however, that
the number of shares of HBIO Common Stock and HART Common Stock subject to such Restricted Stock Units and the vesting and other
terms and conditions of such Restricted Stock Unit shall be determined such that tax is not triggered under Section 409A of
the Code; provided, further, that, in the case of any HBIO Restricted Stock Unit to which Section 421 of the
Code applies by reason of its qualification under Section 422 of the Code as of immediately prior to the Distribution Date,
the number of shares of HBIO Common Stock and HART Common Stock subject to such Restricted Stock Unit and the vesting and other
terms and conditions such Restricted Stock Unit shall be determined in a manner consistent with the requirements of Section 424(a)
of the Code.

 

(c) Miscellaneous Option and Restricted
Stock Unit Terms. After the Distribution Date, HBIO Options and HBIO Restricted Stock Units adjusted pursuant to this Section 8.8,
regardless of by whom held, shall be settled by HBIO, and HART Options and HART Restricted Stock Units (including any corresponding
dividend equivalents), regardless of by whom held, shall be settled by HART. It is intended that, to the extent of the issuance
of such HART Options and HART Restricted Stock Units in connection with the adjustment provisions of this Section 8.8, the
HART Long-Term Incentive Plan shall be considered a successor to each of the HBIO Long-Term Incentive Plans and to have assumed
the obligations of the applicable HBIO Long-Term Incentive Plan to make the adjustment of the HBIO Options and HBIO Restricted
Stock Units as set forth in this Section 8.8 provided that any such adjustment does not trigger tax under Code Section 409A.
With respect to grants adjusted pursuant to this Section 8.8, employment with or service for HBIO shall be treated as employment
with or service for HART with respect to for exercisability, vesting, and the post-termination exercise period for HART Options
and HART Restricted Stock Units held by HBIO Employees and HBIO Directors and employment with or service for HART shall be treated
as employment with or service for HBIO for exercisability, vesting, and the post-termination exercise period for HBIO Options and
HBIO Restricted Stock Units held by HART Employees and HART Directors.

 

    	- 41 -

    	 

    

 

Prior to the Distribution Date, HBIO shall
amend the applicable HBIO Long-Term Incentive Plan as necessary, effective as of the Distribution Date, to provide that for purposes
of the post Distribution HBIO Options and HBIO Restricted Stock Units issued in accordance with this Section 8.8 (including in
determining exercisability, vesting and the post-termination exercise period), a HART Employee’s or HART Director’s
continued service with the HART Group following the Distribution Date shall be deemed continued service with HBIO. HART shall issue
each HART Option and HART Restricted Stock Unit referenced above in this Section 8.8 under the HART Long-Term Incentive Plan, which
shall provide that, except as otherwise provided herein, the terms and conditions applicable to such HART Options and HART Restricted
Stock Units shall be substantially similar to the terms and conditions applicable to the corresponding HBIO Options and HBIO Restricted
Stock Units, including the terms and conditions relating to exercisability, vesting and the post-termination exercise period (as
set forth in the applicable plan, award agreement or in the option holder’s then applicable employment agreement with HBIO
or its Affiliates, which terms shall remain in effect even after the expiration or termination of such employment agreement) and
shall include a provision to the effect that, for purposes of the HART Options and HART Restricted Stock Units issued in accordance
with this Section 8.8, continued service with the HBIO Group from and after the Distribution Date shall be deemed to constitute
service with HART for exercisability, vesting, the post-termination exercise period and eligibility purposes.

 

(d) Waiting Period for Exercisability
of Options and Grant of Options and Awards. The HBIO Options and HART Options shall not be exercisable during a period beginning
on a date prior to the Distribution Date determined by HBIO in its sole discretion, and continuing until the HBIO Post-Distribution
Stock Value and the HART Stock Value are determined after the Distribution Date, or such longer period as HBIO, with respect to
HBIO Options, and HART, with respect to HART Options, determines necessary to implement the provisions of this Section 8.8.
The HBIO Restricted Stock Units and HART Restricted Stock Units shall not be settled during a period beginning on a date prior
to the Distribution Date determined by HBIO in its sole discretion, and continuing until the HBIO Post-Distribution Stock Value
and the HART Stock Value are determined immediately after the Distribution Date, or such longer period as HBIO, with respect to
HBIO Restricted Stock Units, and HART, with respect to HART Restricted Stock Units, determines necessary to implement the provisions
of this Section 8.8.

 

(e) Registration Requirements.
On or before the IPO Closing Date, HART agrees that it shall file a Form S-8 Registration Statement with respect to and cause to
be registered pursuant to the Securities Act, the shares of HART Common Stock authorized for issuance under the HART Long-Term
Incentive Plan as required pursuant to the Securities Act and any applicable rules or regulations thereunder, with such registration
to be effective prior to the IPO Closing Date.

 

(f) Change in Control. Following
the Distribution, for any award adjusted under this Section 8.8, any reference to a “change in control,” “change
of control” or similar definition in an award agreement, employment agreement or HBIO Long-Term Incentive Plan applicable
to such award (i) with respect to post-Distribution equity awards denominated in shares of HBIO Common Stock, such reference
shall be deemed to refer to a “change in control,” “change of control” or similar definition as set forth
in the applicable award agreement, employment agreement or HBIO Long-Term Incentive Plan, and (ii) with respect to post-Distribution
equity awards denominated in shares of HART Common Stock, such reference shall be deemed to refer to a “Change of Control”
as defined in the HART Long-Term Incentive Plan. The Parties hereto acknowledge and agree that the transactions contemplated by
this Agreement do not constitute a “change in control” for purposes of any Benefit Plan.

 

(g) Employee Stock Purchase Plan.
As of the Distribution Date, HART Employees (including without limitation any Transferred Employees), shall cease to be eligible
to participate actively in the Harvard Bioscience, Inc. Employee Stock Purchase Plan, and if the Parties deem necessary, such plan
shall be amended before the Distribution Date to reflect that termination of participation. HART has established the Harvard Apparatus
Regenerative Technology, Inc. Employee Stock Purchase Plan, the terms and conditions of which may be amended from time to time.
The Harvard Apparatus Regenerative Technology, Inc. Employee Stock Purchase Plan shall not be considered a “mirror”
or a successor plan to Harvard Bioscience, Inc. Employee Stock Purchase Plan. Participation in the Harvard Apparatus Regenerative
Technology, Inc. Employee Stock Purchase Plan shall be subject to the terms and conditions of such plan and any new elections made
with respect to such plan. Participants’ elections and benefits or accounts in the Harvard Bioscience, Inc. Employee Stock
Purchase Plan shall not be transferred or carried over to the Harvard Apparatus Regenerative Technology, Inc. Employee Stock Purchase
Plan.

 

    	- 42 -

    	 

    

 

8.9. No Severance Rights. HBIO and
HART intend that the transactions contemplated by this Agreement will not constitute a termination of employment of any HBIO Employee,
HART Employee (including any Transferred Employees) for purposes of any policy, plan, program or agreement of HBIO or HART or any
member of the HBIO Group or HART Group that provides for the payment of severance, separation pay, salary continuation or similar
benefits in the event of a termination of employment, and any HART or HBIO policy, plan, program or agreement providing for such
benefit shall be amended before the IPO Closing Date, as necessary, to reflect this intent. A HART Employee shall not be deemed
to have terminated employment for purposes of determining eligibility for severance benefits from any member of the HBIO Group
in connection with or in anticipation of the consummation of the transactions contemplated by this Agreement. HART shall be solely
responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the termination or alleged
termination of any HART Employee or Former HART Employee’s employment that occurs prior to, as a result of, in connection
with or following the consummation of the transactions contemplated by this Agreement, including any amounts required to be paid
(including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy,
termination or similar plan, program, practice, contract, agreement, law or regulation (such benefits to include any medical or
other welfare benefits, outplacement benefits, accrued vacation, and taxes). Notwithstanding anything herein to the contrary, any
accrued but unused vacation that a HART Employee (including any Transferred Employee) has earned for service to any member of the
HBIO Group as of the IPO Closing Date shall be rolled over and treated as accrued vacation under HART for such Employee as of such
Date.

 

8.10. No Third-Party Beneficiaries.
This Agreement is solely for the benefit of the Parties hereto and is not intended to confer upon any other Persons any rights
or remedies hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude HBIO or any other
member of the HBIO Group, at any time after the Separation Date, from amending, merging, modifying, terminating, eliminating, reducing,
or otherwise altering in any respect any HBIO Benefit Plan, any benefit under any HBIO Benefit Plan or any trust, insurance policy
or funding vehicle related to any HBIO Benefit Plan. Except as expressly provided otherwise in this Agreement, nothing in this
Agreement shall preclude HART or any other entity in the HART Group, at any time after the Separation Date, from amending, merging,
modifying, terminating, eliminating, reducing, or otherwise altering in any respect any HART Benefit Plan, any benefit under any
HART Benefit Plan or any trust, insurance policy or funding vehicle related to any HART Benefit Plan.

 

8.11. Fiduciary Matters. It is acknowledged
that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA
or other applicable law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions
hereof based upon its good faith determination that to do so would violate such a fiduciary duty or standard. Each Party hereto
shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities
and shall fully release and indemnify the other Party hereto for any Liabilities caused by the failure to satisfy any such responsibility.

 

8.12. Consent of Third Parties.
If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld,
the Parties hereto shall use commercially reasonable efforts to implement the applicable provisions of this Agreement to the full
extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent,
the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “commercially
reasonable efforts” as used herein shall not be construed to require any Party hereto to incur any non-routine or unreasonable
expense or Liability or to waive any right.

 

ARTICLE IX 

DISPUTE RESOLUTION

 

9.1 Agreement to Resolve Disputes.

 

(a) Except as otherwise provided in any
Ancillary Agreement, the procedures for discussion, negotiation and dispute resolution set forth in this Article IX shall
apply to all disputes, controversies or claims (whether sounding in contract, tort or otherwise) that may arise out of or relate
to or arise under or in connection with this Agreement or any Ancillary Agreement, or the transactions contemplated hereby or thereby
(including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the date hereof),
or the commercial or economic relationship of the parties relating hereto or thereto, between or among any member of the HBIO Group
on the one hand and the HART Group on the other hand. Except as otherwise specifically provided in any Ancillary Agreement, each
Party agrees on behalf of itself and each member of its respective Group that the procedures set forth in this Article IX
shall be the sole and exclusive remedy in connection with any dispute, controversy or claim relating to any of the foregoing matters
and irrevocably waives any right to commence any Action in or before any Governmental Authority, except as otherwise required by
Law or permitted by Section 9.3.

 

    	- 43 -

    	 

    

 

(b) EACH PARTY HEREBY WAIVES ITS RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE ANCILLARY AGREEMENTS, OR THE SUBJECT
MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE SEPARATION AND DISTRIBUTION, INCLUDING, WITHOUT LIMITATION, CONTRACT
CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION
HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO
HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

(c) The specific procedures set forth in
this Article IX, including the time limits referenced therein, may be modified by agreement of both of the parties in writing.

 

(d) All applicable statutes of limitations
and defenses based upon the passage of time shall be tolled while the procedures specified in this Article IX are pending.
The parties will take any necessary or appropriate action required to effectuate such tolling.

 

9.2 Dispute Resolution.

 

(a) Either Party may commence the dispute
resolution process of this Section 9.2 by giving the other Party written notice (a “Dispute Notice”) of any
of any controversy, claim or dispute of whatever nature arising out of or relating to or in connection with this Agreement, any
Ancillary Agreement or the breach, termination, enforceability or validity hereof or thereof (a “Dispute”) which
has not been resolved in the normal course of business or as provided in the relevant Ancillary Agreement. The parties shall attempt
in good faith to resolve any Dispute by negotiation between executive officers of each Party (“Senior Party Representatives”)
who have authority to settle the Dispute and, unless discussions between the parties are already at a senior management level,
who are at a higher level of management than the Persons who have direct responsibility for the administration of this Agreement
or the relevant Ancillary Agreement. Within fifteen (15) days after delivery of the Dispute Notice, the receiving Party shall submit
to the other a written response (the “Response”). The Dispute Notice and the Response shall include (i) a statement
setting forth the position of the Party giving such notice and a summary of arguments supporting such position and (ii) the name
and title of such Party’s Senior Party Representative and any other Persons who will accompany the Senior Party Representative
at the meeting at which the parties will attempt to settle the Dispute. Within thirty (30) days after the delivery of the Dispute
Notice, the Senior Party Representatives of both parties shall meet at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, to attempt to resolve the Dispute. The parties shall cooperate in good faith with respect
to any reasonable requests for exchanges of Information regarding the Dispute or a Response thereto.

 

(b) All negotiations, conferences and discussions
pursuant to this Section 9.2 shall be confidential and shall be treated as compromise and settlement negotiations. Nothing
said or disclosed, nor any document produced, in the course of such negotiations, conferences and discussions that is not otherwise
independently discoverable shall be offered or received as evidence or used for impeachment or for any other purpose in any current
or future arbitration.

 

(c) Any Dispute regarding the following
matters is not required to be negotiated prior to seeking relief from an arbitrator: (i) breach of any obligation of confidentiality
or waiver of Privilege; (ii) the competitive restrictions set forth in Article XIII of the Intellectual Property Matters Agreement,
and (iii) any other claim where interim relief is sought to prevent serious and irreparable injury to one of the parties.
However, the parties shall make a good faith effort to negotiate such Dispute, according to the above procedures, while such arbitration
is pending.

 

(d) In the event of any Dispute, either
Party may pursuant to its rights under Section 12.13, submit a request for interim injunctive relief to the arbitrator
appointed pursuant to Section 9.3 (provided, that, if the arbitrator shall not have been selected, either Party
may seek interim relief before any court of competent jurisdiction) without first complying with the provisions of Sections
9.2 and 9.3 if, in the reasonable opinion of such Party, such interim injunctive relief is necessary to preserve its
rights pending resolution of the Dispute.

 

    	- 44 -

    	 

    

 

9.3 Arbitration.

 

(a) Subject to Section 9.3(b), if for
any reason a Dispute is not resolved within sixty (60) days from delivery of the Dispute Notice in accordance with the dispute
resolution process described in Section 9.2, the parties agree that such Dispute shall be settled by binding arbitration
before a single arbitrator administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. The arbitrator
selected to resolve the Dispute shall be bound exclusively by the laws of the Commonwealth of Massachusetts without regard to its
choice of law rules. Any decisions of award of the arbitrator will be final and binding upon the Parties and may be entered as
a judgment by the Parties, provided that in no instance will the parties be bound by any decision of the Arbitrator that could
in any manner result in the Contribution and the Distribution, if effected, taken together, to fail to qualify as a transaction
that is tax-free for U.S. federal income tax purposes under Section 355 and 368(a)(1)(D) of the Code. Any rights to appeal
or review such award by any court or tribunal are hereby waived to the extent permitted by Law.

 

(b) Costs of the arbitration shall be borne
equally by the parties involved in the matter, except that each Party shall be responsible for its own expenses, unless and to
the extent otherwise determined by the arbitrator; provided, in the case of any Disputes relating to the parties’
rights and obligations with respect to indemnification under this Agreement, the prevailing Party shall be entitled to reimbursement
by the other Party of its reasonable out-of-pocket fees and expenses (including attorneys’ fees) incurred in connection with
the arbitration. In addition, if a Dispute involves claims of a Party in excess of $1,000,000, then such Dispute shall not be subject
to the requirements of Section 9.3 and each Party shall be permitted to seek legal and equitable remedies available to it, including,
without limitation, filing actions in any court of competent jurisdiction, including any federal or state court located in the
Boston, Massachusetts.

 

(c) The parties agree to comply and cause
the members of their applicable Group to comply with any award made in any arbitration proceeding pursuant to this Section 9.3,
and agree to enforcement of or entry of judgment upon such award in any court of competent jurisdiction, including any federal
or state court located in the Boston, Massachusetts. The arbitrator shall be entitled to award any remedy in such proceedings,
including monetary damages, specific performance and all other forms of legal and equitable relief; provided, however, that the
arbitrator shall not be entitled to award punitive, exemplary, treble or any other form of non-compensatory monetary damages unless
in connection with indemnification for a Third-Party Claim, to the extent of such claim.

 

(d) A Party obtaining an order of interim
injunctive relief may enter judgment upon such award in any court of competent jurisdiction. The final award in an arbitration
pursuant to this Article IX shall be conclusive and binding upon the parties, and a Party obtaining a final award may enter judgment
upon such award in any court of competent jurisdiction.

 

(e) If a Dispute includes both arbitrable
and nonarbitrable claims, counterclaims or defenses, the parties shall arbitrate all such arbitrable claims, counterclaims or defenses
and shall concurrently litigate all such nonarbitrable claims, counterclaims or defenses.

 

9.4 Continuity of Service and Performance.
Unless otherwise agreed in writing, the parties will continue to provide service and honor all other commitments under this Agreement
and each Ancillary Agreement during the course of dispute resolution pursuant to the provisions of this Article IX with respect
to all matters not subject to such Dispute.

 

ARTICLE X 

FURTHER ASSURANCES AND ADDITIONAL COVENANTS

 

10.1. Further Assurances.

 

(a) In addition to the actions specifically
provided for elsewhere in this Agreement, each of the Parties hereto shall use its reasonable best efforts, prior to, on and after
the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary,
proper or advisable under applicable Laws, regulations and agreements to consummate and make effective the transactions contemplated
by this Agreement and the Ancillary Agreements.

 

    	- 45 -

    	 

    

 

(b) Without limiting the foregoing, prior
to, on and after the Separation Date, each Party hereto shall cooperate with the other Parties, and without any further consideration,
but at the expense of the requesting Party, to execute and deliver, or use its reasonable best efforts to cause to be executed
and delivered, all instruments, including instruments of conveyance, assignment and transfer, and to make all filings with, and
to obtain all consents, approvals or authorizations of, any Governmental Authority or any other Person under any permit, license,
agreement, indenture or other instrument (including any Consents or Governmental Approvals), and to take all such other actions
as such Party may reasonably be requested to take by any other Party hereto from time to time, consistent with the terms of this
Agreement and the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and the Ancillary
Agreements and the transfers of the HART Assets and the assignment and assumption of the HART Liabilities and the other transactions
contemplated hereby and thereby. Without limiting the foregoing, each Party will, at the reasonable request, cost, and expense
of any other Party, take such other actions as may be reasonably necessary to vest in such other Party good and marketable title,
free and clear of any Security Interest created by the non-requesting Party, if and to the extent it is commercially feasible to
do so.

 

(c) On or prior to the Separation Date,
HBIO and HART in their respective capacities as direct and indirect stockholders of their respective Subsidiaries, shall each ratify
any actions which are reasonably necessary or desirable to be taken by HBIO, HART or any other Subsidiary of HBIO, as the case
may be, to effectuate the transactions contemplated by this Agreement and the Ancillary Agreements. On or prior to the IPO Closing
Date, HBIO and HART shall take all actions as may be necessary to approve the stock-based employee benefit plans of HART in order
to satisfy the requirement of Rule 16b-3 under the Exchange Act.

 

(d) HBIO and HART, and each of the members
of their respective Groups, waive (and agree not to assert against any of the others) any claim or demand that any of them may
have against any of the others for any Liabilities or other claims relating to or arising out of: (i) the failure of HART
or any member of the HART Group, on the one hand, or of HBIO or any member of the HBIO Group, on the other hand, to provide any
notification or disclosure required under any state Environmental Law in connection with the Separation or the other transactions
contemplated by this Agreement, including the transfer by any member of any Group to any member of the other Group of ownership
or operational control of any Assets not previously owned or operated by such transferee; or (ii) any inadequate, incorrect
or incomplete notification or disclosure under any such state Environmental Law by the applicable transferor. To the extent any
Liability to any Governmental Authority or any third Person arises out of any action or inaction described in clause (i) or
(ii) above, the transferee of the applicable Asset hereby assumes and agrees to pay any such Liability.

 

ARTICLE XI

TERMINATION

 

11.1. Termination by Mutual Consent.

 

This Agreement may be terminated and the
terms and conditions of the Distribution may be amended, modified or abandoned at any time prior to the Distribution Date by the
mutual consent of HBIO and HART.

 

11.2. Other Termination.

 

(a) This Agreement may be terminated by
HBIO at any time, in its sole discretion, prior to the IPO Closing Date.

 

(b) The obligations of the Parties under
Article IV (including the obligation to pursue or effect the Distribution) may be terminated by HBIO if at any time, the board
of Directors of HBIO determines, in its sole discretion, that the Distribution is not in the best interests of HBIO or its stockholders.

 

11.3. Effect of Termination.

 

(a) In the event of any termination of
this Agreement prior to the IPO Closing Date, no Party to this Agreement (or any of its directors or officers) shall have any Liability
or further obligation to any other Party.

 

    	- 46 -

    	 

    

 

(b) In the event of any termination of
this Agreement on or after the IPO Closing Date, only the provisions of Article IV will terminate and the other provisions of this
Agreement and each Ancillary Agreement shall remain in full force and effect, unless otherwise agreed in writing by the Parties.

 

ARTICLE XII 

MISCELLANEOUS

 

12.1. Counterparts; Entire Agreement;
Corporate Power.

 

(a) This Agreement and each Ancillary
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered (by facsimile, electronic transmission,
or otherwise) to the other Party.

 

(b) This Agreement, the Ancillary Agreements,
the exhibits, the schedules and appendices hereto and thereto contain the entire agreement between the Parties with respect to
the subject matter hereof and thereof, supersede all previous agreements, negotiations, discussions, writings, understandings,
commitments and conversations with respect to such subject matter and there are no agreements or understandings between the Parties
other than those set forth or referred to herein or therein.

 

(c) HBIO represents on behalf of itself
and each other member of the HBIO Group, and HART represents on behalf of itself and each other member of the HART Group, as follows:

 

(i) each such Person has the
requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver
and perform each of this Agreement and each other Ancillary Agreements to which it is a party and to consummate the transactions
contemplated hereby and thereby; and

 

(ii) this Agreement and each
Ancillary Agreement to which it is a party has been duly executed and delivered by it and constitutes a valid and binding agreement
of it enforceable in accordance with the terms thereof.

 

(d) Each Party hereto acknowledges that
it and each other Party hereto is executing certain of the Ancillary Agreements by facsimile, stamp or mechanical signature. Each
Party hereto expressly adopts and confirms each such facsimile, stamp or mechanical signature made in its respective name as if
it were a manual signature, agrees that it will not assert that any such signature is not adequate to bind such Party to the same
extent as if it were signed manually and agrees that at the reasonable request of any other Party hereto at any time it will as
promptly as reasonably practicable cause each such Ancillary Agreement to be manually executed (any such execution to be as of
the date of the initial date thereof).

 

(e) Notwithstanding any provision of this
Agreement or any other Ancillary Agreement, neither HBIO nor HART shall be required to take or omit to take any act that would
violate its fiduciary duties to any minority stockholders of any non-wholly owned Subsidiary of HBIO or HART, as the case may be
(it being understood that directors’ qualifying shares or similar interests will be disregarded for purposes of determining
whether a Subsidiary is wholly owned).

 

12.2. Governing Law and Jurisdiction.
This Agreement and, unless expressly provided therein, each Ancillary Agreement (and any claims or disputes arising out of or related
hereto or thereto or to the transactions contemplated hereby and thereby or to the inducement of any Party to enter herein and
therein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise)
shall be governed by and construed and interpreted in accordance with the Laws of the Commonwealth of Massachusetts irrespective
of the choice of laws principles of the Commonwealth of Massachusetts as to all matters, including matters of validity, construction,
effect, enforceability, performance and remedies. If any dispute arises out of or in connection with this Agreement or any Ancillary
Agreement, except as expressly contemplated by another provision of this Agreement or any Ancillary Agreement, the parties irrevocably
(and the parties will cause each other member of their respective Group to irrevocably) (a) consent and submit to the exclusive
jurisdiction of federal and state courts located in Boston, Massachusetts, and (b) waive any objection to that choice of forum
based on venue or to the effect that the forum is not convenient.

 

    	- 47 -

    	 

    

 

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

 

12.4. Third-Party Beneficiaries.
Except for the indemnification rights under this Agreement of any HBIO Indemnitee or HART Indemnitee in their respective capacities
as such, (i) the provisions of this Agreement and each Ancillary Agreement are solely for the benefit of the Parties and are
not intended to confer upon any Person except the Parties any rights or remedies hereunder, and (ii) there are no third-party
beneficiaries of this Agreement or any other Ancillary Agreement and neither this Agreement nor any other Ancillary Agreement shall
provide any third person with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing
without reference to this Agreement or any other Ancillary Agreement.

 

12.5. Notices. All notices, requests,
claims, demands or other communications under this Agreement and, to the extent, applicable and unless otherwise provided therein,
under each of the Ancillary Agreements shall be in writing and shall be given or made (and shall be deemed to have been duly given
or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt
confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid,
return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall
be specified in a notice given in accordance with this Section 12.5: 

 

If to HBIO, to:

 

Harvard Bioscience, Inc.

84 October Hill Road

Holliston, Massachusetts 01746

Attn: Chief Executive Officer

 

with a copy (which shall not constitute notice) to:

 

Burns & Levinson, LLP

125 Summer Street

Boston, MA 02110

Attention: Josef B. Volman

   Chad J. Porter

Facsimile: (617) 345-3299

 

If to HART to:

 

Harvard Apparatus Regenerative Technology, Inc.

84
October Hill Road

 

 

    	- 48 -

    	 

    

  

Holliston, Massachusetts 01746

Attn: Chief Executive Officer

 

with a copy (which shall not constitute notice) to:

 

Feinberg Hanson LLP

57 River Street, Suite 204

Wellesley, Massachusetts 02481

Attention: Harry A. Hanson, III

Facsimile: (781) 283-5776

 

Any Party may, by written notice to the
other Party, change the address to which such notices are to be given.

 

12.6. Severability. If any provision
of this Agreement or any other Ancillary Agreement or the application thereof to any Person or circumstance is determined by a
court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or thereof, or the application
of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable,
shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination,
the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original
intent of the Parties.

 

12.7. Force Majeure. No Party shall
be deemed in default of this Agreement to the extent that any delay or failure in the performance of its obligations under this
Agreement results from a Force Majeure. In the event of an occurrence of a Force Majeure, the Party whose performance is affected
thereby shall give notice of suspension as soon as reasonably practicable to the other stating the date and extent of such suspension
and the cause thereof, and such Party shall resume the performance of such obligations as soon as reasonably practicable after
the removal of such cause.

 

12.8. Publicity. Prior to the Distribution,
each of HART and HBIO shall consult with each other prior to issuing any press releases or otherwise making public statements with
respect to the Separation, the IPO, the Distribution or any of the other transactions contemplated hereby and prior to making any
filings with any Governmental Authority with respect thereto.

 

12.9. Expenses. Except as expressly set forth in this
Agreement (including Sections 3.1(h), 6.5, 7.7(a), 7.9, 10.1(b), Article IX and Article V) or in any other Ancillary Agreement,
all fees, costs and expenses incurred in connection with the preparation, execution, delivery and implementation of this Agreement
and any Ancillary Agreement, and with the consummation of the transactions contemplated hereby and thereby, will be borne by the
Party incurring such fees, costs or expenses.

 

12.10. Headings. The article, section
and paragraph headings contained in this Agreement and in the Ancillary Agreements are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement or any other Ancillary Agreement.

 

12.11. Survival of Covenants. Except
as expressly set forth in any Ancillary Agreement, the covenants, representations and warranties contained in this Agreement and
each Ancillary Agreement, and liability for the breach of any obligations contained herein, shall survive each of the Separation,
the IPO and the Distribution and shall remain in full force and effect.

 

12.12. Waivers of Default. Waiver
by any Party of any default by the other Party of any provision of this Agreement or any other Ancillary Agreement shall not be
deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party.
No failure or delay by any Party in exercising any right, power or privilege under this Agreement or any other Ancillary Agreement
shall operate as a waiver thereof nor shall a single or partial exercise thereof prejudice any other or further exercise thereof
or the exercise of any other right, power or privilege.

 

    	- 49 -

    	 

    

 

12.13. Specific Performance. Subject
to the provisions of Article IX, in the event of any actual or threatened default in, or breach of, any of the terms, conditions
and provisions of this Agreement or any other Ancillary Agreement, the Party or Parties who are, or are to be, thereby aggrieved
shall have the right to specific performance and injunctive or other equitable relief in respect of its or their rights under this
Agreement or such Ancillary Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights
and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary
damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at
law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of
the Parties to this Agreement.

 

12.14. Amendments. No provisions
of this Agreement or any other Ancillary Agreement shall be deemed waived, amended, supplemented or modified by any Party, unless
such waiver, amendment, supplement or modification is in writing and (i) in the case of a waiver, signed by the authorized representative
of the Party against whom it is sought to enforce such waiver, or (ii) in the case of an amendment, supplement or modification
to this Agreement, signed by the authorized representatives of both Parties.

 

12.15.
Interpretation. In this Agreement and any other Ancillary Agreement, (a) words in the singular shall be held to include
the plural and vice versa and words of one gender shall be held to include the other genders as the context requires; (b) the
terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement (or the applicable Ancillary Agreement) as a whole (including all of the Schedules,
Exhibits and Appendices hereto and thereto) and not to any particular provision of this Agreement (or such Ancillary Agreement);
(c) Article, Section, exhibit, schedule and appendix references are to the Articles, Sections, exhibits, schedules and appendices
to this Agreement (or the applicable Ancillary Agreement if so indicated) unless otherwise specified; (d) the word “including”
and words of similar import when used in this Agreement (or the applicable Ancillary Agreement) shall mean “including, without
limitation,” (e) the word “or” shall not be exclusive; (f) unless expressly stated to the contrary
in this Agreement or in any other Ancillary Agreement, all references to “the date hereof,” “the date of this
Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to [—],
2013, regardless of any amendment or restatement hereof.

 

12.16. Limitations of Liability.
Notwithstanding anything in this Agreement to the contrary, neither HART or its Affiliates, on the one hand, nor HBIO or its Affiliates,
on the other hand, shall be liable under this Agreement (but expressly not including any Ancillary Agreements, including the Intellectual
Property Matters Agreement and Product Distribution Agreement, unless expressly limited in accordance with the terms of such agreement)
to the other for any special, indirect, punitive, exemplary, remote, speculative or similar damages in excess of compensatory damages
of the other arising in connection with the transactions contemplated hereby, regardless of the likelihood of such damages and
whether or not such Party has been advised of the possibility of such damages (other than any such liability with respect to a
Third-Party Claim for which a Party must indemnify pursuant to this Agreement).

 

[signatures on following page]

 

    	- 50 -

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused this Separation
and Distribution Agreement to be executed by their duly authorized representatives.

 

	 	HARVARD BIOSCIENCE, INC.
	 	 	
 
	 	By:	
 
	 	 	Name:
	 	 	Title:

  

	 	
        HARVARD APPARATUS REGENERATIVE
        TECHNOLOGY, INC.

	 		

	 	By:	
 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

SCHEDULES

 

Schedule 1.1

 

Non-Exclusive List of Certain HART Contracts

   

	Children's Hospital Boston Mutual Confidential Disclosure Agreement 
	 
	Children's Mercy Hospital Confidential Disclosure Agreement 
	 
	CMA Mircrodialysis AB IPR Assignment Agreement
	 
	Cytori Therapeutics Inc. Mutual Nondisclosure Agreement 
	 
	Dana Farber Cancer Institute - Confidentiality Agreement 
	 
	Doris Taylor Consulting and Non-Disclosure Agreements 
	 
	EU Grant - Hugo Sachs Elektronik – Harvard Apparatus GmbH
	 
	Innovative Mechanical Engineering Technologies BV Access and Services Agreement and related quotation
	 
	Maria Adelaide Asnaghi, Sara Mantero University of Milan Exclusive License Agreement,

 Independent Contractor Agreements, Confidentiality Agreement and Sponsored Research Agreement
	 
	Mammalian Cell Technologies, LP Intellectual Property Assignment, License & Services Agreement 
	 
	MGH Non-Exclusive Patent License Agreement 
	 
	Nanofiber Solutions LLC Mutual Confidential Disclosure Agreement 
	 
	Independent Contractor Agreement 
	 
	SKE Srl Exclusive Distributor Agreement 
	 
	Stierli Investor Relations Non-Disclosure Agreement 
	 
	Summer Street Research Partners Confidentiality Agreement 
	 
	Terumo Europe NV Confidentiality Agreement 
	 
	Theracell Inc. Mutual Confidential Disclosure Agreement 
	 
	Torreya Partners Confidentiality Agreement 

 

    	 

    	 

    

 

Schedule 1.2(a)

 

	Patent/Technology	 	Jurisdiction	 	Expiration
	 	 	 	 	 
	Patent application covering aspects of syringe devices and methods for delivering cells to tissues	 	Europe, U.S.	 	2030
	 	 	 	 	 
	Patent application covering aspects of clinical scale bioreactors and tissue engineering	 	Australia, Europe, Japan, Russia, U.S.	 	2030
	 	 	 	 	 
	Patent application covering aspects of liquid distribution in a rotating bioreactor	 	Germany	 	2031
	 	 	 	 	 
	Issued Patent covering aspects of liquid distribution in a rotating bioreactor	 	Germany	 	2021
	 	 	 	 	 
	Patent application covering aspects of liquid distribution in a rotating bioreactor	 	PCT – international stage	 	2032
	 	 	 	 	 
	Patent application covering aspects of synthetic scaffolds and organ and tissue transplantation	 	PCT – international stage	 	2032
	 	 	 	 	 
	Patent application covering aspects of synthetic scaffolds and organ and tissue transplantation	 	U.S.	 	2032
	 	 	 	 	 
	Patent applications relating to infrared-based methods for evaluating tissue health including methods for evaluating burns	 	PCT – international stage 	 	2033
	 	 	 	 	 
	Provisional patent applications relating to methods and compositions for producing elastic scaffolds for use in tissue engineering	 	U.S. 	 	N/A
	 	 	 	 	 
	Provisional patent applications relating to support configurations for tubular tissue scaffolds, and airway scaffold configurations	 	U.S. 	 	N/A
	 	 	 	 	 
	Provisional patent application relating to methods and compositions for promoting the structural integrity of nanofiber-based scaffolds for tissue engineering	 	U.S. 	 	N/A
	 	 	 	 	 
	Provisional patent application relating to synthetic airways	 	U.S. 	 	N/A
	 	 	 	 	 
	Provisional patent application relating to engineered hybrid organs	 	U.S. 	 	N/A
	 	 	 	 	 
	Provisional patent application relating to bioreactor adaptors for
    tubular tissue scaffold	 	U.S. 	 	N/A

 

    	 

    	 

    

 

Schedule 2.2(a)(i)

 

All inventory, fixed assets and other tangible personal property
primarily attributable to, or used in, the HART Business, or any other tangible personal property that the Parties mutually agree
shall be deemed HART Assets for purposes of the Separation.EXHIBIT 10.2

 

TRANSITION SERVICES AGREEMENT 

 

DATED AS OF [•], 2013

 

BY AND BETWEEN 

 

HARVARD BIOSCIENCE, INC. 

 

AND 

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

 

    	 

    	 

    

 

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

 

RECITALS 

 

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

 

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

 

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

 

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

 

ARTICLE I 

DEFINITIONS 

 

Section 1.01. Certain Defined Terms.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	1

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II 

SERVICES, DURATION AND SERVICES MANAGERS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE III 

HBIO MATERIALS 

 

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

 

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

 

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

 

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

 

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ARTICLE IV 

OTHER ARRANGEMENTS

 

Section 4.01. Software and Software
Licenses.

 

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

 

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

 

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

 

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

 

ARTICLE V 

ADDITIONAL AGREEMENTS 

 

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

 

Section 5.02. Access to Facilities.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VI 

COSTS AND DISBURSEMENTS 

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VII 

STANDARD FOR SERVICE 

 

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

 

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

 

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

 

ARTICLE VIII 

LIMITED LIABILITY AND INDEMNIFICATION

 

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

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IX 

DISPUTE RESOLUTION 

 

Section 9.01. Dispute Resolution.

 

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

 

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

 

    	10

    	 

    

 

ARTICLE X 

TERM AND TERMINATION 

 

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

 

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

 

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

 

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

 

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

 

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

 

    	11

    	 

    

 

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

 

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

 

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

 

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

 

ARTICLE XI 

GENERAL PROVISIONS 

 

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

 

    	12

    	 

    

 

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

 

Section 11.03. Treatment of Information.

 

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

 

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

 

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

 

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

 

		(i)	if to HBIO:

 

Harvard
Bioscience, Inc.

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer

 

		(ii)	if to HART:

 

Harvard
Apparatus Regenerative Technology, Inc. 

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer 

 

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

 

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

 

    	13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	14

    	 

    

 

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

 

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

 

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

 

    	15

    	 

    

 

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

 

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

Technology, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Schedule A 

HBIO Services 

 

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

 

	SERVICE	 	DESCRIPTION OF

SERVICE	 	CHARGES AFTER IPO

CLOSING DATE	 	END DATE
	 	 	 	 	 	 	 
	
        Management 

         

         David Green

         

         

        Tom

        McNaughton
	 	
         

         

        If Mr. Green and/or

        Mr.McNaughton stay on

        HBIO payroll.
	 	HART will be charged for a

fully loaded cost for any time

spent on HART activities.

These are expected to be close to

100% for David.  Any other

direct costs (travel and

entertainment) will be charged to

HART. 	 	On or before

Distribution Date,

David and Tom

must be employed

by HART and

move to the

HART payroll.
	 	 	 	 	 	 	 
	Information

Technology	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
        Network Access

         

         

        Email

         

         

         

        

        ERP

         

         

         

        

        CRM

         

         

         

        Financial

        Reporting

         

        Desktop

Support, Report

Writing
	 	
         HBIO Intranet
        on HBIO

        Servers

         

        HBIO Servers with

        Minecast Security, Annual

        Licenses & Maint. Fees

         

        Old Version of MK from

        Infor, Annual Licenses &

        Maint. Fees

         

        Old Version of Goldmine,

        Annual Licenses & Maint.

        Fees

         

        Clarity, Annual License &

        Maint. Fees

         

        Service Provided by

        HBIO Staff 
	 	
         If HART continues
        to use HBIO

systems and support, it will be

        charged for fully loaded staff

        time based on time spent and a

        percentage of license and

        maintenance fees reflective of

        the number of users. Another

        fee for infrastructure allocation

        (servers, lines, IT room, etc.)

        will also have to be charged.

         
	 	
         One Year After

Distribution Date

         

         

         

         

	 	 	 	 	 	 	 
	Paper, Toner,

Copiers,

Printers,

Supplies,

Laptops,

Desktops	 	HART employees use

various copiers, printers

and computers and related

supplies. We will transfer

all laptops, desktops,

phones used by HART

employees to HART.	 	HBIO will charge HART for all

supplies requisitioned by HART

employees and will pass on any

rental/maintenance fees. These

will all be itemized on a monthly

invoice.	 	One Year After

Distribution Date

  

    	 

    	 

    

 

	 	 	 	 	 	 	 
	Phones	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
         Switchboard

         

         

        Desk and Cell

        Phone Charges
	 	
        All calls to main lines

        handled by receptionist.

         

        Included in HBIO's plans.
	 	If HART continues to use these

services, the expenses will be

itemized and charged on a

monthly basis.	 	Distribution Date
	 	 	 	 	 	 	 
	Facility	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
        Space/Rent

         

        Utilities

         

        Cleaning

         

        Security
	 	
         HART is moving
        to

        office, lab and

        manufacturing space

        within the HBIO leased

        facility in Holliston.

        HART also has an

        employee with a lab at

        Hugo Sachs (Germany)

        that is leased.
	 	Proportional Rent, Utilities and

other charges will be passed

through to HART on a monthly

basis for Holliston and

Germany.	 	On or before

Distribution Date,

HART will have

to enter into

subleases with

HBIO with similar

terms.
	 	 	 	 	 	 	 
	Accounting	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
        G/L

         

        Payables

         

        A/R, Collection,

        Credit

         

        Inventory

        Processing, Cash

        Management,

        Audit,

        Reporting, Tax
	 	
        Currently maintained by

        HBIO as a cost center.

        We need to establish

        HART as a separate

        company with a full G/L

        in our ERP unless HART

        decides to set up its own

        ERP and administer these

        functions itself.

         
	 	
        Will charge fully loaded staff

        time.

         
	 	
        Distribution Date

         

	 	 	 	 	 	 	 
	Payroll and

Benefit Admin	 	HBIO’s subsidiary

employees re: HART in

Germany and Sweden will

provide services for

HART until hired by

HART’s applicable

subsidiaries	 	Will charge fully loaded staff

time.	 	One Year After

Distribution Date
	 	 	 	 	 	 	 
	Operations	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Shipping &

Receiving	 	All handled by HBIO.	 	Will charge fully loaded cost based on

time reported.	 	One Year After

Distribution Date
	 	 	 	 	 	 	 
	Purchasing	 	HBIO employee

purchasing all HART

components.	 	Employee will become a HART

employee or we will charge for time

on a fully loaded basis.	 	One Year After

Distribution Date

 

    	 

    	 

    

 

	Engineering	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Electronics,

Mechanical,

Software,

Documentation,

Management	 	Employees hired for

HART activities are

charged to HART cost

center.	 	Any shared HBIO employees will

allocate their time and HART will be

charged on a monthly basis their fully

loaded cost.	 	One Year After

Distribution Date
	 	 	 	 	 	 	 
	Equipment Use	 	Model Maker,

Oscilliscope	 	Will charge for use on an hourly

basis.	 	One Year After

Distribution Date
	 	 	 	 	 	 	 
	Marketing	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
        Website

        Development &

        Maint.

         

        Printed

        Materials,

        Mailings

         

        Electronic

        Marketing

        Campaigns
	 	Currently being handled

by HBIO staff with

content being provided by

HART employees.	 	HART will be charged for all direct

expenses and with a fully loaded cost for

any HBIO staff time.  	 	One Year After

Distribution Date
	 	 	 	 	 	 	 
	Other	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Insurance	 	Covered by HBIO

policies.	 	HART will be charged an allocated cost

until it has its own policies in place.  	 	Distribution Date
	 	 	 	 	 	 	 
	Personnel

Services	 	Provided by HBIO.	 	HART will be charged for any HR

services on a fully loaded basis based

on time spent.	 	Distribution Date

  

    	 

    	 

    

 

Schedule B

 

HART Services 

 

None.

 

    	 

    	 

    

 

Exhibit I 

Services Managers 

 

		1.	Initial HART Services Manager:

 

Thomas McNaughton, Chief Financial
Officer

 

		2.	Initial HBIO Services Manager:

 

Walter DiGiusto, President -
Harvard Apparatus

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