Document:

EX-10.14

 Exhibit 10.14 

PATENT ASSIGNMENT AGREEMENT 

This Patent Assignment Agreement (“Agreement”) is entered into as of September 2, 2009 (“Effective Date”)
by and among VIRENDER SHARMA, M.D. (“Dr. Sharma”) and SARAH M. SHARMA (“Sarah Sharma”), husband and wife and both of whom being Arizona residents (together “Assignor”), ENDOSTIM, INC., a
Delaware corporation (“Assignee”), and ENDOSTIM, INC., an Arizona corporation (“EndoStim Arizona”). EndoStim Arizona is a party to this Agreement only for the purpose set forth in Section 3.3 of this
Agreement. 
 RECITALS: 

A. Assignor is the owner of all rights, title and interest in and to Intellectual Property (as defined herein) set forth in or derived from
each of the United States Patents listed on Exhibit Al, Exhibit A2 and Exhibit C to this Agreement and in the inventions and processes described and claimed therein, including without limitation the right to to make, have made,
use, lease, and/or sell products claimed in such patents and/or derived from the Intellectual Property or products made under or by the processes claimed in such patents and/or derived from the Intellectual Property or some portion of such patents
and/or Intellectual Property, and to practice all of the processes claimed in such patents and/or derived from the Intellectual Property or some portion of such patents and/or Intellectual Property (collectively, “Patent Assets”).

 B. Assignee desires to obtain (i) an assignment of all right, title, and interest to the inventions covered by the Patent Assets in
Exhibit Al and all other discoveries, intellectual property and know-how developed by Dr. Sharma in the field of the treatment or therapy of gastroesophageal reflux disease and/or obesity using electro-stimulation of the esophagus and/or
stomach (“Field”), subject to a non-exclusive reservation of rights to the Mayo Clinic and Mayo Foundation for Medical Education and Research (collectively, “Mayo”) to practice certain of the Patent Assets within,
and limited to, Mayo and further subject to a worldwide, royalty-free, exclusive license to Dr. Sharma to make, use, sell, offer for sale, import, enforce, distribute, and/or market any and all inventions claimed by the U.S. Patent Application
No. 12/359,317, PCT/US09/31935, and any patents related thereto outside the Field, as defined in Section 3.2 (“Patents Subject to Exclusive License”) and (ii) a first right of refusal to purchase rights to the
inventions covered by the Patent Assets in Exhibit A2 and all other discoveries, intellectual property and know-how developed by Dr. Sharma outside of the Field. 

C. Assignor desires to grant Assignee the aforementioned rights upon the terms, and subject to the conditions, of this Agreement. 

In consideration of the premises and mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties agree as follows: 
 AGREEMENTS: 

1. Recitals. The Recitals set forth above and the Exhibits to this Agreement are incorporated herein by this reference as if fully set
forth herein and are acknowledged and agreed to by the parties to this Agreement. 

 2. Grant. In consideration of shares of Assignee’s common stock to be issued to Sarah
M. Sharma pursuant to a stock issuance letter agreement of even date herewith (the “Stock Issuance”), Assignor immediately fully assigns all of their rights, title, and interest in and to the Intellectual Property and the Patent
Assets listed in Exhibit Al to Assignee pursuant to both this Agreement and an assignment in the form attached as Exhibit B to this Agreement (the “Assignment”). The Assignment will be executed concurrently with execution of
this Agreement. It is the intent of the parties that all Patent Assets and Assignor’s intellectual property anywhere in the world relating to the Field, whether developed before, on or within ten (10) years after the Effective Date
(“Intellectual Property”) (it being understood that the definition of Intellectual Property shall exclude such intellectual property that Dr. Sharma is restricted from disposing of pursuant to Dr. Sharma’s
agreement(s) with Mayo and that certain of the Patent Assets are subject to a non-exclusive reservation of rights to Mayo to practice the Patent Assets within, and limited to, Mayo) will become the sole and exclusive property of Assignee. The
parties further agree that, within thirty (30) days after the Effective Date, the parties shall execute a worldwide, royalty-free, exclusive license to Dr. Sharma to make, use, sell, offer for sale, import, enforce, distribute, and/or
market any and all inventions claimed by the Patents Subject to Exclusive License, but only outside the Field. Such license agreement shall include customary terms and conditions, including without limitation provisions regarding the rights and
obligations of the parties thereto to protect the value of the applicable Patent Assets and restrict the actions of any sublicensees that may impair the value of such Patent Assets. 

3. Additional Rights & Restrictions. 

3.1 Existing Technology. It is expressly understood by Assignee that nothing in this Agreement shall be construed as a license,
assignment, grant or transfer by Assignor of the intellectual property, technology, know-how, patents, patent applications listed in Exhibit C to this Agreement or of any trade secrets related thereto, in either case to the extent outside of
the Field. 
 3.2 Right of First Refusal for New Technology Outside of the Field. Assignor grants Assignee a right of first refusal
to exclusively license, acquire, and/or develop any intellectual property disclosed in the Patent Assets listed in Exhibit A2 or that Dr. Sharma develops in the future but only with respect to electro-stimulation anywhere in the body
other than the esophagus or stomach or to the use of electro-stimulation in the esophagus or stomach to treat conditions other than gastroesophageal reflux disease or obesity (“Technology Outside of the Field”). Assignor will
deliver a notice to Assignee with a copy of any written bona fide offer from a third-party presented to Assignor for the license or purchase of Technology Outside of the Field (“Offer”). Assignee will have ninety (90) days
after the receipt of the notice from Assignor within which to accept the Offer. If Assignee rejects the Offer, or if the Offer is not accepted before the termination of the 90-day period, then Assignor’s requirement under this
Section 3.2 will be deemed satisfied and Assignor will be free to accept the Offer from the third party. If the terms of the Offer are modified, then Assignor must deliver a new notice to Assignee and a copy of the Offer as modified, and
Assignee will have thirty (30) days from the date of the notice within which to accept the Offer as modified. If Assignee rejects the Offer as modified, or if the Offer is not accepted before the termination of the 30-day period, then Assignor
will be free to accept the Offer as modified. 

  
 2 

 3.3 EndoStim Arizona. 

(a) EndoStim Arizona hereby assigns to Assignee all of its rights, title and interest in and to the name “EndoStim” as used in
connection with its business. Assignor hereby (i) represents to Assignee that EndoStim Arizona was administratively dissolved by the State of Arizona on October 7, 2008, and (ii) agree and covenant that they will not take any action
or cause any action to be taken to reinstate EndoStim Arizona as an entity in good standing under the laws of the State of Arizona or otherwise use the name EndoStim from and after the date of this Agreement. 

(b) EndoStim acknowledges and agrees that it has no ownership or other interest, however defined or classified, in any Intellectual Property
or Patent Assets. 
 4. Assignee’s Obligations. Assignee will use best efforts to: (a) at its sole expense, work with the
United States Patent & Trademark Office with respect to all matters relating to the Patents Assets including, without limitation, reissuance, office actions, applications, prosecution, and the like; and (b) conduct clinical trials of
product, process, and services using the Patent Assets to develop products within the Field. 
 5. Warranties, Indemnities and
Insurance. 
 5.1 Assignor hereby represents and warrants that Assignors are the owner of all rights, title, and interest in the
Intellectual Property and the Patent Assets, subject to a nonexclusive reservation of rights to Mayo to practice certain of the Patent Assets within, and limited to, Mayo, and that Assignor has the authority assign the Patent Assets pursuant to this
Agreement and the Assignment. Assignor does not warrant the validity of the Intellectual Property or the Patent Assets and makes no representations whatsoever with regard to the scope of the Intellectual Property or Patent Assets or that the
Intellectual Property or Patent Assets may be exploited by Assignee without infringing other patents or the intellectual property rights of third parties. 

5.2 Assignor hereby represents and warrants that any and all grants of rights to the Intellectual Property and the Patent Assets, or promises
to perform such grants in the future, made pursuant to this Agreement do not, and will not, violate any agreements that Assignor may have with existing or future employers (including without limitation, Dr. Sharma’s agreement(s) with
Mayo), or with other parties with whom Assignor may have a contracted obligation to assign intellectual property rights. 
 5.3 Assignor
expressly disclaims any and all implied or express warranties and makes no express or implied warranties of merchantability or fitness for any particular purpose of the Patent Assets or information supplied by Assignor. 

5.4 Assignee shall indemnify, defend, and hold harmless Assignor and their estate, agents, attorneys, heirs and assigns (“Assignor
Indemnities”) against any liability, damage, loss, or expenses (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Assignor Indemnities or any one of them with respect to any claims, suits,
actions, demands, or judgments arising out of any theory of product liability (including but not limited to, actions in the form of tort, warranty, or strict liability) concerning any product, process or service made, used, or sold pursuant to any
right granted under this Agreement, or arising out of any breach of this Agreement by Assignee. 

  
 3 

 5.5 Assignors shall jointly and severally indemnify, defend, and hold harmless Assignee and it
directors, officers, agents, shareholders attorneys, successors and assigns (“Assignee Indemnities”) against any liability, damage, loss, or expenses (including reasonable attorneys’ fees and expenses of litigation) incurred by
or imposed upon the Assignee Indemnities or any one of them with respect to any judgments in a court of law or by an arbitrator (it being understood that Assignee shall have no obligation to pursue any appeal or additional remedy unless Assignee, in
its sole discretion, makes a determination to pursue such appeal or additional remedy) arising out any any fraud, misrepresentation, or breach of this Agreement by Assignor (including without limitation any representation or warranty made by
Assignor pursuant to this Agreement); provided, however, that the maximum amount of such indemnification shall not exceed the initial common stock share grant in Assignee made to Sarah Sharma on the Effective Date (i.e., 550,000 shares), less any
shares of common stock repurchased by Assignee pursuant to Assignee’s exercise of its purchase options in the restricted stock agreement of even date herewith by and between Assignee and Sarah M. Sharma. 

5.6 Each of the Assignor Indemnities and Assignee Indemnities agree to give the Assignee or Assignor, as applicable (“Indemnifying
Parties”), respectively, prompt notice of any claim or lawsuit meeting the requirements of Sections 5.4 or 5.5. Upon such notice, the Indemnifying Party shall have the right, but not the obligation, to participate in such claim or
lawsuit. Without limiting the foregoing indemnities, the Indemnifying Party will have the right to compromise, settle or defend such claim or lawsuit; provided that no offer of settlement, settlement or compromise by the Indemnifying Party shall be
binding on the Indemnities without their prior written consent (which consent shall not be unreasonably withheld or delayed), unless such settlement fully releases the Indemnities without any liability, loss, cost or obligation incurred by
Indemnities. 
 6. General 

6.1 Assignee shall obtain Dr. Sharma’s prior written approval, which approval shall not be unreasonably withheld, before using
Dr. Sharma’s name, the name of Assignor’s employer, or any adaptation of the same in any advertising, promotional or sales literature. 

6.2 This Agreement shall be interpreted in accordance with and governed by the laws of the State of Missouri, without regard to the conflicts
of law provisions thereof. The parties hereto irrevocably agree that any legal action or proceeding with respect to this Agreement shall only be brought in the federal or state courts in Missouri encompassing St. Louis County, Missouri, and each
party hereby irrevocably submits with regard to such action or proceeding to the exclusive jurisdiction of the aforesaid courts. 
 6.3
Assignee agrees to comply with all applicable laws and regulations. In particular, it is understood and acknowledged that the transfer of certain commodities and technical data is subject to United States laws and regulations controlling the export
of commodities and technical data, including all Export Administration Regulations of the United States Department of Commerce. These laws and regulations, among other things, prohibit or 

  
 4 

 
require a license for the export of certain types of technical data to certain specified counties. Assignee agrees and gives written assurance that it will comply with all United States laws and
regulations controlling the export of commodities and technical data, that it will be solely responsible for any violation by Assignee or its affiliates or sublicensees, and that it will defend and hold Assignor harmless if any legal action of any
nature occasioned by the violation. 
 6.4 Any notices required to be given or which shall be given under this Agreement shall be in writing
and shall be deemed to have been duly given if delivered or mailed, certified or registered mail, postage prepaid, as follows: 
  

			
	Assignor:	    	 Virender and Sarah Sharma
 #### # ####
######
 ######## ######, ####### #####

		
	Assignee:	    	 EndoStim, Inc.
 ##### ####### ####, #####
###
 #########, ######## #####

 6.5 Should a court of competent jurisdiction later consider any provision of this Agreement to be invalid,
illegal, or unenforceable, it will be considered severed from this Agreement. All other provisions, rights, and obligations continue without regard to the severed provision, provided that the remaining provisions of this Agreement are the intention
of the parties. 
 6.6 No party is liable for failure to fulfill its obligations if the failure is due to a natural calamity, act of
government, or similar cause beyond the control of the party. 
 6.7 This Agreement constitutes the entire understanding between the parties
and no party is obligated by any condition or representation other than those expressly stated or as may be subsequently agreed to by the parties in writing. 

6.8 The failure of any party to assert a right under this Agreement, or to insist upon compliance with any term or condition of this
Agreement, is not constitute a waiver of that right, or excuse a similar subsequent failure to perform any term or condition by the other parties. 

6.9 Promptly upon exection of this Agreement, Assignee will reimburse Assignor an amount equal to $25,000 for legal expenses incurred by
Assignor in connection with this Agreement and related documents. 
 6.10 The parties shall do such acts and execute such documents and
instruments as may be reasonably required to make effective the transactions contemplated by this Agreement including, without limitation, executing and filing any assignments or other documents necessary to formalize the transfer of ownership of
any of the Patent Assets to Assignee. 
 Signature page follows. 

  
 5 

 By signing below, Assignor and Assignee hereby agree to this Agreement as of the Effective Date.

  

					
	ASSIGNOR:	  	ASSIGNEE:
		
		  	ENDOSTIM, INC., a Delaware corporation
			
	 /s/ Virender Sharma
	  		  	
	VIRENDER SHARMA, M.D.	  	By:	  	 /s/ Bevil J. Hogg

		  		  	Bevil J. Hogg, Chief Executive Officer
			
	 /s/ Sarah Sharma
	  		  	
	SARAH M. SHARMA	  		  	

 Solely for the purpose set forth in Section 3.3: 

 

			
	ENDOSTIM, INC., a Arizona corporation
		
	By:	 	 /s/ Sarah Sharma

	Print Name:	 	 Sarah Sharma

	Title:	 	 President

 EXHIBIT A1 

The following patents, patent applications, any divisional, continuation, substitute, renewal or reissue of the applications and/or patents and any extensions
or continuations (in whole or in part) thereof: 
  

									
	 	  	 Patent/Patent

Application No.
	    	 Title
	    	 Date Filed
	    	Date Issued
					
	1.	  	US6,901,295	    	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	    	July 12, 2002	    	May 31, 2005
					
	2.	  	 U.S. Reissue Application No. 11/809,368
	    	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	    	May 31, 2007	    	Not Issued
					
	3.	  	 U.S. Patent Application No. 11/539,645
	    	Method and Apparatus for Treatment of Gastrointestinal Tract	    	October 9, 2006	    	Not Issued
					
	4.	  	PCT Application No. PCT/US08/56479	    	Method and Apparatus for Treatment of Gastrointestinal Tract	    	March 11, 2008	    	Not Issued
					
	5.	  	 U.S. Patent Application No. 12/359,317
	    	Device and Implantation System for Electrical	    	January 25, 2009	    	Not Issued
					
	6.	  	 PCT Application No. PCT/US09/31935
	    	Device and Implantation System for Electrical	    	January 25, 2009	    	Not Issued

 EXHIBIT A2 

The following patents, patent applications, any divisional, continuation, substitute, renewal or reissue of the applications and/or patents and any extensions
or continuations (in whole or in part) thereof: 
  

									
	 	  	 Patent/Patent

Application No.
	    	 Title
	    	 Date Filed
	    	 Date Issued

					
	1.	  	 U.S. Patent Application No. 12/030,222
	    	Method and Apparatus for the Electrical Stimulation of the Pancreatico-Biliary System	    	February 13, 2008	    	Not Issued
					
	2.	  	 PCT Application No. PCT/US08/53780
	    	Method and Apparatus for the Electrical Stimulation of the Pancreatico-Biliary System	    	February 13, 2008	    	Not Issued

 EXHIBIT B 

 ASSIGNMENT AGREEMENT 

This Assignment Agreement (“Assignment”) is entered into by and between VIRENDER SHARMA, M.D. (“Dr. Sharma”)
and SARAH M. SHARMA, husband and wife and both of whom being Arizona residents (together “Assignor”), and ENDOSTIM, INC., a Delaware corporation (“Assignee”) as of this 2nd day of September, 2009 (the
“Effective Date”). 
 RECITALS: 

A. Assignor and Assignee entered into that certain Patent Assignment Agreement dated September 2, 2009 (the
“Agreement”). 
 B. Pursuant to the Agreement, Assignor hereby desires to assign to Assignee all of his rights, title and
interest in and to the Intellectual Property (as defined below), and the patents, patent applications and all patent rights described therein. 

For good and valuable consideration, Assignor and Assignee hereby agree as follows: 

ASSIGNMENT: 
 1. Assignor
hereby assigns to Assignee his entire worldwide right, title and interest in and to Assignor’s intellectual property anywhere in the world relating to the field of the treatment or therapy of gastroesophageal reflux disease and/or obesity using
electro-stimulation of the esophagus and/or stomach, whether developed before, on or within ten (10) years after the Effective Date (“Intellectual Property”) (it being understood that the definition of Intellectual Property
shall exclude such intellectual property that Assignor is restricted from disposing of pursuant to Dr. Sharma’s agreement(s) with Mayo Clinic and Mayo Foundation for Medical Education and Research (collectively, “Mayo”)
and that certain of the Patent Assets, as defined below, are subject to a non-exclusive reservation of rights to Mayo to practice the Patent Assets within, and limited to, Mayo) in accordance with the Agreement and to the patents, patent
applications, including without limitation all inventions claimed and described in Annex A to this Assignment and includes the entire worldwide right, title and interest in and to: (a) the applications, including any right of priority;
(b) any divisional, continuation, substitute, renewal or reissue of the applications and/or patents; and (c) any patents which may be granted on any application set forth in Annex A. 

2. Assignor agrees that Assignee may apply for and receive patents in Assignee’s own name. 

3. Assignee agrees to pay all costs of filing and prosecuting the applications in the United States and other countries to be determined in
accordance with Assignee’s marketing strategy. 
 4. Assignor agrees to do the following without further consideration, in order to
carry out the intent of this Assignment: 
 (a) Execute all oaths, assignments, applications, and other papers necessary or desirable to
fully secure to Assignee the rights, titles and interests herein conveyed; 

 (b) Communicate to Assignee all known facts relating to the Field; and 

(c) Generally do all lawful acts reasonably necessary to secure, maintain, and enforce worldwide patent protection and for vesting in Assignee
the rights, titles, and interests herein conveyed. 
 5. Assignor has not made and will not hereafter make any assignment, grant, mortgage,
license, or other agreement affecting the rights, titles, and interests herein conveyed to Assignee. 
 6. Subject to a non-exclusive
reservation of rights to Mayo to practice the Patent Assets within, and limited to, Mayo, Assignor hereby represents and warrants that Assignor is the owner of all rights, title, and interest in the Intellectual Property and that Assignor has the
authority assign the applicable Intellectual Property pursuant to this Assignment. 
 7. Assignor hereby represents and warrants that any
and all grants of rights to the Intellectual Property, or promises to perform such grants in the future, made pursuant to this Assignment do not, and will not, violate any agreements that Assignor may have with existing or future employers
(including without limitation, the Mayo Agreement), or with other parties with whom Assignor may have a contracted obligation to assign intellectual property rights. 

Signature page follows. 

 The undersigned having read this Assignment and fully understanding the provisions of this
Assignment, hereby execute this Assignment as of the Effective Date. 
  

			
	Virender K. Sharma, Assignor
		
	Signature:	  	 /s/ Virender K. Sharma

	Date:	  	 September 2, 2009

	
	Sarah M. Sharma, Assignor
		
	Signature:	  	 /s/ Sarah M. Sharma

	Date:	  	 September 2, 2009

  

							
	STATE OF ARIZONA        	 	)	 		 	
		 	)	 	ss	 	
	MARICOPA COUNTY	 	)	 		 	

 Before me this 2nd day of September     , 2009, personally appeared both Virender K.
Sharma and Sarah M. Sharma, to me personally known to be the persons described in and who executed the above instrument, and acknowledged to me that such persons executed the same of their own free will for the purposes therein set forth. 

 

							
	 AFFIX SEAL
	 		 	             /s/ Karin M.
Gallagher

		 		 	    Notary Public
			
		 		 	EndoStim, Inc., a Delaware corporation
				
		 		 	By:	  	 /s/ Bevil J. Hogg

		 		 	Name:	  	 Bevil J. Hogg

		 		 	Title:	  	 Chief Executive Officer

		 		 	Date:	  	 September 2, 2009

 ANNEX A 

The following patents, patent applications, any divisional, continuation, substitute, renewal or reissue of the applications and/or patents and any extensions
or continuations (in whole or in part) thereof: 
  

									
	 	  	 Patent/Patent

Application No.
	  	 Title
	    	 Date Filed
	  	 Date Issued

	1.	  	US6,901,295	  	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	    	July 12, 2002	  	May 31, 2005
					
	2.	  	U.S. Reissue Application No. 11/809,368	  	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	    	May 31, 2007	  	Not Issued
					
	3.	  	U.S. Patent Application No. 11/539,645	  	Method and Apparatus for Treatment of Gastrointestinal Tract	    	October 9, 2006	  	Not Issued
					
	4.	  	PCT Application No. PCT/US08/56479	  	Method and Apparatus for Treatment of Gastrointestinal Tract	    	March 11, 2008	  	Not Issued
					
	5.	  	U.S. Patent Application No. 12/359,317	  	Device and Implantation System for Electrical Stimulation of Biological Systems	    	January 25, 2009	  	Not Issued
					
	6.	  	PCT Application No. PCT/US09/31935	  	Device and Implantation System for Electrical Stimulation of Biological Systems	    	January 25, 2009	  	Not Issued

 EXHIBIT C 

The following patents, patent applications, any divisional, continuation, substitute, renewal or reissue of the applications and/or patents and any extensions
or continuations (in whole or in part) thereof: 
  

									
	 	  	 Patent/Patent

Application No.
	  	 Title
	  	 Date Filed
	  	 Date Issued

	1.	  	 Provisional Patent No. 61/102,885
	  	Method and Apparatus for Tissue Ablation	  	October 6, 2008	  	Not IssuedEX-10.15

 Exhibit 10.15 

AMENDMENT NO. 1 TO PATENT ASSIGNMENT AGREEMENT 

THIS AMENDMENT NO. 1 TO PATENT ASSIGNMENT AGREEMENT (this “Amendment”) is made and entered into this 11th day of January, 2010 (the
“Effective Date”), by and among VIRENDER SHARMA, M.D. (“Dr. Sharma”) and SARAH M. SHARMA (“Sarah Sharma”), husband and wife and both of whom being Arizona residents (together “Assignor”), ENDOSTIM, INC., a
Delaware corporation (“Assignee”) and ENDOSTIM, INC., an Arizona corporation (“EndoStim Arizona”). EndoStim Arizona is only a party to this Amendment to confirm that it has no ownership or other interest, however defined or
classified, in any Intellectual Property or Patent Assets. 
 WHEREAS, the parties hereto are parties to that certain Patent
Assignment Agreement, entered into as of September 2, 2009 (the “Agreement”); and 
 WHEREAS, the parties desire to
amend the Agreement to clarify the scope of the Field. 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Any terms not defined in this Amendment shall have the meaning set forth in the Agreement. 

2. Recital B to Agreement shall be deleted in its entirety and replaced with the following text: 

B. Assignee desires to obtain (i) an assignment of all right, title, and interest to the inventions covered by the Patent
Assets in Exhibit A1 and all other discoveries, intellectual property and know-how developed by Dr. Sharma in the field of (a) the treatment or therapy of gastroesophageal reflux or gastroesophageal reflux diseases and all
esophageal and extraesophageal conditions caused by gastroesophageal reflux or gastroesophageal reflux disease and/or obesity using electrostimulation in the stomach alone or in combination with the esophagus or (b) the treatment or therapy of
any condition or indication using electrostimulation in the esophagus (collectively, the “Field”), subject to a non-exclusive reservation of rights to the Mayo Clinic and Mayo Foundation for Medical Education and Research
(collectively, “Mayo”) to practice certain of the Patent Assets within, and limited to, Mayo and further subject to a worldwide, royalty-free, exclusive license to Dr. Sharma to make, use, sell, offer for sale, import, enforce,
distribute, and/or market any and all inventions claimed by the U.S. Patent Application No. 12/359,317, PCT/US09/31935, and any patents related thereto outside the Field, as defined in Section 3.2 (“Patents Subject to
Exclusive License”) and (ii) a first right of refusal to purchase rights to the inventions covered by the Patent Assets in Exhibit A2 and all other discoveries, intellectual property and know-how developed by
Dr. Sharma outside of the Field. 

 3. Section 3.2 to Agreement shall be deleted in its entirety and replaced with the following
text: 
 3.2 Right of First Refusal for New Technology Outside of the Field. Assignor grants Assignee a right of first refusal to
exclusively license, acquire, and/or develop any intellectual property disclosed in the Patent Assets listed in Exhibit A2 or that Dr. Sharma develops in the future but only with respect to electro-stimulation anywhere in the body other
than the esophagus or stomach or to the use of electro-stimulation in the stomach to treat conditions other than obesity, gastroesophageal reflux, gastroesophageal reflux diseases, or any esophageal or extraesophageal conditions caused by
gastroesophageal reflux or gastroesophageal reflux disease (“Technology Outside of the Field”). Assignor will deliver a notice to Assignee with a copy of any written bona fide offer from a third-party presented to Assignor for the
license or purchase of Technology Outside of the Field (“Offer”). Assignee will have ninety (90) days after the receipt of the notice from Assignor within which to accept the Offer. If Assignee rejects the Offer, or if the
Offer is not accepted before the termination of the 90-day period, then Assignor’s requirement under this Section 3.2 will be deemed satisfied and Assignor will be free to accept the Offer from the third party. If the terms of the
Offer are modified, then Assignor must deliver a new notice to Assignee and a copy of the Offer as modified, and Assignee will have thirty (30) days from the date of the notice within which to accept the Offer as modified. If Assignee rejects
the Offer as modified, or if the Offer is not accepted before the termination of the 30-day period, then Assignor will be free to accept the Offer as modified. 

4. Exhibit B to Agreement shall be deleted in its entirety and replaced with the text set forth on Schedule A attached hereto.

 5. Except as expressly set forth in this Amendment, the terms and provisions of the Agreement shall be unchanged by this Amendment and
the Agreement shall otherwise remain in full force and effect. 
 6. This Amendment may be executed by the parties hereto in any number of
counterparts, each of which when so executed and delivered shall be deemed to be an original; but all such counterparts shall together constitute but one and the same instrument. 

7. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Missouri, without regard to the conflicts
of laws provisions thereof. 
 Signature page follows. 

 By signing below, the parties hereby agree to this Amendment as of the Effective Date. 

 

							
	ASSIGNOR:	 		 	ASSIGNEE:
			
	 /s/ Virender K. Sharma
	 		 	ENDOSTIM, INC., a Delaware corporation
	VIRENDER SHARMA, M.D.	 		 	By:	 	  
 /s/

				
		 		 	Print Name:	 	  

				
	 /s/ Sarah M. Sharma
	 		 		 	
	SARAH M. SHARMA	 		 	Title:	 	  

  

			
	ENDOSTIM, INC., a Arizona corporation
		
	By:	 	 /s/

		
	Print Name:	 	  

		
	Title:	 	  

 Schedule A 

 ASSIGNMENT AGREEMENT 

This Assignment Agreement (“Assignment”) is entered into by and between VIRENDER SHARMA, M.D. (“Dr. Sharma”)
and SARAH M. SHARMA, husband and wife and both of whom being Arizona residents (together “Assignor”), and ENDOSTIM, INC., a Delaware corporation (“Assignee”) as of this 11th day of January, 2010 (the
“Effective Date”). 
 RECITALS: 

A. Assignor and Assignee entered into that certain Patent Assignment Agreement dated September 2, 2009, as amended (the
“Agreement”). 
 B. Pursuant to the Agreement, Assignor hereby desires to assign to Assignee all of his rights, title and
interest in and to the Intellectual Property (as defined below), and the patents, patent applications and all patent rights described therein. 

For good and valuable consideration, Assignor and Assignee hereby agree as follows: 

ASSIGNMENT: 
 1.
Assignor hereby assigns to Assignee his entire worldwide right, title and interest in and to Assignor’s intellectual property anywhere in the world relating to the field of (a) the treatment or therapy of gastroesophageal reflux or
gastroesophageal reflux diseases and all esophageal and extraesophageal conditions caused by gastroesophageal reflux or gastroesophageal reflux disease and/or obesity using electrostimulation in the stomach alone or in combination with the esophagus
or (b) the treatment or therapy of any condition or indication using electrostimulation in the esophagus (collectively, the “Field”), whether developed before, on or within ten (10) years after the Effective Date
(“Intellectual Property”) (it being understood that the definition of Intellectual Property shall exclude such intellectual property that Assignor is restricted from disposing of pursuant to Dr. Sharma’s agreement(s) with
Mayo Clinic and Mayo Foundation for Medical Education and Research (collectively, “Mayo”) and that certain of the Patent Assets, as defined below, are subject to a non-exclusive reservation of rights to Mayo to practice the Patent
Assets within, and limited to, Mayo) in accordance with the Agreement and to the patents, patent applications, including without limitation all inventions claimed and described in Annex A to this Assignment and includes the entire worldwide right,
title and interest in and to: (a) the applications, including any right of priority; (b) any divisional, continuation, substitute, renewal or reissue of the applications and/or patents; and (c) any patents which may be granted on any
application set forth in Annex A. 
 2. Assignor agrees that Assignee may apply for and receive patents in Assignee’s own name.

 3. Assignee agrees to pay all costs of filing and prosecuting the applications in the United States and other countries to be determined
in accordance with Assignee’s marketing strategy. 

 4. Assignor agrees to do the following without further consideration, in order to carry out the
intent of this Assignment: 
 (a) Execute all oaths, assignments, applications, and other papers necessary or desirable to fully secure to
Assignee the rights, titles and interests herein conveyed; 
 (b) Communicate to Assignee all known facts relating to the Field; and 

(c) Generally do all lawful acts reasonably necessary to secure, maintain, and enforce worldwide patent protection and for vesting in Assignee
the rights, titles, and interests herein conveyed. 
 5. Assignor has not made and will not hereafter make any assignment, grant, mortgage,
license, or other agreement affecting the rights, titles, and interests herein conveyed to Assignee. 
 6. Subject to a non-exclusive
reservation of rights to Mayo to practice the Patent Assets within, and limited to, Mayo, Assignor hereby represents and warrants that Assignor is the owner of all rights, title, and interest in the Intellectual Property and that Assignor has the
authority assign the applicable Intellectual Property pursuant to this Assignment. 
 7. Assignor hereby represents and warrants that any
and all grants of rights to the Intellectual Property, or promises to perform such grants in the future, made pursuant to this Assignment do not, and will not, violate any agreements that Assignor may have with existing or future employers
(including without limitation, the Mayo Agreement), or with other parties with whom Assignor may have a contracted obligation to assign intellectual property rights. 

Signature page follows. 

 The undersigned having read this Assignment and fully understanding the provisions of this
Assignment, hereby execute this Assignment as of the Effective Date. 
  

			
	Virender K. Sharma, Assignor
		
	Signature:	 	  

		
	Date:	 	  

	
	Sarah M. Sharma, Assignor
		
	Signature:	 	  

		
	Date:	 	  

  

					
	STATE OF ARIZONA	  	)	  	
		  	) ss	  	
	MARICOPA COUNTY	  	)	  	

 Before me this      day of
                , 20    , personally appeared Virender K. Sharma, to me personally known to be the person described in and who executed the above
instrument, and acknowledged to me that he executed the same of his own free will for the purposes therein set forth. 
  

					
	AFFIX SEAL	  	  
	  	
		  	Notary Public	  	

  

			
	EndoStim, Inc., a Delaware corporation
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

 ANNEX A 

The following patents, patent applications, any divisional, continuation, substitute, renewal or reissue of the applications and/or patents and any extensions
or continuations (in whole or in part) thereof: 
  

									
	 	  	 Patent/Patent

Application No.
	  	 Title
	  	 Date Filed
	  	 Date Issued

	1.	  	US6,901,295	  	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	  	July 12, 2002	  	May 31, 2005
					
	2.	  	U.S. Reissue Application No. 11/809,368	  	Method and Apparatus for Electrical Stimulation of the Lower Esophageal Sphincter	  	May 31, 2007	  	Not Issued
					
	3.	  	U.S. Patent Application No. 11/539,645	  	Method and Apparatus for Treatment of Gastrointestinal Tract	  	October 9, 2006	  	Not Issued
					
	4.	  	PCT Application No. PCT/US08/56479	  	Method and Apparatus for Treatment of Gastrointestinal Tract	  	March 11, 2008	  	Not Issued
					
	5.	  	U.S. Patent Application No. 12/359,317	  	Device and Implantation System for Electrical Stimulation of Biological Systems	  	January 25, 2009	  	Not Issued
					
	6.	  	PCT Application No. PCT/US09/31935	  	Device and Implantation System for Electrical Stimulation of Biological Systems	  	January 25, 2009	  	Not Issued

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