Document:

EXHIBIT 10.12

 

EXECUTIVE
EMPLOYMENT

AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the ___ day of , ____ 2022
by and between Varian Biopharma Inc., a company incorporated in

 

Delaware
with a principal business address of 4851 Tamiami Trail North, Suite 200, Naples, FL 34103 (“Varian” or the
“Company”) and Jonathan Lewis, M.D. PhD, an individual residing in the state of [•] (“Executive”).
As used herein, the “Effective Date” of this Agreement shall mean the date as written above and signed below.

 

WITNESSETH:

 

WHEREAS,
the Executive desires to be employed by the Company as its Chief Medical Officer and as Chairman of the SAB and the Company wishes to
employ the Executive in such capacities, in each case, commencing on and as of the Effective Date.

 

NOW,
THEREFORE, in consideration of the foregoing and their respective covenants and agreements contained in this document, the Company and
the Executive hereby agree as follows:

 

1.            Employment
and Duties. The Company agrees to employ the Executive and the

Executive
agrees to serve as the Company’s Chief Medical Officer and as Chairman of the SAB. The duties and responsibilities of the Executive
shall include the duties and responsibilities as the Company’s Chief Executive Officer and Board of Directors (“Board”)
may from time to time assign to the Executive, including without limitation those duties described in Exhibit A to the SAB Consulting
Agreement.

 

The
Executive shall devote sufficient time, efforts and services to the business and affairs of the Company and its subsidiaries, either
formed or to be formed in the future. Nothing in this Section 1 shall prohibit the Executive from:                                                                                                  (A)
serving as a director or member of any other

board,
committee thereof of any other entity or organization; (B) delivering lectures, fulfilling speaking engagements, and any writing or publication
relating to his area of expertise, subject to prior approval of the Board, not to be reasonably withheld; (C) serving as a director or
trustee of any governmental, charitable or educational organization; (D) engaging in additional activities in connection with personal
investments and community affairs, including, without limitation, professional or charitable or similar organization committees, boards,
memberships or similar associations or affiliations, or (E) performing advisory activities, provided, however, such activities are not
in competition with the business and affairs of the Company or would tend to cast executive of the Company in a negative light in the
reasonable judgment of the Board; and provided, further, that notwithstanding the foregoing, the Executive shall be permitted, without
the need for specific prior approval, to continue to conduct the activities in which he is currently engaged that are listed in Exhibit
A to this Agreement and none of such activities shall be deemed to be in competition with the business and affairs of the Company.

 

2.            Term.
The term of this Agreement shall commence on the Effective Date and shall

continue
for a period of two (2) years following the Effective Date and shall be automatically renewed for successive one (1) year periods thereafter
unless either party provides the other party with written notice of his or its intention not to renew this Agreement at least three (3)
months prior to the expiration of the initial term or any renewal term of this Agreement, or until terminated in accordance with the
provisions of Section 6 of this Agreement. “Employment Period” shall mean the period of Executive’s actual
employment with the Company during the initial two (2) year term plus one (1) year renewals, if any.

 

3.            Place
of Employment. The Executive’s services shall be performed at such location

or
locations as the Executive shall determine, in his sole discretion.

 

4.            Base
Salary and Board Fees. The Company agrees to pay the Executive a base

salary
(“Base Salary”) of $420,000 per annum for the position of Chief Medical Officer It is assumed that this base
salary sufficiently compensates the Executive for the role of Chairman of the SAB. Annual adjustments after the first year of the Employment
Period shall be determined by the Board. The Base Salary shall be paid in periodic installments in accordance with the Company’s
regular payroll practices. Executive shall, subject to policies and procedures of the Company’s Board of Directors, be eligible
to additional fees for service on the Company’s Board, if applicable.

 

5.            Incentive
Compensation and Bonuses.

 

(a)          Annual
Bonus: For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus (“Annual
Bonus”), if any, in the amount of fifty percent (50%) of Base Salary as may be determined from time to time by the Board
in its discretion. The Annual Bonus shall be paid by the Company to the Executive promptly after determination that the relevant targets
have been met, it being understood that the attainment of any financial targets associated with any bonus shall not be determined until
following the completion of the Company’s annual audit and public announcement of such results and shall be paid promptly following
the Company’s announcement of earnings. In the event that the Compensation Committee is unable to act or if there shall be no such
Compensation Committee, then all references herein to the Compensation Committee (except in the proviso to this sentence) shall be deemed
to be references to the Board.

 

    

     

    

 

(b)          Equity
Awards and Incentive Compensation: During the term of employment, the Executive shall be eligible to participate in any equity-based
incentive compensation plan or program adopted by the Company (such awards under such plan or program, the “Share Awards”)
as the Compensation Committee or Board may from time to time determine. Share Awards shall be subject to applicable plan terms and conditions.
And any additional terms and conditions as determined by the Compensation Committee or the Board.

 

6.            Severance
Compensation:

 

Upon
termination of employment for any reason, other than for Cause, as defined below, and subject to the provisions of Section 11(c)(3),
the Executive shall be entitled to: (A) the sum of his annual Base Salary up to the end of the Employment Period following the date of
termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with
and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date to
be paid according to Section 8; (C) any accrued but unused vacation time through the termination date in accordance with Company policy;
and (D) all Share Awards earned and vested prior to termination. With respect to any Share Awards held by the Executive as of his death
that are not vested and exercisable as of such date, the Company shall fully accelerate the vesting and exercisability of such Share
Awards, so that all such Share Awards shall be fully vested and exercisable as of the Executive’s death, such options (as well
as any Share Awards that previously became vested and exercisable) to remain exercisable, notwithstanding anything in any other agreement
governing such options, until the earlier of (A) a period of one (1) year after the Executive’s death or (B) the original term
of the option, if such Share Awards is an option.

 

The
Executive may continue coverage with respect to the Company’s group health plans as permitted by the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”) for himself and each of his “Qualified Beneficiaries”
as defined by COBRA (“COBRA Coverage”). The Company shall reimburse the amount of any COBRA premium paid for
COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed,
during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to
be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive’s
termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group
health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium
payment within ninety (90) days of its payment.

 

The
Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate
deductions.

 

7.           Clawback
Rights. The Annual Bonus, and any and all stock based compensation (such as options and equity awards) (collectively, the
“Clawback Benefits”) shall be subject to “Clawback Rights” as follows: during
the period that the Executive is employed by the Company and upon the termination of the Executive’s employment and for a
period of three (3) years thereafter, if there is a restatement of any financial results from which any Clawback Benefits to the
Executive shall have been determined, the Executive agrees to repay any amounts which were determined by reference to any Company
financial results which were later restated (as defined below), to the extent the Clawback Benefits amounts paid exceed the Clawback
Benefits amounts that would have been paid, based on the restatement of the Company’s financial information. All Clawback
Benefits amounts resulting from such restated financial results shall be retroactively adjusted by the Compensation Committee to
take into account the restated results, and any excess portion of the Clawback Benefits resulting from such restated results shall
be immediately surrendered to the Company and if not so surrendered within ninety (90) days of the revised calculation being
provided to the Executive by the Compensation Committee following a publicly announced restatement, the Company shall have the right
to take any and all action to effectuate such adjustment. The calculation of the revised Clawback Benefits amount shall be
determined by the Compensation Committee in good faith and in accordance with applicable law, rules and regulations. All
determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Company and the
Executive. The Clawback Rights shall terminate following a Change of Control as defined in Section 11(f),

 

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subject to applicable law, rules and regulations. For purposes of this Section 7, a restatement
of financial results that requires a repayment of a portion of the Clawback Benefits amounts shall mean a restatement resulting from
material noncompliance of the Company with any financial reporting requirement under the federal securities laws and shall not include
a restatement of financial results resulting from subsequent changes in accounting pronouncements or requirements which were not in effect
on the date the financial statements were originally prepared (“Restatements”). The parties acknowledge it
is their intention that the foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) and require recovery of all “incentive-based”
compensation, pursuant to the provisions of the Dodd-Frank Act and any and all rules and regulations promulgated thereunder from time
to time in effect. Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time to time to
assure compliance with the Dodd-Frank Act and such rules and regulations as hereafter may be adopted and in effect.

 

8.           Expenses.
The Executive shall be entitled to prompt reimbursement by the

 

Company
for all reasonable ordinary and necessary travel, entertainment, and other expenses incurred by the Executive while employed (in accordance
with the policies and procedures established by the Company for its senior executive officers) in the performance of his duties and responsibilities
under this Agreement; provided, that the Executive shall properly account for such expenses in accordance with Company policies and procedures.
Expenses of the Executive in an amount exceeding Two Thousand Five Hundred Dollars and No Cents ($2,500) per month shall require approval
from the Board.

 

9.           Other
Benefits. During the term of this Agreement, the Executive shall be eligible

 

to
participate in incentive, stock purchase, savings, retirement (401(k)), and welfare benefit plans, including, without limitation, health,
medical, dental, vision, life (including accidental death and dismemberment) and disability insurance plans (collectively, “Benefit
Plans”), in substantially the same manner and at substantially the same levels as the Company makes such opportunities
available to the Company’s managerial or salaried executive employees and/or its senior executives.

 

The
Company shall pay one hundred percent (100%) of the cost for any group medical, vision and/or dental coverage elected by and for the
Executive and one hundred (100%) of the additional incremental cost for any group medical, vision and/or dental coverage elected by the
Executive for the Executive’s family.

 

10.         Vacation.
During the term of this Agreement, the Executive shall be entitled to accrue, on a pro rata basis, twenty (20) paid vacation days per
year. Vacation shall be taken at such times as are mutually convenient to the Executive and the Company and no more than ten (10) consecutive
days shall be taken at any one time without Company approval in advance.

 

11.         Termination
of Employment:

 

(a)         Death.
If the Executive dies during the Employment Period, this Agreement and

 

the
Executive’s employment with the Company shall automatically terminate and the Company’s obligations to the Executive’s
estate and to the Executive’s Qualified Beneficiaries shall be those set forth in Section 6 regarding severance compensation.

 

(b)          Disability.
In the event that, during the term of this Agreement the Executive shall

 

be
prevented from performing his essential functions hereunder to the full extent required by the Company by reason of Disability (as defined
below), this Agreement and the Executive’s employment with the Company shall automatically terminate. The Company’s obligation
to the Executive under such circumstances shall be those set forth in Section 6 regarding severance compensation. For purposes of this
Agreement, “Disability” shall mean a physical or mental disability that prevents the performance by the Executive,
with or without reasonable accommodation, of his essential functions hereunder for an aggregate of ninety (90) days or longer during
any twelve (12) consecutive months. The determination of the Executive’s Disability shall be made by an independent physician who
is reasonably acceptable to the Company and the Executive (or his representative), be final and binding on the parties hereto and be
made taking into account such competent medical evidence as shall be presented to such independent physician by the Executive and/or
the Company or by any physician or group of physicians or other competent medical experts employed by the Executive and/or the Company
to advise such independent physician.

 

(c)          Cause.

 

(1)          At
any time during the Employment Period, the Company may terminate this Agreement and the Executive’s employment hereunder for Cause.
For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the Executive
to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from the Executive’s
death or Disability) after a written demand by the Board for substantial performance is delivered to the Executive by the Company, which
specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties and responsibilities,
which willful and continued failure is not cured by the Executive within thirty (30) days following his receipt of such written demand;
(b) the conviction of, or plea of guilty or nolo contendere to, a felony, or (c) fraud, dishonesty or gross misconduct which is
materially and demonstratively injurious to the Company. Termination under clauses (b) or (c) of this Section 11(c)(1) shall not be subject
to cure.

 

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(2)          For
purposes of this Section 11(c), no act, or failure to act, on the part of the Executive shall be considered “willful” unless
done, or omitted to be done, by him in bad faith and without reasonable belief that his action or omission was in, or not opposed to,
the best interest of the Company. Between the time the Executive receives written demand regarding substantial performance, as set forth
in subparagraph (1) above, and prior to an actual termination for Cause, the Executive will be entitled to appear (with counsel) before
the full Board to present information regarding his views on the Cause event. After such hearing, termination for Cause must be approved
by a majority vote of the full Board (other than the Executive). After providing the written demand regarding substantial performance,
the Board may suspend the Executive with full pay and benefits until a final determination by the full Board has been made.

 

(3)          Upon
termination of this Agreement for Cause, the Company shall have no further obligations or liability to the Executive or his heirs, administrators
or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive any Base Salary earned
through the date of termination to be paid according to Section 4; any unpaid Annual Bonus to be paid according to Section 5; reimbursement
of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties
and responsibilities for the Company during the period ending on the termination date to be paid according to Section 8; and any accrued
but unused vacation time through the termination date in accordance with Company policy. The Company shall deduct, from all payments
made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions, including expenses.

 

(d)          For
Good Reason or a Change of Control or Without Cause.

 

(1)          At
any time during the term of this Agreement and subject to the conditions set forth in Section 12(d)(2) below the Executive may terminate
this Agreement and the Executive’s employment with the Company for “Good Reason” or for a “Change of Control”
(as defined in Section 12(f)). For purposes of this Agreement, “Good Reason” shall mean the occurrence of any
of the following events without Executive’s consent: (A) the assignment to the Executive of duties that are significantly different
from, and/or that result in a substantial diminution of, the duties that he assumed on the Effective Date (including reporting to anyone
other than solely and directly to the Board); (B) the assignment to the Executive of a title that is different from and subordinate to
the title Chief Medical Officer of the Company; provided, however, for the absence of doubt following a Change of Control, should the
Executive be required to serve in a diminished capacity in a division or unit of another entity (including the acquiring entity), such
event shall constitute Good Reason regardless of the title of the Executive in such acquiring company, division or unit; or (C) material
breach by the Company of this Agreement.

 

(2)          The
Executive shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice to
the Company within ninety (90) days of the date upon which the facts giving rise to Good Reason occurred of his intention to terminate
this Agreement and his employment with the Company for Good Reason, which notice specifies in reasonable detail the circumstances claimed
to provide the basis for such termination for Good Reason, and the Company shall not have eliminated the circumstances constituting Good
Reason within thirty (30) days of its receipt from the Executive of such written notice. In the event the Executive elects to terminate
this Agreement for Good Reason in accordance with Section 11(d)(1), such election must be made within the twenty-four (24) months following
the initial existence of one or more of the conditions constituting Good Reason as provided in Section 11(d)(1). In the event the Executive
elects to terminate this Agreement for a Change in Control in accordance with Section 11(d)(1), such election must be made within one
hundred eighty (180) days of the occurrence of the Change of Control.

 

(3)          In
the event that the Executive terminates this Agreement and his employment with the Company for Good Reason or for a Change of Control
or the Company terminates this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or
provide to the Executive (or, following his death, to the Executive’s heirs, administrators or executors) the severance compensation
set forth in Section 6 above.

 

(4)          The
Executive shall not be required to mitigate the amount of any payment provided for in this Section 11(d) by seeking other employment
or otherwise, nor shall the amount of any payment provided for in this Section 11(d) be reduced by any compensation earned by the Executive
as the result of employment by another employer or business or by profits earned by the Executive from any other source at any time before
and after the termination date. The Company’s obligation to make any payment pursuant to, and otherwise to perform its obligations
under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company may have against the Executive
for any reason.

 

(e)          Without
“Good Reason” by the Executive. At any time during the term of this Agreement, the Executive shall be entitled to
terminate this Agreement and the Executive’s employment with the Company without Good Reason and other than for a Change of
Control by providing prior written notice of at least thirty (30) days to the Company. Upon termination by the Executive of this
Agreement or the Executive’s employment with the Company without Good Reason and other than for a Change of Control, the
Company shall have no further obligations or liability to the Executive or his heirs, administrators or executors with respect to
compensation and benefits thereafter, except for the obligation to pay the Executive any Base Salary earned through the date of
termination to be paid according to Section 4;  reimbursement of any and all reasonable expenses paid or incurred by the
Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period
ending on the termination date to be paid according to Section 8; and any accrued but unused vacation time through the termination
date in accordance with Company policy. The Company shall deduct, from all payments made hereunder, all applicable taxes, including
income tax, FICA and FUTA, and other appropriate deductions.

 

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(f)           Change
of Control. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any one or
more of the following: (i) the accumulation (if over time, in any consecutive twelve (12) month period), whether directly, indirectly,
beneficially or of record, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended) of more than fifty percent (50%) or more of the shares of the outstanding Common Stock of the Company, whether
by merger, consolidation, sale or other transfer of shares of Common Stock (other than a merger or consolidation where the stockholders
of the Company prior to the merger or consolidation are the holders of a majority of the voting securities of the entity that survives
such merger or consolidation), (ii) a sale of all or substantially all of the assets of the Company or (iii) during any period of twelve
(12) consecutive months, the individuals who, at the beginning of such period, constitute the Board, and any new director whose election
by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning of the twelve (12) month period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the Board; provided that the following
acquisitions shall not constitute a Change of Control for the purposes of this Agreement: any acquisition of Common Stock or securities
convertible into Common Stock by any employee benefit plan (or related trust) sponsored by or maintained by the Company.

 

(g)         Any
termination of the Executive’s employment by the Company or by the Executive (other than termination by reason of the Executive’s
death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement, a
“Notice of Termination” shall mean a written notice which shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated, provided, however, failure to provide timely notification shall
not affect the employment status of the Executive.

 

12.          Confidential
Information.

 

(a)          Disclosure
of Confidential Information. The Executive recognizes, acknowledges and agrees that he has had and will continue to have access to
secret and confidential information regarding the Company, its subsidiaries and their respective businesses (“Confidential
Information”), including but not limited to, its products, methods, formulas, software code, patents, sources of supply,
customer dealings, data, know-how, trade secrets and business plans, provided such information is not in or does not hereafter become
part of the public domain, or become known to others through no fault of the Executive. The Executive acknowledges that such information
is of great value to the Company, is the sole property of the Company, and has been and will be acquired by him in confidence. In consideration
of the obligations undertaken by the Company herein, the Executive will not, at any time, during or after his employment hereunder, reveal,
divulge or make known to any person, any information acquired by the Executive during the course of his employment, which is treated
as confidential by the Company, and not otherwise in the public domain. The provisions of this Section 12 shall survive the termination
of the Executive’s employment hereunder. The Executive affirms that he does not possess and will not rely upon the protected trade
secrets or confidential or proprietary information of any prior employer(s) in providing services to the Company or its subsidiaries.

 

(b)          In
the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith to
the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information; provided,
however, the Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not limited to,
photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his
compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes and
(iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company. The covenants and
agreements in this Section 12 shall exclude information (A) which is in the public domain through no unauthorized act or omission of
Executive or (B) which becomes available to Executive on a non-confidential basis from a source other than the Company or its affiliates
without breach of such source’s confidentiality or nondisclosure obligations to the Company or any of its affiliates.

 

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13.          Non-Competition
and Non-Solicitation.

 

(1)          The
Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive is valuable
to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to be protected by
the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition restrictions set forth
herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive also acknowledges that
the Company’s Business is conducted worldwide (the “Territory”), and that the Territory, scope of prohibited
competition, and time duration set forth in the non-competition restrictions set forth below are reasonable and necessary to maintain
the value of the Confidential Information of, and to protect the goodwill and other legitimate business interests of, the Company, its
affiliates and/or its clients or customers. The provisions of this Section 13 shall survive the termination of the Executive’s
employment hereunder for the time periods specified below.

 

(2)          The
Executive hereby agrees and covenants that he shall not without the prior written consent of the Company, directly or indirectly, in
any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder, officer,
director or any other individual or representative capacity (other than (i) as a holder of less than two (2%) percent of the outstanding
securities of a company whose shares are traded on any national securities exchange or (ii) as a limited partner, passive minority interest
holder in a venture capital fund, private equity fund or similar investment entity which holds or may hold an equity or debt position
in portfolio companies that are competitive with the Company; provided however, that the Executive shall be precluded from serving as
an operating partner, general partner, manager or governing board designee with respect to such portfolio companies), or whether on the
Executive’s own behalf or on behalf of any other person or entity or otherwise howsoever, during the Term and thereafter to the
extent described below, within the Territory:

 

(1)          Engage,
own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management,
operation or control of any business in competition with the Business of the Company;

 

(2)          Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment
(or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment
agreement, for the purpose of competing with the Business of the Company;

 

(3)          Attempt
in any manner to solicit or accept from any customer of the Company, with whom Executive had significant contact during Executive’s
employment by the Company (whether under this Agreement or otherwise), business of the kind or competitive with the Business of the Company
with such customer or to persuade or attempt to persuade any such customer to cease to do business or to reduce the amount of business
which such customer has customarily done or might do with the Company, or if any such customer elects to move its business to a person
other than the Company, provide any services of the kind or competitive with the Business of the Company for such customer, or have any
discussions regarding any such service with such customer, on behalf of such other person for the purpose of competing with the Business
of the Company; or

 

(4)          Interfere
with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any supplier,
distributor, co-venturer or joint venturer of the Company, for the purpose of soliciting such other party to discontinue or reduce its
business with the Company for the purpose of competing with the Business of the Company.

 

With
respect to the activities described in Paragraphs (1), (2), (3) and (4) above, the restrictions of this Section 13(b) shall continue
during the Term of this Agreement and until the end of the employment period. For purposes of this Agreement, the term “Business
of the Company” shall mean the development of therapeutic aPKCi inhibitors and the development for therapeutic use of any molecule
or compound that is licensed or otherwise acquired by Varian during the Executive’s Employment Period.

 

14.          Assignment
of Inventions. Executive will promptly make full written disclosure to the Company, will hold in trust for the sole right and
benefit of the Company, and hereby assigns, transfers, and conveys to the Company, or its designee, all of Executive’s
worldwide right, title, and interest in and to any and all inventions, original works of authorship, findings, conclusions, data,
discoveries, developments, concepts, improvements, trade secrets, techniques, processes, and know-how, whether or not patentable or
registrable under copyright or similar laws, that Executive may solely or jointly conceive or develop or reduce to practice, or
cause to be conceived or developed or reduced to practice, in the performance of the Services or that result, to any extent, from
use of the Company’s premises or property (collectively, the “Inventions”), including any and all
intellectual property rights inherent in the Inventions and appurtenant thereto including, without limitation, all patent rights,
copyrights, trademarks, know-how, and trade secrets (collectively, “Intellectual Property Rights”).
Executive further acknowledges and agrees that all original works of authorship that are made by Executive (solely or jointly with
others) in the performance of the Services and that are protectable by copyright are “works made for hire” as that term
is defined in the United States Copyright Act. However, to the extent that any such work may not, by operation of any applicable
law, be a work made for hire, Executive hereby assigns, transfers, and conveys to the Company all of its worldwide right, title, and
interest in and to such work, including all Intellectual Property Rights therein and appurtenant thereto.

 

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15.          Miscellaneous.

 

(a)          Neither
the Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written consent
of the other; provided, however, that the Company shall have the right to delegate its obligation of payment of all sums due to the Executive
hereunder, provided that such delegation shall not relieve the Company of any of its obligations hereunder.

 

(b)          During
the term of this Agreement, the Company (i) shall indemnify and hold harmless the Executive and his heirs and representatives to the
maximum extent provided by the laws of the State of Delaware and the Company’s Bylaws and (ii) shall cover the Executive under
the Company’s directors’ and officers’ liability insurance on the same basis as it covers other senior executive officers
and directors of the Company.

 

(c)          This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and the
Company except the SAB Consulting Agreement, and shall not be amended, modified or changed except by an instrument in writing executed
by the party to be charged. Notwithstanding the foregoing, the SAB Consulting Agreement shall be suspended during the Executive’s
Employment Period under this Agreement and during such Employment Period the terms and conditions of the Executive’s employment
as Chairman of the Scientific Advisory Board shall be determined under the terms of this Agreement. In the event that the Executive’s
employment hereunder is terminated for any reason other than the Executive’s death, the suspension of the SAB Consulting Agreement
shall cease, and the Executive shall be entitled once again to receive compensation for his services as a consultant to the Company pursuant
to the terms SAB Consulting Agreement.

 

(d)         If
any provision of this Agreement, or the application thereof, shall for any reason and to any extent be invalid or unenforceable, then
the remainder of this Agreement and the application of such provision to other persons or circumstances shall be interpreted so as reasonably
to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement
with a valid and enforceable provision that shall achieve, to the extent possible, the economic, business and other purposes of the void
or unenforceable provision. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

(e)         This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.

 

(f)          The
headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

(g)         All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or
by reputable national overnight delivery service (e.g., Federal Express) for overnight delivery to the party at the address set forth
in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice of in accordance
with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day after
deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

 

(h)         This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Connecticut, and each of the parties
hereto irrevocably consents to the jurisdiction and venue of the federal and state courts located in the State of Connecticut, County
of Fairfield, for any disputes arising out of this Agreement, or the Executive’s employment with the Company.

 

(i)          This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above.

 

    7

     

    

 

(j)          The
Executive represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to perform
his obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations hereunder will
not conflict with any agreement to which the Executive is a party.

 

(k)         The
Company represents and warrants to the Executive that it has the full power and authority to enter into this Agreement and to perform
its obligations hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder will
not conflict with any agreement to which the Company is a party.

 

[Signature
page follows immediately]

 

    8

     

    

 

IN
WITNESS WHEREOF, the Executive and the Company have caused this Executive Employment Agreement to be executed as of the date first above
written.

 

	 	VARIAN BIOPHARMA INC.
	 	AUTHORIZED SIGNATURE
	 	By: Jeffrey B. Davis
	 	Title: Chief Executive Officer
	 	Date: , 2022
	 	 
	 	EXECUTIVE
	 	Name: JONATHAN LEWIS
	 	Date: , 2022

  

    9

     

    

 

EXHIBIT
A

Permitted
Activities 

 

Chairman,
Board of Directors, Dugri Inc

 

Chairman,
Molecular Ninja Group

 

Honorary
Board Member, Sarcoma Foundation of America

 

Life
Trustee, The Hope Funds for Cancer Research, Newport, RI

 

Adjunct
Professor, Yale University, Department of Molecular Biophysics and Biochemistry (Surgery), New Haven, CT

 

Member
of the Advisory Committee, Global COVID-19 Response, Bethesda, MD, London (UK), Johannesburg (SA)

 

Advisor
to the Company, Stella Diagnostics, Salt Lake City, UT

 

Chairman,
Technology Advisory Committee, University of Witwatersrand, Johannesburg (SA)

 

Advisor
to the Board of Directors, TriSalus Life Sciences, Westminster, CO

 

Advisor,
Massachusetts General/Brigham and Women’s Hospitals (Sarcoma Medico-Legal)

 

Ad
hoc reviewer, Science, Nature, The New England Journal of Medicine, The Lancet, Journal of the AMA-Surgery

 

Special
Advisor, Mercedes AMG Formula 1 Racing Team

 

 10EXHIBIT 10.12

Form
of

restrictive covenant AGREEMENT

 

This
Restrictive Covenant Agreement (this “Agreement”) is made and entered into as of [_____________], 2022 by and
between SPK Acquisition Corp., a Delaware corporation (“Parent”), and [__________________], an individual (the
“Restricted Party”). Parent and the Restricted Party shall each be referred to herein as a “Party”
and collectively as the “Parties”.

RECITALS

 

A.        This
Agreement is entered into in connection with that certain Merger Agreement (the “Merger Agreement”), dated
[●], 2022, by and among Parent, Varian Biopharmaceuticals, Inc., a Florida corporation (the “Company”),
and SPK Merger Sub, Inc., a Delaware corporation,.

 

B.         Capitalized
terms used herein and not defined herein shall have the meanings set forth in the Merger Agreement.

 

C.         The
Restricted Party’s execution and delivery of this Agreement is a condition to the closing of the transactions contemplated
by the Merger Agreement.

 

D.        As
part of the consideration and as a material inducement to Parent to enter into the Merger Agreement and consummate the transactions
contemplated thereby, and to protect, for the benefit of Parent, the goodwill associated with the business of the Company, the
Restricted Party is willing to enter into this Agreement.

 

AGREEMENT

 

In
consideration of the mutual representations, warranties and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.          Non-Competition
and Non-Solicitation Covenants.

 

             1.1       Acknowledgments.
The Restricted Party acknowledges and agrees that the Restricted Party: (a) has acquired certain Confidential Information
(as defined below); (b) has been actively involved in the management of the business of the Company and in the development of
the goodwill, and vendor and customer relationships of such business and has acquired substantial skills and experience in such
business; (c) will receive substantial consideration and proceeds as a result of the transactions contemplated by the Merger Agreement;
and (d) the preservation of the goodwill associated with the business of the Company is a part of the consideration that Parent
will receive pursuant to the Merger Agreement. The Restricted Party further acknowledges and agrees that: (i) the Company engages
in a highly competitive business; (ii) following the consummation of the transactions contemplated by the Merger Agreement, the
Company plans to continue to engage in its business as currently conducted; and (iii) competition by the Restricted Party,
directly or indirectly, with the business of the Company after consummation of the transactions contemplated by the Merger Agreement
during the Restricted Period (as defined below) would severely injure such business and impair the goodwill of the Company. Accordingly,
the Restricted Party agrees to the covenants in this Section 1.

 

    

     

    

 

            1.2        Covenant
Not to Engage in the Protected Business. During the Restricted Period (as defined below), the Restricted Party hereby agrees
not to engage, directly or indirectly, in the Protected Business (as defined below) anywhere in the world including, but not limited
to, on the internet or on or through any other means of working, operating, communicating or transacting that does not, or may not, require
a physical location, other than on behalf of the Company and Parent, their respective direct and indirect Subsidiaries and their respective
Affiliates (collectively, the “Company Group”). The term “Protected Business” means any activity
which is competitive with any of the businesses, activities, products or services conducted, developed or offered by the Company or that
the Company intends to conduct, develop or offer as of the Closing Date or any businesses, activities, products or services that the
Company engages in or intends to conduct, develop or offer immediately prior to the termination of the Restricted Party’s employment
(for any reason) with the Company. Without limiting the foregoing, the covenant in this Section 1.2 prohibits the Restricted Party
from owning, managing, operating, rendering services to (whether as owner, part-owner, shareholder, member, partner, director, manager,
officer, trustee, executive, employee, joint venturer, agent or consultant, or in any other capacity), participating or investing in,
providing financing to or providing or facilitating the provision of financing to, or assisting, any Person (including any Person who
is a family member of the Restricted Party or who is associated with a family member of the Restricted Party) in connection with any
Protected Business.1

 

            1.3        Covenants
Not to Interfere. During the Restricted Period, the Restricted Party shall not, directly or indirectly for the Restricted
Party’s own account or for the account of any other Person, engage in Interfering Activities (as defined below). For the
purpose of this Agreement, the following terms shall be defined as follows:

 

                          (a)       “Business
Relation” means any current or prospective client, customer, licensee, account, supplier or other business relation
of any of the Company Group, or any such relation that was a client, customer, licensee, account, supplier, or other business
relation within the six (6) month period prior to the date of the Interfering Activity in question, in each case, to whom the
Restricted Party provided services, or with whom the Restricted Party transacted business, or whose identity became known to the
Restricted Party in connection with the Restricted Party’s relationship with the Company Group.

 

                          (b)       “Interfering
Activities” means (i) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce,
any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s
employment or services (or in the case of a consultant, materially reducing such services) with the Company Group, provided that
the foregoing shall not be violated by general advertising not targeted at employees or consultants of any member of the Company
Group; or (ii) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business
Relation to cease doing business with any of the Company Group or reduce the amount of business conducted with any of the Company
Group, or in any way interfering with the relationship between any such Business Relation and any of the Company Group.

  

1
Note to Draft: If prior to entering into this Agreement the Company establishes a Subsidiary(s), this Section to be updated to
include such Subsidiary(s) in the definition of Protected Business.

 

    2

     

    

 

                         (c)        “Restricted
Period” twenty four (24) month anniversary of the Closing Date (as such term is defined in the Merger Agreement.

 

            1.4        Confidentiality.
The Restricted Party acknowledges that, as an employee, the Restricted Party has had and will have access to non-public information
about the Company Group and that the Restricted Party’s relationship with the Company has brought and will bring the Restricted
Party into close contact with confidential and proprietary information of the Company Group. In recognition of the foregoing,
the Restricted Party agrees at all times to hold in confidence, and not to use, except for the benefit of the Company Group, or
to disclose to any Person without written authorization of Parent, any Confidential Information that the Restricted Party obtains
or creates (whether solely or jointly with others). The Restricted Party further agrees not to make copies of such Confidential
Information except as authorized by Parent or as otherwise necessary to fulfill the Restricted Party’s duties to the Company
Group. For purposes of this Agreement, “Confidential Information” means information that the Company Group
has developed, acquired, created, compiled, discovered, or owned or will develop, acquire, create, compile, discover, or own,
that has value in or to the business of the Company Group that is not generally known and that Parent wishes to maintain as confidential,
including, without limitation, any and all non-public information that relates to the actual or anticipated business and/or products,
research, or development of the Company Group, or to the Company Group’s technical data, Trade Secrets, know-how, products,
services, markets, customer lists, business plans, software, developments, inventions, processes, formulas, pricing information,
technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information
disclosed by the Company Group either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts,
equipment, or other property of the Company Group. Notwithstanding the foregoing, Confidential Information shall not include (a)
any of the foregoing items that have become publicly known through no unauthorized disclosure by the Restricted Party, (b) information
rightfully obtained by the Restricted Party from a third party with no obligation to keep confidential, (c) general information
or knowledge of the Company’s industry, or (d) any information that the Restricted Party is required to disclose to any
governmental or judicial authority; provided, however, that in such event the Restricted Party will give Parent
prompt written notice thereof so that Parent may seek an appropriate protective order and/or waive in writing compliance with
the confidentiality provisions of this Section 1.4. In addition, notwithstanding the foregoing nondisclosure obligations,
pursuant to 18 U.S.C. Section 1833(b), the Restricted Party will not be held criminally or civilly liable under any federal or
state Trade Secret law for the disclosure of a Trade Secret that is made: (1) in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected
violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal.

 

    3

     

    

 

             1.5        Non-Disparagement.
The Restricted Party will not make any comments intended to be disparaging or defamatory regarding any member of the Company
Group or, to the extent they are known to the Restricted Party as associated with any of the Company Group, regarding their respective
current or former directors, managers, stockholders, partners, members, managers, officers, or employees. Notwithstanding the
foregoing, the Restricted Party’s obligations under this Section 1.5 shall not apply to disclosures required
by applicable Law, regulation, or order of a court or governmental agency or to any statements made in the performance of the
Restricted Party’s duties for any member of the Company Group. Likewise, nothing herein shall interfere with any right which
may be conferred to the Restricted Party under Section 7 of the National Labor Relations Act.

 

             1.6        Savings
Clause. In addition to the provisions of Section 14, it is the desire and intent of the Parties that the provisions
of this Section 1 shall be enforced to the fullest extent permissible under applicable Law. If any provision of this Section
1, or any part of any such provision, is held under any circumstances to be invalid or unenforceable by any arbitrator or
court of competent jurisdiction, then: (a) such provision or part thereof shall, with respect to such circumstances and in
such jurisdiction, be modified by such arbitrator or court to conform to applicable Law so as to be valid and enforceable to the
fullest possible extent; (b) the invalidity or unenforceability of such provision or part thereof under such circumstances and
in such jurisdiction shall not affect the validity or enforceability of such provision or part thereof under any other circumstances
or in any other jurisdiction; and (c) the invalidity or unenforceability of such provision or part thereof shall not affect the
validity or enforceability of the remainder of such provision or the validity or enforceability of any other provision of this
Section 1. Each provision of this Section 1 is separable from every other provision of this Section 1, and
each part of each provision of this Section 1 is separable from every other part of such provision.

 

             1.7        Permitted
Activities. Notwithstanding anything to the contrary in Section 1.2 above, the Restricted Party may manage and
make passive investments of the Restricted Party’s personal assets and those of the Restricted Party’s family members
in publicly traded securities of a company not to exceed one percent (1%) of the total number of that company’s outstanding
securities of that same class, so long as the Restricted Party has no active participation or involvement in the business of such
company.

 

             1.8        Reasonableness
of Terms. The Restricted Party acknowledges that the duration of the Restricted Period and the scope of the Protected
Business which the restrictions imposed in this Section 1 shall apply are fair and reasonable and are reasonably required
to protect the goodwill, customer relationships, Trade Secrets and stable workforce of the Company.

 

2.          Consideration.
In consideration for the representations, warranties, and covenants contained herein, Parent agrees to pay (or cause to be paid)
to the Restricted Party the sum of US$100. The Restricted Party acknowledges and agrees that the Restricted Party is not otherwise
entitled to receive the aforesaid payment absent the Restricted Party’s agreement to the representations, warranties, and
covenants set forth in this Agreement.

 

    4

     

    

 

3.         Representations
by the Restricted Party. The Restricted Party represents and warrants to Parent that: (a) the Restricted Party is familiar
with the covenants and undertakings set forth in this Agreement and are fully aware of the Restricted Party’s obligations
under this Agreement, including, without limitation, the length of time and scope of the covenants set forth in Section 1;
(b) the Restricted Party is aware that the Company will engage in the Protected Business during the Restricted Period; (c) the
restrictions imposed on the Restricted Party under this Agreement are fair, reasonable and required for the protection of the
Company’s business interests, goodwill, and business relationships with its current and prospective clients and customers;
(d) the Restricted Party is receiving (directly or indirectly) specific, bargained-for consideration for the covenants set forth
in Section 1 and in the other provisions of this Agreement; (e) the execution of this Agreement, and performance
of the Restricted Party’s obligations under this Agreement, will not conflict with, or result in a violation or breach of,
any other agreement to which the Restricted Party is a party or bound as of the Closing Date or any applicable Law, judgment,
order or decree to which the Restricted Party is subject; (f) the Restricted Party has all necessary capacity, right, power and
authority to enter into and perform this Agreement, and this Agreement is a valid and legally binding obligation of the Restricted
Party, enforceable against the Restricted Party in accordance with its terms, except as the same may be limited by applicable
bankruptcy, insolvency, moratorium or similar applicable Law affecting creditors’ rights generally or by general equitable
principles affecting the enforcement of contracts; and (g) the Restricted Party’s compliance with the covenants set forth
herein will not create significant hardship for the Restricted Party as the Restricted Party has independent means and sufficient
income without violating any such covenants for the periods set forth herein.

 

4.         Breach.
The Restricted Party hereby acknowledges that in the event of a breach by the Restricted Party of any of the provisions of
this Agreement, Parent, the Company and/or their respective successors or assigns could sustain irreparable harm, and, therefore,
the Restricted Party agrees that, in addition to any other remedies that Parent may have under this Agreement, the Merger Agreement,
any other Additional Document or otherwise, Parent shall be entitled to equitable relief, including, without limitation, specific
performance, temporary restraining orders, and preliminary and permanent injunctive relief restraining the Restricted Party from
committing or continuing any such violation of this Agreement and the Restricted Party agrees to waive any requirements for the
securing or posting of any bond in connection with such remedy. In addition, in the event of a breach or violation by the Restricted
Party of the restrictions contained in Section 1 of this Agreement, the Restricted Period shall be tolled until such breach
or violation has been duly cured.

 

5.         Entire
Agreement. This Agreement, together with the applicable provisions of the Merger Agreement and the other Additional Documents
applicable to the Restricted Party (including, without limitation, the Restricted Party’s Employment Agreement, dated as
of the date hereof, with the Company), is the product of both Parties and constitutes the entire agreement between the Parties
pertaining to the subject matter hereof, and supersedes all prior negotiations and drafts of the Parties with regard to the transactions
contemplated herein.

 

6.         Amendments.
No term of this Agreement may be amended or waived without the written consent of the Restricted Party and Parent. Any amendment
or waiver effected in accordance with this Section 6 shall be binding upon the Parties and their respective permitted successors
and assigns.

 

    5

     

    

 

7.         Successors
and Assigns. Because the obligations of this Agreement are personal in nature to the Restricted Party, the Restricted
Party agrees not to assign, sell, transfer, delegate, or otherwise dispose of, whether voluntarily or involuntarily, or by operation
of law, any rights or obligations under this Agreement, and any such purported assignment, sale, transfer, delegation or other
disposition shall be null and void ab initio. Parent may assign its rights hereunder to any of its Affiliates without the
consent of the Restricted Party. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective permitted successors and assigns of the Parties. If Parent, the Company or the Business is sold, reorganized or
otherwise transferred to another Person, it is intended that (a) Parent may provide that this Agreement will be assigned to, and
assumed by, the acquiror of such assets or equity, it being agreed that in such circumstances, the Restricted Party’s consent
will not be required in connection therewith, and (b) the covenants and undertakings set forth in this Agreement shall remain
in effect with respect to any portion of Parent’s or the Company’s business that is retained by Parent, as applicable,
as well as any portion that is so transferred and, to that end, the term “Parent” in this Agreement shall include
any successor to all or any portion of Parent’s business.

 

8.         Notices.
Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand or
nationally recognized overnight courier service, by 5:00 PM Eastern Time on a Business Day, addressee’s day and time, on
the date of delivery, and if delivered after 5:00 PM Eastern Time, on the first Business Day after such delivery; (b) if by electronic
mail or facsimile, on the date of transmission with affirmative confirmation of receipt; or (c) three (3) Business Days after
mailing by prepaid certified or registered mail, return receipt requested. Notices shall be addressed to the respective Parties
as follows, or to such other address as a party shall specify to the others in accordance with these notice provisions:

 

If
to Parent, to:

 

       SPK
Acquisition Corp.
                        Xuhuiqu Wulumuqizhonglu 99 Nong

       Building
1 #502

       Shanghai
China, 200031

       Attn:
Sophie Ye Tao

                       E-mail: sophie@spkacq.com 

 

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

 

Loeb
& Loeb LLP
 345 Park Ave
 New York, NY 10154
 Attention: Mitchell
S. Nussbaum
 Fax: 212.504.3013
 E-mail: mnussbaum@loeb.com

 

If
to the Restricted Party, to:

 

[_______________]

Email: [_________]

 

    6

     

    

 

or
to such other address or to such other person as the applicable Party shall have last designated by such notice to the other Party.
Each such notice or other communication shall be effective (i) when delivered, if delivered personally or by an internationally
recognized courier service, or (ii) the day of sending, if sent by email prior to 5:00 p.m., Pacific Time on any Business
Day, or the next succeeding Business Day if sent by email after 5:00 p.m., Pacific Time, on any Business Day or on any day
other than a Business Day.

 

9.         Governing
Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement, including the applicable
statute of limitations, shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the Law of any jurisdiction other than the State of Delaware.

 

10.       Waiver
of Jury Trial; Jurisdiction. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, OR RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY
AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery
Court of the State of Delaware (or, if the Chancery Court of the State of Delaware does not have jurisdiction, a federal court
sitting in Wilmington, Delaware) (or any appellate courts thereof), for the purposes of any Action arising out of or relating
to this Agreement, agrees that all claims in respect of any such Action shall be heard and determined in any such court and agrees
not to bring any Action arising out of this Agreement in any other courts.

 

11.       Attorneys’
Fees. If any legal action is necessary to enforce or interpret the terms of this Agreement, the prevailing Party shall
be entitled to reasonable outside attorneys’ fees, costs, and necessary disbursements in addition to any other relief to
which such party may be entitled. The “prevailing Party” shall mean the Party who obtains substantially the relief
sought by such Party in such proceeding.

 

12.       Headings.
The descriptive headings of the Sections and subsections of this Agreement are for convenience only and do not constitute
a part of this Agreement and shall not be used in the interpretation thereof.

 

13.       Representation
By Counsel; Interpretation. The Parties acknowledge that each Party has been represented by counsel in connection with
this Agreement and the transactions contemplated by this Agreement, and the Restricted Party further acknowledges and represents
that, in executing this Agreement, the Restricted Party has consulted with counsel of the Restricted Party’s own choosing
and the Restricted Party is fully aware of the Restricted Party’s rights and obligations under this Agreement. Accordingly,
any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the
Party that drafted it has no application and is expressly waived.

 

    7

     

    

 

14.       Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this
Agreement, to the fullest extent permitted by law, shall remain in full force and effect. Without limiting the generality of the
foregoing, the Parties intend that the covenants contained in Section 1.2 and Section 1.3 shall be construed as
a series of separate covenants. If, in any judicial proceeding (or arbitration, as the case may be), a court (or applicable arbitrator)
shall refuse to enforce any of such separate covenants (or any part thereof) as written, then such covenant shall be enforced
to the fullest extent permitted by applicable Law, or if such covenant (or such part) shall be determined to be unenforceable
in its entirety, it shall be deemed eliminated from this Agreement for the purpose of those proceedings to the extent necessary
to permit the remaining separate covenants (or portions thereof) to be enforced by such court (or applicable arbitrator). It is
the intent of the Parties that the covenants set forth in this Agreement be enforced to the maximum extent permitted by applicable
Law.

 

15.       Third-Parties.
Except as expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon
any party, other than the Parties and their respective successors and permitted assigns, any rights under this Agreement.

 

16.        Counterparts;
Electronic Signatures. This Agreement may be executed in counterparts, each of which shall constitute an original, but
all of which shall constitute one agreement. This Agreement shall become effective upon delivery to each Party of an executed
counterpart or the earlier delivery to each Party of original, photocopied, or electronically transmitted signature pages that
together (but need not individually) bear the signatures of the Parties.

 

[Signature
Page Follows]

 

    8

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

 

	 	SPK Acquisition Corp.
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	 
	 	[Restricted Party]

 

Signature
Page to Restrictive Covenant Agreement

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