Document:

Exhibit
10.36

 

BIOLIFE4D
CORPORATION

2022
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

 

1.
Purpose

 

This
Incentive and Nonstatutory Stock Option Plan (the “Plan”) is intended to further the growth and financial success of BioLife4D
Corporation, a Delaware corporation (the “Company”) by providing additional incentives to selected employees, directors,
and consultants to the Company or parent corporation or subsidiary corporation of the Company as those terms are defined in Sections
424(e) and 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”) (such parent corporations and subsidiary
corporations hereinafter collectively referred to as “Affiliates”) so that such employees, directors, and consultants may
acquire or increase their proprietary interest in the Company. Stock options granted under the Plan (hereinafter “Options”)
may be either “Incentive Stock Options,” as defined in Section 422A of the Code and any regulations promulgated under said
Section, or “Nonstatutory Options” at the discretion of the Board of Directors of the Company (the “Board”) and
as reflected in the respective written stock option agreements granted pursuant hereto.

 

2.
Administration

 

The
Plan shall be administered by the Board of Directors of the Company; provided however, that the Board may delegate such administration
to a committee of not fewer than three members (the “Committee”), at least two of whom are members of the Board and all of
whom are disinterested administrators, as contemplated by Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended
(“Rule 16b-3”); and provided further, that the foregoing requirement for disinterested administrators shall not apply prior
to the date of the first registration of any of the securities of the Company under the Securities Act of 1933, as amended (the “Act”).

 

Subject
to the provisions of the Plan, the Board and/or the Committee shall have authority to (a) grant, in its discretion, Incentive Stock Options
in accordance with Section 422A of the Code or Nonstatutory Options; (b) determine in good faith the fair market value of the stock covered
by an Option; (c) determine which eligible persons shall be granted Options and the number of shares to be covered thereby and the term
thereof; (d) construe and interpret the Plan; (e) promulgate, amend and rescind rules and regulations relating to its administration,
and correct defects, omissions, and inconsistencies in the Plan or any Option; (f) consistent with the Plan and with the consent of the
optionee, as appropriate, amend any outstanding Option or amend the exercise date or dates thereof; (g) determine the duration and purpose
of leaves of absence which may be granted to optionholders without constituting termination of their employment for the purpose of the
Plan; and (h) make all other determinations necessary or advisable for the Plan’s administration. The interpretation and construction
by the Board of any provisions of the Plan or of any Option shall be conclusive and final. No member of the Board or the Committee shall
be liable for any action or determination made in good faith with respect to the Plan or any Option.

 

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3.
Eligibility

 

The
persons who shall be eligible to receive Options shall be employees, directors, or consultants of the Company or any of its Affiliates
(“Optionees”). The term consultant shall mean any person who is engaged by the Company to render services and is compensated
for such services, and any director of the Company whether or not compensated for such services; provided that, if the Company registers
any of its securities pursuant to the Act, the term consultant shall thereafter not include directors who are not compensated for their
services or are paid only a director fee by the Company.

 

(a)
Incentive Stock Options. Incentive Stock Options may only be issued to employees of the Company or its Affiliates. Incentive Stock
Options may be granted to officers, whether or not they are directors, but a director shall not be granted an Incentive Stock Option
unless such director is also an employee of the Company. Payment of a director fee shall not be sufficient to constitute employment by
the Company. Any grant of option to an officer or director of the Company subsequent to the first registration of any of the securities
of the Company under the Act shall comply with the requirements of Rule 16b-3. An optionee may hold more than one Option.

 

The
Company shall not grant an Incentive Stock Option under the Plan to any employee if such grant would result in such employee holding
the right to exercise for the first time in any one calendar year, under all options granted to such employee under the Plan or any other
stock option plan maintained by the Company or any Affiliate, with respect to shares of stock having an aggregate fair market value,
determined as of the date of the Option is granted, in excess of $100,000. Should it be determined that an Incentive Stock Option granted
under the Plan exceeds such maximum for any reason other than a failure in good faith to value the stock subject to such option, the
excess portion of such option shall be considered a Nonstatutory Option. If, for any reason, an entire option does not qualify as an
Incentive Stock Option by reason of exceeding such maximum, such option shall be considered a Nonstatutory Option.

 

(b)
Nonstatutory Option. The provisions of the foregoing Section 3(a) shall not apply to any option designated as a “Nonstatutory
Stock Option Agreement” or which sets forth the intention of the parties that the option be a Nonstatutory Option.

 

4.
Stock

 

The
stock subject to Options shall be the shares of the Company’s authorized but unissued or reacquired Common Stock (the “Stock”).

 

(a)
Number of Shares. Subject to adjustment as provided in Section 5(h) of this Plan, the total number of shares of Stock which may
be purchased through exercise of Options granted under this Plan shall not exceed 5,000,000 shares. If any Option shall for any reason
terminate or expire, any shares allocated thereto but remaining unpurchased upon such expiration or termination shall again be available
for the grant of Options with respect thereto under this Plan as though no Option had been granted with respect to such shares.

 

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(b)
Reservation of Shares. The Company shall reserve and keep available at all times during the term of the Plan such number of shares
as shall be sufficient to satisfy the requirements of the Plan. If, after reasonable efforts, which efforts shall not include the registration
of the Plan or Options under the Act, the Company is unable to obtain authority from any applicable regulatory body, which authorization
is deemed necessary by legal counsel for the Company for the lawful issuance of shares hereunder, the Company shall be relieved of any
liability with respect to its failure to issue and sell the shares for which such requisite authority was so deemed necessary unless
and until such authority is obtained.

 

5.
Terms and Conditions of Options

 

Options
granted hereunder shall be evidenced by agreements between the Company and the respective Optionees, in such form and substance as the
Board or Committee shall from time to time approve. Such agreements need not be identical, and in each case may include such provisions
as the Board or Committee may determine, but all such agreements shall be subject to and limited by the following terms and conditions:

 

(a)
Number of Shares. Each Option shall state the number of shares to which it pertains.

 

(b)
Option Price. Each Option shall state the Option Price, which shall be determined as follows:

 

(i)
Any Option granted to a person who at the time the Option is granted owns (or is deemed to own pursuant to Section 424(d) of the Code)
stock possessing more than 10% of the total combined voting power of value of all classes of stock of the Company, or of any Affiliate,
(“10% Holder”) shall have an Option Price of no less than 110% of the fair market value of the common stock as of the date
of grant;

 

(ii)
Incentive Stock Options granted to a person who at the time the Option is granted is not a 10% Holder shall have an Option price of no
less than 100% of the fair market value of the common stock as of the date of grant; and

 

(iii)
Nonstatutory Options granted to a person who at the time the Option is granted is not a 10% Holder shall have an Option Price determined
by the Board as of the date of grant.

 

For
the purposes of this Section 5(b), the fair market value shall be as determined by the Board, in good faith, which determination shall
be conclusive and binding; provided however, that if there is a public market for such stock, the fair market value per share shall be
the average of the bid and asked prices on the date of grant of the Option, or if listed on a stock exchange, the closing price on such
exchange on such date of grant.

 

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(c)
Medium and Time of Payment. To the extent permissible by applicable law, the Option price shall be paid, at the discretion of
the Board, at either the time of grant or the time of exercise of the Option (i) in cash or by check, (ii) by delivery of other common
stock of the Company, provided such tendered stock was not acquired directly or indirectly from the Company, or, if acquired from the
Company, has been held by the Optionee for more than six months, or (iii) such other form of legal consideration permitted by federal
and state law as may be acceptable to the Board.

 

(d)
Term and Exercise of Options. Any Option granted to a 10% Holder shall become exercisable over a period of no longer than five
years. Any Option otherwise granted to an Employee of the Company shall become exercisable over a period of no longer than ten years.
No less than 20% of the shares covered by any Option granted shall become exercisable annually and no Option shall be exercisable, in
whole or in part, prior to one year from the date it is granted unless the Board shall specifically determine otherwise, as provided
herein. In no event shall any Option be exercisable after the expiration of ten years from the date it is granted. Unless otherwise specified
by the Board or the Committee in the resolution authorizing such option, the date of grant of an Option shall be deemed to be the date
upon which the Board or the Committee authorizes the granting of such Option.

 

Each
Option shall be exercisable to the nearest whole share, in installments or otherwise, as the respective option agreements may provide.
During the lifetime of an Optionee, the Option shall be exercisable only by the Optionee and shall not be assignable or transferable
by the Optionee, and no other person shall acquire any rights therein. To the extent not exercised, installments (if more than one) shall
accumulate, but shall be exercisable, in whole or in part, only during the period for exercise as stated in the option agreement, whether
or not other installments are then exercisable.

 

(e)
Termination of Status as Employee, Director, or Consultant. If Optionee’s status as an employee, director, or consultant
shall terminate for any reason, then the Optionee (or if the Optionee shall die after such termination, but prior to exercise, Optionee’s
personal representative or the person entitled to succeed to the Option) shall have the right to exercise any vested Options, in whole
or in part, at any time after such termination during the remaining term of the Option; provided, however, that the Board may specify
a shorter period for exercise following termination as the Board deems reasonable and appropriate, but not shorter than 12 months in
the event Optionee’s termination was caused by permanent disability within the meaning of Section 22(e)(3) of the Code. The Option
may be exercised only with respect to installments that the Optionee could have exercised at the date of termination of employment. Nothing
contained herein or in any Option granted pursuant hereto shall be construed to affect or restrict in any way the right of the Company
to terminate the employment of an Optionee with or without cause.

 

(f)
Death of Optionee. If an Optionee dies while employed or engaged as a director or consultant by the Company or an Affiliate, the
portion of such Optionee’s Option or Options which were exercisable at the date of death may be exercised, in whole or in part,
by the estate of the decedent or by a person succeeding to the right to exercise such Option or Options, at any time within the remaining
term of the Option, but only to the extent, that Optionee could have exercised the Option as of the date of Optionee’s death; provided,
in any case, that the Option may be so exercised only to the extent that the Option has not previously been exercised by Optionee.

 

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(g)
Nontransferability of Option. No Option shall be transferable by the Optionee, except by will or by the laws of descent and distribution.

 

(h)
Recapitalization. Subject to any required action by the shareholders, the number of shares of common stock covered by each outstanding
Option, and the price per share thereof set forth in each such Option, shall be proportionately adjusted for any increase or decrease
in the number of issued shares of common stock of the Company resulting from a subdivision or consolidation of shares or the payment
of a stock dividend, or any other increase or decrease in the number of such shares effected without receipt of consideration by the
Company.

 

Subject
to any required action by the shareholders, if the Company shall be the surviving entity in any merger or consolidation, each outstanding
Option thereafter shall pertain to and apply to the securities to which a holder of shares of common stock equal to the shares subject
to the Option would have been entitled by reason of such merger or consolidation. A dissolution or liquidation of the Company or a merger
or consolidation in which the Company is not the surviving entity shall cause each outstanding Option to terminate on the effective date
of such dissolution, liquidation, merger, or consolidation. In such event, if the entity which shall be the surviving entity does not
tender to Optionee an offer, for which it has no obligation to do so, to substitute for any unexercised Option, a stock option or capital
stock of such surviving entity, as applicable, which on an equitable basis shall provide the Optionee with substantially the same economic
benefit as such unexercised Option, then the Board may grant to such Optionee, but shall not be obligated to do so, the right for a period
commencing 30 days prior to and ending immediately prior to such dissolution, liquidation, merger, or consolidation or during the remaining
term of the Option, whichever is the lesser, to exercise any unexpired Option or Options, without regard to the installment provisions
of Section 5(d) of this Plan; provided, that any such right granted shall be granted to all Optionees not receiving an offer to substitute
on a consistent basis, and provided further, that any such exercise shall be subject to the consummation of such dissolution, liquidation,
merger, or consolidation.

 

In
the event of a change in the common stock of the Company as presently constituted, which is limited to a change of all of its authorized
shares without par value into the same number of shares with a par value, the shares resulting from any such change shall be deemed to
be the common stock within the meaning of this Plan.

 

To
the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Board,
whose determination in that respect shall be final, binding, and conclusive. Except as expressly provided in this Section 5(h), the Optionee
shall have no rights by reason of any subdivision or consolidation of shares of stock or any class or the payment of any stock dividend
or any other increase or decrease in the number of shares of stock of any class, and the number or price of shares of common stock subject
to any Option shall not be affected by, and no adjustment shall be made by reason of, any dissolution, liquidation, merger or consolidation,
or any issue by the Company of shares of stock of any class or securities convertible into shares of stock of any class.

 

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The
grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make any adjustments, reclassifications,
reorganizations, or changes in its capital or business structure or to merge, consolidate, dissolve, or liquidate or to sell or transfer
all or any part of its business or assets.

 

(i)
Rights as a Shareholder. An Optionee shall have no rights as a shareholder with respect to any shares covered by an Option until
the date of the exercise of the Option, including payment and execution of all documents required therefor (the “Exercise Date”).
No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities, or other property) or distributions
or other rights for which the record date is prior to the Exercise Date, except as expressly provided in Section 5(h) hereof.

 

(j)
Modification, Acceleration, Extension, and Renewal of Options. Subject to the terms and conditions and within the limitations
of the Plan, the Board may modify an Option, or once an Option is exercisable, accelerate the rate at which it may be exercised, and
may extend or renew outstanding Options granted under the Plan or accept the surrender of outstanding Options (to the extent not theretofore
exercised) and authorize the granting of new Options in substitution for such Options, provided such action is permissible under Section
422A of the Code and state law.

 

Notwithstanding
the foregoing provisions of this Section 5(j), however, no modification of an Option shall, without the consent of the Optionee, alter
to the Optionee’s detriment or impair any rights or obligations under any Option theretofore granted under the Plan.

 

(k)
Investment Intent. Unless and until the issuance and sale of the shares subject to the Plan are registered under the Act, each
Option under the Plan shall provide that the purchases of stock thereunder shall be for investment purposes and not with a view to, or
for resale in connection with, any distribution thereof. Further, unless the issuance and sale of the stock have been registered under
the Act, each Option shall provide that no shares shall be purchased upon the exercise of such Option unless and until (i) any then applicable
requirements of state and federal laws and regulatory agencies shall have been fully complied with to the satisfaction of the Company
and its counsel, and (ii) if requested to do so by the Company, the person exercising the Option shall (A) give written assurances as
to the knowledge and experience of such person (or a representative employed by such person) in financial and business matters and the
ability of such person (or representative) to evaluate the merits and risks of exercising the Option, and (B) execute and deliver to
the Company a letter of investment intent, all in such form and substance as the Company may require. If shares are issued upon exercise
of an Option without registration under the Act, subsequent registration of such shares shall relieve the purchaser thereof of any investment
restrictions or representations made upon the exercise of such Options.

 

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(l)
Exercise Before Exercise Date. At the discretion of the Board, the Option may, but need not, include a provision whereby the Optionee
may elect to exercise all or any portion of the Option prior to the stated exercise date of the Option or any installment thereof. Any
shares so purchased prior to the stated exercise date shall be subject to repurchase by the Company upon termination of Optionee’s
employment as contemplated by Sections 5I, 5(f), and 5(g) hereof prior to the exercise date stated in the Option and such other restrictions
and conditions as the Board or Committee may deem advisable.

 

(m)
Other Provisions. The Option agreements authorized under this Plan shall contain such other provisions, including, without limitation,
restrictions upon the exercise of the Options, as the Board or the Committee shall deem advisable. Shares shall not be issued pursuant
to the exercise of an Option, if the exercise of such Option or the issuance of shares thereunder would violate, in the opinion of legal
counsel for the Company, the provisions of any applicable law or the rules or regulations of any applicable governmental or administrative
agency or body, such as the Act, the Securities Exchange Act of 1934, the rules promulgated under the foregoing or the rules and regulations
of any exchange upon which the shares of the Company are listed.

 

6.
Availability of Information

 

During
the term of the Plan and any additional period during which an Option granted pursuant to the Plan shall be exercisable, the Company
shall make available, not later than 120 days following the close of each of its fiscal years, such financial and other information regarding
the Company as is required by the bylaws of the Company and applicable law to be furnished in an annual report to the shareholders of
the Company.

 

7.
Effectiveness of Plan; Expiration

 

Subject
to approval by the shareholders of the Company, this Plan shall be deemed effective as of the date it is adopted by the Board. The Plan
shall expire on February 3, 2032 but such expiration shall not affect the validity of outstanding Options.

 

8.
Amendment and Termination of the Plan

 

The
Board may, insofar as permitted by law, from time to time, with respect to any shares at the time not subject to Options, suspend or
terminate the Plan or revise or amend it in any respect whatsoever, except that without the approval of the shareholders of the Company,
no such revision or amendment shall (i) increase the number of shares subject to the Plan, (ii) decrease the price at which Options may
be granted, (iii) materially increase the benefits to Optionees, or (iv) change the class of persons eligible to receive Options under
this Plan; provided, however, no such action shall alter or impair the rights and obligations under any Option outstanding as of the
date thereof without the written consent of the Optionee thereunder. No Option may be granted while the Plan is suspended or after it
is terminated, but the rights and obligations under any Option granted while the Plan is in effect shall not be impaired by suspension
or termination of the Plan.

 

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9.
Indemnification of Board

 

In
addition to such other rights or indemnifications as they may have as directors or otherwise, and to the extent allowed by applicable
law, the members of the Board and the Committee shall be indemnified by the Company against the reasonable expenses, including attorneys’
fees, actually and necessarily incurred in connection with the defense of any claim, action, suit or proceeding, or in connection with
any appeal thereof, to which they or any of them may be a party by reason of any action taken, or failure to act, under or in connection
with the Plan or any Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such claim, action,
suit or proceeding, except in any case in relation to matters as to which it shall be adjudged in such claim, action, suit or proceeding
that such Board member is liable for negligence or misconduct in the performance of his or her duties; provided that within 60 days after
institution of any such action, suit or Board proceeding the member involved shall offer the Company, in writing, the opportunity, at
its own expense, to handle and defend the same.

 

10.
Application of Funds

 

The
proceeds received by the Company from the sale of common stock pursuant to the exercise of Options will be used for general corporate
purposes.

 

11.
No Obligation to Exercise Option

 

The
granting of an Option shall impose no obligation upon the Optionee to exercise such Option.

 

12.
Notices

 

All
notice, requests, demands, and other communications pursuant to this Plan shall be in writing and shall be deemed to have been duly given
on the date of service if served personally on the party to whom notice is to be given, or on the fifth day following the mailing thereof
to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, or at the time and date of
transmission by e-mail if such transmission is between the hours of 9:00 a.m. and 5:00 p.m. Pacific time on a business day (“business
hours”) and if not transmitted during business hours, at 9:00 a.m. Pacific time on the next business day following transmission.

 

13.
Definition of “Days”

 

When
used herein, the word “days” refers to calendar days and the phrase “business days” refers to all days other
than Saturdays, Sundays, and legal holidays defined by the IRC, or, if not defined by the IRC, as defined by the State of Delaware.

 

The
foregoing Incentive and Nonstatutory Stock Option Plan was duly adopted and approved by the Board of Directors on February 3, 2022 and
approved by the shareholders of the Company on February 3, 2022.

 

	 	 
	 	/s/
    Steven Morris
	 	Steven
    Morris, Secretary

 

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BIOLIFE4D
CORPORATION

2022
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

NOTICE
AND AGREEMENT

 

Unless
otherwise defined herein, the terms defined in the BioLife4D Corporation 2022 Incentive and Nonstatutory Stock Option Plan (the “Plan”)
shall have the same defined meanings in this Incentive Stock Option Agreement (including all Exhibits hereto, the “Option Agreement”).

 

NOTICE
OF INCENTIVE STOCK OPTION GRANT

 

	Name
    of Optionee:	
	 	 
	Address:	
	 	 
	     	 

 

The
undersigned Optionee has been granted an Option to purchase shares of Common Stock of the Company (the “Option”), subject
to the terms and conditions of the Plan and this Option Agreement, as follows:

 

	Date
    of Grant:     	    
	 	 
	Vesting
    Commencement Date:  	    
	 	 
	Exercise
    Price Per Share:    	   
	 	 
	Total
    Number of Options Granted:	      
	 	 
	Total
    Exercise Price:  	      
	 	 
	Term/Expiration
Date:*    	   

 

*Subject
to earlier termination as set forth in the Option Agreement.

 

Vesting
Schedule:

 

This
Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

[One
thirty-sixth of the Shares subject to the Option shall vest each month on the same day of the month as the Vesting Commencement Date
subject to Optionee continuing to be an employee through each such date.]

 

Termination
Period:

 

This
Option shall be exercisable for three months after Optionee ceases to be an employee, unless such termination is due to Optionee’s
death or permanent disability, in which case this Option shall be exercisable for 12 months after Optionee ceases to be an employee.
Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and
this Option may be subject to earlier termination as provided in the Plan.

 

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BIOLIFE4D
CORPORATION

2022
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

INCENTIVE
STOCK OPTION AGREEMENT

 

THIS
INCENTIVE STOCK OPTION AGREEMENT is made and entered into as of the Date of Grant specified in the Notice of Incentive Stock Option Grant
(the “Grant Notice”), by and between BioLife4D Corporation, a Delaware corporation (“Company”), and the Optionee
name in the Grant Notice, with reference to the following recitals of facts:

 

WHEREAS,
the Board has authorized the granting to Optionee of an incentive stock option (“Option”) to purchase shares of Common Stock
of the Company (the “Shares”) upon the terms and conditions hereinafter stated; and

 

WHEREAS,
the Board and stockholders of the Company have heretofore adopted a 2022 Incentive and Nonstatutory Stock Option Plan (the “Plan”),
pursuant to which this Option is being granted;

 

WHEREAS,
it is the intention of the parties that this Option be an Incentive Stock Option (a “Qualified Stock Option”);

 

NOW,
THEREFORE, in consideration of the covenants herein set forth, the parties hereto agree as follows:

 

1.
Term of Option; Continuation of Employment. This Option shall expire, and all rights hereunder to purchase the Shares shall terminate,
ten years from the date hereof. This Option shall earlier terminate as set forth in Sections 4 and 5 hereof. Nothing contained herein
shall be construed to interfere in any way with the right of the Company to terminate the employment of Optionee or to increase or decrease
the compensation of Optionee from the rate in existence at the date hereof.

 

2.
Vesting of Option. Subject to the provisions of Sections 4 and 5 hereof, this Option shall vest and become exercisable during
the term of Optionee’s employment as set forth in the Grant Notice.

 

3.
Exercise. In order to exercise this Option with respect to all or any part of the Shares for which this Option is at the time
exercisable, Optionee must take the following actions:

 

(a)
Execute and deliver to the Company a written notice of exercise stating the number of Shares being purchased (in whole shares only) and
such other information set forth on the form of Notice of Exercise attached hereto as Appendix A; and

 

(b)
Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms:

 

(i)
Cash or check made payable to the Company.

 

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(ii)
Should the Common Stock be registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
at the time the Option is exercised, then the Exercise Price may also be paid as follows:

 

(1)
In shares of Common Stock held by Optionee for the requisite period necessary to avoid a charge to the Company’s earnings for financial
reporting purposes and valued at Fair Market Value on the Exercise Date; or

 

(2)
To the extent the Option is exercised for vested Shares, through a special sale and remittance procedure pursuant to which Optionee shall
concurrently provide irrevocable instructions (a) to a Company-approved brokerage firm to effect the immediate sale of the purchased
shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise
Price payable for the purchased shares plus all applicable Federal, State and local income and employment taxes required to be withheld
by the Company by reason of such exercise; and (b) to the Company to deliver the certificates for the purchased shares directly to such
brokerage firm in order to complete the sale (a “cashless exercise transaction”).

 

(iii)
Notwithstanding any provisions herein to the contrary, if the Fair Market Value of one share of the Company’s Common Stock is greater
than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Option by payment of cash, the Optionee
may elect to receive shares equal to the value (as determined below) of this Option (or the portion thereof being canceled) by surrender
of this Option at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company
shall issue to the Optionee a number of shares of Common Stock computed using the following formula:

 

X
= Y (A-B)

A

 

Where
X = the number of shares of Common Stock to be issued to the Optionee

 

Y
= the number of shares of Common Stock purchasable under the Option or, if only a portion of the Option is being exercised, the portion
of the Option being canceled (at the date of such calculation)

 

A
= the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

 

B
= Exercise Price (as adjusted to the date of such calculation)

 

(c)
Execute and deliver to the Company such written representations as may be requested by the Company in order for it to comply with the
applicable requirements of Federal and State securities laws.

 

(d)
Make appropriate arrangements with the Company (or Parent or Subsidiary employing or retaining Optionee) for the satisfaction of all
Federal, State, and local income and employment tax withholding requirements applicable to the Option exercise, if any.

 

(e)
If requested, execute and deliver to the Company a written statement as provided for in Section 10 hereof.

 

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4.
Termination of Employment. If Optionee shall cease to serve as an employee of the Company for any reason, whether voluntarily
or involuntarily, Optionee shall have the right, during the remaining term of the Option, to exercise in whole or in part this Option
to the extent, but only to the extent, that this Option was exercisable as of the last day of employment, and had not previously been
exercised; provided, however, that the Board may specify a shorter period for exercise following termination as the Board deems reasonable
and appropriate, but not shorter than six months in the event Optionee’s termination was caused by permanent disability within
the meaning of Section 22(e)(3) of the Code. The Option may be exercised only with respect to installments that the Optionee could have
exercised at the date of termination of employment.

 

Notwithstanding
anything herein to the contrary, all rights under this Option shall expire in any event on the date specified in Section 1 hereof.

 

5.
Death of Optionee. If the Optionee shall die while an employee of the Company, Optionee’s personal representative or the
person entitled to Optionee’s rights hereunder may at any time during the remaining term of this Option, exercise this Option and
purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee’s
death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised
by Optionee.

 

6.
No Rights as Stockholder. Optionee shall have no rights as a stockholder with respect to the Shares covered by any installment
of this Option until the Exercise Date and no adjustment will be made for dividends or other rights for which the record date is prior
to the Exercise Date except as provided in Section 7 hereof.

 

7.
Recapitalization. Subject to any required action by the stockholders of the Company, the number of Shares covered by this Option,
and the price per Share thereof, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting
from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of
such shares effected without receipt of consideration by the Company; provided however that the conversion of any convertible securities
of the Company shall not be deemed having been “effected without receipt of consideration by the Company.”

 

In
the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the
surviving entity, or a sale of all or substantially all of the assets of the Company, this Option shall terminate immediately prior
to the consummation of such proposed action, unless otherwise provided by the Board. The Board may, at its sole and absolute
discretion and without obligation, declare that this Option shall terminate as of a date fixed by the Board and grant Optionee the
right for a period commencing 30 days prior to and ending immediately prior to such date, or during the remaining term of this
Option, whichever occurs sooner, to exercise this Option as to all or any part of the Shares, without regard to the installment
provision of Section 2; provided, however, that such exercise shall be subject to the consummation of such dissolution, liquidation,
merger, consolidation or sale. Subject to any required action by the stockholders of the Company, if the Company shall be the
surviving entity in any merger or consolidation, this Option thereafter shall pertain to and apply to the securities to which a
holder of Shares equal to the Shares subject to this Option would have been entitled by reason of such merger or consolidation, and
the vesting provisions of Section 2 shall continue to apply.

 

    	3

     

    

 

In
the event of a change in the Shares of the Company as presently constituted, which is limited to a change of all of its authorized Shares
without par value into the same number of Shares with a par value, the Shares resulting from any such change shall be deemed to be the
Shares within the meaning of this Agreement.

 

To
the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board,
whose determination in that respect shall be final, binding, and conclusive. Except as hereinbefore expressly provided, Optionee shall
have no rights by reason of any subdivision or consolidation of share of stock of any class or the payment of any stock dividend or any
other increase or decrease in the number of shares of stock of any class, and the number and price of shares subject to this Option shall
not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger, or consolidation, or any issue
by the Company of shares of stock of any class or securities convertible into shares of stock of any class.

 

The
grant of this Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations,
or changes in its capital or business structure or to merge, consolidate, dissolve, or liquidate or to sell or transfer all or any part
of its business or assets.

 

8.
Taxation upon Exercise of Option. Optionee understands that, upon exercise of this Option, Optionee may recognize income, for
federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, determined as of
the date of exercise, exceeds the exercise price. The acceptance of the Shares by Optionee shall constitute an agreement by Optionee
to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income
and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes
will be made, if and as required by law, from Optionee’s then current compensation, or, if such current compensation is insufficient
to satisfy withholding tax liability, the Company may require Optionee to make a cash payment to cover such liability as a condition
of the exercise of this Option.

 

9.
Modification, Extension and Renewal of Options. The Board may modify, extend, or renew this Option or accept the surrender thereof
(to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore
exercised), subject at all times to the Plan. Notwithstanding the foregoing provisions of this Section 9, no modification shall, without
the consent of the Optionee, alter to the Optionee’s detriment or impair any rights of Optionee hereunder.

 

    	4

     

    

 

10.
Investment Intent; Restrictions on Transfer. Optionee represents and agrees that if Optionee exercises this Option in whole or
in part, Optionee will in each case acquire the Shares upon such exercise for the purpose of investment and not with a view to, or for
resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part, Optionee (or any
person or persons entitled to exercise this Option under the provisions of Sections 4 and 5 hereof) shall furnish to the Company a written
statement to such effect, satisfactory to the Company in form and substance. The Company, at its option, may include a legend on each
certificate representing Shares issued pursuant to any exercise of this Option, stating in effect that such Shares have not been registered
under the Securities Act of 1933, as amended (the “Act”), and that the transferability thereof is restricted. If the Shares
represented by this Option are registered under the Act, either before or after the exercise of this Option in whole or in part, the
Optionee shall be relieved of the foregoing investment representation (attached as Exhibit A) and agreement and shall not be required
to furnish the Company with the foregoing written statement.

 

Optionee
further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity
to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably
necessary to verify the accuracy of such information, and further represents that Optionee has either such experience and knowledge in
investment, financial and business matters or has investments similar to the stock of the Company such that Optionee is capable of evaluating
the merits and risks thereof and has the capacity to protect his or her own interest in connection therewith.

 

11.
Notices. All notice, requests, demands, and other communications pursuant to this Plan shall be in writing and shall be deemed
to have been duly given on the date of service if served personally on the party to whom notice is to be given, or on the fifth day following
the mailing thereof to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, or at
the time and date of transmission by e-mail if such transmission is between the hours of 9:00 a.m. and 5:00 p.m. Pacific time on a business
day (“business hours”) and if not transmitted during business hours, at 9:00 a.m. Pacific time on the next business day following
transmission at the address last provided to the Company by Optionee for his or her employee records.

 

12.
Agreement Subject to Plan; Applicable Law. This Agreement is made pursuant to the Plan and shall be interpreted to comply therewith.
A copy of such Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of this Agreement inconsistent
with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Agreement has been granted, executed,
and delivered in the State of Illinois, and the interpretation and enforcement shall be governed by the laws thereof and subject to the
exclusive jurisdiction of the courts therein.

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Date of Grant.

 

	OPTIONEE  	 	BIOLIFE4D
CORPORATION
	     	 	a
Delaware corporation
	       	 	 
	 	 	
	Signature	 	By:	Steven
Morris
	    	 	Its:	 CEO
	 	 	 	 
	   	 	 	 
	Print
    Name      	 	 	 
	 	 	 	 
	 	 	 	 
	Address
    1      	 	 	 
	 	 	 	 
	 	 	 	 
	Address
    2	 	 	 

 

    	6

     

    

 

Appendix
A

 

NOTICE
OF EXERCISE

 

BioLife4D
Corporation

318
Half Day Road

Buffalo
Grove, IL 60089

 

(1) 
☐ The undersigned hereby elects to purchase ________ shares of the Common Stock of BioLife4D Corporation (the
“Company”) pursuant to the terms of the attached Option and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

 

☐
The undersigned hereby elects to purchase ________ shares of the Common Stock of the Company pursuant to the terms of the net exercise
provisions set forth in Section 3(b)(iii) of the attached Option, and shall tender payment of all applicable transfer taxes, if any.

 

(2)
Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other
name as is specified below:

 

	 		 
	 	Name	 
	 		 
	 		 
	 	Address	 

 

(3)
The undersigned represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present
intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial
condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment
in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial
and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s
own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Option have not been registered
under the Securities Act of 1933, as amended (the “Act”), by reason of a specific exemption from the registration provisions
of the Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and,
because such securities have not been registered under the Act, they must be held indefinitely unless subsequently registered under the
Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not
be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met and until the undersigned has held the shares for
the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information
to the public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock unless and until there is then
in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said
registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company, stating that
such registration is not required.

 

	 	 	 
	Date	 	Signature
	 	 	 
	 	 	 
	 	 	Print
name

 

    	7

     

    

 

EXHIBIT
A

INVESTMENT
REPRESENTATION STATEMENT

 

	OPTIONEE:
	      
	 	 
	COMPANY:
  	BIOLIFE4D
    CORPORATION
	 	 
	SECURITY:  	COMMON
    STOCK
	 	 
	NO.
OF SHARES:  	    
	 	 
	DATE:  	      

 

In
connection with the above-listed Securities, the undersigned Optionee represents to the Company the following:

 

a.
Optionee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment for
Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within
the meaning of the Securities Act of 1933, as amended (the “Act”).

 

b.
Optionee acknowledges and understands that the Securities constitute “restricted securities” under the Act and have not been
registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona
fide nature of Optionee’s investment intent as expressed herein. In this connection, Optionee understands that, in the view of
the Securities and Exchange Commission (“SEC”), the statutory basis for such exemption may be unavailable if Optionee’s
representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, for a period of
one year or any other fixed period in the future. Optionee further understands that the Securities must be held indefinitely unless they
are subsequently registered under the Act or an exemption from such registration is available. Optionee further acknowledges and understands
that the Company is under no obligation to register the Securities. Optionee understands that the certificate evidencing the Securities
shall be imprinted with any legend required under applicable state securities laws.

 

c.
Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant
of the Option to Optionee, the exercise shall be exempt from registration under the Act. In the event the Company becomes subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as
any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable
conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company,
(2) the amount of Securities being sold during any three month period not exceeding specified limitations, (3) the resale being made
in an unsolicited “broker’s transaction,” transactions directly with a “market maker” or “riskless
principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form
144, if applicable.

 

    	1

     

    

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about
the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144)
for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in
Sections (2), (3) and (4) of the paragraph immediately above.

 

d.
Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact
that Rules 144 and 701 are not exclusive, the Staff of the SEC has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk. Optionee understands that no assurances can be given that any other
such registration exemption shall be available in such event.

 

	OPTIONEE	 	 
	 	 	 
		 	
	Signature      	 	Date
	 	 	 
		 	 
	Print
    Name	 	 

 

    	2

     

    

 

BIOLIFE4D
CORPORATION

2022
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

NOTICE
AND AGREEMENT

 

Unless
otherwise defined herein, the terms defined in the BioLife4D Corporation 2022 Incentive and Nonstatutory Stock Option Plan (the “Plan”)
shall have the same defined meanings in this Nonstatutory Stock Option Agreement (including all Exhibits hereto, the “Option Agreement”).

 

NOTICE
OF NONSTATUTORY STOCK OPTION GRANT

 

	Name
of Optionee: 	       
	 	 
	Address:    	     
		 
		 

 

The
undersigned Optionee has been granted an Option to purchase shares of Common Stock of the Company (the “Option”), subject
to the terms and conditions of the Plan and this Option Agreement, as follows:

 

	Date
of Grant:    	     
	 	 
	Vesting
Commencement Date: 	     
	 	 
	Exercise
Price Per Share:     	     
	 	 
	Total
Number of Options Granted:  	    
	 	 
	Total
Exercise Price:    	    
	 	 
	Term/Expiration
Date:*    	   

 

*Subject
to earlier termination as set forth in the Option Agreement.

 

Vesting
Schedule:

 

This
Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

One
hundred percent of the Shares subject to the Option shall vest immediately upon the granting of the Option.

 

Termination
Period:

 

This
Option shall be exercisable for three months after Participant ceases to be an Optionee, unless such termination is due to Optionee’s
death or Permanent Disability, in which case this Option shall be exercisable for 12 months after Optionee ceases to be an Optionee.
Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and
this Option may be subject to earlier termination as provided in the Plan.

 

    	1

     

    

 

BIOLIFE4D
CORPORATION

2022
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

NONSTATUTORY
STOCK OPTION AGREEMENT

 

THIS
NONSTATUTORY STOCK OPTION AGREEMENT is made and entered into as of the Date of Grant specified in the Notice of Nonstatutory Stock Option
Grant (the “Grant Notice”), by and between BioLife4D Corporation, a Delaware corporation (“Company”), and the
Optionee named in the Grant Notice (referred to herein as the “Optionee”), with reference to the following recitals of facts:

 

WHEREAS,
the Board has authorized the granting to Optionee of a nonstatutory stock option (“Option”) to purchase shares of Common
Stock of the Company (the “Shares”) upon the terms and conditions hereinafter stated; and

 

WHEREAS,
the Board and stockholders of the Company have heretofore adopted a 2022 Incentive and Nonstatutory Stock Option Plan (the “Plan”),
pursuant to which this Option is being granted;

 

WHEREAS,
it is the intention of the parties that this Option be a Nonstatutory Stock Option;

 

NOW,
THEREFORE, in consideration of the covenants herein set forth, the parties hereto agree as follows:

 

1.
Term of Option; Continuation of Employment or Engagement. This Option shall expire, and all rights hereunder to purchase the Shares
shall terminate, ten years from the date hereof. This Option shall earlier terminate as set forth in Sections 4 and 5 hereof. Nothing
contained herein shall be construed to interfere in any way with the right of the Company to terminate the employment or engagement,
as applicable, of Optionee or to increase or decrease the compensation of Optionee (if any) from the rate in existence at the date hereof.

 

2.
Vesting of Option. Subject to the provisions of Sections 4 and 5 hereof, this Option shall vest and become exercisable during
the term of Optionee’s employment or engagement as set forth in the Grant Notice.

 

3.
Exercise. In order to exercise this Option with respect to all or any part of the Shares for which this Option is at the time
exercisable, Optionee must take the following actions:

 

(a)
Execute and deliver to the Company a written notice of exercise stating the number of Shares being purchased (in whole shares only) and
such other information set forth on the form of Notice of Exercise attached hereto as Appendix A; and

 

(b)
Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms:

 

(i)
Cash or check made payable to the Company.

 

    	1

     

    

 

(ii)
Should the Common Stock be registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
at the time the Option is exercised, then the Exercise Price may also be paid as follows:

 

(1)
In shares of Common Stock held by Optionee for the requisite period necessary to avoid a charge to the Company’s earnings for financial
reporting purposes and valued at Fair Market Value on the Exercise Date; or

 

(2)
To the extent the Option is exercised for vested Shares, through a special sale and remittance procedure pursuant to which Optionee shall
concurrently provide irrevocable instructions (a) to a Company-approved brokerage firm to effect the immediate sale of the purchased
shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise
Price payable for the purchased shares plus all applicable Federal, State and local income and employment taxes required to be withheld
by the Company by reason of such exercise; and (b) to the Company to deliver the certificates for the purchased shares directly to such
brokerage firm in order to complete the sale (a “cashless exercise transaction”); or

 

(iii)
Notwithstanding any provisions herein to the contrary, if the Fair Market Value of one share of the Company’s Common Stock is greater
than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Option by payment of cash, the Optionee
may elect to receive shares equal to the value (as determined below) of this Option (or the portion thereof being canceled) by surrender
of this Option at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company
shall issue to the Optionee a number of shares of Common Stock computed using the following formula:

 

X
= Y (A-B)

A

 

	Where
    X =	 	the
    number of shares of Common Stock to be issued to the Optionee
	 	 	 
	Y
    =	 	the
    number of shares of Common Stock purchasable under the Option or, if only a portion of the Option is being exercised, the portion
    of the Option being canceled (at the date of such calculation)
	 	 	 
	A
    =	 	the
    Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)
	 	 	 
	B
    =	 	Exercise
    Price (as adjusted to the date of such calculation)

 

(c)
Execute and deliver to the Company such written representations as may be requested by the Company in order for it to comply with the
applicable requirements of Federal and State securities laws.

 

(d)
Make appropriate arrangements with the Company (or Parent or Subsidiary employing or retaining Optionee) for the satisfaction of all
Federal, State, and local income and employment tax withholding requirements applicable to the Option exercise, if any.

 

(e)
If requested, execute and deliver to the Company a written statement as provided for in Section 10 hereof.

 

    	2

     

    

 

4.
Termination of Employment or Engagement. If Optionee shall cease to serve as an employee, director, or consultant of the Company
for any reason, whether voluntarily or involuntarily, Optionee shall have the right, during the remaining term of the Option, to exercise
in whole or in part this Option to the extent, but only to the extent, that this Option was exercisable as of the last day of employment
or engagement, as applicable, and had not previously been exercised; provided, however, that the Board may specify a shorter period for
exercise following termination as the Board deems reasonable and appropriate, but not shorter than six months in the event Optionee’s
termination was caused by permanent disability within the meaning of Section 22(e)(3) of the Code. The Option may be exercised only with
respect to installments that the Optionee could have exercised at the date of termination of employment or engagement.

 

Notwithstanding
anything herein to the contrary, all rights under this Option shall expire in any event on the date specified in Section 1 hereof.

 

5.
Death of Optionee. If the Optionee shall die while an employee, director, or consultant of the Company, Optionee’s personal
representative or the person entitled to Optionee’s rights hereunder may at any time during the remaining term of this Option,
exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of
the date of Optionee’s death; provided, in any case, that this Option may be so exercised only to the extent that this Option has
not previously been exercised by Optionee.

 

6.
No Rights as Stockholder. Optionee shall have no rights as a stockholder with respect to the Shares covered by any installment
of this Option until the Exercise Date and no adjustment will be made for dividends or other rights for which the record date is prior
to the Exercise Date except as provided in Section 7 hereof.

 

7.
Recapitalization. Subject to any required action by the stockholders of the Company, the number of Shares covered by this Option,
and the price per Share thereof, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting
from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of
such shares affected without receipt of consideration by the Company; provided however that the conversion of any convertible securities
of the Company shall not be deemed having been “effected without receipt of consideration by the Company.”

 

In
the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving
entity, or a sale of all or substantially all of the assets of the Company, this Option shall terminate immediately prior to the consummation
of such proposed action, unless otherwise provided by the Board. The Board may, at its sole and absolute discretion and without obligation,
declare that this Option shall terminate as of a date fixed by the Board and grant Optionee the right for a period commencing 30 days
prior to and ending immediately prior to such date, or during the remaining term of this Option, whichever occurs sooner, to exercise
this Option as to all or any part of the Shares, without regard to the installment provision of Section 2; provided, however, that such
exercise shall be subject to the consummation of such dissolution, liquidation, merger, consolidation or sale.

 

    	3

     

    

 

Subject
to any required action by the stockholders of the Company, if the Company shall be the surviving entity in any merger or consolidation,
this Option thereafter shall pertain to and apply to the securities to which a holder of Shares equal to the Shares subject to this Option
would have been entitled by reason of such merger or consolidation, and the vesting provisions of Section 2 shall continue to apply.

 

In
the event of a change in the Shares of the Company as presently constituted, which is limited to a change of all of its authorized Shares
without par value into the same number of Shares with a par value, the Shares resulting from any such change shall be deemed to be the
Shares within the meaning of this Agreement.

 

To
the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board,
whose determination in that respect shall be final, binding, and conclusive. Except as hereinbefore expressly provided, Optionee shall
have no rights by reason of any subdivision or consolidation of share of stock of any class or the payment of any stock dividend or any
other increase or decrease in the number of shares of stock of any class, and the number and price of shares subject to this Option shall
not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger or consolidation, or any issue
by the Company of shares of stock of any class or securities convertible into shares of stock of any class.

 

The
grant of this Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations
or changes in its capital or business structure or to merge, consolidate, dissolve, or liquidate or to sell or transfer all or any part
of its business or assets.

 

8.
Taxation upon Exercise of Option. Optionee understands that, upon exercise of this Option, Optionee may recognize income, for
federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, determined as of
the date of exercise, exceeds the exercise price. The acceptance of the Shares by Optionee shall constitute an agreement by Optionee
to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income
and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes
will be made, if and as required by law, from Optionee’s then current compensation, or, if such current compensation is insufficient
to satisfy withholding tax liability, the Company may require Optionee to make a cash payment to cover such liability as a condition
of the exercise of this Option.

 

9.
Modification, Extension and Renewal of Options. The Board may modify, extend, or renew this Option or accept the surrender thereof
(to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore
exercised), subject at all times to the Plan. Notwithstanding the foregoing provisions of this Section 9, no modification shall, without
the consent of the Optionee, alter to the Optionee’s detriment or impair any rights of Optionee hereunder.

 

    	4

     

    

 

10.
Investment Intent; Restrictions on Transfer. Optionee represents and agrees that if Optionee exercises this Option in whole or
in part, Optionee will in each case acquire the Shares upon such exercise for the purpose of investment and not with a view to, or for
resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part, Optionee (or any
person or persons entitled to exercise this Option under the provisions of Sections 4 and 5 hereof) shall furnish to the Company a written
statement to such effect, satisfactory to the Company in form and substance. The Company, at its option, may include a legend on each
certificate representing Shares issued pursuant to any exercise of this Option, stating in effect that such Shares have not been registered
under the Securities Act of 1933, as amended (the “Act”), and that the transferability thereof is restricted. If the Shares
represented by this Option are registered under the Act, either before or after the exercise of this Option in whole or in part, the
Optionee shall be relieved of the foregoing investment representation (attached as Exhibit A) and agreement and shall not be required
to furnish the Company with the foregoing written statement.

 

Optionee
further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity
to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably
necessary to verify the accuracy of such information, and further represents that Optionee has either such experience and knowledge in
investment, financial and business matters or has investments similar to the stock of the Company such that Optionee is capable of evaluating
the merits and risks thereof and has the capacity to protect his or her own interest in connection therewith.

 

11.
Notices. All notice, requests, demands, and other communications pursuant to this Plan shall be in writing and shall be deemed
to have been duly given on the date of service if served personally on the party to whom notice is to be given, or on the fifth day following
the mailing thereof to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, or at
the time and date of transmission by e-mail if such transmission is between the hours of 9:00 a.m. and 5:00 p.m. Pacific time on a business
day (“business hours”) and if not transmitted during business hours, at 9:00 a.m. Pacific time on the next business day following
transmission at the address last provided to the Company by Optionee for his or her employee records.

 

12.
Agreement Subject to Plan; Applicable Law. This Agreement is made pursuant to the Plan and shall be interpreted to comply therewith.
A copy of such Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of this Agreement inconsistent
with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Agreement has been granted, executed,
and delivered in the State of Illinois, and the interpretation and enforcement shall be governed by the laws thereof and subject to the
exclusive jurisdiction of the courts therein.

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Date of Grant.

 

	OPTIONEE	 	BIOLIFE4D CORPORATION
	 	 	a Delaware corporation
	 	 	 	 
		 	 	                      
	Signature     	 	By:
    	Steven
    Morris 
	      	 	Its:
    	CEO
		 	 	 
	Print
    Name     	 	 	 
	 	 	 	 
		 	 	 
	Address
    1    	 	 	 
	 	 	 	 
		 	 	 
	Address
    2	 	 	 

 

    	6

     

    

 

Appendix A

 

NOTICE
OF EXERCISE

 

BioLife4D
Corporation

318
Half Day Road

Buffalo
Grove, IL 60089

 

(1)
☐ The undersigned hereby elects to purchase ________ shares of the Common Stock of BioLife4D Corporation (the “Company”)
pursuant to the terms of the attached Option and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

☐
The undersigned hereby elects to purchase ________ shares of the Common Stock of the Company pursuant to the terms of the net exercise
provisions set forth in Section 3(b)(iii) of the attached Option, and shall tender payment of all applicable transfer taxes, if any.

 

(2)
Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other
name as is specified below:

 

	 		 
	 	Name	 
	 		 
	 		 
	 	Address	 

 

(3)
The undersigned represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present
intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial
condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment
in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial
and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s
own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Option have not been registered
under the Securities Act of 1933, as amended (the “Act”), by reason of a specific exemption from the registration provisions
of the Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and,
because such securities have not been registered under the Act, they must be held indefinitely unless subsequently registered under the
Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not
be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met and until the undersigned has held the shares for
the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information
to the public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock unless and until there is then
in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said
registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company, stating that
such registration is not required.

 

	 	 	 
	Date	 	Signature
	 	 	 
	 	 	 
	 	 	Print
    name

 

    	1

     

    

 

EXHIBIT
A

 

INVESTMENT
REPRESENTATION STATEMENT

 

	OPTIONEE:  	    
	 	 
	COMPANY:
  	BIOLIFE4D
    CORPORATION
	 	 
	SECURITY:
	COMMON
STOCK
	 	 
	NO.
OF SHARES:   	  
	 	 
	DATE:
	      

 

In
connection with the above-listed Securities, the undersigned Optionee represents to the Company the following:

 

a.
Optionee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment for
Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within
the meaning of the Securities Act of 1933, as amended (the “Act”).

 

b.
Optionee acknowledges and understands that the Securities constitute “restricted securities” under the Act and have not been
registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona
fide nature of Optionee’s investment intent as expressed herein. In this connection, Optionee understands that, in the view of
the Securities and Exchange Commission (“SEC”), the statutory basis for such exemption may be unavailable if Optionee’s
representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, for a period of
one year or any other fixed period in the future. Optionee further understands that the Securities must be held indefinitely unless they
are subsequently registered under the Act or an exemption from such registration is available. Optionee further acknowledges and understands
that the Company is under no obligation to register the Securities. Optionee understands that the certificate evidencing the Securities
shall be imprinted with any legend required under applicable state securities laws.

 

c.
Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant
of the Option to Optionee, the exercise shall be exempt from registration under the Act. In the event the Company becomes subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as
any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable
conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company,
(2) the amount of Securities being sold during any three month period not exceeding specified limitations, (3) the resale being made
in an unsolicited “broker’s transaction,” transactions directly with a “market maker” or “riskless
principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form
144, if applicable.

 

    	1

     

    

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about
the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144)
for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in
Sections (2), (3) and (4) of the paragraph immediately above.

 

d.
Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact
that Rules 144 and 701 are not exclusive, the Staff of the SEC has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk. Optionee understands that no assurances can be given that any other
such registration exemption shall be available in such event.

 

	OPTIONEE	 	 
	 	 	 
		 	
	Signature      	 	Date
	 	 	 
		 	 
	Print
    Name	 	 

 

    	2Exhibit
10.37

 

 

BUSINESS
LOAN AGREEMENT

 

 

 

	Borrower:	Biolife4d
    Corporation.	 	Lender:	Fifth
    Third Bank, National 
	 	250
    Parkway Drive, Suite 150	 	 	Association
    a federally chartered institution
	 	Lincolnshire,
    IL 60069	 	 	222
    South Riverside Plaza
	 	 	 	 	Chicago,
    IL 60606

 

 

 

THIS
BUSINESS LOAN AGREEMENT dated May 18, 2022, is made and executed between Biolife4d Corporation (“Borrower”) and Fifth Third
Bank, National Association (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described
on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending
any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the
granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion;
and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.

 

TERM.
This Agreement shall be effective as of May 18, 2022, and shall continue in full force and effect until such time as all of Borrower’s
Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees
and charges, or until such time as the parties may agree in writing to terminate this Agreement.

 

CONDITIONS
PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement
shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents.

 

Loan
Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting
to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests;
(4) evidence of insurance as required below; (5) together with all such Related Documents as Lender may require for the Loan; all in
form and substance satisfactory to Lender and Lender’s counsel.

 

Borrower’s
Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing
the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other
resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 

Payment
of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as
specified in this Agreement or any Related Document.

 

Representations
and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or
certificate delivered to Lender under this Agreement are true and correct.

 

No
Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this
Agreement or under any Related Document.

 

REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement
of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

 

Organization.
Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transact business in all other states in which
Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower
is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which
the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and
authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower
maintains an office at 250 Parkway Drive, Suite 150, Lincolnshire, IL 60069. Unless Borrower has designated otherwise in writing, the
principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower
will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name.
Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall
comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court
applicable to Borrower and Borrower’s business activities.

 

Assumed
Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used
by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does
business: None.

 

Authorization.
Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by
all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision
of (a) Borrower’s articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower
or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties.

 

Financial
Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed Borrower’s financial
condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent
to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed
in such financial statements.

 

Legal
Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered
will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

 

Properties.
Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title
to all of Borrower’s properties free and clear of all Security Interests, and has not executed any security documents or financing
statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has
not used or filed a financing statement under any other name for at least the last five (5) years.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            2

    

 

Hazardous
Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period
of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release
or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge
of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any
prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use,
generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and
any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including
without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections
and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections
or tests made by Lender shall be at Borrower’s expense and for Lender’s purposes only and shall not be construed to create
any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained
herein are based on Borrower’s due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower
hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for
cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims,
losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach
of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release
of a hazardous waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify
and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall
not be affected by Lender’s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.

 

Litigation
and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against
Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition
or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

 

Taxes.
To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed,
have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to
be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.

 

Lien
Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements,
or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing
repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to Lender’s Security Interests
and rights in and to such Collateral.

 

Binding
Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof,
as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.

 

AFFIRMATIVE
COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

 

Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial condition,
and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower
or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.

 

Financial
Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and
audit Borrower’s books and records at all reasonable times.

 

Financial
Statements. Furnish Lender with such financial statements and other related information at such frequencies and in such detail as
Lender may reasonably request.

 

Additional
Information. Furnish such additional information and statements, as Lender may request from time to time.

 

Insurance.
Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to
Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower,
upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender,
including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender.
Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by
any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or
is offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other endorsements
as Lender may require.

 

Insurance
Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender
may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount
of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and
the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more
often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value
or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

 

Other
Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and
any other party and notify Lender immediately in writing of any default in connection with any other such agreements.

 

Loan
Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to the contrary by
Lender in writing.

 

Taxes,
Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments,
taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits,
prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s
properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge,
levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower
shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy, lien,
or claim in accordance with GAAP.

 

Performance.
Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents,
and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default
in connection with any agreement.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            3

    

 

Operations.
Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and
management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs
in a reasonable and prudent manner.

 

Environmental
Studies. Promptly conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and testings as
may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined
as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting
any property or any facility owned, leased or used by Borrower.

 

Compliance
with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental
authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral,
including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation
and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior
to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may
require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

 

Inspection.
Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower’s
other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s
books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated
records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request
of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies
of any records it may request, all at Borrower’s expense.

 

Environmental
Compliance and Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist,
as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property
owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity
is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities;
shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien,
citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional
action or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment
and/or other natural resources.

 

Additional
Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure
the Loans and to perfect all Security Interests.

 

Costs.
In addition to any costs, expenses or fees for which Borrower has agreed to pay to Lender under the Attorneys’ Fees; Expenses
section of this Agreement, Borrower shall reimburse Lender for any and all fees, costs and expenses including, without limitation, reasonable
attorneys’ fees, and paralegal fees incurred in connection with litigation, mediation, arbitration, other alternate dispute processes,
administrative proceedings and appeals of all of the same, other professionals’ fees, appraisal fees, environmental assessment
fees (including Phase I and Phase II assessments), field exam audits, expert fees, court costs, litigation, documentary stamp taxes,
if any, intangible taxes, if any, and other expenses (collectively, the “Costs”) incurred or paid by Lender or any of its
officers, employees or agents in connection with: (a) the preparation, negotiation, procurement, review, administration or enforcement
of this Agreement and the Related Documents or any instrument, agreement, document, policy, consent, waiver, subordination, release of
lien, termination statement, satisfaction of mortgage, financing statement or other lien search, recording or filing related thereto
(or any amendment, modification or extension to, or any replacement or substitution for, any of the foregoing), whether or not any particular
portion of the transactions contemplated during such negotiations is ultimately consummated, and (b) the defense, preservation and protection
of Lender’s rights and remedies thereunder, including without limitation, its security interest in the Collateral or any other
property pledged to secure the Loans, whether incurred in bankruptcy, insolvency, foreclosure or other litigation or proceedings or otherwise.
The Costs shall be due and payable upon demand by Lender. If Borrower fails to pay the Costs when upon such demand, Lender is entitled
to disburse such sums as Indebtedness. Thereafter, the Costs shall bear interest from the date incurred or disbursed at the highest rate
set forth in this Agreement and the Related Documents. This provision shall survive the termination of this Agreement and the Related
Documents and/or the repayment of any amounts due or the performance of any Indebtedness.

 

Depository/Banking
Services. Lender shall be the principal depository in which substantially all of Borrower’s funds are deposited, and the principal
bank of account of Borrower, as long as any Indebtedness are outstanding, and Borrower shall grant Lender the first and last opportunity
to provide any corporate banking services required by Borrower and its affiliates.

 

RECOVERY
OF ADDITIONAL COSTS. If the imposition of or any change in any law, rule, regulation, guideline, or generally accepted accounting
principle, or the interpretation or application of any thereof by any court, administrative or governmental authority, or standard-setting
organization (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except
federal, state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations
which would (A) increase the cost to Lender for extending or maintaining the credit facilities to which this Agreement relates, (B) reduce
the amounts payable to Lender under this Agreement or the Related Documents, or (C) reduce the rate of return on Lender’s capital
as a consequence of Lender’s obligations with respect to the credit facilities to which this Agreement relates, then Borrower agrees
to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender’s written demand for
such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail
of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error.

 

LENDER’S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or
if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s
failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents,
Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not
limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on
any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by
Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date
of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable
on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due
during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon
payment which will be due and payable at the Note’s maturity.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            4

    

 

NEGATIVE
COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior
written consent of Lender:

 

Indebtedness
and Liens. (1) Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this
Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign,
pledge, lease, grant a security interest in, or encumber any of Borrower’s assets (except as allowed as Permitted Liens), or
(3) sell with recourse any of Borrower’s accounts receivable, except to Lender.

 

Continuity
of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged,
(2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or
acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell
Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends payable
in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is
continuing or would result from the payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined in the
Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in
amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities
under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their
ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend
Borrower’s capital structure.

 

Loans,
Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2) purchase,
create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the
ordinary course of business.

 

Agreements.
Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s obligations
under this Agreement or in connection herewith.

 

CESSATION
OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement,
Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under
the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B)
Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is
adjudged a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of
any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself
insecure, even though no Event of Default shall have occurred.

 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender
(whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts.

 

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement:

 

Payment
Default. Borrower fails to make any payment when due under the Loan.

 

Other
Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement
or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.

 

Default
in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s
or any Grantor’s property or Borrower’s or any Grantor’s ability to repay the Loans or perform their respective obligations
under this Agreement or any of the Related Documents.

 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under
this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or
becomes false or misleading at any time thereafter.

 

Insolvency.
The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of
a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes
a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being
an adequate reserve or bond for the dispute.

 

Events
Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Change
in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance
of the Loan is impaired.

 

Insecurity.
Lender in good faith believes itself insecure.

 

Right
to Cure. If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not
been given a notice of a similar default within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case
may be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such default: (1) cure the default
within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately initiate steps which Lender deems in Lender’s
sole discretion to be sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient
to produce compliance as soon as reasonably practical.

 

Right
to Cure Definition. For purposes of the Right to Cure provision in this Agreement, “default on Indebtedness” means a
default on payment of the Indebtedness, whether such payment is required under this Agreement or any other Related Document.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            5

    

 

EFFECT
OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents,
all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate
(including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately
will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described
in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have
all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited
by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election
by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action
to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its
rights and remedies.

 

FINANCIAL
INFORMATION. TAX RETURNS. Within 120 days after the end of each calendar year, a copy of Borrower’s compiled tax return
prepared by Certified Public Accountant.

 

MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 

Amendments.
This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys’
Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’
fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone
else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s
attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Borrower also shall pay all court costs and such additional fees as may be directed by the court.

 

Caption
Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the
provisions of this Agreement.

 

Consent
to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one or more participation
interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever,
to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other
matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower
additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation
interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of
such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of
such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender
or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce
Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower
further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or
defenses that Borrower may have against Lender.

 

Governing
Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of
the State of Illinois without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Illinois.

 

Choice
of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Cook
County, State of Illinois.

 

No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing
and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of
dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or
of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required
under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances
where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

 

Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when
actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier,
or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the
addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes,
Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise provided or required by law,
if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.

 

Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be
so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability
of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.

 

Subsidiaries
and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without
limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s
subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require
Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates.

 

Successors
and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall
bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall
not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein, without the prior written
consent of Lender.

 

Survival
of Representations and Warranties. Borrower understands and agrees that in making the Loan, Lender is relying on all representations,
warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender
under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such
representations, warranties and covenants will survive the making of the Loan and delivery to Lender of the Related Documents, shall
be continuing in nature, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in
full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            6

    

 

Time
is of the Essence. Time is of the essence in the performance of this Agreement.

 

Waive
Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any
party against any other party.

 

Assignment.
Borrower agrees that Lender may assign some or all of its rights and remedies described in related documents without notice to, or
prior consent from, the Borrower.

 

Prepayments.
Borrower shall not voluntarily prepay any indebtedness owing by Borrower prior to the stated maturity date thereof other than (i)
the Indebtedness and (ii) indebtedness to trade creditors where the prepayment shall result in a discount on the amount due.

 

Transactions
with Affiliates. Borrower shall not (a) directly or indirectly issue any guarantee for the benefit of any of its Affiliates, (b)
directly or indirectly make any loans or advances to, or investments in, any of its Affiliates, (c) enter into any transaction with any
of its Affiliates, other than transactions entered into in the ordinary course of business upon fair and commercially reasonable terms
determined by Lender to be no less favorable to Borrower than could be obtained in a comparable arms-length transaction with an unaffiliated
person, or (d) divert (or permit anyone to divert) any of its business opportunities to any Affiliate or any other corporate or business
entity in which Borrower or its equity holders holds a direct or indirect interest.

 

Definition
of Affiliate. “Affiliate” means, as to Borrower, any person or entity which, directly or indirectly, is in control of,
is controlled by or is under common control with, Borrower.

 

Definitions
for Right of Setoff “Debt” and “Indebtedness”. For purposes of any Right of Setoff provision in this Agreement
or any Related Document, the terms “debt” and “indebtedness” contained in such Right Setoff provision shall mean
“Indebtedness”.

 

Definition
for “Rate Management Obligations”. The words “Rate Management Obligations” mean any and all obligations of
Borrower to Lender or any affiliate of Fifth Third Bancorp, whether absolute, contingent or otherwise and howsoever and whensoever (whether
now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefore), under or in connection with (i) any and all Rate Management Agreements, and (ii) any and all cancellations, buy backs, reversals,
terminations or assignments of any Rate Management Agreement.

 

Definition
for “Rate Management Agreement”. The words “Rate Management Agreement” mean any agreement, device or arrangement
providing for payments which are related to fluctuations of interest rates, exchange rates, forward rates, or equity prices, including,
without limitation, any transaction, device, agreement or arrangement (i) that is or is the functional equivalent of a rate swap transaction,
swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency
swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap,
credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back
transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction
that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into
in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future,
option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities
or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries
are to be made, or any combination of these transactions, which transactions may be evidenced by an ISDA Master Agreement between Borrower
and Lender or any affiliate of Fifth Third Bancorp, and any schedules, confirmations and documents and other confirming evidence between
the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case as amended, modified
or supplemented from time to time.

 

“Business
Day” for LIBOR and Rate Management. Notwithstanding any other definition provided herein, the words “Business Day”
mean: (i) a day on which commercial banks in New York, New York or Cincinnati, Ohio are required by law to be open for business; (ii)
with respect to all notices and determinations in connection with a LIBOR Rate (for Loans in which the Index or interest rate structure
of a Note references a LIBOR rate), any day (other than a Saturday or Sunday) on which commercial banks are open in London, England,
New York, New York, and Cincinnati, Ohio for dealings in deposits in the London Interbank Market; and (iii) notwithstanding anything
to the contrary herein, at any time during which a Rate Management Agreement with Lender is then in effect with respect to all or a portion
of a Note, then the definitions of “Business Day” and “Banking Day”, as applicable, pursuant to such Rate Management
Agreement shall govern with respect to all applicable notices and determinations in connection with such portion of the Note subject
to such Rate Management Agreement. Periods of days referred to in this Agreement will be counted in calendar days unless Business Days
are expressly prescribed.

 

DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms
not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words
and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date of this Agreement:

 

Advance.
The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf
on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

 

Agreement.
The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from
time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.

 

Borrower.
The word “Borrower” means Biolife4d Corporation and includes all co-signers and co-makers signing the Note and all their
successors and assigns.

 

Collateral.
The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security
interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage,
chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract,
lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract,
or otherwise.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            7

    

 

Environmental
Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances relating
to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization
Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the
Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations
adopted pursuant thereto.

 

Event
of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default
section of this Agreement.

 

GAAP.
The word “GAAP” means generally accepted accounting principles.

 

Grantor.
The word “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral for the
Loan, including without limitation all Borrowers granting such a Security Interest.

 

Guarantor.
The word “Guarantor” means any guarantor, surety, or accommodation party of any or all of the Loan.

 

Guaranty.
The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part
of the Note.

 

Hazardous
Substances. The words “Hazardous Substances” mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly
used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances”
are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as
defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.

 

Indebtedness.
The word “Indebtedness” means any and all debts, liabilities and obligations of any nature or form owed by Borrower to
Lender, its affiliates or both and any and all indebtedness owed by Grantor to Lender, its affiliates or both, including, but not limited
to, the following: (i) any indebtedness evidenced by the Note or Related Documents, including all principal and interest together with
all other indebtedness and costs and expenses for which Borrower or Grantor, whether jointly or severally, are responsible under this
Agreement or under any of the Related Documents; (ii) all other obligations, debts and liabilities of Grantor and Borrower, whether jointly
or severally, to Lender or an affiliate of Lender, or any one or more of them, as well as all claims by Lender or any affiliate of Lender,
against Grantor or Borrower, or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to this
Agreement or the Related Documents, whether voluntary or otherwise, whether due or not due, direct or indirect, absolute or contingent,
liquidated or unliquidated and whether Grantor or Borrower may be liable individually or jointly with others, whether obligated as a
guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by
any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become unenforceable; and (iii)
any and all Rate Management Obligations.

 

Lender.
The word “Lender” means Fifth Third Bank, National Association, its successors and assigns.

 

Loan.
The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter
existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described
on any exhibit or schedule attached to this Agreement from time to time.

 

Note.
The word “Note” means that certain Promissory Note dated May 18, 2022 , in the original principal amount of $1,000,000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the Promissory Note.

 

Permitted
Liens. The words “Permitted Liens” mean (1) liens and security interests securing Indebtedness owed by Borrower to
Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens of
materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing
obligations which are not yet delinquent; (4) purchase money liens or purchase money security interests upon or in any property
acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or
permitted to be incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5) liens and security
interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and (6) those liens
and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net
value of Borrower’s assets.

 

Related
Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Loan.

 

Security
Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises, covenants, arrangements,
understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating
a Security Interest.

 

Security
Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present and
future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge,
chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt,
lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever
whether created by law, contract, or otherwise.

 

    	 

    	 	BUSINESS
                                            LOAN AGREEMENT	 
	 	(Continued)	Page
                                            8

    

 

BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT
IS DATED MAY 18, 2022.

 

BORROWER:

 

	BIOLIFE4D
    CORPORATION	 
	 	 
	By:	/s/
    Steven R. Morris	 
	 	Steven
    R. Morris, Chief Executive Officer of Biolife4d Corporation	 

 

LENDER:

 

	FIFTH
    THIRD BANK, NATIONAL ASSOCIATION	 
	By:		 
		Authorized
    Signer

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