Document:

Exhibit 10.3

 

SEMLER SCIENTIFIC, INC.

 

2007 KEY PERSON STOCK OPTION
PLAN

 

	EFFECTIVE DATE:	October 1, 2007

 

I.          PURPOSE
OF THE PLAN

 

The SEMLER SCIENTIFIC, INC. 2007 KEY PERSON
STOCK OPTION PLAN (the “Plan”) is intended to provide a means whereby certain employees and other key persons of Semler
Scientific, Inc., an Oregon corporation (the “Company”), and its subsidiaries may develop a sense of proprietorship
and personal involvement in the development and financial success of the Company, and to encourage them to remain with and devote
their best efforts to the business of the Company, thereby advancing the interests of the Company and its stockholders. Accordingly,
the Company may grant to certain employees, directors, and other affiliates (“Optionees”) the option (“Option”)
to purchase shares of the common stock of the Company (“Stock”), as hereinafter set forth. The Options granted under
this plan are Non-Qualified Stock Options within the meaning of the United States Internal Revenue Code (the “Code”).

 

II.         ADMINISTRATION

 

The Plan shall be administered by the Office of
the Chief Executive Officer of the Company (the “OOC”). The OOC shall have sole authority to select the Optionees from
among those individuals eligible hereunder and to establish the number of shares which may be issued under each Option, except
that grants to the Chief Executive Officer may be made only by the Board of Directors. In selecting the Optionees from among individuals
eligible hereunder and in establishing the number of shares that may be issued under each Option, the OOC may take into account
the nature of the services rendered by such individuals, their present and potential contributions to the Company’s success
and such other factors as the OOC in its discretion shall deem relevant. The OOC is authorized to interpret the Plan and may from
time to time adopt such rules and regulations, consistent with the provisions of the Plan, as it may deem advisable to carry out
the Plan. All decisions made by the OOC in selecting the Optionees, in establishing the number of shares which may be issued under
each Option and in construing the provisions of the Plan shall be final.

 

III.       OPTION
AGREEMENTS

 

(a)        Each
Option shall be evidenced by a written agreement executed on behalf of the Company (“Option Agreement”) which shall
contain such terms and conditions as may be approved by the OOC. The terms and conditions of the respective Option Agreements need
not be identical. Any question as to the interpretation of any provision of an Option Agreement, including the determination of
the existence or nonexistence of a specified condition or circumstance, shall be determined by the OOC, and its determination shall
be final.

 

(b)        The
OOC may at any time and from time to time, in its sole discretion, accelerate the time at which an Option then outstanding may
be exercised. Any such action by the OOC

 

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may vary among individual
Optionees and may vary among Options held by any individual Optionee.

 

(c)        For
all purposes under the Plan, the fair market value of a share of Stock on a particular date shall be equal to the average of the
high and low sales prices of the Stock (i) reported by the Nasdaq National Market on that date or (ii) if the Stock is listed on
a national stock exchange, reported on the stock exchange composite tape on that date; or, in either case, if no prices are reported
on that date, on the last preceding date on which such prices of the Stock are so reported. If the Stock is traded over the counter
at the time a determination of its fair market value is required to be made hereunder, its fair market value shall be deemed to
be equal to the average between the reported high and low or closing bid and asked prices of Stock on the most recent date on which
Stock was publicly traded. In the event Stock is not publicly traded at the time a determination of its value is required to be
made hereunder, the determination of its fair market value shall be made by the OOC in such manner as it deems appropriate.

 

(d)        Each
Option and all rights granted thereunder shall not be transferable other than by will or the laws of descent and distribution.

 

(e)        As
used in Option Agreements, the following terms shall have the respective meanings set forth below:

 

(i)          “Disability”
shall mean, with respect to a person, a physical or mental impairment of sufficient severity that, in the opinion of the Company,
the person is unable to continue performing the duties the person performed before such impairment and that impairment or condition
is cited by the Company as the reason for termination of the person’s employment or other affiliation with the Company and
its Subsidiaries (as defined below).

 

(ii)         “Normal
Retirement” shall mean, with respect to a person, the termination of such person’s employment or other affiliation
with the Company and its Subsidiaries by reason of retirement at any time on or after the date on which the person reaches age
65 if the person is employed in the United States of America or such other age as provided for by the OOC as the normal retirement
age in the country where the person is employed.

 

IV.       ELIGIBILITY
OF OPTIONEE

 

Options may be granted hereunder to any individual
who is an employee or director of, or a consultant or advisor to, the Company or any Subsidiary of the Company at the time the
Option is granted. For purposes of the Plan, the term “Subsidiary” of the Company shall mean any corporation, limited
partnership or other entity of which a majority of the voting power of the voting equity securities or a majority of the equity
interests is owned, directly or indirectly, by the Company.

 

V.        SHARES
SUBJECT TO THE PLAN

 

The aggregate number of shares which may be
issued under Options granted under the Plan shall not exceed 250,000 shares of Stock. Such shares may consist of authorized but
unissued shares of Stock or (where permitted by applicable law) previously issued shares of Stock reacquired by the Company. Any
of such shares which remain unissued and which are not

 

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subject to outstanding Options at the termination
of the Plan shall cease to be subject to the Plan, but, until termination of the Plan, the Company shall at all times make available
a sufficient number of shares to meet the requirements of the Plan. Should any Option hereunder expire or terminate prior to its
exercise in full, the shares theretofore subject to such Option may again be subject to an Option granted under the Plan. The aggregate
number of shares which may be issued under the Plan shall be subject to adjustment in the same manner as provided in Paragraph
VIII hereof with respect to shares of Stock subject to Options then outstanding. Exercise of an Option in any manner shall result
in a decrease in the number of shares of Stock which may thereafter be available by the number of shares as to which the Option
is exercised.

 

VI.       OPTION
PRICE

 

The purchase price of Stock issued under each
Option shall be determined by the 00C, but such purchase price shall not be less than 100 percent of the fair market value of Stock
subject to the Option on the date the Option is granted.

 

VII.     TERM
OF PLAN

 

The Plan shall be effective upon the date of
its adoption by the Board of Directors of the Company (the “Board”). Except with respect to Options then outstanding,
if not sooner terminated under the provisions of Paragraph IX, the Plan shall terminate upon and no further Options shall be granted
after the expiration of ten years from the date of its adoption by the Board.

 

VIII.    RECAPITALIZATION
OR REORGANIZATION

 

(a)        The
existence of the Plan and the Options granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize any adjustment, recapitalization., reorganization or other change in the Company’s capital
structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the dissolution
or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or
any other corporate act or proceeding.

 

(b)        The
shares with respect to which Options may be granted are shares of Stock as presently constituted, but if, and whenever, prior to
the expiration of an Option theretofore granted, the Company shall effect a subdivision or consolidation of shares of Stock or
the payment of a stock dividend on Stock without receipt of consideration by the Company, the number of shares of Stock with respect
to which such Option may thereafter be exercised (i) in the event of an increase in the number of outstanding shares shall be proportionately
increased, and the purchase price per share shall be proportionately reduced, and (ii) in the event of a reduction in the number
of outstanding shares shall be proportionately reduced, and the purchase price per share shall be proportionately increased.

 

(c)        If
the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a “recapitalization”),
the number and class of shares of Stock covered by an Option theretofore granted shall be adjusted so that such Option shall thereafter
cover the number and class of shares of stock and/or securities to which the Optionee would have been

 

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entitled pursuant to the
terms of the recapitalization if, immediately prior to the recapitalization, the Optionee had been the holder of record of the
number of shares of Stock then covered by such Option. If:

 

(i)          the
Company shall not be the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary
of an entity),

 

(ii)         the
Company sells, leases or exchanges all or substantially all of its assets to any other person or entity,

 

(iii)        the
Company is to be dissolved and liquidated,

 

(iv)        any
person or entity, including a “group” as contemplated by Section 13(d)(3) of the 1934 Act, acquires or gains ownership
or control (including, without limitation, power to vote) of more than 50% of the outstanding shares of the Company’s voting
stock (based upon voting power), or

 

(v)         as
a result of or in connection with a contested election of directors, the persons who were directors of the Company before such
election shall cease to constitute a majority of the Board (each such event is referred to herein as a “Corporate Change”),

 

then no later than (a) ten days after the approval
by the stockholders of the Company of such merger, consolidation, reorganization, sale, lease or exchange of assets or dissolution
or such election of directors or (b) thirty days after a change of control of the type described in Clause (iv), the Board, acting
in its sole discretion without the consent or approval of any Optionee, shall act to effect one or more of the following alternatives,
which may vary among individual Optionees and which may vary among Options held by any individual Optionee:

 

(1)         accelerate
the time at which Options then outstanding may be exercised so that such Options may be exercised in full for a limited period
of time on or before a specified date (before or after such Corporate Change) fixed by the Board, after which specified date all
unexercised Options and all rights of Optionees thereunder shall terminate,

 

(2)         require
the mandatory surrender to the Company by selected Optionees of some or all of the outstanding Options held by such Optionees (irrespective
of whether such Options are then exercisable under the provisions of the Plan) as of a date, before or after such Corporate Change,
specified by the Board, in which event the Board shall thereupon cancel such Options and the Company shall pay to each Optionee
an amount of cash per share equal to the excess, if any, of the amount calculated in Subparagraph (d) below (the “Change
of Control Value”) of the shares subject to such Option over the exercise price(s) under such Options for such shares,

 

(3)         make
such adjustments to Options then outstanding as the Board deems appropriate to reflect such Corporate Change (provided, however,
that the Board may determine in its sole discretion that no adjustment is necessary to Options then outstanding) or

 

(4)         provide
that the number and class of shares of Stock covered by an Option theretofore granted shall be adjusted so that such Option shall
thereafter cover the

 

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number and class of shares
of stock or other securities or property (including, without limitation, cash) to which the Optionee would have been entitled pursuant
to the terms of the agreement of merger, consolidation or sale of assets and dissolution if, immediately prior to such merger,
consolidation or sale of assets and dissolution, the Optionee had been the holder of record of the number of shares of Stock then
covered by such Option.

 

(d)        For
the purposes of clause (2) in Subparagraph (c) above, the “Change of Control Value” shall equal the amount determined
in clause (i), (ii) or whichever is applicable, as follows: (i) the per share price offered to stockholders of the Company in any
such merger, consolidation, reorganization, sale of assets or dissolution transaction, (ii) the price per share offered to stockholders
of the Company in any tender offer or exchange offer whereby a Corporate Change takes place, or (iii) if such Corporate Change
occurs other than pursuant to a tender or exchange offer, the fair market value per share of the shares into which such Options
being surrendered are exercisable, as determined by the Board as of the date determined by the Board to be the date of cancellation
and surrender of such Options. In the event that the consideration offered to stockholders of the Company in any transaction described
in this Subparagraph (d) or Subparagraph (c) above consists of anything other than cash, the Board shall determine the fair cash
equivalent of the portion of the consideration offered which is other than cash.

 

(e)        Any
adjustment provided for in Subparagraphs (b) or (c) above shall be subject to any required shareholder action.

 

(f)         Except
as hereinbefore expressly provided, the issuance by the Company of shares of stock of any class or securities convertible into
shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants
to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities,
and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect
to, the number of shares of Stock subject to Options theretofore granted or the purchase price per share.

 

IX.       AMENDMENT
OR TERMINATION OF THE PLAN

 

The Board in its discretion may terminate the
Plan at any time with respect to any shares for which Options have not theretofore been granted. The Board shall have the right
to alter or amend the Plan or any part thereof from time to time. In addition, the OOC (without the necessity of specific Board
action) shall have the power and authority to make or approve revisions or modifications to the terms and provisions of the Plan
on behalf of the Board and from time to time, so long as such revisions or modifications are (in the judgment of the OOC) necessary,
appropriate or desirable to effectuate the purposes of the Plan and do not effect a material change in the structure or purposes
of the Plan. Notwithstanding the above, however, no change in any Option theretofore granted may be made which would impair the
rights of the Optionee without the consent of such Optionee.

 

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X.        SECURITIES
LAWS

 

(a)         The
Company shall not be obligated to issue any Stock pursuant to any Option granted under the Plan, unless at the time of issuance
either (i) the shares covered by such Option have been registered under the Securities Act of 1933 (the “Securities Act”)
and such other state, federal or foreign laws, rules or regulations as the Company or the Board deems applicable, or (ii) in the
opinion of legal counsel for the Company, the issuance of the Stock to the holder of the Option is covered by an exemption from
the registration requirements of such laws, rules or regulations for the offering and sale of such shares.

 

(b)        At
the time of any exercise of an Option, the Company may, as a condition precedent to the exercise of such Option, require from the
holder of the Option such written representations, if any, concerning the holder’s intentions with regard to the retention
or disposition of the shares of stock being acquired pursuant to such exercise and such written covenants and agreements, if any,
as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition
by that holder will not involve a violation of the Securities Act or any other applicable securities law or regulation.

 

(c)        The
certificates representing the shares of common stock issued pursuant to an exercise of Options may bear such legend or legends
as the OOC deems appropriate in order to assure compliance with applicable securities laws and regulations. The Company may refuse
to register the transfer of the shares of common stock issued pursuant to an exercise of Options on the stock transfer records
of the Company if such proposed transfer would, in the opinion of counsel to the Company, constitute a violation of any applicable
securities law or regulation, and the Company may give related instructions to its transfer agent, if any, to stock registration
of the transfer of the shares of common stock issued pursuant to an exercise of Options.

 

XI.       GOVERNING
LAW

 

The Plan, and all Option Agreements issued under
the Plan, shall be governed by, and construed in accordance with, the laws of the State of Oregon.

 

Certification of Secretary

 

As Secretary of Semler Scientific, Inc., an
Oregon corporation, I certify that the foregoing is a complete copy of the 2007 Key Employee Stock Option Plan of the corporation
as adopted effective as of October 1, 2007.

 

	 	/s/ Shirley L. Semler
	 	Shirley L. Semler, Secretary
	 	Semler Scientific, Inc.

 

    	6- 2007 KEY PERSON STOCK OPTION PLANExhibit 10.4

 

SEMLER SCIENTIFIC, INC.

AT-WILL EMPLOYMENT, CONFIDENTIAL INFORMATION,

INVENTION ASSIGNMENT,

AND ARBITRATION AGREEMENT

 

As a condition of my employment
with Semler Scientific, Inc., its subsidiaries, affiliates, successors or assigns (together the “Company”),
and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by Company,
I agree to the following provisions of this Semler Scientific, Inc. At-Will Employment, Confidential Information, Invention Assignment,
and Arbitration Agreement (this “Agreement”):

 

1.         At-Will
Employment.

 

I UNDERSTAND AND ACKNOWLEDGE
THAT MY EMPLOYMENT WITH THE COMPANY IS FOR NO SPECIFIED TERM AND CONSTITUTES “AT-WILL” EMPLOYMENT. I ALSO UNDERSTAND
THAT ANY REPRESENTATION TO THE CONTRARY IS UNAUTHORIZED AND NOT VALID UNLESS IN WRITING AND SIGNED BY THE PRESIDENT OR CEO OF THE
COMPANY. ACCORDINGLY, I ACKNOWLEDGE THAT MY EMPLOYMENT RELATIONSHIP MAY BE TERMINATED AT ANY TIME, WITH OR WITHOUT GOOD CAUSE OR
FOR ANY OR NO CAUSE, AT MY OPTION OR AT THE OPTION OF THE COMPANY, WITH OR WITHOUT NOTICE. I FURTHER ACKNOWLEDGE THAT THE COMPANY
MAY MODIFY JOB TITLES, SALARIES, AND BENEFITS FROM TIME TO TIME AS IT DEEMS NECESSARY.

 

2.         Confidential
Information.

 

A.          Company
Information. I agree that during and after my employment with the Company, I will hold in the strictest confidence, and will
not use (except for the benefit of the Company during my employment) or disclose to any person, firm, or corporation (without written
authorization of the President, CEO, or the Board of Directors of the Company) any Company Confidential Information. I understand
that my unauthorized use or disclosure of Company Confidential Information during my employment may lead to disciplinary action,
up to and including immediate termination and legal action by the Company. I understand that “Company Confidential Information”
means any non-public information that relates to the actual or anticipated business, research or development of the Company, or
to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product plans, or other
information regarding the Company’s products or services and markets therefor, customer lists and customers (including, but
not limited to, customers of the Company on which I called or with which I may become acquainted during the term of my employment),
software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
marketing, finances, and other business information; provided, however, Company Confidential Information does not include any of
the foregoing items to the extent the same have become publicly known and made generally available through no wrongful act of mine
or of others. I understand that nothing in this Agreement is intended to limit employees’ rights to discuss the terms, wages,
and working conditions of their employment, as protected by applicable law.

 

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B.          Former
Employer Information. I agree that during my employment with the Company, I will not improperly use, disclose, or induce the
Company to use any proprietary information or trade secrets of any former or concurrent employer or other person or entity. I further
agree that I will not bring onto the premises of the Company or transfer onto the Company’s technology systems any unpublished
document, proprietary information, or trade secrets belonging to any such employer, person, or entity unless consented to in writing
by both the Company and such employer, person, or entity.

 

C.          Third
Party Information. I recognize that the Company may have received and in the future may receive from third parties associated
with the Company, e.g., the Company’s customers, suppliers, licensors, licensees, partners, or collaborators (“Associated
Third Parties”), their confidential or proprietary information (“Associated Third Party Confidential Information”).
By way of example, Associated Third Party Confidential Information may include the habits or practices of Associated Third Parties,
the technology of Associated Third Parties, requirements of Associated Third Parties, and information related to the business conducted
between the Company and such Associated Third Parties. I agree at all times during my employment with the Company and thereafter
to hold in the strictest confidence, and not to use or to disclose to any person, firm, or corporation, any Associated Third Party
Confidential Information, except as necessary in carrying out my work for the Company consistent with the Company’s agreement
with such Associated Third Parties. I further agree to comply with any and all Company policies and guidelines that may be adopted
from time to time regarding Associated Third Parties and Associated Third Party Confidential Information. I understand that my
unauthorized use or disclosure of Associated Third Party Confidential Information or violation of any Company policies during my
employment may lead to disciplinary action, up to and including immediate termination and legal action by the Company.

 

3.         Inventions.

 

A.          Inventions
Retained and Licensed. I have attached hereto as Exhibit A, a list describing all inventions, discoveries, original
works of authorship, developments, improvements, and trade secrets that were conceived in whole or in part by me prior to my employment
with the Company and to which I have any right, title, or interest, which are subject to California Labor Code Section 2870 (attached
hereto as Exhibit B), and which relate to the Company’s proposed business, products, or research and development (“Prior
Inventions”); or, if no such list is attached, I represent and warrant that there are no such Prior Inventions. Furthermore,
I represent and warrant that if any Prior Inventions are included on Exhibit A, they will not materially affect my
ability to perform all obligations under this Agreement. If, in the course of my employment with the Company, I incorporate into
or use in connection with any product, process, service, technology, or other work by or on behalf of the Company any Prior Invention,
I hereby grant to the Company a non-exclusive, royalty-free, fully paid-up, irrevocable, perpetual, transferable, worldwide license,
with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, sell, reproduce, distribute,
modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Invention without restriction, including,
without limitation, as part of or in connection with such product, process, service, technology, or other work, and to practice
any method related thereto.

 

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B.          Assignment
of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right
and benefit of the Company, and agree to assign and hereby do irrevocably assign to the Company, or its designee, all my right,
title, and interest in and to any and all inventions, original works of authorship, developments, concepts, improvements, designs,
discoveries, ideas, trademarks, or trade secrets, whether or not patentable or registrable under patent, copyright, or similar
laws, which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced
to practice, during the period of time I am in the employ of the Company (including during my off-duty hours), or with the use
of Company’s equipment, supplies, facilities, or Company Confidential Information, except as provided in Section 3.F below
(collectively referred to as “Inventions”). I further acknowledge that all original works of authorship that
are made by me (solely or jointly with others) within the scope of and during the period of my employment with the Company and
that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright
Act. I understand and agree that the decision whether or not to commercialize or market any Inventions is within the Company’s
sole discretion and for the Company’s sole benefit, and that no royalty or other consideration will be due to me as a result
of the Company’s efforts to commercialize or market any such Inventions.

 

C.          Moral
Rights. Any assignment to the Company of Inventions includes all rights of attribution, paternity, integrity, modification,
disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”).
To the extent that Moral Rights cannot be assigned under applicable law, I hereby waive and agree not to enforce any and all Moral
Rights, including, without limitation, any right to identification of authorship or limitation on subsequent modification that
I may have in the assigned Inventions.

 

D.          Maintenance
of Records. I agree to keep and maintain adequate, current, accurate, and authentic written records of all Inventions made
by me (solely or jointly with others) during the term of my employment with the Company. The records will be in the form of notes,
sketches, drawings, electronic files, reports, or any other format that may be specified by the Company. The records are and will
be available to and remain the sole property of the Company at all times.

 

E.          Further
Assurances. I agree to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the
Company’s rights in the Inventions and any rights relating thereto in any and all countries, including the disclosure to
the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths,
assignments, and all other instruments that the Company shall deem proper or necessary in order to apply for, register, obtain,
maintain, defend, and enforce such rights, and in order to assign and convey to the Company, its successors, assigns, and nominees
the sole and exclusive rights, title, and interest in and to such Inventions and any rights relating thereto, and testifying in
a suit or other proceeding relating to such Inventions and any rights relating thereto. I further agree that my obligations under
this Section 3E shall continue after the termination of this Agreement. If the Company is unable because of my mental or physical
incapacity or for any other reason to secure my signature with respect to any Inventions, including, without limitation, to apply
for or to pursue any application for any United States or foreign patents or copyright registrations covering such Inventions,
then I hereby irrevocably designate and appoint

 

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the Company and its duly
authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead, to execute and file any
papers and oaths, and to do all other lawfully permitted acts with respect to such Inventions with the same legal force and effect
as if executed by me.

 

F.          Exception
to Assignments. I understand that the provisions of this Agreement requiring assignment of Inventions to the Company do not
apply to any invention that qualifies fully under the provisions of California Labor Code Section 2870 (attached hereto as Exhibit
B). I will advise the Company promptly in writing of any inventions that I believe meet the criteria in California Labor Code
Section 2870 and are not otherwise disclosed on Exhibit A.

 

4.         Conflicting
Employment.

 

A.          Current
Obligations. I agree that during the term of my employment with the Company, I will not engage in or undertake any other employment,
occupation, consulting relationship, or commitment that is directly related to the business in which the Company is now involved
or becomes involved or has plans to become involved, nor will I engage in any other activities that conflict with my obligations
to the Company.

 

B.          Prior
Relationships. Without limiting Section 4.A, I represent that I have no other agreements, relationships, or commitments to
any other person or entity that conflict with my obligations to the Company under this Agreement or my ability to become employed
and perform the services for which I am being hired by the Company. I further agree that if I have signed a confidentiality agreement
or similar type of agreement with any former employer or other entity, I will comply with the terms of any such agreement to the
extent that its terms are lawful under applicable law. I represent and warrant that after undertaking a careful search (including
searches of my computers, cell phones, electronic devices, and documents), I have returned all property and confidential information
belonging to all prior employers. Moreover, I agree to fully indemnify the Company, its directors, officers, agents, employees,
investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns
for all verdicts, judgments, settlements, and other losses incurred by any of them resulting from my breach of my obligations under
any agreement to which I am a party or obligation to which I am bound, as well as any reasonable attorneys’ fees and costs
if the plaintiff is the prevailing party in such an action, except as prohibited by law.

 

5.         Returning
Company Documents. Upon separation from employment with the Company or on demand by the Company during my employment, I will
immediately deliver to the Company, and will not keep in my possession, recreate, or deliver to anyone else, any and all Company
property, including, but not limited to, Company Confidential Information, Associated Third Party Confidential Information, as
well as all devices and equipment belonging to the Company (including computers, handheld electronic devices, telephone equipment,
and other electronic devices), Company credit cards, records, data, notes, notebooks, reports, files, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, photographs, charts, any other documents and property, and reproductions
of any and all of the aforementioned items that were developed by me pursuant to my employment with the Company, obtained by me
in connection with my employment with the Company, or otherwise

 

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belonging to the Company,
its successors, or assigns, including, without limitation, those records maintained pursuant to Section 3.C. I also consent to
an exit interview to confirm my compliance with this Section 5.

 

6.         Termination
Certification. Upon separation from employment with the Company, I agree to immediately sign and deliver to the Company the
“Termination Certification” attached hereto as Exhibit C. I also agree to keep the Company advised of my home
and business address for a period of three (3) years after termination of my employment with the Company, so that the Company can
contact me regarding my continuing obligations provided by this Agreement.

 

7.         Notification
of New Employer. In the event that I leave the employ of the Company, I hereby grant consent to notification by the Company
to my new employer about my obligations under this Agreement.

 

8.         Solicitation
of Employees. I agree that for a period of twelve (12) months immediately following the termination of my relationship with
the Company for any reason, whether voluntary or involuntary, with or without cause, I shall not either directly or indirectly
solicit any of the Company’s employees to leave their employment, or attempt to solicit employees of the Company, either
for myself or for any other person or entity. I agree that nothing in this Section 8 shall affect my continuing obligations under
this Agreement during and after this twelve (12) month period, including, without limitation, my obligations under Section 2A.

 

9.         Conflict
of Interest Guidelines. I agree to diligently adhere to all policies of the Company, including the Company’s insider’s
trading policies and the Company’s Conflict of Interest Guidelines. A copy of the Company’s current Conflict of Interest
Guidelines is attached as Exhibit D hereto, but I understand that these Conflict of Interest Guidelines may be revised from
time to time during my employment.

 

10.       Representations.
I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I represent
that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence information acquired
by me in confidence or in trust prior to my employment by the Company. I hereby represent and warrant that I have not entered into,
and I will not enter into, any oral or written agreement in conflict herewith.

 

11.       Audit.
I acknowledge that I have no reasonable expectation of privacy in any computer, technology system, email, handheld device, telephone,
or documents that are used to conduct the business of the Company. As such, the Company has the right to audit and search all such
items and systems, without further notice to me, to ensure that the Company is licensed to use the software on the Company’s
devices in compliance with the Company’s software licensing policies, to ensure compliance with the Company’s policies,
and for any other business-related purposes in the Company’s sole discretion. I understand that I am not permitted to add
any unlicensed, unauthorized, or non-compliant applications to the Company’s technology systems, including, without limitation,
open source or free software not authorized by the Company, and that I shall refrain from copying unlicensed software onto the
Company’s technology systems or using non-licensed software or websites. I understand that it is my

 

    	- 5 -

    	 

    

 

responsibility to comply
with the Company’s policies governing use of the Company’s documents and the internet, email, telephone, and technology
systems to which I will have access in connection with my employment.

 

12.       Arbitration
and Equitable Relief.

 

A.          Arbitration.
IN CONSIDERATION OF MY EMPLOYMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE ALL EMPLOYMENT-RELATED DISPUTES, AND MY RECEIPT OF
THE COMPENSATION, PAY RAISES, AND OTHER BENEFITS PAID TO ME BY THE COMPANY, AT PRESENT AND IN THE FUTURE, I AGREE THAT ANY AND
ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER, OR
BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), WHETHER BROUGHT ON AN INDIVIDUAL, GROUP, OR CLASS BASIS,
ARISING OUT OF, RELATING TO, OR RESULTING FROM MY EMPLOYMENT WITH THE COMPANY OR THE TERMINATION OF MY EMPLOYMENT WITH THE COMPANY,
INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES SET FORTH IN CALIFORNIA
CODE OF CIVIL PROCEDURE SECTION 1280 THROUGH 1294.2, INCLUDING SECTION 1281.8 (THE “ACT”), AND PURSUANT TO CALIFORNIA
LAW. THE FEDERAL ARBITRATION ACT SHALL CONTINUE TO APPLY WITH FULL FORCE AND EFFECT NOTWITHSTANDING THE APPLICATION OF PROCEDURAL
RULES SET FORTH IN THE ACT. DISPUTES THAT I AGREE TO ARBITRATE, AND THEREBY AGREE TO WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE
ANY STATUTORY CLAIMS UNDER LOCAL, STATE, OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS
ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT
PROTECTION ACT, THE SARBANES-OXLEY ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE CALIFORNIA FAIR EMPLOYMENT AND
HOUSING ACT, THE FAMILY AND MEDICAL LEAVE ACT, THE CALIFORNIA FAMILY RIGHTS ACT, THE CALIFORNIA LABOR CODE, CLAIMS OF HARASSMENT,
DISCRIMINATION, AND WRONGFUL TERMINATION, AND ANY STATUTORY OR COMMON LAW CLAIMS. I FURTHER UNDERSTAND THAT THIS AGREEMENT TO ARBITRATE
ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH ME.

 

B.          Procedure.
I AGREE THAT ANY ARBITRATION WILL BE ADMINISTERED BY JUDICIAL ARBITRATION & MEDIATION SERVICES, INC. (“JAMS”),
PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (THE “JAMS RULES”). I AGREE THAT THE ARBITRATOR
SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR
ADJUDICATION, MOTIONS TO DISMISS AND DEMURRERS, AND MOTIONS FOR CLASS CERTIFICATION, PRIOR TO ANY ARBITRATION HEARING. I ALSO AGREE
THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR SHALL AWARD
ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS

 

    	- 6 -

    	 

    

  

PROHIBITED BY LAW. I AGREE
THAT THE DECREE OR AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED AS A FINAL AND BINDING JUDGMENT IN ANY COURT HAVING JURISDICTION
THEREOF. I UNDERSTAND THAT THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR JAMS EXCEPT
THAT I SHALL PAY ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION THAT I INITIATE, BUT ONLY SO MUCH OF THE FILING FEES AS I WOULD
HAVE INSTEAD PAID HAD I FILED A COMPLAINT IN A COURT OF LAW. I AGREE THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION
IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF CIVIL PROCEDURE, AND THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE
AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT OF LAW. TO THE EXTENT THAT THE JAMS
RULES CONFLICT WITH CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE PRECEDENCE. I AGREE THAT THE DECISION OF THE ARBITRATOR SHALL BE
IN WRITING. I AGREE THAT ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED IN SANTA CLARA COUNTY, CALIFORNIA.

 

C.          Remedy.
EXCEPT AS PROVIDED BY THE ACT AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE, AND FINAL REMEDY FOR ANY DISPUTE BETWEEN
ME AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE ACT AND THIS AGREEMENT, NEITHER I NOR THE COMPANY WILL BE PERMITTED
TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION.

 

D.          Administrative
Relief. I UNDERSTAND THAT THIS AGREEMENT DOES NOT PROHIBIT ME FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE, OR
FEDERAL ADMINISTRATIVE BODY OR GOVERNMENT AGENCY THAT IS AUTHORIZED TO ENFORCE OR ADMINISTER LAWS RELATED TO EMPLOYMENT, INCLUDING,
BUT NOT LIMITED TO, THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, THE NATIONAL LABOR
RELATIONS BOARD, OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER, PRECLUDE ME FROM PURSUING COURT ACTION
REGARDING ANY SUCH CLAIM, EXCEPT AS PERMITTED BY LAW.

 

E.          Voluntary
Nature of Agreement. I ACKNOWLEDGE AND AGREE THAT I AM EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE
INFLUENCE BY THE COMPANY OR ANYONE ELSE. I FURTHER ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND THAT I HAVE
ASKED ANY QUESTIONS NEEDED FOR ME TO UNDERSTAND THE TERMS, CONSEQUENCES, AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND
IT, INCLUDING THAT I AM WAIVING MY RIGHT TO A JURY TRIAL. FINALLY, I AGREE THAT I HAVE BEEN PROVIDED AN OPPORTUNITY
TO SEEK THE ADVICE OF AN ATTORNEY OF MY CHOICE BEFORE SIGNING THIS AGREEMENT.

 

    	- 7 -

    	 

    

  

13.       General
Provisions.

 

A.          Governing
Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of California without giving
effect to any choice-of-law rules or principles that may result in the application of the laws of any jurisdiction other than California.
To the extent that any lawsuit is permitted under this Agreement, I hereby expressly consent to the personal and exclusive jurisdiction
and venue of the state and federal courts located in California for any lawsuit filed against me by the Company.

 

B.          Entire
Agreement. This Agreement, together with the Exhibits herein and any executed written offer letter between me and the Company,
to the extent such materials are not in conflict with this Agreement, sets forth the entire agreement and understanding between
the Company and me relating to the subject matter herein and supersedes all prior discussions or representations between us, including,
but not limited to, any representations made during my interview(s) or relocation negotiations, whether written or oral. No modification
of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed
by the President or CEO of the Company and me. Any subsequent change or changes in my duties, salary, or compensation will not
affect the validity or scope of this Agreement.

 

C.          Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full
force and effect.

 

D.          Successors
and Assigns. This Agreement will be binding upon my heirs, executors, assigns, administrators, and other legal representatives,
and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to
this Agreement, except as expressly stated. Notwithstanding anything to the contrary herein, Company may assign this Agreement
and its rights and obligations under this Agreement to any successor to all or substantially all of Company’s relevant assets,
whether by merger, consolidation, sale of assets or stock, or otherwise.

 

E.          Waiver.
Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or subsequent breach.

 

F.          Survivorship.
The rights and obligations of the parties to this Agreement will survive termination of my employment with the Company.

 

G.          Signatures.
This Agreement may be signed in two counterparts, each of which shall be deemed an original, with the same force and effectiveness
as though executed in a single document.

 

	Date:	11/1/10	 	/s/ Bob McRae
	 	 	 	Signature
	 	 	 	 
	 	 	 	Bob McRae
	 	 	 	Name of Employee (typed or printed)

 

    	- 8 -

    	 

    

  

	Witness:	 
	 	 
	/s/ Daniel E. Conger	 
	Signature	 
	 	 
	Daniel E. Conger	 
	Name (typed or printed)	 

 

    	- 9 -

    	 

    

 

 

Exhibit A

 

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

 

	Title	 	Date	 	Identifying Number or Brief
	 	 	 	 	Description
	 	 	 	 	 

  

 

 

 

 

 

 

 

_____ No inventions
or improvements

 

 

______ Additional Sheets Attached

 

 

	Signature of Employee:	 	 
	 	 	 
	Print Name of Employee:	 	 

 

	Date:	 	 

 

    	 

    	 

    

  

Exhibit B

 

CALIFORNIA LABOR CODE SECTION
2870 

INVENTION ON OWN TIME-EXEMPTION FROM AGREEMENT

 

“(a) Any provision
in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention
to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using
the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

(1)         Relate
at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably
anticipated research or development of the employer; or

 

(2)         Result
from any work performed by the employee for the employer.

 

(b)        To
the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from
being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.”

 

    	 

    	 

    

 

 

Exhibit C

 

SEMLER SCIENTIFIC, INC.

 

TERMINATION CERTIFICATION

 

This is to certify that I
do not have in my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, equipment, any other documents or property, or reproductions of any
and all aforementioned items belonging to Semler Scientific, Inc., its subsidiaries, affiliates, successors or assigns (together,
the “Company”).

 

I further certify that I have
complied with all the terms of the Company’s At-Will Employment, Confidential Information, Invention Assignment, and Arbitration
Agreement signed by me, including the reporting of any inventions and original works of authorship (as defined therein) conceived
or made by me (solely or jointly with others), as covered by that agreement.

 

I further agree that, in compliance
with the At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, I will preserve as confidential
all Company Confidential Information and Associated Third Party Confidential Information, including trade secrets, confidential
knowledge, data, or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or
experimental work, computer programs, databases, other original works of authorship, customer lists, business plans, financial
information, or other subject matter pertaining to any business of the Company or any of its employees, clients, consultants, or
licensees.

 

I also agree that for twelve
(12) months from this date, I will not either directly or indirectly solicit any of the Company’s employees to leave their
employment, or to enter into an employment, consulting, contractor, or other relationship with any other person, firm, business
entity, or organization (including with myself). I agree that nothing in this paragraph shall affect my continuing obligations
under the At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement during and after this twelve
(12) month period, including, without limitation, my obligations under Section 2A thereof.

 

After leaving the Company’s
employment, I will be employed by __________________ in the position of: __________________.

 

    	 

    	 

    

  

	 	 	 
	 	Signature of employee	 
	 	 	 
	 	 	 
	 	Print name	 
	 	 	 
	 	 	 
	 	Date	 
	 	 	 
	Address for Notifications:	 	 

 

    	 

    	 

    

 

 

Exhibit D

 

SEMLER SCIENTIFIC, INC.

 

CONFLICT OF INTEREST GUIDELINES

 

It is the policy of Semler
Scientific, Inc. to conduct its affairs in strict compliance with the letter and spirit of the law and to adhere to the highest
principles of business ethics. Accordingly, all officers, employees, and independent contractors must avoid activities that are
in conflict, or give the appearance of being in conflict, with these principles and with the interests of the Company. The following
are potentially compromising situations that must be avoided:

 

1.         Revealing
confidential information to outsiders or misusing confidential information. Unauthorized divulging of information is a violation
of this policy whether or not for personal gain and whether or not harm to the Company is intended. (The At-Will Employment, Confidential
Information, Invention Assignment, and Arbitration Agreement elaborates on this principle and is a binding agreement.)

 

2.         Accepting
or offering substantial gifts, excessive entertainment, favors, or payments that may be deemed to constitute undue influence or
otherwise be improper or embarrassing to the Company.

 

3.         Participating
in civic or professional organizations that might involve divulging confidential information of the Company.

 

4.         Initiating
or approving personnel actions affecting reward or punishment of employees or applicants where there is a family relationship or
is or appears to be a personal or social involvement.

 

5.         Initiating
or approving any form of personal or social harassment of employees.

 

6.         Investing
or holding outside directorship in suppliers, customers, or competing companies, including financial speculations, where such investment
or directorship might influence in any manner a decision or course of action of the Company.

 

7.         Borrowing
from or lending to employees, customers, or suppliers.

 

8.         Acquiring
real estate of interest to the Company.

 

9.         Improperly
using or disclosing to the Company any proprietary information or trade secrets of any former or concurrent employer or other person
or entity with whom obligations of confidentiality exist.

 

10.       Unlawfully
discussing prices, costs, customers, sales, or markets with competing companies or their employees.

 

    	 

    	 

    

  

11.       Making
any unlawful agreement with distributors with respect to prices.

 

12.       Improperly
using or authorizing the use of any inventions that are the subject of patent claims of any other person or entity.

 

13.       Engaging
in any conduct that is not in the best interest of the Company.

 

Each officer, employee,
and independent contractor must take every necessary action to ensure compliance with these guidelines and to bring problem areas
to the attention of higher management for review. Violations of this conflict of interest policy may result in discharge without
warning.

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