Document:

Exhibit 10.6

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is entered into as of ___________, 2022 by and between Cadrenal Therapeutics, Inc., a Delaware corporation
(the “Company”) and Matthew K. Szot (“Executive”). Together, Executive and the Company are sometimes
referred to as the “Parties.” Capitalized terms not otherwise defined herein shall have the meanings set forth in Section
9 below.

 

WHEREAS, the Executive currently
serves as the Interim Chief Financial Officer of the Company, pursuant to a Consulting Agreement dated May 17, 2022;

 

WHEREAS, the employment relationship
hereunder shall be contingent upon and shall commence upon the completion of a public listing of the Company’s stock on a national
stock exchange (the “Effective Date”) and terminate as provided for herein;

 

WHEREAS, the Executive shall
serve as the Company’s Chief Financial Officer commencing on the Effective Date;

 

WHEREAS, the Company desires
for Executive to continue to provide services to the Company, and wishes to provide Executive with certain compensation and benefits in
return for such services, as set forth in this Agreement;

 

WHEREAS, the Company and Executive
desire to enter into this Agreement such that this Agreement provides all of the terms and conditions of Executive’s employment
with the Company as of the Effective Date.

 

NOW THEREFORE, in consideration
of the material advantages accruing to the two Parties and the mutual covenants contained herein, and intending to be legally and ethically
bound hereby, the Company and Executive:

 

1.
Duties and Scope of Employment.

 

(a)
Positions and Duties. Executive will serve, at the pleasure of the Company’s Board of Directors (the “Board”),
as Chief Financial Officer of the Company and shall report to the Company’s Chief Executive Officer or such other senior Company
officer as may be designated by the Board. In the capacity of Chief Financial Officer, Executive will render such business and professional
services in the performance of Executive’s duties, consistent with Executive’s position within the Company. The employment
relationship between the Parties shall continue to be governed by the general employment policies and practices of the Company, as adopted
or modified from time to time in the Company’s discretion, except that when the terms of this Agreement differ from or are in conflict
with the Company’s general employment policies or practices, this Agreement shall control.

 

(b)
Location. Executive’s primary work location shall be in San Diego, California; provided, however, that the
Company reserves the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s
primary work location from time to time, and to require reasonable business travel, including but not limited to the Company’s office
in Ponte Vedra, Florida.

 

(c)
Obligations. During the Employment Term, Executive will devote Executive’s full business efforts and time to the Company
and will use good faith efforts to discharge Executive’s obligations under this Agreement to the best of Executive’s ability.
For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, or consulting activity
for any direct or indirect remuneration without the prior approval of the Chief Executive Officer or Board; provided, however, that Executive
may, without the approval of the Board, serve in any capacity with any civic, educational, or charitable organization and serve on the
board(s) set forth on Schedule A attached hereto, provided such services do not materially interfere with Executive’s
obligations to the Company. After the date of this Agreement, Executive shall seek the approval of the Company’s Compensation Committee
before accepting or seeking any further positions. Executive shall also do the same with any outside paid employment/consulting positions.
Executive represents that Executive is not subject to any non-competition, confidentiality, trade secrets or other agreement(s) that would
preclude, or restrict in any way, Executive from fully performing Executive’s services hereunder during Executive’s employment
with the Company.

 

     

     

    

 

2.
At-Will Employment. Executive and the Company agree that Executive’s employment with the Company constitutes “at-will”
employment. Executive and the Company acknowledge that this employment relationship may be terminated at any time, with or without Cause
(as defined below) or advance notice.

 

3.
Term of Agreement. This Agreement is effective as of the Effective Date and, and shall continue until terminated in
accordance with Sections 6 and 7 below. The period Executive is employed by the Company under this Agreement is referred to herein as
the “Employment Term.”

 

4.
Compensation.

 

(a)
Base Salary. The Company will continue to pay Executive an annual salary of $375,000 as compensation for Executive’s
services (such annual salary, as is then effective, to be referred to herein as “Base Salary”). The Base Salary will
be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings.
Executive’s Base Salary will be subject to review by the Compensation Committee of the Board, or any successor thereto (the “Compensation
Committee”) not less than annually, and increases will be made in the discretion of the Compensation Committee. Subsequent changes
in Executive’s Base Salary shall not require an amendment to this Agreement, provided that the change is documented in a resolution
duly adopted by the Compensation Committee.

 

(b)
Target Cash Bonus. Executive is eligible to earn a target cash bonus of 50% of Executive’s Base Salary (the “Target
Cash Bonus”) for each fiscal year; provided, however, that any Target Cash Bonus actually paid to Executive shall not
exceed 100% of Executive’s Base Salary, except as provided in Section 7(b) below. The exact amount of the Target Cash Bonus shall
be determined by the Compensation Committee of the Board (the “Compensation Committee”) in its sole and absolute discretion
based on achievement of personal and Company target goals that are mutually agreed upon by the Compensation Committee and Executive each
fiscal year. The amount of any Target Cash Bonus and the target goals will be subject to review annually, and such changes shall not require
an amendment to this Agreement; provided, however, that any such changes are documented in a resolution duly adopted by the Compensation
Committee. The Target Cash Bonus, if any, will accrue and be paid on such date as determined by the Board or Compensation Committee, subject
to Executive’s continued service through such date.

 

(c)
Other Equity Incentive Compensation. Executive shall be eligible to participate in the Company’s equity incentive
plans, as in effect from time to time, and shall be considered for grants and awards at such times and in such amounts as shall be deemed
appropriate by the Compensation Committee, in its sole discretion, commensurate with other members of the executive leadership team of
the Company and/or market data.

 

(d)
Employment Taxes. All of Executive’s compensation and payments under this Agreement shall be subject to customary
withholding taxes and any other employment taxes as are commonly required to be collected or withheld by the Company.

 

(e)
Stock Ownership Guidelines. Executive shall be subject to, and shall comply with, the Company’s stock ownership guidelines,
including compliance with its Insider Trading Policy, including the Addendum thereto, and with Section 16 of the Securities Exchange Act
of 1934, as amended.

 

5.
Executive Benefits

 

(a)
Generally. Executive will be eligible to participate in accordance with the terms of all Company employee benefit plans,
policies, and arrangements that are applicable to other executive officers of the Company, as such plans, policies, and arrangements may
exist from time to time.

 

(b)
Paid Time Off. Executive will be entitled to accrue paid time off (PTO time) at a rate of twenty (20) days per year.
Upon a termination of Executive’s employment for any reason, Executive shall receive payment for all accrued, unused PTO time.

 

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(c)
Benefit Plans. The Company shall cover 100% of the insurance premiums (medical, dental, and vision) for Executive and his
family. Upon the completion of the initial public offering, the Executive shall be entitled to participate in all employee benefit plans
and programs (excluding severance plans, if any) generally made available by the Company to senior executives of the Company, including
participation in a 401K plan, with up to four percent (4%) matching contribution (in accordance with normal Company policy), to the extent
permissible under the general terms and provisions of such plans or programs and in accordance with the provisions thereof including any
such eligibility requirements. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution
amounts to benefit costs without notice in its discretion.

 

(d)
Expenses. The Company will reimburse Executive for reasonable travel, business entertainment and other expenses incurred
by Executive in the furtherance of the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

6.
Termination of Employment. In addition to any other compensation payable to the Executive pursuant to this Agreement,
in the event Executive’s employment with the Company terminates for any reason, Executive will be entitled to any (a) unpaid
Base Salary and any Target Cash Bonus accrued and unpaid up to the Termination Date, (b) pay for accrued but unused vacation, (c) benefits
or compensation as provided under the terms of any employee benefit and compensation agreements or plans applicable to Executive and under
which Executive has a vested right (including any right that vests in connection the termination of Executive’s employment), (d) unreimbursed
business expenses to which Executive is entitled to reimbursement under the Company’s expense reimbursement policy, and (e) rights
to indemnification Executive may have under the Company’s Articles of Incorporation, as amended from time to time, the Company’s
Bylaws, as amended and/or restated, this Agreement, or Executive’s separate indemnification agreement, as applicable, including
any rights Executive may have under directors and officers insurance policies (items (a) through (e), collectively, the “Accrued
Obligations”).

 

7.
Severance.

 

(a)
Termination Without Cause or Resignation for Good Reason Unrelated to Change of Control. If (i) Executive’s
employment with the Company is terminated by the Company without Cause (other than as a result of Executive’s death or Disability,
or (ii) Executive resigns for Good Reason (as defined below), then, subject to compliance with the Release Requirement, and provided such
termination or resignation constitutes a Separation from Service, Executive will be eligible to receive the following severance benefits,
to be paid as soon as practical following the Release Effective Date:

 

(1)
Severance Payment. Continuation of Executive’s Base Salary as in effect immediately before the Termination Date for
a period of 12 months, subject to required payroll deductions and tax withholdings and payable in installments according to the Company’s
regular payroll schedule beginning after the Release Effective Date. For such purposes, Executive’s Base Salary will be calculated
prior to giving effect to any reduction in Base Salary that would give rise to Executive’s right to resign for Good Reason;

 

(2)
Accrued Target Cash Bonus. The full Target Cash Bonus amount for the fiscal year in which the Termination Date occurs, less
standard deductions and withholdings, payable in a lump sum as soon as practicable after the Release Effective Date;

 

(3)
Equity Acceleration and Option Exercise Extension. Upon the Termination Date, (A) all of the outstanding stock options,
restricted stock units or other equity awards Executive holds with respect to the Company’s Common Stock shall accelerate and vest
such that 100% of such equity awards shall be deemed vested and fully exercisable and (B) each of Executive’s then-outstanding stock
options shall remain exercisable until such stock option’s original expiration date (“Accelerated Vesting”); and

 

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(4)
COBRA Premiums. If Executive timely elects continued coverage under COBRA, the Company will pay Executive’s COBRA
premiums to continue Executive’s coverage (including coverage for Executive’s eligible dependents, if applicable) (“COBRA
Premiums”) through the period starting on the Termination Date and ending 12 months after Termination Date (the “COBRA
Premium Period”); provided, however, that the Company’s provision of the COBRA Premium benefits will immediately cease
if during the COBRA Premium Period Executive becomes eligible for group health insurance coverage through a new employer or Executive
ceases to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event Executive becomes covered
under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Premium Period, Executive
must immediately notify the Company of such event. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that
it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation,
Section 2716 of the Public Health Service Act), regardless of whether Executive or Executive’s dependents elect or are eligible
for COBRA coverage, the Company instead shall pay to Executive, on the first day of each calendar month following the termination date,
a fully taxable cash payment equal to the applicable COBRA premiums for that month (including the amount of COBRA premiums for Executive’s
eligible dependents), subject to applicable tax withholdings (such amount, the “Special Cash Payment”), for the remainder
of the COBRA Premium Period. Executive may, but is not obligated to, use such Special Cash Payments toward the cost of COBRA premiums.

 

(b)
Termination Without Cause or Resignation for Good Reason During Change of Control Period. If, at any time during the Change
of Control Period, (i) Executive’s employment with the Company is terminated by the Company without Cause (other than as a result
of Executive’s death or Disability), or (ii) Executive resigns for Good Reason, then, subject to compliance with the Release Requirement,
and provided such termination or resignation constitutes a Separation from Service, Executive will be eligible to receive the following
severance benefits in lieu of (and not in addition to) the severance benefits described in Section 7(a) above, and provided that Executive
satisfies the Release Requirement and remains in compliance with the terms of this Agreement, to be paid as soon as practical following
the Release Effective Date:

 

(1)
Change of Control Severance Payment. Executive shall be eligible for a lump sum cash severance payment, to be made as soon
as practicable following the Release Effective Date and subject to required payroll deductions and tax withholdings (the “Change
of Control Severance Payment”), in an amount equal to (i) (x) 12 months of Executive’s Base Salary as in effect immediately
before the Termination Date, plus (y) an amount equal to the Target Cash Bonus for the fiscal year in which the Termination Date occurs.

 

For
the avoidance of doubt, the Base Salary used in determining Executive’s Change of Control Severance Payment shall be calculated
prior to giving effect to any reduction in Base Salary that would give rise to Executive’s right to resign for Good Reason.

 

(2)
Change of Control COBRA Premiums. If Executive timely elects continued coverage under COBRA, the Company will pay Executive’s
COBRA premiums to continue Executive’s coverage (including coverage for Executive’s eligible dependents, if applicable) (the
“Change of Control COBRA Premiums”) for a period of 12 months following the effective date of the Change of Control
(the “Change of Control COBRA Premium Period”); provided that the Company’s provision of the Change of Control
COBRA Premium benefits will immediately cease if during the Change of Control COBRA Premium Period Executive becomes eligible for group
health insurance coverage through a new employer or Executive ceases to be eligible for COBRA continuation coverage for any reason, including
plan termination. In the event Executive becomes covered under another employer’s group health plan or otherwise ceases to be eligible
for COBRA during the Change of Control COBRA Premium Period, Executive must immediately notify the Company of such event. Notwithstanding
the foregoing, if the Company determines, in its sole discretion, that it cannot pay the Change of Control COBRA Premiums without potentially
incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service
Act), regardless of whether Executive or Executive’s dependents elect or are eligible for COBRA coverage, the Company instead shall
pay to Executive, on the first day of each calendar month following the termination date, a fully taxable cash payment equal to the applicable
Change of Control COBRA Premiums for that month (including the amount of Change of Control COBRA Premiums for Executive’s eligible
dependents), subject to applicable tax withholdings (such amount, the “Special Cash Payment”), for the remainder of
the COBRA Premium Period. Executive may, but is not obligated to, use such Special Cash Payments toward the cost of the Change of Control
COBRA Premiums; and

 

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(3)
Equity Acceleration and Option Exercise Extension. Upon the Termination Date, (A) all of the outstanding stock options,
restricted stock units or other equity awards Executive holds with respect to the Company’s Common Stock shall accelerate and vest
such that 100% of such equity awards shall be deemed vested and fully exercisable and (B) each of Executive’s then-outstanding stock
options shall remain exercisable until such stock option’s original expiration date.

 

(c)
Termination by Company for Cause, by Executive without Good Reason. The Company may terminate the Executive’s
employment hereunder at any time for Cause upon written notice to the Executive. The Executive may voluntarily terminate his employment
hereunder at any time without Good Reason upon thirty (30) days prior written notice to the Company; provided, however, the Company reserves
the right, upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and
make the Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last day of work
as the Company deems appropriate. It is understood and agreed that the Company’s election to accelerate Executive’s notice
of resignation shall not be deemed a termination by the Company without Cause or otherwise or constitute Good Reason. If Executive’s
employment is terminated by the Company for Cause, by Executive without Good Reason, or due to Executive’s death or Disability,
then the Company shall pay the Accrued Obligations. All further vesting of Executive’s outstanding equity awards will terminate
immediately, and Company shall have no further obligations to Executive under this Agreement.

 

(d)
Termination Resulting from the Executive’s Death or Disability. As a result of any Disability suffered by the Executive,
the Company may, upon thirty (30) days prior notice to the Executive, terminate the Executive’s employment under this Agreement.
The Executive’s employment shall automatically terminate upon his death. If the Executive’s employment is terminated pursuant
to this Section 7(c), the Executive or the Executive’s estate, as the case may be, shall be entitled to receive, and the Company’s
sole obligation under this Agreement or otherwise shall be to pay or provide to the Executive or the Executive’s estate, as the
case may be, the Accrued Obligations, Accelerated Vesting and a lump sum payment equal to twelve (12) months’ Base Salary (at the
rate in effect immediately prior to the Termination Date) (less applicable withholdings and authorized deductions), to be paid on the
next regular payroll date following the Termination Date.

 

(e)
Termination by Mutual Agreement of the Parties. Executive’s employment pursuant to this Agreement may be terminated
at any time upon mutual agreement, in writing, signed by both of the Parties. Any such termination of employment shall have the consequences
specified in such writing.

 

8.
Covenants; Conditions to Receipt of Severance; Mitigation.

 

(a)
Non-disparagement. During the Employment Term and for the 12 months thereafter, Executive will not, and will cause
Executive’s relatives, agents and representatives to not, knowingly disparage, criticize or otherwise make any derogatory statements
regarding the Company, its directors, or its officers, and the Company will not knowingly disparage, criticize or otherwise make any derogatory
statements regarding Executive. The Company’s obligations under the preceding sentence shall be limited to communications by its
senior corporate executives having the rank of Vice President or above and members of the Board. The foregoing restrictions will not apply
to any statements that are made truthfully in response to a subpoena or other compulsory legal process. Moreover, nothing in this agreement
prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any
other conduct that you have reason to believe is unlawful. Payments of severance to Executive, in accordance with Section 7 above,
shall immediately cease, and no further payments shall be made, in the event that Executive breaches the provisions of this Section 8(a).

 

(b)
Release of Claims. To be eligible for any of the severance benefits provided in Sections 7(a) or 7(b) of this Agreement,
Executive must satisfy the following release requirement (the “Release Requirement”): return to the Company a signed
and dated general release of all known and unknown claims in a termination agreement acceptable to the Company (the “Release”)
within the applicable deadline set forth therein, but in no event later than 45 calendar days following Executive’s termination
date, and permit the Release to become effective and irrevocable in accordance with its terms (such effective date of the Release, the
“Release Effective Date”). Notwithstanding the foregoing, if the period for satisfaction of the Release Requirement
begins in one taxable year and ends in another taxable year, then the Release Effective Date shall occur no sooner than the first date
of such second taxable year. No severance benefits pursuant to this Agreement will be paid prior to the Release Effective Date. Accordingly,
if Executive breaches the preceding sentence and/or refuses to sign and deliver to the Company an executed Release or signs and delivers
to the Company the Release but exercises Executive’s right, if any, under applicable law to revoke the Release (or any portion thereof),
then Executive will not be entitled to any severance, payment or benefit under this Agreement.

 

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(c)
Mitigation. Payments of severance to Executive, in accordance with Section 7 above, shall immediately cease, and no
further payments shall be made, in the event that Executive materially breaches the PIICA (as defined in Section 11(d) below) (provided,
however, that Executive’s right to future payments will be restored, and any omitted payments will be made to Executive promptly,
if the Board in its reasonable good faith judgment determines that such breach is curable, and Executive cures the breach to the reasonable
satisfaction of the Board within 30 days of having been notified thereof). Executive agrees to cooperate with the Company and to provide
timely notice as to Executive’s activities following a termination without Cause so that the Company may monitor its obligation
under this Section 8 and its subsections.

 

9.
Definitions.

 

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

 

(a)
“Cause” means the occurrence of any one or more of the following: (i) Executive’s commission of any felony
or any crime involving fraud or dishonesty under the laws of the United States or any state thereof; (ii) Executive’s attempted
commission of, or participation in, a fraud or material act of dishonesty against the Company; (iii) Executive’s intentional, material
violation of any contract or agreement between Executive and the Company (including this Agreement and/or the PIICA); (iv) Executive’s
intentional, material violation of any statutory duty owed to the Company that is not cured within 30 days following the issuance of written
notice from the Company to the Executive reasonably explaining the basis for the Company’s conclusion that said violation has occurred,
provided that notice and opportunity to cure shall not apply where the violation is not reasonably susceptible of cure; (v) Executive’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (vi) Executive’s gross misconduct
relating to the business affairs of the Company. Executive’s termination of employment will not be considered to be for Cause unless
it is approved by a majority vote of the members of the Board of Directors or an independent committee thereof. It is understood that
good faith decisions of Executive relating to the conduct of the Company’s business or the Company’s business strategy will
not constitute “Cause.”

 

(b)
“Change of Control” means the occurrence of any one or more of the following events: (i) any person (within
the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) becomes the owner, directly or indirectly, of
securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities (other
than in connection with a transaction involving the issuance of securities by the Company the principal purpose of which is to raise capital
for the Company); (ii) there is consummated a merger, consolidation or similar transaction to which the Company is a party and the stockholders
of the Company immediately prior thereto do not own outstanding voting securities representing more than 50% of the combined outstanding
voting power of the surviving entity immediately following such merger, consolidation or similar transaction or more than 50% of the combined
outstanding voting power of the parent of the surviving entity immediately following such merger, consolidation or similar transaction;
or (iii) there is consummated a sale, lease exclusive license or other disposition of all or substantially all of the assets of the Company
(and any of its subsidiaries), other than a sale, lease or other disposition of all or substantially all of the assets of the Company
(and any of its subsidiaries) to an entity more than 50% of the combined voting power of which is owned immediately following such disposition
by the stockholders of the Company immediately prior thereto. For the avoidance of doubt, a reincorporation of the Company shall not be
deemed a Change of Control.

 

(c)
“Change of Control Period” means the time period commencing three months before the effective date of a Change
of Control and ending on the date that is 12 months after the effective date of a Change of Control.

 

(d)
“Disability” means Executive’s absence from Executive’s responsibilities with the Company on a full-time
basis for 180 calendar days in any consecutive 12-month period as a result of Executive’s mental or physical illness or injury shall
mean the inability of Executive to perform Executive’s duties under this Agreement because Executive has become permanently disabled
within the meaning of any policy of disability income insurance covering employees of the Company then in force. In the event the Company
has no policy of disability income insurance covering employees of the Company in force when Executive becomes disabled, the term Disability
shall mean the inability of Executive to perform Executive’s duties under this Agreement by reason of any incapacity, physical or
mental, which the Board, based upon medical advice or an opinion provided by a licensed physician acceptable to the Board, determines
can be expected to result in death or expected to last for a continuous period of more than four months. Based upon such medical advice
or opinion, the determination of the Board shall be final and binding and the date such determination is made shall be the date of such
Disability for purposes of this Agreement. The Company shall act upon this Section in compliance with the Family Medical Leave Act (if
applicable to the Company), the Americans with Disabilities Act (as amended), and applicable state and local laws.

 

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(e)
“Good Reason” for Executive’s resignation from employment with the Company means the occurrence of any
of the following events without Executive’s prior written consent: (i) a material breach of this Agreement by the Company; (ii)
a material reduction (but not less than 10%) by the Company of Executive’s Base Salary, unless such reduction is part of a reduction
program applicable generally to other executive employees of the Company; (iii) a material reduction in Executive’s duties, authority
or responsibilities, taken as a whole, other than if asked to assume substantially similar duties and responsibilities in a larger entity
after a Change of Control (provided, that a change in job position (including a change in title) or reporting line shall not be deemed
a “material reduction” in and of itself unless Executive’s new duties are materially reduced from the prior duties);
or (iv) following a Change of Control, an involuntary relocation of Executive’s principal place of employment to a place that increases
Executive’s one-way commute by more than 50 miles as compared to Executive’s then-current principal place of employment immediately
prior to such relocation. In order for Executive to resign for Good Reason, each of the following requirements must be met: (w) Executive
must provide written notice to the Board of Executive’s intent to terminate for Good Reason within 90 days following the first occurrence
of the condition(s) that Executive believes constitutes Good Reason, which notice shall describe such condition(s); (x) the Company has
not reasonably cured such event within 30 calendar days following receipt of such written notice (the “Cure Period”);
and (z) Executive actually resigns from all positions Executive then holds with the Company within the first 15 days after expiration
of the Cure Period.

 

(f)
“Separation from Service” has the meaning set forth in Treasury Regulation Section 1.409A-1(h), without regard
to any alternative definition thereunder.

 

(g)
“Termination Date” shall mean the effective date of Executive’s termination of employment with the Company
for any reason.

 

(h)
“Transaction Price” shall mean the per share consideration payable for the Company’s Common Stock in connection
with a Change of Control.

 

10.
Indemnification. Subject to applicable law, Executive will be provided indemnification to the maximum extent permitted
by the Company’s bylaws and Articles of Incorporation, including coverage, if applicable, under any directors and officers insurance
policies, with such indemnification determined by the Board or any of its committees in good faith based on principles consistently applied
(subject to such limited exceptions as the Board may approve in cases of hardship) and on terms no less favorable than provided to any
other Company executive officer or director.

 

11.
Confidential Information, etc.

 

(a)
Non-Disclosure of Information. It is understood that the business of the Company is of a confidential nature. During the
period of Executive’s employment with the Company, Executive may receive and/or may secure confidential information concerning the
Company or any of the Company’s affiliates which, if known to competitors thereof, would damage the Company or its said affiliates.
Executive agrees that during and after Executive’s employment, Executive will not, directly or indirectly, divulge, disclose or
appropriate to Executive’s own use, or to the use of any third party, any secret, proprietary or confidential information or knowledge
obtained by him during his employment concerning such confidential matters of the Company or its affiliates, including, but not limited
to, information pertaining to contact information, financial information, research, product plans, products, services, customers, markets,
developments, processes, designs, drawings, business plans, business strategies or arrangements, or intellectual property or trade secrets.
Upon termination of Executive’s employment, Executive shall promptly deliver to the Company all materials of a secret or confidential
nature relating to the business of the Company or any of its affiliates that are, directly or indirectly, in the possession or under the
control of Executive. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), Executive shall not be held criminally or
civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating
a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal.

 

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(b)
Trade Secrets. Executive acknowledges and agrees that during Executive’s employment and in the course of the discharge
of Executive’s duties, Executive shall have access to and become acquainted with information concerning the operation and processes
of the Company, including without limitation, proprietary, technical, financial, personnel, sales and other information that is owned
by the Company and regularly used in the operation of the Company’s business, and that such information constitutes the Company’s
trade secrets. Executive specifically agrees that Executive shall not misuse, misappropriate, or disclose any such trade secrets, directly
or indirectly, to any other person or use them in any way, either during Executive’s employment or at any other time thereafter,
except as is required in the course of Executive’s employment hereunder. Executive acknowledges and agrees that the sale or unauthorized
use or disclosure of any of the Company’s trade secrets obtained by Executive during the course of Executive’s employment,
including information concerning the Company’s current or any future and proposed work, services, or products, the fact that any
such work, services, or products are planned, under consideration, or in production, as well as any descriptions thereof, constitute unfair
competition. Executive promises and agrees not to engage in any unfair competition with the Company, either during his employment or at
any other time thereafter. Executive further agrees that all files, records, documents, specifications, and similar items relating to
the Company’s business, whether prepared by Executive or others, are and shall remain exclusively the property of the Company and
that they shall be removed from the premises of the Company only with the express prior written consent of the Company’s Chief Executive
Officer or his designee.

 

(c)
Cooperation. Executive agrees to cooperate with and provide assistance to the Company and its legal counsel in connection
with any litigation (including arbitration or administrative hearings) or investigation affecting the Company, in which, in the reasonable
judgment of the Company’s counsel, Executive’s assistance or cooperation is needed. Executive shall, when requested by the
Company, provide testimony or other assistance and shall travel at the Company’s reasonable request and expense in order to fulfill
this obligation.

 

(d)
Proprietary Inventions and Assignment Agreement. As a condition of employment, Executive shall execute and abide by the
Company’s standard form of Proprietary Information, Invention and Confidentiality Agreement (the “PIICA”), attached
hereto as Exhibit A.

 

(e)
Notwithstanding the foregoing or anything to the contrary in this Agreement or any other agreement between the Company and Executive,
nothing in this Agreement shall limit Executive’s right to (i) discuss his employment or report possible violations of law or regulation
with any federal government agency or similar state or local agency, or (ii) discuss or disclose information with others regarding the
terms and conditions of his employment or unlawful acts in the Company’s workplace, including but not limited to sexual harassment.

 

12.
Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal
representatives of Executive upon Executive’s death, and (b) any successor of the Company. Any such successor of the Company
will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor”
means any person, firm, corporation, or other business entity, which at any time, whether by purchase, merger or otherwise, directly or
indirectly acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any
form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance, or other disposition of Executive’s right to compensation or other benefits
will be null and void.

 

13.
Notices. All notices, requests, demands, and other communications called for hereunder will be in writing and will be
deemed given (a) on the date of delivery if delivered personally, (b) one day after being sent overnight by a well-established
commercial overnight service, or (c) four days after being mailed by registered or certified mail, return receipt requested, prepaid
and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate
in writing:

 

If to the Company:

 

Cadrenal Therapeutics, Inc.

822 A1A North, Suite 320

Ponte Vedra, Florida 32082Attn: Quang Pham, Chief Executive
Officer

Email: quang.pham@cadrenal.com

 

    8

     

    

 

If to Executive:

 

at the last residential address known
by the Company

 

14.
Severability. If any provision hereof becomes or is declared by a court of competent jurisdiction or an arbitrator to
be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision.

 

15.
Governing Law. This Agreement will be deemed to be made in and in all respects will be interpreted, construed and governed
by and in accordance with the law of the State of California without regard to any applicable principles of conflicts of law. This Agreement
shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted.

 

16.
Dispute Resolution; Arbitration Agreement.

 

(a)
Agreement to Arbitrate All Disputes. To ensure the timely and economical resolution of disputes that may arise between
Executive and the Company, both Executive and the Company mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16,
and to the fullest extent permitted by applicable law, they will submit solely to final, binding and confidential arbitration any and
all disputes, claims, or causes of action arising from or relating to: (i) the negotiation, execution, interpretation,
performance, breach or enforcement of this Agreement; or (ii) Executive’s employment with the Company (including but not
limited to all statutory claims); or (iii) the termination of Executive’s employment with the Company (including but not
limited to all statutory claims). By agreeing to this arbitration procedure, both Executive
and the Company waive the right to resolve any such disputes through a trial by jury or judge or through an administrative proceeding. 

 

(b)
Arbitrator Authority. The Arbitrator shall have the sole and exclusive authority to determine whether a dispute,
claim or cause of action is subject to arbitration under this Arbitration section and to determine any procedural questions which grow
out of such disputes, claims or causes of action and bear on their final disposition. 

 

(c)
Individual Capacity Only. All claims, disputes, or causes of action under this Arbitration section, whether by Executive
or the Company, must be brought solely in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member
in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity.
The Arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or
class proceeding. To the extent that the preceding sentences in this paragraph are found to violate applicable law or are otherwise
found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. 

 

(d)
Arbitration Process. Any arbitration proceeding under this Arbitration section shall be presided over by a single arbitrator
and conducted by JAMS, Inc. (“JAMS”) in San Diego, California under the then applicable JAMS rules for the resolution of employment
disputes (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/). Executive
and the Company both have the right to be represented by legal counsel at any arbitration proceeding, at each party’s own expense. The
Arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute; (ii) issue a written
arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (iii)
be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. The Company shall
pay all JAMS arbitration fees in excess of the amount of court fees that would be required of Executive if the dispute were decided in
a court of law. 

 

(e)
Excluded Claims. This Arbitration section shall not apply to any action or claim that cannot be subject to mandatory
arbitration as a matter of law, including, without limitation, claims for workers’ compensation or unemployment compensation benefits,
claims under an employee benefit or pension plan that specifies a different arbitration procedure, and harassment claims to the extent
such claims are not permitted by applicable law to be submitted to mandatory arbitration and are not preempted by the Federal Arbitration
Act (collectively, the “Excluded Claims”). In the event Executive intends to bring multiple claims, including
one of the Excluded Claims listed above, the Excluded Claims may be publicly filed with a court, while any other claims will remain subject
to mandatory arbitration. This Arbitration section also shall not prohibit the filing of an administrative charge to any federal, state
or local equal opportunity or fair employment practices agency, an administrative charge to the National Labor Relations Board, an agency
charge or complaint to exhaust an administrative remedy, or any other charge filed with or communication to a federal, state or local
government office, official or agency.

 

    9

     

    

 

(f)
Injunctive Relief and Final Orders. Nothing in this Arbitration section is intended to prevent either Executive or the
Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any final
award in any arbitration proceeding hereunder may be entered as a judgment in the federal and state courts of any competent jurisdiction
and enforced accordingly.

 

(g)
Notwithstanding the foregoing, the Parties shall continue performing their respective obligations under this Agreement while
any dispute is being resolved unless and until such obligations are terminated or expire in accordance with the provisions hereof.

 

17.
Integration. This Agreement, together with its Exhibits, and the standard forms of equity award grants that describe
Executive’s outstanding equity awards, represents the entire agreement and understanding between the parties as to the subject matter
herein and supersedes all prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of
the provisions of this Agreement will be binding unless in a writing and is signed by duly authorized representatives of the parties hereto.
In entering into this Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding that
is not in this Agreement.

 

18.
Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing,
will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

19.
Survival. The PIICA and the Company’s and Executive’s responsibilities under Sections 6 (Termination of
Employment), 7 (Severance), 8 (Covenants; Conditions of Receipt of Severance; Mitigation), 9 (Definitions), 10 (Indemnification), 11 (Confidential
Information), 12 (Assignment), 13 (Notices), 14 (Severability), and 15 (Governing Law), 16 (Dispute Resolution; Arbitration Agreement),
17 (Integration), 18 (Waiver of Breach), 19 (Survival), 20 (Headings), 21 (Tax Withholding), 22 (Acknowledgment), 23 (Internal Revenue
Code Section 409A), 24 (Section 280G; Limitations on Payment) will survive the termination of this Agreement.

 

20.
Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form
a part of this Agreement.

 

21.
Tax Withholding. All payments and awards contemplated or made pursuant to this Agreement will be subject to withholdings
of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges
and agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment of any payments or awards
contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax and financial advisor and fully
understands the tax and economic consequences of all payments and awards made pursuant to this Agreement.

 

22.
Acknowledgments; Representations. Executive acknowledges that he has had the opportunity to discuss this matter with
and obtain advice from Executive’s private attorney, has had sufficient time to, and has carefully read and fully understands all
the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. Executive represents and warrants that,
as of the date he is executing this Agreement, he is not aware of any events or actions that have occurred since such date that would
give rise to his resignation of employment for Good Reason (as defined and set forth below and in the Prior Agreement or any other agreement
relating to his employment). Executive further acknowledges that, by execution of this Agreement, he is no longer entitled to any of the
compensation and/or benefits described in the Prior Agreement, including but not limited to the benefits described in Section 8(a) of
the Prior Agreement.

 

    10

     

    

 

23.
Internal Revenue Code Section 409A. It is intended that all of the severance benefits and other payments payable
under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under
Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) (“Section 409A”), and this Agreement will
be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and
any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Section 409A (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments
under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate
payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding
any provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of Executive’s Separation from
Service to be a “specified Executive” for purposes of Section 409A(a)(2)(B)(i), and if any of the payments upon Separation
from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation,”
then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to
the earliest of (i) the expiration of the six-month and one day period measured from the date of Executive’s Separation from Service,
(ii) the date of Executive’s death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse
taxation. Upon the first business day following the expiration of such applicable Section 409A(a)(2)(B)(i) period, all payments deferred
pursuant to this Section 23 shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided
herein or in the applicable agreement. No interest shall be due on any amounts so deferred. If the Company determines that any severance
benefits provided under this Agreement constitutes “deferred compensation” under Section 409A, for purposes of determining
the schedule for payment of the severance benefits, the effective date of the Release will not be deemed to have occurred any earlier
than the 60th day following the Separation from Service, regardless of when the Release actually becomes effective. To the
extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to Executive under this Agreement
shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of
expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not effect amounts reimbursable
or provided in any subsequent year. The Company makes no representation that any or all of the payments described in this Agreement will
be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.

 

24.
Section 280G; Limitations on Payment.

 

(a)
If any payment or benefit Executive will or may receive from the Company or otherwise (a “280G Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence,
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided
pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject
to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined
by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and
the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of
the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction
in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding
sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit
for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro
rata (the “Pro Rata Reduction Method”).

 

    11

     

    

 

(b)
Notwithstanding any provision of Section 24(a) above to the contrary, if the Reduction Method or the Pro Rata Reduction Method
would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes
pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as
to avoid the imposition of taxes pursuant to Section 409A as follows: (1) as a first priority, the modification shall preserve to
the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (2) as a second priority,
Payments that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments
that are not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within
the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of
Section 409A.

 

(c)
Unless the Parties agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general
tax compliance purposes as of the day prior to the effective date of the Change of Control transaction shall perform the foregoing calculations.
If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the
Change of Control, the Company shall appoint a nationally recognized accounting or law firm to make the determinations required by this
Section 24. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made
hereunder. The Company shall use commercially reasonable efforts to cause the accounting or law firm engaged to make the determinations
hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15)
calendar days after the date on which Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that
time by Executive or the Company) or such other time as requested by Executive or the Company.

 

(d)
If Executive receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 24(a) above and the
Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive agrees to promptly
return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 24(a) above) so that no portion
of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause
(y) of Section 24(a) above, Executive shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

 

25.
Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect
as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

 

[Signature Page Follows]

 

    12

     

    

 

For California Employees

 

IN WITNESS WHEREOF, each of the parties has executed
this Agreement, in the case of the Company by a duly authorized officer, on the day and year written below.

 

Company:

 

CADRENAL THERAPEUTICS, INC.

 

	By:	 	 
	Name:	Quang Pham	 
	Title:	CEO	 
	Date:	 	 

 

	Executive:	 
	 	 
	 	 
	Matthew K. Szot	 

 

    Page 1

     

    

 

SCHEDULE A

 

		●	SenesTech,
Inc.

		●	INVO
Bioscience, Inc.

 

    Page 2

     

    

 

EXHIBIT
A

 

Employee
Proprietary Information, Inventions and Confidentiality Agreement

 

    Page 3

     

    

 

CADRENAL THERAPEUTICS, INC.

 

Proprietary
Information, Inventions and Confidentiality Agreement 

 

In consideration of my employment
or continued employment by Cadrenal Therapeutics, Inc. (“Employer”),
and its subsidiaries, parents, affiliates, successors and assigns (together with Employer, “Company”), the compensation
paid to me now and during my employment with Company, and Company’s agreement to provide me with access to its Confidential Information
(as defined below), I enter into this Proprietary Information, Inventions and Confidentiality Agreement with Employer (the “Agreement”).
Accordingly, in consideration of the mutual promises and covenants contained herein, Employer (on behalf of itself and Company) and I
agree as follows:

 

1. Confidential
Information Protections.

 

1.1 Recognition
of Company’s Rights; Nondisclosure. My employment by Company creates a relationship of confidence and trust with respect to
Confidential Information (as defined below) and Company has a protectable interest in the Confidential Information. At all times during
and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or publish any Confidential Information,
except as required in connection with my work for Company, or as approved by an officer of Company. I will obtain written approval by
an officer of Company before I lecture on or submit for publication any material (written, oral, or otherwise) that discloses and/or incorporates
any Confidential Information. I will take all reasonable precautions to prevent the disclosure of Confidential Information. Notwithstanding
the foregoing, pursuant to 18 U.S.C. Section 1833(b), I will not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2)
is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. I agree that Company
information or documentation to which I have access during my employment, regardless of whether it contains Confidential Information,
is the property of Company and cannot be downloaded or retained for my personal use or for any use that is outside the scope of my duties
for Company.

 

1.2 Confidential
Information. “Confidential Information” means any and all confidential knowledge or data of Company, and
includes any confidential knowledge or data that Company has received, or receives in the future, from third parties that Company has
agreed to treat as confidential and to use for only certain limited purposes. By way of illustration but not limitation, Confidential
Information includes (a) trade secrets, inventions, ideas, processes, formulas, software in source or object code, data, technology, know-how,
designs and techniques, and any other work product of any nature, and all Intellectual Property Rights (defined below) in all of the foregoing
(collectively, “Inventions”), including all Company Inventions (defined in Section 2.1); (b) information regarding
research, development, new products, business and operational plans, budgets, unpublished financial statements and projections, costs,
margins, discounts, credit terms, pricing, quoting procedures, future plans and strategies, capital-raising plans, internal services,
suppliers and supplier information; (c) information about customers and potential customers of Company, including customer lists, names,
representatives, their needs or desires with respect to the types of products or services offered by Company, and other non-public information;
(d) information about Company’s business partners and their services, including names, representatives, proposals, bids, contracts,
and the products and services they provide; (e) information regarding personnel, employee lists, compensation, and employee skills; and
(f) any other non-public information that a competitor of Company could use to Company’s competitive disadvantage. However, Company
agrees that I am free to use information that I knew prior to my employment with Company or that is, at the time of use, generally known
in the trade or industry through no breach of this Agreement by me. Company further agrees that this Agreement does not limit my right
to discuss my employment or unlawful acts in Company’s workplace, including but not limited to sexual harassment, or report possible
violations of law or regulation with any federal, state or local government agency, or to discuss the terms and conditions of my employment
with others to the extent expressly permitted by Section 7 of the National Labor Relations Act, or to the extent that such disclosure
is protected under the applicable provisions of law or regulation, including but not limited to “whistleblower” statutes or
other similar provisions that protect such disclosure, to the extent any such rights are not permitted by applicable law to be the subject
of nondisclosure obligations.

 

    Page 4

     

    

 

1.3 Term
of Nondisclosure Restrictions. I will only use or disclose Confidential Information as provided in this Section 1 and I agree that
the restrictions in Section 1.1 are intended to continue indefinitely, even after my employment by Company ends. However, if a time limitation
on my obligation not to use or disclose Confidential Information is required under applicable law, and the Agreement or its restriction(s)
cannot otherwise be enforced, Company and I agree that the two year period after the date my employment ends will be the time limitation
relevant to the contested restriction; provided, however, that my obligation not to disclose or use trade secrets that are
protected without time limitation under applicable law shall continue indefinitely.

 

1.4 No
Improper Use of Information of Prior Employers and Others. During my employment by Company, I will not improperly use or disclose
confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality,
and I will not bring onto Company’s premises any unpublished documents or property belonging to a former employer or any other person
to whom I have an obligation of confidentiality unless that former employer or person has consented in writing.

 

2. Assignments
of Inventions.

 

2.1 Definitions.
The term (a) “Intellectual Property Rights” means all past, present and future rights of the following types,
which may exist or be created under the laws of any jurisdiction in the world: trade secrets, Copyrights, trademark and trade name rights,
mask work rights, patents and industrial property, and all proprietary rights in technology or works of authorship (including, in each
case, any application for any such rights and any rights to apply for any such rights, as well as all rights to pursue remedies for infringement
or violation of any such rights); (b) “Copyright” means the exclusive legal right to reproduce, perform, display,
distribute and make derivative works of a work of authorship (for example, a literary, musical, or artistic work) recognized by the laws
of any jurisdiction in the world; (c) “Moral Rights” means all paternity, integrity, disclosure, withdrawal,
special and similar rights recognized by the laws of any jurisdiction in the world; and (d) “Company Inventions”
means any and all Inventions (and all Intellectual Property Rights related to Inventions) that are made, conceived, developed, prepared,
produced, authored, edited, amended, reduced to practice, or learned or set out in any tangible medium of expression or otherwise created,
in whole or in part, by me, either alone or with others, during my employment by Company, and all printed, physical, and electronic copies,
and other tangible embodiments of Inventions.

 

2.2 California
Limited Exclusion Notification.

 

(a) I
acknowledge that California Labor Code section 2870(a) provides that I cannot be required to assign to Company any Invention that I develop
entirely on my own time without using Company’s equipment, supplies, facilities or trade secret information, except for Inventions
that either (i) relate at the time of conception or reduction to practice to Company’s business, or actual or demonstrably anticipated
research or development, or (ii) result from any work performed by me for Company (“Nonassignable Inventions”). 

 

(b) To
the extent that a provision in this Agreement purports to require me to assign a Nonassignable Invention to Company, the provision is
against the public policy of the state of California and is unenforceable. 

 

(c) This
limited exclusion does not apply to any patent or Invention covered by a contract between Company and the United States or any of its
agencies requiring full title to such patent or Invention to be in the United States.

 

2.3 Prior
Inventions.

 

(a) On
the signature page to this Agreement is a list describing any Inventions that (i) are owned by me or in which I have an interest and that
were made or acquired by me prior to my date of first employment by Company, and (ii) may relate to Company’s business or actual
or demonstrably anticipated research or development, and (iii) are not to be assigned to Company (“Prior Inventions”).
If no such list is attached, I represent and warrant that no Inventions that would be classified as Prior Inventions exist as of the date
of this Agreement.

 

    Page 5

     

    

 

(b) I
agree that if I use any Prior Inventions and/or Nonassignable Inventions in the scope of my employment, or if I include any Prior Inventions
and/or Nonassignable Inventions in any product or service of Company, or if my rights in any Prior Inventions and/or any Nonassignable
Inventions may block or interfere with, or may otherwise be required for, the exercise by Company of any rights assigned to Company under
this Agreement (each, a “License Event”), (i) I will immediately notify Company in writing, and (ii) unless
Company and I agree otherwise in writing, I hereby grant to Company a non-exclusive, perpetual, transferable, fully-paid, royalty-free,
irrevocable, worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works
of, distribute, publicly perform, and publicly display in any form or medium (whether now known or later developed), make, have made,
use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Inventions and/or Nonassignable Inventions.
To the extent that any third parties have any rights in or to any Prior Inventions or any Nonassignable Inventions, I represent and warrant
that such third party or parties have validly and irrevocably granted to me the right to grant the license stated above. For purposes
of this paragraph, “Prior Inventions” includes any Inventions that would be classified as Prior Inventions,
whether or not they are listed on the signature page to this Agreement.

 

2.4 Assignment
of Company Inventions. I hereby assign to Employer all my right, title, and interest in and to any and all Company Inventions other
than Nonassignable Inventions and agree that such assignment includes an assignment of all Moral Rights. To the extent such Moral Rights
cannot be assigned to Employer and to the extent the following is allowed by the laws in any country where Moral Rights exist, I hereby
unconditionally and irrevocably waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Employer
or related to Employer’s customers, with respect to such rights. I further agree that neither my successors-in-interest nor legal
heirs retain any Moral Rights in any Company Inventions. Nothing contained in this Agreement may be construed to reduce or limit Company’s
rights, title, or interest in any Company Inventions so as to be less in any respect than that Company would have had in the absence of
this Agreement.

 

2.5 Obligation
to Keep Company Informed. During my employment by Company, I will promptly and fully disclose to Company in writing all Inventions
that I author, conceive, or reduce to practice, either alone or jointly with others. At the time of each disclosure, I will advise Company
in writing of any Inventions that I believe constitute Nonassignable Inventions; and I will at that time provide to Company in writing
all evidence necessary to substantiate my belief. Subject to Section 2.3(b), Company agrees to keep in confidence, not use for any purpose,
and not disclose to third parties without my consent, any confidential information relating to Nonassignable Inventions that I disclose
in writing to Company.

 

2.6 Government
or Third Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the United States,
all my right, title, and interest in and to any particular Company Invention.

 

2.7 Ownership
of Work Product. I acknowledge that all original works of authorship that are made by me (solely or jointly with others) within the
scope of my employment and that are protectable by Copyright are “works made for hire,” pursuant to United States Copyright
Act (17 U.S.C., Section 101).

 

2.8 Enforcement
of Intellectual Property Rights and Assistance. I will assist Company, in every way Company requests, including signing, verifying
and delivering any documents and performing any other acts, to obtain and enforce United States and foreign Intellectual Property Rights
and Moral Rights relating to Company Inventions in any jurisdictions in the world. My obligation to assist Company with respect to Intellectual
Property Rights relating to Company Inventions will continue beyond the termination of my employment, but Company will compensate me at
a reasonable rate after such termination for the time I actually spend on such assistance. If Company is unable for any reason, after
reasonable effort, to secure my signature on any document needed in connection with the actions specified in this paragraph, I hereby
irrevocably designate and appoint Employer and its duly authorized officers and agents as my agent and attorney in fact, which appointment
is coupled with an interest, to act for and on my behalf to execute, verify and file any such documents and to do all other lawfully permitted
acts to further the purposes of this Agreement with the same legal force and effect as if executed by me. I hereby waive and quitclaim
to Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Intellectual Property
Rights assigned to Employer under this Agreement.

 

2.9 Incorporation
of Software Code. I agree not to incorporate into any Inventions, including any Company software, or otherwise deliver to Company,
any software code licensed under the GNU General Public License, Lesser General Public License, or any other license that, by its terms,
requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or
licensed by Company, except in strict compliance with Company’s policies regarding the use of such software or as directed
by Company.

 

    Page 6

     

    

 

3. Records.
I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required
by Company) of all Confidential Information developed by me and all Company Inventions made by me during the period of my employment at
Company, which records will be available to and remain the sole property of Employer at all times.

 

4. Duty
of Loyalty During Employment. During my employment by Company, I will not, without Company’s written consent, directly
or indirectly engage in any employment or business activity that is directly or indirectly competitive with, or would otherwise conflict
with, my employment by Company.

 

5. No
Solicitation of Employees, Consultants or Contractors. To the extent permitted by applicable law, I agree that during my employment
and for the 12 month period after the date my employment ends for any reason, including but not limited to voluntary termination by me
or involuntary termination by Company, I will not, as an officer, director, employee, consultant, owner, partner, or in any other capacity,
either directly or through others (except on behalf of Company) solicit, induce, encourage any person known to me to be an employee, consultant,
or independent contractor of Company to terminate his, her or its relationship with Company.

 

6. Reasonableness
of Restrictions. I have read this entire Agreement and understand it. I agree that (a) this Agreement does not prevent me from
earning a living or pursuing my career, and (b) the restrictions contained in this Agreement are reasonable, proper, and necessitated
by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement freely, with knowledge
of its contents and the intent to be bound by its terms. If a court finds this Agreement, or any of its restrictions, are ambiguous, unenforceable,
or invalid, Company and I agree that the court will read the Agreement as a whole and interpret such restriction(s) to be enforceable
and valid to the maximum extent allowed by law. If the court declines to enforce this Agreement in the manner provided in this Section
and/or Section 12.2, Company and I agree that this Agreement will be automatically modified to provide Company with the maximum protection
of its business interests allowed by law, and I agree to be bound by this Agreement as modified.

 

7. No
Conflicting Agreement or Obligation. I represent that my performance of all the terms of this Agreement and as an employee of Company
does not and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment
by Company. I have not entered into, and I agree I will not enter into, any written or oral agreement in conflict with this Agreement.

 

8. Return
of Company Property. When I cease to be employed by Company, I will deliver to Company any and all materials, together with all copies
thereof, containing or disclosing any Company Inventions, or Confidential Information. I will not copy, delete, or alter any information
contained upon my Company computer or Company equipment before I return it to Company. In addition, if I have used any personal computer,
server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential
Information, I agree to provide Company with a computer-useable copy of all such information and then permanently delete such information
from those systems; and I agree to provide Company access to my system as reasonably requested to verify that the necessary copying and/or
deletion is completed. I further agree that any property situated on Company’s premises and owned by Company, including disks and
other storage media, filing cabinets or other work areas, is subject to inspection by Company’s personnel at any time during my
employment, with or without notice. Prior to leaving, I hereby agree to: provide Company any and all information needed to access any
Company property or information returned or required to be returned pursuant to this paragraph, including without limitation any login,
password, and account information; cooperate with Company in attending an exit interview; and complete and sign Company’s termination
statement if required to do so by Company.

 

    Page 7

     

    

 

9. Legal
and Equitable Remedies. I agree that (a) it may be impossible to assess the damages caused by my violation of this Agreement or any
of its terms, (b) any threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury
to Company, and (c) Company will have the right to enforce this Agreement by injunction, specific performance or other equitable relief,
without bond and without prejudice to any other rights and remedies that Company may have for a breach or threatened breach of this Agreement.
If Company enforces this Agreement through a court order, I agree that the restrictions of Section 5 will remain in effect for a period
of 12 months from the effective date of the order enforcing the Agreement.

 

10. Notices.
Any notices required or permitted under this Agreement will be given to Company at its headquarters location at the time notice
is given, labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll, or at such other
address as Company or I may designate by written notice to the other. Notice will be effective upon receipt or refusal of delivery. If
delivered by certified or registered mail, notice will be considered to have been given five business days after it was mailed, as evidenced
by the postmark. If delivered by courier or express mail service, notice will be considered to have been given on the delivery date reflected
by the courier or express mail service receipt.

 

11. Publication
of This Agreement to Subsequent Employer or Business Associates of Employee. If I am offered employment, or the opportunity to enter
into any business venture as owner, partner, consultant or other capacity, while the restrictions in Section 5 of this Agreement are in
effect, I agree to inform my potential employer, partner, co-owner and/or others involved in managing the business I have an opportunity
to be associated with, of my obligations under this Agreement and to provide such person or persons with a copy of this Agreement. I agree
to inform Company of all employment and business ventures which I enter into while the restrictions described in Section 5 of this Agreement
are in effect and I authorize Company to provide copies of this Agreement to my employer, partner, co-owner and/or others involved in
managing the business I have an opportunity to be associated with and to make such persons aware of my obligations under this Agreement.

 

12. General
Provisions.

 

12.1 Governing
Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State of California
without regard to any conflict of laws principles that would require the application of the laws of a different jurisdiction. I expressly
consent to the personal jurisdiction and venue of the state and federal courts located in California for any lawsuit filed there against
me by Company arising from or related to this Agreement.

 

12.2 Severability.
If any portion of this Agreement is, for any reason, held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability
will not affect the other provisions of this Agreement, and this Agreement will be construed as if such provision had never been contained
in this Agreement. If any portion of this Agreement is, for any reason, held to be excessively broad as to duration, geographical scope,
activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent allowed by the then applicable
law.

 

12.3 Successors
and Assigns. This Agreement is for my benefit and the benefit of Company and its and their successors, assigns, parent corporations,
subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.

 

12.4 Survival.
This Agreement will survive the termination of my employment, regardless of the reason, and the assignment of this Agreement by Company
to any successor in interest or other assignee.

 

    Page 8

     

    

 

12.5 Employment
At-Will. I understand and agree that nothing in this Agreement will change my at-will employment status or confer any right with respect
to continuation of employment by Company, nor will it interfere in any way with my right or Company’s right to terminate my employment
at any time, with or without cause or advance notice.

 

12.6 Waiver.
No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No waiver by Company of any
right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice to enforce strict
adherence to all terms of this Agreement.

 

12.7 Export.
I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing
such data, in violation of the United States export laws or regulations.

 

12.8 Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and
any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

12.9 Advice
of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL
COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST
ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.

 

12.10 Entire
Agreement. The obligations in Sections 1 and 2 (except Section 2.2 and Section 2.7, in each case, with respect to a consulting relationship)
of this Agreement will apply to any time during which I was previously engaged, or am in the future engaged, by Company as a consultant,
employee or other service provider if no other agreement governs nondisclosure and assignment of inventions during such period. This Agreement
is the final, complete and exclusive agreement of the parties with respect to the subject matter of this Agreement and supersedes and
merges all prior discussions between us, provided, however, if, prior to execution of this Agreement, Company
and I were parties to any agreement regarding the subject matter hereof, that agreement will be superseded by this Agreement prospectively
only. No modification of or amendment to this Agreement will be effective unless in writing and signed by the party to be charged. Any
subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

 

[Signatures to follow on next
page]

 

    Page 9

     

    

 

This Agreement will be effective as of the date signed by the Employee
below.

 

	EMPLOYER: Cadrenal Therapeutics, Inc.	 	EMPLOYEE:
	 	 	 
	 	 	 
	(Signature)	 	(Signature)
	 	 	 
	 	 	Matthew Szot
	(Printed Name)	 	(Printed Name)
	 	 	 
	 	 	 
	(Title)	 	(Date Signed)

 

 

 

Prior
Inventions

 

1. Prior
Inventions Disclosure. Except as listed in Section 2 below, the following is a complete list of all Prior Inventions:

 

☐ No
Prior Inventions.

 

☐ See
below:

 

	 	 
	 	 
	 	 

 

☐ Additional
sheets attached.

 

2. Due
to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to the Prior Inventions generally
listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to the following party(ies):

 

	 	Excluded Invention	 	Party(ies)	 	Relationship
	1.	 	 	 	 	 
	2.	 	 	 	 	 
	3.	 	 	 	 	 

 

☐ Additional
sheets attached.Exhibit 10.7

 

 

 

 

ASSET PURCHASE AGREEMENT

 

By And Between

 

HESP LLC

 

as Seller, and

 

CADRENAL THERAPEUTICS
INC.

 

as Purchaser

 

 

Dated
April 1, 2022

 

 

 

 

     

     

    

 

Table
of Contents

 

			Page
	 	 	 
	ARTICLE 1 PURCHASE AND SALE OF ASSETS;
    ASSUMPTION OF LIABILITIES
	 	 	 
	1.1	Purchase and Sale of Assets	1
	1.2	Assumption of Liabilities	2
	1.3	Excluded Liabilities	2
	1.4	No Obligations to Third Parties	2
	1.5	“As Is” Transaction	2
	 	 	 
	ARTICLE 2 CONSIDERATION
	 	 	 
	2.1	Consideration	3
	2.2	Delayed Transfer of Assets	3
	 	 	 
	ARTICLE 3 CLOSING AND TERMINATION	 
	 	 	 
	3.1	Closing	4
	3.2	Closing Deliveries by Seller	4
	3.3	Closing Deliveries by Purchaser	5
	 	 	 
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    OF SELLER	 
	 	 	 
	4.1	Corporate Organization	5
	4.2	Authority Relative to This Agreement	5
	4.3	Conflicts; Consents of Third Parties	6
	4.4	Litigation	6
	4.5	Permits	6
	4.6	Title to Assets	7
	4.7	Assignee	7
	4.8	Intellectual Property	7
	4.9	Compliance With Law	8
	4.10	No Other Representations or Warranties	8
	 	 	 
	ARTICLE 5 REPRESENTATIONS AND WARRANTIES
    OF PURCHASER	 
	 	 	 
	5.1	Organization	9
	5.2	Authority Relative to This Agreement	9
	5.3	Consents and Approvals; No Violation	9
	5.4	Independent Investigation	9
	5.5	“AS IS, WHERE IS”	9
	 	 	 
	ARTICLE 6 COVENANTS AND AGREEMENTS	 
	 	 	 
	6.1	Further Agreements	10
	6.2	Preservation of Records; Post-Closing Access to Information	10
	6.3	Further Assurances	10

 

    i

     

    

 

	ARTICLE 7	 
	 	 	 
	7.1	Conditions to the Seller’s Obligations	11
	7.2	Conditions to Purchaser’s Obligations	11
	 	 	 
	ARTICLE 8 DEFINITIONS	 
	 	 	 
	8.1	Certain Definitions	11
	8.2	Additional Defined Terms	16
	 	 	 
	ARTICLE 9 TAXES	 
	 	 	 
	9.1	Additional Tax Matters	16
	 	 	 
	ARTICLE 10 SURVIVAL OF WARRANTIES AND INDEMNIFICATION	 
	 	 	 
	10.1	No Survival	17
	10.2	No Indemnification by Seller	17
	 	 	 
	ARTICLE 11 MISCELLANEOUS	 
	 	 	 
	11.1	Payment of Expenses	17
	11.2	[Reserved]	17
	11.3	Entire Agreement; Amendments and Waivers	17
	11.4	Counterparts	17
	11.5	Governing Law	17
	11.6	Jurisdiction, Waiver of Jury Trial	18
	11.7	Notices	18
	11.8	Binding Effect; Assignment	19
	11.9	Severability	19
	11.10	Injunctive Relief	19
	11.11	Third Party Beneficiaries	19
	11.12	Certain Interpretations	20
	11.13	Non-Recourse	20
	11.14	Limitation of Remedy in Favor of Purchaser	 

 

    ii

     

    

 

Exhibits and Schedules:

 

	Exhibit A: Bill of Sale
	Exhibit B: FIRPTA Certificate
	Exhibit C: Patent Assignment Agreement
	Exhibit D: Trademark Assignment Agreement

 

	Ancillary Schedule:
	 	 	Section 1.1 (a) – Purchased Assets
	 	 	Section 1.1(b) – Excluded Assets
	 	 	Section 1.2 – Assumed Liabilities
	 	 	Section 1.3 – Excluded Liabilities
	Disclosure Schedule:
	 	 	Section 4.4 – Current Litigation
	 	 	Section 4.5(a) – Permits
	Schedule 9.1:	Allocation Schedule	 

 

    iii

     

    

 

ASSET PURCHASE AGREEMENT

 

This ASSET PURCHASE AGREEMENT (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), dated as of April 1 , 2022, by and between
HESP LLC, a Delaware limited liability company (“Seller”) and Cadrenal Therapeutics Inc., a Delaware corporation
(“Purchaser”). Article 8 contains definitions of certain capitalized terms used herein and also provides
cross-references to certain capitalized terms defined elsewhere in this Agreement.

 

RECITALS

 

A. 
Purchaser is seeking to acquire substantially all of the Purchased Assets as defined in Section 1.1 of this Agreement.

 

B. 
Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, the Purchased Assets, on the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
Seller and the Purchaser hereby agree as follows:

 

ARTICLE 1

 

PURCHASE AND SALE OF ASSETS;
ASSUMPTION OF LIABILITIES

 

1.1
Purchase and Sale of Assets.

 

(a) 
Purchased Assets. Pursuant to the terms and subject to the conditions set forth in this Agreement, at the Closing, Purchaser
shall purchase, acquire and accept from Seller, and Seller shall sell, transfer, assign, convey and deliver to Purchaser, on the Closing
Date (as defined in Section 3.1 of this Agreement), all of Seller’s rights, title and interests in, to and under, the Assets,
including, without limitation those assets set forth on Schedule 1.1(a), but excluding those assets identified as “Excluded Assets”
in Section 1.1(b) (the “Purchased Assets”); provided that Purchaser may, in its sole discretion and at
its sole option, exclude any such Assets from the Purchased Assets prior to Closing by adding such Assets to Schedule 1.1(b). The
Purchased Assets will be sold, assigned, transferred and conveyed to Purchaser on the Closing Date on an “AS IS” and “WHERE
IS” basis, with no representations or warranties other than those specifically set forth below, and subject to any and all existing
Encumbrances. To the extent that the assignment of any of the Purchased Assets, including any Contracts, require third-party consent,
Seller will cooperate with Purchaser for a period of six (6) months commencing on the Closing Date to assist Purchaser with its efforts
to obtain such third-party consents.

 

     

     

    

 

(b)  Excluded
Assets. Notwithstanding anything to the contrary in this Agreement or any of the Ancillary Agreements, in no event shall Seller
be deemed to sell, transfer, assign or convey, and Seller shall retain all of their respective rights, title and interests to, in
and under, all of their respective assets, properties, rights and interests set forth on Schedule 1.1(b) (collectively, the
“Excluded Assets”). For the avoidance of doubt, these Excluded Assets shall include all cash and cash equivalents
that are currently in the possession of the Seller as of the Closing.

 

1.2 
Assumption of Liabilities. On the terms and subject to the conditions set forth in this Agreement, effective as of the Closing,
Purchaser shall assume and discharge when due those Liabilities set forth on Schedule 1.2 (collectively, but in all cases excluding the
Excluded Liabilities, the “Assumed Liabilities”).

 

1.3 
Excluded Liabilities. Except for the Assumed Liabilities set forth in Section 1.2 (which shall, in no event, be Excluded
Liabilities), Purchaser shall not assume, or become liable for the payment or performance of, any Liabilities of Seller (collectively,
the “Excluded Liabilities”), including the Liabilities set forth on Schedule 1.3, all of which shall remain Liabilities
of Seller.

 

1.4 
No Obligations to Third Parties. The execution and delivery of this Agreement shall not be deemed to confer any rights upon
any person or entity other than the parties hereto, or make any person or entity a third party beneficiary of this Agreement, or to obligate
either party to any person or entity other than the parties to this Agreement. The assumption by Purchaser of any liabilities or obligations
under Section 1.2 shall in no way expand the rights or remedies of third parties against Purchaser as compared to the rights and
remedies such parties would have against Seller if the Closing was not consummated.

 

1.5 
 “As Is” Transaction. PURCHASER HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED
IN Article 4 OF THIS AGREEMENT SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, EITHER WRITTEN OR
ORAL, WITH RESPECT TO SELLER, THE BUSINESS, THE PURCHASED ASSETS, THE ASSUMED LIABILITIES OR ANY OTHER MATTER. WITHOUT IN ANY WAY LIMITING
THE FOREGOING, SELLER HEREBY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS, OR USABILITY FOR ANY PARTICULAR PURPOSE
AS TO ANY PORTION OF THE PURCHASED ASSETS. ACCORDINGLY, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN Article 4 OF THIS AGREEMENT PURCHASER
WILL ACCEPT THE PURCHASED ASSETS AT THE CLOSING “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS.”

 

    2

     

    

 

ARTICLE
2

 

CONSIDERATION

 

2.1 
Consideration. The consideration payable by Purchaser to Seller for the Purchased Assets shall be as follows:

 

(9)
On the Closing Date, One Hundred Thousand Dollars ($100,000) payable by wire transfer of immediately available funds to an account designated
by Sellers in writing. Within 60 days, an additional One Hundred Thousand Dollars ($100,000) will be payable by wire transfer.

 

(b) As additional
consideration for the purchase of the Purchased Assets, Purchaser shall provide Seller with written notice of the first occurrence of
each development milestone event set forth below within forty-five (45) days after such occurrence. Within sixty (60) days of the first
occurrence of each of the milestone events set forth below the Purchaser shall make the following payments to the Seller:

 

	Development Milestones	 	Milestone

 Payments	 
	Completion of enrollment of Lee’s Pharma Phase 3 clinical trial	 	$	250,000	 
	First MAA submitted in the People’s Republic of China	 	$	350,000	 
	First Commercial Sale to a Third Party	 	$	1,200,000	 

 

I As
additional consideration for the purchase of the Purchased Assets, Purchaser shall provide Seller with written notice of the first occurrence
of each financing milestone event set forth below within forty-five (45) days after such occurrence. Within sixty (60) days of the first
occurrence of each of the financing milestone events set forth below the Purchaser shall make the following payments to the Seller; provided
however, that the maximum aggregate amount of payments to be paid to Seller under this paragraph I and paragraph (b) above shall not exceed
$2,000,000;

 

(i)
35% of any proceeds received from any licensing or partnering revenue; and

 

(ii)
IPO proceeds

 

For clarity, if the total
payments are made to Seller pursuant to paragraph (b) above then the only payments to be paid to Seller under this paragraph (c)
shall be $75,000. If the aggregate payments under this paragraph (c) equal $2,000,000 prior to any milestones set forth in paragraph
(b) above being met, then no payments shall be due under paragraph (b) above.

 

2.2
Delayed Transfer of Assets.

 

(a)
If following the Closing, Seller receives or become aware that they hold any asset, property or right which constitutes a Purchased Asset,
then Seller shall transfer such asset, property or right to the Purchaser as promptly as practicable for no additional consideration.

 

    3

     

    

 

(b) 
If following the Closing, Purchaser receives or becomes aware that it holds any asset, property or right which constitutes an Excluded
Asset, then Purchaser shall transfer such asset, property or right to the Seller as promptly as practicable for no additional consideration.

 

ARTICLE
3

 

CLOSING AND TERMINATION

 

3.1 
Closing. The closing of the Contemplated Transactions (the “Closing”) shall take place remotely via the
electronic exchange of the applicable documents and signatures (or at such other place as the parties may mutually designate in writing)
(i) within ten (10) business days after the date on which the conditions to the obligations of the parties set forth in Article 7
are satisfied or waived in writing by the party entitled to make such waiver (other than those conditions that by their nature are to
be satisfied by the delivery of documents or taking of actions at the Closing, but subject to the satisfaction or waiver of such conditions
at the Closing), or (ii) on such later date as the Purchaser and Seller agrees to in writing (the date on which the Closing occurs, “Closing
Date”).

 

3.2 
Closing Deliveries by Seller. At the Closing, Seller shall deliver or cause to be delivered:

 

(a)
to Purchaser, a duly executed Bill of Sale;

 

(b) 
to Purchaser, a certificate executed by Seller in accordance with Treasury Regulation Section 1.1445-2(b)(ii) to the effect that
Seller is not a “foreign person” within the meaning of the Code section 1445 or successor statute, substantially in the form
annexed as Exhibit B to this Agreement;

 

(c)
to Purchaser, a duly executed Patent Assignment Agreement;

 

(d)
to Purchaser, a duly executed Trademark Assignment Agreement; and

 

(e) 
to Purchaser, any additional documents and/or materials that Purchaser reasonably requests in connection with the Contemplated
Transactions, including (i) any transfer letters to the U.S. Food & Drug Administration and any other documents and/or materials required
to transfer to Purchaser new drug applications, investigational new drug applications, or other regulatory approvals for Tecarfarin ,
and all related data in Seller’s possession (ii) any assignment documentation with respect to Contracts included in the Purchased
Assets.

 

    4

     

    

 

3.3 
Closing Deliveries by Purchaser. At the Closing, Purchaser shall deliver or cause to be delivered:

 

(a)
to Seller, a duly executed acknowledgment of Bill of Sale;

 

(b)
to Seller, a duly executed Patent Assignment Agreement;

 

(c)
to Seller, a duly executed Trademark Assignment Agreement; and

 

(d) 
to Seller, any additional documents and/or materials that Seller reasonably requests in connection with the Contemplated Transactions,
with any out of pocket legal or filing expenses to be paid by Buyer .

 

ARTICLE
4

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except as set forth in the Seller’s
Disclosure Schedules, Seller hereby makes the representations and warranties in this Article 4 to the Purchaser as of the Closing
Date.

 

4.1 
Corporate Organization. Seller is a limited liability company, duly organized, validly existing and in good standing under
the Laws of its state of formation. Seller has all requisite power and authority to own, assign and convey the Purchased Assets. Seller
is duly licensed or qualified and in good standing to do business in the State of Delaware.

 

4.2 
Authority Relative to This Agreement. Seller has all requisite corporate power, authority and legal capacity to (a) execute
and deliver this Agreement, (b) execute and deliver the Seller’s Ancillary Agreements to which it is a party, and (c) perform its
obligations hereunder and under each of the Seller’s Ancillary Agreements to which it is a party, and to consummate the Contemplated
Transactions. The execution and delivery of this Agreement and each of the Seller’s Ancillary Agreements, and the consummation of
the Contemplated Transactions, have been duly authorized by all requisite action on the part of Seller. This Agreement and the Seller’s
Ancillary Agreement have been duly and validly executed and delivered by Seller, and this Agreement constitutes, and the Seller’s
Ancillary Agreements, when so executed and delivered, will constitute, legal, valid and binding obligations of Seller, enforceable against
Seller in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws
affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

    5

     

    

 

4.3
Conflicts; Consents of Third Parties.

 

(a)  Neither
the execution and delivery of this Agreement or any of the Ancillary Agreements by Seller, nor the consummation of the Contemplated
Transactions, nor compliance by Seller with any of the terms or provisions hereof or thereof, will (i) conflict with or result in a
breach of any provision of the charter documents, operating agreement or other governing document of Seller, (ii) to Seller’s
Knowledge, conflict with or result in a breach of any Law applicable to Seller, or (iii) to Seller’s Knowledge, result in any
Encumbrance (other than Permitted Encumbrances) on any of the Purchased Assets, except in each case clauses (i) through
(iii)  above, as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(b) 
To Seller’s Knowledge, no consent, approval, license, permit, order, qualification or authorization of, or registration,
declaration, notice or filing with, any Governmental Body or any other Person is required for or in connection with the execution and
delivery by Seller of this Agreement and each Ancillary Agreement, and the consummation by Seller of the Contemplated Transactions.

 

4.4 
Litigation. To Seller’s Knowledge, there is no Action pending or, to Seller’s Knowledge, threatened, against
Seller that might prevent the sale of the Purchased Assets or the Contemplated Transactions, nor is Seller aware or has grounds to know
of any reasonable basis therefor, except for those matters listed in Section 4.4 of the Seller’s Disclosure Schedules. To the best
of Seller’s Knowledge, no Governmental Order exists against Seller affecting the Purchased Assets.

 

4.5
Permits.

 

(a) 
To the Knowledge of Seller, all of the permits, registrations, clearances applications, submissions that are (i) required for the
ownership or use of the Purchased Assets, and (ii) for the operation of the Business (collectively, the “Permits”)
are in full force and effect. Each such material Permit is listed in Section 4.5(a) of the Seller’s Disclosure Schedules. Seller
has timely filed all material regulatory reports, schedules, statements, documents, filings, submissions, forms, registrations, notices
and other documents, together with any amendments required to be made with respect thereto, that each was required to file with any Regulatory
Authority related to the Purchased Assets, and has timely paid all taxes, fees and assessments due and payable in connection therewith

 

(b) 
To the Knowledge of Seller, no condition exists that with notice or lapse of time or both would constitute a default under, or
a violation of, any Permit.

 

(c)  There
is no pending, or to the Knowledge of Seller threatened, action, investigation or proceeding with respect to revocation,
cancellation, suspension or nonrenewal of any such Permit. Seller has not received any written notice from any Governmental Body (x)
asserting the violation of the terms of any such Permit, (y) threatening to revoke, cancel, suspend or not renew the terms of any
such Permit, or (z) seeking to impose fines, penalties or other sanctions for violation of the terms of any such Permit, except in
each case of clauses (x) through (y) above, as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

    6

     

    

 

4.6 
Title to Assets. To Seller’s Knowledge, including, competent assessment of the applicable Uniform Commercial Code
lien search in the State of Delaware, Seller possesses good and marketable title to all of the Purchased Assets. The sale, assignment,
transfer and conveyance of the Purchased Assets to Purchaser on an “AS IS” and “WHERE IS” basis, with no representations
or warranties as to merchantability, fitness or use, and the Purchased Assets shall be subject to any and all existing Encumbrances. Seller
has no Knowledge of any Encumbrance on any of the Purchased Assets.

 

4.7 
Assignee. Seller will at Closing sell, assign, and transfer all of its rights, title and interests in and to the Purchased
Assets to Purchaser.

 

4.8
Intellectual Property. To Seller’s Knowledge,

 

		(9)	Seller owns all right, title and interest in and to, or is licensed
or otherwise possesses a valid and enforceable right to use, all of the Proprietary Rights related to Tecarfarin free and clear of all
Encumbrances, and no claim to the contrary by any other person to the rights of Seller with respect to the foregoing is pending or, to
Seller’s Knowledge, threatened in writing.

 

		(9)	There is no unauthorized use, disclosure, infringement or misappropriation
of Seller’s Proprietary Rights by any third party, other than any such unauthorized use, disclosure, infringement or misappropriation
that would not have a Material Adverse Effect. No third party has made any claim or allegation to Seller or its Affiliates, and Seller
and its Affiliates are not aware of any claim by a third party, that such third party has any right or interest in or to the patents
being acquired. The commercialization of the Purchased Assets will not infringe, violate or conflict with any third party intellectual
property.

 

		(9)	€Exhibit A attached hereto lists all patents and
patent applications and all registered trademarks, service marks and copyrights included as part of the Purchased Assets (“Registered
Proprietary Rights”). Except as set forth on Schedule 1.1 (a), Seller owns exclusively all such Registered Proprietary
Rights.

 

		(9)	Seller has no present or known future obligation or requirement
to compensate any person with respect to the Purchased Assets, whether by the payment of royalties or not, or whether by reason of the
ownership, use, license, lease, sale or any commercial use or any disposition whatsoever of Tecarfarin or the Proprietary Rights;

 

    7

     

    

 

		(9)	€None of the present or former employees of Seller own
directly or indirectly, or has any other right or interest in, in whole or in part, Tecarfarin, or the Proprietary Rights or has made
any inventorship challenge, opposition or interference proceeding and Seller has secured valid written present assignments from all consultants
and employees who contributed to the creation or development of any acquired intellectual property and has signed a valid and binding
agreement confirming that Seller owns such owned acquired intellectual property;

 

		(9)	Seller has not granted any rights or interest in the Purchased
Assets to any third party and shall not during the term of this Agreement grant, any right, license, covenant, consent or privilege to
any third party with respect to the patents to be acquired by Purchaser, or otherwise undertake any action, which would conflict in any
respect with the rights granted to Purchaser set forth in this Agreement;

 

(g)

 

4.9 
(h) Compliance With Law. To Seller’s Knowledge, Seller is not in violation in any material respect of any laws, governmental
orders, rules or regulations to which the Purchased Assets or Seller’s business related to the Assets are subject. To Seller’s
Knowledge, Buyer has been provided copies of all regulatory filings.

 

4.10 
No Other Representations or Warranties. Except for the representations and warranties contained in this Article 4,
neither Seller, nor any other Person on behalf of Seller makes any express or implied representation or warranty with respect to any of
the Purchased Assets or with respect to any other information provided to Purchaser in connection with the Contemplated Transactions,
including, without limitation, as to the probable success or profitability of the ownership, use or operation of the Business, and the
Purchased Assets following the Closing. Seller shall not have or be subject to any liability to Purchaser resulting from the distribution
to Purchaser, or Purchaser’s use of, any such information, including any information, documents, projections, forecasts or other
materials made available to Purchaser in expectation of the Contemplated Transactions, unless any such information is expressly included
in a representation or warranty contained in this Article 4.

 

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ARTICLE 5

 

REPRESENTATIONS AND WARRANTIES
OF PURCHASER

 

Purchaser hereby makes the representations
and warranties in this Article 5 to Seller as of the Closing Date.

 

5.1 
Organization. Purchaser is a corporation or limited liability company, duly organized, validly existing and in good standing
under the Laws of its State of incorporation or formation.

 

5.2 
Authority Relative to This Agreement. Purchaser has all requisite corporate power, authority and legal capacity to (a) execute
and deliver this Agreement, (b) execute and deliver the Ancillary Agreements to which it is a party, and (c) perform its obligations hereunder
and under each of the Ancillary Agreements to which it is a party, and to consummate the Contemplated Transactions. The execution and
delivery of this Agreement and each of such Ancillary Agreements, and the consummation of the Contemplated Transactions, have been duly
authorized by all requisite action on the part of the Purchaser party thereto. This Agreement and each of such Ancillary Agreements have
been duly and validly executed and delivered by the Purchaser party thereto, and this Agreement constitutes, and each of such Ancillary
Agreements when so executed and delivered will constitute, legal, valid and binding obligations of the Purchaser, enforceable against
the Purchaser in accordance with its respective terms.

 

5.3 
Consents and Approvals; No Violation. Neither the execution and delivery of this Agreement or any of the Ancillary Agreements
by the Purchaser party thereto, nor the consummation of the Contemplated Transactions, nor compliance by the Purchaser with any of the
terms or provisions hereof or thereof, will (i) conflict with or result in a breach of any provision of the certificate of formation,
limited liability company agreement/certificate of incorporation, bylaws or other governing documents of the Purchaser, (ii) conflict
with or result in a breach of any Law applicable to the Purchaser, or (iii) conflict with, violate, result in the breach or default under
any contract to which the Purchaser is a party.

 

5.4  Independent
Investigation. Purchaser has conducted its own independent investigation, review and analysis of the Business, the Purchased
Assets and the Assumed Liabilities, and acknowledges that it has been provided adequate access to the personnel, properties, assets,
premises, books and records, and other documents and data of the Seller for such purpose. Purchaser acknowledges and agrees that:
(a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, Purchaser has relied
solely upon its own investigation and the express representations and warranties of the Seller set forth in Article 4 of this
Agreement; and (b) neither the Seller nor any other Person has made any representation or warranty as to the Seller, the Business,
the Purchased Assets, the Assumed Liabilities or this Agreement, except as expressly set forth in Article 4 of this Agreement
(as qualified by the Seller’s Disclosure Schedules). SUCH REPRESENTATIONS AND WARRANTIES MADE BY THE SELLER IN Article
4 CONSTITUTE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES OF THE SELLER TO PURCHASER IN CONNECTION WITH THE
TRANSACTIONS CONTEMPLATED HEREBY, AND PURCHASER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES SET FORTH IN Article 4 OF THIS AGREEMENT, ALL OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE EXPRESS
OR IMPLIED, WRITTEN OR ORAL (INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION
REGARDING THE SELLER, ANY AFFILIATES OF THE SELLER, THE BUSINESS, THE PURCHASED ASSETS OR THE ASSUMED LIABILITIES FURNISHED OR MADE
AVAILABLE TO PURCHASER AND ITS REPRESENTATIVES AND ANY INFORMATION, DOCUMENTS OR MATERIAL MADE AVAILABLE TO PURCHASER, MANAGEMENT
PRESENTATIONS OR IN ANY OTHER FORM IN EXPECTATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR AS TO THE FUTURE REVENUE, PROFITABILITY
OR SUCCESS OF THE BUSINESS, OR ANY REPRESENTATION OR WARRANTY ARISING FROM STATUTE OR OTHERWISE IN LAW OR RELATING TO
MERCHANTABILITY OR FITNESS FOR USE) ARE SPECIFICALLY DISCLAIMED BY THE SELLER.

 

5.5
“AS IS, WHERE IS”.

 

(a) 
Purchaser acknowledges and agrees that upon the Closing, Seller shall sell and convey to Purchaser, and Purchaser shall accept
the Purchased Assets “AS IS, WHERE IS, WITH ALL FAULTS,” except for the representations specifically made herein by
Seller. Purchaser has not relied upon and will not rely on, and Seller is not liable for or bound by, any express or implied warranties,
guarantees, statements, representations or information pertaining to the Purchased Assets or relating thereto made or furnished by Seller
or its representatives to whomever made or given, directly or indirectly, orally or in writing, except as expressly stated herein. Purchaser
also acknowledges that the Purchase Price reflects and takes into account that the Purchased Assets are being sold “AS IS, WHERE
IS, WITH ALL FAULTS,” except for the representations specifically made herein by Seller. Purchaser acknowledges that Seller
acquired the assets in connection with recovering a debt investment made to a former owner of the Purchased Assets and Seller was never
actively engaged in the development of the Purchased Assets. In addition, principals of the Purchaser have, at times worked on the development
of the Purchased Assets and have significant knowledge of the Purchased Assets.

 

(b) 
Purchaser acknowledges that some of the Purchased Assets described in Section 1.1(a) of the Seller’s Disclosure Schedules
may contain third-party Intellectual Property that may have been licensed by the Seller or otherwise acquired by the Seller. Purchaser
understands that Seller is unable to transfer Intellectual Property belonging to a third-party without the express written consent of
that third-party, which will not be obtained or sought by Seller as a part of, or condition to, this agreement. Purchaser shall accept
full responsibility for communicating with any such third-parties whose Intellectual Property may be included in the Purchased Assets
transferred hereby and shall pay any and all licensing or other fees, costs, expenses or charges that may be associated with using any
such Purchased Assets.

 

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ARTICLE
6

 

COVENANTS AND AGREEMENTS

 

6.1 
Further Agreements. After the Closing, Seller shall promptly (i) deliver to the Purchaser any mail or other communication
received by Seller and relating to the Purchased Assets, the Assumed Liabilities or the Business and (ii) forward to the Purchaser any
checks or other instruments of payment that it receives to the extent that such checks or other instruments are Purchased Assets. After
the Closing, the Purchaser shall promptly (i) deliver to the Seller any mail or other communication received by the Purchaser and relating
to the Excluded Assets or the Excluded Liabilities, (ii) wire transfer in immediately available funds to Seller, any cash, electronic
credits or deposits received by the Purchaser to the extent that such cash, electronic credits or deposits are Excluded Assets, and (iii)
forward to the Seller any checks or other instruments of payment that it receives to the extent that such checks or other instruments
are Excluded Assets. From and after the Closing Date, Seller shall refer all inquiries with respect to the Business, the Purchased Assets
and the Assumed Liabilities to Purchaser, and the Purchaser shall refer all inquiries with respect to the Excluded Assets and the Excluded
Liabilities to the Seller.

 

6.2
Preservation of Records; Post-Closing Access to Information.

 

(a) 
The Seller and Purchaser agree that each of them shall preserve and keep the records held by them or their Affiliates relating
to the Business, the Purchased Assets and the Assumed Liabilities in no event later than two (2) years after the Closing Date except,
in the case of Tax matters, until thirty (30) days following the expiration of the period of any applicable statute of limitations and
shall make such records available during such time period to the other party as may be reasonably required by such other party in connection
with, among other things, any insurance claims by, Actions or tax audits against or governmental investigations of Seller or Purchaser
or any of their respective Affiliates, or in order to enable the Seller or Purchaser to comply with their respective obligations under
this Agreement or any of the Ancillary Agreements and each other agreement, document or instrument contemplated hereby or thereby.

 

(b) 
Purchaser shall give the Seller and Representatives of Seller reasonable access, during normal business hours, upon reasonable
advance written notice (which notice shall specify the intended use or purpose of such access) and in a manner as would not be unreasonably
disruptive to the business or operations of Purchaser or any of its subsidiaries, to Purchaser’s books and records that were included
in the Purchased Assets pertaining to the conduct of the Business or ownership of the Purchased Assets prior to the Closing Date. Purchaser
shall, at Seller’s expense, use commercially reasonable efforts to cause Purchaser’s Representatives to furnish to Seller
such books and records pertaining to the conduct of the Business or ownership of the Purchased Assets prior to the Closing Date as Seller
shall from time to time reasonably request in a written notice (which notice shall specify the intended use or purpose of any such information).
Notwithstanding the foregoing, Purchaser shall not be required to provide any such access, or cause its Representatives to furnish any
such information, to the extent that doing so, in the reasonable judgment of Purchaser, would constitute a waiver of the attorney-client
privilege.

 

6.3 
 Further Assurances. Subject to the terms and conditions of this Agreement, at and following the Closing, each of the parties
shall execute, acknowledge and deliver all such further conveyances, notices, assumptions, releases and acquaintances and such other instruments,
and cooperate and take such further actions, as may be reasonably necessary or appropriate to transfer and assign fully to Purchaser and
its successors and assigns, all of the Purchased Assets and for Purchaser and its successors and assigns to assume the Assumed Liabilities,
and to otherwise make effective the Contemplated Transactions. Nothing in this Section 6.3 shall obligate any party hereto to waive
any right or condition under this Agreement.

 

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ARTICLE
7

 

CONDITIONS TO CLOSING

 

7.1
Conditions to the Seller’s Obligations.

 

The obligation
of the Seller to consummate the Contemplated Transactions are subject to the satisfaction of each of the following conditions (any or
all of which may, if permitted by applicable Law, be waived in whole or in part by the Seller in writing) as of the Closing:

 

(a) 
Absence of Litigation. No Action will be pending or threatened in writing which seeks a Governmental Order, nor will there
be any Governmental Order in effect, (i) which would prevent consummation of any of the Contemplated Transactions or (ii) which would
result in any of the Contemplated Transactions being rescinded following consummation.

 

7.2
Conditions to Purchaser’s Obligations.

 

The obligation
of Purchaser to consummate the Contemplated Transactions are subject to the satisfaction of each of the following conditions (any or all
of which may be waived in whole or in part by Purchaser in writing) as of the Closing:

 

(a) 
Absence of Litigation. No Action will be pending or threatened in writing which seeks a Governmental Order, nor will there
be any Governmental Order in effect, (i) which would prevent consummation of any of the Contemplated Transactions or (ii) which would
result in any of the Contemplated Transactions being rescinded following consummation.

 

(b) 
Closing Deliverables. Purchaser shall have received the deliverables required to be delivered by Seller pursuant to Section
3.2.

 

ARTICLE
8

 

DEFINITIONS

 

8.1
Certain Definitions. As used herein:

 

(a) 
“Action” means any claim, controversy, action, cause of action, charge, suit, litigation, arbitration, mediation,
investigation, examination, proceeding, opposition, interference, audit, assessment, hearing, complaint, demand, dispute or other legal
proceeding (whether sounding in contract, tort or otherwise, whether civil or criminal and whether brought at law or in equity) that is
commenced, brought, conducted, tried or heard by or before, or otherwise involving, any Governmental Body.

 

(b)  “Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person, and the term “control” (including the terms
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by
contract or otherwise.

 

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(c) 
“Ancillary Agreements” means, collectively, the Seller’s Ancillary Agreements and each agreement required
pursuant to Sections 3.2 and 3.3 hereto.

 

(d) 
“Bill of Sale” means that certain Bill of Sale by and between Seller and Purchaser substantially in the form
annexed as Exhibit A to this Agreement.

 

(e) 
“Books and Records” means all documents used by Seller in connection with, or relating to, the Purchased Assets,
the Assumed Liabilities, or the Business, including all files, data, reports, plans, mailing lists, supplier lists, customer lists, price
lists, marketing information and procedures, advertising and promotional materials, equipment records, warranty information, records of
operations, standard forms of documents, manuals of operations or business procedures and other similar procedures (including all discs,
tapes and other media- storage data containing such information) with respect to the Business.

 

(f) 
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in Wilmington,
Delaware are authorized or required by Law to be closed.

 

(g) 
“Business” means the business which Seller has conducted on a day-to-day basis related to the Purchased Assets.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended.

 

 

(i) 
“Contemplated Transactions” means the transactions contemplated by this Agreement and the Ancillary Agreements.

 

(j) 
“Contract” means any written or oral contract, indenture, note, bond, lease, license, commitment or instrument
or other agreement or arrangement primarily related to the operation of any of the Business or affecting or related to any of the Purchased
Assets or the Assumed Liabilities or by which Seller is bound or by which any property of Seller is Encumbered.

 

(k)  “Encumbrances”
means any charge, claim, community or other marital property interest, equitable or ownership interest, lien, option, pledge,
security interest, mortgage, deed of trust, right of way, easement, encroachment, servitude, right of first offer or first refusal,
buy/sell agreement and any other restriction or covenant with respect to, or condition governing the use, construction, transfer,
receipt of income or exercise of any other attribute of ownership (other than, in the case of a security, any restriction on the
transfer of such security arising solely under federal and state securities laws).

 

(l) 
“Equipment” means all equipment, machinery, furniture, fixtures and other tangible personal property of every
kind and description and improvements and tooling owned by or primarily used, or held for use, in connection with the operation of any
of the Business, wherever located.

 

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(m) 
“Governmental Body” means any government, quasi-governmental entity, or other governmental or regulatory body,
agency or political subdivision thereof of any nature or any self-regulatory agency, whether foreign, federal, state or local, or any
agency, branch, department, official, entity, instrumentality or authority thereof, or any court or arbitrator (public or private).

 

(n) 
“Government Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, decision, verdict,
determination or award made, issued or entered by or with any Governmental Body.

 

(o) 
“Intellectual Property” means all intellectual property of any kind used, or held for use, in connection with
the operation of the Business, including the following:

 

(9)
trademarks, service marks, trade names, slogans, logos, trade dress, internet domain names, brand names, and other similar designations
of source or origin, together with all goodwill, registrations and applications related to the foregoing; (ii) patents, utility models
and industrial design registrations (and all continuations, divisionals, continuations in part, provisionals, renewals, reissues, re-examinations
and applications for any of the foregoing); (iii) copyrights and copyrightable subject matter (including, without limitation, any registrations
and applications for any of the foregoing); (iv) trade secrets, proprietary processes, formulae, algorithms, models, and methodologies;
and (v) computer software, computer programs, and databases (whether in source code, object code or other form).

 

(p) 
“Knowledge of Seller” or “Seller’s Knowledge” means the actual knowledge, as of the
Closing Date, of the Seller.

 

(q) 
“Laws” means all federal, state, local or foreign laws, statutes, common law, rules, codes, regulations or ordinances
issued, promulgated, enforced or entered by, any and all Governmental Bodies, or other requirement or rule of law.

 

(r) 
“Leased Real Property” means any of the real property leased or subleased by Seller or utilized in the Business.

 

(s) 
“Liability” means, as to any Person, any debt, adverse claim, liability, obligation, commitment, assessment,
cost, expense, loss, charge, fee, penalty, fine, contribution or premium of any kind or nature whatsoever, whether known or unknown, asserted
or unasserted, absolute or contingent, direct or indirect, accrued or unaccrued, liquidated or unliquidated, or due or to become due,
including all costs and expenses relating thereto.

 

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(t)   “Material
Adverse Effect” means any effect, change, condition, circumstance, development or event that, individually or in the
aggregate with all other effects, changes, conditions, circumstances, developments or events has had, or would reasonably be
expected to have, a material adverse effect on the business, assets, operation, condition (financial or otherwise) or results of
operation of the Business or the Purchased Assets (excluding the Excluded Assets and the Excluded Liabilities), taken as a whole,
other than any effect, change, condition, circumstance, development or event arising from or related to: (i) general business or
economic conditions in any of the geographical areas in which the Business operates; (ii) national or international political or
social conditions, including the engagement by any country in hostilities, whether commenced before or after the date hereof and
whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack;
(iii)  financial, banking, or securities markets (including any
disruption thereof or any decline in the price of securities generally or any market or index); (iv) the occurrence of any act of
God or natural disaster, including any fire, flood, hurricane, tornado, or other weather event; (v) changes in Law or accounting
rules; (vi) the taking of any action expressly contemplated by this Agreement or any Ancillary Agreement or taken with the prior
written consent of Purchaser; (vii) any effects or changes arising from or related to the breach of the Agreement by Purchaser; or
(viii) any strike or labor dispute; provided, however, that in the case of the foregoing clauses through (v), such effects, changes,
conditions, circumstances, developments or events shall be taken into account in determining whether any material adverse effect has
occurred to the extent that any such effects, changes, conditions, circumstances, developments or events have, or would reasonably
be expected to have, a disproportionate effect on any of the Business (excluding the Excluded Assets and the Excluded Liabilities)
or the Purchased Assets relative to other participants operating in the industry in which Seller operates.

 

(9)
“Patent Assignment Agreement” means that certain Patent Assignment Agreement by and between Seller and Purchaser substantially
in the form annexed as Exhibit C to this Agreement.

 

(9)
“Permitted Encumbrance” means (i) easements, rights of way, restrictive covenants, encroachments and similar
non-monetary encumbrances or non-monetary impediments against any of the Purchased Assets which do not, individually or in the
aggregate, materially adversely affect the operation of the Business; (ii) applicable zoning Laws, building codes, land use
restrictions and other similar restrictions imposed by Law (but not restrictions arising from a violation of any such Law); (iii)
materialman’s, mechanic’s, artisan’s, shipper’s, warehouseman’s or other similar common law or
statutory liens incurred in the ordinary course of business for sums not yet due and payable and that do not result from a breach,
default or violation by any Seller of any Contract or Law; (iv) statutory liens for current Taxes, assessments or other governmental
charges not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings or
the making of appropriate demands, notices or filings; (v) easements, covenants, conditions, restrictions and other similar matters
affecting title to real property and other encroachments and title and survey defects with respect to any real property that do not
or would not reasonably be expected to adversely affect the current occupancy or use of such real property in any material respect;
(vi) matters that would be disclosed on an accurate survey of the real property that do not or would not reasonably be expected to
adversely affect the current occupancy or use of such real property in any material respect; (vii) any liens shown in any title
commitment, report or policy, or otherwise of record that do not or would not reasonably be expected to adversely affect the current
occupancy or use of the real property in any material respect; (viii) Encumbrances that will be and are discharged or released
either prior to, or simultaneously with the Closing; (ix) such other Encumbrances, title exceptions or imperfections of title as
Purchaser may approve in writing in its sole discretion; and (x) the Encumbrances held by Purchaser or its Affiliates.

 

(9)
“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization, labor union, estate, Governmental Body or other entity or group.

 

(x)  “Proprietary
Rights” means all intellectual property of any kind and nature including (i) all patents, patent rights, copyrights,
trademarks, trademark rights, tradenames, tradename rights and patent, copyright or trademark applications exclusively respecting
Tecarfarin and related intellectual property or that are necessary to practice the Drug Candidate listed on Schedule 1.1 (a) hereto;
(ii) all reissues, reexaminations, extensions, continuations, continuations- in-part, continuing prosecution applications, requests
for continuing examinations, divisions and registrations of any item in any of the foregoing categories; (iii) foreign counterparts
of any of the foregoing; (iv) all patent and patent applications claiming any right of priority to or through the patent
applications of the patents listed on Schedule 1.1 (a) hereto; (v) all rights to apply in all countries of the world for patents
certificates of invention, utility models, industrial design protections, design patent protections, or other governmental grants or
issuances of any type related to any item in any of the foregoing categories (i) through (v), including, without limitation, under
the Paris Convention for the Protection of Industrial Property, the International Patent Cooperation Treaty, or any other
convention, treaty, agreement, or understanding; (vi) all invention, invention disclosures and discoveries described in any of the
patents listed on Schedule 1.1 (a) hereto that are included in any claim in such patents, and/or are subject matter capable of being
reduced to a patent claim in a reissue or reexamination proceeding brought on any of the patents; (vii) all causes of action
(whether known or unknown, or whether currently pending, filed or otherwise) and other enforcement rights under, or on account of,
any of the patents and/or rights (as described on Schedule 1.1 (a)); (viii) all rights to collect royalties and other payments under
or on account of the patents or any item in any categories (i) through (vii); (ix) all ideas, know how, trade secrets, inventions,
invention disclosures, discoveries, technology, designs and any other proprietary rights which Seller owns, in each case with
respect to any of the above, pertaining exclusively to Tecarfarin.

 

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(y) 
 “Regulatory Authority” means any governmental agency or authority responsible for granting Regulatory Approvals
for Tecarfarin, including the United States Food and Drug Administration and the European Medicines Agency, and any corresponding national
or regional regulatory authorities.

 

 

(z) 
“Representatives” means, as to any Person, the directors, officers, employees, counsel, professionals, advisors,
accountants, agents, contractors and other representatives.

 

(9)
“Seller Ancillary Agreements” means, collectively, each certificate, agreement or document (other than this Agreement)
delivered by Seller in connection with this Agreement.

 

(9)
“Seller’s Disclosure Schedules” means the disclosure schedules which are attached hereto and delivered by Seller.
The disclosures in the Seller’s Disclosure Schedules shall modify and relate to the representations and warranties in the corresponding
section or subsection of Article 4 to which they refer and are intended to qualify such representations and warranties. The information
set forth in one section or subsection of the Seller’s Disclosure Schedules that is specifically referred to in another section
or subsection of the Seller’s Disclosure Schedules by appropriate cross-reference shall also be deemed to qualify such other section
or subsection of Article 4, and the information set forth in one section or subsection of the Seller’s Disclosure Schedules
shall also be deemed to qualify each other section or subsection of Article 4 to the extent that the relevance of a disclosure
in one section or subsection of the Seller’s Disclosure Schedules to another section or subsection of Article 4 is reasonably
apparent on its face.

 

(cc) “Tax”
and “Taxes” mean (i) any and all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments,
including all income, gross income, gross receipts, capital, sales, use, ad valorem, value added, transfer, franchise, profits, inventory,
capital stock, license, production, premium, disability, worker’s compensation, utility, windfall profit, environmental, registration,
alternative, add-on minimum, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property,
sales, use and estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, in each case imposed by any Governmental
Body; (ii) all interest, penalties, fines, additions to tax or additional amounts imposed by any Governmental Body in connection with
any item described in clause (i); and (iii) any Liability in respect of any items described in clauses (i) and/or (ii)
payable by reason of contract, assumption, transferee liability, operation of Law, Treasury Regulation Section 1.1502-6(a) (or any predecessor
or successor thereof or any analogous or similar provision under Law) or otherwise.

 

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(dd) “Tax
Return” means any return, report, information return, declaration, claim for refund or other document (including any schedule
or related or supporting information) supplied or required to be supplied to any Governmental Body with respect to Taxes, including amendments
thereto.

 

(ee) “Trademark
Assignment Agreement” means that certain Trademark Assignment Agreement by and between Seller and Purchaser substantially in
the form annexed as Exhibit D to this Agreement.

 

8.2 Additional
Defined Terms. The following terms have the meanings set forth in the Sections set forth below:

 

	Defined Term		Location
	Agreement	 	Preamble
	Assumed Liabilities	 	Section 1.2
	Business	 	Recitals
	Closing	 	Section 3.1
	Closing Date	 	Section 3.1
	Excluded Assets	 	Section 1.1(b)
	Excluded Liabilities	 	Section 1.3
	Permits	 	Section 4.5(a)
	Purchase Price	 	Section 2.1
	Purchased Assets	 	Section 1.1(a)
	Purchaser	 	Preamble
	Seller	 	Preamble
	Transfer Taxes	 	Section 9.1(a)

 

ARTICLE 9

 

TAXES

9.1
Additional Tax Matters.

 

(a) 
Any sales, use, purchase, transfer, franchise, deed, fixed asset, stamp, documentary stamp, use or other Taxes and recording charges
which may be payable by reason of the sale of the Purchased Assets or the assumption of the Assumed Liabilities under this Agreement or
the Contemplated Transactions, including any real property transfer taxes (all of the foregoing, “Transfer Taxes”)
shall be borne and paid by Purchaser; provided that, for the avoidance of doubt, this definition of Transfer Taxes will exclude any income
Taxes or similar Taxes. Purchaser shall file all Tax Returns related to the Transfer Taxes, and the Seller shall use commercially reasonable
efforts to cooperate in connection with reducing the amount of Transfer Taxes.

 

(b)  With
respect to any non-income Tax liability for a taxable period beginning on or before the Closing Date and ending after the Closing
Date, such Taxes will be prorated based on the number of days in each of the pre-Closing Tax period and the post-Closing Tax period.
To the extent that actual Tax bills are not available prior to Closing, Taxes will be prorated at Closing utilizing the most recent
ascertainable Tax bills. Seller and Purchaser will re-prorate the Taxes at issue upon the Purchaser’s receipt of the actual
Tax bill for the Tax year in question, if any.

 

    16

     

    
 

(c) Purchase
Price Allocation. For applicable Tax purposes, the Seller, Purchaser and each of their respective Affiliates shall (i) allocate
the purchase price (and any applicable Assumed Liabilities) among the Purchased Assets in accordance with Section 1060 of the Code
and pursuant the methodology set forth on Schedule 9.1 (the “Allocation Schedule”) and (ii) file all tax
returns in accordance with the Allocation Schedule unless otherwise required in connection with the settlement of any audit or other
proceeding with a taxing authority.

 

ARTICLE 10

 

SURVIVAL OF WARRANTIES AND INDEMNIFICATION

 

10.1 No
Survival. All representations and warranties made by Purchaser and Seller herein, or in any certificate, schedule or exhibit delivered
pursuant hereto, shall terminate effective as of the Closing.

 

10.2 No
Indemnification by Seller. Seller is selling to Purchaser the Purchased Assets defined in this Agreement on an “AS IS”
and “WHERE IS” basis, with no representations or warranties as to merchantability, fitness or usability or in any other regard
(except for the representations and warranties specifically set forth in Article 4 above) and Seller does not agree to defend,
indemnify or hold harmless Purchaser, any Affiliate of Purchaser or any director, officer, employee, stockholder, agent or attorney of
Purchaser or of any parent, subsidiary or affiliate of Purchaser from and against and in respect of any loss which arises out of or results
from the transactions described herein.

 

10.3

 

ARTICLE
11

 

MISCELLANEOUS

 

11.1 Payment
of Expenses. Except as otherwise provided in this Agreement, each party hereto shall bear its own costs and expenses (including investment
advisory and legal fees and expenses) incurred in connection with this Agreement and the Contemplated Transactions; provided,
however, that all Transfer Taxes (as well as the costs and expenses incurred in connection with the preparation and filing
of all Tax Returns with respect thereto) shall be borne by Purchaser.

 

11.2
[Reserved].

 

11.3 Entire
Agreement; Amendments and Waivers. This Agreement (including the Schedules hereto) and the Ancillary Agreements represent the entire
understanding and agreement between the parties hereto with respect to the subject matter hereof. Any provision of this Agreement may
be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each party hereto,
or in the case of a waiver, by the party against whom the waiver is to be effective. No action taken pursuant to this Agreement, including,
without limitation, any investigation by or on behalf of any party shall be deemed to constitute a waiver by the party taking such action
of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any
other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof nor shall any single or partial exercise of such right, power or remedy by such party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy.

 

11.4 Counterparts.
For the convenience of the parties hereto, this Agreement may be executed and delivered (by facsimile or PDF signature) in any number
of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute
the same agreement.

 

11.5 Governing
Law. THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT
TO CONFLICT OF LAW PRINCIPLES THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

    17

     

    

 

11.6
Jurisdiction, Waiver of Jury Trial.

 

(a) THE
COURTS OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE DISTRICT OF DELAWARE WILL HAVE SOLE
JURISDICTION OVER ANY AND ALL DISPUTES BETWEEN OR AMONG THE PARTIES, WHETHER IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY AGREEMENT CONTEMPLATED HEREBY.

 

(b) EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS.

 

11.7 Notices.
Unless otherwise set forth herein, any notice, request, instruction or other document to be given, provided or furnished hereunder
by any party to the other parties shall be in writing and shall be deemed duly given, provided or furnished (i) upon delivery, when
delivered personally, (ii) one (1) Business Day after being sent by overnight courier or when sent by facsimile or e-mail
transmission (with confirmation of transmission), and (iii) two (2) Business Days after being sent by registered or certified mail,
postage prepaid, as follows:

 

If to Seller:

 

HESP LLC

c/o Horizon Technology Finance Corporation

 

If to Purchaser:

 

Cadrenal Therapeutics Inc.

830 A1A North #196

Ponte Vedra, Florida 32082

Attention: Quang Pham

Email: 

 

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

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attention: 

Facsimile: 

Email: 

 

or to such other Persons, addresses or
facsimile numbers as may be designated in writing by the party to receive such notice.

 

    18

     

    

 

11.8 Binding
Effect; Assignment. This Agreement shall be binding upon Purchaser and Seller, and inure to the benefit of the parties and their respective
successors and permitted assigns. No assignment of this Agreement or of any rights or obligations hereunder may be made by Seller or Purchaser
(by operation of Law or otherwise) without the prior written consent of the other parties hereto and any attempted assignment without
the required consents shall be void, provided, however, that without the necessity of consent from Seller, Purchaser may
assign its rights under this Agreement, with Purchaser remaining liable for all its obligations hereunder; provided further, that
upon written instruction from Purchaser, Seller shall execute and deliver multiple Bills of Sale under Section 3.2(a) above to
such assignees of Purchaser with respect to identified portions of the Purchased Assets.

 

11.9 Severability.
If any term, condition or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public
policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the Contemplated Transactions is not affected in a manner adverse to any party. Upon such determination
that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that the Contemplated Transactions are fulfilled to the fullest extent possible.

 

11.10 Third
Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express
or implied shall give or be construed to give to any Person, other than the parties hereto and such permitted assigns, any legal or equitable
rights hereunder.

 

11.11
Certain Interpretations.

 

(a) Unless
otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply:

 

(i) All
references in this Agreement to Articles, Sections, clauses, parts and Schedules shall be deemed to refer to Articles, Sections, clauses,
parts and Schedules to this Agreement unless otherwise specified. All Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined
therein shall be defined as set forth in this Agreement.

 

(ii) The
Article, Section and paragraph captions herein are for convenience of reference only, do not constitute part of this Agreement and shall
not be deemed to limit or otherwise affect any of the provisions hereof.

 

    19

     

    

 

(iii) The
words “include,” includes” and “including,” when used herein shall be deemed in each case to be followed
by the words “without limitation” (regardless of whether such words or similar words actually appear).

 

(iv) When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement,
the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day,
the period in question shall end on the next succeeding Business Day.

 

(v)
Any reference in this Agreement to “$” or “dollars” shall mean U.S. dollars.

 

(vi) Any
reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural
and vice versa.

 

(vii) The
words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement
as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

 

(b) The
parties hereto agree that they have been represented by legal counsel during the negotiation and execution of this Agreement and, therefore,
waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document
shall be construed against the party drafting such agreement or document.

 

11.12 Non-Recourse.
No past, present or future director, officer, employee, incorporator, member, partner or equity holder of the parties to this Agreement
will have any liability for any obligations or liabilities of Seller or Purchaser, as applicable, under this Agreement, or any agreement
entered into in connection herewith of or for any claim based on, in respect of, or by reason of, the Contemplated Transactions. Any claim
or cause of action based upon, arising out of, or related to this Agreement or any agreement, document or instrument contemplated hereby
may only be brought against Persons that are expressly named as parties hereto or thereto, and then only with respect to the specific
obligations set forth herein or therein. Other than the parties hereto, no party shall have any liability or obligation for any of the
representations, warranties, covenants, agreements, obligations or liabilities of any party under this Agreement or the agreements, documents
or instruments contemplated hereby or of or for any action or proceeding based on, in respect of, or by reason of, the Contemplated Transactions
(including breach, termination or failure to consummate such transactions), in each case whether based on contract, tort, fraud, strict
liability, other Laws or otherwise and whether by piercing the corporate veil, by a claim by or on behalf of a party hereto or another
Person or otherwise. In no event shall any Person be liable to another Person for any punitive damages with respect to the Contemplated
Transactions.

 

11.13 Limitation
of Remedy in Favor of Purchaser. PURCHASER HEREBY AGREES THAT ITS SOLE REMEDY RESULTING FROM ANY BREACH OF ANY REPRESENTATION(S) OR
WARRANTY(IES) PROVIDED BY SELLER HEREIN IS TO ASSERT A GENERAL UNSECURED CLAIM AGAINST SELLER FOR DAMAGES INCURRED BY PURCHASER AS A RESULT
OF SUCH BREACH, WITH ANY SUCH CLAIM. PURCHASER HEREBY FURTHER AGREES THAT UNDER NO CIRCUMSTANCE MAY ANY SUCH CLAIM(S) ASSERTED BY PURCHASER
EXCEED, IN THE AGGREGATE, THE AMOUNT OF THE PURCHASE PRICE ACTUALLY RECEIVED BY SELLER.

 

[Signature Page Follows]

 

    20

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement the day and date first above written.

 

	 	CADRENAL THERAPEUTICS INC.
	 	 	 
	 	By:	/s/ Quang Pham
	 	Name:	Quang Pham
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HESP LLC
	 	 
	 	By: Horizon Technology Finance

 Corporation, its sole member
	 	 	 
	 	By:	/s/ Gerald A. Michaud
	 	Name:  	Gerald A. Michaud
	 	Title:	President

 

Signature page to Asset Purchase
Agreement

 

     

     

    

 

ANCILLARY SCHEDULES

 

Section 1.1(a) – Purchased Assets

 

Section 1.1(b) – Excluded Assets

 

Section 1.2 – Assumed Liabilities

 

Section 1.3 – Excluded Liabilities

 

     

     

    

 

Schedule 1.1(a)

Purchased Assets

 

The Purchased Assets
shall include all right, title, interest, claims and demands of Seller in and to all personal property of the Seller at the time of the
Closing, including without limitation, all of the following (but excluding the Excluded Assets):

 

(a) All
goods (and embedded computer programs and supporting information included within the definition of “goods” under the Uniform
Commercial Code as adopted and in effect in the State of Delaware, as amended from time to time (the “Code”); provided
that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or nonperfection of the
Secured Lenders’ security interest in any Purchased Assets is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of Delaware, the term “Code” shall also mean the Uniform Commercial Code as in effect from time to time
in such jurisdiction for purposes of the provisions hereof relating to such creation, perfection or effect of perfection or non-perfection)
and equipment, including all laboratory equipment, computer equipment, office equipment, machinery, fixtures, vehicles (including motor
vehicles and trailers), and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions,
additions, and improvements to any of the foregoing, wherever located, including the furniture and equipment listed on Schedule 1.1(a)-A
attached hereto;

 

(b) All
inventory, including all merchandise, raw materials, parts, supplies, packing and shipping materials, marketing materials, work in process
and finished products, including such inventory as is temporarily out of custody or possession or in transit and including any returns
upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and
any documents of title representing any of the above, and all books relating to any of the foregoing, including lab specimens and biological
retains;

 

(c) All
Contract rights and general intangibles (including Intellectual Property), including goodwill, license agreements, franchise agreements,
blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, software, computer programs, computer disks,
computer tapes, literature, reports, catalogs, design rights, income tax refunds, payment intangibles, commercial tort claims, payments
of insurance and rights to payment of any kind, technical and non-technical information, data, and databases (including clinical data,
safety information and adverse event reports, development reports, medical information, and correspondence with regulatory authorities),
product registrations, regulatory approvals, and internet domain names, websites, and social media accounts, including the Intellectual
Property, Contract rights, and general intangibles listed on Schedule 1.1(a)-B attached hereto;

 

(d) All
accounts, contract rights, royalties, license rights, license fees and all other forms of obligations owing to Seller arising out of the
sale or lease of goods, the licensing of technology or the rendering of services, whether or not earned by performance, and any and all
credit insurance, guaranties, and other security therefor, as well as all returned or reclaimed merchandise and all books relating to
any of the foregoing;

 

(e) All
documents, letters of credit and letters of credit rights (whether or not the letter of credit is evidenced by a writing) and other supporting
obligations, certificates of deposit, instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property,
including all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity contracts and
commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, and all books relating to
the foregoing; and

 

(f) To
the extent not covered by clauses (a) through I, all other personal property of Seller, whether tangible or intangible, and any and all
rights and interests in any of the above and the foregoing and, any and all claims, rights and interests in any of the above and all substitutions
for, additions and accessions to and proceeds thereof, including insurance, condemnation, requisition or similar payments and proceeds
of the sale or licensing of Intellectual Property.

 

“Intellectual
Property” means, with respect to any person or entity, all of such person’s or entity’s right, title and interest
in and to patents, patent rights (and applications and registrations therefor and divisions, continuations, renewals, reissues, extensions
and continuations-in-part of the same), trademarks and service marks (and applications and registrations therefor and the goodwill associated
therewith), whether registered or not, inventions, copyrights (including applications and registrations therefor and like protections
in each work or authorship and derivative work thereof), whether published or unpublished, mask works (and applications and registrations
therefor), trade names, trade styles, software and computer programs, source code, object code, trade secrets, licenses, methods, processes,
know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development,
all whether now owned or subsequently acquired or developed by such person or entity and whether in tangible or intangible form or contained
on magnetic media readable by machine together with all such magnetic media (but not including embedded computer programs and supporting
information included within the definition of “goods” under the Code).

 

     

     

    

 

Schedule 1.1(a)-A

 

The Purchased Assets shall include the following furniture
and equipment:

 

     

     

    

 

Schedule 1.1(a)-B

 

The Purchased Assets shall include the
following Intellectual Property, Contract rights, and other General Intangibles.

 

Intellectual Property, Contract Rights
and Other General Intangibles

 

		1.	All Intellectual Property and other rights related to Tecarfarin

 

		2.	The Tecarfarin Investigational New Drug Application (IND) 77041.

 

		3.	The trademarks (together with goodwill) and patents listed below.

 

4. All
rights under the License, Development and Commercialization Agreement, dated as of September 16, 2015, by and between Espero BioPharma
(f/k/a Armetheon, Inc.) and China Cardiovascular Focus Ltd. Relating to Tercarfarin (the “Tercarfarin License”)

 

5. The
following URLs: esperopharma.com, esperobio.com, jaxpharma.com, and cadrenal.com.

 

Trademarks

 

Patents

 

	Country	Application #	Owner	Application Date
	U.S.A.	62/323,904	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	PCT/US2017/027887	Espero Pharmaceuticals, Inc.	04/17/2017
	U.S.A.	15/131,446	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	
    PCT /US2017

    /027883
	Espero Pharmaceuticals, Inc.	04/18/2017
	U.S.A.	15/131,478	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	PCT/US2017/027886	Espero Pharmaceuticals, Inc.	04/17/2017
	Country	Registration #	Owner	Registration Date
	Tecarfarin
	U.S.A.	7666902	Espero BioPharma, Inc.	02/23/2010
	U.S.A.	7145020	Espero BioPharma, Inc.	12/05/2006
	Country	Application #	Owner	Application Date
	U.S.A.	7932405	Espero BioPharma, Inc.	04/26/2011
	U.S.A.	7253208	Espero BioPharma, Inc.	08/07/2007
	U.S.A.	7285671	Espero BioPharma, Inc.	10/23/2007
	Australia	2005233614	Espero BioPharma, Inc.	7/12/2012
	Austria	1735296	Espero BioPharma, Inc.	12/9/2009
	Belgium	1735296	Espero BioPharma, Inc.	12/9/2009

 

     

     

    

 

	Belgium	2161261	Espero BioPharma, Inc.	8/28/2013
	Brazil	PI0508392-3	Espero BioPharma, Inc.	 
	Canada	2559568	Espero BioPharma, Inc.	5/28/2013
	China	200580012074.6	Espero BioPharma, Inc.	6/1/2011
	Cyprus	1735296	Espero BioPharma, Inc.	12/9/2009
	Denmark	1735296	Espero BioPharma, Inc.	12/9/2009
	Denmark	2161261	Espero BioPharma, Inc.	8/28/2013
	Europe	05733799.0	Espero BioPharma, Inc.	12/9/2009
	Europe	09175606.4	Espero BioPharma, Inc.	8/28/2013
	Finland	1735296	Espero BioPharma, Inc.	12/9/2009
	Finland	2161261	Espero BioPharma, Inc.	8/28/2013
	France	1735296	Espero BioPharma, Inc.	12/9/2009
	France	2161261	Espero BioPharma, Inc.	8/28/2013
	Germany	602005018181.4	Espero BioPharma, Inc.	12/9/2009
	Germany	602005041073.2	Espero BioPharma, Inc.	8/28/2013
	Great Britain	1735296	Espero BioPharma, Inc.	12/9/2009
	Great Britain	2161261	Espero BioPharma, Inc.	8/28/2013
	Greece	3071104	Espero BioPharma, Inc.	12/9/2009
	Hong Kong	1105200	Espero BioPharma, Inc.	3/9/2012
	Hong Kong	1138265	Espero BioPharma, Inc.	5/23/2014
	India	250594	Espero BioPharma, Inc.	1/11/2012
	Ireland	1735296	Espero BioPharma, Inc.	12/9/2009
	Ireland	2161261	Espero BioPharma, Inc.	8/28/2013
	Israel	178122	Espero BioPharma, Inc.	5/4/2013
	Israel	DIVOF178122	Espero BioPharma, Inc.	 
	Italy	502010901815570	Espero BioPharma, Inc.	12/9/2009
	Italy	502013902212109	Espero BioPharma, Inc.	8/28/2013
	Japan	5036532	Espero BioPharma, Inc.	7/13/2012
	Luxembourg	1735296	Espero BioPharma, Inc.	12/9/2009
	Luxembourg	2161261	Espero BioPharma, Inc.	8/28/2013
	Mexico	274321	Espero BioPharma, Inc.	5/3/2010
	Monaco	1735296	Espero BioPharma, Inc.	12/9/2009
	Monaco	2161261	Espero BioPharma, Inc.	8/28/2013
	Netherlands	1735296	Espero BioPharma, Inc.	12/9/2009
	Netherlands	2161261	Espero BioPharma, Inc.	8/28/2013
	Norway	338837	Espero BioPharma, Inc.	10/24/2016
	Philippines	1-2006-501866	Espero BioPharma, Inc.	11/19/2010
	Portugal	1735296	Espero BioPharma, Inc.	12/9/2009

 

     

     

    

 

	Country	Application #	Owner	Application Date
	Russia	2335501	
    Espero BioPharma,

    Inc.
	10/10/2008
	Russia	2006/07667	
    Espero BioPharma,

    Inc.
	10/10/2013
	South Africa	2006/07667	
    Espero BioPharma,

    Inc.
	11/28/2007
	South Korea	1203124	
    Espero BioPharma,

    Inc.
	11/14/2012
	Spain	05733799.0	
    Espero BioPharma,

    Inc.
	12/9/2009
	Spain	09175606.4	
    Espero BioPharma,

    Inc.
	8/28/2013
	Sweden	05733799.0	
    Espero BioPharma,

    Inc.
	12/9/2009
	Sweden	09175606.4	
    Espero BioPharma,

    Inc.
	8/28/2013
	Switzerland	1735296	
    Espero BioPharma,

    Inc.
	12/9/2009
	Switzerland	2161261	
    Espero BioPharma,

    Inc.

    
	8/28/2013

 

     

     

    

 

Schedule 1.1(b)

 

Excluded Assets

 

1. Cash and cash equivalents in the possession of the Seller
at the time of Closing.

 

     

     

    

 

Schedule 1.2

 

Assumed Liabilities

 

1. Any liabilities
or obligations related to or arising from the Purchaser’s ownership of the Purchased Assets, solely to the extent arising after
the Closing (provided, that Purchaser shall not assume any liabilities or obligations with respect to any Contracts other than the Tercarfarin
License).

 

     

     

    

 

Schedule 1.3

 

Excluded Liabilities

 

The Excluded Liabilities include the
following, whether incurred or accrued before or after the Closing:

 

1. Any
Liabilities arising from or relating to the Purchased Assets or the business of the Seller

 

2.
Any Liabilities for taxes of the Seller.

 

3. Any
Liabilities relating to legal services, accounting services, financial advisory services, investment banking services or any other professional
services performed in connection with the APA and any of the Contemplated Transactions.

 

4. Any
Liabilities with respect to employees (including Liabilities under or relating to any employee benefit plans).

 

5.
Any expenses of administration of the Seller.

 

6.
Any accounts payable (or other amounts payable).

 

7. Any
Liabilities under Contracts, including any Liabilities arising from or related to the leases for the Leased Real Property.

 

8.
Any Liabilities arising from or relating to actions or omissions of Seller.

 

9. Any
Liabilities arising from or relating to actions or notifications by regulatory authorities, including the U.S. Food & Drug Administration.

 

SELLER DISCLOSURE SCHEDULES

 

Section 4.4 – Current Litigation

 

Section 4.5(a) –
Permits

 

     

     

    

 

Schedule 4.4

 

Current Litigation

 

None.

 

     

     

    

 

Schedule 4.5(a)

 

Permits

 

None.

 

     

     

    

 

SCHEDULE 9.1

 

Purchase Price Allocation (Post-Closing
Schedule)

 

To include standard allocation methodology
in accordance with Section 1060 of the Code, i.e., allocation of purchase price for tax purposes among each of the six classes of assets.

 

     

     

    

 

EXHIBIT A

 

BILL OF SALE

 

     

     

    

 

EXHIBIT B

 

FIRPTA CARTIFICATE

 

     

     

    

 

EXHIBIT C

 

PATENT ASSIGNMENT AGREEMENT

 

     

     

    

 

EXHIBIT D

 

TRADEMARK ASSIGNMENT AGREEMENT

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