Document:

Exhibit 10.1

 

The
Brenner Group, Inc.

 

Amended and Restated 

 

Consulting Engagement Agreement

 

This Amended and Restated Consulting Engagement
Agreement (the “Agreement”) is made effective as of June 18, 2014 (the “Commencement Date”) between The
Brenner Group, Inc., a Delaware corporation, with its principal place of business located at 19200 Stevens Creek Blvd., Suite 200,
Cupertino, CA 95014-2530 (“Consultant”) and Semler Scientific, Inc., a Delaware corporation, with its principal place
of business located at 2330 NW Everett Street, Portland, OR 97210 (“Client”).

 

RECITALS

 

		A.	Consultant is in the business of providing management services to client companies in all areas of business operations.

 

		B.	Client is in need of assistance in the form provided by Consultant.

 

		C.	The Consultant and Parties entered into that certain Consulting Engagement Agreement dated as of the April 4, 2014 (the “Original
Agreement”), pursuant to which Consultant has been providing services to the Client.

 

		D.	In light of the Board’s decision to appoint Consultant’s employee as Chief Financial Officer effective as of June
18, 2014, Consultant and Client desire to amend and restate the Consulting Agreement in its entirety by this Agreement for purpose
of amending and restating Exhibit A and Exhibit B to expand the scope of Consultant’s services.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

		1.	ENGAGEMENT: Client agrees to engage Consultant under the terms of this Agreement, and Consultant
agrees to accept such engagement. Consultant, or its representative shall be available to Client according to the time or the projects
specified in Exhibit A, attached hereto and made a part of this Agreement by reference herein.

 

		2.	TERM AND TERMINATION: Consultant’s engagement pursuant to the Original Agreement commenced
on April 4, 2014, and shall commence under this Agreement on the date hereof and continue until March 31, 2015, unless terminated
earlier, as provided herein (the “Term”). At the end of the Term, this Agreement shall automatically be extended for
periods of three (3) months each, unless one party gives the other party one (1) month notice of their intent to not extend the
Agreement. Other than for the reasons described in Section 4, below, either party may terminate this Agreement during the Term,
or any extensions thereof, by giving the other party one (1) month written notice of their intent to so terminate.

 

		3.	COMPENSATION: As compensation for services rendered by Consultant pursuant to this Agreement,
Client shall pay Consultant the sum(s) as shown on Exhibit A, plus reimbursement for any expenses incurred on Client’s behalf.
If Consultant uses an automobile on Client’s behalf, Client shall reimburse Consultant for actual miles traveled

 

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The Brenner
Group, Inc.

 

at the rate of $0.58 per mile. For
on-site engagements of less than four (4) hours, Consultant shall invoice Client for travel time to and from Client’s premises
(or other designated meeting site as defined by Client). Client and Consultant agree that Exhibit A may be modified from time to
time, and such modifications shall be made a part of this Agreement when executed by both parties.

 

		4.	PERSONNEL: Client and Consultant agree that Consultant is not in the business of providing
a recruiting or placement service for permanent positions. However, if Client wishes to offer employment to any of Consultant’s
representatives, and if the representative wishes to accept such employment, Consultant has the right to invoice Client, and Client
will promptly pay, a fee as shown in the following table:

 

	Period after the Effective Date of the Agreement	% of estimated first

year’s compensation**
	Within the first six (6) months	100%
	Between seven (7) months and nine (9) months	85%
	After the commencement of the tenth (10th) month	70%

 

** For purposes of this Agreement,
“estimated first year’s compensation” shall be defined to include first year’s annualized salary, first
year’s estimated annualized bonus, and number of shares of Client’s stock to be vested to Consultant’s representative
by the first anniversary of representative’s employment by Client. In the case of equity, a warrant shall be issued to Consultant
for the percentage of representative’s shares, at the same price as those as the representative. Equity considered “vested”
shall be determined as a function of the passage of time (i.e. disregarding cliffs and other vesting deferral mechanisms built
into the representative’s option plan).

 

Client and Consultant also agree
that the Client shall not offer any of Consultant’s Representative (including all Exhibits, and whether or not Consultant’s
Representative remains an employee of Consultant) a consulting or other non-permanent form of employment or engagement within twenty-
four (24) months of termination of Client’s engagement with Consultant, without obtaining the express and written consent
of Consultant. In the absence of this approval, Consultant has the right to invoice Client, and Client will promptly pay, a fee
equal to 100% of the total amount paid by Client to the Consultant’s former Representative for the greater of the duration
of the project or until the time which is twenty-four (24) months after the termination of the Agreement.

 

		5.	INVOICING AND PAYMENT: Consultant shall invoice Client as of the fifteenth and last day
of each month for services performed pursuant to this Agreement. Client shall pay Consultant’s invoice, in full, within five
(5) business days of the date of Consultant’s invoice. If Client does not pay Consultant pursuant to these terms, Consultant
shall have the right to receive a retainer, as described in Paragraph 6, below.

 

		6.	RETAINER: If Consultant has the right, pursuant to Paragraph 5, above, to receive a retainer
from Client, and further, if Consultant requests such retainer, Client shall pay Consultant a retainer (the “Retainer”)
upon written demand from Consultant. Such retainer shall approximate Consultant’s best estimate of one half months’
worth of

 

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The Brenner
Group, Inc.

 

Consultant’s charges working
on Client’s matters. Client agrees that such retainer shall be replenished to an amount equal to the following one half month’s
projected amount due for projected services during such period. Any retainer remaining shall be applied against the final invoice
pursuant to this Agreement.

 

		7.	STATUS: Consultant is engaged by Client as an independent contractor, and not as an employee.
As such, Consultant is solely responsible for and will make proper and timely payment of any and all taxes on amounts paid by Client,
including, if applicable, estimated state and federal income taxes, self-employment taxes, state disability insurance taxes and
the like. Neither Consultant nor Consultant’s Representative will receive or participate in any of Client’s employee
health insurance or any other employee fringe benefit programs, and Consultant will not be covered by Client’s workers’
compensation and other insurance policies.

 

		8.	PROPRIETARY INFORMATION AND INVENTIONS: Consultant understands that certain proprietary
information of Client’s may be disclosed to Consultant during the term of this Agreement. Unless such information was known
to Consultant prior to such disclosure, or becomes part of the public domain, or disclosure is required by government-compelled
process, Consultant agrees not to disclose such information to third parties for a period of twenty four months, without prior
written consent of the Client. Consultant acknowledges that, if requested by Client, Consultant will sign an additional and separate
Non-Disclosure Agreement with Client.

 

		9.	NO AUTHORITY: Consultant does not have, and is not granted by this Agreement, any express
or implied right or authority to assume or create any obligations on behalf of, or in the name of, Client; or to bind Client to,
or enter into, directly or indirectly, any contract, agreement or undertaking with any third party. If Client wishes to grant such
authority to Consultant, Client shall issue such authority to Consultant in writing prior to Consultant taking any such action.

 

		10.	INDEMNITY: Client shall offer the same level of indemnification to Consultant as Client
would normally provide to its officers and directors, including such resolutions by its Board of Directors as are customary regarding
officer and director indemnification. Client shall provide a certificate of insurance from its D&O Insurance carrier, naming
Consultant, and its Representatives as named insureds on the policy.

 

		11.	MISCELLANEOUS:

 

		A.	ASSIGNMENT: This Agreement may not be assigned by either party hereto without the prior written consent of the other.

 

		B.	ADDITIONAL PERSONNEL: Consultant may use additional personnel to support the requirements of Client under this
Agreement. The additional personnel will only be used after Client has agreed in writing to: (a) such addition; (b) the compensation
for such addition; (c) the term of such addition, and (d) such addition is made a part of this Agreement by an amendment to Exhibit
A and executed by both parties.

 

		C.	GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the State of California.

 

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The Brenner
Group, Inc.

 

		D.	NOTICES: All notices hereunder shall be in writing, and shall be deemed given upon personal delivery or upon placing
in the United States postal service First Class delivery system, to the addresses set forth below:

 

	 	If to Consultant:	If to Client:
	 	Richard M. Brenner	Doug Murphy Chutorian
	 	Chief Executive Officer	Chief Executive Officer
	 	The Brenner Group, Inc.	Semler Scientific, Inc.
	 	19200 Stevens Creek Blvd., St. 200	2330 NW Everett Street
	 	Cupertino, CA 95014-2530	Portland, OR 97210

 

Either party may change its notice address by written notice
to the other in accordance herewith.

 

		E.	AMENDMENT; ENTIRE AGREEMENT: This Agreement may be amended only in writing, and signed by both parties. This Agreement
sets forth the entire understanding of the parties with respect to the subject matter hereof, and expressly terminates and supersedes
any and all oral and or written understandings and agreements with regard to such subject matter.

 

		F.	ATTORNEYS’ FEES: If any action is brought hereunder, the prevailing party shall be entitled to reasonable attorneys’
fees to be fixed by the court in such action.

 

		G.	PARTIAL INVALIDITY: If any provision of this Agreement is found to be invalid by any court or other authority, the invalidity
of such provision shall not affect the validity of the remaining provisions hereof.

 

		H.	ADDITIONAL TERMS: See Exhibit D.

 

IN WITNESS WHEREOF, the parties have executed this Agreement
this the 18th of June, 2014.

 

	Consultant:	 	Client:
	The Brenner Group, Inc.	 	Semler Scientific, Inc.
	 	 	 
	/s/ Richard M. Brenner	 	/s/ Doug Murphy-Chutorian
	signature	 	signature
	Richard M. Brenner	 	Doug Murphy Chutorian
	name	 	name
	President & Chief Executive Officer	 	Chief Executive Officer
	title	 	title

 

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The Brenner
Group, Inc.

 

Amended and Restated Exhibit A

 

The Assignment shall be defined as:

 

		•	Consultant shall assist Client by acting as Client’s Chief Financial Officer, including all duties and authorities normally
associated with such position, and be appointed as such by the Board of Directors.

 

		•	The scope of work is as outlined in attached amended and restated Exhibit B (CFO Job Responsibilities)

 

		•	Consultant shall commit to a minimum of 40 hours per month devoted to the CFO role. Client agrees that Consultant and Client
will routinely review workload to make sure time commitment and fee are in alignment. Client and Consultant may adjust hours and
monthly fee as necessary but only with mutual consent.

 

		•	Consultant shall assist Client in such other matters as Client may reasonably request.

 

Consultant’s rates for such services:

 

	
        

         
	Consultant’s Representative	Rate
	1.	Jim Walker, or equivalent	$10,000 per month

 

IN WITNESS WHEREOF, the parties have executed this Agreement
this 18th day of June, 2014.

 

	Consultant:	 	Client:
	The Brenner Group, Inc.	 	Semler Scientific, Inc.
	 	 	 
	/s/ Richard M. Brenner	 	/s/ Doug Murphy-Chutorian
	signature	 	signature
	Richard M. Brenner	 	Doug Murphy Chutorian
	name	 	name
	President & Chief Executive Officer	 	Chief Executive Officer
	title	 	title

 

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The Brenner
Group, Inc.

 

AMENDED AND RESTATED EXHIBIT B

 

Semler Scientific CFO Responsibilities

 

 

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The Brenner
Group, Inc.

 

EXHIBIT C

 

VP Finance Job Description

 

 

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The Brenner
Group, Inc.

 

Exhibit D

 

Additional Terms of Consulting Agreement

 

		1.	Services and Compensation

 

Consultant shall perform the services described in Exhibit
A (the “Services”) for the Company (or its designee), and the Company agrees to pay Consultant the compensation described
in Exhibit A for Consultant’s performance of the Services.

 

		2.	Applicability to Past Activities

 

Consultant agrees that if and to the extent that Consultant
provided any services or made efforts on behalf of or for the benefit of Company, or related to the current or prospective business
of Company in anticipation of Consultant’s involvement with the Company, that would have been “Services” if performed
during the term of this Agreement (the “Prior Consulting Period”) and to the extent that during the Prior Consulting
Period: (i) Consultant received access to any information from or on behalf of Company that would have been “Confidential
Information” (as defined below) if Consultant received access to such information during the term of this Agreement; or (ii)
Consultant conceived, created, authored, invented, developed or reduced to practice any item (including any intellectual property
rights with respect thereto) on behalf of or for the benefit of Company, or related to the current or prospective business of Company
in anticipation of Consultant’s involvement with Company, that would have been an “Invention” (as defined below)
if conceived, created, authored, invented, developed or reduced to practice during the term of this Agreement; then any such information
shall be deemed “Confidential Information” hereunder and any such item shall be deemed an “Invention” hereunder,
and this Agreement shall apply to such activities, information or item as if disclosed, conceived, created, authored, invented,
developed or reduced to practice during the term of this Agreement. Consultant further acknowledges that Consultant has been fully
compensated for all services provided during any such Prior Consulting Period.

 

		3.	Confidentiality

 

		A.	Definition of Confidential Information. “Confidential Information” means any non-public information
that relates to the actual or anticipated business and/or products, research or development of the Company, its affiliates or subsidiaries,
or to the Company’s, its affiliates’ or subsidiaries’ technical data, trade secrets, or know-how, including,
but not limited to, research, product plans, or other information regarding the Company’s, its affiliates’ or subsidiaries’
products or services and markets therefor, customer lists and customers (including, but not limited to, customers of the Company
on whom Consultant called or with whom Consultant became acquainted during the term of this Agreement), software, developments,
inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances,
and other business information disclosed by the Company, its affiliates or subsidiaries, either directly or indirectly, in writing,
orally or by drawings or inspection of premises, parts, equipment, or other property of Company, its affiliates or subsidiaries.
Notwithstanding the foregoing, Confidential Information shall not include any such information which Consultant can establish (i)
was publicly known or made generally available prior to the time of disclosure to Consultant; (ii) becomes publicly known or made
generally available after disclosure to Consultant through no wrongful action or

 

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The Brenner
Group, Inc.

 

inaction of Consultant; or (iii) is in the rightful possession
of Consultant, without confidentiality obligations, at the time of disclosure as shown by Consultant’s then-contemporaneous
written records.

 

		B.	Nonuse and Nondisclosure

 

During and after the term of this Agreement, Consultant
will hold in the strictest confidence, and take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential
Information, and Consultant will not (i) use the Confidential Information for any purpose whatsoever other than as necessary for
the performance of the Services on behalf of the Company, or (ii) disclose the Confidential Information to any third party without
the prior written consent of an authorized representative of Company. Consultant may disclose Confidential Information to the extent
compelled by applicable law; provided however, prior to such disclosure, Consultant shall provide prior written notice to Company
and seek a protective order or such similar confidential protection as may be available under applicable law. Consultant agrees
that no ownership of Confidential Information is conveyed to the Consultant. Without limiting the foregoing, Consultant shall not
use or disclose any Company property, intellectual property rights, trade secrets or other proprietary know-how of the Company
to invent, author, make, develop, design, or otherwise enable others to invent, author, make, develop, or design identical or substantially
similar designs as those developed under this Agreement for any third party. Consultant agrees that Consultant’s obligations
under this Section 3.B shall continue after the termination of this Agreement.

 

		C.	Other Client Confidential Information

 

Consultant agrees that Consultant will not improperly
use, disclose, or induce the Company to use any proprietary information or trade secrets of any former or concurrent employer of
Consultant or other person or entity with which Consultant has an obligation to keep in confidence. Consultant also agrees that
Consultant will not bring onto the Company’s premises or transfer onto the Company’s technology systems any unpublished
document, proprietary information, or trade secrets belonging to any third party unless disclosure to, and use by, the Company
has been consented to in writing by such third party.

 

		D.	Third Party Confidential Information

 

Consultant recognizes that the Company has received and
in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s
part to maintain the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that
at all times during the term of this Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold
all such confidential or proprietary information in the strictest confidence and not to use it or to disclose it to any person,
firm, corporation, or other third party except as necessary in carrying out the Services for the Company consistent with the Company’s
agreement with such third party.

 

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The Brenner
Group, Inc.

 

		4.	Ownership

 

		A.	Assignment of Inventions.

 

Consultant agrees that all right, title, and interest
in and to any copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries and
trade secrets conceived, discovered, authored, invented, developed or reduced to practice by Consultant, solely or in collaboration
with others, during the term of this Agreement and arising out of, or in connection with, performing the Services under this Agreement
and any copyrights, patents, trade secrets, mask work rights or other intellectual property rights relating to the foregoing (collectively,
“Inventions”), are the sole property of the Company. Consultant also agrees to promptly make full written disclosure
to the Company of any Inventions and to deliver and assign (or cause to be assigned) and hereby irrevocably assigns fully to the
Company all right, title and interest in and to the Inventions.

 

		B.	Pre-Existing Materials.

 

Subject to Section 2.A, Consultant agrees that if, in
the course of performing the Services, Consultant incorporates into any Invention or utilizes in the performance of the Services
any pre- existing invention, discovery, original works of authorship, development, improvements, trade secret, concept, or other
proprietary information or intellectual property right owned by Consultant or in which Consultant has an interest (“Prior
Inventions”), (i) Consultant will provide the Company with prior written notice and (ii) the Company is hereby granted a
nonexclusive, royalty-free, perpetual, irrevocable, transferable, worldwide license (with the right to grant and authorize sublicenses)
to make, have made, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display,
perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection
with such Invention, and to practice any method related thereto. Consultant will not incorporate any invention, improvement, development,
concept, discovery, work of authorship or other proprietary information owned by any third party into any Invention without Company’s
prior written permission.

 

		C.	Moral Rights.

 

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

 

		D.	Maintenance of Records.

 

Consultant agrees to keep and maintain adequate, current,
accurate, and authentic written records of all Inventions made by Consultant (solely or jointly with others) during the term of
this Agreement, and for a period of three (3) years thereafter. The records will be in the form of notes, sketches, drawings, electronic
files, reports, or any other format that is customary in the industry and/or otherwise specified by the Company. Such records are
and remain the sole property of the Company at all times and upon Company’s request, Consultant shall deliver (or cause to
be delivered) the same.

 

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The Brenner
Group, Inc.

 

		E.	Further Assurances.

 

Consultant agrees to assist Company, or its designee,
at the Company’s expense, in every proper way to secure the Company’s rights in Inventions in any and all countries,
including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications,
specifications, oaths, assignments and all other instruments that the Company may deem necessary in order to apply for, register,
obtain, maintain, defend, and enforce such rights, and in order to deliver, assign and convey to the Company, its successors, assigns
and nominees the sole and exclusive right, title, and interest in and to all Inventions and testifying in a suit or other proceeding
relating to such Inventions. Consultant further agrees that Consultant’s obligations under this Section 2.E shall continue
after the termination of this Agreement.

 

		F.	Attorney-in-Fact

 

Consultant agrees that, if the Company is unable because
of Consultant’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Consultant’s
signature with respect to any Inventions, including, without limitation, for the purpose of applying for or pursuing any application
for any United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to the Company
in Section 2.A, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents
as Consultant’s agent and attorney-in-fact, to act for and on Consultant’s behalf to execute and file any papers and
oaths and to do all other lawfully permitted acts with respect to such Inventions to further the prosecution and issuance of patents,
copyright and mask work registrations with the same legal force and effect as if executed by Consultant. This power of attorney
shall be deemed coupled with an interest, and shall be irrevocable.

 

		5.	Conflicting Obligations

 

		A.	Consultant represents and warrants that Consultant has no agreements, relationships, or commitments to any other person or
entity that conflict with the provisions of this Agreement, Consultant’s obligations to the Company under this Agreement,
and/or Consultant’s ability to perform the Services. Consultant will not enter into any such conflicting agreement during
the term of this Agreement.

 

		B.	Consultant shall require all Consultant’s employees, contractors, or other third-parties performing Services under this
Agreement to execute a confidential information and assignment agreement in a form provided by the Company, which shall be no less
protective of the Company’s rights as set forth herein, and promptly provide a copy of each such executed agreement to the
Company. Consultant’s violation of this Article 5 will be considered a material breach.

 

		6.	Return of Company Materials

 

Upon the termination of this Agreement, or upon Company’s
earlier request, Consultant will immediately deliver to the Company, and will not keep in Consultant’s possession, recreate,
or deliver to anyone else, any and all Company property, including, but not limited to, Confidential Information, tangible embodiments
of the Inventions, all devices and equipment belonging to the Company, all electronically-stored information and passwords to access
such property, those records maintained pursuant to Section D and any reproductions of any of the foregoing items that Consultant
may have in Consultant’s possession or control.

 

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The Brenner
Group, Inc.

 

		7.	Reports

 

Consultant agrees that Consultant will periodically keep
the Company advised as to Consultant’s progress in performing the Services under this Agreement. Consultant further agrees
that Consultant will, as requested by the Company, prepare written reports with respect to such progress. The Company and Consultant
agree that the reasonable time expended in preparing such written reports will be considered time devoted to the performance of
the Services.

 

		8.	Survival.

 

Upon any termination, all rights and duties of the Company
and Consultant toward each other shall cease except:

 

		A.	The Company will pay, within thirty (30) days after the effective date of termination, all amounts owing to Consultant for
Services completed and accepted by the Company prior to the termination date and related reimbursable expenses, if any, submitted
in accordance with the Company’s policies and in accordance with the provisions of Article 1 of this Agreement; and

 

		B.	Article 3 (Confidentiality), Article 4 (Ownership), Section 5 (Conflicting Obligations), Article 6 (Return of Company Materials),
Article 9 (Independent Contractor; Benefits), Article 10 (Noninterference), and Article 11 (Miscellaneous) will survive termination
or expiration of this Agreement in accordance with their terms.

 

		9.	Independent Contractor; Benefits

 

		A.	Independent Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services
as an independent contractor to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as
an agent, employee or representative of the Company. Without limiting the generality of the foregoing, Consultant is not authorized
to bind the Company to any liability or obligation or to represent that Consultant has any such authority. Consultant agrees to
furnish (or reimburse the Company for) all tools and materials necessary to accomplish this Agreement and shall incur all expenses
associated with performance, except as expressly provided in Exhibit A. Consultant acknowledges and agrees that Consultant is obligated
to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the
obligation to pay all self-employment and other taxes on such income.

 

		B.	Benefits. The Company and Consultant agree that Consultant will receive no Company- sponsored benefits from the Company
where benefits include, but are not limited to, paid vacation, sick leave, medical insurance and 401k participation. If Consultant
is reclassified by a state or federal agency or court as the Company’s employee, Consultant will become a reclassified employee
and will receive no benefits from the Company, except those mandated by state or federal law, even if by the terms of the Company’s
benefit plans or programs of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible
for such benefits.

 

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The Brenner
Group, Inc.

 

		10.	Non-solicitation

 

To the fullest extent permitted under applicable law,
from the date of this Agreement until twelve (12) months after the termination of this Agreement for any reason (the “Restricted
Period”), Consultant will not, without the Company’s prior written consent, directly or indirectly, solicit any of
the Company’s employees to leave their employment, or attempt to solicit employees of the Company, either for Consultant
or for any other person or entity. Consultant agrees that nothing in this Article 10 shall affect Consultant’s continuing
obligations under this Agreement during and after this twelve (12) month period, including, without limitation, Consultant’s
obligations under Article 3.

 

		11.	Miscellaneous

 

		A.	Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of the State of California,
without regard to the conflicts of law provisions of any jurisdiction. To the extent that any lawsuit is permitted under this Agreement,
the Parties hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located
in California.

 

		B.	Assignability. This Agreement will be binding upon Consultant’s heirs, executors, assigns, administrators, and
other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. There are no intended
third-party beneficiaries to this Agreement, except as expressly stated. Except as may otherwise be provided in this Agreement,
Consultant may not sell, assign or delegate any rights or obligations under this Agreement. Notwithstanding anything to the contrary
herein, Company may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially
all of Company’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or stock,
or otherwise.

 

		C.	Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this
Agreement.

 

		D.	Severability. If a court or other body of competent jurisdiction finds, or the Parties mutually believe, any provision
of this Agreement, or portion thereof, to be invalid or unenforceable, such provision will be enforced to the maximum extent permissible
so as to effect the intent of the Parties, and the remainder of this Agreement will continue in full force and effect.

 

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

 

IN WITNESS WHEREOF, the parties have executed this Agreement this
18th day of June, 2014.

 

	Consultant:	 	Client:
	The Brenner Group, Inc.	 	Semler Scientific, Inc.
	 	 	 
	/s/ Richard M. Brenner	 	/s/ Doug Murphy-Chutorian
	signature	 	signature
	Richard M. Brenner	 	Doug Murphy Chutorian
	name	 	name
	President & Chief Executive Officer	 	Chief Executive Officer
	title	 	title

 

    	Page 13 of 13MDT-2014.04.25-EX10.44

August 22, 2013

Carol Surface

Dear Carol,

I am pleased to provide you with this letter agreement regarding your employment at Medtronic, Inc. (“Medtronic”).  Every employee at Medtronic plays a role in changing what it means to live with chronic disease.  We are excited to have you join us as we continue to innovate to improve the lives of patients.  The following are the terms of the employment offer:  

		
	1.
	Title 
 
Senior Vice President and Chief Human Resources Officer

 
In this role, you will serve as a member of the Medtronic Executive Committee, reporting to me.  In the position of Chief Human Resources Officer, you shall have the responsibilities and duties commensurate with leading the Human Resources function at Medtronic, and such other duties and responsibilities that are assigned by me. 

		
	2.
	Employment Location 
 
Your assignment with Medtronic will be located at our World headquarters in Minneapolis, Minnesota, subject to business travel consistent with your duties and responsibilities.

		
	3.
	Employment Start Date

Your employment with Medtronic will commence September 30, 2013 (“Start Date”)

		
	4.
	Base Salary 
 
Your annual base salary will be $550,000 per year (less applicable withholdings and deductions) commencing upon your Start Date and paid in accordance with Medtronic’s standard payroll practices. 

		
	5.
	Medtronic Incentive Plan (“MIP”)  
 
You will be eligible to participate in the annual Medtronic Incentive Plan (“MIP”), beginning with the FY14 MIP.  Your participation will begin on your Start Date with a target payout of 85% of eligible fiscal year earnings.  Your actual payout for FY14 will be determined by the achievement of Medtronic Incentive Plan measures and will be based on eligible earnings equal to your full-year base salary for FY14, and will not be prorated based on your Start Date.   Additional information will be provided about MIP following your Start Date.

		
	6.
	Annual Long-Term Incentive Plan

You will be eligible to participate in Medtronic’s Long-Term Incentive Plan (LTIP) beginning with Fiscal Year 2014.  The total target value of your FY14 LTIP is $1,425,000 and is comprised of the following components:

		
	•
	Annual Long-Term Performance Plan (“LTPP”)  
 
Beginning with the FY2014-FY2016 three year performance cycle, you will be eligible to participate in the Long-Term Performance Plan (“LTPP”). Your target annualized award will be $475,000 (subject to the terms and conditions of the LTPP).  Your participation will begin on your Start Date, however, your LTPP award will be based on your target annualized award for the FY2014 – FY2016 LTPP period, and will not be prorated based on your Start Date.  The payout is based on company performance against pre-determined performance measures.  The LTPP award agreement will be provided to you following your Start Date.  Subject to approval by the appropriate committee, you will also be eligible to participate in subsequent 3-year phases that commence in succeeding fiscal years, to the extent such plans are implemented and subject to the terms and conditions of the LTPP plan document 

		
	•
	Annual Nonqualified Stock Option Grant 
 
You will be eligible for annual stock option awards beginning with Fiscal Year 2014.  The anticipated grant date will be October 28, 2013 for FY2014 awards. As of the date of this letter, the current grant amount (aggregate exercise price) is approximately $1,900,000 (with a targeted value of $475,000), which will vest 25% per year beginning one year after the date of grant. All terms and conditions of any stock option awards will be described in the stock option agreement that is delivered to you following the grant date.  Your nonqualified stock option awards are subject to approval by the Compensation Committee of the Board of Directors.

		
	•
	Performance-Based Restricted Stock Unit Grant

Beginning in fiscal year 2014, you will be eligible for annual grants of performance-based restricted stock units currently granted on the first business day of the second quarter of each fiscal year. The FY2014 grant date will be October 28, 2013. The current grant target is $475,000 and vests 100% on the third anniversary of the date of grant, provided that the minimum company performance threshold, currently set at a 3% Cumulative Compound Annual Growth Rate for Diluted Earnings Per Share measured for FY2014 – FY2016, is met.   All terms and conditions of any restricted stock unit awards will be described in the restricted stock unit agreement provided following the grant date.  Annual Performance-based restricted stock unit awards are subject to approval by the Compensation Committee of the Board of Directors.

		
	7.
	Special New Hire Cash Bonus  
 
To help mitigate the loss of certain earned, unpaid compensation from your current employer, you will be eligible to receive a new hire cash bonus in the amount of $475,000 (less applicable withholdings and deductions).  The full amount will be paid to you within 90 calendar days following your Start Date with Medtronic.  

 
		
	8.
	One-time, New Hire Restricted Stock Unit Grant  
 
To help mitigate the loss of certain earned, unvested compensation from your current employer, you will be granted a one-time, restricted stock unit award with a grant date value of $3,325,000, which is scheduled to be granted on October 28, 2013.  14.29% of the restricted stock units (approximately $475,000 of the grant date value) will vest on the one year anniversary of the grant date; 28.57% of the restricted stock units (approximately $950,000 of the grant date value) will vest each on the second, third, and fourth anniversary of the grant date.  Vesting is subject to the attainment by the Company of $1.00 diluted EPS threshold for the fiscal year ending prior to each vesting date.  

In the event of a change in Medtronic’s Chief Executive Officer (“CEO”) that is not associated with a Change in Control of Medtronic, whereby a new CEO is hired from outside Medtronic and within 180 days of the CEO’s job start date your employment is terminated by Medtronic without cause and not associated with a Change in Control of Medtronic, unvested units associated solely with this new hire restricted stock unit award will continue to vest as scheduled.  Vesting will continue to be predicated upon Medtronic achieving the minimum EPS threshold for the fiscal year ending prior to the scheduled vest date and predicated upon your compliance with all associated employment separation terms and conditions.  Under any other circumstances, the standard terms and conditions of the restricted stock unit agreement governing employment termination will prevail.
 
The actual number of units for the total grant and for each vesting period will be based on the number of units granted on October 28, 2013 as determined by the grant date value divided by the market closing price for Medtronic common stock on October 28, 2013.  The award is subject to approval by the Compensation Committee of the Board of Directors.  All terms and conditions of the restricted stock unit award will be described in the restricted stock unit agreement provided following the grant date. 

		
	9.
	Employee Benefits 
 
You will be offered the same benefits as all other U.S. employees of Medtronic, including any benefits commensurate with your job level, upon meeting eligibility requirements as provided for in the Plan documents.  An overview of Medtronic’s Benefit Programs will be included with the New Hire Employment Document Package that accompanies the formal offer letter.   Enrollment in Medtronic’s Benefits, including Health, Wellness, and Retirement programs will occur during your new hire orientation. 

		
	10.
	Business Allowance  
 
In order to defray the cost of an automobile, tax preparation and financial planning, or other related expenses, you will be provided with an annual allowance of $24,000 (paid bi-weekly).  A Business Allowance Program Brochure is included.

		
	11.
	Executive Physical Exam

In addition, you will be provided with a periodic medical examination under the Company’s Executive Physical Examination program.  Details about the program are included with the Business Allowance Program Brochure.

		
	12.
	Stock Ownership Policy

Medtronic’s policy requires Section 16b officers to maintain Medtronic stock equal to three (3) times annual salary. Until the ownership guideline is met, officers must retain 50% of the after-tax shares following settlement of equity compensation awards, including stock option exercises and restricted stock vesting. Once the guideline is met, executives must retain after-tax shares for one year following settlement of equity compensation awards.  All shares of Medtronic stock owned by you, including the after tax value of unexercised stock options and the after tax value of unvested restricted stock unit awards, count towards satisfying the stock ownership guideline.

		
	13.
	Deferred Compensation Plan 
 
You will be eligible to participate in the next calendar year phase of Medtronic’s Capital Accumulation Plan (“CAP”), subject to the terms of the CAP, which will provide for deferral of calendar year 2014 compensation.  If desired you may enroll in the 2014 CAP during your new hire orientation.

		
	14.
	Employee and Employment Agreement 
 
As a condition of this offer of employment with Medtronic and as a condition of receiving the benefits identified herein, you must sign the standard Employee Agreement, which specifies certain employment terms and conditions; and the Change of Control Employment Agreement, which provides for compensation in the event of certain employment changes resulting from a change in control.  Copies of these agreements will be included with your formal offer letter.  You must sign and return the agreements no later than your first day of employment with Medtronic. 

		
	15.
	Severance 

In the event you are terminated without cause, Medtronic shall provide to you the following benefits, provided that you sign and do not revoke a Severance Agreement and Release: 
		
	•
	A lump sum equal to two (2.0) times your annual base salary 

		
	•
	The lesser of two (2.0) times your target annual MIP or two (2.0) times the most recent quarterly estimate of your actual annual MIP payout, in lump sum.  

		
	•
	A lump sum equal to 100% of the premiums for twenty-four (24) months of continued health and dental benefits to be paid within 10 business days of the last day worked.

		
	•
	Executive placement services of appropriate duration with a mutually agreeable vendor

		
	•
	Please note that long-term incentive awards will be treated consistent with the terms and conditions of the grants 

Notwithstanding the language in this section 14, this language will not apply in the event of a Change in Control of Medtronic.  Under these circumstances, the Change of Control Employment Agreement referenced in Section 13 shall control.

		
	16.
	Eligibility Documents 

As required by federal law, Medtronic must verify that its employees are eligible to work in the United States.  On or before your first day of employment, you will be required to certify that you are a citizen of the U.S., a noncitizen national of the U.S., a lawful permanent resident, or an alien authorized to work in the U.S.  Please bring acceptable supporting documents (as listed on the reverse side of the I-9 Form) to your first day of work.  A Designated Medtronic Representative will then review your documentation and complete section 2 on Form I-9.  Failure to produce the required documentation within 72 hours (unless a government authorized extension applies) may result in termination of employment.  Medtronic is also a participant in the Department of Homeland Security’s E-Verify system.  An employee hired on or after September 8, 2009 will be subject to E-Verify only after a Form I-9 has been completed for the employee. Medtronic does not tolerate the discrimination of applicants and employees based upon their national origin and citizenship (or immigration) status or any protected status when verifying employment eligibility through completion of the Form I-9 and the use of E-Verify

		
	17.
	Substance Abuse Testing 
 
A condition of your employment at Medtronic is the successful completion of a drug screening test.  A drug screening will be arranged at a location convenient for you after your acceptance the formal offer. If you do not take the test, our offer will be rescinded.  If you do not pass the test, you will receive a letter from our medical review officer providing you with the opportunity to explain the positive test result or to ask for a retest of the same sample at your expense.

		
	18.
	Mandatory Quality, Ethics and Compliance Training

As a further condition of your employment with Medtronic, you will be required to complete Medtronic’s Quality Fundamentals training and general ethics and compliance training, including a certification related to our code of conduct within 30 days of your acceptance of this offer.  Please note that it is your responsibility to make sure that you complete this training.  

		
	19.
	Other General Provisions

Medtronic is offering you this position based on your skills and background, and believes you can perform your new duties without the use or reliance upon any confidential information or trade secrets of your current or former employers. Medtronic does not and will not encourage, induce, require, condone, or accept the disclosure or use of such information during your employment with the company.  

Medtronic further expects you to take reasonable steps to protect your current and former employers’ proprietary information (including returning any and all confidential or proprietary materials or documents to your current employer when you leave) and to abide by any other confidentiality and applicable non-solicitation agreements with your current or former employers.   Your signature below confirms your assurances in this regard and your agreement to abide by the guidelines above.  Medtronic has made this offer of employment to you based on these assurances.

Medtronic is committed to providing reasonable accommodations so that all individuals may participate fully in their employment. If you need accommodations because of a medical condition, or a religious belief or practice, please discuss your request with your Human Resources partner, who will work with you to evaluate accommodation options.

Please contact me if you have any questions regarding the terms of this letter agreement  

Best regards,

/s/ Omar Ishrak

Omar Ishrak
Chairman and Chief Executive Officer

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