Document:

Cooperation and Development Agreement

 Exhibit 10.15 

Cooperation and Development Agreement 

by and between 

SURGIVISION, INC., a corporation duly organized and existing under the laws of the state 

of Delaware (USA) and having offices at Memphis, Tennessee (USA) 

(hereinafter referred to as “SURGIVISION”) 

and 
 Siemens
Aktiengesellschaft, Healthcare Sector, a corporation duly organized and 
 existing under the laws of Germany and having offices
at Erlangen, Germany 
 (hereinafter referred to as “SIEMENS”) 

- together hereinafter separately referred to as “PARTY” or jointly as “PARTIES” respectively - 

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 Preamble 

SURGIVISION is a leading company developing, manufacturing and selling devices as well as developing treatment plans for various medical
indications, such as deep brain stimulation or cardiac ablation. 
 SIEMENS is a leading company in developing, manufacturing
and selling Magnetic Resonance (“MR”) Imaging systems, which are used worldwide for diagnostics of a wide variety of medical indications. MR imaging is free of ionizing radiation and is therefore well-suited for continued supervision of
treatment procedures. 
 The PARTIES wish to establish a Cooperation and Development Agreement aiming at a combination of the
capabilities of Catheter Ablation and MR imaging in developing a product combination that allows performing the treatment of cardiac arrhythmias by catheter mediated ablation and catheter mediated cardiac electrophysiological mapping procedure under
simultaneous MR imaging for worldwide marketing and sales. The PARTIES agree that this treatment consists of a procedure with the involvement of different medical devices, including catheters and mapping technology as well as MR imaging guidance.
The PARTIES intend to develop an MR workflow with all required components integrated into the special requirements of the MR environment. 

SIEMENS will be in charge of development, regulatory release and sales of the software used for MR imaging, localization and
visualization of the mapping and ablation catheters, and resulting lesions. SURGIVISION will be in charge of development, regulatory release and sales of the mapping and ablation catheters as well as any other technology or component required for
the application. SURGIVISION will also be in charge of the regulatory release of the different medical devices together as one certified product. 

Therefore, having regard to the mutual obligations and covenants contained herein, the PARTIES agree as follows. 

1. Definitions 
  

	1.1.	 “AFFILIATE” shall mean a company in which either of the PARTIES owns or controls, directly or indirectly, more than fifty percent
(50%) of the stock or voting rights. 

  

	1.2.	 “APPLICATION” shall mean the treatment of cardiac arrhythmia by catheter mediated ablation under simultaneous MR imaging and catheter
mediated cardiac electrophysiological mapping under simultaneous MR imaging by using the PRODUCT. In the event the width of an APPLICATION is specified through guidelines of regulatory bodies like SFDA, CE, FDA, such specification shall apply.

  

	1.3.	 “BACKGROUND PATENTS” shall mean patent applications, patents, utility models and other statutory protection with regard to MR SYSTEM,
APPLICATION, CATHETER 

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TECHNOLOGY, PERIPHERAL TECHNOLOGY, SOFTWARE, INTEGRATION or the PRODUCT under which one PARTY is the owner and/or has the right of determination at any time during the term of this Agreement and
which are not a DEVELOPMENT RESULT. 

  

	1.4.	 “CATHETER TECHNOLOGY” shall mean and comprise the invasive medical devices (e.g. guidewire, catheters) supplied by SURGIVISION for the use
in the PRODUCT and within and in close proximity to an MR SYSTEM and which are defined in more detail in the specifications set forth in ANNEX 2 to this Agreement. ANNEX 2 may upon mutual agreement be amended from time to time. The CATHETER
TECHNOLOGY shall be provided by SURGIVISION as a medical product according to applicable local medical product regulations including, but not limited to, the EU and the USA. 

 

	1.5.	 “CATHETER TECHNOLOGY DEVELOPMENT” shall mean all work and activities related to the development of the CATHETER TECHNOLOGY compatible and
safe for use with an MR SYSTEM and in the PRODUCT. The CATHETER TECHNOLOGY DEVELOPMENT is specified in more detail in ANNEX 1. 

  

	1.6.	 “CHANGE OF CONTROL” means with respect to SURGIVISION, in an event or series of related events: a) a sale of all or substantially all of
SURGIVISION’s assets, voting stock or securities or business relating to this Agreement; b) a merger, reorganization or consolidation involving SURGIVISION in which the stockholders of SURGIVISION immediately prior to such transaction cease to
own collectively a majority of the voting equity securities of the successor entity; or c) a person or group of persons acting in concert acquire fifty percent (50%) or more of the voting equity securities of SURGIVISION, For purposes of
clarity, the term “CHANGE OF CONTROL” does not intend to include (i) an underwritten public offering of SURGIVISION’s common stock pursuant to an effective Registration Statement under the Securities Act of 1933, as amended, or
(ii) any sale of share or capital stock of SURGIVISION, in a single transaction or series of related transactions principally for bona fide equity financing purposes in which SURGIVISION issues new securities to financial and/or venture capital
investors primarily for cash or the cancellation or conversion of indebtedness of SURGIVISION or a combination thereof for the purpose of financing the operations and business of SURGIVISION. 

 

	1.7.	 “DEVELOPMENT WORK” means any and all work to be performed by SIEMENS and/or SURGIVISION in the frame of this Agreement.

  

	1.8.	 “DEVELOPMENT RESULTS” means any and all results, whether patentable or not, in written or oral form, achieved or created by SIEMENS and/or
SURGIVISION in the frame of this Agreement. 

  

	  1.9.	 “DIRECT COMPETITOR” with respect to SIEMENS means an entity that (i) has an MR scanner product line; (ii) currently develops an
MR scanner product line; or (iii) publicly 

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announces that it is in the process of acquiring or already acquired an MR scanner product line or an entity owning or developing an MR scanner product line. The company Medtronic Inc. or its
affiliates or subsidiaries (hereinafter “Medtronic”) shall not be deemed a DIRECT COMPETITOR under (i) and (ii) with regard to Medtronic’s existing MR scanner product (ODIN, hereinafter “ODIN”), as long as
Medtronic does neither use ODIN in the FIELD, nor develop ODIN for use in the FIELD, nor publicly announces that it intends to use or develop ODIN for use in the FIELD. 

 

	1.10.	 “FIELD” shall mean treatment of cardiac arrhythmia by catheter mediated ablation under simultaneous MR imaging and catheter mediated
cardiac electrophysiological mapping under simultaneous MR imaging. 

  

	1.11.	 “INDIRECT COMPETITOR” in respect to SIEMENS means an entity that is not a DIRECT COMPETITOR but which has a product line that competes
with the MR scanner product line of SIEMENS. 

  

	1.12.	 “INFLUENCE TEST” shall mean the testing process that determine the influence of an external system (CATHETER TECHNOLOGY and PERIPHERAL
TECHNOLOGY) on an SIEMENS MR SYSTEM. 

  

	1.13.	 “INFORMATION” shall mean written and/or oral technical information with regard to MR SYSTEM, APPLICATION, CATHETER TECHNOLOGY, PERIPHERAL
TECHNOLOGY, SOFTWARE, INTEGRATION or the PRODUCT, such information being available to one PARTY at any time during the term of this Agreement and not being a DEVELOPMENT RESULT. It is understood that the INFORMATION of SIEMENS shall be limited to
information available at its Healthcare Magnetic Resonance (H IM MR) Business Unit; INFORMATION does not include BACKGROUND PATENTS. 

  

	1.14.	 “INTEGRATION WORK” shall mean the combination of the CATHETER TECHNOLOGY, MR SYSTEM, SOFTWARE and PERIPHERAL TECHNOLOGY to the PRODUCT, as
well as all work and activities related to such combination and the creation of the PRODUCT. 

  

	1.15.	 “MR SYSTEM” shall mean any applicable SIEMENS MR system. Target MR SYSTEMS for the PRODUCT include the MAGNETOM Verio and the MAGNETOM
Espree. Other MR SYSTEMS might be added after mutual agreement. The MR SYSTEM is currently provided by SIEMENS as a medical product according to applicable local medical product regulations in several countries, including, but not limited to, the
EU, Canada and the USA. 

  

	1.16.	 “PERIPHERAL TECHNOLOGY” means hardware and software required by the user to perform the APPLICATION with the PRODUCT and which is not
already included in CATHETER TECHNOLOGY or SOFTWARE or MR SYSTEM. 

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	1.17.	 “PERIPHERAL TECHNOLOGY DEVELOPMENT” shall mean all work and activities related to the development of the PERIPHERAL TECHNOLOGY as
specified in ANNEX 2 SECTIONS 2.7, 2.8, 2.9 AND APPENDIX A, including but not limited to compatibility and safety for use with the MR SYSTEM. 

  

	1.18.	 “PRODUCT” shall mean and comprise a combination of hardware, software and workflow procedures allowing the performance of the APPLICATION
or parts thereof under simultaneous MR imaging, which the PARTIES wish to develop under this Agreement and which is defined in more detail in the specifications set forth in ANNEX 2 to this Agreement. ANNEX 2 may upon mutual agreement be amended
from time to time. The PRODUCT shall be integrated and developed by SURGIVISION as a medical product according to applicable local medical product regulations including, but not limited to the EU and the USA, integrating and combining the SOFTWARE,
MR SYSTEM, CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGY. 

  

	1.19.	 “SOFTWARE” means software and dedicated MR sequences, which are developed by SIEMENS according to requirement specifications by
SURGIVISION. These specifications are defined in more detail in ANNEX 2 to this Agreement. For the avoidance of doubt, SOFTWARE does not include [***], or any further developments or future versions of [***], but only the dedicated plug in module
dedicated to the workflow of the PRODUCT developed under this Agreement. 

  

	1.20.	 “SOFTWARE DEVELOPMENT WORK” shall mean all work and activities related to the development of the SOFTWARE. 

 

	2.	 Obligations of SIEMENS 

  

	2.1.	 SIEMENS shall perform the SOFTWARE DEVELOPMENT WORK, which shall be based on the specifications contained in ANNEX 2 and shall comprise the efforts
and activities set forth in ANNEX 3 to this Agreement. SIEMENS will - at its sole discretion - perform developments and tests at SIEMENS’ or SIEMENS’ AFFILIATES premises or at hospital sites. 

 

	2.2.	 The SOFTWARE DEVELOPMENT WORK and the release of the SOFTWARE shall be generally carried out in accordance with the time schedule and milestones set
forth in ANNEX 3 to this Agreement. Due to the fact that the release time of the SOFTWARE depends on SIEMENS’ internal software release maps, SIEMENS may need to modify the milestones of the SOFTWARE DEVELOPMENT WORK to reflect any necessities
with regard to such software release map. In that event, SIEMENS shall give written notice to SURGIVISION of any anticipated modification, and the PARTIES shall then negotiate in good faith to appropriately amend the applicable milestone(s) in ANNEX
3. 

  

	2.3.	 SIEMENS shall make available to SURGIVISION INFORMATION for the term of this Agreement insofar as such INFORMATION is necessary for SURGIVISION for
carrying out the INTEGRATION WORK. Disclosure of INFORMATION will be made without charge to SURGIVISION. 

  

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

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	2.4.	 SIEMENS, insofar as it lawfully may, shall make available to SURGIVISION SIEMENS’ DEVELOPMENT RESULTS achieved during the SOFTWARE DEVELOPMENT
WORK. Prototype versions of the SOFTWARE shall be made available to SURGIVISION according to the milestones set forth in ANNEX 3 and in accordance with Section 3.6. 

Depending on the demands of the INTEGRATION WORK, INFORMATION and DEVELOPMENT RESULTS regarding the SOFTWARE can be
submitted in writing and/or orally. INFORMATION and DEVELOPMENT RESULTS shall be submitted hereunder in the English language. The metric system shall be applied. 
  

	2.5.	 SIEMENS shall be responsible for the regulatory requirements to release the SOFTWARE as a medical device in the EU, Canada and the USA, both for use
under clinical study regulations or for clinical use. Further countries may be added by mutual agreement of the PARTIES. 

The PARTIES assume that the SOFTWARE will be released as a medical device class 2a in the European Union (CE) and as a
class 2 device in Canada and in the USA (FDA). Its intended indication of use is the tracking of a device within a scanner bore. SIEMENS shall be responsible for the payment of the costs of regulatory approval of the SOFTWARE to the respective
authorities. Such cost shall be reimbursed by SURGIVISION and are therefore included in the milestone payments according to ANNEX 3. If the SOFTWARE cannot be released in the EU as a medical class 2a device or in the USA and Canada as a class 2
device, the PARTIES will jointly consider in good faith how to proceed and how to share costs. The SOFTWARE shall initially be released for clinical use with the MAGNETOM Espree and MAGNETOM Verio. Other MR scanner platforms will be added as
mutually agreed between the PARTIES. 
  

	2.6.	 SIEMENS shall - at SIEMENS reasonable discretion - provide SURGIVISION access to documentation about the SOFTWARE as may be required for regulatory
approval of the PRODUCT for the EU, Canada or the USA. 

  

	2.7.	 When SIEMENS forwards to SURGIVISION parts, components, software - including SOFTWARE or any parts or versions thereof - and other articles for
purposes of the INTEGRATION WORK, SIEMENS shall remain the owner of such material and the intellectual property embodied therein (except as otherwise provided in Section 14.7). 

 

	2.8.	 After productization of the SOFTWARE, SIEMENS shall pay a fix amount of thirty-five-thousand (35,000) US $ per sold licence for the SOFTWARE to
SURGIVISION until a total amount has been paid to SURGIVISION equal to one hundred twenty percent (120%) of the total amount paid by SURGIVISION to SIEMENS pursuant to Section 3.6. If the price SIEMENS expects to receive for the SOFTWARE
in the EU, Canada or the USA upon 

  

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execution of this Agreement is more than 10% higher than the price SIEMENS is able to receive at market launch of the SOFTWARE in the respective market, SIEMENS is entitled to detract a
respective percentage from the aforementioned fix amount for the respective market. If - at any time thereafter - the price decreases more than 10%, SIEMENS is entitled to respectively reduce the aforementioned amount every twelve (12) months.
If the price SIEMENS expects to receive for the SOFTWARE in EU, Canada or the USA upon execution of this Agreement is more than 10% lower than the price SIEMENS is able to receive at market launch of the SOFTWARE in the respective market, SIEMENS
shall increase the aforementioned fix amount by a respective percentage for the respective market. If - at any time thereafter - the price increases more than 10%, SIEMENS shall respectively increase the aforementioned amount every twelve
(12) months. 

 Until the total amount to be paid to SURGIVISION has been reached, SIEMENS
will inform SURGIVISION within fourteen (14) days following each calendar quarter about the number of licenses sold by SIEMENS in the past quarter. Thereafter, SURGIVISION will issue a quarterly bill to SIEMENS. SIEMENS shall not be obliged to
effect any payment prior to thirty (30) days following the receipt of the respective invoice. 
 The
obligations under this Section 2.8 of SIEMENS shall end - irrespective, whether the aforementioned total amount had been reached - with the termination of this Agreement according to Sections 15.3.1(i) or 15.3.1 (iii) or 15.3.2(i) or
15.3.2(ii) or 15.3.2 (iv) or 15.3.2 (v) or 15.3.2 (vi) or 17.1. 
 If the Agreement is terminated
according to Section 15.3.1(ii) or 15.3.2(iii) the obligations under this Section 2.8 of SIEMENS to pay SURGIVISION a fix amount based on sold licenses for the SOFTWARE will continue but only until a total amount has been paid to
SURGIVISION equal to the amount actually paid by SURGIVISION to SIEMENS pursuant to Section 3.6. In case the Agreement is terminated according to Section 15.3.1(ii) or 15.3.2(iii) before the Release of the SOFTWARE in the specific market
and if SIEMENS thereafter markets a software that is functionally equivalent to the SOFTWARE within 3 years from the date of termination of the Agreement in the FIELD, which software is substantially based on the DEVELOPMENT RESULTS, the obligations
under this Section 2.8 of SIEMENS to pay SURGIVISION a fix amount based on sold licenses for the SOFTWARE will continue but only until a total amount has been paid to SURGIVISION equal to the amount actually paid by SURGIVISION to SIEMENS
pursuant to Section 3.6. 
 SURGIVISION will have the right, upon reasonable prior notice and reasonable
prior request at SURGIVISION’s sole expense, to designate an independent certified public auditor (hereinafter referred to as “Auditor”) who, upon executing a SIEMENS confidentiality agreement, shall be permitted to enter
SIEMENS’ premises during regular business hours and inspect SIEMENS relevant books and records with respect to ascertaining the amounts due to SURGIVISION under this Section 2.8. The Auditor shall not be allowed to disclose information
obtained during such audits unless such 

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information relates to SIEMENS’ breach of the payment obligations according to this Section 2.8. Any information disclosed pursuant to the foregoing is strictly confidential and may
only be used to enforce the rights arising from such a breach. Such audits shall be permitted not more than once in a calendar year. Any unpaid amounts that are detected shall be paid by SIEMENS. SURGIVISION shall endeavor to minimize disruption of
SIEMENS’ business activities to the extent reasonably practicable. 
  

	2.9.	 The PARTIES agree that SIEMENS is entitled to provide a maximum of three (3) of its development partners with free licences including updates
and upgrades of the SOFTWARE. With regard to these free licences SIEMENS is not obliged to make payments to SURGIVISION. The PARTIES will agree in good faith whether additional development partners will need to be provided with free licences of the
SOFTWARE or about special conditions for sale for certain customers or development partners. The foregoing shall in no way obligate SURGIVISION to provide SIEMENS’ development partners with CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY free of
charge. 

  

	2.10.	 The SOFTWARE remains SIEMENS’ property. 

  

	3.	 Obligations of SURGIVISION 

  

	3.1.	 SURGIVISION shall perform the CATHETER TECHNOLOGY DEVELOPMENT, the PERIPHERAL TECHNOLOGY DEVELOPMENT and the INTEGRATION WORK required to create and
provide the PRODUCT and SURGIVISION shall be responsible for initiation and execution of any procedures in connection with all related regulatory requirements in the EU, Canada and the USA, both for use under clinical study regulations or for
clinical use. Further countries may be added by mutual agreement of the PARTIES. This includes SURGIVISION’s responsibility for the testing of risks and special requirements that arise from the joint clinical use of the MR SYSTEM, the SOFTWARE,
the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY for use in the PRODUCT for the APPLICATION. The following MR SYSTEMS shall be covered in the INTEGRATION WORK: MAGNETOM Espree and MAGNETOM Verio. 

 

	3.2.	 SURGIVISION shall bear the costs incurred by SURGIVISION for its efforts under or in connection with the CATHETER TECHNOLOGY DEVELOPMENT, the
PERIPHERAL TECHNOLOGY DEVELOPMENT and the INTEGRATION WORK and integration testing as well as the costs of regulatory approval of the PRODUCT. 

  

	3.3.	 SURGIVISION shall comply with all safety notices, risk assessments (if applicable), instruction, etc. as supplied by SIEMENS in the documentation of
the SOFTWARE. 

  

	3.4.	 SURGIVISION, insofar as it lawfully may, shall make available to SIEMENS according to the milestones in ANNEX 3, SURGIVISION’s INFORMATION and
DEVELOPMENT RESULTS insofar as such INFORMATION and DEVELOPMENT RESULTS are 

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necessary for SIEMENS to carry out the SOFTWARE DEVELOPMENT WORK. The supply of all specifications and the disclosure of INFORMATION and DEVELOPMENT RESULTS is free of charge. INFORMATION and
DEVELOPMENT RESULTS shall be submitted hereunder in the English language. The metric system shall be applied. 

  

	3.5.	 For SURGIVISION to be able to perform the INTEGRATION WORK, SIEMENS will provide engineering (prototype) releases of the SOFTWARE according to
Section 2.4 clearly labeled and specified as “not for clinical use”. SIEMENS shall not safety test these releases, and shall only provide limited documentation and limited risk analysis information to SURGIVISION. SIEMENS does neither
guarantee nor warrant the stability or reliability of this software release. SURGIVISION specifically agrees to use the engineering software at its own risk and to not use for clinical or human diagnosis and/or treatment. SURGIVISION shall
indemnify, defend and hold harmless SIEMENS from any and all claim, liability, damage, loss, or expense imposed upon SIEMENS by third parties due to the use of such engineering (prototype) releases of the SOFTWARE. This provision is not subject to
any limitation of liability under this Agreement. 

  

	3.6.	 SURGIVISION shall pay to SIEMENS an aggregate of two million four hundred seventy six thousand (2,476,000) US$ in installments according to the
milestones reached by SIEMENS in the SOFTWARE DEVELOPMENT WORK and as specified in ANNEX 3. The payment is due thirty (30) days following SURGIVISION’s receipt of a respective invoice issued by SIEMENS. The invoice shall not be issued
prior to the achievement of the respective milestone. 

  

	3.7.	 Upon the conclusion of each of the CATHETER TECHNOLOGY DEVELOPMENT and the PERIPHERAL TECHNOLOGY DEVELOPMENT SURGIVISION shall deliver to SIEMENS
the respective DEVELOPMENT RESULTS for SIEMENS’ performance of the INFLUENCE TEST according to Section 6. Upon completion of the INTEGRATION WORK, SURGIVISION shall deliver to SIEMENS the information about the PRODUCT and the APPLICATION
necessary for risk analysis according to Section 6.2 and fully cooperate with SIEMENS to obtain the risk analysis. 

  

	3.8.	 SURGIVISION shall establish or contract a marketing and sales force to make the CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGY in the PRODUCT
commercially available to customers in the EU and the US. 

  

	3.9.	 SURGIVISION shall be responsible to perform or have performed by a third party customer training, service and support for the CATHETER TECHNOLOGY
and PERIPHERAL TECHNOLOGY in the PRODUCT. 

  

	3.10.	 For the event SURGIVISION is not able to fulfill Sections 3.8 or 3.9 within 6 months after the completion of the INTEGRATION WORK required to create
and provide the PRODUCT and the receipt of regulatory approval to release the PRODUCT in the applicable market, SIEMENS is herewith granted - and SIEMENS already accepts this grant - a 90-day option free of charge to 

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	 	(i)	 terminate the exclusivity according to Section 9.2 in the countries SURGIVISION is not able to fulfill Sections 3.8 or 3.9, or

  

	 	(ii)	 acquire a non-exclusive, sublicensable license in the FIELD for the countries SURGIVISION is not able to fulfil Sections 3.8 or 3.9 to use and
exploit the CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY or the PRODUCT, or any and all intellectual property rights related to CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY or PRODUCT, to the extent related to the APPLICATION (hereinafter “OPTION
TO LICENSE”). This license is granted upon execution of the OPTION TO LICENSE and already accepted by SIEMENS. 

If SIEMENS exercises the OPTION TO LICENSE, SIEMENS is additionally granted - and SIEMENS already accepts - a
non-exclusive, sublicensable licence in the FIELD for the countries SURGIVISION is not able to fulfill Sections 3.8 or 3.9 to use any BACKGROUND PATENTS necessary for the use and exploitation of the CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY or
PRODUCT to the extent related to the APPLICATION. Following the exercise of the OPTION TO LICENSE, SIEMENS shall no longer be bound by the exclusivity provisions according to Section 9.2 - 9.6 with respect to the countries SURGIVISION failed to
fulfill Sections 3.8 or 3.9. 
 In return for the aforementioned grant of rights following SIEMENS exercise of
the OPTION TO LICENSE, SIEMENS agrees to pay royalties to SURGIVISION of five percent (5%) of the NET SALES of CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY, beginning with market launch of such CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY
provided the fact that the CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY contains the licensed intellectual property rights of SURGIVISION. As PERIPHERAL TECHNOLOGY may contain different technology components the obligation to pay royalties shall
be limited and related to such components that contain the licensed intellectual property rights of SURGIVISION. Payment of royalties will be limited to the scope of protection of the respective intellectual property rights. “NET SALES”
shall mean gross revenue from sales by SIEMENS and/or SIEMENS’ AFFILIATES, SIEMENS’ distributors, SIEMENS’ sublicensees and other third parties sublicensing the aforementioned rights from SIEMENS, without value-added, consumption or
other taxes imposed on the transaction. If SIEMENS exercises the OPTION TO LICENSE, the fifth paragraph of Section 2.8 shall apply analogously. 
  

	4.	 Communication, Contacts and Meetings 

  

	4.1.	 Each PARTY shall, within one (1) month after this Agreement is signed by the PARTIES, appoint a project manager who will act as a point of
contact during the term of this Agreement. 

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	4.2.	 SURGIVISION and SIEMENS shall schedule regular meetings. At these meetings, the project managers appointed as per Section 4.1 and any relevant
other personnel of the PARTIES will review the status of the INTEGRATION WORK, the CATHETER TECHNOLOGY DEVELOPMENT, the PERIPHERAL TECHNOLOGY DEVELOPMENT and the SOFTWARE DEVELOPMENT WORK. The location of the meetings will be alternately appointed
by the PARTIES or the PARTIES will jointly decide where the meeting will be held. Both PARTIES shall cover their own travel costs. 

In addition, the PARTIES shall keep each other informed on any major progress achieved during the INTEGRATION WORK, the
CATHETER TECHNOLOGY DEVELOPMENT, the PERIPHERAL TECHNOLOGY DEVELOPMENT and the SOFTWARE DEVELOPMENT WORK. Moreover, the PARTIES will inform each other of technical changes to the CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY or SOFTWARE that might
influence the INTEGRATION WORK or the PRODUCT. 
  

	4.3.	 In the event that either PARTY realizes that the SOFTWARE DEVELOPMENT WORK or the INTEGRATION WORK cannot be efficiently performed according to the
milestones, time schedules and development plans, each PARTY shall immediately inform the other PARTY thereof. The PARTIES shall then review the situation and mutually agree on changes with respect to the further performance of the INTEGRATION WORK
and the SOFTWARE DEVELOPMENT WORK. Section 2.2 shall remain unaffected. 

  

	4.4.	 SIEMENS and SURGIVISION intend to create a scientific advisory board consisting of at least two (2) clinical partners for preference testing of
the PRODUCT. The creation of such advisory board shall be subject to separate agreements between SIEMENS and/or SURGIVISION and the respective clinical partner. The PARTIES agree that, prior to entering into any such agreement with a clinical
partner, the PARTIES will confer with each other and agree on how all technical information and intellectual property rights created under such agreement will be handled (i.e., what rights SIEMENS and SURGIVISION, respectively, will have in and to
such technical information and intellectual property). If the PARTIES cannot agree otherwise, SIEMENS shall at least be granted a non-exclusive, perpetual, worldwide, irrevocable, and unrestricted and royalty free right to use, have used or
sublicense, in the FIELD, any and all technical information and intellectual property rights created by the clinical partner under such agreement that relates to the SOFTWARE. 

The clinical partners will consult SIEMENS and SURGIVISON to a varying degree and level during the term of this Agreement,
from early consulting to customer preference testing. Within the first two months after the execution of this Agreement, SIEMENS and SURGIVISION will agree upon the clinical partners and their level of involvement. At least one of the clinical
partners should be based in Europe, preferably Germany. SIEMENS and SURGIVISON will share travel costs and expenses required for the clinical partners, as long as the clinical partners do not cover their travel costs themselves. It is intended to

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create regular meetings with the advisory board to obtain differentiated user opinions about the PRODUCT. Depending on the level of involvement of the clinical partner, SIEMENS and SURGIVISON
will provide them with loaned equipment at SIEMENS and SURGIVISlON’s own expenses according to Section 5.9. 
  

	5.	 Loaned Equipment 

  

	5.1.	 SIEMENS shall make available to SURGIVISION on loan medical equipment, items and software products listed in ANNEX 4 (“LOANED EQUIPMENT”)
for the purpose of performing the INTEGRATION WORK. 

  

	5.2.	 Shipment costs of the LOANED EQUIPMENT from SIEMENS premises to SURGIVISION shall be borne by SIEMENS. 

 

	5.3.	 LOANED EQUIPMENT provided by SIEMENS in accordance with Section 5.1 hereinabove shall exclusively be used for the performance of the
INTEGRATION WORK and shall not be handed over or otherwise made available to any third party without SIEMENS’ prior written consent. Insofar as software products are part of the LOANED EQUIPMENT, SURGIVISION shall have the right to use such
software products on the systems or hardware identified in ANNEX 4 for the purpose of performing the DEVELOPMENT WORK. Unless and to the extent expressly authorized by SIEMENS in writing, SURGIVISION shall not be entitled to copy, redevelop,
recompile, change or extract parts of any software products. SIEMENS may at any time replace LOANED EQUIPMENT by other equipment as deemed useful by SIEMENS, provided however, that such other equipment is substantially as suitable as the original
LOANED EQUIPMENT to carry out the INTEGRATION WORK. 

  

	5.4.	 During the term of this agreement SIEMENS shall carry out service and maintenance of the LOANED EQUIPMENT. The incurred costs shall be borne by
SIEMENS. 

  

	5.5.	 No additional costs shall be borne by SIEMENS in connection with the LOANED EQUIPMENT other than those explicitly mentioned herein. In particular,
without limitation, infrastructure costs, such as costs for water or electricity shall be borne by SURGIVISION. 

  

	5.6.	 Within eight (8) weeks upon termination of this Agreement, the LOANED EQUIPMENT shall be returned to SIEMENS by SURGIVISION, unless otherwise
agreed. Shipment costs from SURGIVISION to SIEMENS shall be borne by SURGIVISION. 

  

	5.7.	 Without prejudice to the terms and conditions stated in this Section 5, the loan conditions set forth in ANNEX 5 shall apply with respect to
the loan of LOANED EQUIPMENT. 

  

	5.8.	 SURGIVISION shall provide SIEMENS with prototypes of the CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGY as defined in the milestones in ANNEX 3 for
performing the SOFTWARE DEVELOPMENT WORK and for performing the 

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INFLUENCE TEST. The costs incurred shall be borne by SURGIVISION. Shipment costs from SURGIVISION to SIEMENS shall be borne by SURGIVISION. 

 

	5.9.	 The PARTIES agree that equipment of any of the PARTIES which should be loaned to clinical partners is, unless otherwise required by mandatory law,
made available to such partners by SIEMENS or SURGIVISION without additional payment under and in connection with this Agreement and is subject to separate contracts between the respective PARTY and the clinical partner.

  

	6.	 Compatibility Testing and Risk Analysis 

  

	6.1.	 SURGIVISION is responsible for risk analysis and testing of CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGY. SIEMENS is responsible for the INFLUENCE
TEST and for a SIEMENS risk analysis. 

  

	6.2.	 SURGIVISION is responsible for the INTEGRATION WORK, the testing of all the components after the INTEGRATION WORK and the risk analysis that covers
the complete PRODUCT after the INTEGRATION WORK. The mentioned testing and risk analysis are a subset of the requirements for regulatory approval in the EU, Canada and the USA for use under clinical study regulations or for clinical use (section
3.1). 

  

	6.3.	 SIEMENS shall perform an INFLUENCE TEST of the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY with the MR SYSTEM. SURGIVISION shall provide
respective components and prototypes of the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY to SIEMENS as listed in ANNEX 3 and according to the timeline in ANNEX 3. The result of such an INFLUENCE TEST consists of INFORMATION on the proper
functioning of the MR SYSTEM while the CATHETER TECHNOLOGY or the PERIPHERAL TECHNOLOGY is connected or in close proximity to the MR SYSTEM. SIEMENS shall provide the test results in a format that complies to the SIEMENS quality system.

  

	6.4.	 Upon SURGIVISIONs request SIEMENS shall provide SURGIVISION with the results of such an INFLUENCE TEST that SURGIVISION may use for application to
regulatory approval of the PRODUCT. 

  

	6.5.	 However, SIEMENS neither guarantees nor warrants that the result of such an INFLUENCE TEST or the result of the SIEMENS risk analysis will support
or allow for a regulatory approval by the competent authorities. 

  

	6.6.	 SIEMENS shall neither cover any costs related to necessary changes to the CATHETER TECHNOLOGY nor PERIPHERAL TECHNOLOGY nor the PRODUCT as a result
of the INFLUENCE TEST or the SIEMENS risk analysis nor perform or cover the costs for any changes to the MR SYSTEM. 

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	6.7.	 SIEMENS shall define a location where the INFLUENCE TEST will be performed (e.g. Europe or USA or China). SURGIVISION shall cover the costs of
shipping the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY to the defined location and back. 

  

	6.8.	 SURGIVISION shall bear the costs for the INFLUENCE TEST. SIEMENS will perform the INFLUENCE TEST as already reflected in ANNEX 3. The PARTIES may
mutually agree on repeated INFLUENCE TEST not yet reflected in ANNEX 3. The fee for repeated INFLUENCE TESTS will be determined by SIEMENS on a time and material base. In the event INFLUENCE TESTS become necessary in future due to future porting of
SOFTWARE or due to the involvement of other or future MR SYSTEMS involved, SURGIVISION shall bear all costs related to such INFLUENCE TESTS. 

  

	6.9.	 SURGIVISION shall be responsible for the performance of the compatibility tests to ensure that the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY
is compatible with the MR SYSTEM, meaning the proper functioning of the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY in close proximity or in connection with the MR SYSTEM and in its intended use in the PRODUCT. SURGIVISION shall bear the costs
of such tests. 

  

	6.10.	 Any payment according to this Section 6 becomes due thirty (30) days following SURGIVISIONS receipt of a respective invoice issued by
SIEMENS. The invoice shall not be issued prior to the performance of the respective INFLUENCE TEST or SIEMENS risk analysis. 

  

	7.	 Completion 

  

	7.1.	 This Agreement is completed, if all SOFTWARE DEVELOPMENT WORK as per ANNEX 2 and all CATHETER TECHNOLOGY DEVELOPMENT, PERIPHERAL TECHNOLOGY
DEVELOPMENT and INTEGRATION WORK - including compatibility testing or risk analysis according to Section 6 - have been successfully completed, SIEMENS obtained the approvals for the SOFTWARE according to Section 2.5 with respect to the
USA, Canada, the EU and any further countries that may be mutually agreed by the PARTIES, SURGIVISION obtained the approvals for the PRODUCT according to Section 3.1 with respect to the USA, Canada, the EU and any further countries that may be
mutually agreed by the PARTIES, and the PRODUCT is clinically released in the USA, Canada, the EU and the aforementioned further countries. 

  

	7.2.	 Later maintenance of SOFTWARE (including service, support, modifications and upgrades) by SIEMENS shall be subject to a separate marketing and sales
agreement according to Section 10. 

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	8.	 Changes of Specifications 

  

	8.1.	 The PARTIES will agree in good faith about changes in the SOFTWARE specifications as specified in ANNEX 2 during the SOFTWARE DEVELOPMENT WORK in
accordance with this Section 8. 

  

	8.2.	 SURGIVISION shall inform SIEMENS in writing of any requested changes and/or amendments and specifying the requested changes (hereinafter referred to
as “Change Request”). 

  

	8.3.	 After receiving the Change Request, SIEMENS shall submit a written proposal (e-mail is sufficient) to SURGIVISION describing the work packages,
required resource time, the costs and milestone changes to the SOFTWARE DEVELOPMENT WORK. Costs shall be based upon a calculation rate of four thousand seven hundred (4,700) US$ per man week. Small changes in the specifications (equalling a change
on the time schedule of less than three (3) man days in addition) shall be borne by SIEMENS and shall be covered by the fixed payment from SURGIVISION as specified in Section 3.6. Other changes in the specifications equaling more than
three (3) man days shall be borne by SURGIVISION in accordance with SIEMENS’ proposal or any of its amendments during the negotiation of the Change Request. 

 

	8.4.	 The PARTIES shall mutually agree whether and by whom an analysis of the IP situation in regards to the specific Change Request will be performed
(either by employees of the PARTIES or by an external specialist). If an analysis of the IP situation is mutually agreed upon, SURGIVISON will cover any costs related to the IP Analysis. If SURGIVISION unilaterally decides that the IP Analysis to a
Change Request shall not be performed, section 13.5.2 (ii) applies. 

  

	8.5.	 SIEMENS is not obliged to submit such proposal, if - according to SIEMENS’ reasonable determination - the preparation of such proposal takes
more than one (1) man week or the performance of the Change Request probably causes a delay of the release of the SOFTWARE of more than two (2) men weeks. In these events SIEMENS is additionally entitled to reject the Change Request.

  

	8.6.	 If SURGIVISION accepts the proposal, the Parties will execute a written change order (hereinafter referred to as “Change Order”). The
Change Order will become part of this Agreement. Failure to accept the proposal within five (5) working days following SURGIVISION’s receipt of the proposal shall be deemed as an abandoning of the Change Request, unless the Parties agreed
otherwise. 

  

	9.	 Exclusivity 

  

	9.1.	 Until five (5) years after regulatory approval respectively in the EU, Canada, USA or other applicable region mutually agreed by the PARTIES
(measured from the date of such approval of the PRODUCT for each respective region) SURGIVISION shall not, directly or indirectly through one or more Affiliates or other third parties, sell or offer any device, 

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product or other solution in the FIELD in the respective region that is combined or intended to be used with a non-SIEMENS MR scanner for medical procedures in the FIELD or officially communicate
in the respective market that such device, product or solution that is combined or intended to be used with a non-SIEMENS MR scanner for procedures in the FIELD will be supplied in the respective region in the future. SURGIVISlON’s obligations
in this Section 9.1 with respect to a particular region are subject to the condition that, once the INTEGRATION WORK is completed and the PRODUCT is commercially available in that region, SIEMENS thereafter continues to maintain the commercial
availability of the SOFTWARE in the region. 

  

	9.2.	 Until five (5) years after regulatory approval respectively in the EU, Canada, USA or other applicable region mutually agreed by the PARTIES
(measured from the date of such approval of the PRODUCT for each respective region) SIEMENS shall not, directly or indirectly through one or more Affiliates or other third parties, market or offer SOFTWARE or modified or copied versions of the
SOFTWARE or software that is functionally similar to the SOFTWARE in the respective region with the intention of a combination of the SOFTWARE or modified or copied versions of the SOFTWARE or functionally similar software with non-SURGIVISION
catheters, guidewires and/or other similar devices and products for medical procedures in the FIELD or officially communicate in the respective market that SOFTWARE or modified or copied versions of SOFTWARE or functionally similar software that is
combined or can be used with any such non-SURGIVISION device or product for procedures in the FIELD will be supplied in the respective region in the future. SIEMENS’ obligations in this Section 9.2 with respect to a particular region are
subject to the condition that, once the INTEGRATION WORK is completed and the PRODUCT is commercially available in that region, SURGIVISION thereafter continues to maintain the commercial availability of the CATHETER TECHNOLOGY and the PERIPHERAL
TECHNOLOGY in the region. Notwithstanding the foregoing to the contrary, this Section 9.2 will not apply with respect to SIEMENS’ [***] including further developments to, or future versions of, such base modules.

  

	9.3.	 In case rumours arise in the market that one of the PARTIES may be violating the provisions of Section 9.1 or 9.2, as applicable, such PARTY
shall confirm the exclusivity of the cooperation of the PARTIES in the FIELD with a public statement. 

  

	9.4.	 After the expiration of the exclusivity periods set forth in Sections 9.1 and 9.2, both PARTIES are generally free to enter into relationships with
third parties. However, neither SIEMENS nor SURGIVISION shall enter into a development, sales, marketing or other similar relationship with a third party for a product or system in the FIELD generally excluding or preventing the other PARTY from
sale, marketing or distribution of the PRODUCT, SOFTWARE, CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY for a further period of two (2) years beyond the aforementioned exclusivity periods (i.e., neither SURGIVISlON nor SIEMENS may enter into any
such relationship that excludes or prevents the use of SURGIVISION’s CATHETER TECHNOLOGY/PERIPHERAL TECHNOLOGY with SIEMENS’ SOFTWARE/ MR SYSTEM in the FIELD, and vice versa). 

 

 [***] Indicates portions of this exhibit that have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

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	9.5.	 The exclusivity may expire or be terminated according to Sections 3.10, 15, 16 and 17. 

 

	9.6.	 The PARTIES acknowledge and understand that the FIELD is [***]. 

 

	10.	 Marketing Support 

After clinical release of the PRODUCT in the EU, Canada or the USA, the PARTIES shall support each other in marketing
activities as seen appropriate by each PARTY. Within nine (9) months before the commercial availability of the PRODUCT in the EU, Canada or 

 

 [***] Indicates portions of this exhibit that have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

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the USA, the PARTIES shall enter into negotiations about a separate marketing and sales agreement in form and substance reasonably satisfactory to each PARTY. The PARTIES may agree to use the
SIEMENS sales and distribution channels for sales activities of the CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGIES. 
  

	11.	 Secrecy 

  

	11.1.	 “Confidential Information” shall mean any information and data, including without limitation, any kind of business, commercial or
technical information and data disclosed between the PARTIES in connection with the execution or performance of this Agreement, irrespective of the medium in which such information or data is embedded, which is-when disclosed in tangible form -
marked “Confidential” by the disclosing PARTY or which is-when disclosed orally or visually - identified as such prior to disclosure and summarized in writing by the disclosing PARTY and said summary is given to the receiving PARTY within
thirty (30) days after such disclosure marked “Confidential”. In case of disagreement, the receiving PARTY must present its objections to the summary in writing within thirty (30) days of receipt. Confidential Information shall
include any copies or abstracts made thereof as well as any apparatus, modules, samples, prototypes or parts thereof. INFORMATION and DEVELOPMENT RESULTS shall be deemed Confidential Information, even if not marked “Confidential”. Each
PARTY will maintain Confidential Information received by the other PARTY in confidence and will use such Confidential Information solely for the purposes of this Agreement, provided, however, that such PARTY may disclose such information to its
officers, AFFILIATES, and those of its employees and subcontractors who need to know it for the purposes of this Agreement. Each PARTY shall impose on its officers, AFFILIATES, and its employees and subcontractors obligations no less stringent than
such PARTY’S confidentiality obligations under this Agreement, and each PARTY will be responsible for any violation of such PARTY’s confidentiality obligations under this Agreement by any of its officers, AFFILIATES, employees or
subcontractors. 

  

	11.2.	 Neither PARTY shall be liable for disclosure and/or any use of Confidential Information as described in Section 11.1 above insofar as such
information 

  

	 	•	 	 is in, or becomes part of, the public domain other than through a breach of this Agreement by such PARTY or such PARTY’s officers, AFFILIATES,
employees or subcontractors; 

  

	 	•	 	 is already known to such PARTY at or before the time it receives the same from the other PARTY or is disclosed to such PARTY by a third party as a
matter of right; 

  

	 	•	 	 is lawfully obtained by the receiving PARTY from a third party without an obligation of confidentiality; 

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	 	•	 	 is independently developed by such PARTY without the benefit of Confidential Information received from the other PARTY, unless received under the
exceptions set out in this Section 11.2; 

  

	 	•	 	 is required to be disclosed by any ruling of a governmental or regulatory authority or court or by mandatory law, provided that written notice of
such ruling is given without undue delay to the disclosing PARTY so as to give the disclosing PARTY an opportunity to intervene and further provided that the receiving PARTY uses reasonable efforts to obtain assurance that the Confidential
Information will be treated confidentially; or 

  

	 	•	 	 is disclosed and/or used by such PARTY with the prior written consent of the other PARTY. 

Notwithstanding the above, each PARTY has the right to disclose the other PARTY’S INFORMATION and/or DEVELOPMENT
RESULTS which it received under this Agreement to its customers insofar and to the extent as is customary in the medical device industry (e.g., listing or identifying catheters in the SOFTWARE customer manual). 

 

	12.	 Warranties 

  

	12.1.	 SURGIVISION shall inform SIEMENS without delay in writing of any malfunction or defect of any LOANED EQUIPMENT. SIEMENS shall take appropriate steps
in order to rectify any such malfunction or defect. However, if SIEMENS considers a malfunction or defect to be safety-relevant, SIEMENS shall be entitled to require that SURGIVISION immediately cease the use of affected equipment, components and/or
software, and that SURGIVISION delete all copies of such affected software, in which event SIEMENS shall provide SURGIVISION substitute LOANED EQUIPMENT that is substantially as suitable as the affected LOANED EQUIPMENT to carry out the INTEGRATION
WORK. Further rights against SIEMENS in the event of malfunction or defect of LOANED EQUIPMENT shall be excluded. 

  

	12.2.	 The PARTIES shall undertake reasonable efforts to ensure that their DEVELOPMENT WORK and DEVELOPMENT RESULTS do not infringe intellectual property
rights of any third party. The PARTIES represent and warrant to conduct the DEVELOPMENT WORK in a lawful and professional manner utilizing generally accepted scientific methods and to use reasonable commercial efforts to achieve the tasks of this
Agreement. 

  

	12.3.	 SIEMENS warrants using all reasonable efforts to ensure that the SOFTWARE meets the applicable specifications according to ANNEX 2 and all
applicable regulatory requirements in the countries where SIEMENS uses the SOFTWARE for clinical studies on patients or for clinical use, and to use all reasonable efforts that the respective approvals can be achieved without undue delay.

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	12.4.	 SURGIVISION warrants using all reasonable efforts that the CATHETER TECHNOLOGY and the PERIPHERAL TECHNOLOGY meet the specifications according to
the respective Annexes. SURGIVISION warrants performing the INTEGRATION WORK in a manner suitable to create the PRODUCT according to the specifications in ANNEX 2. 

 

	12.5.	 SURGIVISION warrants to use all reasonable efforts to ensure that the PRODUCT meets the specifications in ANNEX 2 and all applicable regulatory
requirements in the countries where SURGIVISION uses the PRODUCT for clinical studies on patients or for clinical use, and to use all reasonable efforts that the respective approvals can be achieved without undue delay. 

 

	12.6.	 The sole obligation of each PARTY with respect to the aforementioned warranties shall be to correct or remedy any defects, errors, malfunctions or
non-compliance with the warranties, especially with the respective specifications defined in the Annexes to this Agreement, (hereinafter “ERRORS”) that might have occurred without undue delay after such ERRORS become known to the PARTY
which provided the respective DEVELOPMENT RESULTS. Following the correction of the ERRORS, the correcting PARTY shall immediately provide the other PARTY with the corrected DEVELOPMENT RESULTS. 

 

	12.7.	 If INFORMATION is incorrect or incomplete, then the PARTY having provided such incorrect or incomplete INFORMATION (the “one PARTY”)
shall, as soon as the one PARTY becomes aware of such error or incompleteness or at the other PARTY’s written request specifying the error or incompleteness, correct the error, if such is possible, or provide the missing INFORMATION to the
extent such INFORMATION is available with the one PARTY. Other than correcting errors or incompleteness as set forth hereinbefore neither PARTY shall assume any warranty or liability with regard to INFORMATION. 

 

	12.8.	 The warranties set forth in this Section 12 shall be the sole warranties under this Agreement, and no other warranties shall apply, in
particular, without limitation, with regard to INFORMATION, SOFTWARE, CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY and the LOANED EQUIPMENT. 

  

	13.	 Liability and Indemnification 

  

	13.1.	 SURGIVISION shall in its sole responsibility ensure fulfillment of the instructions received from SIEMENS or its AFFILIATES pertaining to the LOANED
EQUIPMENT and safe handling thereof. SURGIVISION shall indemnify, defend and hold harmless SIEMENS and its AFFILIATES from any and all claims, proceedings, costs, expenses, damages, penalties, and losses (including reasonable attorneys’ fees)
resulting from a nonfulfillment or breach of the aforesaid responsibilities. 

  

	13.2.	 SURGIVISION agrees to defend, indemnify and hold SIEMENS and its AFFILIATES harmless from any and all claims, proceedings, costs, expenses, damages,
penalties, and 

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losses (including reasonable attorneys’ fees) resulting from SIEMENS use or sale of the PRODUCT (other than the SOFTWARE or MR SYSTEM), CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY or
SIEMENS or its AFFILIATES use of any of SURGIVISION’s INFORMATION, DEVELOPMENT RESULTS or BACKGROUND PATENTS as permitted under the terms of this Agreement. 

 

	13.3.	 Unless provided otherwise in Section 13.4 below, each PARTY shall be liable for personal injury for which it can be held responsible in
accordance with the applicable legal regulations. It will be liable for physical damage to the other PARTY’S property for which it can be held responsible up to a maximum amount of [***] per incident up to a maximum amount of [***] for all
incidents in the aggregate. 

  

	13.4.	 Except as provided herein, any other claims for damages of the PARTIES shall be excluded, regardless of the legal grounds, in particular, but not
limited to, any claims for damages arising from interruption of business, lost profits or loss of data. The aforesaid limitations and exclusions of liability shall also apply to subcontractors of the PARTIES, including, without limitation,
AFFILIATES. This exclusion shall not apply with regard to Sections 13.1 and 13.2, if this Agreement excludes a limitation of liability or where mandatory law stipulates otherwise under applicable product liability law or in cases of willful
misconduct, of gross negligence or of the non-performance of essential contractual obligations. However, liability for damages arising from non-performance of essential contractual obligations shall be limited to the foreseeable damage typical for
this Agreement except for cases of willful misconduct and gross negligence. 

  

	13.5.	 Indemnification by SIEMENS 

  

	 	13.5.1.	 In the event a third party claims that SURGIVISlON’s use of SIEMENS’ INFORMATION, SIEMENS’ DEVELOPMENT RESULTS or SIEMENS’
BACKGROUND PATENTS infringes the proprietary or intellectual property rights of such third party, SIEMENS shall, at its own choice and as SIEMENS’ sole obligation with regard to such infringement, either procure at its own cost those licenses
necessary for such use of the relevant INFORMATION, DEVELOPMENT RESULTS or BACKGROUND PATENTS as described above, or, with respect to DEVELOPMENT RESULTS, modify the relevant DEVELOPMENT RESULTS in a way that they remain functionally equivalent but
become non-infringing. 

  

	 	13.5.2.	 However, the aforesaid obligations shall not be applicable insofar as the infringement arises in whole or in part out of SURGIVISION’s
responsibility, especially out of - without being limited to - (i) the acts or omissions of SURGIVISION; (ii) compliance with specifications provided by SURGIVISION, where SURGIVSION was informed following the respective IP Analysis according
to ANNEX 3 that the underlying specifications contain risk to infringe intellectual property of third party; (iii) combination or use of the SOFTWARE with other 

 

 [***] Indicates portions of this exhibit that have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

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software, technology or products except when such combination or use is necessary for the INTEGRATION WORK and specified in an ANNEX to this Agreement, (iv) modification of the SOFTWARE by
persons other than SIEMENS, or (v) with respect to infringement of patents or copyrights resulting from any use of the SOFTWARE outside of the EU, Canada and the US. 

 

	 	13.5.3.	 A prerequisite for the liability of SIEMENS under the terms of Section 13.5.1 shall be that SURGIVISION immediately notifies SIEMENS in writing
of any third party claims on account of the infringement of their property or intellectual property rights, that the alleged infringement is not admitted by SURGIVISION and that SURGIVISION conducts no dispute resolution and reaches no out-of-court
settlements other than with the consent of SIEMENS. 

  

	14.	 DEVELOPMENT RESULTS, INFORMATION and Rights Thereunder 

14.1.   SURGIVISION shall provide SIEMENS with no costs within fifteen (15) days after the signing of
this Agreement with a thorough patent analysis demonstrating the patent protection of its CATHETER TECHNOLOGY and related patents by competitors. The patent analysis shall inter alia -without being limited to - include information about (i) the
current owner/assignee; (ii) any and all of SURGIVISIONS’ existing license agreements, transfer agreements or any other agreements regarding ownership of the patents with third party companies; as well as (iii) information about the
abandoning of any of SURGIVISION’s patents . 
 SIEMENS shall have the right to review the patent analysis
for forty five (45) days. SIEMENS shall have the right to terminate this Agreement without further reasons and without any reimbursement made to SURGIVISION, if SIEMENS comes to the conclusion that information contained in the patent analysis
will prevent a successful or economical reasonable fulfillment of the Agreement; provided, however, that SIEMENS shall reimburse SURGIVISION for any milestone payments already paid by SURGIVISION. SURGIVISION shall provide further clarification on
the patent analysis upon request by SIEMENS. 
 If SURGIVISION intends to abandon a patent relating to its
CATHETER TECHNOLOGY during the term of the Agreement and during the exclusivity periods according to Section 9, SURGIVISION shall inform SIEMENS thereof at least four (4) months prior to the date of the next renewal fee becoming due.

 If SURGIVISION intends selling or transfering any patents relating to SURGIVISION’s CATHETER TECHNOLOGY
during the term of the Agreement and during the exclusivity periods according to Section 9, SURGIVISION shall inform SIEMENS duly in advance about such sale or transfer, at least four (4) weeks prior to the conclusion of the respective
sale or transfer agreement. For the avoidance of any doubt, the foregoing does not apply to the grant of any non-exclusive license in the FIELD or the grant of any license outside the FIELD. 

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	14.2.	 Each PARTY shall remain the owner of its INFORMATION, BACKGROUND PATENTS and DEVELOPMENT RESULTS (if applicable), and shall retain the ability to
grant rights, licenses and submit patents at its discretion. 

  

	14.3.	 Each PARTY hereby grants to the other PARTY a non-exclusive, non-transferable, fully paid license in the FIELD to use its INFORMATION, BACKGROUND
PATENTS and DEVELOPMENT RESULTS (if applicable) during the term of this Agreement for the purpose of carrying out the tasks of this Agreement. This license is sublicenseable solely to AFFILIATES of the respective licensee.

  

	14.4.	 Insofar as SURGIVISION needs to make use of SIEMENS’ BACKGROUND PATENTS in the course of the performance of its part of the DEVELOPMENT WORK,
or SURGIVISION needs to make use of such BACKGROUND PATENTS in order to be able to use the DEVELOPMENT RESULTS in accordance with this Agreement, SURGIVISION is herewith granted a non-exclusive, non-transferable right in the FIELD to use such
BACKGROUND PATENTS during the term of this Agreement free of charge for the performance of this Agreement, especially including the development of the PRODUCT and the performance of the INTEGRATION WORK, insofar as the DEVELOPMENT WORK relates to
the creation of the PRODUCT and as long as the PRODUCT is using or including a MR SYSTEM by SIEMENS. This right is sublicensable solely to SURGIVISION AFFILIATES. 

 

	14.5.	 Insofar as SIEMENS needs to make use of SURGIVISION’s BACKGROUND PATENTS in the course of the performance of its part of the DEVELOPMENT WORK,
or SIEMENS needs to make use of such BACKGROUND PATENTS in order to be able to use the DEVELOPMENT RESULTS in accordance with this Agreement, SIEMENS is herewith granted a non-exclusive, non-transferable right in the FIELD to use such BACKGROUND
PATENTS during the term of this Agreement free of charge for the performance of this Agreement, especially the development of the SOFTWARE insofar as the DEVELOPMENT WORK relates to the creation of the PRODUCT and as long as the PRODUCT is using or
including SURGIVISION’s CATHETER TECHNOLOGY and PERIPHERAL TECHNOLOGY. This right is sublicenseable solely to SIEMENS AFFILIATES. 

  

	14.6.	 Each PARTY shall be the sole owner of all rights and title to DEVELOPMENT RESULTS solely created during the execution of the DEVELOPMENT WORK in the
course of this Agreement. For the avoidance of any doubt, any DEVELOPMENT RESULTS solely created by SURGIVISION that consist of software shall be solely owned by SURGIVISION, any DEVELOPMENT RESULTS solely created by SIEMENS that consist of catheter
technology shall be solely owned by SIEMENS. 

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	14.7.	 DEVELOPMENT RESULTS - including any and all rights contained therein – created jointly under this Agreement shall be jointly owned by both
PARTIES. Any PARTY shall be free to use such DEVELOPMENT RESULTS as if they were solely created by such PARTY. Section 9 shall be applied. For such joint DEVELOPMENT RESULTS which are eligible for statutory protection, the PARTIES will agree
upon the details for filing for such protection. For joint statutory protection rights each PARTY grants the other PARTY the non-exclusive, non-transferable, sublicenseable and fully paid right to use it at its own discretion.

 For the avoidance of doubt, SOFTWARE shall not be regarded as a joint development but a sole
development by SIEMENS, even if and insofar SOFTWARE is based on specifications provided by SURGIVISION. For the avoidance of any doubt, any other DEVELOPMENT RESULTS jointly created by SIEMENS and SURGIVISION that consist of software shall be
jointly owned by SIEMENS and SURGIVISION. 
  

	14.8.	 Each PARTY hereby already grants to the other PARTY - and the other PARTY already accepts such grant - the non-exclusive, non-transferable and fully
paid license in the FIELD to use and have used the other PARTY’s INFORMATION, BACKGROUND PATENTS and DEVELOPMENT RESULTS during the exclusivity periods according to Section 9 as far as this is necessary for 

	 	(i)	 SIEMENS’ sales of the SOFTWARE for the PRODUCT in each region in which the PRODUCT has received regulatory approval and has been clinically
released, and 

	 	(ii)	 SURGIVISION’s sales of CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY for the PRODUCT in each region in which the PRODUCT has received regulatory
approval and has been clinically released. 

 Each PARTY hereby already grants to the other
PARTY - and the other PARTY already accepts such grant - the non-exclusive, non-transferable and fully paid license in the FIELD to use and have used the other PARTY’s INFORMATION, BACKROUND PATENTS and DEVELOPMENT RESULTS following expiration
of the exclusivity periods according to Section 9 as far as this is necessary for 

	 	(i)	 SIEMENS’ sales of the SOFTWARE for the PRODUCT in each region in which the PRODUCT has received regulatory approval, as such SOFTWARE exists as
of the expiration of the exclusivity periods according to Section 9; and 

	 	(ii)	 SURGIVISION’s sales of the CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY for the PRODUCT in each region in which the PRODUCT has received
regulatory approval, as such CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY exists as of the expiration of the exclusivity periods according to Section 9. 

For the avoidance of doubt, the foregoing license will not permit a PARTY to use or have used the other PARTY’s
INFORMATION, BACKGROUND RIGHTS or DEVELOPMENT RESULTS for any change, modification or improvement to the SOFTWARE or CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY, as applicable, following expiration of the exclusivity periods according to
Section 9. 

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 The licenses granted under this Section 14.8 shall be sublicensable
solely to AFFILIATES of the respective licensee. 
 Any further regulations shall be agreed upon in the separate
marketing and sales agreement according to Section 10. 
  

	15.	 Term and Termination 

  

	15.1.	 This Agreement shall become effective on the date it is signed by both PARTIES.

  

	15.2.	 This Agreement (unless terminated earlier under a relevant provision set forth in this Agreement)
shall terminate thirty (30) days after successful completion as per Section 7. 

  

	15.3.	 

	15.3.1	 This Agreement may be terminated by SURGIVISION without reimbursement to SIEMENS at any time by giving not less than four weeks’ prior written
notice to SIEMENS 

  

	 	(i)	 if SIEMENS is declared bankrupt or otherwise cannot fulfill its financial obligations; 

 

	 	(ii)	 if SIEMENS substantially defaults in the performance of this Agreement and does not remedy the default within 4 weeks after receipt of a relevant
request of SURGIVISION; 

  

	 	(iii)	 if SURGIVISION reasonably comes to the conclusion that [***], the tasks of this Agreement cannot be carried out at all or would not be economically
reasonable; provided, however, that before SURGIVISION may exercise this termination right (i.e., giving written notice of termination pursuant to this provision), SURGIVISION must have (1) notified SIEMENS in writing of SURGlVISlON’s
technical, market or economic concerns and (2) exercised commercially reasonable efforts to work with SIEMENS to address or resolve those concerns, [***]; 

 

	15.3.2	 This Agreement may be terminated by SIEMENS without reimbursement to SURGIVISION at any time by giving not less than four weeks prior written notice
to SURGIVISION 

  

	 	(i)	 if SURGIVISION is declared bankrupt or otherwise cannot fulfill its financial obligations; 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

 26 of 40 

 

 (ii)  if SURGIVISION substantially defaults in the performance of
this Agreement and does not remedy the default within four (4) weeks after receipt of a relevant request of SIEMENS; 

(iii)  if SIEMENS reasonably comes to the conclusion that due to [***], the tasks of this Agreement cannot be
carried out at all or would not be economically reasonable; provided, however, that before SIEMENS may exercise this termination right (i.e., giving written notice of termination pursuant to this provision), SIEMENS must have (1) notified
SURGIVISION in writing of SIEMENS’ technical, market or economic concerns and (2) exercised commercially reasonable efforts to work with SURGIVISION to address or resolve those concerns, [***]; 

(iv)  if SURGIVISION knowingly provides wrong or misleading information to SIEMENS according to
Section 14.1 or purposefully omits information relevant for the FIELD or the PRODUCT that would prevent SIEMENS from making an informed decision according to Section 14.1; 

(v)  if SURGIVISION sells or transfers any of its patents relating to its CATHETER TECHNOLOGY or PERIPHERAL
TECHNOLOGY, as contemplated in Section 14.1, without the prior consent of SIEMENS; 
 (vi)  If the
CATHETER TECHNOLOGY is not completely developed on May 1st, 2010, as defined in ANNEX 3, and therefore the INTEGRATION WORK cannot be completed. 
  

	15.4.	 Except as expressly provided to the contrary in this Agreement, Sections 2.5, 2.7, 2.8, 3.2, 3.3, 3.6., 3.10, 9, 10, 11, 13, 14, 15, 16, 17.2, 17.3.
17.4, 18 and 19 shall survive any termination of this Agreement; provided, however, that Sections 2.5, 3.2 and 3.6 shall survive only to the extent of any obligation accruing prior to termination. During the exclusivity periods according to
Section 9, Section 15.3 (other than 15.3.1(iii) and 15.3.2(iii)) shall apply analogously with regard to the termination of the exclusivity. 

  

	15.5.	 In the event this Agreement is terminated prior to the expiration of its term according to Section 15.2, (i) Section 9 shall not
survive the termination of this Agreement with respect to any region in which the PRODUCT has not received regulatory approval and been clinically released as of the date of termination, and (ii) Section 14.8 shall survive the termination
of this Agreement only for any region in which the PRODUCT has received regulatory approval and been clinically released as of the date of termination. 

 

	15.6.	 In case of termination of this Agreement according to Sections 15.3.1 (iii) or 15.3.2 (ii) SURGIVISION shall pay SIEMENS the actual costs
accumulated after the last milestone payment. Costs include actual costs regarding SOFTWARE DEVELOPMENT WORK which are accumulated after the last milestone payment, additional SOFTWARE DEVELOPMENT WORK reimbursed according to Section 8.6, as
well as other additional actual costs, if any, incurred by SIEMENS in the USA caused by the termination of this Agreement. SIEMENS will use all reasonable efforts to keep additional costs as low as possible. In case of termination of this Agreement
according to Sections 15.3.1(i) or 15.3.1(ii) or 15.3.2(iii) SURGIVISION shall not be obliged to pay SIEMENS any upcoming milestone payments for the SOFTWARE DEVELOPMENT WORK according to ANNEX 3. 

 

 [***] Indicates portions of this exhibit that have been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 27 of 40 

 

	16.	 Beneficial interest in case of Insolvency of SURGIVISION 

 

	16.1.	 Subject to the terms of Section 16.2 below, SURGIVISION already grants - and SIEMENS accepts this grant - a beneficial interest
(“NieBbrauch”) in the FIELD with regard to the rights and title to the CATHETER TECHNOLOGY, the PERIPHERAL TECHNOLOGY, SURGIVISION’s DEVELOPMENT RESULTS and the PRODUCT, including any BACKGROUND PATENTS in the FIELD necessary
for the use and exploitation of the aforementioned rights and titles with respect to the APPLICATION. For the avoidance of doubt, this beneficial interest shall be a right of use and shall not convey to SIEMENS title to any of SURGIVISION’s
CATHETER TECHNOLOGY, PERIPHERAL TECHNOLOGY, DEVELOPMENT RESULTS or BACKGROUND PATENTS. 

  

	16.2	 This beneficial interest is granted to secure SIEMENS’ ability to use the CATHETER TECHNOLOGY, the PERIPHERAL TECHNOLOGY, SURGIVISION’s
DEVELOPMENT RESULTS and the PRODUCT, including any BACKGROUND PATENTS, in the FIELD for SIEMENS’ purposes with regard to sale, marketing and distribution of the PRODUCT. SIEMENS’ shall only be entitled to exercise this beneficial interest,
if SURGIVISION becomes subject to an insolvency proceeding (other than an involuntary insolvency proceeding against SURGIVISION that is dismissed within ninety (90) days). 

 

	16.3	 In the event that SIEMENS becomes entitled to exercise the beneficial interest according to Section 16.2, the provision of the second paragraph of
Section 17.3 shall apply analogously. SIEMENS shall no longer be bound by the exclusivity provisions according to Section 9. 

  

	17.	 Change of Control 

  

	17.1.	 If SURGIVISION obligates itself with respect to a CHANGE of CONTROL with a third party that is an INDIRECT COMPETITOR of SIEMENS, the PARTIES will
discuss in good faith within thirty (30) days after such CHANGE of CONTROL is publicly announced, how such CHANGE of CONTROL would impact the relationship contemplated by this Agreement, including whether SURGIVISION or such INDIRECT COMPETITOR
will terminate this AGREEMENT after the closing of such CHANGE OF CONTROL transaction. SIEMENS shall be entitled to terminate this Agreement within a period of thirty (30) days following the receipt of such a notification and discussion if it
is not reasonably assured that such CHANGE of CONTROL will not adversely affect the prospects for commercial success of the transactions contemplated by this Agreement. With respect to a CHANGE of CONTROL involving a DIRECT COMPETITOR, SIEMENS shall
be entitled to terminate this Agreement within a period of thirty (30) days following the receipt of such a notification at its own discretion. 

 

 28 of 40 

 

	17.2.	 In case of termination of this Agreement by SURGIVISION following a CHANGE OF CONTROL involving a
DIRECT COMPETITOR or INDIRECT COMPETITOR prior to the regular termination of this Agreement (other than an earlier termination permitted under Section 15.3.1(i) and 15.3.1(ii)), SURGIVISION shall pay SIEMENS the actual costs accumulated after
the last milestone payment. Costs include actual costs regarding SOFTWARE DEVELOPMENT WORK which are accumulated after the last milestone payment, additional SOFTWARE DEVELOPMENT WORK reimbursed according to Section 8.6, as well as other
additional actual costs, if any, incurred by SIEMENS in the USA caused by the termination of this Agreement. 

  

	17.3.	 For the event of a CHANGE OF CONTROL involving a DIRECT COMPETITOR during the term of this Agreement
or during the exclusivity period according to Section 9, SIEMENS is herewith granted - and SIEMENS accepts this grant - a 90-day option - starting with the closing of the transaction or SIEMENS being informed about the transaction whichever is
later - free of charge to acquire all rights and title to or - if and insofar this is not legally possible - a world-wide, sub-licensable, transferable licence in the FIELD to use and exploit, SURGIVISION’s DEVELOPMENT RESULTS relating to the
SOFTWARE and/or CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY. If SIEMENS exercises such option, (i) SIEMENS is additionally granted a non-exclusive, world-wide, sublicensable, non-transferable licence in the FIELD to use any BACKGROUND
PATENTS necessary for the use and exploitation of the SOFTWARE and/or CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY, and (ii) to the extent SIEMENS acquires all rights and title to SURGIVISION’s DEVELOPMENT RESULTS, SIEMENS hereby
grants to SURGIVISION an exclusive, fully paid, world-wide, sublicensable, non-transferable license under such DEVELOPMENT RESULTS in all fields other than the FIELD. Insofar as the DEVELOPMENT RESULTS relate to SOFTWARE, (ii) is not
applicable. Following the exercise of the option, SIEMENS shall no longer be bound by the exclusivity provisions according to Section 9. 

In return for the aforementioned transfer of title and/or grant of rights following SIEMENS exercise of the option,
SIEMENS agrees to pay royalties to SURGIVISION of five percent (5%) of the NET SALES of CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY, beginning with market launch of such CATHETER TECHNOLOGY or PERIPHERAL TECHNOLOGY, provided, however, that
CATHETER TECHNOLOGY and/or PERIPHERAL TECHNOLOGY contain SURGIVISION DEVELOPMENT RESULTS or BACKGROUND PATENTS. The five percent (5%) royalty of the NET SALES does only refer to such NET SALES of CATHETER TECHNOLOGY or PERIPHERAL

 29 of 40 

 

 
TECHNOLOGY individual items (e.g. individual catheters or peripheral technology items) that contain SURGIVISION DEVELOPMENT RESULTS or BACKGROUND PATENTS. Payment of such royalties is limited to
the scope of protection of the respective intellectual property rights. “NET SALES” shall mean gross revenue from sales by SIEMENS and/or SIEMENS’ AFFILIATES, SIEMENS’ distributors and other third parties sublicensing the
aforementioned rights from SIEMENS, without value-added, consumption or other taxes imposed on the transaction. If SIEMENS exercises the option described in this Section 17.3, the fifth (5.) paragraph of Section 2.8 shall apply
analogously. 
  

	17.4	 If a CHANGE OF CONTROL occurs involving an INDIRECT COMPETITOR and SIEMENS thereafter terminates this Agreement, or thereafter SIEMENS terminates
the exclusivity, according to Sections 3.10 or 15.3.1(iii) or 15.3.2(i) or 15.3.2(ii) or 15.3.2(iv) or 15.3.2(v) or 15.3.2(vi), SURGIVISION (including any successor in interest to SURGIVISION) shall pay to SIEMENS the amount equal to two million
(2,000,000) US $ eight (8) weeks after such termination of the Agreement or the exclusivity. 

  

	18.	 Arbitration 

  

	18.1.	 Any differences or disputes arising from this Agreement or from agreements regarding its performance shall be settled by an amicable effort on the
part of both PARTIES to the Agreement. An attempt to arrive at a settlement shall be deemed to have failed as soon as one of the PARTIES to the Agreement so notifies the other PARTY in writing. 

 

	18.2.	 If an attempt of settlement has failed, the disputes shall be finally settled under the Rules of Conciliation and Arbitration of the International
Chamber of Commerce in Paris (the “Rules”) by three arbitrators appointed in accordance with the Rules. The place of arbitration shall be Munich, Germany. The procedural law of this place shall apply where the Rules are silent.

  

	18.3.	 The arbitration procedures shall be held in the English language. The arbitral tribunal shall decide on the matter of costs of the arbitration.

  

	19.	 Substantive Law 

All disputes shall be settled in accordance with the provisions of this Agreement and all other agreements regarding its performance,
otherwise in accordance with the substantive law in force in Germany, without reference to conflict of law rules. This Agreement will be executed in the English language, and the English version shall prevail if there is a dispute regarding the
interpretation of a translated copy of this Agreement. 
  

	20.	 Miscellaneous 

  

	20.1.	 This Agreement together with its annexes and any regulation being based on this Agreement is the PARTIES’ entire agreement relating to the
subject matter herein. It 

 30 of 40 

 

	 	 
supersedes all prior or contemporaneous oral or written communications, proposals and representations with respect to its subject matter. 

 

	20.2.	 This Agreement may not be released, discharged, abandoned, changed or modified in any manner, except
by an instrument in writing signed on behalf of each of the PARTIES hereto by their duly authorized representatives. 

  

	20.3.	 Unless otherwise agreed upon or provided in this Agreement, neither PARTY shall, without the prior
written consent of the other, transfer or assign to third parties this Agreement or any rights and obligations arising therefrom, except that SURGIVISION may assign this Agreement in connection with a CHANGE OF CONTROL transaction (subject to the
provisions of Section 17). Consent hereto shall not be unreasonably withheld. However, AFFILIATES of SIEMENS or SURGIVISION shall not be regarded as third parties hereunder. 

 

	20.4.	 Failure of a PARTY to enforce at any time any of the provisions of this Agreement shall in no way be
construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part thereof or the right of any PARTY thereafter to enforce each and every such provision. No waiver of any breach of this Agreement
shall be held to be a waiver of any other or subsequent breach. 

  

	20.5.	 All notices or other communications required or permitted hereunder with regard to the
interpretation, validity etc. of the Agreement shall be in writing and shall be given by certified mail addressed, 

if to SURGIVISION, to: 

Kim Jenkins 

SurgiVision, Inc. 

One Commerce Square 

Suite 2550 

Memphis, TN (US) 38103 

with a copy to: 

Oscar Thomas 

SurgiVision, Inc. 

One Commerce Square 

Suite 2550 

Memphis, TN (US) 38103 

and, if to SIEMENS, to: 

Siemens Aktiengesellschaft 

Healthcare Sector 

Imaging & IT Division - MR Business Unit 

Alle am Rothelheimpark 2 

91052 Erlangen 

 31 of 40 

 

 or to such other address that the PARTIES might identify to each other for
this purpose and with reference to this Agreement. 
  

	20.6.	 Except otherwise agreed herein, no PARTY hereto shall issue any press release or public announcement or otherwise divulge the existence of this
Agreement or the transactions contemplated hereby without the prior approval of the other PARTY hereto. 

  

	20.7.	 This Agreement shall be binding upon and insure to the benefit of the PARTIES hereto and the successors or permitted assigns of the PARTIES hereto.

  

	20.8.	 Titles and headings to Sections herein are inserted for the convenience or reference only and are not intended to be a part of or to affect the
meaning or interpretation of this Agreement. 

  

	20.9.	 This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement.

 IN WITNESS WHEREOF, the PARTIES hereto have caused this agreement to be executed by their duly authorized
representatives: 
  

					
	 place, date
	 		 	 place, date

	 SURGIVISION
	 		 	 Siemens Aktiengesellschaft

		 		 	 Healthcare Sector

			
	  Kim Jenkins, CEO
	 		 	  Waller Maerfendorfer, CEO H/M MR

	  Name, Function
	 		 	  Name, Function

			
	  /s/ Kim Jenkins
	 		 	  /s/ Waller Maerfendorfer

	  Signature
	 		 	  Signature

			
		 		 	  Holger Liebel, CFO H/M MR

		 		 	  Name, Function

			
		 		 	  /s/ Holger Liebel

		 		 	  Signature

 32 of 40 

 

 ANNEX 1 CATHETER TECHNOLOGY DEVELOPMENT 

SURGIVISION shall develop one prototype [***] that includes [***], and one prototype [***] (as described in ANNEX 2). The two prototype
catheters shall be provided by SURGIVISION to SIEMENS by [***] (consistent with the dependency described in Prototype Phase 3 as described in detail in ANNEX 3). 

SURGIVISION shall develop one final Prototype [***]* (one each) (“final” meaning in final development stage, so that further
changes will not influence the implementation / functionality of the SOFTWARE). The final Prototype [***] shall be provided by SURGIVISION to SIEMENS by [***] (consistent with the dependency described in Prototype Phase 6A of the Development
Milestones as described in detail in ANNEX 3). 
 SURGIVISION shall develop the final [***]*. The final [***] shall be provided
by SURGIVISION to SIEMENS by [***] (or [***]**) (consistent with the dependencies described in Prototype Phase 9A of the Development Milestones as in ANNEX 3). 

SURGIVISION shall develop the Final [***] and provide it to SIEMENS by a date that is [***]** (consistent with the dependencies described
in Prototype Phase 9A of the Development Milestones attached in ANNEX 3). 
 SURGIVISION shall provide all catheters, equipment
and RF room modifications according to final specifications as described in ANNEX 2 at one of the clinical test site by [***]** (consistent with the dependencies described in Prototype Phases 10A of the Development Milestones attached in ANNEX 3).

 *As described in ANNEX 2 

**[***] 

***Assumed start of project 15 May 2009 — all dates will shift in relation to actual start date. 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

 33 of 40 

 

 ANNEX 2 Description of PRODUCT 

[***] 
 [***] Indicates portions
of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 [***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

 34 through 40 of 40 
  

 ANNEX 3 DEVELOPMENT MILESTONES 

[***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

 41 of 40 
  

 [***] 

ANNEX 4 LOANED EQUIPMENT (SIEMENS to SURGIVISION) 

Hardware 
 — Coil
Connectors 
 Software 

— Prototype versions of SOFTWARE as available 

— XIP development environment 

ANNEX 5 Loan Conditions (SIEMENS to SURGIVISION) 

1.  The delivery of the LOANED ITEMS to the installation site, installation, initial operation, possible dismantling and return of the
loaned items to SIEMENS shall be performed by SIEMENS at its own expense. Taking the necessary measures, if any, for pre-installation preparations or post-removal restoration remains the responsibility of SURGIVISION. Changing the location of the
LOANED ITEMS or connecting other equipment to them shall be conditional on SIEMENS ‘ prior consent, regardless of and without prejudice to the requirements of the laws on medical devices and other statutory regulations. SURGIVISION agrees to
use the LOANED ITEMS in the proper manner and with appropriate care, pursuant to the instructions set forth in the user manuals. 

2.  Should a third party, in connection with the loan or the use of LOANED ITEMS by SURGIVISION under the Agreement, advance justified
claims arising out of industrial property rights, then SIEMENS shall have the right to terminate the loan and/or use of such LOANED ITEMS under this Agreement at any time with immediate effect. 

3.  SURGIVISION shall be responsible for complying with the relevant radiation protection regulations where applicable. SURGIVISION will
also be responsible for obtaining any licenses and other approvals which may be required for the use or operation of the LOANED ITEMS in its facility. 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment.Patent License Agreement

 Exhibit 10.19 

PUBLIC HEALTH SERVICE 

PATENT LICENSE AGREEMENT-NONEXCLUSIVE 

COVER PAGE 
 For
PHS internal use only: 
 License Number: 
  

			
	 License Application Number:
	 	 A-067-2009

Serial Number(s) of Licensed Patent(s) or Patent Application(s): 

                [***] 

 

			
	 Licensee:
	 	 SurgiVision, Inc.

Cooperative Research and Development Agreement (CRADA) Number (if a subject invention): 

 

			
		 	 N/A

		
	 Additional Remarks:
	 	 none

		
	 Public Benefit(s):
	 	 Minimally invasive medical procedures

This Patent License Agreement, hereinafter referred to as the “Agreement”, consists of this Cover Page, an attached Agreement, a
Signature Page, Appendix A (List of Patent(s) or Patent Application(s)), Appendix B (Fields of Use and Territory), Appendix C (Royalties), Appendix D ((Benchmarks and Performance), Appendix E (Commercial Development Plan), Appendix F (Example
Royalty Report), and Appendix G (Royalty Payment Options). The Parties to this Agreement are: 
  

	 	1)	The National Institutes of Health (“NIH”) or the Food and Drug Administration (“FDA”), hereinafter singly or collectively referred to
as “PHS”, agencies of (he United States Public Health Service within the Department of Health and Human Services (“HHS”); and 

 

	 	2)	The person, corporation, or institution identified above and on the Signature Page, having offices at the address indicated on the Signature Page, hereinafter referred
to as “Company.” Company and its Affiliates are hereinafter referred to as “Licensee.” 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment. 
  

 1 

 PHS PATENT LICENSE AGREEMENT-NONEXCLUSIVE  

PHS and Licensee agree as follows: 
  

	1.	 BACKGROUND 

  

	 	   1.1	In the course of conducting biomedical and behavioral research, PHS investigators made inventions that may have commercial applicability.

  

	 	   1.2	By assignment of rights from PHS employees and other inventors, HHS, on behalf of the Government, owns intellectual property rights claimed in any
United States or foreign patent applications or patents corresponding to the assigned inventions. HHS also owns any tangible embodiments of these inventions actually reduced to practice by PHS. 

 

	 	   1.3	The Secretary of HHS has delegated to PHS the authority to enter into this Agreement for the licensing of rights to these inventions under 35
U.S.C. §§200-212, the Federal Technology Transfer Act of 1986, 15 U.S.C. §3710(a), and the regulations governing the licensing of Government-owned inventions, 37 CFR Part 404. 

 

	 	   1.4	PHS desires to transfer these inventions to the private sector through commercialization licenses to facilitate the commercial development of products and
processes for public use and benefit. 

  

	 	   1.5	Licensee desires to acquire commercialization rights to certain of these inventions in order to develop processes, methods, or marketable products for public use
and benefit. 

  

	2.	 DEFINITIONS 

  

	 	   2.1	“Affiliate(s)” means a corporation or other business entity, which directly or indirectly is controlled by or controls, or is under common control with
Licensee. For this purpose, the term “control” shall mean (a) having ownership of more than fifty percent (50%) of the voting stock or other ownership interest of the corporation or other business entity, (b) having
the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the corporation or other business entity, or (c) otherwise having the power to direct the management of the corporation or other business
entity. 

  

	 	   2.2	“Benchmarks” mean the performance milestones that are set forth in Appendix D. 

 

	 	   2.3	“Commercial Development Plan” means the written commercialization plan attached as Appendix E. 

 

	 	   2.4	“First Commercial Sale” means the initial transfer by or on behalf of Licensee or its sublicensees of Licensed Products or the initial
practice of a Licensed Process by or on behalf of Licensee or its sublicensees in exchange for cash or some equivalent to which value can be assigned for the purpose of determining Net Sales. 

 

	 	   2.5	“Government” means the Government of the United States of America. 

 

	 	   2.6	“Licensed Fields of Use” means the fields of use identified in Appendix B. 

 

 2 

	 	   2.7	“Licensed Patent Rights” shall mean: 

  

	 	    (a)	Patent applications (including provisional patent applications and PCT patent applications) or patents listed in Appendix A, all divisions and continuations of these
applications, all patents issuing from these applications, divisions, and continuations, and any reissues, reexaminations, and extensions of all these patents; 

 

	 	    (b)	to the extent that the following contain one or more claims directed to the invention or inventions disclosed in 2.7(a): 

 

	 	  (i)	 continuations-in-part of 2.7(a); 

  

	 	  (ii)	 all divisions and continuations of these continuations-in-part; 

 

	 	  (iii)	 all patents issuing from these continuations-in-part, divisions, and continuations; 

 

	 	  (iv)	 priority patent application(s) of 2.7(a); and 

  

	 	  (v)	 any reissues, reexaminations, and extensions of all these patents; 

 

	 	    (c)	to the extent that the following contain one or more claims directed to the invention or inventions disclosed in 2.7(a): all counterpart foreign and U.S. patent
applications and patents to 2.7(a) and 2.7(b), including those listed in Appendix A; and 

  

	 	    (d)	Licensed Patent Rights shall not include 2.7(b) or 2.7(c) to the extent that they contain one or more claims directed to new matter which is not the
subject matter disclosed in 2.7(a). 

  

	 	   2.8	“Licensed Process(es)” means methods, processes or software implementations thereof, which in the course of being practiced, would be or derived from
the Materials or would be within the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent
jurisdiction. 

  

	 	   2.9	“Licensed Product(s)” means tangible materials, products, or systems or devices which in the course of manufacture, use, sale, or importation, enable
the Licensed Process(es) derived from the Materials or would be within the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable
judgment of a court of competent jurisdiction. 

  

	 	   2.10	“Material(s)” means documentation and software, including without limitation, any computer readable or executable object or source code, that enable,
carry out or support a Licensed Process or that is used to produce or operate a Licensed Product. For the avoidance of any doubt, the Materials include, without limitation, any software that enables, carries out or supports
(a) the inventions included in the Licensed Patent Rights, (b) the invention(s) disclosed and described in [***] and (c) the invention(s) disclosed and described in [***] 

 

	 	   2.11	“Licensed Territory” means the geographical areas identified in Appendix B. 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment. 
  

 3 

	 	   2.12	“Net Sales” means the total gross receipts for sales of Licensed Products, unmodified Materials or the practice of Licensed Processes
by or on behalf of Licensee or its sublicensees, and from leasing, renting, or otherwise making Licensed Products available to others without sale or other dispositions, whether invoiced or not, less returns and allowances, packing
costs, insurance costs, freight out, taxes or excise duties imposed on the transaction (if separately invoiced), and wholesaler and cash discounts in amounts customary in the trade to the extent actually granted. No deductions shall be made for
commissions paid to individuals, whether they are with independent sales agencies or regularly employed by Licensee, or sublicensees and on its payroll, or for the cost of collections. Transactions excluded from Net Sales are the
transfer of Licensed Products or the practice of a Licensed Process for the purpose of obtaining regulatory approval thereof or for use in non-commercial research by Licensee. 

 

	 	   2.13	“Practical Application” means to manufacture in the case of a composition or product, to practice in the case of a process or method, or to operate in
the case of a machine or system; and in each case, under these conditions as to establish that the invention is being utilized and that its benefits are to the extent permitted by law or Government regulations available to the public on
reasonable terms. 

  

	3.	 GRANT OF RIGHTS 

  

	 	   3.1	PHS hereby grants and Licensee accepts, subject to the terms and conditions of this Agreement, a nonexclusive license under the Licensed Patent
Rights in the Licensed Territory as set forth in Appendix B(II)(a) and in the Materials in the Licensed Territory as set forth in Appendix B(II)(b); to make and have made, to use and have used, to sell and have sold, to
offer to sell, and to import any Licensed Products and Materials in the Licensed Fields of Use and to practice and have practiced any Licensed Processes and Materials in the Licensed Fields of Use.

  

	 	   3.2	This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent applications or patents of PHS other than the
Licensed Patent Rights regardless of whether these patents are dominant or subordinate to the Licensed Patent Rights. 

  

	 	   3.3	Upon receipt by PHS of the license issue royalty herein set forth in Article 6 and Appendix C and the verification of this royalty, PHS agrees to provide
Licensee with copies of the Materials in a computer readable format, as available, and to replace these Materials, as available, at reasonable cost, in the event of their unintentional destruction. 

 

	 	   3.4	It is understood that any improvements, enhancements, modifications, or derivative works made to the Materials by Licensee shall be owned by Licensee
and maybe subject to the Government’s right to use to the extent provided by applicable law. 

  

	4.	 SUBLICENSING 

  

	 	   4.1	Upon written approval, which shall include prior review of any sublicense agreement by PHS and which shall not be unreasonably withheld, Licensee may
enter into sublicensing agreements under the Licensed Patent Rights only when it concurrently licenses proprietary or in-licensed intellectual property rights. For the avoidance of doubt, Licensee does not have the right to solely
sublicense the Licensed Patent Rights or the Materials. 

  

 4 

	 	   4.2	Licensee agrees that any sublicenses granted by it shall provide that the obligations to PHS of Paragraphs 5.1,8.1, 10.1, 10.2, 12.5, and 13.7-13.9 of
this Agreement shall be binding upon the sublicensee as if it were a party to this Agreement Licensee further agrees to attach copies of these Paragraphs to all sublicense agreements. 

 

	 	   4.3	Any sublicenses granted by Licensee shall provide for the termination of the sublicense, or the conversion to a license directly between the sublicensees and
PHS, at the option of the sublicensee, upon termination of this Agreement under Article 13. This conversion is subject to PHS approval and contingent upon acceptance by the sublicensee of the remaining provisions of this
Agreement. 

  

	 	   4.4	Licensee agrees to forward to PHS a complete copy of each fully executed sublicense agreement postmarked within thirty (30) days of the execution of
the agreement. To the extent permitted by law, PHS agrees to maintain each sublicense agreement in confidence. 

  

	5.	 STATUTORY AND PHS REQUIREMENTS AND RESERVED GOVERNMENT RIGHTS 

 

	 	   5.1	Licensee agrees that products used or sold in the United States embodying Licensed Products or produced through use of Licensed Processes shall be
manufactured substantially in the United States, unless a written waiver is obtained in advance from PHS. 

  

	6.	 ROYALTIES AND REIMBURSEMENT 

  

	 	   6.1	Licensee agrees to pay PHS a noncreditable and nonrefundable amount as reimbursement for patent expenses associated with obtaining the Licensed Patent
Rights as set forth in Appendix C. 

  

	 	   6.2	Licensee agrees to pay PHS a minimum annual royalty as set forth in Appendix C. 

 

	 	   6.3	Licensee agrees to pay PHS earned royalties as set forth in Appendix C. 

 

	 	   6.4	Licensee agrees to pay PHS benchmark royalties as set forth in Appendix C. 

 

	 	   6.5	Licensee agrees to pay PHS sublicensing royalties as set forth in Appendix C. 

 

	 	   6.6	A patent or patent application licensed under this Agreement shall cease to fall within the Licensed Patent Rights for the purpose of computing earned
royalty payments in any given country on the earliest of the dates that: 

  

	 	    (a)	 the application has been abandoned and not continued; 

 

	 	    (b)	 the patent expires or irrevocably lapses; or 

  

	 	    (c)	 the patent has been held to be invalid or unenforceable by an unappealed or unappealable decision of a court of competent jurisdiction or
administrative agency. 

  

	 	   6.7	No multiple royalties shall be payable because any Licensed Products or Licensed Processes are covered by more than one of the Licensed Patent
Rights. 

  

 5 

	 	   6.8	On sales of Licensed Products by Licensee to sublicensees or on sales made in other than an arms-length transaction, the value of the Net Sales
attributed under this Article 6 to this transaction shall be that which would have been received in an arms-length transaction, based on sales of like quantity and quality products on or about the time of this transaction. 

 

	 	   6.9	Licensee may elect to surrender its rights in any country of the Licensed Territory under any of the Licensed Patent Rights upon sixty
(60) days written notice to PHS and owe no payment obligation under Paragraph 6.9 for patent-related expenses incurred in that country after the effective date of the written notice. 

 

	 	   6.10	PHS agrees that the royalty terms in any third party license of the Licensed Patent Rights and Materials in a field of use that includes all or a
substantial portion of the Licensed Fields of Use executed after the effective date of this Agreement will be at least equal to the royalty terms set forth in this Agreement under Article 6 and Appendix C. During the term of
this Agreement, PHS will advise Licensee about terms granted in any third party licenses to the Licensed Patent Rights or Materials in a field of use that includes all or a substantial portion of the Licensed
Fields of Use that are more favorable to the third party licensee than those agreed to herein. During the term of this Agreement, PHS will consider the views of Licensee in determining whether the terms granted to said third party
licensee under the Licensed Patent Rights and Materials in the Licensed Fields of Use are more favorable than those granted to Licensee herein, and Licensee shall be entitled, upon written notice to PHS
within sixty (60) days after receipt, to have this Agreement amended to substitute those terms, in their entirety, as of the date those terms became effective with the third party. 

 

	7.	 PATENT FILING. PROSECUTION. AND MAINTENANCE 

 

	 	   7.1	PHS agrees to take responsibility for the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the
Licensed Patent Rights. PHS (a) will cause its patent counsel to timely copy Licensee on all official actions and written correspondence with any patent office and timely provide Licensee advance written notice of
any filing deadline, (b) allow Licensee an opportunity to comment and advise PHS, and (c) consider and reasonably incorporate comments and advice from Licensee. The extent to which the comments and advice will be
incorporated may be affected by third party licenses, if any, executed by PHS for the Licensed Patent Rights. 

  

	8.	 RECORD KEEPING 

  

	 	   8.1	Licensee agrees to keep accurate and correct records of Licensed Products made, used, sold, or imported and Licensed Processes practiced under this
Agreement appropriate to determine the amount of royalties due PHS. These records shall be retained for at least three (3) years following a given reporting period and shall be available during normal business hours for
inspection, at the expense of PHS, by an accountant or other designated auditor selected by PHS for the sole purpose of verifying reports and royalty payments hereunder. The accountant or auditor shall only disclose to PHS
information relating to the accuracy of reports and royalty payments made under this Agreement. If an inspection shows an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then
Licensee shall reimburse PHS for the cost of the inspection at the time Licensee pays the unreported royalties, including any additional royalties as required by Paragraph 9.7. All royalty payments required under this Paragraph
shall be due within sixty (60) days of the date PHS provides Licensee notice of the payment due. 

  

 6 

	 	   8.2	Licensee agrees to have an audit of sales and royalties conducted by an independent auditor at least every two (2) years if annual Net Sales of the
Licensed Products or Licensed Processes are over ten (10) million dollars. The audit shall address, at a minimum, the amount of gross sales by or on behalf of Licensee during the audit period, the amount of royalties owed
to the Government under this Agreement, and whether the royalties owed have been paid to the Government and is reflected in the records of the Licensee. The audit shall also indicate the PHS license number,
product, and the time period being audited. A report certified by the auditor shall be submitted promptly by the auditor directly to PHS on completion. Licensee shall pay for the entire cost of the audit. 

 

	9.	 REPORTS ON PROGRESS. BENCHMARKS. SALES. AND PAYMENTS 

 

	 	   9.1	Prior to signing this Agreement, Licensee has provided PHS with the Commercial Development Plan in Appendix E, under which Licensee intends
to bring the subject matter of the Licensed Patent Rights to the point of Practical Application. This Commercial Development Plan is hereby incorporated by reference into this Agreement. Based on this plan, performance
Benchmarks are determined as specified in Appendix D. 

  

	 	   9.2	Licensee shall provide written annual reports on its product development progress or efforts to commercialize under the Commercial Development Plan for
each of the Licensed Fields of Use within sixty (60) days after December 31 of each calendar year. These progress reports shall include, but not be limited to: progress on research and development, status of applications for
regulatory approvals, manufacturing, marketing, importing, and sales during the preceding calendar year, as well as, plans for the present calendar year. PHS also encourages these reports to include information on any of Licensee’s
public service activities that relate to the Licensed Patent Rights. If reported progress differs from that projected in the Commercial Development Plan and Benchmarks, Licensee shall explain the reasons for such
differences. In any annual report, Licensee may propose amendments to the Commercial Development Plan, acceptance of which by PHS may not be denied unreasonably. Licensee agrees to provide any additional information
reasonably required by PHS to evaluate Licensee’s performance under this Agreement Licensee may amend the Benchmarks at any time upon written approval by PHS. PHS shall not unreasonably withhold approval of
any request of Licensee to extend the time periods of this schedule if the request is supported by a reasonable showing by Licensee of diligence in its performance under the Commercial Development Plan and toward bringing the
Licensed Products to the point of Practical Application. 

  

	 	   9.3	Licensee shall report to PHS the dates for achieving Benchmarks specified in Appendix D and the First Commercial Sale in each country in the
Licensed Territory within thirty (30) days of such occurrences. 

  

	 	   9.4	Licensee shall submit to PHS, within sixty (60) days after each calendar half-year ending June 30 and December 31, beginning the year of
the First Commercial Sale, a royalty report, as described in the example in Appendix F, setting forth for the preceding half-year period the amount of the Licensed Products sold or Licensed Processes practiced by or on behalf of
Licensee or its sublicensees in each country within the Licensed Territory, the Net Sales, and the amount of royalty accordingly due. With each royalty report, Licensee shall submit payment of earned royalties due. If no
earned royalties are due to PHS for any reporting period, the written report shall so state. The royalty report shall be certified as correct by an authorized officer of Licensee and shall include a detailed listing of all deductions
made under Paragraph 2.11 to determine Net Sales made under Article 6 to determine royalties due. 

  

 7 

	 	   9.5	Royalties due under Article 6 shall be paid in U.S. dollars and payment options are listed in Appendix G. For conversion of foreign currency to U.S. dollars, the
conversion rate shall be the New York foreign exchange rate quoted in The Wall Street Journal on the day that the payment is due, and any loss of exchange, value, taxes, or other expenses incurred in the transfer or conversion to U.S. dollars
shall be paid entirely by Licensee. The royalty report required by Paragraph 9.4 shall be mailed to PHS at its address for Agreement Notices indicated on the Signature Page. 

 

	 	   9.6	Licensee agrees to forward semi-annually to PHS a copy of these reports received by Licensee from its sublicensees during the preceding half-year
period as shall be pertinent to a royalty accounting to PHS by Licensee for activities under the sublicense. 

  

	 	   9.7	Licensee shall be solely responsible for determining if any tax on royalty income is owed outside the United States and shall pay this tax and be responsible for
all filings with appropriate agencies of foreign governments. 

  

	 	   9.8	Additional royalties may be assessed by PHS on any payment that is more than ninety (90) days overdue at the rate of one percent (1%) per month. This
one percent (1%) per month rate may be applied retroactively from the original due date until the date of receipt by PHS of the overdue payment and additional royalties. The payment of any additional royalties shall not prevent
PHS from exercising any other rights it may have as a consequence of the lateness of any payment. 

  

	 	   9.9	All plans and reports required by this Article 9 and marked “confidential” by Licensee shall, to the extent permitted by law, be treated by PHS
as commercial and financial information obtained from a person and as privileged and confidential, and any proposed disclosure of these records by the PHS under the Freedom of Information Act (FOIA), 5 U.S.C. §552 shall be subject to the
pre-disclosure notification requirements of 45 CFR §5.65(d). 

  

	10.	 PERFORMANCE 

  

	 	   10.1	Licensee shall use its reasonable commercial efforts to bring the Licensed Products and Licensed Processes to Practical Application.
“Reasonable commercial efforts” for the purposes of this provision shall include adherence to the Commercial Development Plan in Appendix E and taking reasonable commercial efforts to achieve the Benchmarks in Appendix D.

  

	 	   10.2	Upon the First Commercial Sale, until the expiration or termination of this Agreement, Licensee shall use its reasonable commercial efforts to make
Licensed Products and Licensed Processes reasonably accessible to the United States public. 

  

	 	   10.3	Licensee agrees, after its First Commercial Sale and as part of its marketing and product promotion, to develop educational materials (e.g., brochures,
website, etc.) directed to patients and physicians detailing the Licensed Products or medical aspects of the prophylactic and therapeutic uses of the Licensed Products. 

 

	 	   10.4	Licensee agrees to retain control over the Materials, and not to distribute them to third parties without the prior written consent of PHS except
as provided in Article 4. 

  

 8 

	11.	 INFRINGEMENT AND PATENT ENFORCEMENT 

  

	 	   11.1	PHS and Licensee agree to notify each other promptly of each infringement or possible infringement of the Licensed Patent Rights, as well as, any
facts which may affect the validity, scope, or enforceability of the Licensed Patent Rights of which either Party becomes aware. Subject to Paragraph 11.2 below, Licensee will have the right, but not the obligation, at its own expense
and with legal counsel of its own choice, to bring suit against any actual, alleged or threatened infringement of the Licensed Patent Rights. In any action brought under this Paragraph 11.2 the expenses including costs, fees, attorney fees,
and disbursements, shall be paid by Licensee. The value of any recovery made by Licensee through court judgment or settlement shall be treated as Net Sales and subject to earned royalties. 

 

	 	   11.2	In the event that a declaratory judgment action alleging invalidity of any of the Licensed Patent Rights shall be brought against PHS, PHS agrees
to notify Licensee that an action alleging invalidity has been brought. PHS does not represent that it shall commence legal action to defend against a declaratory action alleging invalidity. Licensee shall take no action to
compel the Government either to initiate or to join in any declaratory judgment action. Should the Government be made a party to any suit by motion or any other action of Licensee, Licensee shall reimburse the
Government for any costs, expenses, or fees, which the Government incurs as a result of the motion or other action. Upon Licensee’s payment of all costs incurred by the Government as a result of
Licensee’s joinder motion or other action, these actions by Licensee shall not be considered a default in the performance of any material obligation under this Agreement. 

 

	12.	 NEGATION OF WARRANTIES AND INDEMNIFICATION 

  

	 	   12.1	PHS offers no warranties other than those specified in Article 1. 

  

	 	   12.2	PHS does not warrant the validity of the Licensed Patent Rights and makes no representations whatsoever with regard to the scope of the Licensed Patent
Rights, or that the Licensed Patent Rights may be exploited without infringing other patents or other intellectual property rights of third parties. 

 

	 	   12.3	PHS MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY OF THE MATERIALS OR SUBJECT MATTER DEFINED BY
THE CLAIMS OF THE LICENSED PATENT RIGHTS. 

  

	 	   12.4	PHS does not represent that it shall commence legal actions against third parties infringing the Licensed Patent Rights. 

 

	 	   12.5	Licensee shall indemnify and hold PHS, its employees, students, fellows, agents, and consultants harmless from and against all liability, demands,
damages, expenses, and losses, including but not limited to death, personal injury, illness, or property damage in connection with or arising out of: 

  

	 	     (a)	the use by or on behalf of Licensee, its sublicensees, its directors, employees, or third parties of any Licensed Patent Rights; or 

 

	 	     (b)	the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes or Materials by Licensee, or other products or processes
developed in connection with or arising out of the Licensed Patent Rights. 

  

 9 

	 	   12.6	Licensee agrees to maintain a liability insurance program consistent with sound business practice. 

 

	13.	 TERM, TERMINATION, AND MODIFICATION OF RIGHTS 

 

	 	   13.1	This Agreement is effective when signed by all parties, unless the provisions of Paragraph 14.15 are not fulfilled, and shall extend to the expiration of the
last to expire of the Licensed Patent Rights or if no patents issue then for twenty (20) years from the effective date of this Agreement, unless sooner terminated as provided in this Article 13. Upon expiration of the term of this
Agreement, the license granted hereunder to make and have made, to use and have used, to sell and have sold, to offer to sell, and to import the Materials shall be a royalty-free and paid up license. 

 

	 	   13.2	In the event that Licensee is in default in the performance of any material obligations under this Agreement, including but not limited to the obligations
listed in Paragraph 13.5, and if the default has not been remedied within ninety (90) days after the date of notice in writing of the default, PHS may terminate this Agreement by written notice and pursue outstanding royalties
owed through procedures provided by the Federal Debt Collection Act. 

  

	 	   13.3	In the event that Licensee becomes insolvent, files a petition in bankruptcy, has such a petition filed against it, determines to file a petition in bankruptcy,
or receives notice of a third party’s intention to file an involuntary petition in bankruptcy, Licensee shall immediately notify PHS in writing. Furthermore, PHS shall have the right to terminate this Agreement
immediately upon Licensee’s receipt of written notice upon the occurrence of any of the foregoing events. 

  

	 	   13.4	Licensee shall have a unilateral right to terminate this Agreement in its entirety by giving PHS sixty (60) days written notice to that
effect. In addition, Licensee shall have a unilateral right to terminate this Agreement with respect to any country or territory by giving PHS sixty (60) days written notice to that effect. 

 

	 	   13.5	PHS shall specifically have the right to terminate or modify, at its option, this Agreement, if PHS determines that the Licensee:

  

	 	     (a)	is not executing the Commercial Development Plan submitted with its request for a license and the Licensee cannot otherwise demonstrate to PHS’
satisfaction that the Licensee has taken, or can be expected to take within a reasonable time, commercially reasonable steps to achieve Practical Application of the Licensed Products or Licensed Processes;

  

	 	     (b)	has not exercised commercially reasonable efforts toward achieving the Benchmarks as may be modified under Paragraph 9.2; 

 

	 	     (c)	has willfully made a false statement of, or willfully omitted, a material fact in the license application or in any report required by this Agreement;

  

	 	     (d)	has committed a material breach of a covenant or agreement contained in this Agreement; 

 

	 	     (e)	is not keeping Licensed Products or Licensed Processes reasonably available to the public after commercial use commences; 

 

	 	     (f)	cannot reasonably satisfy unmet health and safety needs; or 

  

 10 

	 	      (g)	cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.2, unless waived. 

 

	 	   13.6	In making the determination referenced in Paragraph 13.5, PHS shall take into account the normal course of such commercial development programs conducted with
sound and reasonable business practices and judgment and the annual reports submitted by Licensee under Paragraph 9.2. Prior to invoking termination or modification of this Agreement under Paragraph 13.5, PHS shall give written
notice to Licensee providing Licensee specific notice of, and a ninety (90) day opportunity to respond to, PHS’ concerns as to the items referenced in 13.5(a)-13.5(g). If Licensee fails to alleviate
PHS’ concerns as to the items referenced in 13.5(a)-13.5(g) or fails to initiate corrective action to PHS’ satisfaction, PHS may terminate this Agreement. 

 

	 	   13.7	PHS reserves the right according to 35 U.S.C. §209(d)(3) to terminate or modify this Agreement if it is determined that the action is necessary to
meet the requirements for public use specified by federal regulations issued after the date of the license and these requirements are not reasonably satisfied by Licensee. 

 

	 	   13.8	Within thirty (30) days of receipt of written notice of PHS’ unilateral decision to modify or terminate this Agreement, Licensee may, consistent
with the provisions of 37 CFR §404.11, appeal the decision by written submission to the designated PHS official. The decision of the designated PHS official shall be the final agency decision. Licensee may thereafter
exercise any and all administrative or judicial remedies that may be available. 

  

	 	   13.9	Within ninety (90) days of expiration or termination of this Agreement under this Article 13, a final report shall be submitted by Licensee. Any
royalty payments, including those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expense, due to PHS shall become immediately due and payable upon termination or expiration. If terminated
under this Article 13, sublicensees may elect to convert their sublicenses to the Licensed Patent Rights to direct licenses with PHS pursuant to Paragraph 4.3. 

 

	14.	 GENERAL PROVISIONS 

  

	 	   14.1	Neither party may waive or release any of its rights or interests in this Agreement except in writing. The failure of the Government or Licensee to
assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right by the Government or Licensee, as applicable, or excuse a similar subsequent failure
to perform any of these terms or conditions by Licensee or the Government, as applicable. 

  

	 	   14.2	This Agreement constitutes the entire agreement between the Parties relating to the subject matter of the Licensed Patent Rights, Licensed Products and
Licensed Processes, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by, and completely expressed by this Agreement. 

 

	 	   14.3	The provisions of this Agreement are severable, and in the event that any provision of this Agreement shall be determined to be invalid or unenforceable
under any controlling body of law, this determination shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement. 

 

 11 

	 	   14.4	If either party desires a modification to this Agreement, the parties shall, upon reasonable notice of the proposed modification by the party desiring the
change, confer in good faith to determine the desirability of the modification. No modification shall be effective until a written amendment is signed by the parties hereto. 

 

	 	   14.5	The construction, validity, performance, and effect of this Agreement shall be governed by Federal law as applied by the Federal courts in the District of
Columbia. 

  

	 	   14.6	All Agreement notices required or permitted by this Agreement shall be given by prepaid, first class, registered or certified mail or by an
express/overnight delivery service provided by a commercial carrier, properly addressed to the other party at the address designated on the Signature Page, or to any other address as may be designated in writing by such other party. Agreement
notices shall be considered timely if such notices are received on or before the established deadline date or sent on or before the deadline date as verifiable by U.S. Postal Service postmark or dated receipt from a commercial carrier. Parties
should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier or the U.S. Postal Service. Private metered postmarks shall not be acceptable as proof of timely mailing. 

 

	 	   14.7	This Agreement shall not be assigned or otherwise transferred (including any transfer by legal process or by operation of law, and any transfer in bankruptcy or
insolvency, or in any other compulsory procedure or order of court) except to Licensee’s Affiliate(s) without the prior written consent of PHS, which shall not be unreasonably withheld, conditioned or delayed. The parties agree
that the identity of the parties is material to the formation of this Agreement and that the obligations under this Agreement are nondelegable 

 

	 	   14.8	Licensee agrees in its use of any PHS-supplied materials to comply with all applicable statutes, regulations, and guidelines, including PHS and
HHS regulations and guidelines. Licensee agrees not to use the materials for research involving human subjects or clinical trials in the United States without complying with 21 CFR Part 50 and 45 CFR Part 46. Licensee agrees not
to use the materials for research involving human subjects or clinical trials outside of the United States without notifying PHS, in writing, of the research or trials and complying with the applicable regulations of the appropriate national
control authorities. Written notification to PHS of research involving human subjects or clinical trials outside of the United States shall be given no later than sixty (60) days prior to commencement of the research or trials.

  

	 	   14.9	Licensee acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export Administration Act of 1979 and
Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological materials, and other commodities. The transfer of these items may require a license from the appropriate agency of the
Government or written assurances by Licensee that it shall not export these items to certain foreign countries without prior approval of the agency. PHS neither represents that a license is or is not required or that, if
required, it shall be issued. 

  

	 	   14.10	Licensee agrees to mark the Licensed Products or their packaging sold in the United States with all applicable U.S. patent numbers and similarly to
indicate “Patent Pending” status, if appropriate. All Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in a manner to preserve PHS patent rights in those countries, if any.

  

 12 

	 	   14.11	By entering into this Agreement, PHS does not directly or indirectly endorse any product or service provided, or to be provided, by Licensee whether
directly or indirectly related to this Agreement. Licensee shall not state or imply that this Agreement is an endorsement by the Government, PHS, any other Government organizational unit, or any Government
employee. Additionally, Licensee shall not use the names of NIH, PHS, FDA or HHS or the Government or their employees in any advertising, promotional, or sales literature without the prior written approval of
PHS. 

  

	 	   14.12	The Parties agree to attempt to settle amicably any controversy or claim arising under this Agreement or a breach of this Agreement, except for appeals of
modifications or termination decisions provided for in Article 13. Licensee agrees first to appeal any unsettled claims or controversies to the designated PHS official, or designee, whose decision shall be considered the final agency
decision. Thereafter, Licensee may exercise any administrative or judicial remedies that may be available. 

  

	 	   14.13	Nothing relating to the grant of a license, nor the grant itself, shall be construed to confer upon any person any immunity from or defenses under the antitrust laws or
from a charge of patent misuse, and the acquisition and use of rights pursuant to 37 CFR Part 404 shall not be immunized from the operation of state or Federal law by reason of the source of the grant. 

 

	 	   14.14	Paragraphs 3.4, 8.1, 9.7-9.9, 12.1-12.5, 13.1, 13.8, 13.9, 14.12 and 14.14 of this Agreement shall survive termination of this Agreement.

  

	 	   14.15	The terms and conditions of this Agreement shall, at PHS’ sole option, be considered by PHS to be withdrawn from Licensee’s
consideration and the terms and conditions of this Agreement, and the Agreement itself to be null and void, unless this Agreement is executed by the Licensee and a fully executed original is received by PHS within
sixty (60) days from the date of PHS signature found at the Signature Page. 

 SIGNATURES BEGIN ON
NEXT PAGE 
  

 13 

 PHS PATENT LICENSE AGREEMENT - NONEXCLUSIVE 

SIGNATURE PAGE 

For PHS: 
  

					
	 /s/ Richard U. Rodriguez
	  	 4.22.09
	  	
	 Richard U. Rodriguez
	  	 Date
	  	
	 Director, Division of Technology Development and Transfer
	  		  	
	 Office of Technology Transfer
	  		  	
	 National Institutes of Health
	  		  	

 Mailing Address for Agreement notices:

 Chief, Monitoring & Enforcement Branch 

Office of Technology Transfer 

National Institutes of Health 

6011 Executive Boulevard, Suite 325 

Rockville, Maryland 20852-3804 U.S.A. 

For Licensee (Upon, information and belief, the undersigned expressly certifies or affirms that the contents of any statements of
Licensee made or referred to in this document are truthful and accurate.): 
  

					
	 By:
	  		  	
	 /s/ Oscar Thomas
	  	 4-27-09
	  	
	 Signature of Authorized Official
	  	 Date
	  	
			
	 Oscar Thomas
	  		  	
	 Printed Name
	  		  	
			
	 VICE PRESIDENT, BUSINESS AFFAIRS

Title
	  		  	

  

	 	I.	 Official and Mailing Address for Agreement notices: 

Oscar Thomas 

Name 

Vice President, Business Affairs 

Title 

Mailing Address 

One Commerce Square 

Suite 2550 

Memphis, TN 38103 

Email Address:      othomas@surgivision.com 

 

			
	 Phone:
	  	 (901)522-9344

		
	 Fax:
	  	 (901)522-9400

 

 14 

	 	II.	 Official and Mailing Address for Financial notices (Licensee’s contact person for royalty payments) 

 

			
	 Oscar Thomas
	  	
	Name	  	
		
	 Vice President, Business Affairs
	  	
	Title	  	
		
	Mailing Address:	  	
		
	 One Commerce Square
	  	
		
	 Suite 2550
	  	
		
	 Memphis, TN 38103
	  	

			
		
	 Email Address:
	  	 othomas@surgivision.com

		
	 Phone:
	  	     (901)522-9344

		
	 Fax:
	  	     (901)522-9400

Any false or misleading statements made, presented, or submitted to the Government, including any relevant omissions, under this Agreement
and during the course of negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812 (civil liability) and 18 U.S.C. §1001 (criminal liability
including fine(s) and/or imprisonment). 
  

 15 

 APPENDIX A - PATENT(S) OR PATENT APPLICATION(S)

 Patent(s) or Patent Application(s): 

 [***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment. 
  

 16 

 APPENDIX B - LICENSED FIELDS OF USE AND TERRITORY 

 

	I.	 Licensed Fields of Use: 

 Devices and systems for MRI-guided medical procedures 

 

	II.	 Licensed Territory: 

  

	 	(a)	 United States, Commonwealths, Territories and Possessions 

 

	 	(b)	 Europe, Canada, China, Japan, Israel, Australia 

 

 17 

 APPENDIX C - ROYALTIES 

Royalties: 
  

	 	I.	With regard to unreimbursed expenses associated with the preparation, filing and prosecution of the U.S. patent applications specifically identified in Appendix A and
incurred by PHS prior to the effective date of this Agreement, Licensee shall pay PHS, Thirty Four Thousand Nine Hundred Fifty U.S. Dollars (USD $34,950) as an additional royalty, within sixty (60) days of
PHS’ submission of a statement and request for payment to Licensee. 

  

	 	II.	 Licensee agrees to pay to PHS a nonrefundable minimum annual royalty in the amount of Three Thousand U.S. Dollars (USD $3,000) beginning
on January 1st of the year following the date of the
First Commercial Sale. Minimum annual royalties paid pursuant to this Paragraph may be credited against any earned royalties due for sales made in the year in which the minimum annual royalty is paid. 

 

	 	III.	Licensee agrees to pay PHS earned royalties of Three percent (3%) on Net Sales by or on behalf of Licensee or a sublicensee.

  

	 	IV.	Licensee agrees to pay PHS a one-time Benchmark royalty within sixty (60) days as set forth below: 

One Hundred Fifty Thousand U.S. Dollars (USD $150,000) within sixty (60) days of obtaining the initial regulatory approval, from the
appropriate U.S. or foreign regulatory authority, for the commencements of sales of a Licensed Product or the practice of a Licensed Process. 
  

	 	V.	Licensee agrees to pay PHS additional sublicensing royalties of Ten Percent (10%) on the fair market value of any consideration received for granting each
sublicense, except for royalties received on sales of a Licensed Product or a Licensed Process sold by a sublicense, within sixty (60) days of the execution of each sublicense. 

 

	 	VI.	With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of all patent applications and patents included within the
Licensed Patent Rights and incurred by PHS on or after the effective date of this Agreement, PHS, at its sole option, may require Licensee to pay PHS on an annual basis, within sixty (60) days of
PHS’ submission of a statement and request for payment, a royalty amount equivalent to a pro rata share, based on the number of licensees of the Licensed Patent Rights, of these unreimbursed expenses incurred during the previous
calendar year(s). Any payments made under Paragraph VI, at the time of the request for payment under this Paragraph VII shall be factored into Licensee’s pro rata share. 

 

	 	VII.	PHS agrees, upon written request, to provide Licensee with summaries of patent prosecution invoices for which PHS has requested payment from the
Licensee under Paragraph 6.8 and this Appendix C. Licensee agrees that all information provided by PHS related to patent prosecution costs shall be treated as confidential commercial information and shall not be released to a
third party except as required by law or a court of competent jurisdiction or with the consent of PHS. 

  

 18 

 APPENDIX D - BENCHMARKS AND PERFORMANCE 

Licensee agrees to the following Benchmarks for its performance under this Agreement and, within sixty (60) days of achieving a
Benchmark, shall notify PHS that the Benchmark has been achieved. 
  

	 	   I.	     [***] 

  

	 	   II.	     [***] 

  

	 	   III.	     [***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment. 
  

 19 

 APPENDIX E - COMMERCIAL DEVELOPMENT PLAN 

Licensee is a Delaware corporation formed in 1998. The Licensee’s mission is to harness the power of MRI to drive the
next generation of minimally invasive surgical procedures. 
 Licensee currently has 20 employees and offices situated in
three (3) states. The company’s development, manufacturing and distribution facility is located in Irvine, California, its advanced research and development facility is located in Baltimore, Maryland, and its corporate offices are centrally
located in Memphis, Tennessee. 
 From 1998 to 2002, Licensee deployed significant resources to fund research and product
development efforts. During that period, among other accomplishments, Licensee 
  

	 	•	 	 developed a series of miniature, disposable catheter-based coils that, that when used in conjunction with standard MRI technology, were capable of
generating breakthrough images, 

  

	 	•	 	 filed numerous patent applications, 

  

	 	•	 	 received multiple FDA approvals, and 

  

	 	•	 	 designed, developed and manufactured a range of devices (such as intravascular guidewire coils, esophageal coils, urethral coils, mapping and
ablation catheters and MRI-active needles) that incorporated the company’s proprietary loopless and loop MRI antenna technology. 

Licensee’s coils have been used for numerous research studies at sites across the U.S., including Johns Hopkins University
and the NIH. In 2003, Licensee’s focus shifted to identifying and building out commercial applications for the technologies the company developed in the prior years. Licensee first identified the field of neuromodulation for the
application of its technologies. Licensee anticipates commencing the commercial launch of its comprehensive interventional MRI system (designed to address the major hurdles associated with the current deep brain stimulation (DBS) lead
placement procedure) in 2009. 
 In addition, Licensee is also focused on MRI-guided therapeutic interventions for
cardiac electrophysiology, biopsies, tumor ablation, cell therapy and other biologics (such as gene therapy) and highly localized drug delivery, as well as MRI-safety for implantable medical devices. 

[***] 
 [***] Indicates
portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 

 20 

 APPENDIX F - EXAMPLE ROYALTY REPORT 

Required royalty report information includes: 
  

	•	 	 OTT license reference number (L-XXX-200X/0) 

	•	 	 Reporting period 

	•	 	 Catalog number and units sold of each Licensed Product (domestic and foreign) 

	•	 	 Gross Sales per catalog number per country 

	•	 	 Total Gross Sales 

	•	 	 Itemized deductions from Gross Sales 

	•	 	 Total Net Sales 

	•	 	 Earned Royalty Rate and associated calculations 

	•	 	 Gross Earned Royalty 

	•	 	 Adjustments for Minimum Annual Royalty (MAR) and other creditable payments made 

	•	 	 Net Earned Royalty due 

Example 

									
	Catalog Number	  	Product Name	  	Country	  	Units Sold	  	
Gross Sales

(US$)

	          
    1	  	        A	  	    US	  	      250	  	             62,500

	          
    1	  	        A	  	    UK	  	        32	  	             16,500

	          
    1	  	        A	  	 France	  	        25	  	             15,625

	          
    2	  	        B	  	    US	  	          0	  	              
    0
	          
    3	  	        C	  	    US	  	        57	  	             57,125

	          
    4	  	        D	  	    US	  	        12	  	             1,500

  

					
		 	     Total Gross Sales
	  	153,250              
		 	 Less Deductions:
	  	
		 	         Freight
	  	3,000              
		 	         Returns
	  	7,000              
		 	     Total Net Sales
	  	143,250              
			
		 	         Royalty Rate
	  	8%          
		 	         Royalty Due
	  	11,460              
		 	 Less Creditable Payments
	  	10,000              
		 	     Net Royalty Due
	  	1,460              

 

 21 

 APPENDIX G - ROYALTY PAYMENT OPTIONS 

NIH/PHS License Agreements 

*ln order to process payment via Electronic Funds Transfer sender MUST supply the following information: 

Procedure for Transfer of Electronic Funds to NIH for Royalty Payments 

[***] 
 NOTE: Only U.S. banks can wire directly
to the Federal Reserve Bank. Foreign banks cannot wire directly to the Federal Reserve Bank, but must go through an intermediary U.S. bank. Foreign banks may send the wire transfer to the U.S. bank of their choice, who, in turn forwards the wire
transfer to the Federal Reserve Bank. 
 Checks drawn on a U.S. bank account should be sent directly to the following address: 

 National Institutes of Health (NIH) 

P.O. Box 979071 
 St. Louis, MO 63197-9000

 Overnight or courier deliveries should be sent to the following address: 

US Bank 
 Government Lockbox SL-MO-C2GL

 1005 Convention Plaza 
 St. Louis, MO
63101 
 Phone:314-418-4087 

Checks drawn on a foreign bank account should be sent directly to the following address: 

National Institutes of Health (NIH) 

Office of Technology Transfer 

Royalties Administration Unit 

6011 Executive Boulevard 

Suite 325, MSC 7660 

Rockville, Maryland 20852 

Phone: 301-496-7057 
 All
checks should be made payable to “NIH Patent Licensing”. 
 The OTT Reference Number MUST appear on checks, reports
and correspondence 
 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment. 
  

 22

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