Document:

Exhibit 10.5

 

EXECUTION VERSION

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”)
is made as of April 13, 2021.

 

Between:

 

		(1)	TPG PACE SOLUTIONS CORP., an exempted company incorporated under the laws of the Cayman Islands with registered office at P.O. Box
309, Ugland House, KYI-1104, Grand Cayman, Cayman Islands (the “Company”); and

 

		(2)	[•]
                                            (“Indemnitee”).

 

Whereas:

 

		(A)	Highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of such corporations;

 

		(B)	The board of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among publicly traded corporations and other business enterprises, the Company believes that, given current market conditions
and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The amended and restated articles of association of the Company (the “Articles”) provide for the indemnification
of the officers and directors of the Company. The Articles expressly provide that the indemnification provisions set forth therein are
not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers
and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

		(C)	The uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons;

 

		(D)	The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

		(E)	It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and
to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to
serve the Company free from undue concern that they will not be so protected against liabilities;

 

		(F)	This Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

    

     

    

 

		(G)	Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and
the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Company on the condition that he be so indemnified; and

 

NOW, THEREFORE, in consideration of the premises and the covenants
contained herein and subject to the provisions of the letter agreement dated as of [●], 2021 between the Company and Indemnitee
pursuant to the Underwriting Agreement between the Company and the Underwriters in connection with the Company’s initial public
offering, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND CONDITIONS

 

		1	SERVICES TO THE COMPANY

 

Indemnitee will serve or continue to serve as an officer,
director, advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed
or retained or until Indemnitee tenders his resignation.

 

		2	DEFINITIONS

 

As used in this Agreement:

 

		2.1	References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a
director, officer, employee, advisor, fiduciary or other official of another corporation, partnership, limited liability company, joint
venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary
of the Company.

 

		2.2	The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in
Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

		2.3	A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any
of the following events:

 

		(a)	Acquisition of Shares by Third Party. Other than an affiliate of TPG Global, LLC, any Person (as defined below) is or becomes
the Beneficial Owner, directly or indirectly, of shares of the Company representing fifteen percent (15%) or more of the combined voting
power of the Company’s then outstanding shares entitled to vote generally in the election of directors, unless (1) the change
in the relative Beneficial Ownership of the Company’s shares by any Person results solely from a reduction in the aggregate number
of outstanding shares entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by
the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (c) of this
definition;

 

		(b)	Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election
by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

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		(c)	Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each
case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial
Owners of shares entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 51% of the combined voting power of the then outstanding shares of the Company entitled to vote generally
in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result
of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the shares entitled
to vote generally in the election of directors; (2) other than an affiliate of TPG Global, LLC, no Person (excluding any corporation
resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power
of the then outstanding shares entitled to vote generally in the election of directors of the surviving corporation except to the extent
that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation
resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action
of the Board of Directors, providing for such Business Combination;

 

		(d)	Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of
agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring
the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with
such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

		(e)	Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act
(as defined below), whether or not the Company is then subject to such reporting requirement.

 

		2.4	“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was
serving at the request of the Company.

 

		2.5	“Cayman Court” shall mean the Courts of the Cayman Islands.

 

		2.6	“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
(as defined below) in respect of which indemnification is sought by Indemnitee.

 

		2.7	“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving
at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

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		2.8	“Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended.

 

		2.9	“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including,
without limitation, all attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal
of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for
which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection
with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and
other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include
amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

		2.10	“Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of
corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to
a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include
any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

		2.11	References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee,
agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall
be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

		2.12	The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act
as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any
Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below)
of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of share of the Company; and (iv) any trustee or other fiduciary holding shares under an employee benefit plan
of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders
of the Company in substantially the same proportions as their ownership of share of the Company.

 

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		2.13	The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise
by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken
by him or of any action (or failure to act) on his part while acting as a director or officer of the Company, or by reason of the fact
that he is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary,
employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is
incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

		2.14	The term “Subsidiary,” with respect to any Person, shall mean any corporation or other entity of which a majority
of the voting power of the voting equity shares or equity interest is owned, directly or indirectly, by that Person.

 

		3	INDEMNITY IN THIRD-PARTY PROCEEDINGS

 

To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is,
or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified,
held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties
and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or
any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful.

 

		4	INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is,
or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated
against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or
matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any
claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only
to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification,
to be held harmless or to exoneration.

 

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		5	INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of this Agreement except
for Section 27, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise,
in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more
but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection
with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall,
to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred
in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of
this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

		6	INDEMNIFICATION FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this Agreement except
for Section 27, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee
is not a party, he shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all
Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

		7	ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

		7.1	Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7.1
on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders
or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

		7.2	Notwithstanding any limitation in Sections 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
in connection with the Proceeding.

 

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		8	CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

 

		8.1	To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for
in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding
harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without
requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.

 

		8.2	The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

		8.3	The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

		9	EXCLUSIONS

 

Notwithstanding any provision in this Agreement except for
Section 27, the Company shall not be obligated under this Agreement to make any indemnification, hold harmless or exoneration payment
in connection with any claim made against Indemnitee:

 

		(a)	for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity
provision or otherwise;

 

		(b)	for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of shares of the Company within
the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or

 

		(c)	except as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control, in connection with any Proceeding (or
any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or
any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

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		10	ADVANCES OF EXPENSES; DEFENSE OF CLAIM

 

		10.1	Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited
by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee
within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements
requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall be unsecured and interest
free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include
any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments
of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking,
by or on behalf of Indemnitee, to repay the advance to the extent that it is ultimately determined that Indemnitee is not entitled to
be indemnified by the Company under the provisions of this Agreement, the Articles, applicable law or otherwise. This Section 10.1
shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant
to Section 9.

 

		10.2	The Company will be entitled to participate in the Proceeding at its own expense.

 

		10.3	The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

		11	PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

		11.1	Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless or exoneration
rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

		11.2	Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with
this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in
his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement
to indemnification shall be determined according to Section 12.1 of this Agreement.

 

		12	PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

 

		12.1	A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in
the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board (ii) by Independent Counsel in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee; or (iii) by vote of the shareholders by ordinary resolution. The Company will promptly advise Indemnitee
in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any
reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to
such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

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		12.2	In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1
hereof, the Independent Counsel shall be selected as provided in this Section 12.2. The Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the
Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets
the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel
is selected by the Board, the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel
so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days
after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected
may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined
that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1
hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

		12.3	The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

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		13	PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

 

		13.1	In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in
connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of
the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

		13.2	If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial
determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period
may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination
with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto.

 

		13.3	The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

		13.4	For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its
Board, any committee of the Board or any director, or on information or records given or reports made to the Enterprise, its Board, any
committee of the Board or any director, by an independent certified public accountant or by an appraiser or other expert selected by the
Enterprise, its Board, any committee of the Board or any director. The provisions of this Section 13.4 shall not be deemed to be
exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard
of conduct set forth in this Agreement.

 

		13.5	The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

		14	REMEDIES OF INDEMNITEE

 

		14.1	In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely
made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made
pursuant to Section 12.1 of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement
within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a
timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this
Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or
(vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within
ten (10) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by
the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee,
at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of
the American Arbitration Association. Except as set forth herein, the provisions of Cayman Islands law (without regard to its conflict
of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication
or award in arbitration.

 

    10

     

    

 

		14.2	In the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any
judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be
indemnified, held harmless, exonerated to receive advances of Expenses under this Agreement and the Company shall have the burden of proving
Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses, as the case may be, and the
Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee
for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall
not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect
to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

		14.3	If a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

		14.4	The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

		14.5	The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration
brought by Indemnitee (i) to enforce his rights under, or to recover damages for breach of, this Agreement or any other indemnification,
hold harmless, exoneration, advancement or contribution agreement or provision of the Articles now or hereafter in effect; or (ii) for
recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and
whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution
or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

    11

     

    

 

		14.6	Interest shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and the Indemnitee for amounts which
the Company indemnifies, holds harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period commencing
with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement
of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding anything herein to the contrary except for
Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

		16	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1	The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors, or otherwise.
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) arising out
of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless
or exoneration rights or advancement of Expenses than would be afforded currently under the Articles or this Agreement, then this Agreement
(without any further action by the parties hereto) shall automatically be deemed to be amended to require that the Company indemnify Indemnitee
to the fullest extent permitted by law. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy.

 

		16.2	The Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including,
but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf
of Indemnitee against any liability asserted against him or incurred by or on behalf of him or in such capacity as a director, officer,
employee or agent of the Company, or arising out of his status as such, whether or not the Company would have the power to indemnify him
against such liability under the provisions of this Agreement, as it may then be in effect. The purchase, establishment, and maintenance
of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee
shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

    12

     

    

 

		16.3	To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the
request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, trustee, partner, managing member, fiduciary, employee or agent under
such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party
or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give
prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such Proceeding in accordance with the terms of such policies.

 

		16.4	In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights. 16.5 The Company’s obligation to
indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as
a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise.
Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation
to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance
coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all
its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard
to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance
coverage rights against any person or entity other than the Company.

 

		17	DURATION OF AGREEMENT

 

All agreements and obligations of the Company contained herein
shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner,
managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other
Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject
to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14
of this Agreement) by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense
is incurred for which indemnification can be provided under this Agreement.

 

		18	SEVERABILITY

 

If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions
of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions
shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of
any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    13

     

    

 

		19	ENFORCEMENT AND BINDING EFFECT

 

		19.1	The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2	Without limiting any of the rights of Indemnitee under the Articles as they may be amended from time to time, this Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

		19.3	The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise at
the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

 

		19.4	The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

		19.5	The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties
hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further agree
that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent jurisdiction
and the Company hereby waives any such requirement of such a bond or undertaking.

 

    14

     

    

 

		20	MODIFICATION AND WAIVER

 

No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

		21	NOTICES

 

All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the
party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage
prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

		(a)	If to Indemnitee, at the address Indemnitee shall provide in writing to the Company.

 

		(b)	If to the Company, to:
	 	 	 
	 	 	TPG Pace Solutions Corp.
	 	 	301 Commerce Street, Suite 3300
	 	 	Forth Worth, TX 76102
	 	 	Attn: Office of the General Counsel
	 	 	Facsimile: (817) 871-4001
	 	 	 
	 	 	With a copy, which shall not constitute notice, to:
	 	 	 
	 	 	Weil, Gotshal & Manges LLP
	 	 	767 Fifth Avenue
	 	 	New York, NY 10153
	 	 	Attn: Alex Lynch, Esq.
	 	 	 
	 	 	or to any other address as may have been furnished to Indemnitee
in writing by the Company.

 

		22	APPLICABLE LAW AND CONSENT TO JURISDICTION

 

This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the Cayman Islands, without regard to its conflict of
laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14.1 of this Agreement, the Company
and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or
any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action
or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action
or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.

 

    15

     

    

 

		23	IDENTICAL COUNTERPARTS

 

This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.
Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of
this Agreement.

 

		24	MISCELLANEOUS

 

Use of the masculine pronoun shall be deemed to include usage
of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

		25	PERIOD OF LIMITATIONS

 

No legal action shall be brought and no cause of action shall
be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of
the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period;
provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall
govern.

 

		26	ADDITIONAL ACTS

 

If for the validation of any of the provisions in this Agreement
any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other
procedure to be affected or adopted in a manner that will enable the Company to fulfil its obligations under this Agreement.

 

		27	WAIVER OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee hereby agrees that it does not have any right,
title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection
with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby
waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse
against such trust account for any reason whatsoever.

 

[SIGNATURE PAGE FOLLOWS]

 

    16

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Indemnity
Agreement to be signed as of the day and year first above written.

 

	 	TPG PACE SOLUTIONS CORP.

 

 

	 	By:	 
	 	Name: Eduardo Tamraz
	 	Title: President
	 	 
	 	By:	       
	 	Name:
	 	Title:

 

[Signature Page to Indemnity Agreement]

 

    

     

    

 

Not Part of Form of Indemnity Agreement

 

***

 

The following officers, directors and affiliates of the Company separately
executed the foregoing Form of Indemnity Agreement on April 13, 2021:

 

TPG Pace Solutions Sponsor, Series LLC

 

Karl Peterson

 

David Bonderman

 

Julie Hong Clayton

 

Mark Fields

 

Kathleen Philips

 

Wendi Sturgis

 

Kneeland Youngblood

 

Martin Davidson

 

Eduardo Tamraz

 

Carlton Ellisex_240637.htm

 

Exhibit 10.1

 

PARTNERSHIP AGREEMENT

 

 

This Partnership Agreement (this “Agreement”) is made and entered into as of April 9, 2021 (the “Effective Date”) between INVO Bioscience, Inc., a Nevada corporation located at 5582 Broadcast Court, Sarasota, FL 34230 (“INVO”) and Lyfe Medical I, LLC, a Delaware limited liability company located at 442 Post Street, 10th Floor, San Francisco, CA 94102 (“Medical Group”).

 

WHEREAS, INVO is the global manufacturer of a patented medical device (the “INVOcell”) and of affiliated medical devices and accessories that together enable a unique in vivo method of vaginal incubation (the “INVO Procedure”);

 

WHEREAS, Medical Group provides professional medical services to its patients;

 

WHEREAS, Medical Group desires to establish a clinic in Santa Cruz, California (the “Cruz Clinic”) to offer the INVO Procedure to its patients and for INVO to provide embryology laboratory services in connection with the INVO Procedure and other fertility treatments (the “Lab Services”) provided by Medical Group to its patients; and

 

WHEREAS, INVO desires to provide the Lab Services to Medical Group as part of the partnership;

 

NOW, THEREFORE, the parties agree as follows:

 

	 	
			1.

				
			Clinical Laboratory Services

			

 

The Lab Services are described in detail on Exhibit A. Upon receipt of a valid physician order and specimen from Medical Group, INVO shall provide the ordered Lab Services. Prior to delivering a valid physician order to INVO, Medical Group shall obtain, in accordance with all applicable federal, state, and local laws, all proper patient consents for the Lab Services.

 

	 	
			2.

				
			Payment for Services and Capital Expenditures

			

 

	 	
			(a)

				
			Lab Service Fees. In return for the Lab Services provided, Medical Group shall pay INVO the fees listed on Exhibit B.

			

 

	 	
			(b)

				
			Capital Expenditures. Medical Group shall repay INVO’s Lab Outlay as defined and detailed in Exhibit C.

			

 

	 	
			(c)

				
			Payment Procedures.  INVO shall invoice Medical Group on a monthly basis for the Lab Services provided. Medical Group shall remit payment in full to the address listed on or using the wire instructions provided in the invoice within fifteen (15) days of the date of the invoice. Any amounts payable by Medical Group hereunder and that remain unpaid more than fifteen (15) days after the invoice date shall be subject to a late fee equal to 1.5% per month, or the maximum amount permitted by law, whichever is less, calculated from the due date of the invoice until the date such amount is paid in full.

			

 

1

 

 

	 	
			3.

				
			Term & Termination

			

 

	 	
			(a)

				
			Term.  This Agreement shall commence on the Effective Date and continue for a period of five (5) years (the “Initial Term”), unless sooner terminated in accordance with the provisions herein. Thereafter, this Agreement shall automatically renew for additional successive two (2) year periods (each a “Renewal Term”) on the same terms and conditions (each Renewal Term, together with the Initial Term, is referred to herein as the “Term”).

			

 

	 	
			(b)

				
			Termination. Notwithstanding any other provision or language in this Agreement, either party may terminate this Agreement immediately in the event of: (i) material breach of this Agreement by the other party that the breaching party has failed to cure to the non-breaching party’s sole satisfaction within thirty (30) days following the non-breaching party’s written notice specifying the breach; (ii) application for or consent to the appointment of a receiver, trustee, or liquidator by the other party of all or a substantial part of its assets, filing by the other party of a voluntary petition in bankruptcy, or admission by the other party of an inability to pay its debts as they come due, a general assignment by the other party for the benefit of creditors, or if any order, judgment, or decree shall be entered by any court of competent jurisdiction, on the application of creditor, adjudicating the other party as bankrupt or insolvent or approving a petition seeking reorganization of the other party or appointment of a receiver, trustee, or liquidator of the other party of all or a substantial part of its assets; (iii) any license or certification of a party which is material to the performance of this Agreement is suspended, terminated, revoked, or surrendered; or (iv) if and when an action is prosecuted to final judgment against a party or any of its employees or agents providing services under this Agreement for violation of federal or state laws or regulations.

			

 

	 	
			(c)

				
			Effects of Termination.  Upon the expiration or sooner termination of this Agreement, as hereinabove provided, neither party shall have any further obligations hereunder except for (i) obligations accruing prior to the date of termination; (ii) obligations, promises, or covenants set forth herein that are expressly made to extend beyond the Term of this Agreement; and (iii) INVO shall, at all times, provide a continued supply of the INVOcell as required by Medical Group until the end of the then applicable Term.

			

 

	 	
			4.

				
			Medical Group Operations.

			

 

	 	
			(a)

				
			Practice of Medicine. Medical Group shall be and remain fully responsible for all medical services (including any related costs) provided to its patients and shall be solely responsible for the physician-patient relationship. Such services will include, but not be limited to, solely providing oversight over physicians and health care providers; solely making all patient care, medication, and medical decisions; and solely

			

 

2

 

 

maintain and safe keep all patient records, charts and files in compliance with all applicable regulations.

 

For purposes of clarity, the parties agree that above all other responsibilities, obligations and terms, the Medical Group shall exercise at all times independent medical judgment with regard to the professional interpretation and the performance of all medical services; Medical Group shall be solely responsible for determining the manner in which professional medical services are provided and shall ensure that such services are rendered in accordance with the applicable professional standard of care; and Medical Group shall at all times be governed and abide by all applicable medical and clinical licensure, certification, and accreditation laws, regulations, and standards, and adopt policies and procedures to comply with such standards.

 

	 	
			(b)

				
			Business Services.  Medical Group will provide the services listed on Exhibit D and will be responsible for any related expense.

			

 

	 	
			(c)

				
			Representations. Medical Group represents and warrants that, as of the Effective Date, and continuing through the term of this Agreement:

			

 

	 	
			(1)

				
			All Medical Group physicians and any other health care providers employed by or contracted with Medical Group are duly licensed and qualified and meet INVO’s specific qualification requirements (which shall be reasonably consistent with industry standards and norms) to render professional medical services, or related healthcare services, in the state in which such services are provided, as required by applicable law;

			

 

	 	
			(2)

				
			Medical Group physicians and any other health care providers employed by or contracted with Medical Group have never had their ability to provide professional medical services or related health care services revoked, limited, suspended, or otherwise restricted in any manner;

			

 

	 	
			(3)

				
			Neither Medical Group nor, to the best of its knowledge, its employees or agents are, or ever have been barred or sanctioned by, or suspended or excluded from participation in, any federal or state health care program or health insurance organization, or convicted of a health care-related criminal offense.

			

 

	 	
			(4)

				
			It conducts its operations in compliance with all applicable laws, regulations, and guidance;

			

 

	 	
			(5)

				
			It will generate and maintain reasonable and customary records of physician orders for Lab Services and supporting medical documentation, as well as associated patient consents; and

			

 

3

 

 

	 	
			(6)

				
			It will order Lab Services only when medically supported and appropriate, and when medical necessity and appropriateness is fully documented in patient medical records, consistent with any applicable payor requirements.

			

 

	 	
			(d)

				
			Inspection of Records. Each party agrees to allow the other party to inspect all financial and clinical records, and to cooperate with any audit or investigation.

			

 

	 	
			(e)

				
			Billing. Medical Group shall bill patients and payors as appropriate and consistent with all payor requirements for Lab Services purchased from INVO under this Agreement. Medical Group shall have the exclusive right to bill patients and payors for Lab Services and shall be solely responsible for such billing.

			

 

	 	
			(f)

				
			Notification. Medical Group will alert INVO within ten (10) business days of any occurrence that could affect Medical Group’s ability to continue to make the representations in this Section 4 at any time during the term of this Agreement. The parties acknowledge and agree that these representations constitute material terms of this Agreement.

			

 

	 	
			5.

				
			INVO Operations.

			

 

	 	
			(a)

				
			Lab Services. INVO shall be and remain fully responsible for all Lab Services provided to Medical Group.

			

 

	 	
			(b)

				
			Business Services.  INVO will provide the services listed on Exhibit D and will be responsible for any related expense.

			

 

	 	
			(c)

				
			Representations. INVO represents and warrants that:

			

 

	 	
			(1)

				
			All INVO’s lab director shall be duly licensed and qualified to provide the Lab Services;

			

 

	 	
			(2)

				
			It shall seek accreditation with the College of American Pathologists (CAP) or the Joint Commission (JCAHO) promptly after the Effective Date; and

			

 

	 	
			(3)

				
			It shall apply for and receive a Clinical Laboratory Improvement Amendments (CLIA) license prior to providing any Lab Services.

			

 

	 	
			(d)

				
			Ferring.  INVO shall provide the Lab Services subject to that certain agreement between INVO Bioscience and Ferring International Center S.A. (“Ferring”), dated November 12, 2018 (the “Ferring Agreement”). In particular, under the Ferring Agreement, with respect to INVO clinics like the Cruz Clinic, INVO has committed to exclusively use the Ferring pharmaceutical product Menopur, and, if reasonable and appropriate, to use other Ferring fertility products.

			

 

4

 

 

	 	
			6.

				
			Broader Relationship. Provided that neither party is in breach of this Agreement, the parties will use the framework described hereunder to open two additional units.

			

 

	 	
			7.

				
			Independent Contractors. In performing the services herein specified, each party is acting as an independent contractor, and neither INVO nor any employee of INVO shall be considered employees of Medical Group and neither Medical Group nor any employee of Medical Group shall be considered employees of INVO. In no event shall this Agreement be construed as establishing a partnership or joint venture or similar relationship among the parties hereto, and nothing herein contained shall be construed to authorize any party to act as agent for another. Each party shall be liable for its own debts, obligations, acts and omissions, including with respect to all of its employees and contractors, the payment of all applicable compensation, wages, pensions, workers’ compensation, insurance, and all required withholding, Social Security and other taxes and benefits.

			

 

	 	
			8.

				
			Non-Exclusivity. Nothing contained herein shall prohibit Medical Group from undertaking or providing any medical or fertility procedures in connection with any biomedical or behavioral research study or trial, research and development, academic investigations, development of data and scientific reporting, or development of publications and scientific literature.

			

 

Nothing contained herein shall prohibit Medical Group from undertaking or providing medical or fertility procedures other than the INVO Procedure (such as, for illustrative purposes only, intrauterine insemination); provided, however, that the clinics will: (a) not commercially offer in vitro fertilization (“IVF”); and (b) any medical services involving both: (i) intravaginal culture (“IVC”) as an advanced reproductive therapy (“ART”); and (ii) for which Medical Group charges the patient for such procedure shall use the INVOcell as the standard for ART.

 

	 	
			9.

				
			Restrictive Covenants.

			

 

	 	
			(a)

				
			Employee Non-Solicitation.  The parties agree that, during the applicable Restricted Period, the parties shall not, and shall cause its direct and indirect equity holders, partners, managers, employees, consultants, agents and affiliates to not, without the mutual written consent of the parties, directly or indirectly, solicit, hire, recruit, or attempt to solicit, hire, or recruit, for employment any person who was an employee of one of the parties on, or within six (6) months before, the date of such solicitation, hire, recruitment, or attempt of the same (a “Covered Employee”), or otherwise adversely and intentionally interfere with the relationship between a party and any of its employees.

			

 

	 	
			(b)

				
			Restriction Purpose.  The parties acknowledges that the purpose of the restrictions contained in Sections 9 are to protect the parties and the Cruz Clinic’s legitimate business interests, relationships between the Cruz Clinic and its respective clients and customers, Confidential Information

			

 

5

 

 

(as described below), workforce stability, and business goodwill; in view of the nature of the Cruz Clinic’s business, these restrictions are reasonable and necessary to protect these interests and in light of the Confidential Information provided or to be provided to the parties and the additional consideration provided under this Agreement; and any violation of this Agreement would result in irreparable injury to the Company. In the event of a breach by any party of any provision of Section 9, the affected party and/or the Cruz Clinic, as the case may be, shall, in addition to any other legal remedies available, be entitled to a temporary restraining order and injunctive relief restraining the applicable party from the commission of any breach of Section 9, and, if successful, to recover the reasonable attorneys’ fees, costs, and expenses related to the breach. The existence of any claim or cause of action by any party or any of their respective affiliates, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the restrictive covenants contained in Section 9 or to injunctive relief.

 

	 	
			10.

				
			HIPAA and Confidentiality.

			

    

	 	
			(a)

				
			Confidentiality. For purposes of this Agreement, “Confidential Information” means any confidential or proprietary information concerning any party or its affiliates’ trade secrets, products, planned products, services or planned services, suppliers, customers, clients, sales, pricing, data, financial information, computer software provided by it, processes, methods, knowledge, inventions, ideas, marketing, promotions, discoveries, research, development, or other information relating to a party or its affiliates’ business activities or operations or those of its or their customers, clients, or supplier. The parties will (a) keep the terms of this Agreement, and the other party’s Confidential Information confidential and, except as authorized by the other party in writing, only use, or make copies of, the other party’s Confidential Information to perform a party’s obligations as required under this Agreement; and (b) only disclose the other party’s Confidential Information to its officers, directors, personnel, including its affiliates, subcontractors, and agents, who have a legitimate business need to know the Confidential Information in order to perform its obligations under this Agreement. This confidentiality obligation will survive for five (5) years following the termination of this Agreement. Either party may disclose Confidential Information to the extent required by law, but shall give the other party prior written notice of the required disclosure and make a reasonable effort to obtain a protective order. Each party acknowledges that the non-disclosing party will suffer immediate and irreparable harm and have no adequate remedy at law if the disclosing party violates this Section. Accordingly, if the disclosing party violates any of the terms of this Section, the non-disclosing party will have the right, in addition to any other rights it may have, to seek to obtain, in any court of competent jurisdiction, injunctive relief to restrain any breach of this Section or otherwise to specifically enforce any of the provisions of this Section.

			

 

6

 

 

	 	
			(b)

				
			HIPAA. Solely as and to the extent required by law, each party agrees to comply with all applicable Health Insurance Portability and Accountability Act of 1996, as amended, and rules promulgated thereunder (collectively “HIPAA”), requirements, including security and data encryption requirements with respect to any electronic transmission of protected health information, and shall not disclose any protected health information to any third party, except as permitted or required by law.

			

 

	 	
			11.

				
			Insurance.

			

 

	 	
			(a)

				
			INVO.  During the Term of this Agreement and for a period of five (5) years from the expiration or earlier termination of this Agreement, INVO shall maintain at its own expense full insurance coverage for INVO, its affiliates and their respective employees and representatives, including:

			

 

	 	
			(1)

				
			Commercial General Liability covering bodily injury and property damage (including loss of use thereof) with minimum limits of $1,000,000 each occurrence and $3,000,000 General Aggregate, including Premises Liability, Personal & Advertising Injury, Medical Payments, and Contractual Liability coverage. Additional Insured, Primary & Non-Contributory, and Waiver of Subrogation endorsements shall be provided.

			

 

	 	
			(2)

				
			Products/Completed Operations insurance with minimum limits of $3,000,000 each event and $5,000,000 policy aggregate, including contractual liability. Additional Insured, Primary & Non-Contributory, and Waiver of Subrogation endorsements shall be provided.

			

 

	 	
			(3)

				
			Errors & Omissions Liability insurance with minimum limits of $1,000,000 each event and $3,000,000 policy aggregate, including Contractual Liability coverage.

			

 

All insurances listed in this Section shall be written with a company or companies having a financial rating of not less than A ‘X’ in the most current edition of Best’s Key Rating Guide. Certificates evidencing the insurance limit coverages set forth in this Section shall be submitted prior to the commencement of the performance of any party’s obligations hereunder and shall bear a certification that the coverage specified therein will not be cancelled without at least thirty (30) days’ written notice to Medical Group; and ten (10) days’ notice for cancellation for non-payment of premium.

 

	 	
			(b)

				
			Medical Group. During the Term of this Agreement and for a period of five (5) years from the expiration or earlier termination of this Agreement, Medical Group shall maintain at its own expense full insurance coverage for Medical Group, its affiliates and their respective employees and representatives, including:

			

 

7

 

 

	 	
			(1)

				
			Commercial General Liability covering bodily injury and property damage (including loss of use thereof), and “fire and allied perils” and “all risks” property insurance with respect to the Lab, with minimum limits of $1,000,000 each occurrence and $3,000,000 General Aggregate, including Premises Liability, Personal & Advertising Injury, Medical Payments, and Contractual Liability coverage.

			

 

	 	
			(2)

				
			Products/Completed Operations insurance with minimum limits of $3,000,000 each event and $5,000,000 policy aggregate, including Contractual Liability coverage.

			

 

	 	
			(3)

				
			Errors & Omissions Liability insurance with minimum limits of $1,000,000 each event and $3,000,000 policy aggregate, including Contractual Liability coverage.

			

 

	 	
			(4)

				
			Healthcare Medical Professional Liability insurance with minimum limits of $3,000,000 each event and $5,000,000 policy aggregate, including Contractual Liability.

			

 

All insurances listed in this Section shall be written with a company or companies having a financial rating of not less than A ‘X’ in the most current edition of Best’s Key Rating Guide, and which are licensed and authorized to sell or approved to place insurance policies of this nature. Certificates evidencing the insurance limit coverages set forth in this Section shall be submitted prior to the commencement of the performance of Medical Group’s obligations hereunder and shall bear a certification that the coverage specified therein will not be cancelled or altered without at least thirty (30) days’ written notice to INVO; and ten (10) days’ notice for cancellation for non-payment of premium. Medical Group shall also provide notice to INVO of any cancellation or modification of any of the foregoing policies immediately upon receipt of notice from the carrier that such cancellation or modification may occur. Maintenance of insurance coverage as required herein shall not relieve Medical Group of any responsibility under this Agreement for damages in excess of insurance limits or otherwise.

 

	 	
			12.

				
			Indemnification. Each party shall indemnify, defend, and hold harmless the other party from and against liability for any third party claims resulting from such party's (or its employees, agents or independent contractors) violation of applicable laws, rules, and regulations hereunder in the performance of such party’s obligations hereunder. The indemnified party shall promptly notify the indemnifying party of any claim, but the indemnified party’s failure to promptly notify the indemnifying party will only affect the indemnifying party’s obligations to the extent that the indemnified party’s failure prejudices the indemnifying party’s ability to defend the claim. The indemnifying party may: (i) use counsel of its choice; (ii) settle the claim as the indemnifying party deems appropriate; and (iii) assume control of the defense and settlement of the claim; provided, any settlement of a claim will not include a financial or specific performance

			

 

8

 

 

obligation on, or admission of liability by the party against whom the claim is brought. The indemnified party shall provide the indemnifying party with necessary assistance in the defense (at indemnifying party’s expense).

 

	 	
			13.

				
			Liability.

			

 

	 	
			(a)

				
			Exclusion of Incidental and Consequential Damages. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL EITHER PARTY, INCLUDING EACH PARTY’S OFFICERS, DIRECTORS, MEMBERS, AGENTS, OR EMPLOYEES, BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, LOST PROFITS OR GOOD WILL, RELIANCE DAMAGES, OR ANY OTHER DAMAGES ARISING UNDER THIS AGREEMENT, WHETHER ARISING UNDER CONTRACT, WARRANTY, OR TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR ANY OTHER THEORY OF LIABILITY.

			

 

	 	
			(b)

				
			Cap on Liability. THE MAXIMUM LIABILITY OF EITHER PARTY FOR ANY CLAIMS ARISING IN CONNECTION WITH THIS AGREEMENT WILL NOT EXCEED $250,000. THE FOREGOING LIMITATIONS SHALL NOT APPLY WITH RESPECT TO LIABILITY ARIISNG FROM A PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, A BREACH BY A PARTY OF SECTION 8 OF THIS AGREEMENT, OR A PARTY’S INDEMNIFICATION OBLIGATIONS.

			

 

	 	
			14.

				
			Notification of Claims.

			

 

Each party agrees to notify the other party as soon as possible in writing of any incident, occurrence, or claim arising out of or in connection with this Agreement that could result in a liability or claim of liability to the other party. Further, the notified party shall have the right to investigate said incident or occurrences and the notifying party will cooperate fully in this investigation.

 

	 	
			15.

				
			Notice.

			

 

Except as otherwise stated in this Agreement, any notice required to be provided to either party to this Agreement shall be in writing and shall be considered effective as of the date of deposit with the United States Postal Service by Certified or Registered Mail, postage prepaid, return receipt requested, or via email (provided the original notice follows via USPS mail), to the parties as follows:

 

	
			INVO 

			INVO Bioscience, Inc. 

			5582 Broadcast Court 

			Sarasota, FL 34230  

			Attention: General Counsel 

			Email: legal@invobio.com 

			Phone:  

				
			Medical Group

			Lyfe Medical I, LLC

			442 Post Street, 10th Floor

			San Francisco, CA 94102

			Attention: William Faidi

			Email: William.Faidi@LyfeBio.com

			Phone: 415.347.3412 (Ext. 102)

			 

			With a copy to:

			Cooley LLP

			3175 Hanover Street

			Palo Alto, CA 94304

			Attention: Josh Seidenfeld

			Phone: 650.843.5862

			

        

9

 

 

	 	
			16.

				
			Miscellaneous.

			

 

	 	
			(a)

				
			Acknowledgements and Certifications. By affixing their respective signatures below, the parties certify that they have read and understand each and every provision in this Agreement. Each party certifies that it possesses the authority to enter into the Agreement, and that it enters into the Agreement “at arm’s length,” that the payments set forth herein are consistent with fair market value, and that neither party has been subject to duress or other undue influence by any party during the negotiation of this Agreement. No improper or illegal remuneration, benefit or privilege has been conferred under the Agreement or otherwise to induce the referral of patients by any party to any other party or an affiliated entity, or the purchasing, leasing or ordering of any item or service. The execution and performance of this Agreement by each party has been duly authorized by all necessary laws, resolutions or corporate actions, and the Agreement constitutes valid and enforceable obligations of each party in accordance with its terms.

			

 

	 	
			(b)

				
			Assignment.  This Agreement may not be assigned by either party without the written consent of the other party, which consent may not be unreasonably withheld; provided, however, that either party may assign its rights or delegate its duties and obligations to an affiliate or successor in interest to all, or substantially all, of that party’s assets or operations so long as any such assignment or delegation will not have a material impact upon the rights, duties and obligations of the other party.

			

 

	 	
			(c)

				
			Successors.  This Agreement shall inure to the benefit of and be binding upon the parties hereof, and their respective heirs, executors, administrators, successors and permitted assigns.

			

 

	 	
			(d)

				
			Waiver.  The waiver of any breach of any term or conditions of this Agreement by either party shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition by the nonbreaching party.

			

 

	 	
			(e)

				
			Force Majeure. If any party’s ability to perform its obligations hereunder is limited or prevented in whole or in part due to an act of God, epidemic, war, invasion, acts of foreign enemy, hostilities (whether war be declared or not), strikes and/or industrial disputes, delay on the part of the supplier or transportation delay, such party, without liability of any kind, shall be excused, discharged, and released from performance to the extent such performance is limited, delayed or prevented.

			

 

	 	
			(f)

				
			Enforceability.  In the event any provision of this Agreement is found to be unenforceable or invalid, such provision shall be severable from this

			

 

10

 

 

Agreement and shall not affect the enforceability or validity of any other provision contained in this Agreement.

 

	 	
			(g)

				
			Governing Law. This Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware without respect to the conflict of law provisions thereof.

			

 

	 	
			(h)

				
			Arbitration. In the event that any disputes arise between the parties with respect to the existence or curing of a material breach or other cause for termination of this Agreement, either party shall have the right to request in writing that such dispute be resolved through binding arbitration, pursuant to the California Code of Civil Procedure, Section 1280, et seq., including Section 1283.05 (“Arbitration Statute”), and to occur in Santa Cruz County, California, unless otherwise agreed by the parties. The parties shall jointly select an arbitrator. If the parties for any reason cannot agree on the appointment of an arbitrator, each party shall select one (1) arbitrator and the two (2) arbitrators selected shall appoint a third. In the event either party fails to appoint an arbitrator within thirty (30) days of the date the request for arbitration is received, the arbitrator appointed by the other party shall be the sole arbitrator. In the event the two (2) arbitrators cannot agree on the appointment of a third arbitrator, the third arbitrator shall be chosen in accordance with the procedures set forth in the Arbitration Statute. The one arbitrator or a majority of the panel of three (3) arbitrators, as the case may be, shall then decide the matter in dispute in accordance with the Arbitration Statute. Judgment upon the award rendered by the process of arbitration may be entered in any court having competent jurisdiction therefor. The two parties shall equally divide the cost of the arbitration itself, and attorneys’ fees with respect tothe arbitration shall be recovered as provided in Section 13(p) below.

			

 

	 	
			(i)

				
			Entire Agreement.  This Agreement contains the entire agreement among the parties and supersedes any prior agreement(s), communications, or understandings among the parties hereto with regard to its subject matter.

			

 

	 	
			(j)

				
			Caption/Interpretation. Captions contained in the Agreement are inserted only as matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provision thereof. This Agreement shall not be construed more strongly against any party regardless of who is responsible for its preparation.

			

 

	 	
			(k)

				
			No Obligation to Make Referrals.  Nothing contained herein shall be construed to require, or to serve as incentive or reward for, the referral of any patient for any item or service. The parties acknowledge and agree that the aggregate items and services contracted for hereunder are reasonable and necessary for a legitimate business purpose. The parties further acknowledge and agree that the compensation set forth herein is consistent with fair market value in an arms-length transaction and has not

			

 

11

 

 

been determined in a manner that takes into account the volume or value of any referrals or other business generated among the parties.

 

	 	
			(l)

				
			Non-Exclusivity. Nothing in this Agreement shall prohibit either party from affiliating or contracting with any other entity for any purpose whatsoever. Nothing contained herein is intended to prohibit either party from independent research, development, manufacture, sale or distribution of any business type or nature, and neither party shall have any interest, financial or otherwise in any such activity, competitive or otherwise.

			

 

	 	
			(m)

				
			Counterparts.  This Agreement may be executed in one or more counterparts, all of which together shall constitute only one Agreement.

			

 

	 	
			(n)

				
			Amendments.  Except as otherwise provided in Section 12(h), no modifications of or amendment to this Agreement or its attachments shall be effective or binding on any party unless mutually agreed to in writing and signed by both parties.

			

 

	 	
			(o)

				
			Legal and Corporate Compliance.  The parties agree to cooperate fully with each other in meeting any obligations imposed upon either party by any regulatory body with respect to the Lab Services being provided pursuant to this Agreement. Neither party will intentionally conduct itself under this Agreement in a manner that would constitute a violation of any federal or state fraud and abuse law or illegal remuneration law.

			 

			If either party receives a written opinion of legal counsel that the terms of this Agreement more likely than not would be interpreted by a court of competent jurisdiction to violate any law, regulation, or other requirement applicable to it, that party may propose an amendment to this Agreement, after conferring about the issue with the other party, intended to cure the violation. If the other party finds unacceptable the proposed amendment, it may elect to terminate the Agreement by providing written notice of such intent within thirty (30) calendar days of receipt of notice of the amendment, such termination being effective immediately; otherwise, the Agreement shall be automatically amended by the proposed amendment at the end of such thirty (30) day period.

			

 

12

 

 

	 	
			(p)

				
			Use of Name.  Medical Group shall have the right to make information about INVO and INVO’s Lab Services available to its patients and shall have the right to use the INVO trade names, trademarks and logos for this purpose, upon prior written consent of INVO, which shall not be unreasonably withheld. Any other use of the INVO trade names, trademarks or marks shall be subject to the prior written consent of INVO. INVO shall have the right to use Medical Group’s name, trade name, trademark, logos, symbols, or other designation or images of Medical Group (or any of its affiliates, agents, or employees) in any advertising, promotional material, press release, customer list, website, or other public statement.

			

 

	 	
			(q)

				
			Attorneys’ Fees. In the event that either party is required to commence any arbitration, litigation, or other legal action or proceeding (“Legal Action”) in order to enforce the terms hereof, the party prevailing in such Legal Action shall have the right to an award for such of its reasonable attorneys’ fees and costs incurred therein as the arbitrators or court shall deem appropriate, in addition to any other relief to which he or she may be entitled, consistent with applicable law.

			

 

	 	
			(r)

				
			No Third Party Beneficiaries.  The obligations of each party to this Agreement shall inure solely to the benefit of the other party hereto and no person or entity shall be a third party beneficiary of this Agreement.

			

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date of their signatures below.

 

	
			INVO BIOSCIENCE, INC.  

			a Nevada corporation 

				 	
			LYFE MEDICAL I, LLC

			a Delaware limited liability company

				 
	 	 	 	 
	 	 	 	 
	By: /s/ Steven Shum 	 	By: /s/ William Faidi	 
	 	 	 	 
	Name: Steven Shum	 	Name: William Faidi	 
	 	 	 	 
	Title: CEO	 	Title: CEO	 
	 	 	 	 
	Date: 4/9/2021 	 	Date: 4/9/2021	 

                

 

 

13

 

 

Exhibit A

 

Lab Services

 

Upon receipt of a valid physician order, INVO will provide either (i) INVO embryology without ICSI or (ii) INVO embryology with ICSI, as ordered and as those Lab Services are defined and described below. INVO may also provide andrology services as described below. The parties may add additional lab services to this Exhibit A as mutually agreed to in writing.

 

INVO Embryology without ICSI

INVO provides INVO embryology without ICSI as follows. Upon INVO’s receipt from Medical Group of sperm and eggs collected from patients by Medical Group, INVO fertilizes patient materials in a petri dish and places fertilized eggs into an INVOcell. INVO returns the INVOcell to Medical Group for placement into the patient. After the Medical Group removes the INVOcell from the patient, the Medical Group provides the INVOcell back to INVO. INVO then removes embryos from the INVOcell, evaluates the embryos, and places embryos into an embryo transfer catheter (the “Catheter”), which INVO provides to Medical Group for placement of the embryos into the patient. The number of embryos transferred will be directed by the patient’s embryo transfer consent, which will be provided by Medical Group to the INVO embryology staff prior to the start of the ovarian stimulation cycle for the patient in question. INVO freezes and places any remaining embryos into cryogenic storage. INVO will transfer the frozen embryos to a third party storage location mutually agreed to between the parties. [Such transfer will occur no later than ______________]. INVO lab staff will thaw remaining embryos and place them in a Catheter at the direction of the Medical Group clinician, at a future date and in line with the pricing agreement in Exhibit B.

 

INVO Embryology with ICSI

INVO provides INVO embryology with Intracytoplasmic Sperm Injection (“ICSI”) as follows. Upon INVO’s receipt from Medical Group of sperm and eggs collected from patients by Medical Group, INVO fertilizes patient materials via ICSI and places fertilized eggs into an INVOcell. INVO returns the INVOcell to Medical Group for placement into the patient. After the Medical Group removes the INVOcell from the patient and the Medical Group provides the INVOcell back to INVO, the remaining steps are the same as described above for INVO embryology without ICSI.

 

Andrology Services 

INVO will employ an andrologist for the purposes of semen analysis, sperm processing and prep. INVO will provide sperm cryopreservation for the Medical Group and hold samples for up to three (3) weeks. For sperm to be held longer than three (3) weeks, INVO will transfer the sperm to a third party storage location mutually agreed to between the parties.

 

14

 

 

Exhibit B

 

Lab Service Fees

 

Fees for Lab Services shall be billed to the Medical Group on a monthly basis at the rates shown below. Promptly upon the end of a calendar month, INVO will submit an invoice to the Medical Group containing a breakdown of the Lab Services provided and the fees payable for such month. The fees listed below are estimates and may be changed by INVO from time to time by providing Medical Group with seven (7) days written notice. Fees related to any services added to Exhibit A, will be added to this Exhibit B as mutually agreed to by the parties in writing.

 

	
			Lab Service Fees

			
	
			INVO procedure (with or without ICSI)

				
			40% of net income per procedure charged to patients

				
			1

			
	
			INVO procedure (with frozen embryo)

				
			40% of net income per procedure charged to patients

				 
	
			Sperm preparation (without INVO Procedure)

				
			$100 per cycle

				
			2

			
	
			Sperm cryo (without INVO Procedure)

				
			$200 per cycle

				
			2, 3

			
	
			Embryo cryo (without INVO Procedure)

				
			$250 per cycle

				
			2, 3

			
	
			INVOcell, related devices, consumables

				
			$0

				
			4

			

 

	 	
			1.

				
			INVO and Medical Group will jointly agree on the prices Medical Group will charge patients for INVO Procedures. Such prices may be amended from time to time by the mutual written agreement of the parties.

			

 

	 	
			2.

				
			The prices listed above for sperm prep and for sperm and embryo cryo will apply when such services are provided independently from an INVO Procedure. When such services are provided in conjunction with an INVO Procedure, they will be included in the price charged by the Medical Group to the patient for such INVO Procedure.

			

 

	 	
			3.

				
			For the avoidance of doubt, the sperm and embryo cryo fees listed above do not include transfer and storage fees from third parties for longer term storage. The Medical Group shall charge fees to patients for such services and shall be responsible for any such third party fees.

			

 

	 	
			4.

				
			For the avoidance of doubt, INVO shall not charge the cost of the INVOcell and related devices and consumables used in providing the Lab Services to Medical Group.

			

 

	 	
			5.

				
			For the avoidance of doubt, Medical Group may provide and charge Cruz Clinic patients for ancillary fertility-related procedures and services not included in the Lab Services (“Ancillary Services”) and may determine pricing for such Ancillary Services in its sole discretion. INVO shall not be entitled to and shall not receive any proceeds from any Ancillary Services. The parties shall meet and confer in good faith on an ongoing basis (and not less than every 30 days) to discuss any needed expansion of lab services and related fees (such as, for illustrative purposes, the addition of semen analysis).

			

 

	 	
			6.

				
			The fees for Lab Services set forth above are subject to adjustment as follows: (a) following the opening of the first clinic, the parties shall meet and confer in good faith on an ongoing basis (and not less than every 30 days) to discuss any needed fees adjustment(s); and (b) any

			

 

15

 

 

adjustment to the fees is made to the extent it reflects: (i) changes in cost factors, market conditions, and other business and clinical factors, that have occurred or are better understood; (ii) operating efficiencies; and (iii) testing efficiencies.

 

 

 

 

 

 

16

 

 

Exhibit C

 

Capital Expenditures and Lab Build Out

 

Upon mutual agreement of the parties on the Business Plan (as described in Exhibit D), INVO will fund the initial capital expenditures and building modifications to create a laboratory equipped and suitable for INVO to provide the Lab Services (the “Lab Outlay”). As soon as practicable after the Effective Date, INVO shall prepare a detailed budget for the Lab Outlay (the “Capex Budget”) to review with Medical Group. INVO shall take into consideration any reasonable adjustments to the Capex Budget suggested by Medical Group that would not impact INVO’s ability to provide Lab Services as described in this Agreement. The Capex Budget and size of the Lab Outlay may be amended from time to time by mutual written agreement of the parties.

 

The initial list of equipment needed will include the items below and any other equipment reasonably deemed necessary by the Lab Director.

 

	
			Alarm system

			Ph meter

			O2/Co2 analyzer

			Workstation with integrated incubator chamber

			Stereoscope

			Inverted scope with micro-manipulator

			Large box incubator

			Dry block heater

				 	
			Cryo tank with wheel base

			Refrigerator/freezer

			Centrifuge

			Tokai hit or similar (OKO)

			AV table

			Air filter (if needed)

			Makler chamber

			Andrology scope

			Generator system

			

 

INVO shall hold title to the above equipment and any furnishings included in the Lab Outlay

 

 

17

 

 

EXHIBIT D

 

Business Services

 

 

Medical Group

Medical Group will provide the services listed below and will be responsible for any related expense.

 

	
			1.

				
			As mutually agreed to with INVO, co-develop a business plan and financial operating model for the Cruz Clinic (the “Business Plan”). The Business Plan will be developed within sixty (60) days from the date hereof, and will set out the objectives and projections for the Cruz Clinic for the next three (3) years and including, but not limited to, cash flow projections, operating and capital expenditure budgets, sales forecasts, and business development, marketing and strategy plans.

			

 

	
			2.

				
			In consultation with INVO, select a site (the “Site”) and develop a layout for the Cruz Clinic.

			

 

	
			3.

				
			Secure a lease for the Site.

			

 

	
			4.

				
			Oversee the construction and physical preparation of the Cruz Clinic.

			

 

	
			5.

				
			Acquire all equipment, furnishings and inventory required for operation of the Cruz Clinic, other than items pertaining to the Lab Services (as described under INVO’s Paragraph 4 below).

			

 

	
			6.

				
			Recruit and employ required Cruz Clinic personnel (the “Cruz Staff”), other than Lab Services personnel. Medical Group may, in its sole discretion, charge clinic access and other such fees to any authorized MD’s that work at the Cruz Clinic, whether recruited or employed by Medical Group or by INVO and whether recruited or employed to provide the Lab Services or to provide any other ancillary or fertility-related services at the Cruz Clinic.

			

 

	
			7.

				
			Develop all necessary training materials for the Cruz Staff, and ensure that the Cruz Staff is trained and certified pursuant to applicable laws, regulations and best practices. Medical Group may, in its sole discretion, offer such training for a fee to be determined by Medical Group in its sole discretion.

			

 

	
			8.

				
			Manage the day-to-day operations of the Cruz Clinic, other than Lab Service activities.

			

 

	
			9.

				
			Provide all funding for the above services and expenditures.

			

 

18

 

 

INVO

INVO will provide the services listed below and will be responsible for any related expense.

 

	
			1.

				
			As mutually agreed to with Medical Group, co-develop the Business Plan.

			

 

	
			2.

				
			In consultation with Medical Group, select the Site and develop its layout.

			

 

	
			3.

				
			Oversee the construction and physical preparation for the Cruz Clinic laboratory (the “Lab”).

			

 

	
			4.

				
			Acquire the equipment, furnishings and inventory required for operation of the Lab, as described in greater detail in Exhibit C.

			

 

	
			5.

				
			Recruit and employ Lab personnel.

			

 

	
			6.

				
			Review and approve the training materials referred to under Medical Group’s Paragraph 7 above, to the extent they are offered for purposes of providing the Lab Services.

			

 

	
			7.

				
			Facilitate INVO Procedure training for applicable Cruz Staff members.

			

 

	
			8.

				
			Manage Cruz Clinic industry compliance and accreditation activities.

			

 

	
			9.

				
			Provide all funding for the above services and expenditures, except for any third party costs incurred with respect to Paragraphs 7 and 8 above.

			

 

 

 

 

 

19

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