Document:

EX-10.25

 Exhibit 10.25 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS
THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 
 SELECTED PRODUCT LICENSE AGREEMENT
(AB-202) 
 THIS SELECTED PRODUCT
LICENSE AGREEMENT (the “Agreement”) is made and entered into as of March 24, 2021 (the “Effective Date”) by and between ARTIVA BIOTHERAPEUTICS,
INC., a Delaware corporation (“Artiva”), having a place of business at 4747 Executive Drive, Suite 1150, San Diego, CA 92121, USA, and GREEN CROSS
LABCELL CORPORATION, a Korean corporation (“GCLC”), with its principal place of business at 107, Ihyeon-ro 30 beon-gil, Giheung-gu, Yongin-si, Gyeonggi-do, 446-850,
16924, Republic of Korea. Artiva and GCLC are sometimes referred to herein individually as a “Party” and collectively as the “Parties”. 

RECITALS 

A. The Parties have previously entered into that certain Option and License Agreement, dated as of September 4, 2019 (as may be
amended, the “Option Agreement”), pursuant to which, among other things, GCLC has granted to Artiva an exclusive option to obtain an exclusive license under Selected Product Technology to develop, manufacture and commercialize
Selected Products in the Field in the Territory (each term as defined in the Option Agreement) (the “Option”). 
 B.
Artiva has exercised its Option with respect to the Product in accordance with the terms and conditions of the Option Agreement, and GCLC has granted to Artiva the Selected Product License (as defined in the Option Agreement) as to the Product. 

C. In accordance with Section 5.3 of the Option Agreement, the Parties desire to enter into this Agreement to set forth additional
terms and conditions of the Selected Product License as to the Product. 
 NOW, THEREFORE, in
consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Agreement, the Parties agree as follows: 
 1.
DEFINITIONS 
 Capitalized terms used in this Agreement (other than the headings of the Sections or Articles) have the following meanings set forth in
this Article 1, or, if not listed in this Article 1, the meanings as designated in the text of this Agreement. Capitalized terms used in this Agreement but not otherwise defined herein shall have such meanings ascribed to them in the Option
Agreement. 
 1.1 “Combination Product” means any combination of the Product with one (1) or more other active
ingredients, products or services that is not the Product, where such products are sold either as a fixed dose/unit or as separate doses/units in a single package for a single price. 

1.2 “Existing Third Party Agreements” means the following Agreements to which GCLC is a party with the
following Third Parties that relate to NK Cells, Licensed Products or Information or Patents related to NK Cells or Licensed Products: [***]. 

1.3 “GCLC Subsidiary” means any Affiliate of GCLC that is directly controlled by GCLC, or over which GCLC
has the power to direct or cause the direction of the management and policies of such entity, whether by the ownership of at least fifty percent (50%) of the voting stock of such entity, or by contract. 

 1.4 “IND” shall mean an investigational new drug application, clinical
trial application, clinical trial exemption, or similar application or submission filed with or submitted to a Regulatory Authority in a jurisdiction that is necessary to commence human clinical trials in such jurisdiction, including any such
application filed with the FDA pursuant to 21 C.F.R. Part 312. 
 1.5 “IND Acceptance” means
(a) with respect to an IND for a Product filed with the FDA, either (i) a “may proceed” letter from the FDA in writing in response to a dossier submitted to the FDA; or (ii) expiration of the thirty (30) day period
following the date of submission of an IND without receipt of notice from the FDA within such time period that the IND is subject to a clinical hold, whichever event ((i) or (ii)) occurs first, or (b) equivalent authorization to proceed with
respect to an IND filed with or submitted to any Regulatory Authority outside the United States.  
 1.6
“Indication” means a human disease, disorder or medical condition that is [***]. 
 1.7
“Initiation” of a clinical trial means the first dosing of the first subject enrolled in such clinical trial. 

1.8 “Net Sales” means, with respect to a given period of time, the gross amount invoiced by Artiva
and its Affiliates and Sublicensees (each, a “Selling Party”) to Third Party (other than any Selling Party) purchasers for the sale or distribution of Products in the Territory, less the following deductions and
offsets that are actually incurred, allowed, accrued, paid or taken and are allocated with respect to such sale or distribution: 
 (a)
[***]; 
 (b) [***]; 

  
 2 

 (c) [***]; 

(d) [***]; 
 (e)
[***]; 
 (f) [***]; and 

(g) [***]. 
 Such amounts
shall be determined in accordance with GAAP. 
 With respect to (c) above, (i) no deductions will be made for commissions paid to
individuals whether they be with independent sales agencies or regularly employed by Licensee and on its payroll, or for cost of collections, and (ii) if a Product is distributed at a discounted price that is substantially lower than the
customary price charged by Licensee, or distributed for non-cash consideration (whether or not at a discount), Net Sales will be calculated based on the non-discounted
amount of the Product charged to an independent Third Party during the same calendar quarter or, in the absence of such sales, on the fair market value of the Product. 

Sales of Products by a Selling Party to another Selling Party for resale by such entity to a Third Party (other than a Selling Party) shall
not be deemed a sale for purposes of this definition of “Net Sales,” provided that the subsequent resale is included in the computation of Net Sales. Transfers or dispositions of Products as free promotional samples in commercially
reasonable amounts, consistent with prevailing industry standards, and Products used in research, development or regulatory activities, compassionate use, indigent programs, investigator-initiated trials or on a named patient basis shall be
disregarded in determining Net Sales. 
 If any discounts or other deductions or rebates are made in connection with sales of a Product that
is bundled or sold together with other products of the Selling Parties, then the discount, deduction or rebate applied to the Product shall not exceed the discount, deduction or rebate applied to any of the other products of the Selling Parties in
such arrangement based upon the respective list prices of the Product and such other products prior to applying the discount, unless Artiva provides evidence reasonably satisfactory to GCLC that such difference is commercially reasonable and does
not unfairly prejudice the Product in favor of such other products. 
 For Products which are sold as Combination Products, the Net Sales
for such Combination Products shall be adjusted by [***] 

  
 3 

 [***]. 

1.9 “Phase 2 Clinical Trial” means a study of a Product in human patients designed or intended to
determine initial efficacy, pharmacological effect or dose range or regimen, as further defined in 21 C.F.R. 312.21(b), as amended from time to time, or the corresponding regulations in any jurisdiction or country other than the United States, or
any amended or successor regulations, to permit the design of further clinical trials, including a human clinical trial that is also designed to satisfy the requirements of 21 C.F.R. 312.21(a) (or corresponding foreign regulations) and is
subsequently optimized or expanded to satisfy the requirements of 21 C.F.R. 312.21(b) (or corresponding foreign regulations) or otherwise to enable a Pivotal Clinical Trial (e.g., a phase 1/2 trial) but only at the time of Initiation of the
optimized or expanded portion of such trial. 
 1.10 “Pivotal Clinical Trial” means a pivotal study in human patients with a
defined dose or a set of defined doses of the Product designed or intended to ascertain efficacy and safety of the Product for the purpose of enabling the preparation and forming the primary basis for submission of a BLA for the Product to the
competent Regulatory Authority in a country of the Territory, which may be a Phase 3 study as further defined in 21 C.F.R. 312.21(c), as amended from time to time, or a Phase 2 study as further defined in 21 C.F.R. 312.21(b), as amended from time to
time, or in each case defined in the corresponding regulations in any jurisdiction or country other than the United States, or any amended or successor regulations. 

1.11 [***] 
 1.12
“Product” means the Licensed Product described in Exhibit 1.11 and any Combination Product of such Licensed Product. 

1.13 “Product Know-How” means all Information Controlled by GCLC or any GCLC
Subsidiary as of the Effective Date or during the Term that relate specifically to the Product or its manufacture or use (and are not otherwise included in GCLC Core Technology). Product Know-How excludes any
Additional Joint Inventions. 

  
 4 

 1.14 “Product Patents” means any Patents in the
Territory Controlled by GCLC or any GCLC Subsidiary as of the Effective Date or during the Term that relate specifically to a Product or its manufacture or use (and are not otherwise included in GCLC Core Technology).
Exhibit 1.14 sets forth the Product Patents existing on the Effective Date. Exhibit 1.14 may be updated from
time-to-time during the Term upon the mutual written agreement of the Parties. Product Patents excludes any Additional Joint Patents. 

1.15 “Product Technology” means the Product Know-How and Product Patents. 

1.16 “Sublicensee” means a Third Party to whom Artiva grants a sublicense under some or all of the
rights granted to Artiva pursuant to any Product License, beyond the mere right to purchase Products from or to provide services on behalf of Artiva and its Affiliates. In no event shall GCLC or any of its Affiliates be deemed a Sublicensee. 

1.17 “Territory” means all countries in the world, excluding Asia, Australia and New Zealand. 

1.18 Additional Definitions. Each of the following definitions is set forth in the section of the Agreement indicated below:
 
  

			
	 Definition
	  	 Section

	Additional Joint Inventions	  	4.1
	Additional Joint Patents	  	4.1
	Agreement	  	Preamble
	Artiva	  	Preamble
	Artiva Indemnitees	  	7.1(b)
	Claims	  	7.1(a)
	Effective Date	  	Preamble
	GCLC	  	Preamble
	GCLC Indemnitees	  	7.1(a)
	Indemnified Party	  	7.1(c)
	Indemnifying Party	  	7.1(c)
	Parties/Party	  	Preamble
	Product License	  	2.1
	Product Royalties	  	3.2(a)
	Product Royalty Term	  	3.2(b)
	Selling Party	  	1.8
	Term	  	5.1
	Third Party License	  	3.2(e)(ii)

  
 5 

 2. LICENSES AND RELATED RIGHTS 

2.1 License Grant. Subject to the terms and conditions of this Agreement, GCLC hereby grants Artiva during the Term an exclusive (even
as to GCLC and GCLC Subsidiaries), royalty-bearing license, with the right to sublicense through multiple tiers as provided in Section 2.2, under the Product Technology, and GCLC’s interest in Additional Joint Inventions and Additional
Joint Patents, to research, develop, make, have made, use, offer for sale, sell and import Products in the Field and in the Territory (the “Product License”). 

2.2 Sublicensing; Subcontracting. Artiva shall have the right to grant sublicenses of rights granted under the Product License, or
subcontract its activities with respect to any Product, to its Affiliates, contractors and any other Third Party, provided that: (a) Artiva shall remain responsible for the performance or failure to perform by any such Affiliate,
Sublicensee and subcontractor under their respective sublicensed or subcontracted rights or obligations to the same extent as if such activity were performed (or was failed to be performed) by Artiva; and (b) each such sublicense and
subcontract agreement shall be consistent with the terms and conditions of this Agreement. Artiva shall provide GCLC with a copy of any sublicense agreement entered into with a Sublicensee, and any amendment thereto, within [***] days of its
execution (provided that Artiva may redact any confidential information contained therein that is not necessary to disclose to ensure compliance with this Agreement). Artiva shall provide GCLC with a list of any subcontract agreements
entered into with a subcontractor for contract research or contract manufacturing services in a calendar quarter within [***] days of the end of such calendar quarter, and if requested by GCLC within [***] days of GCLC’s receipt of such list,
provide GCLC with a copy of any such subcontract agreement (provided that Artiva may redact any confidential information contained therein that is not necessary to disclose to ensure compliance with this Agreement). 

2.3 Reserved Rights. GCLC hereby expressly reserves all rights, interests and benefits not expressly granted to Artiva herein,
including, without limitation, (a) all rights to practice, and to grant licenses under, the Product Technology and GCLC’s interest in Additional Joint Inventions and Additional Joint Patents outside the Territory, and (b) the right to
conduct research and development to be conducted by GCLC or any GCLC Affiliate as contemplated by this Agreement and any services or manufacturing agreements entered into between GCLC or any GCLC Affiliate and Artiva. 

2.4 Negative Covenant. Artiva covenants that it will not and will not permit any of its Affiliates, Sublicensees or subcontractors to
use or practice any Product Technology or GCLC’s interest in Additional Joint Inventions and Additional Joint Patents outside the scope of the Product License. GCLC covenants that it will not and will not permit any of its Affiliates, or grant
the right to or assist or collaborate with any Third Party, to directly or indirectly during the Term research, develop, make, have made, use, offer for sale, sell and import any Product in the Field in the Territory, except as expressly
authorized in this Agreement. 
 2.5 No Implied Licenses. Except as explicitly set forth in this Agreement, any other Selected Product
License Agreement(s) and the Option Agreement, neither Party shall be deemed by estoppel or implication to have granted the other Party any license or other right to any intellectual property of such Party. 

  
 6 

 2.6 Disclosure of Product Know-How. Within
[***] days after the Effective Date, GCLC shall disclose to Artiva the Product Know-How existing as of the Effective Date. In addition, GCLC shall disclose to Artiva any Product
Know-How as it pertains specifically to the Product that comes into existence after the Effective Date and was not previously provided to Artiva promptly after the development thereof (and at least every [***]
months). During the Term, GCLC shall make available to Artiva, on a reasonable consultation basis, such advice of its technical personnel as may be reasonably requested by Artiva in connection with such transfer of Product Know-How. 
 2.7 Development Option. If GCLC desires to pursue development of a Product in
combination with an antigen-specific therapy that Artiva has determined not to pursue, the Parties shall discuss in good faith and agree on a co-development arrangement for such Product in combination with an
antigen-specific therapy in mutually agreed Indications in the Territory, which shall not overlap with Indications for which Artiva is developing a Product. 

3. COMPENSATION 
 3.1 Initial
Payment. Artiva shall pay to GCLC an upfront payment in the aggregate amount of [***] comprising: (1) the first installment in the amount of [***], which shall be due and payable to GCLC within [***] days after the Effective Date; and
(ii) the second installment in the amount [***] representing [***]. 
 3.2 Product License Royalty Payments. 

(a) Product License Royalty Rates. Artiva shall pay to GCLC royalties on Net Sales of Products, the manufacture, use or
sale of which are claimed by or use any Product Technology, on a country-by-country and
Product-by-Product basis during the Product Royalty Term, as calculated by multiplying the applicable portion of aggregate Net Sales of the Product in the Territory by
the corresponding royalty rate, as set forth in the table below, subject to the applicable adjustments in accordance with Section 3.2(e) below (the “Product Royalties”). 

 

					
	 Annual Net Sales of the Product in the Territory
	  	Royalty Rate	 
	 For that portion of annual aggregate Net Sales of the Product less than or equal to
$[***]
	  	 	[***]	% 
	 For that portion of annual aggregate Net Sales of the Product greater than $[***]
	  	 	[***]	% 

  
 7 

 (b) Product Royalty Term. Royalties payable under Section 3.2(a)
shall be payable on a Product-by-Product and country-by-country basis in the Territory
during the period commencing on the First Commercial Sale of such Product in such country in the Territory and continuing until the later of (i) expiration of the
last-to-expire Valid Claim of the Product Patents in the country of sale claiming such Product or the manufacture or use of such Product; (ii) expiration of any
Regulatory Exclusivity for such Product in such country; and (iii) the tenth (10th) anniversary of the First Commercial Sale of such Product in such country (the “Product
Royalty Term”). Following expiration of the Product Royalty Term for any Product in a given country, no further Product Royalties shall be payable for such Product in such country, and the Product License granted to Artiva under
Section 2.1 with respect to such Product in such country shall automatically become fully paid-up, perpetual and royalty-free and shall survive any expiration or termination of this Agreement. 

(c) Royalty Reports and Payments. Within [***] days following the end of each calendar quarter following the First Commercial Sale of a
Product upon which Product Royalties are payable anywhere in the Territory, Artiva shall provide GCLC with a report containing the following information for the applicable calendar quarter, on a Product-by-Product and country-by-country basis: (i) Net Sales of such Product in such country; (ii) the basis for any
adjustments to royalties due to GCLC on account of Net Sales of such Product in such country; (iii) a calculation of the royalty payment due to GCLC on account of Net Sales of such Product in such country; and (iv) the exchange rate used
in calculating any of the foregoing; provided that the obligations under this Section 3.2(c) may be satisfied by the report due by Artiva to GCLC under Section 6.1(c) of the Option Agreement. Concurrent with the delivery of the
applicable quarterly report, Artiva shall pay the royalty payment due to GCLC pursuant to this Section 3.2 for such calendar quarter. 

(d) Existing Third Party Payment Obligations. GCLC shall be responsible for any payments to any Affiliates or Third Parties for Patents
or Information licensed or acquired by GCLC prior to the Effective Date which are included in the Product Technology. 
 (e) Royalty
Adjustments. Product Royalties shall be subject to adjustment as a result of the events set forth below. 
 (i) No Valid
Claim. During any part of the Product Royalty Term for a Product in which there is no Valid Claim of either the GCLC Core Patents or the Product Patents in the country of sale claiming such Product or the manufacture, use or sale of such Product
in such country, the Product Royalties shall be reduced by [***], which reduction will be calculated by determining the portion of total Net Sales of the relevant Product in a calendar quarter that is attributable to the country in which such
reduction applies, and determining the total Product Royalties for such Product without reduction, and then reducing by [***] the applicable portion (based on Net Sales of such Product in such country as a percentage of total Net Sales of such
Product) of total Product Royalties attributable to such Product in such country. 
 (ii) Third Party Royalty Credit. If
Artiva or any of its Affiliates or Sublicensees obtains a license or sublicense from any Third Party under any intellectual property that is necessary in order to manufacture, use, sell, offer for sale or import a Product in the Territory (including
any license by a Third Party to Artiva or sublicense by GCLC to Artiva described in Section 5.4(e) of the Option Agreement, but excluding any license or sublicense to Artiva under an Existing Third Party Agreement as provided in
Section 5.4(d) of the Option Agreement) (each a “Third Party License”), and GCLC agrees that such Third Party License is necessary to 

  
 8 

 manufacture, use, sell, offer for sale or import such Product in the Territory, such agreement not to be
unreasonably withheld, then Artiva may deduct [***] of any royalty (or comparable payment based on sales of such Product) payable by Artiva or its Affiliate or Sublicensee in any calendar quarter in consideration for such Third Party License from
the Product Royalties that would otherwise be due in any calendar quarter for such Product. Any amount paid to such Third Party which is entitled to be deducted under this Section 3.2(e)(ii) but is not deducted as a result of the limitation set
forth in Section 3.2(e)(iv) shall be carried over and applied against Product Royalties payable to GCLC in respect of such Product in such country in subsequent calendar quarters until the full deduction is taken. In no event may Artiva credit
payments under a Third Party License to reduce the Product Royalties with respect to a Product under this Section 3.2(e)(ii) and also to reduce the Core IP Royalties payable with respect to the same Product that is a Licensed Product under the
Option Agreement. 
 (iii) Biosimilar Reduction. If a Biosimilar Product to a Product is sold in any country in the Territory during
the Product Royalty Term for such Product and country, the Product Royalties payable with respect to such Product in such country will be reduced by [***] for the remainder of such Product Royalty Term. 

(iv) Limitation. The total deductions under Sections 3.2(e)(ii) and (iii) shall not reduce the Product Royalties payable to
GCLC under Section 3.2 (as reduced under Section 3.2(e)(i), if applicable) with respect to a Product in a given country in any calendar quarter by more than [***]. In no event will the Product Royalties be reduced for any reason whatsoever
other than as provided in this Section 3.2(e). 
 3.3 Milestone Payments. 

(a) Development Milestone Payments. Artiva shall make the following non-refundable and non-creditable development milestone payments to GCLC within [***] days after the first achievement of each applicable milestone event with respect to a Product by Artiva or its Affiliates or Sublicensees. Each such
milestone payment shall be paid only once during the Term, the first time a Product reaches such milestone event and regardless of the number of times such milestone event is reached for a Product and of the number of subsequent Products reaching
such milestone event. For clarification, the total milestone payments payable hereunder if all milestone events are achieved is [***]. 
  

					
	 No.
	  	 Milestone Event
	  	Milestone Payment
	1	  	[***]	  	[***]
	2	  	[***]	  	[***]
	3	  	[***]	  	[***]
	4	  	[***]	  	[***]
	5	  	[***]	  	[***]
	6	  	[***]	  	[***]
	7	  	[***]	  	[***]
	8	  	[***]	  	[***]
	9	  	[***]	  	[***]
	10	  	[***]	  	[***]
	11	  	[***]	  	[***]
	12	  	[***]	  	[***]
	13	  	[***]	  	[***]

  
 9 

 (b) Sales Milestone Payments. Artiva shall make the following one-time, non-refundable and non-creditable sales milestone payments to GCLC when the aggregate annual Net Sales of Products in the
Territory first reach the thresholds specified below. Artiva shall notify GCLC promptly of the achievement of each such sales threshold. Each sales milestone payment shall be made by Artiva within [***] days after the end of the calendar quarter in
which such sales threshold is achieved. To the extent more than one sales threshold is reached in any given calendar year, then the applicable milestone payment for each such achievement shall be due and owing with respect to such calendar year. For
clarification, the total milestone payments payable hereunder if all milestone events are achieved is [***]. 
  

			
	 Milestone
	  	Milestone Payment
	 Territory-wide Net Sales of Products in a calendar year of at least $[***]
	  	[***]
	 Territory-wide Net Sales of Products in a calendar year of at least $[***]
	  	[***]
	 Territory-wide Net Sales of Products in a calendar year of at least $[***]
	  	[***]

  
 10 

 3.4 Payment Method; Currency. All payments due under this Agreement to GCLC
shall be made by bank wire transfer in immediately available funds to an account designated by GCLC. All payments hereunder shall be made in Dollars. When conversion of payments from any currency other than Dollars is required, such conversion shall
be at an exchange rate equal to the weighted average of the rates of exchange for the currency of the country from which such payments are payable as published by The Wall Street Journal, Western U.S. Edition, during the calendar quarter in
which the applicable sales were made. 
 3.5 Records; Inspection. Artiva shall, and shall cause its Affiliates and Sublicensees
to, keep complete, true and accurate books of account and records for the purpose of determining the payments to be made under this Agreement. Such books and records shall be kept for [***] years following the end of the calendar year to which they
pertain. Such records shall be open for inspection during such period by independent accountants, solely for the purpose of verifying payment statements hereunder for a period covering not more than [***] months prior to the date of request;
provided that no period shall be subject to inspection under this section more than once and inspections with respect to payments on a Product under this Agreement shall be done concurrently with respect to payments on the same Product under
the Option Agreement to avoid duplication. Such inspections shall be made no more than once each calendar year, on reasonable notice during normal business hours. The independent accountants will execute a reasonable written confidentiality
agreement with Artiva and will disclose to GCLC only such information as is reasonably necessary to provide GCLC with information regarding any actual or potential discrepancies between amounts reported and actually paid and amounts payable under
this Agreement. The auditor will send a copy of the report to Artiva at the same time it is sent to GCLC. The report sent to both Parties will include the methodology and calculations used to determine the results. Any unpaid amounts that are
discovered shall be paid promptly by Artiva. Inspections conducted under this Section 3.5 shall be at the expense of GCLC, unless the inspection discloses an underpayment by Artiva of [***] or more of the amount due for any period covered by
the inspection, whereupon all costs relating to the inspection for such period shall be paid promptly by Artiva. If the inspection discloses an overpayment by Artiva, then Artiva will deduct the amount of such overpayment from amounts otherwise owed
to GCLC under this Agreement, unless no further payments are due hereunder, in which case the amount of such overpayment shall be refunded by GCLC to Artiva. 

3.6 Income Tax Withholding. Except as otherwise provided herein, GCLC will pay any and all taxes levied on account of any payments made
to it under this Agreement. GCLC shall be responsible for any transfer, documentary, sales use, stamp, registration, value added or other similar tax (“Transfer Tax”) that is imposed with respect to the payments or the related
transfer of rights or other property pursuant to the terms of this Agreement. If any taxes are required to be withheld by Artiva from any payment made to GCLC under this Agreement (“Withholding Taxes”), Artiva shall (a) deduct
such Withholding Taxes from the payment made to GCLC, (b) timely pay the Withholding Taxes to the proper taxing authority, and (c) send proof of payment to GCLC and certify its receipt by the taxing authority within [***] days
following such payment and all such Withholding Taxes shall be treated for all purposes under this Agreement as having been paid to GCLC. To extent Artiva fails to withhold Withholding Taxes from, or apply and pay Transfer Taxes with respect to, any
payment to GCLC and it is determined that Artiva should have withheld Withholding Taxes or applied and paid Transfer Taxes, GCLC agrees to indemnify and/or reimburse Artiva for any Withholding Taxes or Transfer Taxes, along with penalties and
interest as applicable. 

  
 11 

 3.7 Tax Documentation. GCLC has provided a properly completed and duly
executed IRS Form W-8BEN-E to Artiva. Prior to the receipt of any payment under this Agreement, GCLC (and any other recipient of payments by Artiva under this Agreement)
shall, to the extent it is legally permitted to, provide to Artiva, at the time or times reasonably requested by Artiva or as required by applicable Law, such properly completed and duly executed IRS Forms W-8
or W-9 claiming the benefits of an applicable tax treaty in the case of IRS Form W-8BEN-E. Such tax forms will, if applicable and
legally permissible, claim the benefits of an applicable tax treaty to permit payments made under this Agreement to be made without, or at a reduced rate of, withholding for taxes. 

4. INTELLECTUAL PROPERTY 

4.1 Ownership. All Information, discoveries and inventions (patentable or not) generated, conceived or reduced to practice in the
performance of the research, development, commercialization or other activities contemplated by this Agreement, including all intellectual property rights therein, shall be as follows: (a) Artiva shall own all Information, discoveries and
inventions made solely by employees, agents or independent contractors of Artiva and all intellectual property rights therein, (b) GCLC shall own all Information, discoveries and inventions made solely by employees, agents or independent
contractors of GCLC and all intellectual property rights therein, and (c) the Parties shall jointly own all Information, discoveries and inventions made jointly by employees, agents or independent contractors of each Party (“Additional
Joint Inventions”) and all intellectual property rights therein. All Patents claiming Joint Inventions shall be referred to herein as “Additional Joint Patents”. Subject to the rights and licenses granted under this
Agreement, any other Selected Product License Agreement and the Option Agreement, each Party shall be entitled to practice, grant licenses to, assign and exploit the Additional Joint Inventions and Additional Joint Patents without the duty of
accounting or seeking consent from the other Party within the Party’s respective territory. 
 4.2 Patent Prosecution. 

(a) Product Patents. Artiva shall have the first right, but not the obligation, at Artiva’s expense, to control the preparation,
filing, prosecution (including any interferences, re-issue proceedings and re-examinations) and maintenance of the Product Patents in the Territory. Artiva shall keep
GCLC reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of Product Patents in the Territory, including the countries in the Territory in which it intends to file, maintain or abandon a given Product
Patent. Artiva will notify GCLC of all warning letters, conflict proceedings, re-examinations, re-issuance, oppositions, revocation proceedings or any other material
challenge relating to a given Product Patent in the Territory. Artiva will consult with, and consider in good faith the requests and suggestions of, GCLC with respect to strategies for filing and prosecuting such Product Patents in the Territory. In
the event that Artiva desires to abandon or cease prosecution or maintenance of any Product Patent in the Territory, Artiva shall provide reasonable prior written notice to GCLC of such intention (which notice shall, in any event, be given no later
than [***] days prior to the next deadline for any action that may be taken with respect to such Product Patent in the Territory with 

  
 12 

 
the applicable patent office), and upon GCLC’s written election provided no later than [***] days after such notice from Artiva, Artiva shall continue prosecution or maintenance
of such Product Patent at GCLC’s direction and expense. If GCLC does not provide such election within [***] days after such notice from Artiva, Artiva may continue prosecution and maintenance of such Product Patent in the Territory or
discontinue prosecution and maintenance of such Product Patent in the Territory. GCLC shall have the sole right, but not the obligation, at GCLC’s expense, to control the preparation, filing, prosecution (including any interferences, reissue
proceedings and reexaminations) and maintenance of the Product Patents outside the Territory. GCLC shall keep Artiva reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of Product Patents outside the
Territory to the extent such activities could affect the Product Patents in the Territory. 
 (b) Additional Joint Patents. Additional
Joint Patents shall be governed by Section 4.2(a). 
 (c) Cooperation. Promptly following the Effective Date, (but no less than
[***] days before any statutory bar date), GCLC will transfer to Artiva all Information concerning the Product Patents in the Territory. GCLC shall cooperate with Artiva and shall execute any power of attorney or similar document, in each case to
the extent reasonably required to allow Artiva to assume the preparation, filing, prosecution and maintenance in the Territory of the Product Patents in Artiva’s name. Artiva shall cooperate with GCLC, in each case to the extent reasonably
required to allow GCLC to assume the preparation, filing, prosecution and maintenance, of any Patent abandoned by Artiva pursuant to Section 4.2(a). 

4.3 Patent Enforcement. 

(a) Notification. If either Party becomes aware of any existing or threatened infringement of the Product Patents, Additional Joint
Patents or Product Technology related to any Existing Third Party Agreements, or the filing of a BLA by a Third Party for a product that names a Product as a reference product (or similar filing in a country other than the U.S.), it shall promptly
notify the other Party in writing to that effect, and the Parties will consult with each other regarding any actions to be taken with respect to such infringement. 

(b) Right to Enforce. Artiva shall have the first right, but shall not be obligated, to bring and control an infringement action with
respect to any Product Patent or Additional Joint Patent in the Territory against any person or entity, at Artiva’s sole cost and expense. If Artiva does not bring such an action with respect to a Product Patent or Additional Joint Patent in
the Territory (or settle or otherwise secure the abatement of such infringement) prior to the earlier of: (i) [***] days following Artiva’s receipt or delivery of the notice under Section 4.3(a), or (ii) [***] days before the deadline, if
any, set forth in the applicable Laws for the filing of such actions, GCLC shall have the right to bring and control any such action, at its own expense and by counsel of its own choice. 

  
 13 

 (c) Cooperation. Each Party shall cooperate fully with the enforcing Party in such
enforcement, at such enforcing Party’s request and expense, including joining such action as a party plaintiff if required by applicable Laws to pursue such action. The enforcing Party shall keep the other Party regularly informed of the status
and progress of such enforcement efforts, shall reasonably consider the other Party’s comments on any such efforts. The non-enforcing Party shall be entitled to separate representation in such
matter by counsel of its own choice and at its own expense, but such Party shall at all times cooperate fully with the enforcing Party. Neither Party shall have the right to settle any patent infringement litigation under this Section 4.3 in a
manner that diminishes the rights or interests of the other Party without the prior written consent of such other Party, such consent not to be unreasonably withheld or delayed. 

(d) Expenses and Recoveries. The enforcing Party bringing a claim, suit or action under this Section 4.3 shall be solely
responsible for any expenses incurred by such Party as a result of such claim, suit or action. If such Party recovers monetary damages in such claim, suit or action, except as otherwise agreed by the Parties in connection with a cost-sharing
arrangement, such recovery shall be allocated first to the reimbursement of any expenses incurred by the Parties in such litigation, and any remaining amounts shall be shared as follows: [***]. 

(e) Enforcement Outside the Territory. GCLC shall have the sole right, but shall not be obligated, to bring and control an infringement
action with respect to any Product Patent or Additional Joint Patent outside the Territory against any person or entity, at GCLC’s sole cost and expense. GCLC shall keep Artiva reasonably informed of the enforcement of Product Patents or
Additional Joint Patents outside the Territory to the extent such activities could affect the Product Patents or Additional Joint Patents in the Territory. 

4.4 Patent Oppositions and Other Proceedings. 

(a) In the Territory. If a Product Patent or Additional Joint Patent in the Territory becomes the subject of any proceeding commenced by
a Third Party in connection with an opposition, action for declaratory judgment, nullity action, interference or other attack upon the validity, title or enforceability thereof, then Artiva shall have the first right, but not the obligation, to
control such defense at its own expense using counsel of its own choice. If Artiva decides that it does not wish to defend against such action, it shall notify GCLC reasonably in advance of all applicable deadlines, and GCLC shall thereafter have
the right, but not the obligation, to assume defense of such action at its own expense. 
 (b) The Party controlling any defense under
Section 4.4(a) shall permit the non-controlling Party to participate in the proceedings to the extent permissible under applicable Laws and to be represented by its own counsel at the non-controlling Party’s expense. Notwithstanding any of the foregoing, the Party controlling any enforcement action pursuant to Section 4.3 shall also have the sole right to control the response to any
attack on the validity, title, or enforceability of a Patent that is asserted by the alleged infringer(s) as a counterclaim or affirmative defense in such action. Neither Party shall have the right to settle any proceeding under this
Section 4.4 in a manner that diminishes the rights or interests of the other Party without the prior written consent of such other Party, such consent not to be unreasonably withheld or delayed. 

  
 14 

 (c) Outside the Territory. GCLC shall have the sole right, but shall not be
obligated, to control any opposition, action for declaratory judgment, nullity action, interference or other attack upon the validity, title or enforceability of any Product Patent or Additional Joint Patent outside the Territory, at GCLC’s own
expense using counsel of its own choice. GCLC shall keep Artiva reasonably informed of any such defense of Product Patents or Additional Joint Patents outside the Territory to the extent such activities could affect the Product Patents or Additional
Joint Patents in the Territory. 
 4.5 Patent Marking. Artiva shall mark Product (or when the character of the product precludes
marking, the package containing any such Product) marketed and sold by Artiva or its Affiliates or Sublicensees in accordance with all applicable Laws relating to patent marking. 

4.6 Infringement of Third Party Rights. If any Product used or sold by Artiva or its Affiliates or Sublicensees becomes the subject of a
Third Party’s claim or assertion of infringement of a Patent, each Party shall promptly notify the other Party. Neither Party shall have the right to settle any patent infringement litigation under this Section 4.6 in a manner that
diminishes the rights or interests of the other Party without the written consent of such other Party (which shall not be unreasonably withheld). 
 5.
TERM AND TERMINATION 
 5.1 Term. This Agreement shall become effective on the Effective Date and, unless earlier
terminated pursuant to this Article 5, shall remain in effect until the expiration of the last Product Royalty Term in the Territory (the “Term”). 

5.2 Termination for Material Breach. Each Party shall have the right to terminate this Agreement in its entirety immediately upon
written notice to the other Party if the other Party materially breaches its obligations under this Agreement and, after receiving written notice identifying such material breach in reasonable detail, fails to cure such material breach within sixty
(60) days from the date of such notice (or within thirty (30) days from the date of such notice in the event such material breach is solely based on the breaching Party’s failure to pay any amounts due hereunder); provided,
however, in the case of a breach or violation that cannot be cured within such sixty (60) day period, the non-breaching Party may terminate this Agreement following such sixty (60) day period
only if the breaching Party shall have failed to commence substantial remedial actions within such sixty (60) day period and to use reasonable efforts to pursue the same. Any right to terminate under this Section 5.2 shall be stayed and
the cure period tolled in the event that, during any cure period, the breaching Party shall have initiated dispute resolution in accordance with Article 13 of the Option Agreement with respect to the alleged breach, which stay and tolling shall
last so long as the breaching Party diligently and in good faith cooperates in the prompt resolution of such dispute resolution proceedings. Each Party shall be entitled to offset, against amounts payable to the other Party under this Agreement, any
amounts of damages determined, in a final decision by the applicable court action or other legal proceeding, to be owed to such Party by the other Party based on the other Party’s material breach of this Agreement. 

  
 15 

 5.3 Termination Upon Insolvency. Either Party may terminate this Agreement upon
written notice to the other Party, if, at any time, the other Party (a) files in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for
reorganization or for an arrangement or for the appointment of a receiver or trustee of such other Party or of its assets, (b) is served with an involuntary petition against it, filed in any insolvency proceeding that is not dismissed within
ninety (90) days after the filing thereof, or (c) makes an assignment of the assets associated with this Agreement for the benefit of its creditors. 

5.4 Termination by Artiva. Artiva may terminate this Agreement in its entirety without cause upon ninety (90) days prior written
notice to GCLC. 
 5.5 Effects of Expiration or Termination of this Agreement. Upon any expiration or termination of this Agreement,
all rights and obligations of the Parties shall terminate entirely, except as provided in this Section 5.5 and Section 5.7 and the sections referenced therein and: 

(a) Termination of License to Artiva. All rights and licenses granted to Artiva hereunder shall terminate, except for any and all
licenses that survive expiration or termination in accordance with the last sentence of Section 3.2(b); provided that if this Agreement is terminated by GCLC pursuant to Section 5.2 or 5.3, any sublicense granted to a Sublicensee
that is not in breach under the applicable sublicense (and whose actions or omissions did not result in a breach by Artiva giving rise to GCLC’s right of termination) will continue as a direct license from GCLC so long as the Sublicensee makes
all payments to GCLC required under Section 3.2 and Section 3.3. 
 (b) Remaining Inventories. Artiva or its Affiliates, to
the extent that such parties continue to have stocks of usable Products that would be subject to payment of Product Royalties pursuant to Section 3.2, may continue to fulfill orders received for Products until [***] months following the date of
termination. For Products sold by Artiva or its Affiliates after the effective date of a termination, Artiva shall continue to pay Product Royalties pursuant to Section 3.2, as applicable. 

(c) Additional Effects of Termination. Upon any termination of this Agreement, except termination of this Agreement by Artiva under
Section 5.2, effective as of such termination, Artiva shall promptly (A) assign and transfer (or cause to be assigned and transferred) to GCLC or its designee (and provide copies of) all Regulatory Materials and Regulatory Approvals held
in the name of Artiva, or any Affiliate it controls (within the meaning of Section 1.1 of the Option Agreement), relating to any Product, including related correspondence with Regulatory Authorities and (B) disclose to GCLC, and grant to
GCLC a Right of Reference and Use (as that term is defined in 21 C.F.R. § 314.3(b) or any non-United States equivalent) with respect to, all pre-clinical and
clinical data, including pharmacology and biology data, in Artiva’s or its applicable controlled Affiliates’ Control with respect to any Product. 

5.6 Damages; Relief. Termination of this Agreement shall not preclude either Party from claiming any other damages, compensation
or relief that it may be entitled to upon such termination. 

  
 16 

 5.7 Survival. Termination or expiration of this Agreement shall not affect any rights
or obligations of the Parties under this Agreement that have accrued prior to the date of termination or expiration (including any rights or obligations with respect to payments due and owing prior to the date of termination or expiration).
Notwithstanding anything to the contrary, the following provisions shall survive any expiration or termination of this Agreement: Articles 1 and 8 and Sections 2.5, 3.2(b) (final sentence only), 3.5 (for the term stated therein), 4.1, 5.5,
5.6, 5.7, 5.8, 6.5, 7.1, 7.2 and 7.3 (for [***] years), as well as Article 1 (Definitions) to the extent necessary to give meaning to terms defined therein, Articles 9 and 13 and Sections 14.2 through Section 14.11 of the Option
Agreement as applied to this Agreement pursuant to Section 8.2. 
 5.8 Rights under Bankruptcy or Insolvency Laws. All
rights and licenses granted under or pursuant to this Agreement by one Party to the other Party are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy
or insolvency laws, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws. The Parties agree that a Party that is a
licensee of such rights under this Agreement will retain and may fully exercise all of its rights and elections under the provisions of applicable bankruptcy or insolvency laws. The Parties further agree that, in the event of the commencement of a
bankruptcy proceeding by or against a Party to this Agreement under the provisions of applicable bankruptcy or insolvency laws, the other Party will be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual
property and all embodiments of such intellectual property, and same, if not already in its possession, will be promptly delivered to it (a) upon any such commencement of a bankruptcy or insolvency proceeding upon its written request therefor,
unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered pursuant to clause (a) above, following the rejection of this Agreement by or on behalf of the bankrupt Party upon
written request therefor by the other Party. 
 6. REPRESENTATIONS AND WARRANTIES AND COVENANTS 

6.1 Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party as follows: 

(a) Corporate Existence. As of the Effective Date, it is a company or corporation duly organized, validly existing, and in good standing
under the Laws of the jurisdiction in which it is incorporated. 
 (b) Corporate Power, Authority and Binding Agreement. As of the
Effective Date, (i) it has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the
execution and delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such
Party that is enforceable against it in accordance with its terms. 
 (c) No Conflicts. The execution and delivery of this Agreement,
and the performance by such Party of its obligations under this Agreement, including the grant of rights and licenses to the other Party pursuant to this Agreement, does not and will not: (i) conflict with, nor result in any violation of or
default under, any instrument, judgment, order, writ, decree, contract or provision to which such Party is bound; (ii) give rise to the suspension, revocation, impairment, forfeiture or non-renewal of any
material permit, license, authorization or approval that applies to such Party, its business or operations or any of its assets or properties; or (iii) conflict with any rights granted by such Party to any Third Party or breach any obligation
that such Party has to any Third Party. 

  
 17 

 6.2 GCLC Representations and Warranties. GCLC represents and warrants to Artiva as of
the Effective Date that: 
 (a) GCLC is the sole and exclusive owner of the Patents set forth on
Exhibit 1.14, in each case free and clear of all liens, and GCLC has the right to grant the licenses, sublicenses and other rights with respect to the Product Patents that it purports to grant hereunder.
Exhibit 1.14 is a true and complete list of all Patents Controlled by GCLC or any GCLC Subsidiary as of the Effective Date that relate specifically to a Product or its manufacture or use (other than any GCLC Core Patents).
All official fees, maintenance fees and annuities for the Product Patents have been paid through the Effective Date. 
 (b) All issued
Product Patents are in full force and effect and subsisting, and inventorship of each Patent is properly identified on such Patents. No Third Party has asserted in writing that any issued Product Patent is invalid or unenforceable. None of the
Product Patents is currently involved in any interference, reissue, reexamination, or opposition proceeding, and no such proceeding is threatened to the Knowledge of GCLC. GCLC has taken reasonable security measures consistent with industry standard
practices, including measures against unauthorized disclosure, to protect the secrecy and confidentiality of trade secrets within the Product Know-How. GCLC and GCLC Subsidiaries have complied with all duties
of candor required by applicable Governmental Authorities in the prosecution by GCLC or any GCLC Subsidiaries of any rights in the Product Technology. 

(c) GCLC (i) has provided Artiva a true and complete copy of the Existing Third Party Agreements, including any amendments thereto,
and the Existing Third Party Agreements are in full force and effect in accordance with its terms; and (ii) is in compliance in all material respects with its obligations under the Existing Third Party Agreements and, to GCLC’s knowledge,
(A) the other parties to the Existing Third Party Agreements have not breached the Existing Third Party Agreements in any material respect, and (B) there is no basis for termination of the Existing Third Party Agreements; 

(d) To GCLC’s Knowledge, there are no activities by Third Parties that would constitute an infringement of the Product Patents or
misappropriation of the Product Know-How. 
 (e) Neither GCLC nor any GCLC Subsidiary has
received any written notice from any person, or have Knowledge of, any actual or threatened claim or assertion that the use or practice of the Product Technology infringes or misappropriates the intellectual property rights of a Third Party. 

(f) There are no actual, pending, or alleged or threatened in writing, adverse actions, suits, claims, interferences or formal
governmental investigations by or against GCLC or any GCLC Subsidiary in or before any court or Governmental Authority involving Product Technology. 

  
 18 

 (g) GCLC and GCLC Subsidiaries have complied in all material respects with all
applicable Laws, including all good clinical practices, good laboratory practices and good manufacturing practices, permits, governmental licenses, registrations, approvals, authorizations, orders, injunctions and decrees, in the research,
development, manufacture and use of any Product, and neither GCLC nor any GCLC Subsidiary has received any written notice from any Governmental Authority claiming that any such activities as conducted by it are not in such compliance. 

(h) All of GCLC’s and GCLC Subsidiaries’ employees acting on its behalf who have performed research, development,
manufacturing or regulatory activities with respect to any Product are and will be obligated under a binding written agreement to comply with obligations of confidentiality and non-use no less restrictive than
those set forth in Article 9 of the Option Agreement. 
 6.3 Covenants. Each Party covenants to the other Party as follows: 

(a) No Debarment. Neither such Party, nor, in the case of GCLC, its GCLC Subsidiaries, is debarred or disqualified under the United
States Federal Food, Drug and Cosmetic Act or comparable applicable Laws in the Territory and, in the course of development, manufacturing or other activities relating to any Product, neither Party, nor, in the case of GCLC, its GCLC Subsidiaries,
has used or shall use any employee, consultant or subcontractor who has been debarred or disqualified or, to such Party’s Knowledge, is the subject of debarment or disqualification proceedings by a Regulatory Authority. Each Party shall notify
the other Party promptly upon becoming aware that any of its or its subsidiaries’ employees, consultants or subcontractors involved in any development, manufacturing or other activities relating to any Product has been debarred or disqualified
or is the subject of debarment or disqualification proceedings by any Regulatory Authority. 
 (b) Compliance. Both Parties and their
respective Affiliates shall comply in all material respects with all applicable Laws in the development, manufacture and commercialization of any Product, in each case, to the extent applicable, including the statutes, regulations and written
directives of the FDA, the EMA and any other Regulatory Authorities, the Federal Food, Drug & Cosmetic Act, as amended, the Prescription Drug Marketing Act, the Federal Health Care Programs Anti-Kickback Law, 42 U.S.C. 1320a-7b(b), the statutes, regulations and written directives of Medicare, Medicaid and all other health care programs, as defined in 42 U.S.C. § 1320a-7b(f), and the
Foreign Corrupt Practices Act of 1977, each as may be amended from time to time. 
 (c) Employees and Subcontractors. During the Term,
all employees and subcontractors of a Party or its Affiliates performing research, development, commercialization or other activities contemplated hereunder on behalf of such Party or its Affiliates shall be obligated to undertake in writing
obligations of ownership of Information, discoveries and inventions which are the same as those undertaken by the Parties pursuant to Section 4.1. 

6.4 Additional GCLC Covenant. GCLC hereby covenants to Artiva that during the Term, GCLC shall not amend, modify or terminate any of
the Existing Third Party Agreements in a manner that could affect Artiva, except with Artiva’s prior written consent. 

  
 19 

 6.5 Disclaimer. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NO REPRESENTATIONS OR
WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION
OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY, AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED. 

7. INDEMNIFICATION AND LIMITATION OF LIABILITY 

7.1 Indemnification. 

(a) Indemnification by Artiva. Artiva shall defend, indemnify, and hold GCLC and its Affiliates and their respective officers,
directors, employees, and agents (the “GCLC Indemnitees”) harmless from and against any and all damages or other amounts payable by such GCLC Indemnitees, including any reasonable attorneys’ fees, taxes (including penalties and
interest), and costs of litigation incurred by, such GCLC Indemnitees, to the extent resulting from claims, suits, proceedings, or causes of action brought by any Third Party (“Claims”) against such GCLC Indemnitees that arise from
or are based on: (i) the development, manufacture or commercialization of any Product in the Territory, or performance of the CMC Activities, by or on behalf of Artiva or its Affiliates or Sublicensees (excluding in all cases GCLC or its
Affiliates); (ii) the breach of any of Artiva’s obligations under this Agreement, including Artiva’s representations, warranties or covenants set forth herein; (iii) the use or application of a Third Party License in the
development, manufacture, commercialization or other disposal of any Product in the Territory; or (iv) the willful misconduct or negligent acts of Artiva or any of its Affiliates or any of its or their respective officers, directors, employees
or agents. The foregoing indemnity obligation shall not apply to the extent to the extent that any of the Claims arises from, is based on, or results from any activity described in Section 7.1(b)(i), (ii) or (iii) for which GCLC is
obligated to indemnify the Artiva Indemnitees under Section 7.1(b). 
 (b) Indemnification by GCLC. GCLC shall defend,
indemnify, and hold Artiva and its Affiliates and their respective officers, directors, employees, and agents (the “Artiva Indemnitees”) harmless from and against any and all damages or other amounts payable by such GCLC
Indemnitees, including any reasonable attorneys’ fees, taxes (including penalties and interest), and costs of litigation incurred by such Artiva Indemnitees, to the extent resulting from Claims against such Artiva Indemnitees that arise from or
are based on: (i) activities of, or on behalf of GCLC or GCLC Subsidiaries, licensee or sublicensees (other than Artiva and its Affiliates and Sublicensees) for the development, manufacture or commercialization of any Product, that give rise to
a Third Party claim against an Artiva Indemnitee; (ii) the breach of any of GCLC’s obligations under this Agreement, including of GCLC’s representations, warranties or covenants set forth herein; or (iii) the willful misconduct
or negligent acts of GCLC or any of GCLC Subsidiaries or any of its or their respective officers, directors, employees or agents. The foregoing indemnity obligation shall not apply to the extent to the extent that any of the Claims arises from, is
based on, or results from any activity set forth in Section 7.1(a)(i), (ii) or (iii) for which Artiva is obligated to indemnify the GCLC Indemnitees under Section 7.1(a). 

  
 20 

 (c) Indemnification Procedures. The Party seeking indemnification (individually, the
“Indemnified Party”), shall promptly notify the other Party (the “Indemnifying Party”) in writing of the Claim. Such Claim for indemnity shall indicate the nature of the Claim and the
basis therefor. Promptly after a Claim is made for which the Indemnified Party seeks indemnity, the Indemnified Party shall permit the Indemnifying Party, at its option and expense, to assume the complete defense of such Claim, provided that
(i) the Indemnified Party will have the right to participate in the defense of any such Claim at its own cost and expense, (ii) the Indemnifying Party will conduct the defense of any such Claim with due regard for the business interests
and potential related liabilities of the Indemnified Party, and (iii) the Indemnifying Party will not agree to any settlement that would admit liability on the part of the Indemnified Party or involve relief other than payment of money, without
the approval of the Indemnified Party, not to be unreasonably withheld; and provided, further, that if it is reasonably likely that the Parties may have conflicting interests or if it is otherwise not advisable under applicable legal and
ethical requirements for the Indemnifying Party’s defense counsel to represent both Parties, separate independent counsel shall be retained for each Party at its own expense. The Indemnifying Party will not, in defense of any such Claim, except
with the consent of the Indemnified Party, consent to the entry of any judgment or enter into any settlement which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnified Party of a release from
all liability in respect thereof. After notice to the Indemnified Party of the Indemnifying Party’s election to assume the defense of such Claim, the Indemnifying Party shall be liable to the Indemnified Party for such legal or other expenses
subsequently incurred by the Indemnified Party in connection with the defense thereof at the request of the Indemnifying Party. As to those Claims with respect to which the Indemnifying Party does not elect to assume control of the defense, the
Indemnified Party will afford the Indemnifying Party an opportunity to participate in such defense at the Indemnifying Party’s own cost and expense, and will not settle or otherwise dispose of any of the same without the consent of the
Indemnifying Party. 
 7.2 Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL,
INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 7.2 IS INTENDED TO OR SHALL
LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 7.1 OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE 9 OF THE OPTION AGREEMENT AS APPLIED TO THIS AGREEMENT.

 7.3 Insurance. Each Party shall procure and maintain insurance, including product liability insurance, with respect to its
activities hereunder and which is consistent with normal business practices of prudent companies similarly situated at all times during which any Product is being clinically tested in human subjects or commercially distributed or sold. Each Party
shall provide the other Party with evidence of such insurance upon request and shall provide the other Party with written notice at least [***] days prior to the cancellation, non-renewal or material changes
in such insurance. It is understood that such insurance shall not be construed to create a limit of either Party’s liability with respect to its indemnification obligations under this Article 7. 

  
 21 

 8. MISCELLANEOUS 

8.1 Entire Agreement; Amendments. This Agreement, including the Exhibits hereto, any other Selected Product License Agreements and the
Option Agreement, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and understandings between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written,
between the Parties other than as are set forth in this Agreement. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each
Party. 
 8.2 Inclusion of Certain Terms of the Option Agreement. Save for the extent of modification or amendment effected by
this Agreement, the following terms of the Option Agreement are incorporated herein mutatis mutandis with respect to this Agreement and will continue to apply to this Agreement even if the Option Agreement expires or terminates: Article 1
(Definitions) to the extent necessary to give meaning to terms defined therein, Article 7 (Development), Article 9 (Confidentiality), Article 13 (Dispute Resolution) (except for Section 13.5), Section 14.2 (Force Majeure),
Section 14.3 (Notices), Section 14.4 (Assignment), Section 14.5 (Performance by Affiliates), Section 14.6 (Further Actions), Section 14.7 (Severability), Section 14.8 (No Waiver), Section 14.9 (Independent
Contractors), Section 14.10 (Governing Law) and Section 14.11 (Construction of this Agreement). 
 8.3 Counterparts. This
Agreement may be executed in two (2) or more counterparts, each of which shall be an original and all of which shall constitute together the same document. Counterparts may be signed and delivered by facsimile, or electronically in PDF format,
each of which shall be binding when sent. 
 [Signature page follows.] 

 

  
 22 

 IN WITNESS WHEREOF, the
Parties have executed this Agreement in duplicate originals by their proper officers as of the Effective Date. 
  

									
	ARTIVA BIOTHERAPEUTICS, INC.	  		  	GREEN CROSS LABCELL CORPORATION
					
	By:	 	 /s/ Fred Aslan
	  	    	  	By:	  	 /s/ Dae-Woo Park

	Title:	 	CEO	  		  	Title:	  	Chief Executive Officer
					
	Date:	 	3/23/2021	  		  	Date:	  	3/23/2021

 Exhibit 1.11 

Product 
  

			
	 Product
	  	 Description

	AB-202	  	[***]

 Exhibit 1.12 

Product Patents 
  

							
	 Title of IP
	 	 Filing No.

(Date of filing)
	 	 Registration No.

(Date of

Registration)
	  	 Applicant

 Exhibit 1.13 

[***] 
 1. [***] 

a. [***] 
 b. [***] 

c. [***] 
 d. [***] 

e. [***] 
 2. [***] 

a. [***] 
 b. [***]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is entered into by and between HERITAGE COMMERCE CORP, a California bank holding company (the “Company”),
HERITAGE BANK OF COMMERCE, a California banking corporation (the “Bank”), and WALTER T. KACZMAREK, an individual (the
 “Executive”) as of April 5, 2021 (the “Effective Date”). This Agreement replaces any previous employment
agreements between the parties and makes such previous agreements null and void.

 

RECITALS

 

WHEREAS, the Company is a
California corporation and a bank holding Company registered under the Bank Holding Company Act of 1956, as amended, subject to the supervision
and regulation of the Board of Governors of the Federal Reserve System,

 

WHEREAS, the Company is the
parent holding company for the Bank, which is a California banking association, subject to the supervision and regulation of the California
Department of Financial Institution and the Federal Reserve Board,

 

WHEREAS, the Board of Directors
of the Company and the Bank have approved and authorized the entry into this Agreement with the Executive; and

 

WHEREAS, the parties desire
to enter into this Agreement to set forth the terms and conditions for the employment relationship of the Executive with the Company
and the Bank.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Company, the Bank
and the Executive hereby agree as follows:

 

1.             Employment.

 

1.1     Title.
The Executive is employed as the President and Chief Executive Officer of the Company and the Bank. In this capacity, the Executive shall
have such duties and responsibilities as may be designated by the Board of Directors of the Company and the Bank in accordance with the
objectives or policies of the Board of Directors of the Company and the Bank, from time to time, in connection with the business activities
of the Company and the Bank.

 

1.2     Devotion
to Bank Business. The Executive shall devote Executive’s full business time, ability, and attention to the business of the
Company and the Bank during the term of this Agreement and shall not during the term of this Agreement engage in any other business activities,
duties, or pursuits whatsoever, or directly or indirectly render any services of a business, commercial, or professional nature to any
other person or organization, whether for compensation or otherwise, without the prior written consent of the Board of Directors of the
Company and the Bank. It shall not be a violation of this Agreement for the Executive to (i) serve on corporate, civic or charitable
boards or committees, (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions and (iii) manage
personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities
as an employee of the Company and the Bank in accordance with this Agreement. Nothing in this Agreement shall be interpreted to prohibit
the Executive from making passive personal investments. However, the Executive shall not directly or indirectly acquire, hold, or retain
any interest in any business competing with or similar in nature to the business of the Bank and the Company, except as permitted by
Company policies or authorized by the Board of Directors of the Company and the Bank.

 

    1 

     

    

 

1.3     Standard.
The Executive will set a high standard of professional conduct given the Executive’s role with the Company and the Bank and the
Executive’s responsibility relative to the Company’s and the Bank’s presence and stature in the community. The Executive
will, at all times, emulate this high professional standard of conduct in order to develop and enhance the Company’s and the Bank’s
reputation and image. The Executive will comply with all applicable rules, policies and procedures of the Company and the Bank and any
of its subsidiaries and all pertinent regulatory standards as may affect the Company and the Bank.

 

1.4     Location.
The Executive’s official office shall be at the principal executive offices of the Company and the Bank located in San Jose, California,
however, it is understood that Executive may work remotely or from any one of the Bank’s branch offices (or from home in the case
of complications from the Covid-19 pandemic). Executive may be required to travel from time to time in the course of performing the Executive’s
duties for the Company and the Bank.

 

1.5     No
Breach of Contract. The Executive hereby represents to the Company and the Bank that: (i) the execution and delivery of this
Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach
of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is
otherwise bound; (ii) that the Executive has no information (including, without limitation, confidential information or trade secrets)
of any other person or entity which the Executive is not legally and contractually free to disclose to the Company and the Bank; and
(iii) that except as disclosed (and provided copies) the Executive is not bound by any confidentiality, trade secret or similar
agreement (other than this Agreement) with any other person or entity.

 

2.              Term.
The term of this Agreement shall be a period of one (1) year from the Effective Date, subject to the termination provisions of Section 6.
Upon the occurrence of the first annual anniversary of the Effective Date, and on each anniversary date thereafter, the term of this
Agreement shall be deemed automatically extended for an additional one (1) year term, subject to the termination provisions of Section
6.

 

3.              Compensation.

 

3.1     Salary.
The Executive shall receive a salary at an initial annual rate of $721,000 which will be paid in accordance with the Company’s
and the Bank’s normal payroll procedures including applicable adjustments for withholding taxes. The Executive shall receive such
annual increases in salary, if any, as may be determined by the Company’s Board of Directors annual review of the Executive’s
compensation each year during the term of this Agreement. Participation in deferred compensation, discretionary or performance bonus,
retirement, stock option and other employee benefit plans and in fringe benefits shall not reduce the annual rate.

 

    2 

     

    

 

3.2     Incentive
Cash Compensation. The Executive shall be entitled to qualify for an annual incentive compensation payment pursuant to the terms
of the Company’s Executive Officer Bonus Plan in effect at the date of this Agreement, and as amended at any future date or pursuant
to any successor incentive plan or arrangement adopted by the Company or the Bank for its officers (the “Incentive Plan”).
Notwithstanding any terms of the Incentive Plan to the contrary, an annual payment if earned under the Incentive Plan for a fiscal year
shall be paid to the Executive no later than the 15th day of the third month following the end of the calendar year.

 

3.3    
Equity Awards. Executive shall be entitled to an equity award of $540,000 of restricted stock issued under the terms of
the Company’s 2013 Equity Incentive Plan and Restricted Stock Agreement. The number of shares (“Restricted Shares”)
to issue in accordance with this Section 3.3 shall be determined by dividing $540,000 by
the closing price of the Company’s common stock as reported by the Nasdaq Stock Market on April 27, 2021 (the first open trading
window date following the first quarter earnings release). The Restricted Shares shall vest pro rata over three years, provided that
the vesting of any fully unvested Restricted Shares shall accelerate on a Change of Control, termination for Good Reason, termination
without cause, or upon written notice from the Board of Directors that a new Chief Executive Officer has been appointed.

 

3.4     Other
Benefits. The Executive shall be entitled to those benefits adopted by the Bank and the Company for all executive officers of the
Company or the Bank, subject to applicable qualification requirements and regulatory approval requirements, if any. To the extent that
the level of such benefits is based on seniority or compensation levels, the Company and the Bank shall make appropriate and proportionate
adjustments to the Executive’s benefits. The Executive shall be further entitled to the following additional benefits which shall
supplement or replace, to the extent duplicative of any part or all of the general officer benefits and the benefits otherwise provided
to the Executive:

 

(a)     Automobile
Allowance and Insurance. The Bank will pay to the Executive an automobile allowance in the amount of $1,000 per month during the
term of this Agreement. The Bank shall reimburse the Executive for gasoline and maintenance expenditures related to use of the automobile
acquired or used by the Executive upon presentation and approval of receipts, invoices or other appropriate evidence of such expense
in accordance with the policies of the Bank. The Executive shall obtain and maintain public liability insurance and property damage insurance
policies with insurer(s) acceptable to the Bank with such coverages in such amounts as may be acceptable to the Bank from time to time.
The Bank may elect to provide and pay for such insurance policies in lieu of the Executive maintaining such policies.

 

(b)     Vacation.
The Executive shall be entitled to 30 paid vacation days for each calendar year (reduced pro rata for any partial year), of which at
least 10 days (reduced pro rata for any partial year) must be taken consecutively. Vacation may be accrued in accordance with the Company’s
or Bank’s policy.

 

    3 

     

    

 

(c)   
 Insurance. Except as provided in the last sentence of this Section 3.3(c), the Bank or the Company shall provide
during the term of this Agreement at no cost to the Executive group life, health (including medical, dental, vision and hospitalization),
accident and disability insurance coverage for the Executive and the Executive’s dependents through a policy or policies provided
by the insurer(s) selected by the Company or the Bank in their sole discretion on the same basis as all other executives in comparable
positions with the Bank. If the Company or Bank determines that any applicable laws or regulations, including the implementation of the
federal Affordable Care Act, materially increases the costs of health insurance to the Company or the Bank, the Company or Bank, notwithstanding
the prior sentence may require the Executive to pay some or all of the costs related to the Executive and the Executive’s dependents
health care insurance coverage.

 

(d)     401(k).
The Company maintains a 401(k) plan for its eligible employees. Subject to the terms and conditions set forth in the official plan documents,
the Executive will be eligible to participate in the 401(k) plan, and shall receive a matching contribution in accordance with the terms
of the 401(k) plan from the Company.

 

(e)     Employee
Stock Ownership Plan. The Executive will be eligible to participate in the Company’s Employee Stock Ownership Plan (“ESOP”)
on the same basis as other executive officers, subject to the terms and conditions of the ESOP.

 

(f)     
Reimbursement for Tax Preparation. The Bank will reimburse the Executive for up to $1,200 of expense incurred by the Executive
for tax consultation and preparation of tax returns, upon presentation and approval of receipts, invoices or other appropriate evidence
of such expense in accordance with policies of the Bank.

 

(g)    Annual
Physical Exam. The Bank shall pay or reimburse the Executive of the cost, if any, in excess of applicable insurance coverage specified
in Section 3.3(c) for an annual physical examination conducted by a licensed physician(s) selected by the Executive, the
results of which examination shall not be required to be disclosed to the Bank. Any such reimbursement shall be made upon presentation
and approval of receipts, invoices or other appropriate evidence of such expense in accordance with policies of the Bank.

 

(h)   
Business Expenses/Memberships. The Executive shall be entitled to incur and be reimbursed for all reasonable business expenses,
including for monthly dues for membership to one Country Club selected by Executive and for the monthly dues for The Capital Club,
(but not any amount attributable to or payable for initiation fees or capital improvement costs or fees). The Bank shall reimburse the
Executive for all such expenses upon the presentation by the Executive, from time to time, of an itemized account of such expenditures
setting forth the date, the purposes for which incurred, and the amounts thereof, together with such receipts showing payments in conformity
with the Bank’s established policies. Reimbursement shall be made within a reasonable period after the Executive’s submission
of an itemized account in accordance with the Bank’s policies.

 

4.              Indemnity.
The Bank and the Company shall indemnify and hold the Executive harmless from any cost, expense or liability arising out of or relating
to any acts or decisions made by the Executive on behalf of or in the course of performing services for the Company and the Bank to the
same extent the Bank and the Company indemnifies and holds harmless other executive officers and directors of the Company and the Bank
and in accordance with the articles of incorporation, bylaws and established policies of the Bank and the Company.

 

    4 

     

    

 

5.             
Certain Terms Defined. For purposes of this Agreement:

 

5.1     “Accrued
Obligations” means the sum of the Executive’s Base Salary and accrued vacation through the Date of Termination to the
extent not theretofore paid, outstanding expense reimbursements and any compensation previously deferred by the Executive to the extent
not theretofore paid.

 

5.2    
“Average Annual Bonus” means the average bonus or incentive compensation amount paid to (or earned by) the
Executive in the three (3) fiscal years (or such lesser period) immediately preceding the Termination Date.

 

5.3    
“Base Salary” means, as of any Date of Termination of employment, the current annual salary of the Executive.

 

5.4    
“Cause” means (i) the Executive willfully breaches or habitually neglects the duties which the Executive
is required to perform under this Agreement; (ii) the Executive commits an intentional act of moral turpitude that has a material
detrimental effect on the reputation or business of the Bank or the Company; (iii) the Executive is convicted of a felony or commits
any material and actionable act of dishonesty, fraud, or intentional material misrepresentation in the performance of the Executive’s
duties under this Agreement; (iv) the Executive engages in an unauthorized disclosure or use of inside information, trade secrets
or other confidential information; or (v) the Executive willfully breaches a fiduciary duty, or violates any law, rule or regulation,
which breach or violation results in a material adverse effect on the Company and the Bank (taken as a whole). If the Company or Bank
decides to terminate the Executive’s employment for Cause, the Company or Bank will provide the Executive with notice specifying
the grounds for termination, accompanied by a brief written statement stating the relevant facts supporting such grounds.

 

5.5     “Change
of Control” means, subject to the limitations of Section 409A of the Code, set forth in Section 7 of this Agreement,
the earliest occurrence of one of the following events:

 

(a)    the
acquisition (or acquisition during the 12 month period ending on the date of the most recent acquisition) by any individual, entity,
or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 40% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (“Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition
directly from the Company, (ii) any acquisition by the Company that reduces the number of shares issued and outstanding through
a stock repurchase program or otherwise, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or the Bank or any corporation controlled by the Company or the Bank or (iv) any acquisition by any corporation pursuant
to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this Section
5.4; or

 

    5 

     

    

 

(b)   
individuals who, as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason other than resignation, death or disability to constitute at least a majority of the Company’s Board of Directors
during any 12 month period; provided, however, that any individual becoming a director subsequent to the Effective Date whose election,
or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Company’s Board of Directors; or

 

(c)    consummation
of a reorganization, merger or consolidation of the Company or the Bank, or sale or other disposition (in one transaction or a series
of transactions) of any assets of the Bank or the Company having a total fair market value equal to, or more than, 40% of the total gross
fair market value of all of the assets of the Bank or the Company immediately prior to such acquisition or acquisitions (a “Business
Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares
of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation
which as a result of such transaction owns all or substantially all of the Company’s or Bank’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 Outstanding Common Stock and Outstanding Voting Securities, as the case may be, (ii) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or the Bank or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, of the then outstanding
shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (iii) at
least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of
the Company’s Board of Directors at the time of the execution of the initial agreement, or of the action of the Company’s
Board of Directors, providing for such Business Combination; or

 

(d)    approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 

    6 

     

    

 

5.6    
 “Code” means the Internal Revenue Code of 1986, as amended and any successor provisions to such sections.

 

5.7    
“Change of Control Period” means the period of time (a) commencing on the earlier of (i) 120 days
before the date the Change of Control occurs, or if earlier, 120 days before a definitive agreement is executed by the Company or the
Bank for a transaction described in Section 5.4(c) (provided, however, that in the event of this subsection (a)(i)
the Executive reasonably demonstrates that the Executive’s termination of employment should it occur was either (x) at the
request of a third party who has taken steps reasonably calculated to effect a change in control, or (y) otherwise arose in connection
with a Change in Control), or (ii) the date the Change of Control occurs, and (b) ending on the last day of the 24th calendar
month immediately following the month the Change of Control occurred.

 

5.8    
“Date of Termination” means (i) if the Executive’s employment is terminated due to the Executive’s
death, the Date of Termination shall be the date of death; (ii) if the Executive’s employment is terminated due to Disability,
the Date of Termination is the Disability Effective Date; (iii) if the Executive’s employment is terminated by the Bank or
the Company for Cause, the Date of Termination is the date on which the Bank or the Company gives notice to the Executive of such termination;
(iv) if the Executive’s employment is terminated by the Bank or the Company without Cause or voluntarily by the Executive,
the Date of Termination shall be the date specified in the notice of termination; and (v) if the Executive’s employment terminates
for any other reason, the Date of Termination shall be the Executive’s final date of employment.

 

5.9     “Disability”
means a physical or mental condition of the Executive which occurs and persists and which, in the written opinion of a physician selected
by the Company or the Bank or its insurers and acceptable to the Executive or the Executive’s legal representative, and, in the
written opinion of such physician, the condition will render the Executive unable to return to the Executive’s duties for an indefinite
period of not less than 180 days.

 

5.10  
“Good Reason” means:

 

(a)    any
material adverse change in the salary, incentive compensation, benefits, status, responsibilities, authority, and duties (including offices
held, titles and reporting requirements or appointment to any position with a subsidiary business entity whether existing, newly created
or resulting from a transaction involving a Change of Control) of the Executive, as contemplated by Section 1 of this Agreement;

 

(b)    any
failure by the Company or Bank to comply with any of the provisions of Sections 3 or 4 of this Agreement, other than
an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company or Bank promptly after
receipt of notice thereof given by the Executive;

 

(c)    the
Company’s requiring the Executive to be based at any office or location that increases the Executive’s current commute (as
of the Effective Date) from his principal residence to the principle executive offices of the Company and the Bank by more than 10 miles;

 

(d)    any
purported termination by the Company or the Bank of the Executive’s employment otherwise than as expressly permitted by this Agreement;
or

 

    7 

     

    

 

(e)   
 any failure by the Company or the Bank to comply with and satisfy Section 8 of this Agreement.

 

For purposes of this Section 5.10
any reasonable good faith determination of “Good Reason” made by the Executive shall be conclusive.

 

5.11   “Release
Agreement” means a written agreement executed by the Company, the Bank and the Executive substantially in form of Exhibit A,
attached to this Agreement

 

6.             
Termination.

 

6.1     This
Agreement may be terminated for the following reasons:

 

(a)    Death.
This Agreement shall terminate automatically upon the Executive’s death.

 

(b)  
Disability. In the event of the Executive’s Disability, the Company or the Bank may give the Executive a notice of
termination. In such event, the Executive’s employment with the Company and the Bank and this Agreement shall terminate without
further act of the parties effective 30 days after receipt of such notice by the Executive (the “Disability Effective Date”)
provided, however, that within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the
Executive’s duties. Unless otherwise agreed in writing between the Executive, the Company and the Bank, the Executive shall immediately
cease performing and discharging the duties and responsibilities of the Executive’s positions and remove the Executive’s
personal belongings from the Company’s and the Bank’s premises. All rights and obligations accruing to the Executive under
this Agreement shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding
employment benefits which shall have accrued prior to such termination, and any other remedy which the Executive may have at law, in
equity or under this Agreement, which remedy accrued prior to such termination.

 

(c)    Cause.
The Company or the Bank may terminate the Executive’s employment and this Agreement for Cause. Unless otherwise agreed in writing
between the Executive, the Company and the Bank, upon receipt of notice of termination for Cause the Executive shall immediately cease
performing and discharging the duties and responsibilities of the Executive’s positions and remove the Executive’s personal
belongings from Company’s and the Bank’s premises. All rights and obligations accruing to the Executive under this Agreement
shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding employment benefits
which shall have accrued prior to such termination, and any other remedy which the Executive may have at law, in equity or under this
Agreement, which remedy accrued prior to such termination.

 

(d)    Termination
by Bank or the Company Without Cause. Subject to the last sentence of this Section 6.1(d), the Company or the Bank may,
at its election and in its sole discretion, terminate the Executive’s employment and this Agreement at any time and for any reason
or for no reason, upon 30 days prior written notice to the Executive, without prejudice to any other remedy to which the Company or the
Bank may be entitled either at law, in equity or under this Agreement. Unless otherwise agreed in writing between the Executive, the
Company and the Bank, upon the Executive’s receipt of notice of termination without cause, the Executive shall immediately cease
performing and discharging the duties and responsibilities of the Executive’s positions and remove the Executive’s personal
belongings from the Company’s and the Bank’s premises. All rights and obligations accruing to the Executive under this Agreement
shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding employment benefits
which shall have accrued prior to such termination, including the right to receive the severance benefits specified in Section 6.2(a)
or 6.2(b) below, and any other remedy which the Executive may have at law, in equity or under this Agreement, which remedy
accrued prior to such termination. For the avoidance of doubt, if the Company terminates the Executive from Executive’s position
set forth in Section 1.1 of this Agreement, but the Executive remains an employee of the Bank, termination by the Company shall
not be deemed a termination without cause for purposes of Section 6.2(a) or Section 6.2(b) or constitute a termination
of this Agreement.

 

    8 

     

    

 

(e)   
Voluntary Termination by Executive. The Executive may terminate the Executive’s employment and this Agreement at
any time and for any reason or no reason, upon 30 days prior written notice to the Company and the Bank. Unless otherwise agreed in writing
between the Executive, the Company and the Bank, upon the Company’s and the Banks’s receipt of the Executive’s written
notice of voluntary termination the Executive shall immediately cease performing and discharging the duties and responsibilities of the
Executive’s positions and remove the Executive’s personal belongings from the Company’s and the Bank’s premises.
All rights and obligations accruing to the Executive under this Agreement shall cease at such termination, except that such termination
shall not prejudice the Executive’s rights regarding employment benefits which shall have accrued prior to the date of such termination
and any other remedy which the Executive may have at law, in equity or under this Agreement, which remedy accrued prior to the date of
such termination.

 

(f)     Termination
by the Executive for Good Reason. The Executive may resign the Executive’s employment from the Company and Bank due to a Good
Reason (i) if the Company or the Bank has not cured or remedied the event giving rise to the Good Reason within thirty 30 days after
its receipt of a written notice from the Executive stating the Executive’s belief that a Good Reason event exists; and (ii) such
written notice is provided to the Company within 30 days of the purported Good Reason event and describes in detail the basis and underlying
facts supporting the Executive’s belief that a Good Reason event has occurred. Failure to timely provide such written notice to
the Company means that the Executive will be deemed to have consented to and irrevocably waived the potential Good Reason event. If the
Company or Bank does timely cure or remedy the Good Reason, then the Executive may either resign employment without it being due to a
Good Reason or the Executive may continue to remain employed subject to the terms of this Agreement. The Company’s receipt of a
notification by the Executive of a Good Reason event shall not be deemed to constitute the Company’s acknowledgement, agreement
or admission that a Good Reason event has occurred. If the Executive terminates Executive’s employment and this Agreement pursuant
to this Section 6.1(f) unless otherwise agreed in writing between the Executive, the Company and the Bank, the Executive
shall immediately cease performing and discharging the duties and responsibilities of Executive’s positions and remove the Executive’s
personal belongings from the Company’s and the Bank’s premises. All rights and obligations accruing to the Executive under
this Agreement shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding
employment benefits which shall have accrued prior to such termination and any other remedy which the Executive may have at law, in equity
or under this Agreement, which remedy accrued prior to such termination.

 

    9 

     

    

 

(g)     Appointment
of a New President and Chief Executive Officer. Notwithstanding anything in this Agreement
to the contrary, the appointment of a new President and Chief Executive Officer of the Company and the Bank within 24 months from the
date of this Agreement shall not provide grounds for a termination for Good Reason or a termination without cause; provided, however,
Executive would be entitled to a pro rata portion of his bonus under the Incentive Plan for the year (if earned) and the Accrued Obligations.
After 24 months Executive’s termination would be sufficient grounds for a termination for Good Reason and/or termination without
cause under the terms of this Agreement and payments under Section 6.2(a).

 

6.2    
Certain Benefits upon Termination.

 

(a)    Termination
Without Cause/Termination for Good Reason. In the event this Agreement is terminated based on Section 6.1(d) (termination
without cause) or Section 6.1(f) (termination for Good Reason) and upon execution of the Release Agreement by the Executive,
then in such case, the Executive shall receive the Accrued Obligations on the Date of Termination, and severance benefits constituting
of:

 

(i)      cash
payment in the amount equal to two (2) times the sum of the Executive’s (A) Base Salary and (B) the Average Annual Bonus,
payable in a lump sum within 60 days following the Date of Termination, and

 

(ii)     reimbursement
of up to $5,000 for bona fide, professional out placement services upon presentation of receipts, invoices or other appropriate evidence
of such expense in accordance with policies of the Bank.

 

Notwithstanding the foregoing
or any other provision of this Agreement, if any part or all of the severance benefits is subject to taxation under Section 409A
of the Code, as determined by the Company or the Bank, with the advice of its independent accounting firm or other tax advisors, then
the severance benefits shall be subject to modification as set forth in Section 7 of this Agreement.

 

Notwithstanding the foregoing,
when the Executive is entitled to the severance benefits provided in Section 6.2(b), then Executive shall not be entitled to the
severance benefits pursuant to this Section 6.2(a).

 

The Executive acknowledges
and agrees that severance benefits pursuant to this Section 6.2(a) are in lieu of all damages, payments and liabilities on
account of the early termination of this Agreement and are the sole and exclusive remedy for the Executive for a termination specified
in Section 6.1(d) or Section 6.1(f).

 

(b)    Termination
and Change in Control. In the event of a Change in Control and at any time during the Change of Control Period (x) the Executive’s
employment is terminated, or (y) the Executive voluntarily terminates the Executive’s employment and this Agreement for Good
Reason, and upon execution of the Release Agreement by the Executive, then the Executive shall receive the Accrued Obligations on the
Date of Termination, and the severance benefits consisting of a cash payment in an amount equal to two and three-fourths (2.75) times
the sum of the Executive’s (A) Base Salary and (B) Average Bonus, payable in a lump sum within 60 days following the
Date of Termination.

 

    10 

     

    

 

The Executive acknowledges
and agrees that severance benefits pursuant to this Section 6.2(b) are in lieu of all damages, payments and liabilities on
account of the events described above for which such severance benefits may be due the Executive under Section 6.2(b) of
this Agreement. This Section 6.2(b) shall be binding upon and inure to the benefit of the Bank and the Company and their
respective successors and assigns.

 

Notwithstanding the foregoing,
the Executive shall not be entitled to receive severance benefits pursuant to this Section 6.2(b) in the event Executive’s
termination of employment results from an occurrence described in Sections 6.1(a), 6.1(b) or 6.1(c).

 

(c)    Death.
If the Executive’s employment terminates by reason of the Executive’s death, this Agreement shall terminate without further
obligations to the Executive’s legal representatives under this Agreement, other than for payment of Accrued Obligations and any
incentive compensation for the year in which the death occurred prorated through the Date of Termination. Accrued Obligations shall be
paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination;
provided, however, that payment may be deferred until the Executive’s executor or personal representative has been appointed and
qualified pursuant to the laws in effect in the Executive’s jurisdiction of residence at the time of the Executive’s death.
The Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits
provided by the Company and the Bank to the estate and beneficiaries of other executives in comparable positions with the Company and
the Bank under such plans, programs, practices and policies relating to death benefits, if any, as in effect on the date of the Executive’s
death.

 

(d)    Disability.
If the Executive’s employment terminates by reason of the Executive’s Disability, this Agreement shall terminate without
further obligations to the Executive under this Agreement, other than for payment of Accrued Obligations, and any incentive compensation
for the year in which the termination occurs prorated through the Date of Termination and any benefits under such plans, programs, practices
and policies relating to disability benefits, if any, as in effect on the Date of Termination.

 

(e)  
Cause/Voluntary Termination. If the Executive’s employment terminates for Cause, this Agreement shall terminate without
further obligations to the Executive other than the obligation to pay to the Executive the Accrued Obligations. If the Executive’s
employment terminates due to the Executive’s voluntarily termination of this Agreement, except as provided in Section 6.1(f)
or clause (y) of the first paragraph of Section 6.2(b), this Agreement shall terminate without further obligations
to the Executive other than the obligation to pay to the Executive the Accrued Obligations.

 

(f)    Single
Trigger Event. The provisions for payments contained in this Section 6.2 may be triggered only once during the term of
this Agreement, so that, for example, should the Executive be terminated without cause and should there thereafter be a Change of Control,
then the Executive would be entitled to be paid only under Section 6.2(b) and not under Section 6.2(a), as well.
In addition, the Executive shall not be entitled to receive severance benefits of any kind from any parent, wholly owned subsidiary or
other affiliated entity of the Company or the Bank if in connection with the same event of series of events the payments provided for
in this Section 6.2 has been triggered.

 

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7.              Section 409A
Limitation/Section 280(g).

 

(a)     Section
409A. It is the intention of the Company, the Bank, and the Executive that the severance benefits payable to the Executive under
Section 6.2 either be exempt from, or otherwise comply with, Section 409A (“Section 409A”) of
the Code.

 

Notwithstanding any other term
or provision of this Agreement, to the extent that any provision of this Agreement is determined by the Company or the Bank, with the
advice of its independent accounting firm or other tax advisors, to be subject to and not in compliance with Section 409A, including,
without limitation, the definition of Change in Control or the timing of commencement and completion of severance benefits and/or other
benefit payments to the Executive hereunder, or the amount of any such payments, such provisions shall be interpreted in the manner required
to exempt the benefit from or to comply with Section 409A. The Company, the Bank and the Executive acknowledge and agree that such
interpretation could, among other matters, (i) limit the circumstances or events that constitute a “change in control;”
(ii) delay for a period of six months or more, or otherwise modify the commencement of severance and/or other benefit payments;
(iii) modify the completion date of severance and/or (iv) other benefit payments and/or reduce the amount of the benefit otherwise
provided.

 

The Company, Bank and the Executive
further acknowledge and agree that if, in the judgment of the Company or the Bank, with the advice of its independent accounting firm
or other tax advisors, amendment of this Agreement is necessary to exempt the benefits from or to comply with Section 409A, the
Company, the Bank, and the Executive will negotiate reasonably and in good faith to amend the terms of this Agreement to the extent necessary
so that it exempts the benefits from or to comply with Section 409A (with the most limited possible economic effect on the Company,
the Bank and the Executive). For example, if this Agreement is subject to Section 409A and Section 409A requires that severance
and/or other benefit payments must be delayed until at least six months after the Executive terminates employment, then the Bank, the
Company and the Executive shall delay payments and/or promptly seek a written amendment to this Agreement that would, if permissible
under Section 409A, eliminate any such payments otherwise payable during the first six months following the Executive’s termination
of employment and substitute therefore a lump sum payment or an initial installment payment, as applicable, at the beginning of the 7th
month following the Executive’s termination of employment which, in the case of an initial installment payment, would be equal
in the aggregate to the amount of all such payments thus eliminated. Notwithstanding the foregoing, (a) the Executive and the Executive’s
dependents shall not be denied access to and participation in any health or medical insurance coverage and benefits, for any period of
time the Executive and the Executive’s dependents are otherwise eligible, and (b) the Executive acknowledges and agrees that
the Company or the Bank shall have the exclusive authority to determine whether the Executive is a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i).

 

    12 

     

    

 

(b)    
Section 280(g). If any payment or benefit the Executive would receive in connection with a Change of Control from the Company
or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including
the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income
taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive’s receipt, on an after-tax
basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.
If a reduction in the Payment constituting “parachute payments” is necessary so that no portion of such Payment is subject
to the Excise Tax, then the reduction shall occur in a manner to maximize the Executive’s after-tax retained value and if necessary
to comply with Code Section 409A shall be effected in the following order: first, reduction of cash payments; second, cancellation of
accelerated vesting of stock awards; and third, reduction of employee benefits. The Company shall determine the extent to which the Executive
is subject to the Excise Tax in its reasonable discretion and in accordance with the regulations promulgated under Section 280G of the
Code. Notwithstanding the foregoing, the parties will use its good faith efforts to maximize to the extent reasonable the Executive’s
after-tax retained value of the payments and benefits the Executive receives in connection with a Change of Control in accordance with
the foregoing.

 

8.             Assignment.
This Agreement will inure to the benefit of and be binding upon the Bank and the Company and any of their respective successors and assigns.
In view of the personal nature of the services to be performed under this Agreement by the Executive, the Executive will not have the
right to assign or transfer any of the Executive’s rights, obligations or benefits under this Agreement. The Company and the Bank
will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the business and/or assets of the Company or the Bank to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company and the Bank be required to perform it if no such succession had taken place. As used in this Agreement,
the “Company” or the “Bank” shall mean the Company or the Bank, as applicable, as hereinbefore defined and any
successor to the Company’s or Bank’s business and/or assets as aforesaid which assumes and agrees to perform this Agreement
by operation of law, or otherwise.

 

9.              Specific
Performance. The Executive hereby represents and agrees that the services to be performed under the terms of this Agreement are of
a special, unique, unusual, extraordinary, and intellectual character that gives them a peculiar value, the loss of which cannot be reasonably
or adequately compensated in damages in an action at law. The Executive therefore expressly agrees that the Company and the Bank, in
addition to any other rights or remedies that the Bank and the Company may possess, shall be entitled to injunctive and other equitable
relief to prevent or remedy a breach of this Agreement by the Executive.

 

10.            Loyalty,
Confidentiality and Non-Solicitation by the Executive.

 

(a)     Definitions.
The term “Trade Secrets” shall be given its broadest possible interpretation and shall mean any information, including
formulas, patterns, compilations, financial reports, customer records, marketing or financial programs, devices, methods, know-how, negative
know-how, techniques, discoveries, ideas, concepts, designs, technical information, drawings, data, customer and supplier lists, information
regarding customers, buyers and suppliers, distribution techniques, production processes, research and development projects, marketing
plans, general financial information and financial information concerning customers, the Company’s or the Bank’s legal, business
and financial structure and operations, and other confidential and proprietary information or processes which (i) derive independent
economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value from
its disclosure or use and (ii) are the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

 

    13 

     

    

 

 

The term “Proprietary
Information” shall also be given its broadest possible interpretation and shall mean any and all information disclosed or made
available by the Company or the Bank to the Executive including, without limitation, any information upon which the Company’s or
the Bank’s business or success depends.

 

(b)    
The Executive shall not, during the term of this Agreement, directly or indirectly, either as an employee, employer, consultant,
agent, principal, stockholder (except as permitted in Section 1.2 of this Agreement), officer, director, or in any other
individual or representative capacity, engage or participate in any competitive banking or financial services business without the prior
written consent of the Board of Directors of the Company or the Bank.

 

(c)     Following
termination of this Agreement and the Executive’s employment hereunder, the Executive shall not use any Trade Secret or Proprietary
Information of the Bank or the Company or their affiliates and subsidiaries to solicit, directly, indirectly or in any manner whatsoever,
(i) any employee of the Bank, the Company or their affiliates and subsidiaries (including any former employees who voluntarily terminated
employment with the Bank or the Company within a 12 month period prior to the Executive’s termination of employment) to resign
or to apply for or accept employment with any other competitive banking or financial services business within the counties in California
in which the Bank has located its headquarters or branch offices, or (ii) any customer, person or entity that has a business relationship
with the Bank during the 12 month period prior to the Executive’s termination of employment with the Bank, terminate such business
relationship and engage in a business relationship with any other competitive banking or financial services business within the counties
in California in which the Bank has located its headquarters or branch offices; provided, however, that this Section 10(c)(ii)
shall not be applicable to any customer, person or entity that Executive had a business relationship with prior to joining the Company
and the Bank in 2005.

 

11.            Disclosure
of Information. The Executive shall not, at any time or in any manner, directly or indirectly, either before or after termination
of this Agreement, without the prior written consent of the Board of Directors of the Company or except as required by law to comply
with legal process including, without limitation, by oral questions, interrogatories, requests for information or documents, subpoena,
civil investigative demand or similar process, use for the Executive’s own benefit or the benefit of any other person or entity,
or otherwise disclose or communicate to any person or entity including, without limitation, the media or by way of the World Wide Web,
any information concerning any Trade Secret or Proprietary Information of the Company or the Bank. The Executive further recognizes and
acknowledges that any Trade Secrets concerning any customers of the Company or the Bank and their respective affiliates and subsidiaries,
as it may exist from time to time, is strictly confidential and is a valuable, special and unique asset of the Company’s or the
Bank’s. In the event the Executive is required by law to disclose Trade Secrets or Proprietary Information, the Executive will
provide the Company and the Bank, and their counsel with immediate notice of such request so that they may consider seeking a protective
order. If, in the absence of a protective order or the receipt of a waiver hereunder, the Executive is nonetheless, in the written opinion
of knowledgeable counsel, compelled to disclose Trade Secrets or Proprietary Information to any tribunal or any other party or else stand
liable for contempt or suffer other material censure or material penalty, then the Executive may disclose (on an “as needed”
basis only) such information to such tribunal or other party without liability hereunder. Notwithstanding the foregoing, the Executive
may disclose Trade Secrets or Proprietary Information as may be required by any regulatory agency having jurisdiction over the operations
of the Company or the Bank in connection with an examination of the Company or the Bank or other proceeding conducted by such regulatory
agency. Under the Defend Trade Secrets Act of 2016 (“DTSA”) an individual shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state
or local government official, either directly or indirectly to an attorney; and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. In addition, the DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to the attorney for the individual and the use of trade secret information
in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclosure
the trade secret, except pursuant to court order.

 

    14 

     

    

 

12.            Written,
Printed or Electronic Material. All written, printed or electronic material, notebooks and records including, without limitation,
computer disks, cloud-based storage, Blackberry, iPhone, iPad (or similar devices), or lap top used by the Executive in performing duties
for the Bank or the Company, other than the Executive’s personal address lists, telephone lists, notes and diaries, are and shall
remain the sole property of the Company and the Bank. Upon termination of employment, the Executive shall promptly return all such material
(including all copies, extracts and summaries thereof) to the Bank.

 

13.            Miscellaneous.

 

13.1   Notice.
For the purpose of this Agreement, all notices, requests, consents, claims, demands, waivers, and
other communications hereunder (each, a “Notice”) shall be in
writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address that may
be designated by the receiving party from time to time in accordance with this Section). All Notices shall
be delivered by personal delivery, nationally recognized overnight courier (with all fees pre-paid), or email (with confirmation of transmission),
or certified or registered mail (in each case, return receipt requested, postage pre-paid). Except as otherwise provided in this Agreement,
a Notice is effective only (a) upon receipt by the receiving party, and (b) if the party giving the Notice has complied
with the requirements of this Section.

 

    15 

     

    

 

	Company:	HERITAGE COMMERCE CORP

    224 Airport Parkway,

    San Jose, CA 95110

    Attn: Chairman of the Board of Directors

    plazajack@me.com

     

	Bank:	HERITAGE BANK OF COMMERCE

    224 Airport Parkway,

    San Jose, CA 95110

    Attn: Chairman of the Board of Directors

    plazajack@me.com

     

	with a copy to:	Buchalter , A Professional Corporation

    1000 Wilshire Boulevard, Suite 1500

    Los Angeles, CA 90017-2457

    Attn: Mark A. Bonenfant, Esq.

    mbonenfant@buchalter.com

     

	Executive:	Walter T. Kaczmarek

    224 Airport Parkway

    San Jose, CA 95110

    Walt.kaczmarek@herbank.com

 

13.2   Amendments
or Additions. No amendment, modification or additions to this Agreement shall be binding unless in writing and signed by the parties
hereto.

 

13.3   Section
Headings. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection
with, the interpretation of this Agreement.

 

13.4   Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.

 

13.5   Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which together will constitute
one and the same instrument.

 

13.6   Mediation.
Prior to engaging in any legal or equitable litigation or other dispute resolution process, regarding any of the terms and conditions
of this Agreement between the parties, or concerning the subject matter of the Agreement between the parties, each party specifically
agrees to engage in good faith, in a mediation process at the expense of the Bank or the Company, complying with the procedures provided
for under California Evidence Code Sections 1115 through and including 1125, as then currently in effect. The parties further and
specifically agree to use their best efforts to reach a mutually agreeable resolution of the matter. The parties understand and specifically
agree that should any party to this Agreement refuse to participate in mediation for any reason, the other party will be entitled to
seek a court order to enforce this provision in any court of appropriate jurisdiction requiring the dissenting party to attend, participate,
and to make a good faith effort in the mediation process to reach a mutually agreeable resolution of the matter.

 

    16 

     

    

 

 

13.7   Arbitration.
To the extent not resolved through mediation as provided in Section 13.6, all claims, disputes and other matters in question
arising out of or relating to this Agreement, any termination of the Executive’s employment, the enforcement or interpretation
of this Agreement, or because of an alleged breach, default, or misrepresentation in connection with any of the provisions of this Agreement,
including (without limitation) any state or federal statutory claims, shall be resolved by binding arbitration in Santa Clara County,
California, before a sole arbitrator (the “Arbitrator”) mutually selected by the parties from Judicial Arbitration
and Mediation Services (“JAMS”) in accordance with the rules and procedures of JAMS then in effect. If JAMS is no
longer able to supply the arbitrator, such arbitrator shall be mutually selected from the American Arbitration Association (“AAA”).
The obligation of the parties to arbitrate pursuant to this clause shall be specifically enforced in accordance with, and shall be conducted
consistently with the provisions of Title 9 of Part 3 of the California Code of Civil Procedure as the exclusive remedy of such dispute;
provided, however, that provisional injunctive relief may, but need not, be sought in a court of law while arbitration proceedings are
pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by
the Arbitrator. Final resolution of any dispute through arbitration may include any remedy or relief that the Arbitrator deems just and
equitable, including any and all remedies provided by applicable state or federal statutes. At the conclusion of the arbitration, the
Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award
or decision is based. Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may
be enforced by any court of competent jurisdiction.

 

13.8   Attorneys
Fees. In the event of litigation, arbitration or any other action or proceeding between the parties to interpret or enforce this
Agreement, or any part thereof or relating to this Agreement, the prevailing party shall be entitled to recover its costs related to
such action or proceeding and its reasonable fees of attorneys, accountants and expert witnesses incurred by such party in connection
with any such action or proceedings. The prevailing party shall be deemed to be the party which obtains substantially the relief sought
by final resolution, compromise or settlement, or as may otherwise be determined by order of a court of competent jurisdiction in the
event of litigation, an award or decision of an arbitrator in the event of arbitration.

 

13.9   Entire
Agreement. This Agreement supersedes any and all agreements, either oral or in writing, between the parties with respect to the employment
of the Executive by the Company and the Bank and contains all of the covenants and agreements between the parties with respect to the
employment of the Executive by the Company and the Bank. Each party to this Agreement acknowledges that no other representations, inducements,
promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not set forth
herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding on either party.

 

13.10   Waiver.
The failure of a party to insist on strict compliance with any of the terms, provisions, covenants, or conditions of this Agreement by
another party shall not be deemed a waiver of any term, provision, covenant, or condition, individually or in the aggregate, unless such
waiver is in writing, nor shall any waiver or relinquishment of any right or power at any one time or times be deemed a waiver or relinquishment
of that right or power for all or any other times.

 

    17 

     

    

 

13.11 
Severability. If any provision in this Agreement is held by a court of competent jurisdiction or arbitrator to be invalid,
void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated
in any way. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect
to the extent not held invalid or unenforceable.

 

13.12  Interpretation.
This Agreement shall be construed without regard to the party responsible for the preparation of the Agreement and shall be deemed to
have been prepared jointly by the parties. Any ambiguity or uncertainty existing in this Agreement shall not be interpreted against any
party, but according to the application of other rules of contract interpretation, if an ambiguity or uncertainty exists.

 

13.13  Governing
Law and Venue. The laws of the State of California, other than those laws denominated choice of law rules, shall govern the validity,
construction and effect of this Agreement. Any action which in any way involves the rights, duties and obligations of the parties hereunder
and is not resolved by binding arbitration shall be brought in the courts of the State of California and venue for any action or proceeding
shall be in Santa Clara County or in the United States District Court for the Northern District of California, and the parties hereby
submit to the personal jurisdiction of said courts.

 

13.14  Payments
due Deceased Executive. If the Executive dies prior to the expiration of the term of the Executive’s employment (except termination
resulting from such death), any payments that may be due the Executive from the Bank or the Company under this Agreement as of the date
of death shall be paid to the Executive’s heirs, beneficiaries, successors, permitted assigns or transferees, executors, administrators,
trustees, or any other legal or personal representatives.

 

13.15 Effect
of Termination on Certain Provisions. Upon the termination of this Agreement, the obligations of the Bank, the Company and the Executive
hereunder shall cease except to the extent of the Bank’s or the Company’s obligation to make payments, if any, to or for
the benefit of the Executive following termination, and provided that this Section 13.15 and Sections 4, 6.2,
7, 8, 9, 10, 11, 12, and 13.1 through 13.14 shall remain in full force and effect.

 

13.16 Advice
of Counsel and Advisors. The Executive acknowledges and agrees that he has read and understands the terms and provisions of this
Agreement and prior to signing this Agreement, Executive has had the advice of counsel and/or such other advisors as Executive deemed
appropriate in connection with the Executive’s review and analysis of such terms and provisions of this Agreement.

 

    18 

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto has executed this Agreement on the date first indicated above.

 

	 	“COMPANY”
	 	 
	 	HERITAGE COMMERCE CORP,
	 	a California bank holding company
	 	 
	 	By:	/s/ Jack Conner
	 	 	Jack Conner, Chairman of the Board
	 	 
	 	“BANK”
	 	 
	 	HERITAGE BANK OF COMMERCE,
	 	a California banking corporation
	 	 
	 	By:	/s/ Jack Conner
	 	 	Jack Conner, Chairman of the Board
	 	 
	 	“EXECUTIVE”
	 	 
	 	By:	/s/ Walter
    T. Kaczmarek
	 	 	Walter T. Kaczmarek

 

    19 

     

    

 

Exhibit A

 

RELEASE AGREEMENT

 

This RELEASE AGREEMENT (this
 “Agreement”) is made and entered into on [*] ________, 20__ (the “Effective Date”) by and among
HERITAGE BANK OF COMMERCE, a California banking corporation (“HBC”), and HERITAGE COMMERCE CORP, a California bank
holding company (“HCC”) (HBC and HCC are referred to hereinafter collectively as the “Company”)
and WALTER T. KACZMAREK (“Employee”). HCC, HBC, and Employee are collectively, the “Parties”.

 

WHEREAS, Employee and the
Company desire to settle fully and amicably all issues between them, and to resolve fully and finally any and all claims and potential
claims and disputes, known or unknown, in a final and binding manner, including any issues arising out of Employee’s employment
with the Company and the termination of that employment; and

 

WHEREAS, the settlement provided
for herein is not and shall not in any way be construed or deemed to be evidence or an admission or a concession of any fault, liability,
fact, or amount of damages, validity of defense, or any other matter whatsoever on the part of any of the Parties, except as expressly
provided for in this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and for other good and valuable mutually agreed upon consideration, receipt of which is hereby
acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

 

1.             Termination
of Employment. Employee’s employment with the Company, and each of its subsidiaries, terminates
effective ______________ (the “Separation Date”). As of the Separation Date, Employee will not represent to any person,
organization, or entity that Employee is employed by the Company or any of its subsidiaries.

 

2.             Resignation
from Boards. Effective as of the Separation Date, Employee shall resign from: [determined at time of termination] 

 

3.            Compensation
and Benefits. Subject to the terms of this Agreement, and provided that Employee does not exercise any rights of revocation specified
in Section 8 below, the Company shall compensate Employee under this Agreement as follows:

 

(a)             Severance
Amount. The Company will pay the gross total sum of $ [*] U.S. Dollars and [*] Cents ($_____) to Employee (the “Severance
Payment”). The Severance Payment shall be paid to Employee within sixty (60) days of the Separation Date. The Severance Payment
shall be treated as wages and subject to all taxes and other payroll deductions required by law.

 

(b)            Accrued
Salary and Vacation. Employee acknowledges that Employee has received from the Company all of Employee’s annual base salary,
vacation pay, automobile allowances, and membership dues earned or accrued through the Separation Date.

 

(c)             Incentive
Plan. Employee is entitled to his pro rata amount under the Company’s Management Incentive Plan for the year ended _____as
provided in the Employment Agreement dated April 5, 2021 (“Employment Agreement”).

 

     

     

    

 

(d)             Out
Placement Services. If the Employee’s employment is terminated pursuant to Section 6.2(a) of the Employment Agreement the Employee
will receive up to $5,000 for bona fide, professional out placement services upon presentation of receipts, invoices or other appropriate
evidence of such expense in accordance with policies of HBC.

 

4.             Termination
of Benefits. Except as provided in Section 3 above and the Excluded Agreements or as may be required by law, Employee’s
participation in all employee benefit (retirement, pension, long-term care, life insurance, and welfare) and compensation plans of the
Company shall cease as of the Separation Date.

 

5.             Employee
Acknowledgement. Employee acknowledges that, subject to the Company’s payment of the Compensation and Benefits provided for
in Section 3 above and except for the Excluded Agreements, Employee has been fully compensated by the Company, including under
all applicable laws, and that nothing further is owed to Employee with respect to wages, bonuses, severance, membership dues, auto allowances,
other compensation, or benefits, including, but not limited to:) (a) any further compensation or benefits
under the Employment Agreement; and (b) disability insurance, 401(k) employer contribution, Company automobile and other Company-owned
equipment, membership dues, etc., or any other compensation or benefits. Employee acknowledges and represents that, as of the
date Employee signs this Agreement, Employee has submitted to the Company any and all requests for reimbursements for business related
expenses in accordance with the Company’s policy on business expense reimbursements. Employee further acknowledges that the Compensation
and Benefits provided for in Section 3 above are consideration for Employee’s promises contained in this Agreement and are
above and beyond any wages, bonuses, severance, other compensation, or benefits to which Employee is entitled from the Company under
the terms of Employee’s employment or under any other contract or law that Employee would be entitled to absent execution of this
Agreement.

 

6.             Future
Cooperation.

 

(a)             Legal
and Regulatory Matters. In connection with any and all claims, disputes, negotiations, governmental, regulatory internal or other
investigations, examinations, lawsuits, or administrative proceedings (the “Legal Matters”) involving the Company
or any affiliate, or any of their current or former officers, employees or board members (collectively, the “Disputing Parties”
and, individually, each a “Disputing Party”), Employee shall cooperate and make himself reasonably available, upon
reasonable notice from the Company and without the necessity of subpoena, to provide to the extent of his knowledge of facts concerning
the Company’s business information and documents, provide declarations, affidavits, and statements regarding a Disputing Party,
meet with attorneys and other representatives of a Disputing Party, prepare for and give depositions and testimony, and otherwise cooperate
in the investigation, defense, and prosecution of any and all such Legal Matters, as may, in the good faith and judgment of the Company,
be reasonably requested. The Company shall consult with Employee and make reasonable efforts to schedule such assistance so as not to
materially disrupt Employee’s business and personal affairs. The Company shall reimburse all reasonable expenses incurred by Employee
in connection with such assistance, including travel, meals, rental car, and hotel expenses, if any; provided such expenses are approved
in advance by the Company and are documented in a manner consistent with expense reporting policies of the Company as may be in effect
from time to time. This Section shall not limit in any way the Company’s and Employee’s obligations under the Company’s
by-laws, charter provisions, and Indemnification Agreements entered into by the Employee and HCC, dated March 25, 2010 and March 12,
2021 (collectively, the “Indemnification Agreements”).

 

    2 

     

    

 

7.             Release.

 

(a)             Employee’s
General Release of Claims. Employee, on Employee’s own behalf and that of Employee’s heirs, executors, attorneys, trustees,
spouses, representatives, beneficiaries, administrators, successors, and assigns, fully, unconditionally, irrevocably, and forever releases,
waives, and discharges HCC and HBC, all of HCC’s and HBC’s past, present, and future directors, officers, trustees, employees,
representatives, agents, assigns, attorneys, shareholders, insurers, predecessors, successors, parents, subsidiaries, affiliates, related
entities, and joint venturers, (and all past, present, and future directors, officers, trustees, employees, representatives, agents,
assigns, attorneys, shareholders, and insurers of such predecessors, successors, parents, subsidiaries, affiliates, related entities,
and joint venturers), and the current and former trustees and administrators of each retirement and other benefit plan applicable to
the employees and former employees of the Company, both in their official and individual capacities, (the “Releasees”)
from and against any and all liabilities, claims, causes, of action, suits, charges, losses, damages, compensation, contracts, agreements,
wages, penalties, complaints, injuries, expenses, obligations, demands, actions, and attorney’s fees and costs, of any kind whatsoever,
whether now known or unknown, suspected or claimed (“Claims”), which Employee now has, may have had, or may ever have
against any Releasee(s) relating to or arising out of any matter, fact, injury, incident, circumstances or thing whatsoever which occurred
at any time from the beginning of time up through the date Employee executes this Agreement (the “Release”), including
but not limited to, all, Claims arising out of or relating to:

 

(i)            Employee’s
employment or other association with the Company, and the termination of such employment,

 

(ii)          Wages,
bonuses, other compensation, and benefits,

 

(iii)         Any
employment or change in control contract,

 

(iv)         Any
employment law, statute, or regulation, including, but not limited to:

 

(1)              The
United States and State of California Constitutions,

 

(2)              The
Civil Rights Act of 1964,

 

(3)              The
Civil Rights Act of 1991,

 

(4)              The
Equal Pay Act,

 

(5)              The
Employee Retirement Income Security Act of 1974, as amended,

 

    3 

     

    

 

(6)              
The Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),

 

(7)              The
Americans with Disabilities Act,

 

(8)              Executive
Order 11246,

 

(9)              the
Family and Medical Leave Act; the Fair Labor Standards Act; the Worker Adjustment and Retraining Notification Act; the Reconstruction
Era Civil Rights Act, as amended; the Sarbanes-Oxley Act; the Occupational Safety and Health Act; the Health Insurance Portability and
Accountability Act; the California Fair Employment and Housing Act; the California Family Rights Act; the California Labor Code (including,
without limitation, Section 132a and Sections 1400-1408); the California Government Code; the California Business & Professions Code
Section 17200 et seq., the California Industrial Welfare Commission Orders,

 

(10)            Any
other federal, state, or local statute, ordinance, or regulation relating to employment,

 

(11)            Any
statutory or contractual right of payment, and

 

(12)            Any
alleged tort or breach of contract under the common law of the State of California or any other state, including but not limited to,
defamation, intentional or negligent infliction of emotional distress, breach of the covenant of good faith and fair dealing, promissory
estoppel, and negligence.

 

(b)            Waiver
of Known & Unknown Claims, Including Specifically Waiver of California Civil Code Section 1542. Employee acknowledges that Employee
is aware that statutes exist that render null and void releases and discharges of any claims, rights, demands, liabilities, actions,
and causes of action that are unknown to the releasing or discharging party at the time of execution of the release and discharge. Employee
waives, surrenders, and shall forego any protection to which Employee would otherwise be entitled by virtue of the existence of any such
statutes in any jurisdiction, including the State of California. Employee expressly waives and relinquishes all rights and benefits afforded
by Section 1542 of the Civil Code of the State of California, which states as follows:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT,
IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

Employee hereby specifically
acknowledges and agrees that Employee’s waiver of known and unknown claims and of Section 1542 of the Civil Code of the State of
California is knowing and voluntary.

 

    4 

     

    

 

8.             Acknowledgment
of Rights and Waiver of Claims Under the ADEA. Employee acknowledges and agrees that Employee is knowingly and voluntarily waiving
and releasing any rights Employee may have under the ADEA and pursuant to the Older Workers Benefit Protection Act. Employee also acknowledges
that the consideration given for the waiver and release in this Agreement is in addition to anything of value to which Employee already
is entitled, and that, but for this Agreement, Employee would not be entitled to the consideration set forth in Section 3 of this
Agreement. Employee further acknowledges that Employee has been advised by this writing that: (a) Employee’s waiver and release
does not apply to any claims that arise after Employee’s execution of this Agreement; (b) Employee should consult with an attorney
prior to executing this Agreement; (c) Employee has twenty-one (21) calendar days from Employee’s receipt of the Agreement to consider
this Agreement (although Employee may by Employee’s own choice execute this Agreement earlier, but may not execute this agreement
before his last day of work for the Company); (d) changes to the terms of the Agreement, whether material or immaterial, will not restart
this twenty-one (21) day period; (e) Employee has seven (7) calendar days following Employee’s execution of this Agreement to revoke
it in writing; and (f) this Agreement shall not be effective and enforceable unless and until the seven (7) day revocation period has
expired without revocation of the Agreement by Employee. Employee may revoke this Release within seven (7) calendar days only by giving
the Company formal, written notice of Employee’s revocation of this Release (by email) to Attention: Lawrence McGovern, larry.mcgovern@herbank.com.
Such notice must be received by the Company before the expiration of the seven (7) day revocation period referenced above.

 

9.             Exclusions
from General Release.

 

(a)             Excluded
from the Release and Section 7 are any claims or rights (i) provided by or arising from the Excluded Agreements (ii) that cannot
be waived by law including, but not limited to claims or rights to unemployment insurance and workers’ compensation benefits; (iii)
to indemnification from the Company pursuant to an employment agreement, indemnification agreement, the Company’s bylaws, or any
charter provision; (iv) to coverage under any applicable directors’ and officers’ liability insurance coverage for the Company
or any Affiliate; (vi) to benefits under any employee benefit plan that have accrued or arisen on or before the Effective Date; (vii)
pursuant to any ERISA-governed retirement, pension or welfare benefit plan; or (viii) to file a charge with an administrative agency
or participate in any agency investigation. Employee is, however, waiving the right to recover any money in connection with a charge
or investigation. Employee is also waiving the right to recover any money in connection with a charge filed by any other individual or
by the Equal Employment Opportunity Commission or any other federal or state agency. Notwithstanding the foregoing, Employee is not waiving
the right to report possible securities law violations to the Securities and Exchange Commission and other governmental agencies or the
right to receive any resulting whistleblower awards.

 

10.           Covenant
Not to Sue. A “covenant not to sue” is a legal term that means Employee promises not to file a lawsuit in court. It is
different from the release of claims and waiver of rights contained in Section 7 above. In addition to waiving and releasing the claims
covered by Section 7 above, Employee shall never sue the Releasees in any forum for any Claims covered by the Release. If
Employee sues any of the Releasees in violation of this Agreement, Employee shall be liable to them for their reasonable attorneys’
fees and costs incurred in defending against Employee’s suit. If Employee has previously filed any lawsuit against any of the Releasees,
Employee shall immediately take all necessary steps and execute all necessary documents to withdraw or dismiss such lawsuit to the extent
Employee’s agreement to withdraw, dismiss, or not file a lawsuit would not be a violation of any applicable law or regulation.
This Section 10 does not apply to any rights, causes of action, suits or claims arising out of or as a result of the Excluded Agreements.

 

    5 

     

    

 

11.           Non-Disparagement.
Employee shall not disparage, speak negatively of, or vilify any of the Releasees, and shall refrain from making any false, negative,
critical, or disparaging statements, implied or expressed, about the Releasees, including regarding management style, methods of doing
business, the quality of products and services, role in the community, or treatment of employees. Employee shall do nothing that would
damage the Company’s business reputation or goodwill. The Company’s Board of Directors and executive officers shall not disparage,
speak negatively of, or vilify Employee, and shall refrain from making any false, negative, critical or disparaging statements, implied
or expressed, about Employee, including regarding management style, methods of doing business, the quality of products and services,
role in the community, or treatment of employees. The terms of Section shall not apply if is the Parties are testifying or otherwise
making statements pursuant to an order of a court of competent jurisdiction, or an inquiry or subpoena issued under the authority thereof,
in response to a written request from a government agency, or as otherwise authorized by law.

 

12.           Excluded
Agreements. For purposes of this Agreement, the term “Excluded Agreements” means the Indemnification Agreements, The
Amended and Restated Heritage Commerce Corp 2005 Supplemental Executive Retirement Plan, the Employee’s Life Insurance Endorsement
Method Split Dollar Plan Agreement dated June 15, 2005, and the Employee’s First Amended and Restated Heritage Bank of Commerce
Life Insurance Method Split Dollar Agreement Plan dated July 15, 2019.

 

13.           Company
Property.

 

(a)             Employee
shall return to the Company all information, property, and supplies belonging to the Company or any of its affiliates, including any
confidential or proprietary information, keys (for equipment or facilities), laptop computers and related equipment and devices, cellular
phones, smart phones (including SIM cards), security cards, corporate credit cards, and the originals and all copies of all files, materials,
and documents (whether in tangible or electronic form) containing confidential or proprietary information or relating to the business
of the Company or any of its affiliates.

 

(b)             Employee
shall not, at any time on or after the Separation Date, directly or indirectly use, access, or in any way a1ter or modify any of the
databases, e-mail systems, software, computer systems, or hardware or other electronic, computerized, or technological systems of the
Company or any of its affiliates. Employee acknowledges that any such conduct by Employee would be illegal and would subject Employee
to legal action by the Company, including claims for damages and/or appropriate injunctive relief.

 

14.           No
Admissions. The Company denies that the Company or any of its affiliates, or any of their employees or agents, has taken any improper
action against Employee, and this Agreement shall not be admissible in any proceeding as evidence of improper action by the Company or
any of its affiliates or any of their employees or agents.

 

    6 

     

    

 

15.           Confidentiality
of Agreement. The Parties agree to keep confidential all negotiations leading up to the execution of the Agreement, including without
limitation, all communications and documents exchanged in connection therewith, except as required by regulatory inquiry, law, or court
order.

 

16.           Non-Waiver.
The Company’s waiver of a breach of this Agreement by Employee shall not be construed or operate as a waiver of any subsequent
breach by Employee of the same or of any other provision of this Agreement.

 

17.           Applicable
Law. This Agreement shall be governed by the laws of the State of California, without reference to its choice of law rules.

 

18.           Legal
Fees. In the event that either Party commences arbitration or litigation to enforce or protect such Party’s rights under this
Agreement, the prevailing Party in any such action shall be entitled to recover reasonable attorneys’ fees and costs and other
costs relating to such action, in addition to all other entitled relief, including damages and injunctive relief.

 

19.           Entire
Agreement. This Agreement sets forth the entire integrated agreement between the Parties regarding the subject matter hereof, including
but not limited to, Employee’s employment with the Company and termination of that employment. This Agreement supersedes any and
all agreements, either orally or in writing, between the Parties, including but not limited to, the Employment Agreement, except that
the Parties agree that only Sections 4, 10, and 11 of the Employment Agreement survive the termination of Employee’s
employment with the Company and remain in full force and effect. Each party to this Agreement acknowledges that no other representations,
inducements, promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of party, which are
not set forth herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding on
either party.

 

20.           Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement.

 

21.           Successors.
This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

22.           Enforcement.
Employee acknowledges and agrees that a material breach by Employee of this Agreement will cause irreparable damage to the Releasees.
In the event of Employee’s material breach of this Agreement, in addition to any other remedies the Company may have, and without
bond and without prejudice to any other rights and remedies that the Company may have for Employee’s breach of this Agreement,
the Company shall be entitled to an injunction to prevent or restrain any such violation by Employee and all persons directly or indirectly
acting for or with Employee. Employee stipulates that the restrictive period for which the Company is entitled to an injunction shall
be extended for a period that equals the time period during which Employee is or has been in violation of the restrictions contained
herein.

 

    7 

     

    

 

23.           No
Presumption Against Drafting Party. The Parties agree that this Agreement was negotiated fairly between them at arms’ length
and that the final terms of this Agreement are the product of the Parties’ negotiations. Each Party represents and warrants that
he/it has sought and received legal counsel of his/its own choosing with regard to the contents of this Agreement and the rights and
obligations affected hereby. The Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them,
and that the provisions of this Agreement therefore should not be construed against any Party on the ground that it was more responsible
for drafting the provisions.

 

24.           Arbitration.
All claims, controversies, disputes and other matters in question arising out of or relating to this Agreement, or because of an alleged
breach, default, or misrepresentation in connection with any of the provisions of this Agreement, including without limitation, any state
or federal statutory claims, shall be resolved by binding arbitration in Santa Clara County, California, before a sole arbitrator (the
 “Arbitrator”) mutually selected by the parties from Judicial Arbitration and Mediation Services (“JAMS”)
in accordance with the rules and procedures of JAMS then in effect. The obligation of the parties to arbitrate pursuant to this section
shall be specifically enforced in accordance with, and shall be conducted consistently with the provisions of Title 9 of Part 3 of the
California Code of Civil Procedure as the exclusive remedy of such dispute; provided, however, that provisional injunctive relief may,
but need not, be sought in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by
such court shall remain effective until the matter is finally determined by the Arbitrator. Final resolution of any dispute through arbitration
may include any remedy or relief that the Arbitrator deems just and equitable, including any and all remedies provided by applicable
state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential
findings and conclusions upon which the Arbitrator’s award or decision is based. Any award or relief granted by the Arbitrator
hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction.

 

25.           Severability.
The provisions of this Agreement are severable. Any provision of this Agreement or portion thereof which is held to be prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability,
without invalidating the remaining portion of any such provision or this Agreement as a whole, and without affecting the validity or
enforceability of such provision in any other jurisdiction. However, if the release contained in Section 7 of this Agreement is
found by a court of competent jurisdiction to be invalid or unenforceable, Employee agrees, promptly upon the request of the Company,
to execute a new release that is valid and enforceable.

 

26.           Tax
Advice. Employee understands and agrees that the Company is not providing any tax or legal advice and makes no representation to
Employee regarding any tax obligations or consequences, if any, related to this Agreement.

 

    8 

     

    

 

IN WITNESS WHEREOF, the Parties
have duly executed this Agreement as of the dates set forth below their respective signatures below.

 

	HERITAGE BANK OF COMMERCE	 	EMPLOYEE
	 	 	 
	By:	 	 	By:	 
	 	Jack Conner	 	 	Walt Kaczmarek
	 	Chairman of the Board	 	 
	 	 	 
	Date:	 	 	Date:  	 
	 	 	 

 

	HERITAGE COMMERCE CORP	 	 
	 	 	 
	By:	 	 	 
	 	Jack Conner	 	 
	 	Chairman of the Board	 	 
	 	 	 
	Date:	 	 	 

 

    9

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