Document:

Exhibit
10.3 

AMENDED
AND RESTATED SALE OR CHANGE OF CONTROL, 

EXCLUSIVITY AND NONCOMPETE AGREEMENT

AMENDED AND RESTATED SALE OR CHANGE OF
CONTROL, EXCLUSIVITY AND NONCOMPETE AGREEMENT (“Agreement”) made this 12th day of November, 2011 by and among United
Healthcare Services, Inc., a Minnesota corporation (together with its affiliates, “United”) and (ii) IntriCon Corporation,
a Pennsylvania corporation (“IntriCon”).

WITNESSETH:

WHEREAS, United and IntriCon have previously entered into (i)
a Software Development and Assignment Agreement dated as of August 5, 2011 (“Software Agreement”) and (ii) a Manufacturing
Agreement dated as of September 26, 2011 as amended and restated as of November 12th, 2011 (as amended and restated, the “Manufacturing
Agreement”); and

WHEREAS, in connection with the Software Agreement and the
Manufacturing Agreement, the parties entered into a Sale or Change of Control Agreement dated as of October 10, 2011 (the “Prior
Agreement”) and United and IntriCon and certain shareholders of IntriCon previously entered into a Shareholders Agreement
dated as of October 10, 2011 (the “Shareholders Agreement”); and

WHEREAS, the parties desire to amend and restate the Prior
Agreement on the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants in
this Agreement and other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, United
and IntriCon agree as follows:

1.                 
Definitions:

Affiliate: Affiliate means any entity that controls, is controlled by or is under
common control with the identified entity, except that no entity may be deemed an “Affiliate” solely due to the same
individual or individuals serving in the capacities of director, officer, manager, general partner and/or similar control person
of the two entities.

 

Health Insurer: (1) Any entity (including without limitation corporations, LLCs,
HMOs, not for profits) licensed by any state to offer and sell medical or health insurance; (2) any entity that has entered into
a contract with the Centers for Medicare and Medicaid Services to provide healthcare benefits to eligible members; (3) any entity
that manages or administers the healthcare benefits provided by any entity identified in (1) or (2) of this definition; and (4)
any Affiliate of any entity identified in (1), (2) or (3) of this definition.

 

Hearing Devices: hearing aids and hearing aid related accessories produced by
IntriCon that meet the Specification (as defined in the Manufacturing Agreement) and are sold to United under the terms of the
Manufacturing Agreement.

 

    	 

    	 

    
 

 

2.                 
Sale Transaction Provisions. If IntriCon’s Board of Directors determines to pursue
a sale of IntriCon to any entity that manufactures or distributes hearing aids or to a Health Insurer (directly or indirectly),
whether by way of stock purchase, asset sale, merger, other combination or any other change of control of IntriCon (each a “Sale
Transaction”), the Board of Directors will offer to United the opportunity to complete the transaction on the same terms
as offered by any third party (it being understood that a Sale Transaction process may involve several rounds of bidding). If IntriCon’s
Board of Directors determines to pursue a Sale Transaction of IntriCon to any other entity (i.e., an entity other than an entity
that (i) manufactures or distributes hearing aids or (ii) is a Health Insurer), IntriCon agrees to permit United to participate
in any formal auction process or otherwise enter a competing bid to purchase IntriCon. United acknowledges and agrees that all
actions of the IntriCon Board of Directors in connection with such a sale or change of control must be consistent with the Board
of Directors’ legal duties and obligations to IntriCon and its shareholders. IntriCon and United agree to cooperate to insure
that IntriCon’s obligations and United’s rights under this Section are exercised in a manner consistent with the legal
duties and obligations of the IntriCon Board of Directors. IntriCon further agrees to cause those officers and directors identified
by United, including Mark S. Gorder, Michael J. McKenna, Robert N. Masucci, Nicolas A. Giordano, Philip N. Seamon, Christopher
D. Conger, Michael P. Geraci, Scott Longval, Dennis L. Gonsior, and Greg Gruenhagen to enter into the Shareholders Agreement with
United. The purchaser in any Sale Transaction must agree to cause IntriCon to perform all of IntriCon’s obligations under
the Software Agreement and the Manufacturing Agreement. If the IntriCon Board approves a Sale Transaction, or a Sale Transaction
otherwise occurs, United will have the right, in its sole discretion, to terminate, effective at any time within the next 180 days,
all agreements between United and IntriCon, including any pending orders. For purposes of this Section, a company that manufactures
surgically implanted hearing instruments (e.g. cochlear implants) and does not manufacture or distribute other types of hearing
aids is not an “entity that manufactures or distributes hearing aids”. If United exits this business or if there is
a sale of IntriCon incompliance with this Section 1, IntriCon will be released from this change of control obligation and the provisions
of this Section 1 and the related Shareholders Agreement shall expire. For clarification, United acknowledges that this Agreement
satisfies Section 17 of the Manufacturing Agreement and that United shall not have the right to terminate the Manufacturing Agreement
pursuant to Section 17 of the Manufacturing Agreement.

3.                 
Exclusivity: 

(i)                
IntriCon Exclusivity. IntriCon agrees that during the term of the Manufacturing Agreement,
IntriCon will not knowingly manufacture or sell, directly or indirectly, Hearing Devices, hearing aids or hearing aid accessories
for any Health Insurer, provided however that this shall not prevent IntriCon from manufacturing or selling hearing aids or components
of hearing aids or hearing aid accessories for, or on behalf of, other hearing aid manufacturers or distributors so long as IntriCon
does not know that such devices will be resold or otherwise distributed to or for a Health Insurer. If IntriCon learns that Hearing
Devices it manufactures are intended for a Health Insurer it will not fulfill that order, except to the extent that failure to
fulfill that order would result in a breach of a contract by IntriCon. If IntriCon fulfills such an order, IntriCon must notify
United before shipping and United will have the right, in United’s sole discretion, to (a) terminate the Manufacturing Agreement
or (b) terminate United’s obligation under Section 15 of the Manufacturing Agreement.

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(ii)              
No Investigation. This exclusivity provision does not require IntriCon to investigate
whether devices manufactured under any current relationship are intended for a Health Insurer. If IntriCon receives an order for
devices that is significantly larger than its prior experience with the purchaser, or from a purchaser with whom IntriCon does
not have a prior relationship, IntriCon will inquire regarding the distribution of the devices and will not accept or fulfill the
order if the devices are intended for a Health Insurer, except, subject to United’s termination rights under the preceding
paragraph, to the extent that failure to fulfill that order would result in a breach of a contract by IntriCon. For purposes of
this Section, “significantly larger” means an increase in an order of not less than 5,000 devices that is also an increase
in order volume of not less than 20 percent. If United exits this business, IntriCon will be released from this exclusivity obligation.

4.                 
Covenant Not To Compete. For the duration of the Manufacturing Agreement:

(i)                
IntriCon will not distribute the Hearing Devices or hearing aid related accessories IntriCon
provides to United under the Manufacturing Agreement (including Section 5.6 of the Manufacturing Agreement) or any similar product,
including updated versions of the same or similar products directly to the consumer. 

(ii)              
If IntriCon develops a new hearing related consumer product that is not subject to the terms
of the Manufacturing Agreement (including Section 5.6 of the Manufacturing Agreement) that IntriCon desires to offer directly to
consumer, IntriCon agrees to first offer to United the right to distribute that product to consumers. If United declines to distribute
that new product, IntriCon may then distribute the product directly. 

(iii)            
If IntriCon breaches Sections 4(i) or 4(ii) of this Agreement or if United reasonably determines that IntriCon’s distribution of any hearing product
directly to consumers, without first providing the right of first refusal to United, measurably and negatively impacts United’s
business, United will have the right to (a) terminate United’s obligation under Section 15 of the Manufacturing Agreement effective immediately and (b) if United determines the breach or negative impact continues
for more 30 days after providing written notice to IntriCon, to terminate the Manufacturing Agreement, each in United’s sole
discretion.

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(iv)            
If United exits this business, IntriCon will be released from this Section 4 Covenant Not To Compete without any further action by United or IntriCon upon completion of United’s
exit from the business.

5.                 
Termination. This Agreement, and the respective rights and obligations of the parties
hereto, shall terminate upon the earlier of (i) the termination of the Manufacturing Agreement or (ii) the mutual agreement of
United and IntriCon. Notwithstanding the foregoing, specific obligations of a party to this Agreement may expire earlier pursuant
to the provisions of this Agreement.

6.                 
Notices. All notices and other communications under this Agreement must be in writing
and will be deemed given when delivered or mailed by first class, registered or certified mail (air mail if to or from outside
the United States), return receipt requested, postage prepaid, to each party at its address as provided pursuant to the Manufacturing
Agreement. 

7.                 
Specific Performance. The rights of the parties under this Agreement are unique and,
accordingly, the parties have, in addition to such other remedies as may be available to any of them at law or in equity, the right
to enforce their rights under this Agreement by actions for specific performance to the extent permitted by law. 

8.                 
Entire Agreement. This Agreement and the Software Agreement, the Manufacturing Agreement,
and the Shareholders Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and
thereof and supersede all prior agreements and understandings between them or any of them as to such subject matter, including
without limitation, the Prior Agreement.

9.                 
Waivers and Further Agreements. Any of the provisions of this Agreement may be waived
by an instrument in writing executed and delivered by United and IntriCon. Any waiver by any party of a breach of any provision
of this Agreement will not operate or be construed as a waiver of any subsequent breach of that provision or of any other provision
hereof. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action
as any other party may reasonably require in order to effectuate the terms and purposes of this Agreement. 

10.             
Amendments. Except as otherwise expressly provided in this Agreement, this Agreement
may not be amended except by an instrument in writing executed by United and IntriCon.

11.             
Assignment; Successors and Assigns. This Agreement is binding upon and will inure to
the benefit of the parties to this Agreement and their respective heirs, executors, legal representatives, successors and permitted
transferees, except as may be expressly provided otherwise in this Agreement.

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12.             
Severability. In case any one or more of the provisions in this Agreement is for any
reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not
affect any other provision of this Agreement and such invalid, illegal and unenforceable provision must be reformed and construed
so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

13.             
Counterparts. This Agreement may be executed in two or more counterparts, each of which
will be deemed an original, but all of which together will constitute one and the same instrument. 

14.             
Section Headings. The headings in this Agreement are for reference purposes only and
must not in any way affect the meaning or interpretation of this Agreement.

15.             
Governing Law. This Agreement shall be construed and enforced in accordance with and
governed by the law of the State of Minnesota, without regard to its principles of conflicts of laws.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Sale
or Change of Control Agreement as of the day and year first above written.

 

	 	UNITED
	 	 
	 	UNITED HEALTHCARE SERVICES, INC.
	 	 
	 	By:	/s/ Lisa Tseng, M.D.
	 	 	Name: Lisa Tseng, M.D.

Title:    CEO, hi Health Innovations

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Sale
or Change of Control Agreement as of the day and year first above written.

	 	INTRICON
	 	 
	 	 
	 	 
	 	By:	/s/ Scott Longval
	 	 	Name: Scott Longval

Title:    CFO

 

 

 

 

 

 

    	7Exhibit 10.4

 

AMENDED AND RESTATED OFFICE/WAREHOUSE

LEASE SECOND EXTENSION AGREEMENT

 

This Second Extension Agreement made as of this
20th day of Oct, 2011, by and between Arden Partners I, L.L.P., a Minnesota limited liability partnership, (“Lessor”)
and IntriCon, Inc., a Minnesota Corporation, and IntriCon Corporation, a Pennsylvania corporation (collectively “Lessee”).

 

RECITALS

 

Whereas, Lessor and Lessee’s predecessor
Resistance Technology, Inc. (“RTI”) entered into an Amended and Restated Office/Warehouse Lease dated November 1, 1996,
for the property (“Premises”) described therein located at 1260 Red Fox Road, Arden Hills, Minnesota, for a term expiring
October 31, 2003.

 

Whereas, by Extension Agreement dated as of
October 1, 2001, between Lessor and RTI the term of said lease was extended to October 31, 2011 (said lease as amended being hereinafter
referred to as the “Lease”).

 

Whereas, Lessor and Lessee desire to extend
the term of the Lease and modify certain of the terms and provisions of the Lease.

 

Now, Therefore, In Consideration of the foregoing
and the mutual agreements contained herein, the parties hereto do hereby agree as follows:

 

1.        The
term of the Lease shall be extended for two (2) years from and after October 31, 2011, and the new Expiration Date shall be October
31, 2013.

 

2.        The
annual Base Rent shall be as follows:

 

            From
November 1, 2011 to October 31, 2013 $372,090.00

 

3.        Lessee
shall have the option to extend the term of the Lease for one period of three years (11/1/13-10/31/16) upon the same terms and
conditions set forth in the Lease as amended hereby, except the annual Base Rent shall be increased (but not decreased) to the
fair market rental value of the Premises as of November 1, 2013. Lessee may exercise such option by giving written notice to Lessor
at least six months prior to the end of the term then in effect. After giving of said notice, the parties shall negotiate in good
faith to determine the fair rental value for a period of 30 days. If the parties cannot agree on the fair rental value, said fair
rental value shall be determined by arbitration under the rules of the real estate industry of the American Arbitration Association.

 

    	 

    	 

    

4.        It
is understood that Lessee is in possession of the Premises, and Lessee accepts the Premises “as is.”

 

5.        Lessor
and Lessee agree that the Lease as amended by this Second Extension Agreement is the entire agreement of the parties, and the “Extension
Agreement” referenced at Articles 1 and 40 of the Lease, to the extent inconsistent with the terms of the Lease as amended
by this Second Extension Agreement, is hereby superseded.

 

6.        Except
as modified herein, all other terms and provisions of the Lease shall remain in full force and effect.

 

In Witness Whereof, the parties have executed
this Second Extension Agreement as of the date first above written.

 

	LESSOR:	 	LESSEE:	 
	 	 	 	 	 	 
	Arden Partners I, L.L.P.	 	IntriCon, Inc.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By: 	/s/ 	Thomas A. Giguere	 	By: 	/s/ 	Scott Longval	 
	 	 	Thomas A. Giguere	 	 	 	Scott Longval	 
	 	 	 	 	 	 
	Its: 	Managing Partner	 	Its: 	CFO	 

 

 

 

 

 

2

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