Document:

Exhibit 10.24

 

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

CONFIDENTIAL

 

DEVELOPMENT, COMMERCIALIZATION
AND EXCLUSIVE DISTRIBUTION AGREEMENT

 

THIS DEVELOPMENT, COMMERCIALIZATION
AND EXCLUSIVE DISTRIBUTION AGREEMENT is made as of May 10, 2018 (the "Effective Date"), between Seraph
Biosciences, Inc., a Delaware corporation with its principal place of business at 1449 Woodward Avenue, #2-108, Detroit,
Michigan 48226 ("Seraph") and Zomedica Pharmaceuticals Corp.,
a corporation organized pursuant to the laws of Alberta, Canada, having offices at 100 Phoenix Drive, Suite 190, Ann Arbor, Michigan
48108 ("Zomedica").

 

Background

 

WHEREAS, Seraph has developed
certain technology and owns or controls certain intellectual property relating to its Seraspec® hardware platform and associated
software (the "Seraspec Platform"), and the consumables developed by Seraph and used in conjunction with
the Seraspec Platform (the "Seraspec Consumables"); and

 

WHEREAS, Seraph has received
a license from Wayne State University to certain patents and technology related to the detection and identification of certain
protein based compounds which are included in the Seraspec Technology (as hereinafter defined); and

 

WHEREAS, Zomedica is a
veterinary pharmaceutical and health care solutions company creating innovative products for companion animals (canine, feline
and equine) including veterinary-approved drugs, novel drug-delivery technologies and diagnostics, and which has expertise and
know-how in developing products for applications in the veterinary field; and

 

WHEREAS, the Parties desire
to establish a collaboration for the development and validation of a Seraspec® Platform device and Seraspec Consumables carrying
a Zomedica brand (the "Product"), for use in the Zomedica Field of Use (as defined below) in the Territory
(as defined below), upon the terms and conditions set forth in this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing and the covenants and promises contained herein, the Parties agree as follows:

 

Terms
and Conditions

 

1.                 
Definitions.

 

(a)              
"Affiliate" means, with respect to a Person, any Person that controls, is controlled by or is under
common control with such first Person. For the purposes of this definition only, "control" means (i) to possess, directly
or indirectly, the power to direct the management or policies of a Person, whether through ownership of voting securities, by contract
relating to voting rights or corporate governance or otherwise; or (ii) to own, directly or indirectly, fifty percent (50%) or
more of the outstanding securities or other ownership interest of such Person.

 

    

    

    

 

(b)              
"Agreement" means this Development, Commercialization and Exclusive Distribution Agreement.

 

(c)               
"Bankrupt Party" has the meaning set forth in Section 11(f) of this Agreement.

 

(d)              
"Basic Purchase Order Terms" means, collectively, any one or more of the following terms specified
by Zomedica in a Purchase Order pursuant to Section 4(d): (i) an itemized list of the Seraspec Platforms and Seraspec Consumables
to be purchased; (ii) the quantity of each ordered; (iii) the requested delivery date; (iv) the Supply Price for each item to be
purchased; (v) the billing address; and (vi) the delivery location. For the avoidance of doubt, the term "Basic Purchase
Order Terms" does not include any general terms or conditions of any Purchase Order.

 

(e)               
"Change in Control" means: (i) any merger, amalgamation, consolidation or other similar business combination
transaction of a Party with or into any third party Person (other than for the purpose of changing the name or the jurisdiction
of organization of the Party) in which the shareholders of the Party immediately prior to the transaction cease to own at least
50% of the outstanding voting power of the Party or the Person surviving such transaction; (ii) the acquisition, directly or indirectly,
by any Person and such Person's Affiliates (other than, in the case of Zomedica, Gerald A. Solensky, Jr., his Affiliates, and his
heirs and legal representatives) of the power to direct or cause the direction of the management and policies of a Party, whether
through the ownership of voting securities, by contract or otherwise, including, without limitation, the direct or indirect acquisition
of 50% or more of the outstanding voting power of a Party; and (iii) the sale, lease, exclusive license or other transfer by a
Party of all or substantially all of the assets of a Party to any third party Person, in one or a series of related transactions.
"Change in Control" shall not include any Change in Control required by a government or the requirements
of applicable law, or a transaction or series of transactions principally undertaken for bona fide equity financing purposes.

 

(f)               
"Commercially Reasonable Efforts" of a Party means, with respect to an obligation of a Party to accomplish
an objective under this Agreement, the efforts and resources comparable to those undertaken by a veterinary pharmaceutical company
of comparable size and resources in the case of Zomedica or a biotechnology company of comparable size and resources in the case
of Seraph, in either case, relating to the research, development or commercialization of a similar product owned by such company,
or to which such company has exclusive rights, with comparable market potential and is at a similar stage in its lifecycle. For
this purpose, all relevant factors, as measured by the facts and circumstances at the time such efforts are due, shall be taken
into account, including, as applicable and without limitation, stage of development; efficacy and safety relative to competitive
products in the marketplace; actual or anticipated regulatory approval; labeling; the nature and extent of market exclusivity (including
patent coverage, proprietary position and regulatory exclusivity), product pricing and reimbursement; and the cost and time required
for and likelihood of obtaining regulatory approval and commercializing a product.

 

    	2

    

    

 

(g)              
"Competitor" means an entity primarily engaged in the same or similar business as a Party.

 

(h)              
"Confidential Information" means information, materials, data and results, in whatever form, that the
disclosing Party (the "Disclosing Party") considers secret and/or valuable proprietary information, including,
without limitation, proprietary technical, process, operational, business, financial and other trade secret information and know-how
and sample materials related to their respective businesses. Confidential Information shall not, however, include any information
which the receiving Party (the "Receiving Party") can demonstrate with competent proof:
(i) was publicly known and made generally available in the public domain prior to the time of disclosure by the Disclosing
Party; (ii) becomes publicly known and made generally available after disclosure by the Disclosing Party to the Receiving Party
through no misconduct of the Receiving Party; (iii) is already in the possession of the Receiving Party without confidentiality
obligations at the time of disclosure by the Disclosing Party as shown by the Receiving Party’s contemporaneous records;
(iv) is obtained by the Receiving Party from a third party without a breach of such third party’s obligations of confidentiality;
or (v) is independently developed by the Receiving Party without use of or reference to the Confidential Information of the Disclosing
Party.

 

(i)                
"Cost of Purchase" means Seraph's actual cost to purchase the Seraspec Platform or the Seraspec Consumables,
as the case may be, from its suppliers.

 

(j)                
"Development Costs" means all development, validation and other pre-market costs incurred in connection
with the execution of the Development Plan and as set forth in the Statements of Work, including without limitation, the costs
of the proof of concept studies and clinical validation studies, and the research and validation costs incurred by Seraph identified
in the Statements of Work. Development Costs shall be based on a full accounting of development and validation costs described
in the applicable Statement of Work, including reimbursements and payments made by Zomedica to Seraph, and shall be agreed upon
by the Parties prior to commercialization.

 

(k)              
"Development Data and Documentation" means all data and documentation produced in the course of the
Parties' activities under this Agreement, but excluding Veterinary-Specific Data and Documentation, including without limitation,
data and documentation relating to the following items: (i) verification and validation protocols and data collection standards;
(ii) Pathogen-Specific Data and Documentation; (iii) limits of detection verification results; and (iv) negative control verification
results (confounding pathogens/pseudo pathogens).

 

(l)                
"Development Plan" has the meaning set forth in Section 3(a) of this Agreement.

 

(m)              
"Effective Date" has the meaning set forth in the introductory paragraph of this Agreement.

 

(n)              
"Event of Bankruptcy" means (i) the filing, with any court or agency pursuant to any statute or regulation
of any state or country of, (1) a petition in bankruptcy or insolvency, (2) for reorganization or (3) for the appointment of (or
for an arrangement for the appointment of) a receiver or trustee of the Bankrupt Party or of its asset; (ii) with respect to the
Bankrupt Party, being served with an involuntary petition filed in any insolvency proceeding, which such petition is not dismissed
within sixty (60) days after the filing thereof; (iii) proposing or being party to any dissolution or liquidation when insolvent;
or (iv) making an assignment for the benefit of creditors.

 

    	3

    

    

 

(o)              
"Excess Gross Profit" has the meaning set forth in Section 5(g) of this Agreement.

 

(p)              
"Extended Service Plans" has the meaning set forth in Section 4(f)(ii) of this Agreement.

 

(q)              
"Fecal Test" means veterinary fecal specimen testing.

 

(r)               
"Final Period" has the meaning set forth in Section 5(e)(iv) of this Agreement.

 

(s)               
"First Commercial Shipment" means the first commercial shipment of either the Seraspec Platform or
the Seraspec Consumables under this Agreement to an unrelated third party in the Territory for end use or consumption, excluding
shipments, transfers or dispositions of the Seraspec Platform or Seraspec Consumables without consideration for (i) charitable
or promotional purposes; (ii) for preclinical or clinical validation studies; (iii) for test marketing or pre-launch field testing
with veterinarians or other potential customers; or (iv) for use in any tests or studies reasonably necessary to comply with applicable
laws, regulations or requests from any regulatory authorities.

 

(t)                
"First Milestone Shares" has the meaning set forth in Section 5(b) of this Agreement.

 

(u)              
"First Tier Customer Support" means selling, installation, user training, software use support, lab
support, interface questions, operation of equipment, billing, collections and similar activities relating primarily to the customer.

 

(v)              
"GAAP" means generally accepted accounting principles in the United States set forth in the opinions
and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment
of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently
applied.

 

(w)            
"Grace Period" has the meaning set forth in Section 5(h) of this Agreement.

 

(x)              
"Initial Payment" has the meaning set forth in Section 5(a) of this Agreement.

 

(y)              
"Initial Period" has the meaning set forth in Section 5(e)(i) of this Agreement.

 

(z)               "Initial Shares" has the meaning set forth in Section 5(a) of this Agreement.

 

(aa)            
"Initial Tests" means the Urine Test and the Fecal Test.

 

    	4

    

    

 

(bb)         
"Initial Warranty Period" has the meaning set forth in Section 4(f)(i) of this Agreement.

 

(cc)           
"Intellectual Property" means any and all rights in, arising out of, or associated with any of the
following in any jurisdiction throughout the world: (i) issued patents and patent applications (whether provisional or non-provisional),
including divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations
of any of the foregoing, and other governmental authority-issued indicia of invention ownership (including certificates of invention,
petty patents, and patent utility models); (ii) trademarks, service marks, brands, certification marks, logos, trade dress, trade
names, and other similar indicia of source or origin, together with the goodwill connected with the use of and symbolized by, and
all registrations, applications for registration, and renewals of, any of the foregoing; (iii) copyrights and works of authorship,
whether or not copyrightable, and all registrations, applications for registration, and renewals of any of the foregoing; (iv)
trade secrets, know-how, inventions (whether or not patentable), discoveries, improvements, technology, business and technical
information, databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary
information and all rights therein; and (v) all other intellectual or industrial property and proprietary rights.

 

(dd)         
"Joint Intellectual Property" has the meaning set forth in Section 7(a)(ii) of this Agreement.

 

(ee)           
"Joint Patents" has the meaning set forth in Section 7(b) of this Agreement.

 

(ff)           
"Know-How" means any and all technical information, trade secrets, formulas, prototypes, specifications,
directions, instructions, test protocols, procedures, results, studies, analyses, raw material sources, data, manufacturing data,
formulation or production technology, conceptions, ideas, innovations, discoveries, inventions, processes, methods, materials,
machines, devices, formulae, equipment, enhancements, modifications, technological developments, techniques, systems, tools, designs,
drawings, plans, software, documentation, data, programs and other knowledge, information, skills and materials

 

(gg)          
"License Fees" has the meaning set forth in Section 5(e) of this Agreement.

 

(hh)          
"Licensed Know-How" means any and all Know-How that is controlled by Seraph and necessary for the commercialization,
use, practice, marketing, sale and distribution of the Product.

 

(ii)           
"Licensed Patents" means the patents and patent applications listed on Exhibit
A, attached hereto, together with all patents that issue therefrom, and all continuations, continuations-in-part, divisionals,
extensions, substitutions, re-issues, re-examinations, and renewals of any of the foregoing.

 

(jj)            
"Milestone Payments" has the meaning set forth in Section 5(b) of this Agreement.

 

(kk)          
"Minimum Performance Level" has the meaning set forth in Section 6(b) of this Agreement.

 

    	5

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(ll)             
"Non-Bankrupt Party" has the meaning set forth in Section 11(f) of this Agreement.

 

(mm)         
"Offer" has the meaning set forth in Section 2(f) of this Agreement.

 

(nn)          
"Party" means each of Seraph or Zomedica, and "Parties" means Seraph and Zomedica
collectively.

 

(oo)          
"Patent Proceedings" means any opposition, re-issue, and re-examination, and any contested case, including
inter-partes review, post-grant review, interference, derivation or similar proceedings.

 

(pp)          
"Pathogen-Specific Data and Documentation" means data and documentation produced in the course of the
Parties' activities under this Agreement relating to: (i) pathogen specific spectral signatures in isolation; and (ii) pathogen
specific spectral signatures in confounded sample.

 

(qq)         
"Person" means an individual, sole proprietorship, partnership, limited partnership, limited liability
partnership, corporation, limited liability company, business trust, joint stock company, trust unincorporated association, joint
venture or other similar entity or organization, including a government or political subdivision, department or agency of a government.

 

(rr)           
"Post Term Period" has the meaning set forth in Section 11(g).

 

(ss)            
"Product" has the meaning set forth in the Background Section of this Agreement.

 

(tt)            
"Production Unit" means a Seraspec Platform with applicable UL (or other) certification as appropriate
or required by applicable laws for use or sale to companion animal veterinarians to validate the proficiency of production manufacturing
capabilities.

 

(uu)         
"Project Intellectual Property" has the meaning set forth in Section 7(a)(iii) of this Agreement.

 

(vv)          
"Purchase Order" has the meaning set forth in Section 4(d)(ii) of this Agreement.

 

(ww)         
"Quarterly Forecast" has the meaning set forth in Section 4(d)(i) of this Agreement.

 

(xx)           
[*]

 

(yy)           
"Sales Forecast" has the meaning set forth in Section 6(a) of this Agreement.

 

    	6

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(zz)           
"Second Milestone Shares" has the meaning set forth in Section 5(b) of this Agreement.

 

(aaa)         
"Second Period" has the meaning set forth in Section 5(e)(ii) of this Agreement.

 

(bbb)        
"Second Tier Customer Support" means addressing technical questions that were not able to be addressed
by Zomedica in First Tier Customer Support, product warranty, hardware calibration and similar activities relating primarily to
the Seraspec Technology and not included in First Tier Customer Support.

 

(ccc)          
"Seraspec Consumables" has the meaning set forth in the Background Section of this Agreement.

 

(ddd)        
"Seraspec Platform" has the meaning set forth in the Background Section of this Agreement.

 

(eee)          
"Seraspec Technology" means the Seraspec Platform, the Seraspec Consumables, Licensed Patents and the
Licensed Know-How. In the interest of clarity, except to the extent such technology is Joint Intellectual Property, the Seraspec
Technology includes (i) methods for detecting pathogens using Ramen-based spectroscopic analysis; and (ii) any spectral signatures
which are developed under this Agreement.

 

(fff)             
[*]

 

(ggg)          
"Supply Interruption" has the meaning set forth in Section 6(c).

 

(hhh)          
"Supply Price" has the meaning set forth in Section 4(c).

 

(iii)            
"Statement of Work" means a document executed by the Parties establishing the Parties' specific duties
and responsibilities, and associated deliverables, timelines and milestones, with respect to the development and validation of
the Product for use in the Zomedica Field of Use.

 

(jjj)            
"Term" has the meaning set forth in Section 11(a) of this Agreement.

 

(kkk)         
"Territory" means the entire world.

 

(lll)            
"Third Milestone Shares" has the meaning set forth in Section 5(b) of this Agreement.

 

(mmm)      
"Third Period" has the meaning set forth in Section 5(e)(iii) of this Agreement.

 

(nnn)          
"Urine Test" means veterinary urine specimen testing.

 

(ooo)          
"Veterinary Market" means the practice of veterinary medicine for the health and wellbeing of pets
and other animals. In the interest of clarity, the Veterinary Market does not include (i) food safety or animal product or byproduct
applications; (ii) animal import/export control applications; or (iii) any human health applications.

 

    	7

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(ppp)     
"Veterinary-Specific Data and Documentation" means data and documentation produced in the course of
the Parties' activities under this Agreement relating to the following items: (i) veterinary clinical validation of Seraspec®
results from third party laboratories; (ii) veterinary clinical validation gold standard reference laboratory diagnostic results;
(iii) veterinary clinical validation veterinary personal health information for patients; and (iv) veterinary clinical validation
reports.

 

(qqq)     
"Warehousing Location" means for the period of [*] following the First Commercial Shipment, the manufacturer's
onsite warehouse, and for all periods thereafter, a warehouse selected by Zomedica.

 

(rrr)        
"WSU License Agreement" has the meaning set forth in Section 2(b) of this Agreement.

 

(sss)         
"Zomedica Field of Use" means the following applications within the Veterinary Market: (i) the Urine
Test; (ii) the Fecal Test; [*].

 

(ttt)          
"Zomedica Gross Profit" means with respect to any Statement of Work, an amount equal to the Zomedica
Net Sales of the Seraspec Platforms and Seraspec Consumables under such Statement of Work, less the total Supply Price for the
Seraspec Platforms and Seraspec Consumables under such Statement of Work. Notwithstanding the foregoing, Zomedica Gross Profits
shall not be deemed to be less than zero (i.e., in the event Zomedica sells any Seraspec Platform or Seraspec Consumable at a loss
to Zomedica, the Zomedica Gross Profits attributable to such sale will be deemed to be zero).

 

(lll)            "Zomedica Net Sales" means the gross amount invoiced for sales or other dispositions of the Seraspec
Platforms and Seraspec Consumables by Zomedica, less the following deductions actually incurred, allowed, paid, accrued or
otherwise specifically allocated to the Seraspec Platforms and Seraspec Consumables by Zomedica, all in compliance with GAAP,
consistently applied by Zomedica:

 

(a)       normal
and customary trade discounts, including trade, cash and quantity discounts or rebates credits or refunds, actually allowed or
taken;

 

(b)       credits
or allowances actually granted or made for rejection of or return of previously sold Seraspec Platforms and Seraspec Consumables,
including recalls, or for retroactive price reductions and billing errors or for stocking allowances;

 

(c)       other
rebates (or credits or other equivalents thereof) actually granted to trade customers;

 

(d)      reasonable
fees paid to wholesalers, distributors, selling agents (excluding sales representatives of Zomedica), in each case with respect
to the Seraspec Platforms and Seraspec Consumables;

 

    	8

    

    

 

(e)       charges
separately invoiced for freight, insurance, transportation, postage and handling;

 

(f)       bad
debts or provision for bad debt deductions actually written off during the applicable accounting period following the applicable
accounting standards used by Zomedica; and

 

(g)       taxes,
custom duties or other governmental charges (including any tax, such as a value added or similar tax or government charge, but
excluding what is commonly known as income tax) levied on or measured by the billing amount for Seraspec Platforms and Seraspec
Consumables, as adjusted for rebates and refunds.

 

2.                 
License.

 

(a)              
License Grant. Subject to the terms and conditions set forth in this Agreement, Seraph hereby grants to Zomedica during
the Term and Post Term Period, an exclusive (other than during the Post Term Period or as otherwise expressly set forth herein)
license to the Seraspec Technology, with the right to sublicense solely as provided in Section 2(c), to use, practice, commercialize,
market, sell and distribute the Product for use in the Zomedica Field of Use in the Territory. Zomedica shall not, and shall not
permit any of its Affiliates to, use or practice any Seraspec Technology outside the scope of the license granted to it in this
Section 2(a). Seraph hereby expressly retains for itself and others exclusive rights under the Seraspec Technology to manufacture
the Seraspec Platform and the Seraspec Consumables.

 

(b)              
Wayne State University Sublicense Terms. Certain of the Seraspec Technology is licensed to Seraph by Wayne State University
("WSU") pursuant to that certain License Agreement between Seraph and WSU dated July 2, 2015, as amended
(the "WSU License Agreement"), and the rights granted to Zomedica in this Agreement includes sublicenses
under the rights licensed to Seraph under the WSU License Agreement. As such, Zomedica agrees to be bound by those certain provisions
from the WSU License Agreement, a copy of which has previously been provided by Seraph.

 

(c)               
Sublicensing. Zomedica shall have the right to grant sublicenses of the licenses set forth in Section 2(a), subject
to the terms of this Section 2(c) and with the prior written approval of Seraph, which will not be unreasonably withheld or delayed;
provided that (i) Zomedica remains fully liable for the performance of its obligations in this Agreement; (ii) Zomedica remains
fully liable for the performance of its sublicensees under any sublicense agreement; and (iii) each sublicense agreement is consistent
with the terms and conditions of this Agreement. Zomedica shall notify Seraph in writing of every sublicense agreement and amendment
thereto within thirty (30) days after their execution.

 

    	9

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(d)              
Seraph Retained Rights. The licenses granted by Seraph under this Agreement are limited to those grants specifically
set forth in Sections 2(a), 3(d)(ii) and 7(a)(ii). Nothing in this Agreement will be construed to grant any rights or licenses
to any other intellectual property rights of Seraph other than as provided herein. All rights, licenses, benefits and privileges
not expressly granted to Zomedica hereunder are reserved by Seraph. For the avoidance of doubt, Seraph shall retain all ownership
rights in the Seraspec Technology subject to the terms of this Agreement.

 

(e)               
Exclusivity. As partial consideration for the grant of rights set forth in Section 2(a) and provided that Seraph is
not in breach of its material obligations under this Agreement, Zomedica agrees that during the Term of this Agreement, it and
its Affiliates shall not, in any country in the Territory which the Product has been commercialized, directly or indirectly market,
distribute or sell any in-clinic or point of care technology or product that directly competes with the Product actually developed
and commercialized by Zomedica hereunder in the Zomedica Field of Use.

 

(f)               
Right of First Offer. If at any time during the Term of this Agreement Seraph intends to offer the right to market,
distribute or sell the Seraspec Technology for use outside the Zomedica Field of Use but within the Veterinary Market or Seraph
intends to engage in a Change in Control, Seraph must first make a written offer to Zomedica to negotiate and enter into a business
relationship or Change in Control upon the substantially the same terms that Seraph intends to offer to a third party (the "Offer").
With the Offer, Seraph will provide Zomedica all information available to Seraph with respect to the Offer. Within [*] of Zomedica's
receipt of the Offer from Seraph, Zomedica shall notify Seraph that it either accepts the terms of the Offer or that it rejects
the Offer. In the case of acceptance of the Offer, the contract for the business relationship or Change in Control shall be closed
within [*] following such acceptance, or such other period as the Parties may mutually agree.

 

3.                 
Development and Validation.

 

(a)              
Development Plan. The Parties shall jointly undertake activities to develop and validate the Seraspec Technology for
use in the Zomedica Field of Use pursuant to the activities set forth in the Statements of Work (the "Development Plan").
Each Statement of Work under this Agreement will be issued in writing and will be effective when signed by an authorized representative
of each of the Parties. No Statement of Work may be amended, modified, changed or supplemented except by a writing signed by an
authorized representative of each of the Parties. Each Statement of Work will reference and incorporate the terms of this Agreement.
The terms and conditions of this Agreement apply to any and all Statements of Work executed by the Parties that reference this
Agreement, and all such Statements of Work will be governed by the terms and conditions of this Agreement. The initial Statement
of Work, addressing the development and validation activities related to the Initial Tests is attached hereto as Exhibit
B. One or more subsequent Statements of Work will address the development and validation activities related to [*],
and will be established by the Parties following the Effective Date.

 

    	10

    

    

 

(b)              
Efforts. Each Party will use its Commercially Reasonable Efforts, including devoting sufficient time, attention and
qualified personnel, to meet the delivery dates for any deliverables and complete other matters agreed to in the Development Plan.
The Parties will provide each other with such technical support relating to the development and validation of the Product for use
in the Zomedica Field of Use in accordance with the Development Plan as reasonably necessary for the Parties to execute the Development
Plan. The Parties acknowledge that in connection with the Development Plan, each of the Parties may need access to certain Confidential
Information of the other Party and that such Confidential Information will be subject to the confidentiality provisions set forth
in Section 8 hereof. Each Party agrees to notify the other promptly of any factor, occurrence, or event coming to its attention
that may have a material negative effect on that Party’s ability to meet the requirements of the Development Plan generally,
or that is likely to cause any material delay in the delivery of deliverables. Upon receipt of such notice the parties shall discuss
in good faith the responsibility for such delays and determine who shall bear the cost of such delay of failure to meet the requirements
of the Development Plan.

 

(c)               
Development Costs. Zomedica will be responsible for and bear all Development Costs, and shall compensate Seraph for
any of its Development Costs in accordance with the amounts set forth in the applicable Statement of Work. With respect to Development
Costs incurred by Seraph under a Statement of Work, Seraph shall invoice Zomedica on a monthly basis for such costs, and Zomedica
will pay such invoices within forty-five (45) days of receipt. Zomedica shall promptly notify Seraph if the Development Costs exceed
or are reasonably likely to exceed the budgeted costs set forth in the applicable Statement of Work.

 

(d)              
Records and Reports.

 

(i)                
Each Party shall maintain complete, current and accurate records of all activities undertaken by such Party pursuant
to the Development Plan, including without limitation, all data, Know-How and patents resulting from such work, and all Development
Costs incurred in connection therewith. The Parties will report the results of the Development Plan to each other informally on
a regular basis. In addition, by the end of calendar months December and June of each year, Zomedica shall provide written reports
to Seraph on its activities under the Development Plan in a form reasonably acceptable to the Parties, detailing (i) all of the
work conducted by Zomedica during the previous six (6) months; (ii) all data, Know-How and patents resulting from such work during
the previous six (6) months; and (iii) all Development Costs incurred in connection therewith during the previous six (6) months.

 

(ii)               All
rights, title and interest in and to all Development Data and Documentation shall be owned by Seraph. Zomedica hereby assigns
all rights, title and interest in and to such Development Data and Documentation to Seraph, and Zomedica shall execute such
documents and perform such acts as may be necessary to vest title thereto in Seraph. Seraph shall provide Zomedica a copy of
all such Development Data and Documentation, and hereby grants Zomedica a perpetual, irrevocable, royalty-free,
worldwide exclusive license to use the Development Data and Documentation, but excluding the Pathogen-Specific Data and
Documentation, in the Zomedica Field of Use. Seraph hereby grants Zomedica during the Term and Post Term Period a
royalty-free, worldwide exclusive license to use the Pathogen-Specific Data and Documentation in the Zomedica Field of Use.
The Development Data and Documentation shall constitute Seraph's Confidential Information, and Seraph shall be deemed to be
the Disclosing Party with respect thereto.

 

    	11

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(iii)            
All rights, title and interest in and to all Veterinary-Specific Data and Documentation shall be owned by Zomedica.
Seraph hereby assigns all rights, title and interest in and to such Veterinary-Specific Data and Documentation to Zomedica, and
Seraph shall execute such documents and perform such acts as may be necessary to vest title thereto in Zomedica. Zomedica shall
provide Seraph a copy of all such Veterinary-Specific Data and Documentation, and hereby grants Seraph a perpetual, irrevocable,
royalty-free, worldwide exclusive license to use such Veterinary-Specific Data and Documentation outside the Zomedica Field of
Use. Veterinary-Specific Data and Documentation shall constitute Zomedica's Confidential Information, and Zomedica shall be deemed
to be the Disclosing Party with respect thereto.

 

		4.	Commercial Activities.

 

(a)              
Distribution Rights. Subject to the terms and conditions set forth in this Agreement, including without limitation the
minimum performance objectives set forth in Section 6, Seraph hereby appoints Zomedica as its exclusive (even as to Seraph, and
other than during the Post Term Period or otherwise as expressly set forth herein) distributor to market and promote sales of the
Product for use in the Zomedica Field of Use in the Territory, and Zomedica hereby accepts such appointment and agrees to act as
such distributor. Zomedica may appoint dealers or sub-distributors to distribute, market and sell the Product for use in the Zomedica
Field of Use in the Territory.

 

(b)              
Manufacture and Supply. Seraph shall manufacture or have manufactured, and shall supply the Seraspec Platforms and Seraspec
Consumables to Zomedica and its customers according to the terms and conditions of this Agreement, and on an exclusive basis in
the Zomedica Field of Use. Seraph shall at all times maintain and cause any third party manufacturers or suppliers to maintain
sufficient capacity to meet the Quarterly Forecast provided by Zomedica. In the interest of clarity, Seraph shall have the exclusive
right and obligation to manufacture and package the Seraspec Platforms and Seraspec Consumables for all purposes both inside and
outside the Zomedica Field of Use.

 

(c)               
Prices.

 

(i)                
Zomedica shall purchase the Seraspec Platforms and Seraspec Consumables from Seraph at the following prices (the "Supply
Price"):

 

(1)              
Zomedica shall purchase the Seraspec Platforms from Seraph at a price equal to the Cost of Purchase for such Seraspec
Platform, plus [*]; and

 

    	12

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(ii)              
Zomedica shall purchase the Seraspec Consumables from Seraph at a price equal to the Cost of Purchase for such Seraspec
Consumables, plus [*]. During the Term, on a calendar quarter basis, Seraph shall provide Zomedica with an accounting of its Cost
of Purchase for the Seraspec Platforms and Seraspec Consumables (broken out by Statement of Work) at the beginning of each calendar
quarter, which accounting shall be used in the calculation of the Supply Price for the quarter.

 

(d)              
Forecasts; Ordering.

 

(i)                
During the Term and the Post Term Period, on a calendar-quarter basis, Zomedica shall submit to Seraph a rolling twelve-month
forecast for the purchase of the Seraspec Platform and the Seraspec Consumables (the "Quarterly Forecast").
The Quarterly Forecast shall be non-binding and shall reflect Zomedica's good faith estimates of expected orders of the Seraspec
Platform and the Seraspec Consumables. The Quarterly Forecasts are for informational purposes only and do not create any binding
obligations on behalf of either Party; provided, however, that Seraph shall not be required to manufacture and sell to Zomedica
any quantity of Seraspec Platforms or Seraspec Consumables that is greater than [*] of any Quarterly Forecast for the period covered
by such Quarterly Forecast.

 

(ii)              
Zomedica shall issue purchase orders containing applicable terms that are consistent with the terms of this Agreement
to Seraph ("Purchase Orders"), in written form via e-mail or US mail. By issuing a Purchase Order to Seraph,
Zomedica makes an offer to purchase Seraspec Platforms and/or Seraspec Consumables pursuant to the terms and conditions of this
Agreement and the Basic Purchase Order Terms contained in such Purchase Order, and on no other terms. For the avoidance of doubt,
any variations made to the terms and conditions of this Agreement by Zomedica in any Purchase Order are void and have no effect.
Upon receipt of the Purchase Order, Seraph shall issue Zomedica an invoice setting forth the Supply Price for the Seraspec Platforms
and Seraspec Consumables subject to such Purchase Order. Zomedica shall pay each invoice within [*] following delivery of the Seraspec
Platforms and/or Seraspec Consumables and receipt of an invoice.

 

(iii)            
Seraph shall deliver the Seraspec Platforms and Seraspec Consumables specified in each Purchase Order, EX Works (Incoterms
2010) Warehousing Location within [*] from Seraph's receipt of the Purchase Order; provided, however, that the quantity of Seraspec
Platforms and Seraspec Consumables specified in such Purchase Agreement are not greater than [*] of the Quarterly Forecast. In
all other cases, Seraph shall deliver the Seraspec Platforms and Seraspec Consumables as promptly as reasonably possible following
Seraph's receipt of the Purchase Order. In the interest of clarity, Zomedica shall be responsible for shipment of all Seraspec
Platforms and Seraspec Consumables from the Warehousing Location to the end customers at its own expense.

 

(iv)            
Until the first anniversary of the First Commercial Shipment, all costs associated with the warehousing of the Seraspec
Platforms and Seraspec Consumables at the Warehousing Location shall be borne by Seraph. Following the first anniversary of the
First Commercial Shipment, all costs associated with the warehousing of the Seraspec Platforms and Seraspec Consumables at the
Warehousing Location shall be borne by Zomedica.

 

    	13

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(e)               
Quality Audit.

 

(i)                
Seraph shall use Commercially Reasonable Efforts to ensure the quality of the Seraspec Platforms and Seraspec Consumables prior
to shipment. Seraph represents and warrants that all Seraspec Platforms and Seraspec Consumables shipped under this Agreement shall
be manufactured to quality standards at least as exacting as those required for Seraph's sales into markets outside the Zomedica
Field of Use and in compliance with all applicable laws, rules and regulations; provided, however, that Zomedica shall inform Seraph
of any applicable laws, rules and regulations that are specific to the Zomedica Field of Use. In addition, the Parties shall mutually
agree upon specific manufacturing quality requirements on an as-needed basis for specific regions in the Territory, or as required
by applicable regulatory or market requirements in the Zomedica Field of Use.

 

(ii)              
Seraph or its manufacturer shall maintain inspection and other relevant manufacturing records with respect to the Seraspec
Platforms and Seraspec Consumables ordered and shipped under this Agreement. The relevant types of records to be maintained shall
be listed in Exhibit F, as amended from time to time. Seraph shall provide, or shall cause its manufacturer to provide, Zomedica
with such inspection reports and records upon Zomedica's request. Zomedica shall have the right to carry out, not more than once
per calendar year, and upon reasonable prior notice quality, capacity and manufacturing audits of Seraph and its manufacturers
used for the manufacture of the Seraspec Platforms and Seraspec Consumables subject to this Agreement.

 

(f)               
Warranty.

 

(i)                
Seraph warrants to Zomedica and its end customers that, for a period of [*] following Zomedica's acceptance of a Seraspec
Platform (the "Initial Warranty Period"), that the Seraspec Platform will be free from material defects
in material and workmanship. The limited warranty in this Section 4(f) does not apply where the Seraspec Platform has:

 

(1)              
been subjected to abuse, misuse, neglect, negligence, accident, improper testing, improper installation, improper storage,
improper handling, abnormal physical stress, abnormal environmental conditions or use contrary to any instructions issued by Seraph;

 

    	14

    

    

 

(2)              
been reconstructed, repaired or altered by persons other than Seraph or its authorized representatives; or

 

(3)              
been used with any third-party product, hardware or product that has not been previously approved in writing by Seraph.

 

(ii)              
Zomedica and Seraph may mutually agree to offer extended service plans for the Seraspec Platforms beyond the Initial
Warranty Period to Zomedica customers for purchase (the "Extended Service Plans"). The Extended Service
Plans will include warranty, repair and customer service levels substantially similar to those afforded during the Initial Warranty
Period. At least 45 days prior to the anticipated date of First Commercial Shipment, the parties will negotiate in good faith the
terms under which Seraph shall sell to Zomedica the Extended Service Plan, in accordance with the Customer Service Requirements
and Warranty Guidelines attached hereto as Exhibit E, which Zomedica can then resell to Zomedica’s customers at such price
determined by Zomedica in its sole and absolute discretion. In the event such Extended Service Plans are instituted and purchased
by a Zomedica customer, the provisions of this Section 4(f) shall apply to any Seraspec Platforms subject to such Extended Service
Plans.

 

(iii)            
During the Initial Warranty Period, or during term of the Extended Service Plan, if applicable, and after conducting
all applicable First Tier Customer Support related to such alleged claim or defect, Zomedica shall promptly notify Seraph, in writing,
of any alleged claim or defect in the Seraspec Platform. Seraph shall then provide all applicable Second Tier Customer Support
related to such alleged claim or defect.

 

(iv)            
In the event Seraph is not able to rectify the alleged claim or defect through the Second Tier Customer Support, Seraph
shall ship, at its expense and risk of loss, a new or refurbished Seraspec Platform directly to such customer, and the customer
shall, at its expense and risk of loss, send such allegedly defective Seraspec Platform to Seraph's facility.

 

(v)              
Neither Zomedica nor its customers have any right to return for repair, replacement, credit or refund any Seraspec Platforms
except as set forth in this Section 4(f). In no event shall Zomedica reconstruct, repair, alter or replace any Seraspec Platforms,
in whole or in part, either itself or by or through any third party.

 

(vi)            
EXCEPT FOR THE WARRANTY SET FORTH IN THIS SECTION 4(F), SERAPH MAKES NO WARRANTY WHATSOEVER WITH RESPECT TO THE SERASPEC
PLATFORMS OR SERASPEC CONSUMABLES, INCLUDING ANY (A) WARRANTY OF MERCHANTABILITY; (B) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE;
(C) WARRANTY OF TITLE; OR (D) WARRANTY AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; WHETHER EXPRESS OR
IMPLIED BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR OTHERWISE. THIS SECTION SETS FORTH ZOMEDICA'S AND ITS
CUSTOMERS' SOLE REMEDY AND SERAPH'S ENTIRE LIABILITY FOR ANY BREACH OF THE LIMITED WARRANTY SET FORTH IN SECTION 4(F).

 

    	15

    

    

 

(g)              
Branding. Zomedica shall provide branding for the Seraspec Platforms and Seraspec Consumables to be provided under this Agreement
and shall bear all costs related to Zomedica branding of the Product. The Seraspec Platforms and Seraspec Consumables will also
display Seraph's brand, and Zomedica will not alter or remove such branding.

 

(h)              
Marketing, Sales & Customer Support.

 

(i)               
Zomedica shall be solely responsible for commercialization and marketing of the Seraspec Technology in the Zomedica
Field of Use, and in furtherance thereof, shall be solely responsible for providing First-Tier Customer Support related to the
Seraspec Technology in the Zomedica Field of Use.

 

(ii)              
Seraph shall be solely responsible for all Second-Tier Customer Support related to the Seraspec Technology in the Zomedica
Field of Use.

 

(iii)            
The Parties shall share responsibility for post-market surveillance of the Seraspec Technology in the Zomedica Field
of Use, including without limitation gathering call data, repair and replacement data, customer feedback and other relevant information
in the course of providing the First-Tier Customer Support and the Second-Tier Customer Support. Each Party will share with the
other Party all such information and data gathered from such surveillance.

 

(i)                
Regulatory. Zomedica shall, at its own expense, be solely responsible for all regulatory activities, including without limitation,
any required regulatory approvals, if any, related to the use of the Seraspec Technology solely within the Zomedica Field of Use,
or related to Zomedica's activities under this Agreement. Seraph shall, at its own expense, be solely responsible for all regulatory
activities related to the manufacture and use of the Seraspec Technology that relate to uses both inside and outside the Zomedica
Field of Use.

 

		5.	Compensation.

 

(a)              
Upfront Payment. As partial consideration for the rights granted to Zomedica herein, Zomedica shall pay to Seraph, on
the Effective Date, an initial payment of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) (the "Initial
Payment"). The Initial Payment shall be paid as follows: (i) Five Hundred Thousand Dollars ($500,000) in cash in immediately
available funds; and (ii) the issuance, in accordance with Section 5(c), of that number of shares of Zomedica's common stock determined
by dividing One Million Two Hundred Fifty Thousand Dollars ($1,250,000) by the volume-weighted average price of Zomedica's shares
of common stock on the NYSE American exchange over the ten (10) trading days prior to the Effective Date (the "Initial
Shares").

 

    	16

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(b)              
Milestone Payments. As partial consideration for the rights granted to Zomedica herein, Zomedica shall make the following
payments to Seraph upon the achievement of the following milestone events (the "Milestone Payments"):

 

	Milestone Event	Milestone Amount	Form of Payment
	[*]	$500,000	Cash in immediately available funds
	[*]	$500,000	Cash in immediately available funds
	[*]	$2,000,000	The issuance in accordance with Section 5(c) of that number of shares of Zomedica common stock determined by dividing $2,000,000 by the volume-weighted average price of Zomedica stock on the NYSE American exchange over the ten (10) trading days prior to achievement of the milestone event (the "First Milestone Shares").  
	[*]	$1,250,000	Cash in immediately available funds
	[*]	$750,000	The issuance in accordance with Section 5(c) of that number of shares of Zomedica common stock determined by dividing $750,000 by the volume-weighted average price of Zomedica stock on the NYSE American exchange over the ten (10) trading days prior to achievement of the milestone event (the "Second Milestone Shares").  
	[*]	$1,250,000	Cash in immediately available funds
	[*]	$750,000	The issuance in accordance with Section 5(c) of that number of shares of Zomedica common stock determined by dividing $750,000 by the volume-weighted average price of Zomedica stock on the NYSE American exchange over the ten (10) trading days prior to achievement of the milestone event (the "Third Milestone Shares").

 

    	17

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(c)               
Registration of Securities. The securities to be issued pursuant to this Agreement have not been registered under the
Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Notwithstanding the
foregoing, Zomedica shall file a registration statement to register the securities issued pursuant to this Agreement for resale
in the United States, including the Initial Shares, the First Milestone Shares, the Second Milestone Shares and the Third Milestone
Shares, in the time and manner as set forth in Exhibit D attached hereto and
incorporated herein by this reference and perform certain other covenants as set forth in such Exhibit
D.

 

(d)              
Calculation and Payment of License Fees. Following the First Commercial Shipment, on a calendar quarter basis, Zomedica
shall provide Seraph with an accounting of the Zomedica Gross Profit for the Seraspec Platforms and Seraspec Consumables (broken
out by test) at the end of each calendar quarter, which accounting shall be used in the calculation of the License Fee for such
quarter. Zomedica shall pay Seraph the License Fees within [*] following the end of the calendar quarter in which such License
Fees were earned.

 

(e)               
License Fees. As partial consideration for the rights granted to Zomedica herein, Zomedica shall pay Seraph the license
fees identified in this Section 5(e) (the "License Fees") with respect to each Statement of Work.

 

(i)                
For the first [*] months following the First Commercial Shipment under such Statement of Work (the "Initial
Period"), Zomedica shall pay Seraph a License Fee equal to [*] of the Zomedica Gross Profit on the sale of the Seraspec
Consumables and Seraspec Platforms under such Statement of Work. The following sections notwithstanding, the Initial Period shall
last for no less than 12 months;

 

(ii)              
Beginning in the [*] month following the First Commercial Shipment under such Statement of Work and until the beginning
of the Third Period (the "Second Period"), Zomedica shall pay Seraph a License Fee equal to [*] of the
Zomedica Gross Profit on the sale of the Seraspec Consumables and Seraspec Platforms under such Statement of Work;

 

(iii)            
Beginning in the first month after Zomedica has recouped the entirety of the Development Costs associated with such
Statement of Work (as contemplated in Section 5(g)) and until the beginning of the Final Period (the "Third Period")
but not less than [*] months following the First Commercial Shipment, Zomedica shall pay Seraph a License Fee equal to [*] of the
Zomedica Gross Profit on the sale of the Seraspec Consumables and Seraspec Platforms under such Statement of Work; and

 

    	18

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(iv)            
Beginning in the first month following the [*] year anniversary of the First Commercial Shipment under each Statement
of Work (the "Final Period"), Zomedica shall pay Seraph a License Fee equal to [*] of the Zomedica Gross
Profit on the sale of the Seraspec Consumables and Seraspec Platforms under such Statement of Work.

 

(f)               
Sublicense Fees under WSU Agreement. Seraph shall be responsible for paying the Sublicense Fees (as defined in the WSU
Agreement) owed to WSU under the WSU Agreement during the Term of the WSU Agreement.

 

(g)              
Zomedica Recovery of Development Costs. The graduated schedule of License Fees set forth in Section 5(e) is intended
to allow Zomedica to recover its Development Costs relating to each Statement of Work. During the Initial Period and the Second
Period, any Zomedica Gross Profit retained by Zomedica, which is in excess of the amount would be retained by Zomedica if the License
Fee from the Final Period were applied to the Zomedica Gross Profit during that period, (the "Excess Gross Profit")
shall be applied toward recovery of the Development Costs attributable to such Statement of Work.

 

(i)                
By way of example, and not limitation, with respect to any specific Statement of Work, if Zomedica Gross Profit during
the Initial Period were $2,000,000, the application of such Zomedica Gross Profit to the recovery of the Development Costs shall
be calculated as follows:

 

Zomedica Gross
Profit actually retained by Zomedica during the Initial Period = ($2,000,000 * [*]%) = [*]

 

Zomedica Gross
Profit that would be retained by Zomedica if License Fees from Final Period were applied = ($2,000,000 * [*]%) = [*]

 

Excess Gross
Profit applied to recoupment of Development Costs = [*]

 

(ii)              
In the interest of clarity, the Initial Payment and the Milestone Payments are not subject to any recovery by Zomedica
of the Development Costs and the application of Excess Gross Profit toward the recovery of Development Costs shall be specific
to each Statement of Work (i.e., Zomedica Gross Profit relating to the sale of Seraspec Consumables for the Initial Tests will
not be subject to cost recovery by Zomedica of Development Costs attributable to subsequent Statements of Work).

 

(h)              
Licensee Fee Reduction for Supply Interruption. In the event of a Supply Interruption, as that term is defined in Section
6(c), Seraph shall have 60 days to cure the Supply Interruption without penalty by completing final delivery of all then-ordered
Products according to Section 4(d)(iii) (the "Grace Period"). If a Supply Interruption occurs and is not
wholly cured and all such Products delivered within 60 days, then for any Seraspec Platforms or Seraspec Consumables which were
the subject of the Supply Interruption, and which have not been delivered within the 60 days, the License Fees payable to Seraph
under Section 5(e) with respect to those Seraspec Platform and Seraspec Consumable units will be reduced by [*]. Any additional
Zomedica Gross Profit retained by Zomedica as a result of Supply Interruptions that extend beyond the Grace Period shall not apply
toward the recovery of Zomedica’s Development Costs under Section 5(g).

 

    	19

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(i)                
True-Up. Within ninety (90) days of the end of each year, Zomedica shall provide an accounting of Zomedica Net Sales
for that year, inclusive of any delayed or volume based rebates not reflected on the date of sale. If the License Fees which would
be payable under this end-year accounting differ from the Licensee Fees actually paid during that year, the Party which has benefited
from any such discrepancy shall remit the cash amount of the License Fee discrepancy to the other Party within ninety (90) days.

 

(j)                
Records and Audit. Each Party shall maintain the usual books of account and records accounting for its activities under
this Agreement. During the Term and the Post Term Period and for one (1) year thereafter, upon reasonable notice and at the sole
expense of the requesting party, but no more than once per calendar year, such books and records shall be open to inspection and
copying by an independent certified public account acceptable to the other party, for the purpose of verifying the accuracy of
the amounts paid under this Agreement. In the event that such review shows an error of five percent (5%) or more in either Party's
favor, the difference, together with interest on past due amounts at a rate of [*] per annum, and reimbursement for the expense
of such audit, if applicable, shall be paid to the deficient Party.

 

		6.	Performance Metrics; Competitors; Claw-Back of Rights.

 

(a)              
Zomedica shall use its Commercially Reasonable Efforts to market, distribute and sell the Seraspec Technology in the
Zomedica Field of Use, including without limitation, timely invoicing customers and collecting revenues for such sales, and purchasing
Product in accordance with the following sales forecast (the "Sales Forecast"):

 

	 	Months [*] following First Commercial Shipment	Months [*] following First Commercial Shipment	Months [*] following First Commercial Shipment
	Seraspec Platform	[*]	[*]	[*]
	Seraspec Consumables	[*]	[*]	[*]

 

    	20

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(b)              
In the event that Zomedica fails to purchase at least [*]% of the Sales Forecast for any period referenced in the table
above (the "Minimum Performance Level"), and provided that Seraph is not in default of any of its material
commercial obligations under this Agreement, including but not limited to the obligation to supply such quantities of Seraspec
Platform and Seraspec Consumables set forth in the Purchase Orders, [*]

 

(i)               
[*]

 

(ii)              
[*]

 

(c)               
In the event that Seraph materially fails to meet its supply obligations – including those enumerated in Section
4(d)(iii) – at any time when the Minimum Performance Levels apply (a "Supply Interruption"), then
in such case the Minimum Performance Levels shall be suspended during the Supply Interruption and for an additional period equal
to twice the length of the Supply Interruption (the "Interruption Period"). To that end, both the period
referenced in the table in Section 6(a) during which such Supply Interruption occurred and the Term shall each be extended by an
amount of time commensurate with the Interruption Period.

 

By way of example, and not limitation, if a
Supply Interruption lasts 1 month, the Interruption Period would be equal to 3 months (1 month plus 2 months (i.e., twice the length
of the Supply Interruption)) and the Period in which the Supply Interruption occurred and the Term would each be extended by 3
months. Consequently Zomedica would have 3 additional months to meet the Minimum Performance Level for the relevant Period, and
the Term would be extended to account for such additional 3 months (e.g., from 7 years to 7 years and 3 months, assuming this was
the first Supply Interruption).

 

(d)              
Notwithstanding the foregoing, in the event that Seraph and Zomedica mutually agree that a competitive Raman spectroscopy
solution is brought to market in the Zomedica Field of Use, and the pricing of the Seraspec Technology to Zomedica customers must
be adjusted as a direct response, the Minimum Performance Level shall be [*]% of the Sales Forecast.

 

(e)               
In the event that Zomedica fails to have a reasonable commercial sales force in place at least [*] prior to the anticipated
First Commercial Shipment, Seraph may, in its sole discretion, [*].

 

(f)               
The Parties understand and agree that the forecasts herein are based on launch of a commercial Product that is capable
of detecting the pathogens identified in the first Statement of Work to this agreement. If, during the course of the development
activities outlined in the Statement of Work, Zomedica determines that the first commercial Product will differ in its capabilities
from these original expectations, the Parties agree to meet in good faith and amend the forecasts to account for these differences.

 

		7.	Intellectual Property.

 

(a)              
Ownership.

 

(i)                 The
Parties hereby acknowledge and agree that each Party retains all right, title and interest in and to the
Intellectual Property of such Party owned or independently developed by such Party prior to the Effective Date. Except as
expressly set forth herein, neither Party grants to the other Party pursuant to this Agreement, any rights or licenses under
the Intellectual Property owned by such Party or its Affiliates.

 

    	21

    

    

 

(ii)              
All Intellectual Property that is jointly made, discovered, conceived, reduced to practice or developed by Seraph and
Zomedica under this Agreement and which relates only to veterinary patient care ("Joint Intellectual Property")
shall be jointly owned by Seraph and Zomedica. Seraph hereby grants to Zomedica an irrevocable royalty-free, worldwide exclusive
right and license to Seraph's interest in such Joint Intellectual Property to use such Joint Intellectual Property in the Zomedica
Field of Use. Zomedica hereby grants to Seraph an irrevocable, royalty-free, worldwide exclusive right and license to Zomedica's
interest in such Joint Intellectual Property to use such Joint Intellectual Property for all purposes outside the Zomedica Field
of Use. The licenses granted in this Section 7(a)(ii) shall survive the termination or expiration of this Agreement.

 

(iii)            
The Parties hereby agree that all Intellectual Property made, discovered, conceived, reduced to practice or developed
under this Agreement that is not Joint Intellectual Property ("Project Intellectual Property") shall be
owned solely by Seraph. Zomedica agrees to assign and hereby does assign all of its right, title and interest in and to all Project
Intellectual Property to Seraph. Any such Intellectual Property shall be considered Seraspec Technology and shall be subject to
the license granted to Zomedica under this Agreement. The Parties agree to execute all necessary documents in a reasonable and
prompt manner to effectuate the foregoing assignment.

 

(b)              
Prosecution and Maintenance of Joint Intellectual Property.

 

(i)                
Zomedica shall have the exclusive right and (subject to Zomedica's election not to file, prosecute, or maintain or conduct
Patent Proceedings pursuant to this Section 7(b)) at Zomedica's cost, obligation to diligently file, prosecute and maintain patents
relating to Joint Intellectual Property ("Joint Patents"), and to conduct any Patent Proceedings with respect
thereto. Zomedica may elect not to file, prosecute or maintain the Joint Patents, or conduct any Patent Proceedings with respect
thereto, and may cease prosecution or maintenance thereof or any Patent Proceeding with respect thereto, in each case on a country-by-country
basis, by providing Seraph with advance written notice. If Zomedica so elects by advance written notice, Seraph, at its sole discretion
and expense, may take such actions to the extent Seraph so elects, but Seraph shall notify Zomedica in writing at least ten (10)
days before taking any such action. If Seraph elects to take such actions as permitted pursuant to this Section 7(b), Zomedica
shall execute such documents and perform such acts as may be reasonably necessary to allow Seraph to file, initiate or continue
such prosecution or maintenance in any such country.

 

(ii)              
During the Term:

 

(1)              
Zomedica shall keep Seraph advised on at least a quarterly basis of the status of all actual and prospective Joint Patents;

 

    	22

    

    

 

(2)              
Zomedica shall provide advance copies of any material papers related to the filing, prosecution and maintenance of Joint Patents;

 

(3)              
Zomedica shall promptly, but in any case within thirty (30) days of learning of such event, give notice to Seraph of the grant,
lapse, revocation, surrender, invalidation or abandonment of any Joint Patents; and

 

(4)              
Zomedica shall solicit Seraph's advice and review of the nature and text of such patent applications and important prosecution
matters related thereto in reasonably sufficient time prior to filing thereof, provided Zomedica shall not have any obligation
with respect to Seraph's comments related thereto.

 

(iii)            
If Seraph notifies Zomedica that it wishes Zomedica to file and prosecute a Joint Patent, or to conduct any Patent Proceeding
with respect thereto, Zomedica shall undertake such activities in such countries and/or conduct such proceedings at Seraph's expense.

 

(c)               
Interference, Opposition, Re-examination and Re-issue.

 

(i)                
During the Term, Zomedica shall promptly, but in any case within thirty (30) days of learning of such event, inform Seraph
of any request for or declaration of any interference, opposition or re-examination relating to a Joint Patent. Zomedica shall
provide Seraph with written notice as soon as practicable prior to initiating any re-examination, interference or re-issue proceeding
relating to the Joint Patents. The Parties shall thereafter consult and cooperate fully to determine a course of action with respect
to any such proceeding. Seraph shall have the right to review any submission to be made in connection with such proceeding.

 

(ii)              
In connection with any Patent Proceeding relating to Joint Patents, the Parties shall cooperate fully and shall provide each
other with any information or assistance that either may reasonably request, each at its own expense. Zomedica shall keep Seraph
informed of developments in any such action or proceeding, including, to the extent permissible by law, consultation regarding
any settlement, the status of any settlement negotiations and the terms of any offer related thereto.

 

(iii)            
Zomedica shall be responsible for any out-of-pocket expenses related to any Patent Proceeding with respect to any Joint Patent.

 

(d)              
Enforcement. Each Party shall promptly advise the other in writing of any known acts of actual or potential infringement
of the Seraspec Technology in the Zomedica Field of Use. Zomedica shall use Commercially Reasonable Efforts to identify actual
or potential infringing activities within the Zomedica Field of Use. Zomedica shall use Commercially Reasonable Efforts to cause
any infringing party to cease and desist infringing activities at Zomedica's sole expense; provided that Zomedica shall not initiate
or defend any formal action, except as contemplated by Section 7(d)(ii).

 

    	23

    

    

 

(i)                
Enforcement by Seraph.

 

(1)              
To the extent that an issued, unexpired claim in the Licensed Patents covers the Seraspec Technology, Seraph has the
first option to police the Licensed Patents against infringement by other parties in the Zomedica Field of Use, but Seraph shall
notify Zomedica in writing at least ten (10) days before filing any suit. The right to police includes defending any action for
declaratory judgment of non-infringement or invalidity; and prosecuting, defending or settling all infringement and declaratory
judgment actions at its expense and through counsel of its selection. Zomedica shall provide reasonable assistance to Seraph with
respect to such actions, and Seraph shall reimburse Zomedica for the reasonable out of pocket expenses incurred in connection with
any such assistance rendered at Seraph's request or reasonably required by Seraph. Zomedica retains the right to participate, with
counsel of its own choosing and at its own expense, in any action under this Section 7(d)(i).

 

(2)              
Seraph shall defend, indemnify and hold harmless Zomedica with respect to any counterclaims asserted by an alleged infringer
reasonably related to the enforcement of the Licensed Patents under this Section 7(d)(i), including, without limitation, antitrust
counterclaims; provided, however that Seraph shall have no obligation to defend, indemnify or hold Zomedica harmless with respect
to any such counterclaim that arises from Zomedica's gross negligence or willful misconduct. If Seraph undertakes to enforce and/or
defend the Licensed Patents by litigation, Seraph shall pay all costs thereof and shall be entitled to all damages recovered in
any such litigation; provided, however, that if Zomedica exercises its right to participate in such action with counsel of its
own choosing and at its own expense, the recovery of any such action shall be shared by the Parties proportionately, relative to
their respective costs and expenses with respect to the action.

 

(3)              
For any action relating to any infringement of Licensed Patents under this Section 7(d)(i), if Seraph is unable to initiate
or prosecute such action solely in its own name, Zomedica shall, at Seraph's expense, join such action voluntarily and shall execute
all documents necessary for Seraph to initiate litigation to prosecute and maintain such action. In connection with any action,
the Parties shall cooperate fully and shall provide each other with any information or assistance that either may reasonably request.
Each Party shall keep the other informed of developments in any action or proceeding, including, to the extent permissible by law,
the consultation and approval of any settlement negotiations and the terms of any offer related thereto.

 

(ii)            
Enforcement by Zomedica. If Zomedica notifies Seraph of a material infringement
in the Zomedica Field of Use, and Seraph fails to take action to abate any such infringement within ninety (90) days of a request
by Zomedica to do so (or within a shorter period if required to preserve the legal rights of Zomedica under any applicable laws)
then Zomedica has the right to take such action (including, without limitation, prosecution of a suit) and Seraph shall use reasonable
efforts to cooperate in such action, including without limitation, being named in such action if necessary for the purposes of
standing. If Zomedica undertakes to enforce and/or defend the Licensed Patents by litigation, Zomedica shall pay all costs thereof
(including reimbursement of any costs to Seraph for its participation in the action) and shall be entitled to all damages recovered
in any such litigation; provided, however, that if Seraph exercises its right to participate in such action with counsel of its
own choosing and at its own expense, the recovery of any such action shall be shared by the Parties proportionately, relative to
their respective costs and expenses with respect to the action. With respect to any action by Zomedica under this Section 7(d)(ii),
Zomedica shall act in good faith to preserve the validity of and Seraph's right, title and interest in and to the Licensed Patents,
shall keep Seraph advised as to the status of the action, and shall not enter into a settlement without first allowing Seraph the
option of either approving the settlement or continuing the lawsuit at Seraph's expense and for Seraph's benefit (after payment
to Zomedica of its out-of-pocket and expenses of the action incurred after the settlement is rejected).

 

    	24

    

    

 

8.                 
Confidential Treatment. The Parties agree to maintain in
confidence and use the Confidential Information of each other Party solely for the purpose of conducting the activities contemplated
by this Agreement. Neither Party may make any copies of the Confidential Information (whether in tangible, intangible or electronic
format) of the other Party except to the extent required in connection with its activities under this Agreement. The Receiving
Party may not (a) use the Confidential Information of the Disclosing Party for any commercial or non-commercial purpose or gain,
other than for the purposes set forth in this Agreement, (b) reverse engineer any of the Confidential Information of the other
Party, or (c) disclose the Confidential Information of the other Party except to the extent reasonably necessary or appropriate
to fulfill the receiving Party’s obligations or exercise its rights under this Agreement, under circumstances that reasonably
ensure the confidentiality thereof. Nothing contained in this Section 8 shall prevent either Party from disclosing any Confidential
Information of the other Party to the extent reasonably necessary to comply with applicable laws, regulations or orders (including
to the extent required for the submission of regulatory filings related to the activities contemplated by this Agreement); provided
that if a Party is required by law to make any such disclosure of the other Party’s Confidential Information other than pursuant
to a confidentiality agreement, it will, to the extent legally permissible, give reasonable advance notice to the other Party of
such disclosure and will use its reasonable efforts to secure confidential treatment of such Confidential Information.

 

9.                 
Representations and Warranties.

 

(a)              
Each Party represents and warrants that, as of the Effective Date:

 

(i)                
it has the corporate and legal right, authority and power to enter into this Agreement, and to extend the rights granted
to the other Party in this Agreement;

 

(ii)              
it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

    	25

    

    

 

(iii)            
the performance of such Party under this Agreement will not conflict with its charter documents or result in a breach
of any agreements, contracts or other arrangements to which it is a party; and

 

(iv)            
neither Party nor any of such Party’s Affiliates has been disbarred or is subject to debarment and neither Party
nor any of such Party’s Affiliates shall use in any capacity in connection with the services to be performed under this agreement
any person who has been debarred pursuant to Section 306 of the Food Drug and Cosmetic Act (21 U.S.C. 335a) (the "Act")
or who is subject of a conviction described in such section. Each Party agrees to inform the other Party in writing immediately
if any person who is performing services on behalf of such Party under this Agreement is debarred or is the subject of a conviction
described in Section 306 of the Act or if any action, suit, claim, investigation or legal or administrative proceeding or to the
knowledge of such Party is threatened relating to the debarment or conviction of such Party or any person performing services on
behalf of such Party under this Agreement.

 

(b)              
Seraph Representations, Warranties and Covenants. In addition to the representations and warranties made by Seraph above
and elsewhere in this Agreement, Seraph hereby represents, warrants, and covenants to Zomedica that:

 

(i)               
As of the Effective Date, it has, or will have during the Term of this Agreement, the full right, power and authority
to grant to Zomedica the licenses hereunder granted in this Agreement;

 

(ii)             
As of the Effective Date, there is no suit or legal proceeding pending or threatened in writing with respect to the
Seraspec Technology and it is has no actual knowledge or notice of any infringement of any third party intellectual property by
it that would arise in conducting the activities contemplated by this Agreement;

 

(iii)            
To the knowledge of Seraph, all Licensed Patents that have issued are valid and enforceable.

 

(iv)            
As of the Effective Date, Seraph has not entered, and during the Term, will not enter, into any written agreement with
a third party that conflicts with the rights granted to Zomedica hereunder or Seraph’s ability to fully perform its obligations
herein;

 

(v)             
Seraph has not entered into any written agreement with a third party to conduct research with respect to the Seraspec
Technology in the Zomedica Field of Use, other than Zomedica, and Seraph is not collaborating with any third parties, other than
Zomedica, for the development of the Product in the Zomedica Field of Use;

 

(vi)            
Exhibit A accurately lists all Licensed Patents as of the Effective
Date;

 

(vii)           
That other than with respect to an obligation to assign rights to Wayne State University, its representatives contributing
and conducting activities under this Agreement on behalf of Seraph, including with respect to the Development Plan, all have assigned
and have a duty to assign their rights and contributions with respect to any Intellectual Property developed pursuant to this agreement
to Seraph and to no other party;

 

    	26

    

    

 

(viii)        
The WSU Agreement is valid, binding and in full force and effect and is enforceable by Seraph in accordance with its
terms. Seraph has performed all material obligations required to be performed by it to date under the WSU Agreement and Seraph
has not received any written notice of breach under the WSU Agreement, whether or not cured or disputed, and to Seraph's knowledge,
no event has occurred which with the passage of time or giving of notice or both would constitute such a breach or default. There
is no existing breach or default by WSU and no event has occurred which with the passage of time or giving notice of or both would
constitute such a breach or default by WSU.

 

(ix)           
Seraph will throughout the Term comply with the terms and provisions of the WSU Agreement in all material respects,
and will not knowingly take any action that it knows or should know, will result in a breach of the WSU Agreement. Seraph will
not at any time during the Term terminate the WSU Agreement without the prior written consent of Zomedica. Seraph will not agree
to any amendment, waiver of rights, or modification of the WSU Agreement that would reasonably be expected to result in, or would
reasonably be expected to have, any other material negative effect or other material adverse impact on (A) any financial or reporting
obligation of Zomedica or (B) on the rights granted to Zomedica under this Agreement or the material obligations imposed on Zomedica
under this Agreement, without the prior written consent of Zomedica. Seraph shall pay all Sublicense Fees (as defined in the WSU
Agreement) when due under the WSU Agreement.

 

(x)            
Upon Seraph's receipt of notification from WSU of Seraph's breach of the WSU Agreement, or Seraph's notification to
WSU of WSU's breach of the WSU Agreement, and upon expiration or termination of the WSU Agreement, Seraph shall provide notice
of such breach, expiration or termination to Zomedica within ten (10) business days in accordance with the notice provisions set
forth in this Agreement. Seraph shall further obligate its counsel to likewise provide notice to Zomedica of any such breach, expiration
or termination of the WSU Agreement within ten (10) business days in accordance with the notice provision set forth in this Agreement.

 

10.             
Injunctive Relief. The Parties acknowledge that the Confidential
Information is both highly confidential and proprietary and have been developed by the Parties with substantial effort and at substantial
cost, and, therefore, have value to the Parties; and that the breach of any of the provisions of this Agreement may cause the Disclosing
Party irreparable injury for which there may be no adequate remedy at law. Accordingly, each Disclosing Party shall have the right,
in addition to any other rights it may have, to seek specific performance or other injunctive relief to prevent or restrain the
breach of this Agreement by each Receiving Party without the necessity for the securing or posting of any bond in connection with
such remedy.

 

    	27

    

    

 

11.             
Term and Termination.

 

(a)              
Term. This Agreement shall be effective on the Effective Date and shall extend until the seven (7) year anniversary
of the First Commercial Shipment, subject to adjustment pursuant to Sections 6(b) and 6(c) (the "Term").
The Term shall automatically renew for additional one (1) year periods, until (i) either Party delivers written notice of such
Party's intent not to renew this Agreement provided no later than ninety (90) days prior to the end of the then-current Term; or
(ii) this Agreement is terminated pursuant to this Article 11, whichever occurs first.

 

(b)              
Termination by Mutual Agreement. The Parties may terminate this Agreement, in whole or in part, and at such time and
with such effect, as may be mutually agreed upon in writing.

 

(c)              
Termination for Material Breach. Either Party may terminate this Agreement in its entirety 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 thirty (30) days after receipt of such notice.

 

(d)              
Termination by Seraph for Patent Challenge. Seraph may terminate this Agreement in its entirety immediately upon written
notice to Zomedica if Zomedica or its Affiliates (directly or indirectly, individually or in association with any other person
or entity) challenges the validity, enforceability or scope of any Licensed Patent or trade secret of Seraph anywhere in the world.

 

(e)              
Termination for Change of Control. In the event either Party undergoes a Change in Control pursuant to which the resulting
entity is a Competitor of the other Party, then such other Party may elect to terminate this Agreement with thirty (30) days’
written notice to the Party undergoing the Change in Control. Each Party will promptly notify the other Party in writing in the
event of a Change in Control during the Term or the Post Term Period.

 

(f)               
Termination for Bankruptcy. To the extent permitted under applicable law, if at any time during the Term of this Agreement,
an Event of Bankruptcy relating to either Party (the "Bankrupt Party") occurs, the other Party (the "Non-Bankrupt
Party") shall have, in addition to all other legal and equitable rights and remedies available hereunder, (i) the
exclusive option, exercisable on written notice to the Bankrupt Party, to negotiate a fully paid-up license to any intellectual
property owned by the Bankrupt Party and necessary to independently continue commercialization of the Seraspec Technology in the
Zomedica Field of Use; or (ii) the option to terminate this Agreement upon sixty (60) days written notice to the Bankrupt Party.

 

    	28

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

(g)               Non-Exclusive
Distribution Rights for the Post-Term Period.  Notwithstanding anything to the contrary, in
the event of any expiration or termination of this Agreement, Zomedica may
continue to distribute, market and promote sales of the Seraspec Consumables for use in the Zomedica Field of Use in the
Territory on a non-exclusive basis for a period of [*] from the effective date of such expiration or termination (the "Post
Term Period”). Seraph will continue to supply the Seraspec Consumables to Zomedica during the Post Term Period
at the pricing set forth in this Agreement; in each case, subject to the terms and conditions of this Section 11(g). All
provisions of this Agreement will continue to apply during the Post Term Period, including without limitation the applicable
License Fees set forth in Section 5(e), with the following exceptions:

 

(i)              
the license granted to Zomedica pursuant to Section 2(a) shall automatically convert to non-exclusive during the Post
Term Period;

 

(ii)             
Section 2(e) ("Exclusivity") shall not apply during the Post Term Period;

 

(iii)            
Section 2(f) ("Right of First Offer") shall not apply during the Post Term Period;

 

(iv)            
the rights granted to Zomedica pursuant to Section 4(a) ("Distribution Rights") shall automatically convert
to non-exclusive during the Post Term Period, and such non-exclusive rights shall no longer be subject to minimum performance objectives
set forth in Section 6;

 

(v)              
Section 6 ("Performance Metrics; Competitors, Claw-Back of Rights") shall not apply during the Post Term Period;

 

(vi)            
Section 7(d)(ii) ("Enforcement by Zomedica") shall not apply during the Post Term Period; and

 

(vii)           
Section 11(d)(ii) shall not apply during the Post Term Period.

 

(h)              
Survival. Notwithstanding the foregoing, Sections 1, 3(d)(ii), 3(d)(iii), 4(e)(ii), 4(f), 4(h)(but only with respect
to the obligation to provide First Tier Customer Support and Second Tier Customer Support), 5(i), 5(j), 7, 8, 10, 11, 12, and 14-19
shall survive expiration or termination of this Agreement. In addition, except as provided in Section 11(g), all provisions of
this Agreement shall survive the expiration or termination of this Agreement until the end of the Post Term Period.

 

    	29

    

    

 

12.             
Indemnification.

 

(a)              
Each Party agrees to defend, indemnify and hold harmless the other Party, their directors, officers, employees and agents
from any loss, claim, damage or liability of any kind whatsoever arising from a third party claim, demand or cause of action against
such Party seeking indemnification, which may arise from the indemnifying Party’s breach of this Agreement or gross negligence
or willful misconduct in its performance hereunder, except to the extent such loss, claim, damage or liability arises due to the
gross negligence, willful misconduct, or breach of this Agreement by the indemnified Party; provided, in each case, that (i) the
indemnifying Party receives prompt notice of any such claim, demand or cause of action, (ii) the indemnifying Party shall not be
obligated to indemnify the other Party for any claim, demand or cause of action in connection with any settlement made by the indemnified
Party unless the indemnifying Party consents in writing to such settlement, such consent not to be unreasonably withheld, and (iii)
the indemnifying Party shall have the exclusive right to control the defense and settlement any such claim, demand or cause of
action, except that the indemnifying Party shall not settle or consent to an adverse judgment for such claim, demand or cause of
action without the express written consent of the indemnified Party, such consent not to be unreasonably withheld. The indemnified
Party shall have the right to participate, at its own expense and with counsel of its choice, in the defense of any claim or suit
that has been assumed by the indemnifying Party.

 

(b)              
Except with respect to the willful misconduct OR GROSS NEGLIGENCE by a Party,
BREACH OF A PARTY’S OBLIGATIONS OF CONFIDENTIALITY HEREUNDER, or FOR AMOUNTS SOUGHT BY THIRD PARTIES IN CLAIMS THAT ARE SUBJECT
TO THE PARTIES’ RESPECTIVE INDEMNITY OBLIGATIONS UNDER THIS SECTION 12, neither Party will be liable with respect to any
matter arising under this Agreement under any contract, negligence, strict liability or other legal or equitable theory for any
punitive, exEmplAry, incidental, indirect or consequential damages, including but not limited to, loss of business or good will,
loss of revenue or lost profits.

 

13.             
Scope of Agreement. This Agreement does not constitute or create
a joint venture, partnership or agency or other cooperative relationship between the Parties, but merely defines the rights, duties
and obligations of the Parties with respect to the activities contemplated hereby, as independent contractors.

 

14.             
Severability. If any term or provision of this Agreement, or the
application thereof to any circumstances shall, to any extent and for any reason, be held to be invalid or unenforceable, the remainder
of this Agreement, or the application of such term or provision to circumstance other than those to which it is held invalid or
unenforceable, shall not be affected thereby and shall be construed as if such invalid or unenforceable term or provision had never
been contained herein, and each term and provision shall be valid and enforceable to the fullest extent permitted by law.

 

15.             
Notices. Any notice required or permitted hereunder shall be given
in writing and delivered (a) personally, (b) by express courier, or (c) by telex, facsimile or electronic mail, followed by registered
or certified mail, return receipt requested, postage prepaid, to the Party entitled thereto at the address for such Party shown
in the introductory paragraph of this Agreement. Either Party may change such address by giving notice to the other of such change
in the manner contemplated by this Section. The return receipt, the delivery receipt, electronic confirmation of receipt, or the
affidavit of messenger will be deemed conclusive but not exclusive evidence of delivery; delivery will also be presumed at such
time as delivery is refused by the addressee upon presentation.

 

    	30

    

    

 

16.             
Binding Effect. This Agreement shall inure to the benefit of and
be binding on the Parties hereto and their respective legal representatives, successors and permitted assignees.

 

17.             
Modification. This Agreement may not be modified by any Party except
by a writing executed by both Parties.

 

18.             
Governing Law. This Agreement shall be governed and construed in
accordance with the laws of the State of Michigan, without giving effect to its conflict of laws principles or rules.

 

19.             
Assignment. Neither Party may assign this Agreement or its
rights and/or obligations hereunder to another party without the prior written consent of the other Party, which consent shall
not be unreasonably withheld; provided, however that either Party may, without the prior written consent of the other Party, assign
this Agreement and its rights and/or obligations hereunder to an Affiliate or to any successors to substantially all of its business
to which this Agreement pertains or in the event of a merger or consolidation with another company provided that such successor
is not a Competitor of the other Party.

 

20.             
Entire Agreement. This Agreement represents the entire agreement
between the Parties with respect to the subject matter hereof and incorporates all previous agreements between the Parties, whether
written or oral, with respect to such subject matter.

 

21.             
Counterparts. This Agreement may be executed in two or more
counterparts, each of which counterpart shall be deemed an original, but all of which counterparts taken together shall be one
and the same document.

 

22.             
Facsimile Signatures. Facsimile or electronic copies of signatures
to this Agreement shall be considered originals hereof, with any Party executing this Agreement by facsimile or pdf signature agreeing
to provide promptly to the other Party an original signature evidencing the same.

 

Signatures
on the Following Page

 

 

    	31

    

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed on the day and year first above written.

 

 

	Seraph Biosciences, Inc.	Zomedica Pharmaceuticals Corp.
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name:	 	 	Name:	 	 
	Title:	 	 	Title: 	 	 

 

 

 

 

 

    
Signature Page to Commercialization and Exclusive Distribution Agreement 

    [*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities and Exchange Commission.]

    

 

EXHIBIT A

 

LICENSED
PATENTS 

 

The Licensed Patents under this Agreement shall
include at least the following patent assets. The Parties understand and acknowledge that additional patents may be added to this
Exhibit from time to time.

 

 

 

[*]

 

 

 

    Exhibit A - 1

    [*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities and Exchange Commission.]

    

 

EXHIBIT B

 

STATEMENT OF WORK: VERIFICATION AND VALIDATION
WORK FOR FECAL AND URINE MATRICES ONLY

 

 

 

[*]

 

 

 

    	Exhibit B -1

    

    

 

EXHIBIT C

 

 

 

[Intentionally omitted]

 

 

 

    	Exhibit C -1

    

    

 

EXHIBIT D

 

PRIVATE PLACEMENT AND REGISTRATION RIGHTS
RIDER

 

(a)               
In connection with the issuance of Zomedica shares to Seraph, Seraph makes the following representations and warranties
to Zomedica set forth in subsection (b) below, and Zomedica makes the following covenants to Seraph, set forth in subsections (c)
– (t) below.

 

(b)              
Seraph hereby represents and warrants to Zomedica as follows:

 

(i)                
On the date hereof and on each date on which it receives Zomedica common shares hereunder (collectively, the “Securities”),
Seraph is and will be an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended
(the “Securities Act”). Seraph maintains its principal executive office at the location specified in
the introductory paragraph of this Agreement.

 

(ii)              
The Securities to be received by Seraph hereunder will be acquired for Seraph’s own account, not as nominee or agent,
and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and Seraph has no present
intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without
prejudice, however, to Seraph’s right at all times to sell or otherwise dispose of all or any part of such Securities in
compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation
or warranty by Seraph to hold the Securities for any period of time. Seraph is not a broker-dealer registered with the Securities
and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or an entity engaged in a business that would require it to be so registered.

 

(iii)            
Seraph acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
contemplated hereby.

 

(iv)            
Seraph has had an opportunity to receive all information related to Zomedica requested by it and to ask questions of and
receive answers from Zomedica regarding Zomedica, its business and the terms and conditions of the Securities. Seraph acknowledges
that it has had access to Zomedica’s filings with the Commission as well as filings made by Zomedica with applicable Canadian
securities regulators.

 

(v)              
Seraph understands that the Securities are characterized as “restricted securities” under the U.S. federal securities
laws inasmuch as they are being acquired from Zomedica in a transaction not involving a public offering and that under such laws
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited
circumstances.

 

    	Exhibit D -1

    

    

 

(vi)            
Seraph did not learn of the investment in the Securities as a result of any general solicitation or general advertising.

 

(vii)          
Seraph acknowledges and understands that because Zomedica was previously a “shell company” as defined in Rule
405 under the Securities Act, the provisions of Rule 144(i) under the Securities Act will apply with respect to any resale of the
Securities pursuant to such Rule 144.

 

(viii)        
Seraph acknowledges and understands that certificates evidencing the Securities will bear the following or any similar legend:

 

“The securities
represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any state
in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be transferred
unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities
are sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that such
transfer may lawfully be made without registration under the Securities Act of 1933, as amended.”

 

(c)               
Following the issuance of any Securities to Seraph under the Agreement, Zomedica shall use its commercially reasonable efforts
to register such Securities for resale or other disposition by Seraph within 90 days of the date of such receipt. Zomedica shall
notify Seraph promptly upon effecting such registration. Subject to any permitted “Black-Out Periods” (as described
below), Zomedica shall use its commercially reasonable efforts to maintain the effectiveness of any such registration until the
earlier of (i) the date on which all of the Securities so registered have been sold by Seraph or its transferees or (ii) the date
on which such Securities may be sold under Rule 144 (the period of such registration being referred to herein as the “Registration
Period”). Subject to any comments from the staff of the Commission, such Registration Statement shall include the
plan of distribution attached hereto as Exhibit A;

 

    	Exhibit D -2

    

    

 

(d)              
Zomedica shall have the right to suspend its obligation to register the Securities as provided in clause (c) above or to
maintain the registration of such Securities during the Registration Period and the use of any prospectus during the Registration
Period as follows: (i) (A) if the registration statement registering the Securities is on Form S-1, for a period commencing on
the earlier of (I) the public announcement by Zomedica of its financial results for any fiscal year or (II) the filing by Zomedica
of its Annual Report on Form 10-K for such fiscal year, until in either case a post-effective amendment to such registration statement
containing audited financial statements for such fiscal year is declared effective by the Commission, or (B) if the registration
statement registering the Securities is on Form S-3, for a period, if any, commencing on the public announcement by Zomedica of
its financial results for any fiscal year until the filing by Zomedica of its Annual Report on Form 10-K for such fiscal year,
(ii) for such period of time as determined by Zomedica in the good faith exercise of its business judgment if Zomedica furnishes
to Seraph a certificate signed by Zomedica’s chief executive officer or chief financial officer stating that in his or her
good faith judgment it would be materially detrimental to Zomedica and its shareholders for such registration statement to either
become effective or remain effective because such action would (A) materially delay, hinder or otherwise interfere with a material
acquisition, corporate reorganization, collaboration, joint venture or other similar transaction involving Zomedica; (B) require
the disclosure of material non-public information that Zomedica has a bona fide business purpose for preserving as confidential;
(C) render Zomedica unable to comply with requirements under the Securities Act or Exchange Act, then Zomedica shall have the right
to defer taking action with respect to such filing; or (D) interfere in any material respect with a proposed capital raise by Zomedica;
or (iii) for such period of time as determined by Zomedica to amend or supplement the registration statement or prospectus covering
such Securities so that registration statement or prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus
in light of the circumstances under which they were made, not misleading. Each of such periods is referred to herein as a “Black-Out
Period.” Except for any Black-Out Period arising pursuant to clause (i) above, no Black-Out Period shall continue
for more than 60 days and the total Black-Out Periods in any 12-month period shall not exceed a total of 120 days. During any Black-Out
Period (other than a Black-Out Period covered by clause (ii)(D) above), Zomedica shall not effect the registration of securities
for its own account or the account of another selling shareholder. Zomedica shall promptly (i) notify Seraph in writing of the
commencement of a Black-Out Period, but shall not (without the prior written consent of Seraph) disclose to Seraph any material
non-public information giving rise to a Black-Out Period, (ii) advise Seraph in writing to cease all sales of the Securities under
the related registration statement and prospectus until the end of the Black-Out Period and (iii) use its commercially reasonable
efforts to terminate a Black-Out Period as promptly as practicable.

 

(e)               
Except during a Black-Out Period, Zomedica shall promptly notify Seraph, at any time prior to the end of the Registration
Period, upon discovery that, or upon the happening of any event as a result of which, the registration statement or prospectus
covering the Securities includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they
were made, not misleading, and promptly (but in any event within thirty (30) days) prepare, file with the Commission and furnish
to Seraph (including delivery pursuant to Rule 172 under the Securities Act) a supplement to or an amendment of such registration
statement or prospectus as may be necessary to correct such misstatement or omission.

 

(f)               
Seraph shall furnish in writing to Zomedica the information set forth in the selling shareholder’s questionnaire attached
hereto as Exhibit B to effect the registration of such Securities and shall execute such documents in connection with such
registration as Zomedica may reasonably request. Seraph shall provide such information to Zomedica at least two (2) business days
prior to the first anticipated filing date of the related registration statement. In the event that Seraph fails to provide a completed
questionnaire on a timely basis and such failure continues for a period of seven (7) business days after Zomedica provides Seraph
with written notice of such failure, Zomedica’s obligation to register such Securities shall terminate with respect to such
Securities; provided, however that such failure shall not affect Zomedica’s registration obligations with respect to any
other Securities issued to Seraph.

 

    	Exhibit D -3

    

    

 

(g)              
Seraph agrees to cooperate with Zomedica as reasonably requested by Zomedica in connection with the preparation and filing
of a registration statement hereunder, unless Seraph has notified Zomedica in writing of its election to exclude its Securities
from such registration statement

 

(h)              
Seraph agrees that, upon receipt of any notice from Zomedica (i) during any permitted Black-Out Period or (ii) the happening
of an event pursuant to clause (e) above, Seraph will immediately discontinue disposition of Securities pursuant to the registration
statement covering such Securities, until such permitted Black-Out Period has ended or Seraph is advised by Zomedica that such
dispositions may again be made.

 

(i)                
If at any time following the date of this Agreement that any Securities are not eligible for sale under Rule 144 (i) there
is not one or more effective registration statements covering the Securities and (ii) Zomedica proposes for any reason to register
any Common Shares under the Securities Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar
or successor form)) with respect to an offering of Common Shares by Zomedica for its own account or for the account of any of its
shareholders, it shall at each such time promptly give written notice to Seraph of its intention to do so (but in no event less
than twenty (20) days before the anticipated filing date) and, to the extent permitted under the provisions of Rule 415 under the
Securities Act (if the registration is a shelf registration) and pari passu with the terms of any registration rights granted
to other shareholders, include in such registration all Securities with respect to which Seraph requests in writing be included
therein within ten (10) days after receipt of Zomedica’s notice. Such notice shall offer Seraph the opportunity to register
such number of Securities as Seraph may request and shall indicate the intended method of distribution of securities covered by
such registration statement.

 

(j)                
Notwithstanding the foregoing, (i) if Seraph has exercised its option to include some or all of its Securities in an offering
under (i) above, and such registration involves an underwritten public offering, (A) Seraph must sell its Securities to, if applicable,
the underwriter(s) at the same price and subject to the same underwriting discounts and commissions that apply to the other securities
sold in such offering and subject to Seraph entering into customary underwriting documentation for selling shareholders in an underwritten
public offering, and (B) Seraph’s right to include Securities in such registration shall be subject to cut-back (pro rata
with any other selling shareholders seeking to include their securities in such registration) in the event that the managing underwriter
of such offering determines that the inclusion of all or some of such Securities would be impracticable or inadvisable, and (ii)
if, at any time after giving written notice of its intention to register any Securities pursuant to clause (i) above and prior
to the effective date of the registration statement filed in connection with such registration, Zomedica shall determine for any
reason not to cause such registration statement to become effective under the Securities Act, Zomedica shall deliver written notice
to Seraph and, thereupon, shall be relieved of its obligation to register any Securities in connection with such registration.

 

    	Exhibit D -4

    

    

 

(k)              
In connection with the registration of Securities hereunder, Zomedica shall:

 

(i)               
Except during any Black-Out Period, prepare and file with the Commission such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities
Act in order to enable the disposition of all securities covered by such registration statement;

 

(ii)              
make available to Seraph an electronic copy of the preliminary and final prospectus in accordance with Rule 173, or in the
alternative, furnish such numbers of hard copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as Seraph may reasonably request in order to facilitate their disposition of their Securities;

 

(iii)            
promptly notify Seraph of the happening of any event as a result of which the prospectus included in such registration statement,
as then in effect, includes an untrue statement of material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing;

 

(iv)            
use its commercially reasonable efforts to cause all such Securities covered by such registration statement to be listed
on each securities exchange and trading system (if any) on which similar securities issued by Zomedica are then listed;

 

(v)              
provide a transfer agent and registrar for all Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Securities, in each case not later than the effective date of such registration;

 

(vi)            
notify Seraph promptly after Zomedica receives notice thereof, of the time when such registration statement has been declared
effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(vii)          
after such registration statement becomes effective, notify Seraph of any request by the Commission that Zomedica amend
or supplement such registration statement or prospectus; and,

 

(viii)        
in connection with any sale or other disposition of Securities pursuant to Rule 144, cooperate with Seraph to effect the
removal of any restrictive legend in connection with such sale or other disposition and, in connection therewith, cause its counsel
to provide to the transfer agent for the Securities a customary opinion of counsel that such legend may be removed in connection
with such sale or other disposition provided Seraph has provided to Zomedica such documentation, including a customary broker’s
letter, as Zomedica’s counsel may reasonably request in connection with such opinion.

 

    	Exhibit D -5

    

    

 

(l)               
Zomedica will pay all of its expenses associated with effecting the registration of the Securities or removal of any Rule
144 legend, including filing and printing fees, Zomedica’s counsel and accounting fees and expenses, costs associated with
clearing the Securities for sale under applicable state securities laws and listing and transfer agent fees. Seraph shall be responsible
for its own fees and expenses in connection with any such registration, including its counsel and accounting fees, discounts, commissions,
fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Securities
being sold.

 

(m)            
To the extent permitted by law, Zomedica will indemnify and hold harmless Seraph and its officers and directors and each
person, if any, who controls Seraph within the meaning of the Securities Act (collectively, “Seraph Indemnified Parties”),
against any Damages (defined below), and Zomedica will promptly reimburse such Seraph Indemnified Parties for all reasonable out-of-pocket
costs and expenses (including the reasonable fees and disbursements of counsel) in connection with investigating or defending any
claim or proceeding for Damages as such costs and expenses are incurred; provided, however, that the indemnity agreement contained
in this subsection (m) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected
without the consent of Zomedica, which consent shall not be unreasonably withheld, nor shall Zomedica be liable for any Damages
to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written
information furnished by or on behalf of Seraph expressly for use in connection with such registration.

 

(n)              
To the extent permitted by law, Seraph will indemnify and hold harmless Zomedica, and each of its directors, each of its
officers who has signed the registration statement and each person, if any, who controls Zomedica within the meaning of the Securities
Act (collectively, “Zomedica Indemnified Party”) against any Damages, in each case only to the extent
that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information
furnished by or on behalf of Seraph expressly for use in connection with such registration; and Seraph will promptly reimburse
such Zomedica Indemnified Parties for all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements
of counsel) in connection with investigating or defending any claim or proceeding for Damages as such costs and expenses are incurred;
provided, however, that the indemnity agreement contained in this subsection (n) shall not apply to amounts paid in settlement
of any such claim or proceeding if such settlement is effected without the consent of Seraph, which consent shall not be unreasonably
withheld; and provided, further, that in no event shall the aggregate amounts payable by Seraph by way of indemnity or contribution
under this subsection (m) exceed the gross proceeds received by Seraph from the sale of Securities pursuant to such registration.

 

(o)              
As used herein, the term “Damages” shall mean any loss, damage, or liability (joint or several)
to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as
such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement, prospectus, “blue sky” application or
other document or amendment or supplement thereto; or (ii) an omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein, in the case of a registration statement, not misleading, and,
in any other case, in light of the circumstances under which they were made, not misleading.

 

    	Exhibit D -6

    

    

 

(p)              
Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with
respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have
the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel
shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, or (b) the indemnifying
party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in
the reasonable judgment of any such person, based upon written advice of its outside counsel, a conflict of interest exists between
such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party
in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party
shall not have the right to assume the defense of such claim on behalf of such person but shall have the right to participate therein
at its sole expense with counsel of its choice); and provided, further, that the failure of any indemnified party
to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that
such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation.
It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for
fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party
will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect of such claim or litigation.

 

(q)              
To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i)
any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Agreement but it is
judicially determined that such indemnification may not be enforced in such case, or (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is provided under this Agreement, then, and in each such
case, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Damages
in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well
as any other relevant equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section
11(f) of the Securities Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation.
In no event shall Seraph’s liability pursuant to this section (q), when combined with the amounts paid or payable by Seraph
pursuant to section (n), exceed the gross proceeds received by Seraph from the sale of Securities pursuant to such registration.

 

(r)                
Seraph’s registration rights as contained herein are personal to Seraph and may not be assigned or otherwise transferred
by Seraph, whether in connection with the sale or other disposition of Securities or otherwise. Any purported assignment or other
transfer shall be null and void ab initio.

 

    	Exhibit D -7

    

    

 

(s)               
Zomedica shall, at all times while Zomedica is subject to Sections 13(a) or 15(d) under the Exchange Act, use commercially
reasonable efforts to (i) make and keep public information available, as those terms are understood and defined in Rule 144; and
(ii) file with the Commission in a timely manner all reports and other documents required of Zomedica under the Securities Act
and the Exchange Act.

 

(t)                
To the extent applicable, Zomedica shall use commercially reasonable efforts to register or qualify Securities under U.S.
state securities or “blue sky” laws as Seraph may reasonably request; provided, however, that Zomedica shall not be
required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction, (ii) subject itself
to general taxation, or (iii) file a general consent to service of process in any such jurisdiction.

 

 

    	Exhibit D -8

    

    

 

Exhibit A

Plan of Distribution

 

The selling shareholders, which as used herein
includes donees, pledgees, transferees or other successors-in-interest selling common shares or interests in common shares received
after the date of this prospectus from a selling shareholder as a gift, pledge, partnership distribution or other transfer, may,
from time to time, sell, transfer or otherwise dispose of any or all of their common shares or interests in common shares on any
stock exchange, market or trading facility on which the common shares are traded or in private transactions. These dispositions
may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying
prices determined at the time of sale, or at negotiated prices.

 

The selling shareholders may use any one or
more of the following methods when disposing of common shares or interests therein:

 

·   ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

·   block trades in which the broker-dealer will attempt to sell the common shares as agent, but may position and resell
a portion of the block as principal to facilitate the transaction;

 

·   purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

·    an exchange distribution in accordance with the rules of the applicable exchange;

 

·    privately negotiated transactions;

 

·    short sales effected after the date the registration statement of which this Prospectus is a part is declared effective
by the SEC;

 

·    through the writing or settlement of options or other hedging transactions, whether through an options exchange or
otherwise;

 

·    broker-dealers may agree with the selling shareholders to sell a specified number of common shares at a stipulated
price per share;

 

·    a combination of any such methods of sale; and

 

·    any other method permitted by applicable law.

 

The selling shareholders may, from time to time,
pledge or grant a security interest in some or all of the common shares owned by them and, if they default in the performance of
their secured obligations, the pledgees or secured parties may offer and sell the common shares, from time to time, under this
prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending
the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under
this prospectus. The selling shareholders also may transfer the common shares in other circumstances, in which case the transferees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 

    	Exhibit D -9

    

    

 

In connection with the sale of our common shares
or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the common shares in the course of hedging the positions they assume. The selling shareholders
may also sell common shares short and deliver these common shares to close out their short positions, or loan or pledge the common
shares to broker-dealers that in turn may sell these common shares. The selling shareholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of common shares offered by this prospectus, which common shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).

 

The aggregate proceeds to the selling shareholders
from the sale of the common shares offered by them will be the purchase price of the common shares less discounts or commissions,
if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of common shares to be made directly or through agents. We will not receive any of the
proceeds from this offering.

 

The selling shareholders also may resell all
or a portion of the common shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that
they meet the criteria and conform to the requirements of that rule.

 

The selling shareholders and any underwriters,
broker-dealers or agents that participate in the sale of the common shares or interests therein may be "underwriters"
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the common shares may be underwriting discounts and commissions under the Securities Act. Selling shareholders who are "underwriters"
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.

 

To the extent required, the common shares to
be sold, the names of the selling shareholders, the respective purchase prices and public offering prices, the names of any agent,
dealer or underwriter and any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying
prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

 

In order to comply with the securities laws
of some states, if applicable, the common shares may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, in some states the common shares may not be sold unless it has been registered or qualified for sale or
an exemption from registration or qualification requirements is available and is complied with.

 

    	Exhibit D -10

    

    

 

We have advised the selling shareholders that
the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of common shares in the market and to the
activities of the selling shareholders and their affiliates. In addition, to the extent applicable we will make copies of this
prospectus (as it may be supplemented or amended from time to time) available to the selling shareholders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act. The selling shareholders may indemnify any broker-dealer that participates
in transactions involving the sale of the common shares against certain liabilities, including liabilities arising under the Securities
Act.

 

We have agreed to indemnify the selling shareholders
against liabilities under the Securities Act relating to the registration of the common shares offered by this prospectus.

 

We have agreed with the selling shareholders
to keep the registration statement of which this prospectus constitutes a part effective until the earlier of (i) the date on which
all of the common shares have been sold by the selling shareholders or (ii) the date on which the common shares may be sold under
Rule 144.

 

    	Exhibit D -11

    

    

[*Confidential Treatment has been requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities
and Exchange Commission.]

 

 

EXHIBIT E

 

CUSTOMER
SERVICE REQUIREMENTS AND WARRANTY GUIDELINES

 

 

 

[*]

 

 

 

    Exhibit E - 1

    [*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an asterisk [*], has been filed separately with the Securities and Exchange Commission.]

    

 

EXHIBIT F

 

MANUFACTURING
DOCUMENTATION AND RECORDKEEPING REQUIREMENTS

 

 

 

[*]

 

 

 

Exhibit F - 1sam-ex101_10.htm

 

Exhibit 10.1

 

August 3, 2018

 

Jonathan N. Potter

250 Putnam Road

New Canaan, CT 06840

 

Re:         Separation Agreement

 

Dear JP,

 

The purpose of this letter is to confirm our understanding and agreement with respect to the terms and conditions on which you will be stepping down from your position of Chief Marketing Officer of The Boston Beer Company, Inc. (the “Company”) and as an officer of the Company’s subsidiaries (the Company and its subsidiaries are sometimes referred to in this letter as “we” or “our”).  These terms and conditions are as follows:

1.Separation from Employment.  Your last day of employment with the Company will be July 31, 2018 (the “Separation Date”).  You shall continue to be paid your salary, at its current rate, and shall receive the benefits you currently receive, provided you continue to make your employee contribution therefor, through the Separation Date.  You shall be paid your accrued but unused vacation pay (5 days) on the Separation Date. As of the close of business on July 17, 2018 you will be relieved of further duties and responsibilities, and will no longer be authorized to transact business on behalf of Company.  You will retain access to your Company email account through the close of business on July 18, 2018.

2.Consideration.  Provided you execute this Agreement, do not revoke your acceptance of it, and fully comply with all of the terms and conditions of this Agreement, the Company shall:

(a)Pay you an amount equal to twenty-two (22) weeks of your salary at the current rate (namely, $18,923.08, per bi-weekly pay period), less applicable federal, state, local and other employment-related deductions, payable in eleven (11) bi-weekly installments, with the first installment being due and payable on August 10, 2018 and the last installment being due and payable on December 28, 2018 (except in the event that the Effective Date, as defined in Paragraph 9, is after August 10, 2018, in which case the first installment payment shall be pushed back two weeks such that two installments will be paid on August 24, 2018); and

(b)Pay you $387,321, less applicable federal, state, local and other employment related deductions, in a lump sum payment on January 31, 2019 in recognition of your contributions to the organization during your employment.    

(c)Pay you $100,000, less applicable federal, state, local and other employment related deductions, in a lump sum payment on March 31, 2019 in recognition of your contributions to the organization during your employment.    

(d)Continue to pay our portion of the premium for your health and dental benefits that you are currently receiving as a Company benefit through the Separation Date (the “Company’s 

 

 
 

 

Share”).  The Separation Date serves as a “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and, hence, health and dental coverage and premiums paid after the Separation Date are pursuant to COBRA.  After the Separation Date, the Company will pay the Company’s Share for coverage through December 31, 2018, provided that you timely elect continuation of coverage under COBRA and have made payments of the appropriate amounts due.  Thereafter, your medical and dental benefits will be continued at your sole cost only to the extent available under COBRA. The Company will forward to you separate correspondence regarding his COBRA rights prior to the termination of your current benefits.  You shall have the right to continue certain other benefits in accordance with any conversion options that exist under Company’s benefit plans.

(e)Clawback.  In the event that you start a new position with another company within ninety (90) days of the Effective Date, you hereby acknowledge that you will forfeit: (i) the Consideration outlined in Section 2(a) after that start date; and (ii) the Consideration outlined in Section 2(b) in full.  After the expiration of ninety (90) days you shall be entitled to receive the Consideration described in Sections 2 (a) and (b) in full, regardless of whether or not you obtain employment.  In the event that you are employed by another company on or before March 31, 2019, you hereby acknowledge that you will forfeit the Consideration outlined in Section 2(c) in full. We will inquire as to your employment status on or before the respective dates.  

You acknowledge and agree that the benefits and the other consideration provided for in this Section 2 are not otherwise due or owing to you under any employment agreement (oral or written) with the Company or any Company policy or practice, and that the consideration provided for herein is not intended to, and shall not constitute, a severance plan, and shall confer no benefit on anyone other than the Company and you.  You further acknowledge that, except for the specific financial consideration set forth in this Agreement, you are not and shall not in the future be entitled to any other compensation or benefit from the Company including, without limitation, other wages, commissions, bonuses, options, stock awards, vacation pay, holiday pay or any other form of compensation or benefit.

3.Covenants of Mr. Potter.   You expressly acknowledge and agree to the following:

(a)that by the Separation Date you will have returned to the Company all Company documents (and any copies thereof in whatever format) and any and all Company property, including but not limited to, computer hardware and software, other equipment, books, manuals, keys or access badges to the Company facilities and credit cards issued by the Company, and that you shall abide by any and all common law and/or statutory obligations relating to protection and non-disclosure of the Company’s trade secrets and/or confidential and proprietary documents and information; 

(b)that you will not reveal to any person, association or company any trade secrets or confidential information of the Company, except as may be required by the law to be disclosed, provided that you use your best efforts to notify the Company orally and in writing before making any such intended disclosure;

(c)that you will keep secret all such matters that have been entrusted to you by the Company and shall not use or attempt to use any such information in any manner which may injure or cause loss to the Company, whether directly or indirectly, and that you will not trade in the Company’s stock while in possession of material, non-public information about the Company; 

(d)that you will comply with your obligations contained in the Employment Agreement previously executed by on July 31, 2016, and made a part hereof, to the extent permitted by 

- 2 -

 

applicable law.  The period covered by the covenant not to compete and non-solicitation agreement shall commence as of the Separation Date; and

(e)that the violation of any of the foregoing covenants by you would constitute a material breach of this Agreement which would entitle the Company to cease making any further payments set forth Section 2, and to recover some or all consideration paid or benefits provided pursuant to Section 2 hereof, as well as attorney’s fees and other costs of suit sustained by us in recovering such consideration or benefits, and to be indemnified by you for such attorney’s fees and costs.  You acknowledge that any breach of your obligations hereunder may cause irreparable harm to the Company for which there is no adequate remedy at law, and that the Company, in its sole discretion, in addition to any other remedies available to it, may bring an action or actions for injunctive relief, specific performance, or both, and have entered a temporary restraining order, preliminary or permanent injunction, or order compelling specific performance and, if successful, recover the costs and attorneys’ fees incurred by it in such action from you.

4.Reporting.  Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall prohibit you from reporting a possible violation of federal or state law or regulations to the Securities and Exchange Commission or other appropriate agencies.  Such reporting will not result in retaliation or retribution by the Company.  You are not required to notify the Company that you have made any such report.

5.General Release of Claims by Mr. Potter.

(a)You hereby acknowledge and agree that by signing this Agreement and accepting any part of the consideration to be provided to you as set forth herein, you are waiving your right to assert any form of legal claim, known or unknown, against the Company, its officers, directors, investors, stockholders, partners, employees, representatives and attorneys, successors, subsidiaries, related corporations, and any person or entity acting for or on behalf of the Company (the “Releasees”), whatsoever for any alleged action, inaction or circumstance existing or arising from the beginning of time through the Effective Date (the “Claim” or “Claims”).  Your waiver and release herein is intended to bar any form of legal claim, charge, complaint or any other form of action against any of the Releasees seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorney’s fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising through the Effective Date.

(b)Without limiting the foregoing general waiver and release, you specifically waive and release the Releasees from any Claim arising from or related to your employment relationship with the Company or the termination of your employment, including, without limitation: 

(i)Claims under any state or federal discrimination, fair employment practices or other employment related statute, regulation or executive order (as they may have been amended through the Effective Date) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, national origin, age, gender, marital status, disability, veteran status or sexual orientation.  Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 

- 3 -

 

1991, the Equal Pay Act, Massachusetts Fair Employment Practices Act, the Americans With Disabilities Act, Massachusetts General Laws Chapter 151B, and any similar Massachusetts or other state statute;

(ii)Claims under any other state or federal employment related statute, regulation or executive order (as they may have been amended through the Effective Date) relating to wages, hours or any other terms and conditions of employment.  Without limitation, specifically included in this paragraph are any Claims arising under the Fair Labor Standards Act, Massachusetts Wage Act, as amended, the Family and Medical Leave Act of 1993, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and any similar Massachusetts, or other state statute; 

(iii)Claims under any state or federal common law theory including, without limitation, wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence; and 

(iv)Any other Claim arising under state or federal law.

(c)You understand that there is a risk that after the execution of this Agreement you may discover facts different from or in addition to the facts which you now know.  It is understood that the general release herein shall be, and remain in effect as, a full and complete general release, notwithstanding the discovery of different or additional facts.  You expressly waive your rights under California Civil Code Section 1542, which provides as follows:

 

A General Release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

(d)Notwithstanding the foregoing, this section does not release the Releasees from (i) any obligation expressly set forth in this Agreement or (ii) any right to indemnification to which you may be entitled under the Company’s Articles of Organization or By-laws.

6.Voluntary Agreement.  By executing this Agreement, you are acknowledging that you have been afforded sufficient time to understand the terms and legal effects of this Agreement, that your agreement and obligations hereunder are made voluntarily, knowingly and without duress, and that neither the Company nor its agents or representatives have made any representations to you inconsistent with the provisions of this Agreement or on which you have relied in executing this Agreement, except as expressly set forth herein.

7.Miscellaneous.  In the event that any provision contained in this Agreement is declared invalid, illegal or unenforceable for any reason by any court of competent jurisdiction, and cannot be modified to be enforceable, excluding the general release language in Section 5, such provision will immediately become null and void, leaving the remainder of this Agreement in full force and effect.  However, if any material portion of the general release language in Section 5 is ruled to be unenforceable, you will forfeit the right to receive any amount (and to the extent already received, immediately return) of the consideration outlined in Section 2 of this Agreement to the Company.  

- 4 -

 

8.Entire Agreement/Choice of Law/Enforcement.  You acknowledge and agree that this Agreement supersedes any and all prior and contemporaneous oral and/or written agreements between you and the Company, and sets forth the entire agreement between you and the Company.  No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by the parties hereto.  This Agreement shall be deemed to have been made in Massachusetts, shall take effect as an instrument under seal within Massachusetts, and shall be governed by and construed in accordance with the laws of Massachusetts, without giving effect to conflict of law principles.  You agree that any action, demand, claim or counterclaim relating to the terms and provisions of this Agreement, or to its breach, shall be commenced in Massachusetts in a court of competent jurisdiction, and you further acknowledge that venue for such actions shall lie exclusively in Massachusetts.  You further agree that you shall submit to the personal jurisdiction of such Massachusetts courts in any such action.

9.Acceptance; Effective Date.  You must execute this Agreement and deliver the executed original copy thereof to the Company no later than August 8, 2018 (which you acknowledge and agree is more than twenty-one (21) days from the date of your receipt of this Agreement); otherwise, the offer contained herein shall be deemed withdrawn. For a period of seven (7) days after executing this Agreement, you may revoke this Agreement by providing written notice of such revocation to Human Resources at Boston Beer Corporation, One Design Center Place, Suite 850, Boston MA 02210, and this Agreement shall not become effective or enforceable until said seven (7) day period has expired. If you do not revoke this Agreement during such revocation period, this Agreement shall become effective on the eighth (8th) day following the date of your signature (“Effective Date”).  The Company hereby instructs you to consult with an attorney before executing this Agreement.

10.Mutual Non-Disparagement. 

(a)You will not make any statements that are professionally, commercially or personally disparaging about, or adverse to, the interests of the Company (including its officers, directors and employees), including but not limited to any statements that disparage any person, product, service, finances, financial condition, capability or any other aspect of the business of the Company, and that you will not engage in any conduct which is intended to harm professionally, commercially or personally the reputation of the Company (including its officers, directors and employees) except as may be required in response to a lawful subpoena or legal process; 

(b)The Company will instruct its management team not to make any statements that are professionally or personally disparaging about or adverse to your personal or professional interests and not to engage in any conduct which is intended to harm you personally or professionally.  

(c)All inquiries from prospective employers shall be directed to the Company’s HR Department, who shall state the dates of your employment, your title and salary information, and state that it is Company policy not to offer any further information. Upon receiving any further inquiries relating to your separation, the Company will respond in keeping with the below statement:

“During his tenure at Boston Beer, Jon Potter made many significant contributions to the marketing team and the organization. After two years of weekly commuting from Western Connecticut, Jon left Boston Beer in July 2018 to be closer to his family.”

11.Unemployment Compensation. The Company agrees not to challenge any claim for unemployment compensation on the grounds that you resigned voluntarily or otherwise.  However, the Company will not misrepresent any facts to any governmental bodies, and the Company makes no representations as to your entitlement for unemployment compensation, as that determination will be made by the appropriate state agency.

- 5 -

 

IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals as of the dates set forth below.

 

	
    /s/ Marco J. Lopesa
	
 
	
 
	
 
	
/s/ Jonathan N. Potter
	
 

	
Witness
	
 
	
 
	
 
	
Jonathan N. Potter
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
Date: 
	
8-7-18
	
 
	
 
	
Date:
	
 
	
08 – 07 - 18
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
THE BOSTON BEER COMPANY, INC., for itself,
	
 

	
 
	
 
	
 
	
 
	
its parents, subsidiaries and affiliates
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
    /s/ Cheryl A. Fisher
	
 
	
 
	
 
	
By: 
	
     /s/ David A. Burwick
	
 
	
 

	
Witness
	
 
	
 
	
 
	
Authorized Signatory
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Date: 
	
8-7-18
	
 
	
 

 

- 6 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]