Document:

Exhibit
10.3

 

CONSULTING
SERVICES AGREEMENT

 

This
CONSULTING SERVICES AGREEMENT (this “Agreement”) is entered into by and between Longeveron LLC,
a Delaware limited liability company (the “Company”) and Joshua M. Hare, M.D. (the “Consultant”),
is made effective as of the 20th day of November, 2014 (the “Effective Date”). The Company
and the Consultant are each a “Party” hereto and collectively are the “Parties.”

 

WHEREAS,
the Company is in the business of researching and developing technologies, and commercializing products and services, related
to certain Intellectual Property Rights (the “Business”); and

 

WHEREAS,
the Consultant has certain scientific, medical, and technical knowledge, skills, and abilities pertaining to the business
in which Company engages which is essential to the business and success of the Company; and

 

WHEREAS,
pursuant to that certain Assignment of Intellectual Property Rights Agreement between the Consultant and the Company, dated
of even date herewith (the “Assignment Agreement”), the Consultant has assigned certain Intellectual Property
Rights, as that term is defined in the Assignment Agreement, to the Company; and

 

WHEREAS,
the Company desires to employ the Consultant, and the Consultant desires to accept such employment with the Company, pursuant
to the terms and conditions set forth in this Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

1.1 “Absolute
Care” means to take all steps commercially possible to achieve the desired outcome. Absolute Care is intended to be
a standard higher than that of “reasonable care” or “best efforts.”

 

1.2 “Agreement”
is as defined in the preamble.

 

1.3 “Assignment
Agreement” means that certain Assignment of Intellectual Property Rights Agreement between the Consultant and the Company
dated of even date with this Agreement.

 

1.4 “Arbitrator”
means that person empowered hereunder to resolve questions, issues, disputes, or claims arising under, or related to, this Agreement
as set forth herein.

 

1.5 “Associates”
means, collectively, the vendors, suppliers, customers, research and development partners, investors, and consultants of the Company.

 

     

     

    

 

1.6 “Board”
means the Board of Managers of the Company.

 

1.7 “Bonus
Program” means any program established and/or maintained by the Company providing merit- or performance-based remuneration,
including stock options, warrants, and other equity security grants, to the Consultants of the Company outside of Fees.

 

1.8 “Business”
means the business of the Company, to wit, the research and development of technologies utilizing stem cells and/or mesenchymal
stem cells in therapies related to aging frailty and the commercialization of products and services derived therefrom.

 

1.9 “Business
Purpose” means the purpose of this Agreement, to wit, to set forth the terms and conditions of the relationship between
the Consultant and the Company.

 

1.10 “Buy-Out
Period” means the period commencing on the Effective Date hereof and continuing through the Term plus three (3) years.

 

1.11 “Cause”
has that meaning assigned to such term in Section 9.1 hereof.

 

1.12 “Commercialized”
means the Company has (i) sold a given product or service in the stream of commerce to the public, either directly or by or through
a third party; or (ii) entered into a binding agreement with a third party to manufacture, distribute, or sell such product or
service in the stream of commerce to the public within 90 days of any date of termination.

 

1.13 “Company”
is as defined in the preamble.

 

1.14 “Company
Policies” means any reasonable policies and written manuals of the Company that are applicable generally to the Company’s
employees and consultants, as may be promulgated from time to time by the Company in the ordinary course of business.

 

1.15 “Competing
Business” means a program, entity, or person that competes with the Business of the Company; provided, however that
any program, entity, or person for or in which the Consultant performs or participates under Section 7.2(6)(i)-(v) hereof shall
not be considered to be a “Competing Business” for the purposes of Section 7.2.

 

1.16 “Confidential
Information” means any info1mation disclosed, either orally or in writing, either purposely or inadvertently, either
directly or indirectly, by a Disclosing Party to a Receiving Party concerning the Disclosing Party’s intellectual property,
business dealings, research and development efforts, medical therapies and records, customers, operations, affairs, products,
services, or other information of a competitively sensitive or proprietary nature. Confidential Information shall also include
any information that is “Confidential Information” under the Operating Agreement.

 

The
term “Confidential Information” does not, however, include information that the Receiving Party can demonstrate: (i)
is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available
to the public; (ii) was known by the Receiving Party before receiving such information from the Disclosing Party; (iii) is hereafter
rightfully obtained by the Receiving Party from a third party, without breach of any obligation to the Disclosing Party; or (iv)
is independently developed by the Receiving Party without use of, or reference to, the Confidential Information or the Company’s
resources, personnel, assets or data (collectively, “Public Information”).

 

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1.17 “Consultant”
means Joshua M. Hare, M.D.

 

1.18 “D&O
Policies” means those directors’ and officers’ liability insurance policies obtained and/or maintained by
the Company during the Term.

 

1.19 “Devices”
means the computer(s), mobile telephone(s), cloud computer account(s), and any other devices, files, accounts, or property of
a Party on which information may be stored, in any media or form.

 

1.20 “Disability”
means the inability of the Consultant to perform the Services, because of physical or mental illness or incapacity, for a period
of 270 days in any one-year period (as reasonably determined by the Board in conjunction with the Consultant’s medical advisor
or practitioner).

 

1.21 “Disclosing
Party” means the Party disclosing Confidential Information, either orally or in writing, either purposely or inadvertently,
or either directly or indirectly.

 

1.22 “Disclosing
Party Executive” means the CEO of the Company (if the Company is the Disclosing Party) or the Consultant himself, if
the Consultant is the Disclosing Party.

 

1.23 “Effective
Date” means November e, 2014, the date on which this Agreement enters into legal effect as between the Parties.

 

1.24 “Employees”
means, collectively, the employees of the Company.

 

1.25 “Excluded
Work Product” means any work product prepared by the Consultant pursuant to his employment with the University or his
professional relationships with any Outside Companies.

 

1.26 “Expenses”
means reasonable travel and other reasonable expenses (e.g., for means, transportation, supplies, equipment, entertainment) incurred
by the Consultant in performing his obligations under this Agreement.

 

1.27 “Faculty
Manual” means that certain Faculty Manual of the University of Miami, as shall be then in effect.

 

1.28 “Good
Reason” has that meaning assigned to such term in Section 9.3 hereof.

 

1.29 “FDA”
means the U.S. Food and Drug Administration.

 

1.30 “Fees”
means the fees paid by the Company to the Consultant for the Services.

 

1.31 “Incentive
Program” has that meaning assigned to such term in Section 3.3 hereof.

 

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1.32 “Institute”
means the University of Miami, Miller School of Medicine, Interdisciplinary Stem Cell Institute.

 

1.33 “Intellectual
Property Rights” has that meaning assigned to such term in the Assignment Agreement.

 

1.34 “Key
Person Insurance” means those life and/or disability insurance policies obtained and/or maintained by the Company to
compensate the Company, or its assigns, for financial losses that would arise from the death or extended incapacity of the Consultant.

 

1.35 “NIH”
means the National Institutes of Health.

 

1.36 “Outside
Companies” means those biomedical/biotechnical companies with which the Consultant has a pre-existing professional relationship
either as an equityholder, manager, director, officer, employee, consultant, or representative, and that is disclosed on Schedule
2.5 hereto.

 

1.37 “Operating
Agreement” means the Limited Liability Company Agreement between Longeveron LLC and the members named therein, as then
amended.

 

1.38 “Party”
means each of the Company and the Consultant and “Parties” means the Company together with the Consultant.

 

1.39 “Protected
Parties” means a Party hereto together with any of its equity holders, managers, directors, officers, employees, or
Affiliates, to which a covenant of non-disparagement applies as set forth herein.

 

1.40 “Public
Information” means Confidential Information that: (i) is now, or hereafter becomes, through no act or failure to act
on the part of the Receiving Party, generally known or available to the public; (ii) was known by the Receiving Party before receiving
such information from the Disclosing Party; (iii) is hereafter rightfully obtained by the Receiving Party from a third party,
without breach of any obligation to the Disclosing Party; or (iv) is independently developed by the Receiving Party without use
of, or reference to, the Confidential Information or the Company’s resources, personnel, assets or data.

 

The
term “Public Information” specifically does not include any Confidential Info1mation known or used within the University
of Miami, regardless of its level of dissemination or disclosures made by the University to third parties, unless such Confidential
Information separately meets one of the criterion set forth in Section 1.40(i) - (iv) above.

 

1.41 “Receiving
Party” means the Party receiving Confidential Information, either orally or in writing, either purposely or inadvertently,
or either directly or indirectly.

 

1.42 “Restricted
Period” means that period of time commencing on the Effective Date hereof and continuing for 2 years beyond the end
of the Term.

 

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1.43 “Separation
Benefit” means any grant, payment, or acceleration of payment of any amount under this Agreement upon the separation
of the Consultant from the Company, whether by termination or expiration of this Agreement.

 

1.44 “Term”
means the initial term of this Agreement together with any subsequent term hereof, except as provided in Section 9.6 hereof.

 

1.45 “University
of Miami” or the “University” means the University of Miami, Coral Gables, Florida, and all schools,
colleges, institutions, or facilities under its dominion or control.

 

1.46 “Work
Product” is as defined in Section 6.1.

 

Any
defined term used herein that is not otherwise defined herein shall have the meaning ascribed to it in the Operating Agreement.

 

ARTICLE
2

SERVICES

 

2.1 Appointment.
The Consultant shall provide such services to the Company as described on Exhibit A, attached hereto, for the Term
and upon the other terms and conditions set forth in this Agreement.

 

2.2 Performance.

 

(a) During
the Term, the Consultant shall devote such time, energy, skill reasonably necessary for, and best efforts to the performance of,
the Services.

 

(b) Notwithstanding
Section 2.2(a), the Consultant may engage in:

 

(i) civic,
charitable, and other professional or trade activities that neither interfere nor conflict·with the performance of the
Services;

 

(ii) non-commercial
activities that neither interfere nor conflict with the performance of the Services; and

 

(iii) all
professional activities of the University and the Consultant’s Other Employers that neither interfere nor conflict with
the performance of the Services.

 

(c) The
Consultant shall comply with any reasonable policies and written manuals of the Company that are applicable generally to the Company’s
employees and consultants, as may be promulgated from time to time by the Company in the ordinary course of business (the “Company
Policies”).

 

(d) The
Company agrees that, in the event the terms of this Agreement or any Company Policy conflict with that certain University Faculty
Manual then in effect (the “Faculty Manual”), the terms of the Faculty Manual will apply.

 

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2.3 Place
of Work. The Consultant shall perform the Services at the Company’s principal offices and laboratory facilities located
in the Miami, Florida, metropolitan area, and at such other place or places as the Consultant’s duties and responsibilities
may require. The Consultant understands and agrees that he may be required to travel in connection with the performance of his
duties.

 

2.4 Board
Membership. During the Term, the Company shall use its best efforts to cause the Consultant to be elected and re-elected (a)
as a member of the Board; and (b) as a member of the board of directors (or equivalent body) of any entity which becomes a majority-owned subsidiary of the Company after the Effective Date of this Agreement. Consultant agrees to serve on the foregoing boards
or bodies during the Term, without compensation in excess of that provided under this Agreement.

 

2.5 Primary
and Other Employers. Company acknowledges that the Consultant is employed by The University of Miami (the “University”)
and that the Consultant is subject to the University’s policies, as they may be revised from time to time, including, among
others, policies concerning outside employment, conflicts of interest, conflicts of commitment, and intellectual property,
provided however, that Consultant hereby confirms that he is permitted to enter into this Agreement and serve as the Company’s
Chief Science Officer under the University’s current policies and under the current Faculty Manual. Company further acknowledges
that the Consultant is a consultant to one or more biomedical/biotechnical companies (collectively, the “Outside Companies”),
which have been disclosed to the Company by the Consultant on Schedule 2.5 hereto, and that the Consultant is subject to
such company’s(ies’) policies, as they may be revised from time to time, including, among others, policies concerning
consulting, conflicts of interest, conflicts of commitment, and intellectual property. Consultant has informed the Company that
the policies of neither the University nor the Outside Companies prohibit or materially limit the Consultant’s performance
under this Agreement or his adherence to its terms. Consultant hereby represents that none of the Outside Companies are a “Competing
Business,” and that Consultant will promptly notify the Board in writing if, to his knowledge, any Outside Company becomes
a Competing Business. Consultant and the Company agree in good faith to resolve any actual or potential matter that could give
rise to an Outside Company competing or having the appearance of competing with the Company.

 

(a) Nothing
in this Agreement shall restrict or enjoin the Consultant from becoming employed by any other public or private educational institution
either after, or simultaneously with, his employment by the University. In the event of such employment for the Consultant other
than at the University, all terms and conditions applicable to the University shall apply with equal power and effect to such
other institution.

 

(b) If
Consultant should leave the University and/or accept employment with another institution, Consultant shall promptly notify the
Company in writing.

 

2.6 Directors’
and Officers’ Liability Insurance. To the extent that the Company maintains one or more policies of directors’
and officers’ liability insurance during the Consultant’s Term (the “D&O Policies”), then the
Company will, to the extent permitted by such policy and such coverage would be obtainable at commercially reasonable rates, provide
the Consultant coverage under the D&O Policies for acts or omissions by the Consultant in the performance of Services to the
Company under this Agreement as an officer of the Company.

 

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2.7 Key
Person Insurance. To the extent that the Company maintains or desires to maintain one or more insurance policies to compensate
the Company, or its assigns, for financial losses that would arise from the death or extended incapacity of the Consultant (the
“Key Person Insurance”), the Consultant shall cooperate with the Company in the provision of such Key Person
Insurance and hereby agrees to waive, in perpetuity on his own behalf and on behalf of all Affiliates, heirs, and successors,
all rights, benefits, interests, and claims to and under such Key Person Insurance.

 

ARTICLE
3

COMPENSATION AND BENEFITS

 

3.1 Fees.
In consideration for the Services and the restrictive covenants granted by the Consultant herein, the Company shall pay the
Consultant $250,000 per annum, commencing on the Effective Date hereof, which the Company shall pay to the Consultant in equal
monthly installments (the “Fees”). The Fees for any period that is less than one month shall be pro-rated based
upon the number of calendar days elapsed. The Fees may be increased at the sole discretion of the Board, which shall review the
Fees not less frequently than on an annual basis.

 

3.2 Expenses.
Except as otherwise provided herein, Consultant agrees that he shall be responsible for all costs and expenses incident to
the performance of Services for the Company including, but not limited to, all costs of equipment, all fees, dues, fines, licenses,
bonds or taxes required of or imposed against Consultant, and all of Consultant’s other costs of doing business. The Company
shall reimburse the Consultant for all reasonable expenses that have been approved in advance, in writing, by the Company, including
travel (the “Expenses”). Consultant shall submit appropriate written documentation regarding such Expenses
for which reimbursement is requested. All such reimbursements shall be paid to the Consultant not later than 15 days after the
submission of the properly documented request for reimbursement.

 

3.3 Incentive
Compensation. During the Term, the Consultant is also eligible to participate in any incentive compensation program that the
Board may establish for the Company (the “Incentive Program”). The opportunity to earn incentive compensation
and the amount of any such compensation under the Incentive Program will be determined in accordance with criteria established
by the Board and may include cash remuneration and/or options for equity of the Company. The Consultant acknowledges that any
compensation under the Incentive Program will be discretionary, with the sole discretion resting with the Board.

 

3.4 Taxes.
The Consultant is solely responsible for the payment of all taxes owed on all Fees, Expenses and Incentive Compensation, whether
federal, state or local in nature including, but not limited to, income taxes, Social Security taxes, Federal Insurance Contribution
Act, the Social Security Act, the provisions of the Internal Revenue Code of 1986, as amended, including any successor law thereto
(the “Code”), Federal Unemployment Compensation taxes, and any other fees, charges, licenses or other payments
required by law relating to Consultant’s engagement by the Company hereunder. The Consultant shall indemnify, hold harmless,
defend, pay and reimburse any the Company and any Affiliate of the Company (other than Consultant), as well all officers, directors,
employees, agents, representatives, equity holders, and managers of the Company and any Affiliate of the Company, against any
and all losses, claims, damages, judgments, fines or liabilities, including reasonable legal fees or other expenses incurred in
investigating or defending against such losses, claims, damages, judgments, fines or liabilities, and any amounts expended in
settlement of any claims due to Consultant’s failure to pay any required taxes under this Agreement.

 

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ARTICLE
4

TERM

 

4.1 Term.
This Agreement shall become effective on the Effective Date and shall continue through an initial term ending on the tenth
(10th) anniversary of the Effective Date hereof. Unless earlier terminated in accordance with its terms, this Agreement
shall automatically renew for subsequent terms of four (4) years each unless either Party provides the other with written notice
of its intent not to renew this Agreement, and such notice is received by such party no less than 60 days before the end of any
term period. The initial term together with any subsequent term(s) shall comprise the “Term” under this Agreement.

 

ARTICLE
5

CONFIDENTIAL INFORMATION

 

5.1 Definition
of Confidential Information. “Confidential Information” means any information disclosed, either orally
or in writing, either purposely or inadvertently, either directly or indirectly, by one Party (the “Disclosing Party”)
to the other Party (the “Receiving Party”) concerning the Disclosing Party’s intellectual property, business
dealings, research and development efforts, medical therapies and records, customers, operations, affairs, products, services,
or other information of a competitively sensitive or proprietary nature. The term “Confidential Information” does
not, however, include information that the Receiving Party can demonstrate: (i) is now, or hereafter becomes, through no act or
failure to act on the part of the Receiving Party, generally known or available to the public; (ii) was known by the Receiving
Party before receiving such information from the Disclosing Party; (iii) is hereafter rightfully obtained by the Receiving Party
from a third party, without breach of any obligation to the Disclosing Party; or (iv) is independently developed by the Receiving
Party without use of, or reference to, the Confidential Information or the Company’s resources, personnel, assets or data
(collectively, “Public Information”).

 

5.2 Obligations.
Each Party, as a Receiving Party of Confidential Information hereby agrees:

 

(a) to
hold the Disclosing Party’s Confidential Information in strict confidence;

 

(b) not
to disclose such Confidential Information to any third party except as specifically authorized herein or as specifically authorized
by the Disclosing Party Executive in writing;

 

(c) not
to use any Confidential Information for any purpose whatsoever other than as agreed, in writing, by the Parties, and then, only
as necessary to carry out the intent of this Agreement and the business relationship created hereby (the “Business Purpose”);

 

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(d) to
restrict access to the Disclosing Party’s Confidential Information to only those of its employees, representatives, contractors
or advisors (each of whom becomes, through such disclosure, a Receiving Party) to whom such access is absolutely necessary or
appropriate for carrying out the Business Purpose, and to verify with the Disclosing Party Executive before any such disclosure
is made, that such Receiving Party has signed a written agreement of confidentiality substantially identical to this Agreement;
and

 

(e) to
take all steps commercially possible, which standard is intended to be higher than that of “reasonable care” or “best
efforts” (“Absolute Care”) to prevent the unauthorized disclosure of the Disclosing Party’s Confidential
Information.

 

(f) Failure
to obtain the prior written approval of the Disclosing Party Executive for any disclosure or use of Confidential Information shall
be deemed a breach of this Agreement, and the Parties agree that such breaches are not curable.

 

(g) Consultant
recognizes and agrees that Consultant has no expectation of privacy with respect to Company’s telecommunications, networking
or information processing systems (including stored computer files, e-mail messages and voice messages), and that Consultant’s
activity, and any files or messages, on or using any of those systems may be monitored by the Company or a third-party agent of
the Company at any time without notice.

 

5.3 Permitted
Disclosures. The Receiving Party may only disclose the Disclosing Party’s Confidential Information:

 

(a) to
third parties (including employees, representatives, vendors, customers, potential customers and agents, etc.) (i) whom the Disclosing
Party Executive has confirmed in writing have signed a written agreement of confidentiality substantially in the form of this
Agreement, (ii) that have agreed to a form of confidentiality agreement approved by the Company’s Board and/or chief legal
counsel and (iii) that are provided information in accordance with any Board approved confidentiality policy of the Company; or

 

(b) to
third parties to which consent has been given in advance, in writing, by the Disclosing Party Executive, and then only with such
Confidential Information, and only to the extent, so consented; provided, however, that the consent of the Disclosing Party
shall not be unreasonably withheld; or

 

(c) to
the University pursuant to the Consultant’s primary employment relationship therewith if the Consultant reasonably believes
such disclosure is required by University policy, the Faculty Manual, any contractual requirement Consultant is under with the
University and/or if Consultant reasonably believes such disclosure is in the best interest of the Company; or

 

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(d) to
the National Institutes of Health (“NIH”) or another publicly funded agency in support of (i) a grant or program
benefitting the Company, (ii) the Intellectual Property Rights benefitting the Company; or (iii) any NIH-sponsored clinical trial
benefitting the Company;

 

provided,
however, that any such permitted disclosure is not intended to harm the Business of the Company or to provide an advantage
to any Competing Business.

 

5.4 Required
Disclosures. The Receiving Party may disclose the Disclosing Party’s Confidential Information if and to the extent that
such disclosure is required by Applicable Law pursuant to a legal order or subpoena signed by a competent authority; provided
that:

 

(a) the
Receiving Party uses Absolute Care to limit the disclosure by means of a protective order or a request for confidential treatment;
and

 

(b) the
Receiving Party provides written notice to the Disclosing Party Executive within two (2) days of the Receiving Party’s receipt
of any subpoena, order, or other process of any court, governmental body or tribunal requiring disclosure of Disclosing Party’s
Confidential Information to allow the Disclosing Party to object to the disclosure.

 

(c) the
Receiving Party gives the Disclosing Party a reasonable opportunity to review the disclosure before it is made and to interpose
its own objection to the disclosure.

 

(d) The
requirements of this Section 5.4 are not waivable by any Party; furthermore, failure to perform the obligations for the Receiving
Party set forth in this Section 5.4 shall be deemed a breach of this Agreement, and the Parties agree that such breaches are not
curable.

 

5.5 Disclosure
of Public Information.

 

(a) In
the event that a Receiving Party either discloses or attempts to disclose, or uses or attempts to use, any Confidential Information
without obtaining the approvals, or performing the requirements, for authorized disclosure set forth above, in reliance on the
assertion that such Confidential Information is, in fact, Public Information, the Receiving Party must be able to prove through
clear and convincing evidence that, at the time of the receipt of such Confidential Information and not at the time of the disclosure
by the Receiving Party of such Confidential Information, the Confidential Information met one or more of the requirements for
Public Information.

 

(b) The
requirements of Section 5.5 are intended to prevent the continued or further disclosure or use of Confidential Information by
a Receiving Party regardless of whether such Confidential Information later becomes Public Information.

 

(c) If
the Receiving Party is unable to demonstrate through clear and convincing evidence that disclosed or used Confidential Information
was Public Information at the time of such initial disclosure or use by the Receiving Party, then the Receiving Party hereby agrees
that:

 

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(i) such
initial disclosure or use by the Receiving Party shall be deemed a material breach of this Agreement that is not curable;

 

(ii) in
any action seeking equitable relief or damages by the Disclosing Party, the Receiving Party hereby waives all affirmative defenses
that the disclosed Confidential Information was Public Information.

 

5.6 Copies
and Abstracts. To the extent necessary to carry out the Business Purpose, the Receiving Party may make copies or abstracts
of the Disclosing Party’s Confidential Information; provided that (a) all such copies and abstracts are themselves marked
as “confidential”; and (b) the Receiving Party maintains a written record of the location and distribution of all
such copies and abstracts.

 

5.7 Audit
and Inspection Rights.

 

(a) Each
Party shall have the absolute right to audit and inspect, without prior notice to the other Party, the computer(s), mobile telephone(s),
cloud computer account(s), email and social media accounts, and any other devices, files, accounts, or property of the Receiving
Party on which information may be stored, in any media or form (collectively, the “Devices”), in order to review
such Devices for the presence of Confidential Information.

 

(b) The
Receiving Party agrees to give the Disclosing Party immediate physical access to, and any user identification, password, or other
data required for access for, such Devices to allow the Disclosing Party to perform any such audit and/or inspection and/or to
make a pristine copy of the hard-drive of such Devices.

 

(c) In
the event that unauthorized Confidential Information is found on such Devices, the Receiving Party hereby authorizes the Disclosing
Party to destroy, remove, delete, or order the deletion of such unauthorized Confidential Information on such Devices.

 

5.8 Return
of Confidential Information.

 

(a) Confidential
Information shall be deemed the exclusive property of the Disclosing Party, and upon the Disclosing Party’s request, the
Receiving Party will promptly:

 

(i) return
to the Disclosing Party all copies of the Disclosing Party’s Confidential Information that is in hard copy form; and

 

(ii) grant
the Disclosing Party immediate access to all Devices of the Receiving Party, in accordance with Section 5.7 hereof, such that
the Disclosing Party itself may destroy, erase, delete, or order the deletion of, any Confidential Information that is in electronic
or digital form.

 

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(b) The
Receiving Party agrees that it shall not delete or attempt to delete any Confidential Information ordered returned by the Disclosing
Party.

 

5.9 No
Implied Licenses, Representations or Warranties.

 

(a) Each
Party acknowledges and agrees that the Confidential Information of the Disclosing Party is the exclusive property of the Disclosing
Party and the Receiving Party has no right or interest in or to such Confidential Information.

 

(b) Nothing
in this Agreement will be construed as granting any rights or interests in or to the Receiving Party, by license or otherwise,
to any of the Disclosing Party’s Confidential Information, except as specifically stated in this Agreement.

 

(c) The
Parties jointly and severally acknowledge and agree that the Disclosing Party makes no representation or warranty as to the reliability,
accuracy or completeness of Confidential Information. It is agreed that neither Party, nor any of its Affiliates, nor any of its
respective equity holders, managers, members, officers, directors, employees, or agents, shall have any liability to the other
party or any of its representatives arising from the use of Confidential Information in accordance with this Agreement.

 

5.10 Term
of Confidentiality.

 

(a) Unless
otherwise provided herein, the covenant of confidentiality made under this Article 5 will remain in effect for five (5) years
after the later of (i) the end of the Term, or (ii) the date of the last disclosure of Confidential Information hereunder, at
which time this covenant of confidentiality will terminate, or until such time as the Parties agree in writing to terminate this
covenant of confidentiality.

 

(b) With
respect to any Confidential Information related to any trade secret, know-how, or other proprietary information applicable or
incidental to, or derived from, any patent or patent application of a Disclosing Party, the obligations of this Agreement will
remain in effect for five (5) years after the later of (i) the end to the Term, or (ii) the date of the last disclosure of Confidential
Information hereunder, or (iii) the expiration of any such patent or patent application, at which time this covenant of confidentiality
will terminate, or until such time as the Parties agree in writing to terminate this covenant of confidentiality.

 

ARTICLE
6

OWNERSHIP OF INFORMATION, INVENTIONS, AND ORIGINAL WORK

 

6.1 Definition
of Work Product. As used in this Agreement, the term “Work Product” means all patents and patent applications,
all inventions, innovations, improvements, cells, cell-based technologies, pharmaceuticals, similar technologies, developments,
methods, designs, analyses, drawings, reports, creative works, discoveries, software, computer programs, modifications, enhancements,
know-how, product, formula or formulations, concepts and ideas, and all similar or related information (in each case whether or
not patentable), all copyrights and copyrightable works, all trade secrets, Confidential Information, and all other intellectual
property and intellectual property rights that (in any case above) are conceived, reduced to practice, created, developed or made
by the Consultant, either alone or with others, during the Term and in the course of providing the Services to the Company;
provided however, that the term “Work Product” specifically excludes, subject to Article 5, any such work product
prepared by the Consultant pursuant to his employment with (i) the University or (ii) his professional relationships with any
Outside Companies so long as such Company is not a Competing Business (the “Excluded Work Product”).

 

    12 

     

    

 

6.2 Ownership
and Assignment of Work Product.

 

(a) The
Consultant hereby agrees that all Work Product will be the exclusive property of the Company, and in consideration of this Agreement,
without further compensation, hereby assigns, and (as necessary) agrees to assign, to the Company all right, title, and interest
to all work Product that:

 

(i) relates
to any and all current and future aspects of the Company’s Business; or

 

(ii) is
conceived, created, reduced to practice, developed, or made entirely or in any part:

 

(A) during
the Consultant’s Term with the Company while the Consultant is performing the Services for the Company; or

 

(B) using
any equipment, supplies, facilities, assets, materials, information (including, without limitation, Confidential Information)
or resources of the Company (including, without limitation, any intellectual property rights of the Company);

 

(iii) but
specifically excluding any Excluded Work Product.

 

(b) The
Company hereby agrees that it shall have no rights by reason of this Agreement in any publication, invention, discovery, improvement,
or other intellectual property whatsoever, whether or not publishable, patentable, or copyrightable, which is not a direct result
of the Consultant performing the Services for the Company under this Agreement or utilizing any Company resources. For the avoidance
of doubt, the Company shall have no rights in such intellectual property that is (i) is developed as a result of a program of
research financed, in whole or in part, by funds under the control of the University or any Outside Company, or (ii) arises directly
in connection with, or as an extension of, research conducted by, in, or under the direction of the laboratories of the University
or of any Outside Company, assuming in both cases that Company resources are not used.

 

(c) If
for any reason the foregoing assignment is determined to be unenforceable, the Consultant grants to the Company a perpetual, irrevocable,
worldwide, royalty-free, exclusive, sub-licensable right and license to exploit and exercise all such Work Product.

 

    13 

     

    

 

(d) The
ownership and assignment rights granted under this Section 6.2 shall not be superior to, and shall not be used to prevent or inhibit
the return of any Intellectual Property to the Consultant under Article 9 hereof.

 

6.3 Disclosure
and Cooperation. The Consultant shall promptly disclose Work Product to the CEO and perform all actions reasonably requested
by the Company (whether during or after the Term) to establish and confirm the ownership and proprietary interest of the Company
in any Work Product (including, without limitation, the execution of assignments, consents, powers of attorney, applications and
other instruments). The Consultant agrees to assist the Company in obtaining any patent for, copyright on or other intellectual-property
protection for the Work Product, and to execute and deliver or otherwise provide such documentation and provide such other assistance
as is necessary to or reasonably requested by the Company or its agents or counsel to obtain such patent, copyright, or other
protection. The Consultant shall maintain adequate written records of the Work Product, in such format as may be specified by
the Company, and make such records available to, as the sole property of, the Company at all times. The Consultant shall not file
any patent or copyright applications related to any Work Product except with the written consent of the CEO. Consultant will be
free to publish the portions of results of any research related to his work with the University which do not include Confidential
Information, and use any non-Confidential Information for purposes of research, teaching, and other educationally-related matters.
In order to avoid loss of patent rights as a result of premature disclosure of patentable information, Consultant shall submit
any prepublication or pre-disclosure material related any matter involving or related to the Company’s Business at least
ninety (90) days prior to planned submission for publication or disclosure. The Company shall notify Consultant within thirty
(30) days after it receives such material whether it desires to file patent applications on any inventions contained in the material
and in such case, the Company shall proceed to file a patent application at the expense of Company. If reasonably needed, the
Company may request a delay in publication, and the Parties shall negotiated in good faith to resolve the need for such delay
or accommodate such request.

 

ARTICLE
7

RESTRICTIVE COVENANTS

 

7.1 Acknowledgements.

 

(a) Ancillary
Agreement. The Consultant acknowledges and agrees that each of the restrictive covenants contained in this Article 7 are ancillary
to, and part of, an otherwise enforceable agreement, such being the agreements concerning Confidential Information and other consideration
as stated in this Agreement.

 

(b) Valuable
Information. The Consultant acknowledges and agrees that the Confidential Information and business opportunities provided
by the Company are highly valuable to the Company and, therefore, that the Company’s investment in the protection and maintenance
of the Confidential Information and the development of business opportunities constitute a legitimate interest to be protected
by the Company by the restrictive covenants set forth in this Article 7.

 

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(c) Unique
Relationships with Associates and Employees. The Consultant acknowledges and agrees that (i) in the highly competitive business
in which the Company is engaged, personal contact is of primary importance in securing new and retaining present vendors, suppliers,
customers, research and development partners, investors, and consultants (collectively, the “Associates”) and
employees of the Company (the “Employees”); (ii) the Company has a legitimate interest in maintaining its relationships
with its Associates and Employees; and (iii) it would be unfair for the Consultant to solicit the business of the Company’s
Associates and/or the future work of the Company’s Employees, exploiting the personal relationships the Consultant develops
with the Company’s Associates and Employees by virtue of the Consultant’s employment by the Company.

 

(d) Reasonableness.
The Consultant acknowledges and agrees that at the time that the restrictive covenants of this Article 7 are made, the limitations
as to time, geographic scope, and activity to be restrained, as described herein, are reasonable and do not impose a greater restraint
than necessary to protect the good will and other legitimate business interests of the Company, including (without limitation)
Confidential Information, Associate and Employee relationships, and goodwill.

 

(e) Termination.
The Consultant acknowledges and agrees that he has carefully read this Agreement and has given careful consideration (in consultation
with independent legal counsel of his choice) to the restraints imposed upon him by this Agreement, and consents to the terms
of the restrictive covenants in this Article 7 in conjunction with the provisions in this Agreement for the termination of his
employment, with no expectation or promise of employment for a substantial period of time.

 

(f) Post-Termination
Enforcement. The Consultant acknowledges and agrees that, based on the benefits to him and new consideration as recited herein,
the restrictive covenants of this Article 7, as applicable according to their terms, shall remain in full force and effect even
in the event of the cessation or termination of his employment under this Agreement for any reason, whether voluntary or involuntary
or with or without Cause.

 

(g) Other
Employment. The Consultant acknowledges and agrees that (i) in the event of the cessation or termination of his employment
under this Agreement, his experiences and capabilities are such that he can obtain gainful employment without violating this Agreement,
in a business engaged in other lines and/or of a different nature, without his incurring undue hardship; and (ii) the enforcement
of a remedy under this Article 7 by way of injunction will not prevent the him from earning a livelihood.

 

    15 

     

    

 

(h) Definition
of “Company.” Notwithstanding the provisions of Sections 1.13 and 11.13, the Parties agree that for purposes of
this Article 7, “Company” shall be defined to include the Company’s assignee or successor in interest (in any
form), and that this Agreement shall be enforceable by Company’s assignee or successor interest to the fullest extent permitted
by applicable law. The enforceability of this Agreement shall not be affected by any change in the name of Company, or by merger,
acquisition or assignment of its business, operations or this Agreement by Company, and shall be automatically assigned to any
such re-named, successor, surviving or assignee corporation of Company, who shall have authority to enforce this Agreement, and
continue in full force and effect thereafter in accordance with these terms. Company may assign its rights hereunder, and same
shall be enforceable by any such assignee, including but not limited to cooperative or coordinated efforts between Company and
all other direct and indirect related or affiliated entities of Company. Company’s obligations under Article 7 of this Agreement
shall be automatically assumed by the Company’s assignee or successor in interest and any and all successive assignees or
successors in interest. Consultant’s performance hereunder is personal in nature and, therefore, is not assignable under
any circumstances, and this Agreement, to the extent applicable and excepting personal services, shall be binding upon Consultant’s
heirs, administrators, and personal representative. In the event Company transfers its rights under this Agreement as contemplated
by this section 7.1(h), Consultant’s obligations under this Agreement shall be automatically owed to the Company’s
assignee or successor in interest and any and all successors thereto. In the event that Employee becomes employed by the Subsequent
Employer, this Agreement shall be construed as if it were originally entered into by and between Employee and the Subsequent Employer(s).

 

7.2 Non-Competition.

 

(a) Consultant
hereby covenants and agrees that, during the Term and for two years thereafter (the “Restricted Period”), the
Consultant will not:

 

(i) directly
or indirectly, on his own behalf or on the behalf of any others, perform or participate in any program, entity, or person which
competes with the Business of the Company (each, a “Competing Business”) including, without limitation, owning,
taking a financial interest in, managing, operating, controlling, being employed by, being associated or affiliated with, being
a spokesperson for, providing services as a consultant or independent contractor to, or participating in the ownership, management,
operation or control of, any Competing Business; provided, however; that this Section 7.2 does not preclude ownership of
less than 5% of the outstanding equity securities of any public reporting company; or

 

(ii) serve
as an investigator as part of any commercially-sponsored pre-clinical study or clinical investigation that relates to the Business
of the Company (unless, in either case, a waiver is granted by the Board in its sole discretion); or

 

(iii) promote,
develop, or assist in the conception or reduction to practice of any process, procedure, material, machine, manufacture, or composition
of matter, whether patentable or not, that is or would be competitive with the Business of the Company.

 

The
parties agree that the Company’s business is World-wide and therefore the restrictions contained herein are without geographic
scope.

 

    16 

     

    

 

(b) Notwithstanding
anything to the contrary in this Section 7.2, the Consultant shall have no restrictions whatsoever on performing or participating
in:

 

(i) any
personal services in his capacity as a physician on a patient-by- patient, medical care basis; or

 

(ii) any
trial sponsored by the NIH or another publicly funded agency relating to the Company’s Business; or

 

(iii) any
other NIH-sponsored trial (but provided that, in respect to any such trial, the Consultant may not enter into any agreement granting
intellectual property rights to or confirming such rights ·with any commercial entity); or

 

(iv) any
currently on-going, privately-funded, sponsored research program at the University; or

 

(v) any
personal services rendered by the Consultant under his employment with the University; or

 

(vi) any
personal services rendered by the Consultant under any contractual or other relationship with any of the Outside Companies; provided
however, that such services are not within the scope of the Business.

 

(c) Any
program, entity, or person for or in which the Consultant performs or participates under Section 7.2(6) (i)-(v) hereof shall not
be considered to be a “Competing Business” for the purposes of Section 7.2.

 

(d) Company
acknowledges that the Consultant serves as Founding Director of the University of Miami, Miller School of Medicine, Interdisciplinary
Stem Cell Institute (the “Institute”) and that other professors and professionals may conduct competitive research
from time to time in conjunction with the Institute. Consultant represents and warrants that no relationship presently exists
that would be in conflict with the provisions of this Section 7.2 and that he has disclosed to the Company any other consulting
or business relationships that may possibly be related to this Agreement, including the beneficial ownership of equity securities
for companies that may be competitive with the Company.

 

7.3 Non-Solicitation.
During the Restricted Period, the Consultant shall not, in any manner, directly or indirectly, on his own behalf or on the
behalf of any other person or entity, influence, induce, solicit, or attempt to influence, induce, or solicit:

 

(a) any
Associate to (i) do business with a Competing Business; or (ii) reduce, cease, restrict, terminate or otherwise adversely alter
business or business relationships with the Company for the benefit of a Competing Business, regardless of whether the Consultant
initiates contact for that pm-pose; or

 

    17 

     

    

 

(b) any
Employee to (i) cease or leave their employment or contractual or other relationship with the Company, regardless of whether the
Consultant initiates contact for such purposes, or (ii) hire, employ or otherwise attempt to establish, for any person or entity,
any employment, agency, consulting, independent contractor or other business relationship with any person who is or was an Employee
of the Company, for the benefit of a Competing Business.

 

7.4 Non-Disparagement.
Each Party agrees that, during the Term or at any time thereafter, neither Consultant nor, in the case of the Company, any
then member of the Board (excluding Consultant) will make any public statements, comments, or communications in any form, oral,
written, electronic or digital, to any third party, which:

 

(a) would
constitute libel, slander, or disparagement of the other Party or any of its equity holders, managers, directors, officers, employees,
or Affiliates (collectively, with the other Party, the “Protected Parties”) including without limitation, any
such statements, comments, or communications that criticize, ridicule or are derogatory to the Protected Parties; or

 

(b) may
be considered to be derogatory or detrimental to the good name or business reputation of the Protected Parties; provided however,
that the terms of this Section 7.4 shall not apply to communications between either Party and, as applicable, its attorneys
or other persons or entities with whom or which communications would be subject to a claim of privilege existing under common
law, statute or rule of procedure.

 

Each
Party further agrees that he or it will not in any way solicit any such statements, comments or communications from others. Notwithstanding
the foregoing, this Section does not, in any way, restrict or impede any Party from exercising protected rights to the extent
that such rights cannot be waived by agreement or under Applicable Law. This Section also does not, in any way, restrict or impede
any Party from complying with any Applicable Law or regulation, the Board’s fiduciary duties or a valid order of a court
of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the
law, regulation, duty or order.

 

7.5 Media
Nondisclosure. Both Parties agrees that, both during and after the Term, except as may be authorized in writing by the other
Party or Applicable Law, neither Party will directly or indirectly disclose or release to any third party any information concerning
or relating to any aspect of the employment relationship between the Parties, or any expiration, cessation, or termination thereof,
or any aspect of any dispute, claim, or issue that is the subject of, or arises out of, this Agreement.

 

7.6 Survival.
This Article 7 shall survive the cessation or termination of the Consultant’s employment under this Agreement, subject
to the time and scope limitations set forth in this Article 7.

 

7.7 Substitution/Revision.
If, at the time of enforcement of the restrictive covenants in this Article 7, a court holds that the restrictions stated
in this Article 7 are unreasonable under circumstances then existing, then the maximum duration, scope or geographical area reasonable
under such circumstances shall automatically be substituted for the stated duration, scope or geographic area and the court shall
be allowed and is hereby requested to revise the restrictions contained herein to cover the maximum duration, scope and geographic
area permitted by law. The covenants contained in Sections 7.2, 7.3, 7.4, and 7.5 hereof are independent of and severable from
one another.

 

    18 

     

    

 

7.8 Covenants
Independent. The Consultant’s restrictive covenants in this Article 7 shall be construed as covenants independent of
any other covenant or provisions in this Agreement or any other agreement which the Company may have with the Consultant. The
existence of any claim, cause of action or defense of the Consultant against the Company, or its assignee or successor in interest,
whether predicated upon another covenant or provision of this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of any other covenant including the covenants in this Article 7.

 

ARTICLE
8

REMEDIES

 

8.1 Remedies.
In the event of a breach of this Agreement by either Party, the non- breaching Party shall be entitled to all appropriate
equitable and legal relief, including, but not limited to: (a) an injunction to enforce this Agreement or prevent conduct in violation
of this Agreement; (b) damages incurred by the non-breaching Party as a result of the breach; and

 

(a) attorneys’
fees and costs (at all arbitration, trial, and appellate levels) incurred by the non-breaching Party in enforcing the terms of
this Agreement.

 

***
THE FOLLOWING IS A MANDATORY ARBITRATION PROVISION ***

 

8.2 Dispute
Resolution. Any issue, question, dispute, claim or controversy arising out of or relating to this Agreement or any provision
thereof, or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope
or applicability of this Agreement to arbitrate, shall be determined by arbitration in Miami, Florida, provided however, that,
any Scientific Matter will be determined by arbitration in New York, New York, as set forth herein. The arbitration shall be administered
by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those
Rules. Judgment on the Award may be entered in any court having jurisdiction. This dispute resolution provision shall include
urgent or emergency arbitration relief and not preclude any Member from seeking provisional remedies in aid of such urgent or
emergency arbitration relief from a court of appropriate jurisdiction.

 

(a) General
Matters. All matters that are not Scientific Matters shall be arbitrated before one arbitrator.

 

(b) Scientific
Matters. All Scientific Matters shall be arbitrated before three arbitrators. The Sponsor and the Founder shall each select
one arbitrator and those two arbitrators shall each select a third arbitrator. Each arbitrator so selected by the Sponsor and
Founder must either (i) have 10 or more years of applicable experience in stem-cell medicine or the commercialization of drugs,
pharmaceuticals, or biological products regulated by the FDA, or (ii) be a retired federal judge who shall attest that he or she
has more than 5 years applicable experience in stem-cell medicine or the commercialization of drugs, pharmaceuticals, or biological
products regulated by the FDA. The third arbitrator shall have no minimum qualifications.

 

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8.3 Effects
of Mandatory Arbitration. The Parties understand, acknowledge, and agree that by agreeing to arbitrate in the manner required
under this Article 8, they are each waiving any right they may have to bring before a court (for other than injunctive relief
as provided below), any claim that such Party may have arising out of, or for any violation of, any federal, state, local, or
other law, regulation, or ordinance, or any other rights protected or arising under (for example, and without limitation (a) the
Age Discrimination in Employment Act, as amended (29 U.S.C. §§ 621 - 634); (b) the Older Workers Benefit Protection
Act, as amended (29 U.S.§§ 621, 623); (c) Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C. §§
2000E - 2000E-17); (d) the Equal Pay Act of 1963, as amended (29 U.S.C. §§ 206(D), et seq.); (e) the Employee
Retirement Income Security Act of 1974, as amended (29 U.S.C. §§ 1001 -1461); (f) the Worker Adjustment and Retraining
Notification Act, as amended (29 U.S.C. §§ 2101, et seq.); (g) the National Labor Relations Act, as amended (29
U.S.C. §§ 151-169); (h) Family and Medical Leave Act of 1993, as amended (29 U.S.C. §§ 825, et seq.);
(i) the Americans with Disability Act of 1990, as amended (42 U.S.C. §§ 12101, et seq.); G) the Occupational
Safety and Health Act of 1970 (29 U.S.C. §§ 651, et seq.); (k) the Florida Civil Rights Act (Fla. Stat. 760.01,
et seq.); (1) the Florida Constitution; (m) the Florida False Claims Act (Fla. Stat. 68.081, et seq.); (n), the
Florida Whistleblower Act (Fla. Stat.§ 448.101-448.105); (o) the Florida Workers Compensation Retaliation Statute (Fla. Stat.
§440.205); (p) the Florida Wage Discrimination Law (Fla. Stat. § 448.07); (q) the Florida Equal Pay Law (Fla. Stat.
448.07); (r) the Florida AIDS Act (Fla. Stat. §§ 110.125, 381.00 and 760.50); (s) Florida OSHA (Fla. Stat. § 442.018(2));
(t) Florida Wage Payment Laws; and (u) Florida Discrimination on the Basis of Sickle Cell Trait Law (Fla. Stat. § 448.075).
Nevertheless, both Parties agree to waive all such rights they may have and agree to submit all disputes to binding arbitration
in accordance with the terms of this Article 8.

 

***
THE FOLLOWING IS A WAIVER OF RIGHTS TO A CLASS ACTION ***

 

8.4 Waiver
of Class Action. All arbitrations under this Agreement must be on an individual basis. This means that neither the Company nor
the Individual may consolidate its claims in arbitration by or against any other party, or litigate in court, or arbitrate any
dispute, claim, or controversy as a representative or member of a class or in a private attorney general capacity. To the extent
that a dispute arises as to this Section 8.4, only a court, and not an arbitrator, shall determine the validity and effect of
this class action waiver.

 

8.5 Authority
and Decision. The Arbitrator shall have the authority to award the same damages and other relief that a court could award.
The Arbitrator shall issue a reasoned award explaining the decision and any damages awarded. The Arbitrator’s decision will
be final and binding upon the Parties. The Parties will abide by, and fully perform, any award rendered by the Arbitrator. In
rendering the award, the Arbitrator shall state the reasons therefore, including (without limitation) any computations of actual
damages or offsets, if applicable.

 

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8.6 Fees
and Costs. In the event of arbitration under the terms of this Agreement, the fees charged by JAMS or other arbitration administrator
and the Arbitrator shall be borne by the Parties as determined by the Arbitrator, except for any initial registration fee, which
the Parties shall bear equally. Otherwise, the Parties shall each bear their own costs, expenses and attorneys’ fees incurred
in arbitration, except as otherwise decided by the Arbitrator.

 

8.7 Limited
Scope. The following are excluded from binding arbitration under this Agreement: (a) claims for workers’ compensation
benefits or unemployment benefits; (b) replevin; and (c) any claims for which a binding arbitration agreement is invalid as a
matter of law.

 

8.8 Statutes
of Limitations. All statutes of limitations that would otherwise be applicable (as well as other laws and statutes of applicability
to any question, issue, claim, or dispute) shall apply to any arbitration proceeding hereunder, and the arbitrator is specifically
empowered to decide any question pertaining to limitations.

 

8.9 Injunctive
Relief.

 

(a) The
Parties may seek injunctive relief in arbitration; provided, ho1veve1; that as an exception to the arbitration agreement
set forth this Section 8.2, the Parties, in addition to all other available remedies, shall each have the right to initiate an
action in any court of competent jurisdiction in order to request injunctive or other equitable relief regarding the terms of
this Agreement. The exclusive venue of any such proceeding shall be in the venue set forth herein.

 

(b) The
Parties agree (i) to submit to the jurisdiction of any competent court in the venue set forth herein, (ii) to waive any and all
defenses the Parties may have on the grounds of lack of jurisdiction of such court, and (iii) that neither Party shall be required
to post any bond, undertaking or other financial deposit or guarantee in seeking or obtaining such equitable relief.

 

(c) Evidence
adduced in any such proceeding for an injunction may be used in arbitration as well.

 

(d) The
existence of this right to injunctive relief shall not preclude or otherwise limit the applicability or exercise of any other
rights and remedies that a Party may have at law or in equity.

 

(e) The
Parties stipulate and agree that any breach of this Agreement by the Parties may result in immediate and irreparable harm to the
other Party, the amount of which will be extremely difficult to ascertain, and that other Party could not be reasonably or adequately
compensated by damages in an action at law. For these reasons, the Parties shall have the right to obtain such preliminary, temporary
or pe1manent injunctions or restraining orders or decrees as may part of any injunctive relief.

 

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ARTICLE
9

TERMINATION OF ARRANGEMENT

 

9.1 Termination
of Consultant for Cause. Notwithstanding anything to the contrary in this Agreement, the Company shall have the right to automatically
and immediately terminate this Agreement for “Cause,” which for purposes of this Agreement means:

 

(a) an
act of fraud or embezzlement by the Consultant, whether or not related to the Company, as determined by Company upon (i) completion
of an internal investigation in accordance with the then current policies of the Company, or (ii) filing of a report of such fraud
or embezzlement with law enforcement officers of the application jurisdiction;

 

(b) the
conviction of the Consultant of, or plea of “guilty” or “nolo contendere” by the Consultant to a felony
that is either (i) a crime of moral turpitude and/or (ii) a crime that has a fundamental element of fraud or dishonesty; provided,
however, that the entry of a withholding of adjudication by a court shall not constitute a plea of “guilty” or
“nolo contendere;”

 

(c) the
deliberate and intentional failure by Consultant to perform his duties to the Company as Chief Science Officer (other than any
such failure resulting from his incapacity due to physical or mental illness or disability) as set forth in this Agreement and/or
the Operating Agreement, after a written demand for substantial performance is delivered to Consultant by the Board which specifically
identifies the manner in which the Board believes that Consultant has not substantially performed his duties and Consultant has
had a reasonable period of time (not less than ten (10) days) to cure such failure;

 

(d) gross
negligence, recklessness, or willful misconduct in the execution of Consultant’s duties; provided however, that if
Consultant takes action(s) pursuant to a Board vote or written consent of the Board, then such action will not constitute gross
negligence, recklessness, or willful misconduct.

 

(e) Consultant’s
material breach of this Agreement, after having been provided written notice of the exact nature of the breach or violation and
at least thirty (30) days to cure such breach, provided however, that such thirty (30) day period will be tolled during
any period in which both Parties are in good faith negotiations or otherwise attempting in good faith to resolve the matter(s)
that gives rise to the breach.

 

For
purposes of this definition, no act, or failure to act, on Consultant’s part shall be considered “grossly negligent,”
“reckless” or “willful” unless done, or omitted to be done, by Consultant not in good faith and without
reasonable belief that Consultant’s action or omission was in the best interests of the Company.

 

9.2 Compensation
upon Termination for Cause. In the event the Company terminates this Agreement for Cause, the Consultant shall receive such
portion of his Fees to which the Consultant otherwise would have been entitled hereunder through the date of termination as well
as remuneration for any Expenses accrued but unpaid through the date of termination. The Consultant shall not be entitled to any
other compensation whatsoever and the Company shall have no further obligations hereunder.

 

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9.3 Termination
for Good Reason. Notwithstanding anything to the contrary in this Agreement, the Consultant shall have the right to automatically
and immediately terminate this Agreement for “Good Reason,” which for purposes of this Agreement means any
of the following, provided: (i) the Consultant gives written notice to the Company within ninety (90) days after the initial
existence of such condition, and (ii) the Company does not remedy such condition within thirty (30) days after receipt of such
notice thereof given by the Consultant, provided further however, that if Consultant agrees or consents with any such of
the foregoing actions via a Board vote or written consent of the Board and/ or otherwise agrees in writing, then such action will
not constitute Good Reason:

 

(a) the
Company materially reduces the Consultant’s position (including title), authority, duties, or responsibilities as contemplated
by this Agreement, excluding for this purpose any isolated and insubstantial action not taken in bad faith and which is remedied
by the Company within thirty (30) days after receipt of notice thereof given by the Consultant; or

 

(b) relocation
of Consultant to a work location more than twenty five (25) driving miles from the then current offices of the Company (it being
understood that Consultant will agree and consult with the initial location of the Company’s offices and his work location);
or

 

(c) any
failure by the Company to materially comply with any of the provisions of this Agreement applicable to it, after reasonable notice
thereof from the Consultant and Company has had a reasonable period of time (not less than ten (10) days) to cure such failure.

 

9.4 Compensation
upon Termination for Good Reason. In the event the Consultant terminates this Agreement for Good Reason, the Consultant shall
receive in a lump sum in cash of (i) the Consultant’s annual Fees through the date of termination to the extent not theretofore
paid; (ii) the Consultant’s annual Fees from the date of termination through the end of the Term (had such termination not
occurred) plus 3 years (the “Buy-Out Period”); including an increase in the Fees of 10% per annum for each
year of the Buy-Out Period; and (iii) any Expenses accrued but unpaid as of the date of termination.

 

9.5 Termination
without Cause or Good Reason.

 

(a) Right
to Terminate without Cause or Good Reason. Either Party may terminate this Agreement without Cause or without Good Reason
by giving to the other Party not less than 90 days’ advance notice of such termination in writing, subject to Section 9.5(d)
of this Agreement.

 

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(b) Compensation
upon Termination without Cause. In the event this Agreement is terminated by the Company without Cause pursuant to Section
9.5(a), the Consultant shall receive in a lump sum in cash in full settlement of any and all claims which the Consultant may have
against the Company, the sum of (i) the Consultant’s annual Fees through the date of termination to the extent not theretofore
paid; (ii) the Consultant’s annual Fees from the date of termination through the end of the Term (had such termination not
occurred); and (iii) any Expenses accrued but unpaid as of the date of termination. The Consultant shall not be entitled to any
other severance or compensation whatsoever and the Company shall have no further obligations hereunder.

 

(c) Compensation
upon Termination without Good Reason. In the event this Agreement is terminated by the Consultant without Good Reason pursuant
to Section 9.5(a), the Consultant shall receive, in full settlement of any and all claims which the Consultant may have against
the Company: (i) such portion of his Fees to which the Consultant otherwise would have been entitled under this Agreement through
the date of termination; and (ii) remuneration for any Expenses accrued but unpaid through the date of termination. The Consultant
shall not be entitled to any other severance or compensation whatsoever and the Company shall have no further obligations hereunder.

 

(d) Limitation
on Consultant’s Right to Terminate. Consultant may not terminate without Good Reason during the period commencing on
the Effective Date hereof and continuing through the fifth (5th) anniversary of the Effective Date. Following that period Consultant
has all applicable rights under this Section 9.5.

 

9.6
Calculation of Term. For the purposes of this Article 9 alone, the term “Term” means that period commencing on
the Effective Date hereof and continuing through the tenth (10th anniversary of the Effective Date.

 

9.7 Duties
of Consultant upon Termination. Upon termination of this Agreement for any reason, the Consultant shall, without prejudice
to any claim for damages or other remedy which either Party might have against the other:

 

(a) upon
the request of the Company immediately resign from any offices and appointments held by him in or on behalf of the Company; and

 

(b) immediately
deliver to the Company all correspondence, documents, specifications, papers, magnetic disks, tapes or other software storage
media and property belonging to the Company which may be in the Consultant’s possession or under his control (including
such as may have been made or prepared by or have come into the possession or under the control of the Consultant and relate in
any way to the business or affairs of the Company or any Associate) and the Consultant shall not, without the written consent
of the Company, retain any copies thereof.

 

(c) If
the Company is a Public Company. If, upon termination of this Agreement, any of the Company’s equity securities are
registered pursuant to the Securities Act of 1933, as amended, the Securities and Exchange Act of 1934, as amended, or is otherwise
“publicly traded,” any payments to Consultant owed pursuant to this Agreement shall be paid upon the earlier of: (i)
6 months after the date of termination, and/or (ii) such other date as required to comply with applicable law.

 

    24 

     

    

 

9.8 Termination
Notices. Any termination by the Company for Cause, or by Consultant for Good Reason, shall be communicated by a written notice
to the other Party hereto given in accordance with Article 9 and Section 11.4 of this Agreement. For purposes of this Agreement,
such notices shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) to the extent applicable,
set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Consultant’s engagement
under the provision so indicated and (iii) specifies the termination date.

 

9.9 Death
or Disability. Upon the Consultant’s death or Disability, this Agreement shall immediately terminate and payment of
all compensation and benefits to the Consultant shall cease and no further duties or obligations shall be owed by the Company
to the Consultant; except, however; that any accrued and unremunerated Fees or Expenses shall be paid immediately by the
Company to the Consultant’s estate. Notwithstanding the foregoing, however, the Board may decide, in its sole discretion,
to continue to pay Fees to the Consultant for any period of time after his Disability. For purposes of this Agreement, the term
“Disability” of the Consultant means the inability of the Consultant to perform the Services, because of physical
or mental illness or incapacity, for a period of 270 days in any one-year period (as reasonably determined by the Board in conjunction
with the Consultant’s medical advisor or practitioner).

 

9.10 Post-Consulting
Cooperation. Upon and after the termination of this Agreement, the Consultant will cooperate fully with the Company in connection
with (a) any matter related to the Company’s business and activities by being available, at mutually agreeable times in
person or by telephone, and without any unreasonable interference with his other activities, to provide such info11nation as may
from time to time be requested by the Company regarding various matters in which he was involved during the Term, and (b) any
and all pending or future litigation or administrative claims, investigations, or proceedings involving the Company, including
(without limitation) Ins meeting with the Company’s counsel and advisors at reasonable times upon their request and providing
testimony (in court or arbitration hearing or at depositions) that is truthful, and complete in accordance with information known
to him.

 

9.11 Release.
As a mandatory condition precedent to Consultant receiving any payments under this Article 9 for post-separation payment (except
in the case of death or Disability), Consultant must first sign a separation agreement and general release of all claims against
the Company and its Affiliates, in a form reasonably satisfactory to Company and Consultant. Unless otherwise required by applicable
law, in all cases any release must become final, binding and irrevocable within thirty (30) days following the Consultant’s
termination. Any post-separation payments will be paid, in lump sum, no later than sixty (60) days after the date of Consultant’s
termination. If Consultant fails or refuses to timely enter into the release, or timely revokes the release, the Company shall
not be obligated to make any separation payments under this Article 9.

 

ARTICLE
10

REPRESENTATION BY CONSULTANT

 

10.1 No
Conflict. The Consultant hereby represents and warrants to the Company that his execution of this Agreement and his performance
of his duties and obligations hereunder will not conflict with, cause a default under, or give any party a right to damages under
any other agreement or obligation to which the Consultant is a party or is bound.

 

    25 

     

    

 

ARTICLE
11

GENERAL

 

11.1 Independent
Contractor Status. The Consultant’s relationship with the Company will be that of an independent contractor, and nothing
in this Agreement shall be construed to create a partnership, joint venture, or employer-employee relationship. The Consultant
is not the agent of the Company and is not authorized to make any representation, contract, or commitment on behalf of the Company
except as authorized under the Services. Consultant shall have sole control over the means and the manner by which it performs
the Services. The Consultant is responsible, where necessary to secure, at his sole cost, workers’ compensation insurance,
disability benefits insurance, and any other insurance as may be required by law. The Consultant acknowledges and agrees that
the Consultant shall not be eligible for any pension, vacation, sick pay, or other benefits that the Company may provide to its
employees. The Consultant shall indemnify, hold harmless, defend, pay and reimburse any the Company and any Affiliate of the Company
(other than Consultant) against any and all losses, claims, damages, judgments, fines or liabilities, including reasonable legal
fees or other expenses incurred in investigating or defending against such losses, claims, damages, judgments, fines or liabilities,
and any amounts expended in settlement of any claims due to Consultant’s failure to perform its obligations under this Section
11, including any claim, liability or expense arising out of any determination by any governmental agency that Consultant is not
an independent contractor with respect to this Agreement or the Services to be provided hereunder.

 

11.2 Governing
Law. Notwithstanding the place where this Agreement may be executed by any of the Parties hereto, the Parties expressly agree
that all the terms, conditions, and provisions hereof shall be construed under, and governed by, the laws of the State of Florida,
without regard to its principles of conflicts of law.

 

11.3 Jurisdiction
and Venue. In the event that a judicial proceeding is necessary in support of the mandatory arbitration provision set forth
above, the sole forum for any such proceeding arising out of, or relating to, this Agreement, is the courts of the State of Florida
in and for Miami-Dade County, or the federal courts for such state and county, and all related appellate courts. The Parties hereby
irrevocably consent to the jurisdiction of such courts and agree to said venue.

 

11.4 Notices.
All notices required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given
and received (a) when personally delivered, or delivered by same-day courier; or (b) on the third business day after mailing by
registered or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when sent by prepaid overnight express
delivery service (e.g., FedEx, UPS); or (d) when sent by email or facsimile and upon the receipt by the sending party of written
confirmation by the receiving party; provided, however, that an automated facsimile or email confirmation of delivery or
read receipt shall not constitute such confirmation; and, in any case addressed to either Party, and in the case of the Company,
to the CEO, at its normal business or residential address, which address may be updated by either Party in writing from time to
time.

 

    26 

     

    

 

11.5 Incorporation
by Reference. The Parties agree that the preamble, recitals, and any exhibits to this Agreement are material to this Agreement
and are hereby incorporated into this Agreement in their entirety.

 

11.6 Interpretation.
The Parties hereto acknowledge and agree that (a) each Party and its counsel has had the opportunity to review and negotiate
the terms and provisions of this Agreement and contribute to its revision; (b) the rule of construction to the effect that any
ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (c) the
terms and provisions of this Agreement shall be construed fairly as to all Parties hereto and not in favor of or against any Party,
regardless of which Party was generally responsible for the preparation of this Agreement.

 

11.7 Waiver.
Any waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of
any subsequent breach of the same or any other provision hereof. All waivers by either Party shall be in writing.

 

11.8 Entire
Agreement. This Agreement, together with any Unit Purchase Agreement and Assignment Agreement, sets forth the complete and
exclusive agreement of the Parties regarding the subject matter of this Agreement and supersedes all prior agreements, understandings
and communications, oral or written, between the Parties regarding the subject matter of this Agreement.

 

11.9 Severability;
Reformation. In case any one or more of the provisions or parts of a provision contained in this Agreement shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall
not affect any other provision or part of a provision of this Agreement; and this Agreement shall, to the fullest extent lawful,
be reformed and construed as if such invalid or illegal or unenforceable provision, or part of a provision, had never been contained
herein, and such provision or part reformed so that it would be valid, legal and enforceable to the maximum extent possible. Without
limiting the foregoing, if any provision (or part of provision) contained in this Agreement shall for any reason be held to be
excessively broad as to duration, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable
to the fullest extent compatible with then existing applicable law.

 

11.10 Survival.
The provisions of this Agreement that are intended, by their nature, to survive the expiration or termination of this Agreement,
shall so survive such expiration or termination; such surviving provisions specifically include, but are not limited to, Articles
5, 6, 7, 8, and Sections 9.2, 9.4 through 9.11, 11.1, 11.2 and this Section 11.10.

 

11.11 Modification;
Amendment. This Agreement may not be terminated, modified, amended or waived orally but only through a writing signed by an
authorized representative of the party against whom it is sought to be enforced.

 

11.12 Warranties.
There are no representations or warranties except as expressly stated herein.

 

11.13 Assignment.
Due to the personal nature of this Agreement, neither Party shall assign or transfer its rights, obligations or duties under
this Agreement to any third party, without the prior written consent of the other Party. Any attempt to assign this Agreement
in circumvention of this Section 11.12 shall be considered a material breach hereof.

 

    27 

     

    

 

11.14 Authority.
Each Party expressly agrees that each of them, individually, or any manager or officer of any entity under their dominion
or control shall have the authority to bind the Party collectively without further authorization or affirmation of such authority
by the Party.

 

11.15 Execution;
Counterparts. This Agreement may be executed and signatures exchanged by facsimile or other electronic means and in any number
of counterparts, each of which shall constitute an original, but all of which, when taken together, shall be considered one document.
Electronic and digital format signatures (e.g., .JPG, .PDF) shall be considered as original signatures.

 

11.16 Section
409A. The provisions of this Agreement will be administered, interpreted and construed in a manner intended to comply with
Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”),
the regulations issued thereunder or any exception thereto. Notwithstanding anything in this Agreement to the contrary, any compensation
that is designated under this Agreement as payable upon the Consultant’s termination of service or this Agreement shall
be payable only upon the Consultant’s “separation from service” with the Company within the meaning of Section
409A. The Consultant shall have no right to designate the date of any payment under this Agreement. Notwithstanding any provision
of this Agreement to the contrary, Consultant acknowledges and agrees that the Company and any Affiliate of the Company shall
not be liable for, and nothing provided or contained in this Agreement will be construed to obligate or cause the Company and
any Affiliate of the Company or any of their respective officers, directors, employees and agents to be liable for, any tax, interest
or penalties imposed on the Consultant related to or arising with respect to this Agreement, including any violation of Section
409A.

 

11.17 Review
by Consultant and Counsel. Consultant specifically and expressly represents and warrants that (a) he has reviewed and agreed
to the restrictive covenants and other terms and conditions contained in this Agreement and their contemplated operation after
receiving the advice of counsel of his own choosing or knowingly waiving the right to review by such counsel; and (b) he believes,
after receiving such advice (or executing such waiver), that the restrictive covenants and other terms and conditions hereof,
and their contemplated operation, are fair and reasonable.

 

 

[Signature
page to follow.]

 

    28 

     

    

 

IN
WITNESS WHEREOF, the Parties, intending to be legally bound, have duly entered into this Agreement effective as of the Effective
Date.

 

	 	CONSULTANT
	 	 
	 	/s/ Joshua M. Hare
	 	Joshua M. Hare, M.D.
	 	 
	 	 
	 	COMPANY
	 	 
	 	LONGEVERON LLC
	 	A Delaware limited liability company
	 	 
	 	/s/ Joshua M. Hare
	 	Signature

 

	 	By:	Joshua M. Hare, M.D.
	 	 	Printed Name
	 	 	 
	 	Its:	Chairman of the Board
	 	 	Title

 

	 	Company /s/ JMH
	 	 
	 	Consultant
/s/ JMH

  

    29 

     

    

 

EXHIBIT
A

 

SERVICES

 

The
following shall comprise the services to be provided by the Consultant to the Company during the Term (collectively, the “Services”):

 

1. The
Consultant shall serve as, and with the titles, offices and authority of, the Chairman of the Board, and Chief Science Officer
of the Company. The Chief Science Officer shall be responsible for the quality, innovativeness, and conduct of the Company’s
scientific and medical research and development, and product development and commercialization programs. The Chief Science Officer
shall perform all duties and have all authorities attendant to such position including those duties reasonably assigned to the
Consultant from time to time by the Board, which duties shall specifically include, but not be limited to:

 

(a) the
recruitment, retention, and removal of the Company’s scientific, medical, laboratory, and research and development staff,
including employees and consultants;

 

(b) the
identification of the location of, and the proper outfitting of, the Company’s laboratory(-ies) and other research and development
facilities;

 

(c) the
determination of how the Cell Line, as that term is defined in the Assignment Agreement, shall be developed and used, to include
the identification and evaluation of (i) appropriate new indications, (ii) licensing and commercialization opportunities, and
(iii) the timing of when such new indications or licensing or commercialization opportunities should be undertaken;

 

(d) all
matters relating to compliance with applicable laws, regulations, and best practice policies and procedures (i) promulgated or
recommended by the U.S. Food and Drug Administration (“FDA”) or other governmental organization, or (ii) applicable
to the practice of medicine;

 

(e) liaison
with all applicable governmental authorities regarding scientific, compliance, and/or regulato1y matters;

 

(f) development,
maintenance, application, and enforcement of policies and procedures related to scientific matters and product development, specifically
including Current Good Manufacturing Practices (“cGMP”) promulgated by the FDA;

 

(g) allocation,
supervision, and management of Company resources for scientific and product research and development activities including, but
not limited to, personnel, finances, and technology;

 

(h) if
the Consultant, in his sole discretion, deems it in the best interests of the Company, to propose, form, and serve as Chairman
of, a Scientific Advisory Board for the Company

 

    A-1 

     

    

 

(i) subject
to University restrictions, assist in fund raising efforts for the Company (including road shows); and;

 

(j) serve
as the sole spokesperson, or authorize another such spokesperson, for the Company on all scientific, medical, and product research
and development questions, issues, and matters, as appropriate.

 

2. In
performing the Services, the Consultant shall work no more than 10 hours in any given week and, cumulatively, no more than 500
hours in any given year.

 

3. In
performing the Services, the Consultant shall not utilize any space, facilities, materials, funding, or resources of the University
or any Outside Company on behalf of the Company, unless approved in advance, in writing, by the Board.

 

    A-2 

     

    

 

SCHEDULE
2.5

 

OUTSIDE
COMPANIES

 

As
of the Effective Date hereof, the Consultant serves as a consultant to the following entities:

 

		1.	Vestion,
                                         Inc., a Delaware corporation with offices located at 41219 Fisher Island Dr., Miami,
                                         Florida 33109

 

		2.	Heart
                                         Genomics, LLC, a Florida limited liability company with offices located at 523 Michigan
                                         Avenue, Miami Beach, Florida 33139

 

		3.	Biscayne
                                         Pharmaceuticals Inc., a Florida corporation with offices located at 4770 Biscayne Blvd.,
                                         Suite 660, Miami, Florida 33137

 

 

[Nothing
follows.]Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is entered by and between Longeveron, LLC, a Delaware limited liability company
with offices located at 1951 NW 7th Ave., Ste. 520, Miami, Florida 33136 (the “Company”),
and James Clavijo, an individual with a legal address of 1720 Jefferson Street, Apt 204, Hollywood, FL 33020 (the “Employee”),
as of the date(s) set forth on the signature page(s) hereto, effective as of August 12th,
2020 (the “Effective Date”).

 

WHEREAS, the Company
and the Employee desire to enter into this Agreement and to commence the employment of Employee upon the terms and conditions set
forth herein;

 

WHEREAS, Employee
acknowledges that during his/her employment with the Company, the Employee will have access to certain confidential, proprietary
information and trade secrets belonging to the Company’s (existing and future) business and that Employee has an obligation
not to disclose, misappropriate, use for his own personal or a third party’s purposes and/or unfairly benefit from the Company’s
confidential, proprietary, information, trade secrets, customers, prospective customers and good will;

 

NOW, THEREFORE, intending
to be legally bound, and for good and valuable consideration, the Company and Employee hereby agree as follows:

 

1. Reaffirmation
of Recitals. The foregoing recitals are complete, true and correct and are incorporated herein and made part hereof by
this reference. Employee acknowledges the Company’s reliance thereon as a material inducement to enter into this Agreement.

 

2. Term.
Subject to Section 5 below, the term of this Agreement shall be one (1) year commencing on the date of this Agreement (the “Initial
Term”). After the Initial Term, this Agreement shall be automatically renewed for successive one (1) year periods (each
a “Renewed Term”), unless, at sixty (60) days prior to the end of the Initial Term or a Renewed Term, either
party delivers written notice to the other that the Agreement is not to be renewed, in which case, the Agreement and Employee’s
employment hereunder shall be terminated as of the end of the applicable Initial Term or Renewed Term. The Initial Term and any
Renewed Term shall be collectively referred to as the “Term.”

 

3.
Position and Duties.

 

(a) During
the Term, Employee shall be employed as the Chief Financial Officer and Treasurer (“CFO”), and shall report
to the President. Employee shall have such duties and responsibilities as are reasonably commensurate with Employee’s position,
including those duties specified in the attached Schedule A, and such other duties and responsibilities as the President may reasonably
assign to Employee from time to time. Employee shall devote all of Employee’s working time to the fulfillment of Employee’s
duties and responsibilities under this Agreement, and Employee shall perform such duties and responsibilities to the best of Employee’s
abilities, and in a trustworthy, businesslike and efficient manner. Employee shall not be actively involved in any other trade
or business or as an Employee of any other trade or business. Employee shall at all times comply with and be subject to such policies
and procedures as the Company may establish or change from time to time (“Policies”); provided, however, that
in the event of a conflict between the terms of this Agreement and the provisions of any such Policies, the terms of this
Agreement shall control.

 

    

     

    

 

(b) Employee
acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best
interests of the Company and to do no act which would, directly or indirectly, injure the Company’s business, interests,
or reputation. In keeping with Employee’s fiduciary duties to the Company, Employee agrees that Employee shall not become
involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee
shall not engage in any activity that might involve a possible conflict of interest without first obtaining approval in accordance
with the Company’s Policies.

 

(c) The
Company recognizes that Employee may, without violating this Agreement, engage in or continue to engage in outside activities that
do not involve a conflict of interest, such as serving on community boards or the boards of professional or trade organizations,
volunteering for community organizations or professional or trade organizations, managing personal investments, engaging (to an
extent that does not interfere with Employee’s performance of his duties) in business ventures that do not involve a conflict
of interest, or engaging in charitable activities.

 

(d) Employee
shall perform Employee’s duties at the Company’s office located at Life Science & Technology Park, 1951 NW 7th
Avenue, Suite 520, Miami, FL 33136, or at such other locations as the Company may designate. Employee’s duties also shall
include travel reasonably commensurate with Employee’s position.

 

4.Compensation and Benefits.During
the Term, Employee shall receive the following compensation:

 

(a) Base
Salary. The Company shall pay Employee an annual salary of one hundred and fifty thousand dollars ($150,000.00) (the “Base
Salary”), in accordance with the Company’s normal payroll practices (subject to appropriate tax and other withholdings).
Employee’s Base Salary will be subject to annual review and adjustment by the Board, and to increase based on financial metrics
specified in Schedule A.

 

(b) Annual
Bonus. Employee will be eligible to receive a discretionary annual bonus (“Annual Bonus”), and bonuses tied
to the financial metrics specified in Schedule A. The Annual Bonus will be tied to the performance metrics specified in the attached
Schedule A. All determinations relating to the performance metrics, Employee’s level of participation and payout opportunity,
and the extent to which Employee has met the applicable goals, shall be made in the sole discretion of the President or such person
or committee to which such authority has been granted by the Board and President. Employee must be employed by the Company on the
date that the Annual Bonus, if any, is actually paid in order to be eligible to receive any such Annual Bonus.

 

(c) Incentive
Unit Plan. Promptly following the completion of the valuation of the Company’s Series C Units, Employee shall
be granted an option (“Option”) to purchase Series C Units (“Units”), or other such equity, including but
not limited to Restricted Stock Units, of the Company in accordance with, and subject to the terms and conditions of the
Plan and Option Award Agreement attached hereto. The Option’s exercise price shall be equal to the fair market value of a
Series C Unit on the date of the grant.

 

    2

     

    

 

(d) Vacation.
Employee shall be entitled to twenty (20) days of paid vacation per year (prorated for partial years), to be taken at times mutually
acceptable to Employee and the Company, and to such paid holidays as are observed by the Company from time to time. Paid vacation
that is not used in a year will be handled in accordance with Company Policies. For purposes of this Section 4(d), the word “year”
means the twelve (12) month period the Company uses administratively for purposes of vacation records.

 

(e) Welfare
and Retirement Benefits. Employee shall be eligible to participate in each of the Company’s employee benefit plans and
programs, in accordance with the terms thereof and as they may be changed from time to time, that the Company offers to similarly
situated employees, if any, for so long as the Company shall continue to offer said plans and programs, and subject to Employee’s
payment of any required contributions. Notwithstanding any provision of this Agreement to the contrary, nothing contained herein
shall be construed to limit, condition, or otherwise encumber the rights of the Company, in its sole discretion, to amend, discontinue,
substitute or maintain any benefit plan, program, or perquisite applicable to employees of the Company generally.

 

(f) Tax
Withholding. The Company shall withhold from any compensation, benefits or amounts payable under this Agreement all federal,
state, city or other taxes as may be required pursuant to any law or governmental regulation or ruling. Except where the Company
is so required to withhold and remit any such taxes, Employee shall be responsible for any and all federal, state, city or other
taxes that arise out of any compensation, benefits or amounts payable to Employee hereunder.

 

(g) Expenses.
During the Term, and subject to the provisions of Section 21(d) of this Agreement, Employee shall be entitled to receive prompt
reimbursement for all reasonable and documented business expenses Employee incurs in accordance with the policies and procedures
established by the Company from time to time, provided that Employee properly accounts therefor in accordance with Company policy,
as may be amended from time to time.

 

5.
Termination and Termination Compensation.

 

(a) General.
This Agreement and Employee’s employment with the Company hereunder shall be terminated prior to the end of the Term in accordance
with the provisions of this Section 5: (i) automatically upon Employee’s death, (ii) at any time by the Company in the event
of Employee’s Disability, (iii) at any time by the Company upon written notice to Employee for Cause, (iv) voluntarily at
any time by Employee or the Company upon sixty (60) days’ advance written notice to the other, or (v) at any time by Employee
for Good Reason.

 

    3

     

    

 

(b)
Definitions. For purposes of this Agreement:

 

(i) “Cause”
means, as determined by the Company: (A) the commission by Employee of an act of theft, fraud, embezzlement, falsification of the
Company or customer documents, misappropriation of funds or other assets of the Company or its affiliates, involving the
property or affairs of the Company or its affiliates; (B) the conviction of Employee (by trial, upon a plea or otherwise) or the
admission of guilt or a plea of nolo contender by Employee, of any felony or criminal act of moral turpitude; (C) the failure of
Employee to substantially perform his duties or responsibilities under this Agreement, or follow the reasonable instructions of
the Company, provided that if such failure is capable of cure in the determination of the Company, Employee is given written notice
of any such failure, which notice shall specify in reasonable detail the nature of the failure to substantially perform, and Employee
fails to remedy the same within thirty (30) days of receipt of such notice; (D) the breach by Employee of any provision of this
Agreement, or of any fiduciary duty to the Company or violation of any other contractual, statutory, common law or other legal
duty to the Company or its affiliates; (E) gross negligence or willful misconduct by Employee the performance of Employee’s
duties; (F) Employee’s material violation of any written policy or procedure of the Company, provided that if such violation
is capable of cure in the Company’s determination, Employee is given written notice of any such violation, which notice shall
specify in reasonable detail the nature of the violation, and Employee fails to remedy the same within thirty (30) days of receipt
of such notice; or (G) conduct that brings the Company into public disgrace or disrepute in any material respect.

 

(ii) “Disability”
means, if the Company or any of its affiliates sponsors a long-term disability plan that covers Employee, the standard such long-term
disability plan uses to determine a participant’s eligibility for benefits, provided, that the long-term disability
insurer had accepted Employee’s claim, and provided further, that Employee’s incapacity is likely to be continuous
for at least six (6) months or be permanent. If Employee is not covered by such a long- term disability plan, however, then “Disability”
means Employee becomes physically or mentally incapacitated so as to be unable to perform the essential function of Employee’s
job, with or without a reasonable accommodation, and such incapacity is likely to be continuous for at least six (6) months
or be permanent. Any disputes as to whether Employee meets the standard of Disability set forth herein shall be resolved initially
through consultation between Employee’s treating physician and a physician retained by the Company (collectively the “Treating
Physicians”). If the Treating Physicians cannot agree, then the Treating Physicians shall select an independent physician
who is a recognized specialist in the condition(s) causing the incapacity, who shall render a binding determination as to Disability
after full consultation with the Treating Physicians, examination of any relevant medical records, and reviewing the results of
relevant medical tests.

 

(iii) “Good
Reason” means, without Employee’s express written consent, a material diminution in Employee’s authority,
duties, or responsibilities (excluding any change made in connection with the termination of Employee’s employment for Cause,
or on account of Employee’s death or Disability, or temporarily as a result of Employee’s incapacity or other absence
for an extended period); a change in the geographic location where Employee must render services by more than fifty (50) miles,
provided that any such relocation materially increases the length of Employee’s normal daily work commute; or a material
breach of this Agreement by the Company. In order for Employee to resign for Good Reason: (A) the Company must be notified by Employee
in writing within sixty (60) days of the event constituting Good Reason; (B) the event must remain uncorrected by the Company for
thirty (30) days following such notice (the “Company Notice Period”); and (C) if the Company fails to cure the
same during the Company Notice Period, then the termination must occur within sixty (60) days after the expiration of the Notice
Period. Notwithstanding the foregoing, an across-the-board salary reduction affecting Employee and other similarly situated
Employees of the Company shall not constitute Good Reason.

 

    4

     

    

 

(c) Termination
by the Company for Cause or as a result of Death or Disability; Resignation by Employee without Good Reason; and Nonrenewal of
a Term.

 

(i) If
the Company terminates this Agreement and Employee’s employment hereunder for Cause, if this Agreement and Employee’s
employment hereunder are terminated because of Employee’s death or Disability, if Employee terminates this Agreement and
his employment hereunder without Good Reason, or the Agreement and Employee’s employment hereunder is not renewed at the
expiration of the Term, Employee shall be entitled to receive only the following compensation (collectively, the “Accrued
Rights”):

 

(A) the
Base Salary through the date of termination;

 

(B) payment
for any earned but unused vacation time (as described in Section 4(d));

 

(C) such
welfare and retirement benefits, if any, as to which Employee may be entitled under the terms thereof (as described in Section
4(e)); and

 

(D) such
reimbursable business expenses as may be due and owing to Employee under Section 4(g), provided Employee submits a claim for such
expenses within thirty (30) days after Employee’s employment is terminated.

 

(ii) The
amount due under Section 5(c)(i)(A) and (B) shall be paid on the first regular payday following the date of Employee’s termination
(or sooner if required by law). The amount due under Section 5(c)(i)(C) shall be paid in accordance with the terms of the plans
that provide those benefits. The amount due under Section 5(c)(i)(D) shall be paid in accordance with time period set forth in
Section 4(g).

 

(d)
Termination by the Company without Cause or by Employee for Good Reason.

 

(i) If
the Company terminates this Agreement and Employee’s employment hereunder without Cause (other than by reason of Disability),
or if Employee terminates this Agreement and Employee’s employment hereunder for Good Reason, Employee shall receive only
the following compensation:

 

(A)
the Accrued Rights; and

 

(B) after
the first year of employment (date employment began with Company is 24 June 2019), a severance benefit equal to 6 months of the
Employee’s then existing annual Base Salary.

 

Severance benefit payment shall be made
in equal installments, at least monthly, in accordance with the Company’s established payroll procedures, beginning after
the release referred to in Section 5(d)(ii) becomes effective, but in no event later than the sixtieth (60th) day following Employee’s
termination date. The first such payment shall include payment of all amounts of severance pay that otherwise would have been due
prior to such date, applied as though such payments commenced on the next normal pay date immediately following Employee’s
termination date; provided that after the Initial Term, Employee shall accrue one additional month of severance for each
additional full year of employment after the Initial Term up to a maximum of twelve (12) months; and

 

    5

     

    

 

(C ) in the event that
a change of control is the cause for termination of employment, severance shall be accelerated to provide for the full payment
of twelve (12) months of severance.

 

(D) If Employee timely
elects to continue health benefits coverage under COBRA, the Company will reimburse Employee, subject to the provisions of Section
21(d) of this Agreement, the amount of the COBRA premiums paid by for the initial two (2) months of COBRA continuation coverage.

 

(ii) As
a condition to the receipt of the severance benefits set forth in clause (i)(B) and (C) of this Section 5(d), Employee must
(A) execute and not timely revoke a release, substantially in the form attached hereto as Exhibit A within twenty-one (21) days
after Employee’s employment is terminated (within forty-five (45) days after Employee’s employment is terminated in
the case of a group termination), and (B) Employee must continue to comply with Employee’s obligations under Sections 5(g),
6, 7, 8, and 9 of this Agreement.

 

(iii) Employee
shall not be under any duty or obligation to seek or accept other employment following a termination of employment pursuant to
which a severance benefit payment under this Section 5 is owing and the amounts due to Employee pursuant to Section 5 shall not
be reduced or suspended if Employee accepts subsequent employment or earns any amounts as a self-employed individual, provided
that in the event Employee breaches any of Employee’s obligations under Section 6, 7, 8 or 9 of this Agreement, then, in
addition to the Company’s right to specific performance pursuant to Section 10 or any other rights that the Company may have
under this Agreement or otherwise, the Company shall have the right to terminate the payment of any remaining amounts to which
Employee would otherwise be entitled pursuant to Section 5(d)(i).

 

(e) Board
and Officer Resignations. Upon termination of Employee’s employment hereunder for any reason, Employee shall be deemed
to have resigned, effective as of the date of such termination and to the extent applicable, from all Board or Officer positions
held with the Company and any affiliates of the Company.

 

(f) Employee’s
Continuing Obligations. Notwithstanding anything in this Agreement to the contrary, the termination of this Agreement and Employee’s
employment hereunder for any reason shall not terminate Sections 5(g), 6, 7, 8, 9, and 10 or Employee’s obligations thereunder,
each of which shall survive such termination.

 

(g) Assistance
by Employee. During any period in which any severance benefits are being paid to Employee under this Agreement after the date
of termination, Employee shall provide to the Company reasonable levels of assistance in answering questions concerning the
business of the Company, transition of responsibility, or litigation, provided that all out of pocket expenses Employee reasonably
incurs in connection with such assistance shall be fully and promptly reimbursed by the Company, and any such assistance shall
not interfere or conflict with the obligations which Employee may owe to any other employer.

 

    6

     

    

 

6.
Confidential Information and Trade Secrets.

 

(a) Except
as set forth in Section 6(b), during Employee’s employment and perpetually after the termination of such employment, Employee:
(i) shall not communicate or divulge to any person, firm, corporation or business entity, either directly or indirectly, and shall
hold in strict confidence for the benefit of the Company, all Confidential Information and Trade Secrets (as defined below); and
(ii) shall not use any Confidential Information or Trade Secrets for Employee’s personal benefit, for the benefit of any
third party or other than in the course and within the scope of Employee’s employment with the Company.

 

(b) Notwithstanding
the foregoing, Employee may disclose such Confidential Information and Trade Secrets: (i) during the course of and within the scope
of Employee’s employment to persons, firms or corporations who have a legitimate need to know such Confidential Information
or Trade Secrets, including, but not limited to, the Company’s Affiliates; (ii) as part of truthful testimony in response
to compulsory legal process; (iii) while participating or assisting in any investigation or inquiry by a governmental agency acting
within the scope of its statutory or regulatory jurisdiction; (iv) to a government official or to an attorney for the purpose of
reporting or investigating a suspected violation of law, in conformity with the Defend Trade Secrets Act; or (v) in a complaint
or other document filed in a lawsuit or other legal proceeding, so long as such filing is made under seal and in conformity with
the Defend Trade Secrets Act.

 

(c) As
used herein, “Confidential Information” means the whole or any portion or phase of any data or information relating
to the Company’s or an Affiliate’s business, services, products, solutions, processes or techniques (whether or not
copyrighted, patented or patentable) which: (i) has been disclosed to Employee orally or in writing or about which Employee became
or shall become aware as a consequence of, through or during Employee’s employment by the Company; (ii) has value to the
Company; and (iii) is not generally known by others; provided, however, that Confidential Information shall not include any “Excluded
Information,” as defined below. Confidential Information includes non-public regulatory filings with the Food & Drug
Administration, information describing patents in progress, etc.

 

(d) As
used herein, “Trade Secrets” means: (i) any useful process, machine or other device or composition of matter
which is new or which Employee has a reasonable basis to believe may be new, and which is being used or studied by the Company
or its Affiliates and is not described in a patent or described in any literature already published and distributed externally
by the Company or its Affiliates; (ii) any software, data, design, plan, tool, process or method employed by the Company or its
Affiliates, whether patentable or not, which is not generally known to others; (iii) marketing plans and concepts; (iv) product
development plans and proposals; (v) financial information or projections regarding the Company or its Affiliates; (vi)
financial, pricing and/or credit information regarding clients, licensors or vendors of the Company or its Affiliates; (vii) a
listing of names, postal addresses, email addresses or telephone numbers of customers or clients of the Company or its Affiliates;
(viii) contracts and other legal documents belonging to the Company or its Affiliates; (ix) internal corporate policies and procedures
of the Company or its Affiliates; (x) any other information designated as a Trade Secret by the Company or its Affiliates at the
time of its disclosure to Employee; and (xi) any other information otherwise falling within the definition of a “Trade Secret”
pursuant to the Defend Trade Secrets Act and the Florida Uniform Trade Secrets Act, F.S. Section 688.001, et.seq.; provided, however,
that “Trade Secrets” shall not include any “Excluded Information,” as defined below. “Trade Secrets”
shall also include matters which have been disclosed to the Company by a third party which would otherwise fall within the foregoing
categories and with respect to which the Company owes a duty of confidentiality.

 

    7

     

    

 

(e) As
used herein, “Excluded Information” means any data or information that Employee can establish is or was: (i)
already known to or otherwise in the possession of Employee when Employee received it from the Company or its Affiliates; (ii)
publicly available or otherwise in the public domain; (iii) rightfully obtained by Employee from a third party not under any obligation
to the Company or its Affiliates to maintain its secrecy and without breach of this Agreement by Employee; or (iv) independently
developed hereafter by Employee without use of Confidential Information or Trade Secrets.

 

(f) As
used herein, “Affiliates” means any person or entity that controls, directly or indirectly, the Company, and
all persons or entities that are controlled, directly or indirectly, by the Company, where control may be by management authority,
equity interest or otherwise.

 

7.
Non-Competition; Non-Solicitation.

 

(a) Employee
acknowledges that the Company and the Company’s Affiliates have a legitimate business interest in maintaining its customers
and goodwill. In light of the foregoing and as part of the consideration for Employee’s employment and the compensation now
or hereafter paid to Employee, Employee agrees as follows:

 

(i) To
the fullest extent permitted by law during the term of Employee’s employment with the Company under this Agreement, and for
the period of twenty-four (24) months after the date of termination of Employee’s employment under this Agreement for any
reason (the “Non-Compete Period”), Employee will not, directly or indirectly, participate in the ownership,
management, operation or control of, or work for or provide consulting services to, any person or entity that is engaged in, or
attempting to engage in, any line of business or project which, directly or indirectly, provides any of the services, products
or research the Company or the Company’s Affiliates provide, in any of the areas where the Company or the Company’s
Affiliates do business; provided, however, that this restriction applies only with respect to the Company’s Affiliates from
whom or with respect to which Employee received or had access to Confidential Information and Trade Secrets;

 

(ii) During
the Non-Compete Period, Employee will not directly or indirectly, for Employee’s benefit or as an agent or Employee of any
other person or entity, solicit the employment or services of any Person Employed by the Company or the Company’s Affiliates,
induce any Person Employed by the Company or the Company’s Affiliates to leave his or her employment with the Company or
the Company’s Affiliates, or hire any Person Employed by the Company or the Company’s Affiliates. For purposes
of this Section 7, the term “Person Employed by the Company or the Company’s Affiliates” means any person
who is or was an Employee of the Company at the time of or within the twelve (12) months preceding the solicitation, inducement,
or hiring; and

 

(iii) During
the Non-Compete Period, Employee will not, directly or indirectly, for Employee’s benefit or as an agent or Employee of any
other person or entity, solicit or induce any customers, distributors, vendors, licensors or suppliers of the Company or the Company’s
Affiliates with whom Employee had contact during Employee’s employment, or for whom Employee received Confidential Information
and Trade Secrets, to divert their business from the Company or the Company’s Affiliates to any other person or entity or
in any way interfere with the relationship between any such customer, distributor, vendor, licensor or supplier and the Company
or the Company’s Affiliates (including, without limitation, making any negative statements or communications about the Company
or the Company’s Affiliates).

 

    8

     

    

 

(b) Employee
understands that the provisions of Sections 6 and 7 of this Agreement may limit Employee’s ability to earn a livelihood in
a business similar to the business in which Employee is involved, but as an Employee member of the management group of the Company,
Employee nevertheless agrees and hereby acknowledges that: (i) such provisions do not impose a greater restraint than is necessary
to protect the goodwill or other legitimate business interests of the Company; (ii) such provisions contain reasonable limitations
as to time, scope of activity, and geographical area to be restrained; (iii) the consideration provided under this Agreement, including
without limitation, any amounts or benefits provided under Sections 4 or 5 of this Agreement, is sufficient to compensate Employee
for the restrictions contained in Section 6 and 7 of this Agreement; and (iv) the Company’s Affiliates are intended third
party beneficiaries of the protections afforded by Sections 6 and 7 of this Agreement.

 

(c) In
consideration of the foregoing and in light of Employee’s education, experience, skills and abilities, Employee agrees that
Employee will not assert that, and it should not be considered that, any provisions of Section 6 or 7 otherwise are void, voidable
or unenforceable or should be voided or held unenforceable. If, at the time of enforcement of Section 6 or 7 of this Agreement,
a court shall hold that the duration, scope, or area restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted
for the stated period, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein
to cover the maximum period, scope and area permitted by law.

 

8.
Copyrightable Works.

 

(a) Employee
hereby acknowledges and agrees that each of the copyrightable works authored by Employee (including, without limitation, all bio-tech,
software and related documentation), alone or with others, during Employee’s employment by Company shall be deemed to have
been to be works prepared by Employee within the scope of Employee’s employment by Company. As such, Employee acknowledges
and agrees that all such copyrightable works shall be deemed to be “works made for hire” under the United States copyright
laws from the inception of creation of such works. To the extent possible, Employee waives any “moral rights” or other
rights of attribution, throughout the world.

 

(b) In
the event that any of such works shall be deemed by a court of competent jurisdiction not to be a “work made for hire,”
this Agreement shall operate as an irrevocable assignment by Employee to the Company of all right, title and interest in and to
such works, including, without limitation, all worldwide copyright interests therein, in perpetuity. Employee hereby assigns all
right, title and interest in and to any such works to the Company, including the right to sue for and recover damages for past
infringement. The fact that such copyrightable works are created by Employee outside of the Company’s facilities or other
than during Employee’s working hours with the Company shall not diminish the Company’s rights with respect to such
works which otherwise fall within this paragraph.

 

    9

     

    

 

(c) Employee
shall execute and deliver to the Company such further instruments or documents as may be requested by Company in order to effectuate
the purposes of this Section 8.

 

9.
Inventions.

 

(a) Employee
does not have any right, title or interest in, nor has Employee made or conceived, wholly or in part, prior to the execution of
this Agreement, any ideas, inventions, discoveries and improvements, except as disclosed on the attached Exhibit B.

 

(b) All
ideas, inventions, discoveries and improvements Employee makes or conceives, solely or with others, while employed by the Company,
where the subject matter of such ideas, inventions, discoveries and improvements results from or is suggested by any work that
Employee does for or on behalf of the Company or relates in any way to the Company’s products, services or businesses (“Inventions”),
shall belong to the Company, whether they are patentable or not. The fact that such Inventions are made or conceived by Employee
outside of the Company’s facilities or other than during Employee’s working hours at the Company shall not diminish
the Company’s rights with respect to such Inventions that otherwise fall within this paragraph;

 

(c) Employee
hereby assigns all right, title and interest it may possess in and to such Inventions to the Company or its nominee, including
the right to sue for and recover damages for past infringement and the right to claim priority to any applications filed that include
those Inventions;

 

(d) At
the request of the Company, either during or after the termination of Employee’s employment under this Agreement, Employee
shall execute or join in executing all papers or documents required for the filing of patent applications in the United States
and such foreign countries as the Company may elect relating to Inventions covered by this Agreement, and Employee shall execute
or join in executing all papers or documents needed to assign all such patent applications to the Company or its nominee, and shall
provide the Company or its agents or attorneys with all reasonable assistance in the preparation and prosecution of patent applications,
drawings, specifications and the like, all at the expense of the Company, and shall do all that may be necessary to establish,
protect and maintain the rights of the Company or its nominee in such Inventions, patent applications, and Letters Patent
in accordance with the spirit of this Agreement; and

 

(e) In
the event Employee is unable or unwilling to execute any documents as reasonably required to protect the Company’s Inventions,
and to file copyright, patent, patent application and/or associated documents, Employee hereby irrevocably appoints the President
of the Company as Employee’s attorney to execute and deliver such documents on Employee’s behalf and in Employee’s
name and to do all other lawfully permitted acts to transfer the Inventions to the Company and further the transfer, issuance,
prosecution and maintenance of all intellectual property rights therein, to the fullest extent permitted by law. All such Inventions
shall remain the sole and exclusive property of the Company, whether patentable or not.

 

(f) Employee
shall execute and deliver to the Company such further instruments or documents as may be requested by the Company in order to effectuate
the purposes of this Section 9.

 

    10

     

    

 

10.
Injunction.

 

(a) In
the event of a breach or a threatened breach of the provisions in this Agreement, the Company shall be entitled to specific performance,
including, without limitation, an injunction restraining such breach, it being recognized that any injury arising from a breach
would be irreparable and would have no adequate remedy at law; however, nothing herein shall be construed as prohibiting the Company
from enforcing its rights under this Agreement (which are not intended to be exclusive) or from pursuing any other remedy available
for such breach or threatened breach at law or in equity.

 

(b) In
addition, in the event of an alleged breach or violation by Employee of Section 6 of this Agreement, the Non-Compete Period set
forth therein shall be tolled until such breach or violation has been cured. In the event that an action is commenced due to an
actual, alleged or threatened breach of this Agreement, all costs of the dispute resolution contemplated by this Section 10 (including,
without limitation, the attorneys’ fees of the parties) shall be borne by the party who is the least successful in such dispute
resolution, which shall be determined by the court by comparing (i) the position asserted by each party on all disputed matters
taken together to (ii) the final decision of such presiding party on all disputed matters taken together.

 

11.
Choice of Law and Jurisdiction.

 

(a) This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida, excluding choice of law principles.

 

(b) Employee
consents to the exclusive jurisdiction of any state or federal court of competent jurisdiction located within Miami-Dade County
in the State of Florida, and Employee irrevocably agrees that all actions or proceedings relating to this Agreement may be litigated
in such courts. Employee irrevocably waives Employee’s right to object to or challenge the above selected forum on the basis
of inconvenience or unfairness under 28 U.S.C. § 1404, or similar state or federal statutes.

 

12. Jury
Trial Waiver. To the extent permitted by law, the parties agree to, and do hereby, waive trial by jury in any action, proceeding,
or counterclaim brought by either of the parties against the other on any matter whatsoever arising out of or in any way connected
with this Agreement or the parties’ performance hereunder, or any claim of damage resulting from any act or omission of the
parties, or either of them, in any way connected with the Agreement.

 

13. 
Arbitration of Disputes. Should any Dispute arise, such Dispute shall be resolved by the dispute resolution procedures
set forth herein, which procedures shall be exclusive and shall be final and binding.

 

(a) For
purpose of this Agreement, the term “Dispute” means: (i) a contention by either party that this Agreement has been
breached; (ii) a dispute as to the meaning or interpretation of this Agreement or any provision thereof; (iii) a dispute as to
the validity or enforceability of this Agreement or any provision thereof; or (iv) a contention that the Company or any of its
affiliates or their Employees violated any federal or state law (including common law) or statute regarding Employee’s employment,
termination of employment, consideration for continued employment, or wages or benefits. Notwithstanding the foregoing, any disagreement
over whether something constitutes an arbitrable Dispute shall be resolved by a court; the arbitrator shall not have jurisdiction
to resolve such disputes unless the parties mutually agree to submit that dispute to the arbitrator.

 

    11

     

    

 

(b) A
Dispute shall be brought to the attention of the other party in writing within six (6) months of the date the material facts giving
rise to the Dispute first occurred. If the parties are unable to resolve the Dispute within thirty (30) days, the Dispute shall
be processed and resolved by a single arbitrator in accordance with the National Rules for the Resolution of Employment Disputes.
The place of the arbitration shall be within 35 miles of the Company’s principal place of business.

 

(c) Notwithstanding
anything to the contrary in the National Rules for the Resolution of Employment Disputes, the Company shall pay the administrative
fees due to the American Arbitration Association and all Disputes shall be processed on an individual basis between only the parties
to this Agreement and not on a class, collective, private attorney general, or other representative basis absent mutual consent
of the Parties.

 

(d) Nothing
in this Agreement prohibits Employee from filing charges against the Company or with any federal, state, or local agency; however,
Employee shall inform the agency of this Agreement if the underlying dispute or claim constitutes a Dispute.

 

(e)
Disputes DO NOT INCLUDE the following types of claims and disputes:

 

ii. Claims
seeking workers’ compensation or unemployment compensation benefits;

 

ii. Claims
seeking benefit under an Employee benefit plan that provides its own claim procedures;

 

iii. Claims
seeking equitable relief relating to the alleged breach of a restrictive covenant or confidentiality agreement or the alleged misappropriation
of trade secrets; and

 

iv. Any
other claims that, as a matter of law, the parties cannot agree to arbitrate.

 

14. Company
Property. All rights, title and interest in all records, documents or files concerning the business of the Company, including,
but not limited to, customer data, materials, processes, letters, Trade Secrets and Confidential Information, or other written
or electronically recorded material, whether or not produced by Employee, shall be and remain the property of the Company. Upon
termination of employment, Employee shall not have the right to remove any such records from the offices or premises of the Company
even if such records are commingled with Employee’s personal records. In addition, Employee agrees to conduct a reasonably
diligent search and return promptly to the Company all things of whatsoever nature that belong to the Company and all records (in
whatsoever form, format or medium) containing or related to Trade Secrets and Confidential Information. If, following the termination
of employment and a reasonably diligent search, Employee finds that he has inadvertently retained in his possession any things
that belong to the Company or records containing or related to Trade Secrets and Confidential Information, then he shall promptly
return same.

 

    12

     

    

 

15. Separateness;
Construction. It is a desire and intent of the parties that the terms, provisions, covenants, and remedies contained in
this Agreement shall be enforceable to the fullest extent permitted by law. If any provision or clause of this Agreement, or portion
thereof shall be held by any court or other tribunal of competent jurisdiction to be illegal, invalid, or unenforceable in such
jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the
invalid portion. It is the intention of the parties that, if any court construes any provision or clause of this Agreement, or
any portion thereof, to be illegal, void or unenforceable because of the duration of such provision or the area or matter covered
thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form, such provision shall
then be enforceable and shall be enforced.

 

16. Entire
Agreement. This Agreement, and the Option Award Agreement executed of even date as this Agreement, contains the entire
agreement between the parties pertaining to the terms of Employee’s employment, non-competition, trade secrets and confidential
documents and information of the Company. No modification thereof shall be binding upon the parties unless the same is in writing
signed by the respective parties.

 

17. Representations
and Warranties. Employee hereby represents, warrants and agrees that: (a) Employee has the full power to enter into this
Agreement and perform the services required of Employee as an Employee of the Company, without any restriction whatsoever; (b)
in the course of performing services as an Employee of the Company, Employee will not violate the terms or conditions of any agreement
between Employee and any third party or infringe or wrongfully appropriate any patents, copyrights, trade secrets or other intellectual
property rights of any person or entity anywhere in the world; (c) Employee has not and will not disclose or use during his employment
by the Company any confidential information that Employee acquired as a result of any previous employment or consulting arrangement
or under a previous obligation of confidentiality; and (d) Employee has disclosed to the Company in writing any and all continuing
obligations to others that require Employee not to disclose any information to the Company.

 

18. Assignment.
This Agreement shall be binding upon and inure to the benefit of the Company, its successors in interest, or any other person,
association, or entity which may hereafter acquire or succeed to all or substantially all of the business assets of the Company
by any means, whether indirectly or directly, and whether by purchase, merger, consolidation, or otherwise. No such assignment
shall relieve Employee of any of Employee’s obligations under this Agreement. Employee’s rights and obligations under
this Agreement are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned,
alienated, or transferred by Employee, whether by operation of law or otherwise, without the prior written consent of the Company.

 

19. Waiver.
No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with,
any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time.

 

20. Construction.
The essential terms and conditions contained in this Agreement have been mutually negotiated between the parties hereto. No
ambiguity in this instrument shall be construed or interpreted as against the drafter of this Agreement, as each party contributed
to drafting of the provisions hereof.

 

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21.
Code Section 409A.

 

(a) General.
The intent of the parties is that the payments and benefits under this Agreement comply with or be excepted from Section 409A
of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section
409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
Each payment under this Agreement, including each installment payment, shall be considered a separate and distinct payment. For
purposes of this agreement, each payment is intended to be excepted from Section 409A to the maximum extent provided as follows:
(i) each payment made within the applicable 21⁄2 month period specified in Treas. Reg. § 1.409A-1(b)(4) is intended to
be excepted under the short-term deferral exception; post-termination medical benefits are intended to be excepted under the medical
benefits exceptions as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) to the extent payments are made as a result
of an involuntary separation, each payment that is not otherwise excepted under the short-term deferral exception or medical benefits
exception is intended to be excepted under the involuntary pay exception as specified in Treas. Reg. § 1.409A-1(b)(9)(iii).
With respect to any payment subject to Section 409A (and not excepted therefrom), if any, it is intended that each payment is paid
on a permissible distribution event and at a specified time consistent with Section 409A. The Employee shall have no right to designate
the date of any payment under this Agreement. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated
or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

 

(b) Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is designated under this Agreement as payable upon Employee’s termination of employment shall be payable only upon Employee’s
“separation from service” with the Company and all of its controlled group members within the meaning of Section
409A and Treas. Reg. § 1.409A-1(h). Whether Employee has a separation from service will be determined based on all of the
facts and circumstances and in accordance with the guidance issued under Section 409A.

 

(c) Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time
of Employee’s Separation from Service to be a “specified Employee” for purposes of Section 409A, to the extent
delayed commencement of any portion of the benefits to which Employee is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A, such portion of Employee’s benefits shall not be provided to Employee
prior to the earlier of (i) the expiration of the six-month period measured from the date of Employee’s Separation from Service
with the Company or (ii) the date of Employee’s death. Upon the first business day following the expiration of the applicable
Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Employee (or Employee’s
estate or beneficiaries), and any remaining payments due to Employee under this Agreement shall be paid as otherwise provided herein.

 

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(d) Expense
Reimbursements. Except as otherwise expressly provided herein, all taxable reimbursements of expenses, in-kind benefits and/or
cash allowances/premiums provided or paid by the Company to the Employee under this Agreement shall be made in accordance with
and subject to the following terms and conditions: (i) reimbursements shall only be made to the extent that the expense was actually
incurred and reasonably substantiated; (ii) no reimbursement of any expense incurred in one taxable year will affect the amount
available for reimbursement in any other taxable year; (iii) reimbursements of eligible expenses shall be made on or before the
last day of the Employee’s taxable year following the taxable year in which the expense was incurred; and (iv) the right
to reimbursement shall not be subject to liquidation or exchange for another benefit. To the extent required by applicable law,
the Company will annually report as taxable wages and/or impute income to the Employee the value of any taxable benefits and/or
payments to the Employee.

 

(e) Acknowledgement.
Notwithstanding any provision of this Agreement to the contrary, Employee acknowledges and agrees that the Company and its
Employees, officers, directors, subsidiaries and affiliates shall not be liable for, and nothing provided or contained in this
Agreement will be construed to obligate or cause the Company and/or its Employees, officers, directors, subsidiaries and affiliates
to be liable for, any tax, interest or penalties imposed on Employee related to or arising with respect to any violation of Section
409A.

 

[Remainder of Page
Intentionally Left Blank]

[Signature Page
Follows]

 

    15

     

    

 

IN WITNESS WHEREOF, the parties have entered
into this Agreement as of the date set forth above.

 

Longeveron, LLC

 

	By:	/s/ Geoff Green	 
	Name:	Geoff Green
	Title:	Chief Executive Officer
	Date:	12/19/2020

 

Employee

 

	/s/ James Clavijo	 
	 
	Date: 12/18/2020

 

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SCHEDULE A

 

The Chief Financial
Officer/Treasurer (“CFO”) is an Executive-level role, with the holder being responsible for the finances of
the Company. As a corporate officer position, the CFO reports directly to the Chief Executive Officer (“CEO”)
and shall maintain the following responsibilities under the supervision of the President, consistent with the Company’s Business
Plan and stated objectives, and subject to the performance metrics below:

 

		●	The CFO agrees to devote his full business time, attention, skill and efforts to the faithful performance and discharge of
his duties and responsibilities as CFO in conformity with the highest professional standards, in a prudent and workmanlike manner
and in a manner consistent with the obligations imposed under applicable law.

		●	Provide leadership, direction and management of the finance and accounting (and team when applicable) in all areas of Company
business

		●	Provide strategic recommendations to the President and members of the executive management team

		●	Maintain a system of policies and procedures that impose an adequate level of control over finance, accounting and treasury
activities

		●	Manage the processes for financial forecasting and budgets, and overseeing the preparation of all financial reporting and year-end
tax planning

		●	Advising on long-term business and financial planning

		●	Ensure full transparency over the financial performance of the company

		●	Provide advice on how to increase revenue and reduce costs, which includes the Company’s Bahamas and other foreign or
off shore business activities, Contract Manufacturing, Grant Awards, etc.

		●	Effectively and clearly communicate risks in a timely manner

		●	Propose action plans to ensure that annual financial objectives are attained

		●	Support President and other Executives/Senior management with preparation of periodic financial reports that can be shared
with the board, stockholders, and financial auditors

		●	Manage existing grant award finances according to awarded budgets, and related financial reporting

		●	Assist in developing the budget for future Company grant applications.

		●	Forecast cash flow positions, related financing needs, and funds available for operations and investment

		●	Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements

		●	Maintain banking relationships

		●	Arrange for equity financing and debt financing

 

Specific CFO Metrics tied to compensation:

 

		●	Employee agrees that compensation may be subject to approval by a Board of Directors-appointed Compensation Committee. Beginning
on the Effective Date of this Agreement.

 

		o	For every $5.0 million (gross) invested in the Company, Employee will receive a cash bonus of $15,000.00, paid on the first
business day of the first quarter that follows the receipt of the investment funds.

 

		o	Salary adjustments associated with fund raising:

 

		●	From and after the date December 1, 2020 until such time as Company becomes a publicly listed company, if at all, Employee’s
annual base salary will be increased to $210,000 per annum, notwithstanding paragraph 4(a) of this Agreement. However, until such
time as Company has raised at least $10.0 million (gross) after the Effective Date of this Agreement, Employee shall continue to
be paid at the $150,000 annual base salary referenced in paragraph 4(a) of this Agreement, and the $60,000 difference between the
$150,000 base salary and the $210,000 adjusted base salary shall be accrued on a monthly basis and not paid to Employee until the
quarter following the completion and receipt of a capital raise of $10.0 million or more after the Effective Date of this Agreement.

 

		●	If the Company becomes a publicly listed company, Employee base salary will increase to $250,000 beginning on the date the
company becomes a publicly listed company.

 

    17

     

    

 

EXHIBIT A

 

FORM OF RELEASE

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General
Release (“Agreement”) is between Longeveron, LLC (“Company”) and James Clavijo (“Employee”).

 

WHEREAS, the Company terminated
Employee’s employment on  (“Termination Date”);

 

WHEREAS, the Company is willing
to pay Employee certain severance in exchange for a release of claims and other commitments.

 

NOW THEREFORE, intending to be
legally bound and for good and valuable consideration, Company and Employee agree as follows:

 

1.
Recitals. The foregoing recitals are true and correct and incorporated herein.

 

2.
Termination of Employment.

 

(a)The
Company timely paid or will timely pay Employee, in accordance with its normal payroll and other procedures (or as otherwise required
by law), for (i) Employee’s work through the Termination Date, (ii) Employee’s accrued but unused vacation pay
for calendar year _____, and (iii) Employee’s properly reported and reimbursable business expenses, less all
required tax withholdings and other deductions.

 

(b)Employee’s
eligibility to participate in the Company’s group insurance and other welfare benefit plans and programs ceased as of
the Termination Date, except that Employee’s group insurance medical benefits ceased or will cease on ____________, unless
otherwise extended under COBRA.

 

(c) The
foregoing payments and benefits have been or will be provided to Employee regardless of whether Employee signs or revokes this
Agreement.

 

3.
Severance Benefits.

 

(a)The Company
will pay Employee severance, after the first year of employment (date employment began with Company is 24 June 2019), in an
amount equal to 6 months of the Employee’s then existing annual Base Salary. (excluding bonuses, commissions, incentive
payments and any other form of supplemental compensation) (a total of $ ________) (“Severance”), less all required
tax withholdings and other deductions. The Company will pay the Severance to Employee within fourteen (14) days after this
Agreement becomes effective (as described below), but in no event later than the sixtieth (60th) day following the
Termination Date. Employee shall accrue one additional month of Severance for each additional full year of employment after
the Initial Term, up to a maximum of twelve (12) months; and

 

(b) In
the event that a change of control is the cause for termination of employment, severance shall be accelerated to provide for the
full payment of twelve (12) months of severance; and

 

    18

     

    

 

(c) If Employee
timely elects to continue Employee’s group health benefits under COBRA, the Company will reimburse Employee, upon presentment
of satisfactory proof of payment, the amount of Employee’s paid COBRA premiums for two (2) months.1

 

4.
Release of Claims.

 

(a) Employee,
on behalf of Employee and Employee’s heirs and personal representatives, hereby releases and forever discharges the Company,
its direct and indirect subsidiaries, divisions, parents, affiliates, companies under common control of any of the foregoing, predecessors,
successors, and assigns, and its and their past, present and future shareholders, partners, principals, managers, members, directors,
officers, Employees, agents, attorneys, insurers, Employee benefit plans, trustees and all others acting in concert with them (collectively,
the “Released Parties”), from any and all claims, actions, suits, proceedings, complaints, causes of action,
grievances, debts, costs and expenses (including attorney’s fees), at law or in equity, known or unknown, suspected or unsuspected,
whether legal or equitable, fixed or contingent, liquidated or un-liquidated, asserted or un-asserted, whether based in common
law, statute, contract, warranty, tort or otherwise, that Employee has or may have through the date Employee signs this Agreement,
arising out of, based on, or relating in any way to any acts or omissions that occurred, in whole or in part, prior to the time
that Employee signs this Agreement, including, but not limited to, claims that arise out of, result from, or are in any manner
related to Employee’s employment with the Company or separation from the Company, claims that arise out of, result from,
or are in any manner related to the negotiation and execution of this Agreement, claims for wages, salary, commission, Employee
benefits, vacation pay or other paid time off, severance pay, pension or profit sharing benefits, health or welfare benefits, bonus
compensation, commissions, deferred compensation or other remuneration arising out of the employment relationship with the Company,
claims for breach of any express or implied contract, wrongful termination, retaliation, invasion of privacy, negligence, gross
negligence, misrepresentation, express or implied duty of good faith and fair dealing, fraud, refusal to perform an illegal act,
whistleblower, malicious prosecution, abuse of process, defamation of character, personal injury, intentional or negligent infliction
of emotional distress, discrimination, retaliation or harassment based on race, religion, sex, marital status, genetic information,
sexual stereotypes, gender identity, age, color, handicap and/or disability, national origin or any other protected class and any
other claim based on or related to Employee’s employment with the Company or Employee’s departure therefrom, including,
but not limited to, claims for violation of the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers’ Benefit Protection Act of 1990, the Americans
with Disabilities Act, the Americans With Disabilities Act Amendments Act, the Worker Adjustment and Retraining Notification
Act, the Equal Pay Act of 1963 as amended, the Ledbetter Fair Pay Act, the Civil Rights Acts of 1866, 1871 and 1991, the Immigration
Reform and Control Act, the Rehabilitation Act of 1973, the Occupational Safety and Health Act of 1970, the Fair Credit Reporting
Act, the Family and Medical Leave Act, the False Claims Act, the Florida Civil Rights Act of 1992, the Florida Whistleblower Act
(Fla. Stat. §448.101-448.105), the Florida Constitution, the Florida False Claims Act, the Florida Workers Compensation Retaliation
Statute (Fla. Stat. §440.205), the Florida Wage Discrimination Law (Fla. Stat. §448.07), the Florida Equal Pay Law, the
Florida AIDS Act (Fla. Stat. §§110.125, 381.00 and 760.50), Florida OSHA (Fla. Stat. §442.018(2)), Florida Wage
Payment Laws, Florida Discrimination on the Basis of Sickle Cell Trait Law, the Florida Family and Medical Leave Act, and any other
international, federal, state or local law, ordinance, Employee order, code, rule, regulation, or statute, all as amended.

 

 

1
Be aware that if you cancel COBRA coverage in the future, then that may be deemed a voluntary relinquishment (and not a
“qualifying event”) and, if so, this can delay the time when you could acquire coverage through an Affordable Care
Act marketplace plan.

 

    19

     

    

 

(b) Notwithstanding
anything in this Agreement to the contrary, the release set forth in Section 4(a) does not and is not intended to release any claims
that cannot be released by law, such as claims for vested pension benefits or claims for workers’ compensation benefits,
or release any rights to a defense or indemnification from the Company or its insurers for actions Employee took or failed to take
during the course of Employee’s employment with the Company.

 

(c) Notwithstanding
anything in this Agreement to the contrary, the release set forth in Section 4(a) does not and is not intended to prevent, restrict
or otherwise interfere with Employee’s right to (i) file a charge or complaint with any appropriate federal, state or local
agency or court, (ii) testify, assist, participate in, or cooperate with the investigation of any charge or complaint pending before
or being investigated by such agency or court, (iii) enforce this Agreement, (iv) seek a judicial determination of the validity
of the release of Employee’s rights under the Age Discrimination in Employment Act, or (v) report violations of any law administered
by the Securities and Exchange Commission (“SEC”) or Occupational Safety and Health Administration (“OSHA”),
receive any financial awards from the SEC or OSHA for reporting possible violations of federal law or regulation, or make other
disclosures protected under the whistleblower provisions of state or federal law or regulation.

 

(d) If
an administrative agency or court assumes jurisdiction over any charge or complaint involving claims that are released by Section
4(a) of this Agreement, Employee hereby agrees to not, directly or indirectly, accept, recover or receive any resulting monetary
damages or other equitable relief that otherwise would be due, and Employee hereby expressly waives any rights to any such recovery
or relief, except as permitted by Section 4(c)(v).

 

5.
Time Limits, Revocation and Effective Date.

 

(a) Employee
acknowledges and agrees that Employee received this Agreement on the Termination Date. Employee has up to twenty-one (21)
days from the date Employee received this Agreement to consider its terms. Any changes to this Agreement during that period,
whether material or not, will not extend the 21-day period. If Employee signs this Agreement, Employee may still revoke
Employee’s acceptance of the Agreement for up to seven (7) days after Employee signs it, by notifying the Company in
writing before the expiration of that seven-day period. The written notice should be delivered in person or, if sent by mail,
postmarked no later than the 7th day and mailed to:

 

[Insert name and
address.]

 

(b) If
not revoked, this Agreement will become effective on the 8th day after Employee signs it. If Employee does not sign this Agreement
within the 21-day period, or if Employee timely revokes this Agreement during the seven-day revocation period, this Agreement will
not become effective and Employee will not be entitled to the Severance Benefits provided for in Section 3.

 

    20

     

    

 

6. Consult
with an Attorney. The Company hereby advises Employee to consult with an attorney of Employee’s choice (at Employee’s
expense) before Employee signs this Agreement. The Company will rely on Employee’s signature on this Agreement as Employee’s
representation that Employee read this Agreement carefully before signing it, and that Employee has a full and complete understanding
of its terms.

 

7. Representations.
By signing below, Employee represents and agrees that the following are true and correct:

 

(a) Except
for the wages and benefits to be paid to Employee regardless of whether Employee signs this Agreement, as described in Section
2, the Severance Benefits to be paid under this Agreement, and any vested pension benefits Employee may be entitled to receive,
the Company does not owe Employee any other wages, compensation, or benefits of any kind or nature;

 

(b) The
Company has provided Employee with all leave to which Employee was entitled and, to the best of Employee’s knowledge, Employee
is not suffering from any work- related injuries;

 

(c)
Employee has not received, is not receiving, and has not applied for Medicare:

 

(d)
Employee has notified the Company of any charge or complaint Employee filed with any agency or court that is still pending
before such court or agency;

 

(e) The
Severance Benefits described in Section 3 are things that Employee is not entitled to receive in the absence of this Agreement;

 

(f) Employee
has returned to the Company all property and information that belongs to the Company, including, but not limited to the following
(where applicable): automobile; computers (desktop and laptop); phone; tablet; iPad; devices (including usb, external hard drives,
etc.); handheld devices; keys, access cards, passwords, and/or ID cards; all electronically stored and paper copies of all financial
data, customer information, business plans and reports, and Company files; and all records, customer lists, written information,
forms, plans, and other documents, including electronically stored information. Employee shall search Employee’s electronic
devices, device back-ups, residence, and automobile and agrees that by signing below, Employee has disclosed all Company property
in Employee’s possession or control and returned such property as directed by Company; and

 

    21

     

    

 

(g) Employee
has not asserted any claim for sexual harassment or sexual abuse by any of the Released Parties and is not aware of any facts supporting
such a claim.

 

(h) Employee
is not aware of any violations of the law or Company agreements or policies, and is not aware of wrongdoing by the Company or its
officers, including any alleged corporate fraud, that should be reported to authorities.

 

(i) Employee
hereby voluntarily resigns as an Officer and/or Director of the Company or any Released Party effective as of the Termination Date.

 

8. No
Re-employment. Employee acknowledges and agrees that he shall not knowingly re-apply for employment with the Released Parties,
nor will Employee knowingly accept any employment or otherwise work for the Released Parties. Further, Employee agrees that his
forbearance to seek future employment with the Released Parties is purely contractual and is in no way involuntary, discriminatory,
retaliatory, or in violation of any contract or policy of the Released Parties. If Employee applies for employment with the Released
Parties, the Released Parties are not under any obligation to process or otherwise act upon such application.

 

9. Confidentiality.
Employee will keep this Agreement and its terms (other than the fact that Employee was terminated on the Termination Date) confidential
and will not disclose such information to anyone other than Employee’s immediate family and professional advisors, each of
whom must, as a condition to the disclosure, agree to keep the information confidential. Employee will be responsible for any breach
of this Section by Employee’s immediate family members and professional advisors. Notwithstanding the foregoing, this Agreement
does not prohibit Employee from (a) providing truthful testimony in response to compulsory legal process, (b) participating
or assisting in any investigation or inquiry by a governmental agency acting within the scope of its statutory or regulatory jurisdiction,
or (c) making truthful statements in connection with any claim permitted to be brought by Employee under Sections 4(b) or (c).

 

10.
Confidential Information.

 

(a) Employee
will not disclose to any third parties any of the trade secrets and other confidential proprietary information of the Company,
including, but not limited to, information regarding the Company’s operations, products, services, suppliers, customers,
research, development, new products, marketing, marketing plans, business plans, budgets, finances, licenses, prices, and costs
(“Confidential Information”) without the express written consent of the Company, which consent may be withheld
by the Company in its sole and absolute discretion. Notwithstanding the foregoing, this Agreement does not prohibit Employee from
disclosing Confidential Information (i) as part of truthful testimony in response to compulsory legal process, (ii) while participating
or assisting in any investigation or inquiry by a governmental agency acting within the scope of its statutory or regulatory jurisdiction,
(iii) to a government official or to an attorney for the purpose of reporting or investigating a suspected violation of law, in
conformity with the Defend Trade Secrets Act, or (iv) in a complaint or other document filed in a lawsuit or other legal proceeding,
so long as such filing is made under seal and in conformity with the Defend Trade Secrets Act.

 

    22

     

    

 

(b) Employee’s
obligations under this Section include, but are not limited to, any and all Confidential Information the Company provided to Employee,
Employee developed on behalf of the Company, or to which Employee had access, as well as information third parties provided to
the Company that the Company is obligated to keep confidential.

 

11.
Applicable Law; Jurisdiction and Venue.

 

(a) This
Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without giving effect to the
principles of conflicts of law.

 

(b) Employee
consents to the exclusive jurisdiction of any state or federal court of competent jurisdiction located within Miami-Dade County
in the State of Florida, and Employee irrevocably agrees that all actions or proceedings relating to this Agreement may be litigated
in such courts. Employee irrevocably waives Employee’s right to object to or challenge the above selected forum on the basis
of inconvenience or unfairness under 28 U.S.C. § 1404 or similar state or federal statutes.

 

12. Entire
Agreement; Other Agreements. This Agreement contains the entire agreement of the parties with respect to the subject matter
hereof, and no representation, promise, or agreement, oral or written, relating hereto that is not contained herein shall be of
any force or effect. Moreover, if Employee entered in any other enforceable agreements with the Company that contain provisions
that are not in direct conflict with the provisions of this Agreement, those other agreements shall remain in effect and the terms
of this Agreement shall be in addition to such other such agreements.

 

13. No
Disparagement. Employee will not make any defamatory or intentionally disparaging statements to any third parties regarding
the Company, its services, or any of its Employees, officers, or owners. Notwithstanding the foregoing, this Agreement does not
prohibit Employee from (a) providing truthful testimony in response to compulsory legal process,

(b) participating or assisting in any investigation
or inquiry by a governmental agency acting within the scope of its statutory or regulatory jurisdiction, or (c) making truthful
statements in connection with any claim permitted to be brought by Employee under Sections 4(b) or (c).

 

14. No
Admissions. Neither the execution of this Agreement nor the performance of its terms and conditions shall be construed
or considered by any party or by any other person as an admission of liability or wrongdoing by either party.

 

15. Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be considered an original instrument and all of
which together will be considered one and the same agreement and will become effective when all executed counterparts have been
delivered to the respective parties. Delivery of executed pages by facsimile transmission or e-mail will constitute effective and
binding execution and delivery of this Agreement.

 

16. Assignment.
This Agreement shall be binding upon and shall inure to the benefit of the Company and its respective successors and assigns, and
any such successors and assigns shall be considered third-party beneficiaries of this Agreement. Employee has no rights to assign
this Agreement.

 

    23

     

    

 

17. Acknowledgements.
Employee hereby acknowledges that Employee (a) has read this Agreement and understands all of its provisions; and (b) voluntarily
enters into this Agreement, which is contractual in nature and contains a general release of claims.

 

18. Severability.
If any term, provision or Section of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable
for any reason, such determination shall be limited to the narrowest possible scope in order to preserve the enforceability of
the remaining portions of the term, provision or Section, and such determination shall not affect the remaining terms, provisions
or paragraphs of this Agreement, which shall continue to be given full force and effect.

 

19. 409A.
The provisions of this Agreement will be administered, interpreted and construed in a manner intended to comply with Section 409A
of the Internal Revenue Code of 1986, as amended, the regulations issued thereunder, or any exception thereto (or disregarded to
the extent such provision cannot be so administered, interpreted, or construed). Each payment under this Agreement shall be considered
a separate and distinct payment. Employee shall have no right to designate the date of any payment under this Agreement. Nothing
contained in this Agreement shall constitute any representation or warranty by the Company regarding compliance with Section 409A.
The Company has no obligation to take any action to prevent the assessment of any tax under Section 409A on any person and neither
the Company, nor its subsidiaries or affiliates, nor any of their Employees, officers, directors or other representatives shall
have any liability to Employee with respect thereto.

 

20. Further
Assurances. Employee and the Company each agree to execute and deliver, after the date hereof, without additional consideration,
any additional documents, and to take any further actions, as may be necessary to fulfill the intent of this Agreement and the
transactions contemplated hereby.

 

21.
Cooperation.

 

(a) Employee
will (i) cooperate with the Company in all reasonable respects concerning any transitional matters which require Employee’s
assistance, cooperation or knowledge, including communicating with persons inside or outside the Company as directed by the Company,
and (ii) in the event that the Company (or any of its affiliates or other related entities) becomes involved in any legal action
relating to events which occurred during Employee’s employment with the Company, cooperate to the fullest extent possible
in the preparation, prosecution or defense of their case, including, but not limited to, the execution of affidavits or documents,
testifying or providing information requested by the Company.

 

(b) To
the extent that Employee incurs (i) travel-related expenses, (ii) out-of- pocket expenses, and/or (iii) loss of wages as a result
of Employee’s cooperation with the Company as contemplated by this Section 21 (“Cooperation Expenses”),
the Company will promptly reimburse Employee (or will cause Employee to be promptly reimbursed) for such Cooperation Expenses,
provided they are reasonable and were approved by the Company in advance.

 

    24

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the date(s) set forth below.

 

Longeveron, LLC

 

	By	 	 
	Name	 	 
	Title	 	 
	Date	 	 

 

	                	 
	Date

 

    25

     

    

 

EXHIBIT B

 

EMPLOYEE’S
PRIOR INVENTIONS

 

 

26

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