Document:

Exhibit 10.12

 

SERA PROGNOSTICS, INC. EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is effective for all purposes as of the start date (the “Effective Date”) of
the Offer Letter to you dated 13 June 2018, by and between Sera Prognostics, Inc., a Delaware corporation (the “Company”),
and Garrett Lam (the “Employee”).

 

NOW, THEREFORE, in consideration
of the mutual covenants, conditions and undertakings set forth herein, the parties hereto hereby agree as follows:

 

1.          Employment
and Duties. Subject to the terms and conditions set forth in this Agreement, the Company shall employ Employee, and Employee hereby
accepts employment, as the Chief Medical Officer of the Company, with those duties and responsibilities which are appropriate and customary
for the medical leader of a company similar to the Company. In such capacity, the Employee shall report to the Company’s Chief
Executive Officer. During the term of this Agreement, the Employee shall faithfully perform the Employee’s duties, responsibilities
and obligations hereunder.

 

2.            Base Compensation and Related Matters.

 

(a)            Salary.
In consideration for the services rendered by the Employee to the Company as provided herein, the Company shall pay the Employee an annual
base salary of $350,000, provided that the Employee’s employment with the Company remains active at a full-time rate. The Base
Salary shall be paid according to the Company’s standard payroll policy and will be subject to applicable federal and state tax
withholdings as required by applicable law. The Base Salary may be increased or decreased at any time by the Company’s Board of
Directors (the “Board”) or the Compensation Committee of the Board in its sole discretion.

 

(b)           Stock
Option Grant(s) and Bonuses. The Employee shall be granted as soon as practicable on or after the Effective Date an option to purchase
375,000 shares of the Company’s common stock (the “Option”) (which option shall be issued as an incentive stock
option to the maximum extent allowed under Section 422 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder (the “Code”)) pursuant to the Company’s 2011 Employee, Director and Consultant Equity Incentive Plan
(the “Plan”). The Option shall vest as to twenty-five percent (25%) of the shares subject thereto one (1) year from August
6, 2018 (“Vesting Start Date”), and shall vest with respect to the remaining shares subject thereto in equal monthly
installments over an additional thirty-six (36) months thereafter commencing on the sixth (6’) day of the month one year following
the Vesting Start Date, subject to continued employment by the Company. In addition, the Option shall accelerate with respect to thirty-seven
and one-half percent (37.5%) of the outstanding unvested shares at that time then subject thereto upon a Change of Control (as defined
in the Plan) pursuant to which the Option is terminated pursuant to Section 24(b)(ii) of the Plan or cashed out pursuant to Section 24(b)(iii)
of the Plan. The Employee shall be eligible, after the Effective Date, to receive (i) additional stock options pursuant to the Plan and
(ii) additional bonus compensation, as determined by the Board, in its sole discretion; it being the intention of the Board to maintain
Employee’s aggregate compensation at levels appropriate and customary to those of companies similar in industry, stage and circumstances
to that of the Company Unless otherwise approved by the Board, all future options granted to the Employee after the Effective Date shall
vest in equal monthly installments over a period of forty-eight (48) months from the date of grant. Notwithstanding the foregoing, in
the event that the Employee’s employment with the Company is terminated by the Company without Cause (as defined in Section 4(a)(iii)
below) or by the Employee for Good Reason (as defined in Section 4(b)(ii) below), then the vesting of all options held by the Employee
at the time of the termination shall accelerate (i) with respect to thirty-seven and one-half percent (37.5%) of the unvested shares
subject thereto, or (ii) if such termination occurs within 30 days prior to or within 12 months after a Change of Control (as defined
in the Plan), with respect to one hundred percent (100%) of the unvested shares subject thereto. You will be eligible to participate
in the Company’s Annual Incentive Plan, which currently provides for a bonus target of 30% of your base salary, prorated for time
of service, and with respect to the calendar year ending December 31, 2018, payment will be contingent based upon achievements mutually
agreed upon by you and your supervisor.

 

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(c)           Expenses.
The Employee will be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee (which are eligible
for reimbursement under the Code) actually incurred by him in performing his duties; provided; however, that such expenses are approved
in accordance with the Company’s then-current policies and procedures applicable to the most senior-level executive employees of
the Company, other than the Employee, or if such policies and procedures are not in place, then as determined in the sole discretion
of the Board. Employee Benefits. Upon classification as a full-time employee, the Employee will be entitled to participate in
the group health, dental, vision, and group life insurance benefit plans, as well as the Company’s 401(k) and Flexible Spending
Account Plans available to all Company employees. In addition, the Employee is entitled to participate in any employee benefit plans
that the Company may make available to its most senior-level executive employees generally, which may include, but not be limited to,
profit sharing plans, 401(k) and cafeteria plans, or life, hospitalization, optical, disability or other insurance plans as may be in
effect, from time to time, and in accordance with rules established, from time to time, for individual participation in such plans.

 

(d)           Vacation
Days and Paid Leave. Upon classification as a full-time employee, the Employee will be entitled to take four (4) weeks of vacation
days, three (3) additional personal time off days, and shall be entitled to compensation in connection therewith, in accordance with
Company policy applicable to senior-level executive employees of the Company, as approved by the Chief Executive Officer in its sole
discretion.

 

3.             Facilities and Services Furnished. The Company will furnish the Employee with office space at its headquarters in Salt Lake
City, Utah, and such other facilities, furniture, equipment and services as it may determine to be reasonably necessary for the performance
of the Employee’s duties as set forth herein. It is acknowledged that as of the Effective Date, the Employee is using his own home
for a Company office at no expense to the Company.

 

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4.            Termination.

 

(a)           Termination
by the Company. The Employee’s employment hereunder may be terminated by the Company under any of the following circumstances:

 

(i)           Death.
This Agreement shall automatically terminate upon the Employee’s death.

 

(ii)          Disability. The Company may elect to terminate the Employee’s employment in the event of Employee’s Disability
upon delivery of written notice to the Employee. For purposes of this Agreement, “Disability” shall mean any condition
that, in the reasonable, good faith judgment of a licensed physician selected by the Company, causes the Employee to be unable, after
any accommodation required by applicable law, to perform his duties, responsibilities and obligations under this Agreement for a period
of at least twelve (12) consecutive months.

 

(iii)         Cause.
The Company may terminate the Employee’s employment hereunder for Cause (as defined below) at any time upon delivery of written
notice to the Employee. For purposes of this Agreement, “Cause” shall mean (A) the conviction of the Employee by a
court of competent jurisdiction of any felony involving dishonesty, breach of trust or misappropriation or the entering of a plea by
the Employee of nolo contendre thereto; (B) the Employee’s willful failure or refusal to follow reasonable and lawful directives
of the Board or the Company’s Chief Executive Officer, provided such failure or refusal continues after the Employee’s receipt
of reasonable notice in writing of such failure or refusal and an opportunity of not less than thirty (30) days to correct the problem;
(C) a material breach by the Employee of any of the provisions of this Agreement, with notification of such breach by the process outlined
in 4.(iii).(B), above; or (D) the Employee’s commission of any immoral or illegal act or any gross or willful misconduct, where
a majority of the non-employee members of the Board reasonably determines that such act or misconduct has (1) seriously undermined the
ability of the Board to entrust Employee with important matters or otherwise work effectively with Employee, (2) contributed to the Company’s
loss of significant revenues or business opportunities, or (3) significantly and detrimentally affected the business or reputation of
the Company or any of its subsidiaries.

 

(iv)        Other
Termination. The Company may terminate Employee’s employment with the Company at any time and for any reason, with or without
cause, subject to the provisions hereof. Employee acknowledges that Employee is, and at all times shall be, an employee at will of the
Company and nothing contained herein shall be construed to alter or affect such employee at-will status. Employee may terminate his employment
with the Company at any time, for any or no reason, subject to the provisions hereof. Inclusion under any benefit plan or compensation
arrangement will not give Employee any right or claim to any benefit hereunder except to the extent such right has become fixed under
the express terms of this Agreement.

 

(b)           Termination
by the Employee. The Employee may terminate the Employee’s employment with the Company under the following circumstances:

 

(i)           Voluntary
Termination. Employee may terminate his employment with the Company for any reason or no reason, upon delivery of written notice
to the Company at least fifteen (15) days prior to the specified termination date.

 

(ii)          Termination
for Good Reason. The Employee also may terminate the Employee’s employment with the Company for “Good Reason,”
which shall mean for purposes of this Agreement (A) a material breach by the Company of any of the provisions of this Agreement; (B)
assignment of Employee to a role, duties or responsibilities materially inconsistent with that of senior executive management; (C) any
circumstances caused by the Company that would require Employee to move his principal location of employment in excess of one hundred
(100) miles from the Company’s principal business location in Salt Lake City, Utah; or (D) an involuntary material reduction of
Employee’s then current Base Salary other than a reduction proportionately affecting all of the Company’s other senior-level
executive employees. The Employee must provide the Company with a written Notice of Termination that describes the existence of the condition
the Employee believes gives rise to Good Reason under this Section 4(b) within thirty (30) days following the initial existence of the
condition. The Company may elect to cure any condition giving rise to Good Reason within thirty (30) days of receipt of notice. The Employee’s
termination for Good Reason must, in any event, occur within the six (6) month period immediately following the initial existence of
the condition giving rise to Good Reason.

 

(c)            Effect of Termination. In the event the Employee’s employment is terminated, all obligations of the Company and the
Employee under this Agreement shall cease, except that the accelerated vesting of Options set forth in Section 2(b) and the terms of Section
5 through Section 9 shall survive such termination. Upon such termination, the Employee or the Employee’s representative or estate
shall be entitled to receive the applicable compensation, benefits and reimbursements set forth in Section 5. The Employee acknowledges
that, upon termination of the Employee’s employment, the Employee is entitled to no other compensation, severance or other benefits
other than those specifically set forth in Section 5.

 

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5.            Compensation and Benefits Upon Termination of Employment. At all times after the Effective Date, the Employee shall be entitled
to receive additional compensation and benefits upon a termination of Employee’s employment as follows:

 

(a)            Severance Pay. If either (i) the Company terminates the Employee’s employment for any reason other than Cause, death
or Disability or (ii) the Employee terminates his employment for Good Reason; then, on the sixtieth (60th) day following the
termination of employment, the Company shall pay the Employee a lump sum amount equal to six (6) months of the Base Salary at the rate
in effect at the time of the termination of employment. If the Company terminates the Employee’s employment due to death or Disability
and (y) the Company does not provide any insurance benefits payable to the Employee or his beneficiaries, as applicable, upon his death
or Disability and (z) the Company has previously, but not necessarily in the then applicable calendar year, achieved Ten Million Dollars
in annual gross revenue in a calendar year, then, on the sixtieth (60th) day following the termination of employment due to
death or Disability, the Company shall pay the Employee a lump sum amount equal to six (6) months of the Base Salary at the rate in effect
at the time of the termination of employment.

 

(b)           Health
Insurance. If, while eligible to participate in the Company’s health benefit plans, either (i) the Company terminates the Employee’s
employment for any reason other than Cause, death or Disability or (ii) the Employee terminates his employment for Good Reason, the Company
will provide Health Insurance Reimbursement until the earliest of (x) the close of the twelve (12) month period following the Employee’s
termination date, and (y) the date when the Employee becomes eligible to receive health insurance coverage in connection with new employment
or self-employment. If, as of the termination date, the Company continues to sponsor a group insurance plan providing medical and dental
insurance coverage for Company employees, and if the Employee elects to continue his health insurance coverage under the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his employment, then the Company shall pay
the portion of the Employee’s monthly premium under COBRA until the earliest of (x) the close of the twelve (12) month period following
the Employee’s termination date, (y) the expiration of the Employee’s continuation coverage under COBRA or (z) the date when
the Employee becomes eligible to receive health insurance coverage in connection with new employment or self-employment. If the payment
of any COBRA or health insurance premiums would otherwise violate the nondiscrimination rules or cause the reimbursement of claims to
be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation Act
of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company paid premiums shall be treated as taxable
payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or taxation
under the Act or Section 105(h) of the Code.

 

(c)            General
Release. Any other provision of this Agreement notwithstanding, subsections (a) and (b) above shall not apply unless the Employee
has (i) executed a general release of all claims (in a form prescribed by the Company), which must be effective and irrevocable prior
to the sixtieth (60th) day following the termination of employment, (ii) returned all property of the Company in the Employee’s
possession and (iii) cooperated in good faith with the Company for a transition period not to exceed sixty (60) days to ensure an efficient
transfer of the Employee’s duties and responsibilities.

 

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6.            Non-Competition;
Non-Solicitation. The Employee and the Company hereby acknowledge and agree that in connection with the employment of the Employee,
the Employee has been and will be provided with trade secrets of the Company and that the Employee and the Company are entering into
this Agreement for the protection of such trade secrets. The Employee agrees to abide by the provisions set forth in this Section
6.

 

(a)            Non-Competition. The Employee shall not, during his employment with the Company and during the one (1) year period following
the termination of his employment with the Company (the “Restrictive Period”) directly or indirectly, as a manager,
member, promoter, shareholder, agent, representative, director, officer, owner, independent contractor or otherwise, or in connection
with any of his consultants, employees, agents, partners, relatives, affiliates or representatives or through any third party:

 

(i)           anywhere
in the world (the “Restricted Area”) compete with or own, manage, operate or control any business that directly competes
in the Company’s field of interest or products in the active development pipeline of the Company (for purposes of this paragraph,
ownership of securities of not in excess of one percent (1%) of the outstanding capital stock of a public company shall not be considered
to be competition with the Company); or

 

(ii)          anywhere
in the Restricted Area, act as an employee, director, officer, manager, member, advisor, consultant, representative or agent for any
business of the type and character engaged in and competitive with the Company.

 

(b)           Non-Solicitation.
The Employee shall not, during the Restrictive Period directly or indirectly, as a manager, member, promoter, shareholder, agent, representative,
director, officer, owner, independent contractor or otherwise, or in connection with any of his consultants, employees, agents, partners,
relatives, affiliates or representatives or through any third party, solicit the employment of or hire any current employee of the Company,
or solicit a relationship with any customer of the Company, located anywhere in the Restricted Area.

 

(c)            Definitions.
For purposes of this Section 6 the terms “compete with the Company.” “competitive with the Company,”
 “field of interest” and similar terms referring to competition with the Company shall mean any business that is engaged
in identifying and commercializing biomarkers in blood samples of pregnant women which are predictive of preterm birth and other pregnancy
complications or any other anticipated business ventures of the Company which have been discussed with the Board or amongst the senior-level
executive employees as of the date of Employee’s termination.

 

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7.            Maintaining
Confidential Information.

 

(a)            Company
Confidential Information. The Employee hereby agrees at all times during which he provides services as a director, officer, employee
or consultant of the Company (“Employee’s Service”), and thereafter to hold in strictest confidence, and not
to use, except for the benefit of the Company, any trade secrets, confidential knowledge, data or other proprietary information relating
to products, processes, know-how, formulas, developmental or experimental work, computer lists, customer lists, business plans, financial
information or other subject matter pertaining to any business of the Company or any of its clients, consultants or licensees (collectively
 “Confidential Information”).

 

Notwithstanding the above,
Employee shall not have liability to the Company with regard to any Confidential Information which Employee can prove:

 

(i)           was
in the public domain at the time it was disclosed by the Company or has entered the public domain through no fault of Employee;

 

(ii)          was
known to the Employee without restriction, at the time of disclosure, as demonstrated by files in existence at the time of disclosure;

 

(iii)         is disclosed with the prior written approval of the Company;

 

(iv)         becomes known to Employee, without restriction, from a source other than the Company without breach of this Agreement by Employee
and otherwise not in violation of the Company’s rights; or

 

(v)          is
disclosed pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that
Employee shall provide prompt notice of such court order or requirement to the Company to enable the Company to seek a protective order
or otherwise prevent such disclosure.

 

(b)           Former
Employer Information. The Employee hereby agrees that he will not, during Employee’s Service, improperly use or disclose any
proprietary information or trade secrets of his former or concurrent employers or companies, if any, and that he will not make available
to the Company any unpublished document or any property belonging to his former or concurrent employers or companies, if any, unless
consented to in writing by said employers or companies.

 

(c)           Third-Party Information. The Employee recognizes that the Company has received and in the future will receive from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of
such information and to use it only for certain limited purposes. The Employee hereby agrees, during Employee’s Service and thereafter,
to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation
(except as necessary in carrying out his work for the Company consistent with the Company’s agreement with such third party) or
to use it for the benefit of anyone other than the Company or such third party (consistent with the Company’s agreement with such
third party) without the express written authorization of the Board.

 

(d)           Outside Activities. The Employee shall not perform consulting/business activities beyond those disclosed in Exhibit A, without
prior written consent of the Company’s Board of Directors Compensation Committee.

 

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8.            Availability
of Equitable Remedies. The Employee hereby acknowledges and agrees that a breach of Section 6 or Section 7 will cause irreparable
harm and damage to the Company, that the remedy at law for the breach or threatened breach of Section 6 or Section 7 will be inadequate,
and that, in addition to all other remedies available to the Company for such breach or threatened breach (including, without limitation,
the right to recover damages), the Company will be entitled to injunctive relief for any breach or threatened breach of Section 6 or
Section 7.

 

9.            Miscellaneous.

 

(a)            Notification of New Employer. In the event that the Employee leaves the employ of the Company, he hereby grants consent
to notification by the Company to his new employer about his rights and obligations under this Agreement.

 

(b)           Severability. In the event that a court of competent jurisdiction determines that any portion of this Agreement is in violation
of any statute or public policy, then only the portions of this Agreement which violate such statute or public policy shall be stricken.
All portions of this Agreement which do not violate any statute or public policy shall continue in full force and effect. Further, any
court order striking any portion of this Agreement shall modify the stricken terms to give as much effect as possible to the intentions
of the parties under this Agreement.

 

(c)           Notices. Any notices, requests or consents hereunder shall be deemed given, and any instrument delivered, three (3) days
after they have been mailed by first class mail, postage prepaid, one (1) day after they have been delivered by overnight courier, twelve
(12) hours after such notice has been sent by facsimile, or upon receipt if delivered personally, as follows:

 

To the Company:

 

2749 East Parleys Way, Suite 200

Salt Lake City, UT 84109

 

To the Employee:

 

103 South Drive

Signal Mountain, TN 37377

 

except that any of the foregoing may, from time
to time, by written notice to the others, designate another address or fax number which shall thereupon become him or its effective address
for the purposes of this Section 9(c).

 

(d)           Governing
Law. This Agreement shall be governed by the laws of the State of Utah, without giving effect to its conflict of laws principles.

 

(e)           Successors
and Assigns. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of the Company. This Agreement is for the unique personal services of the Employee, and the Employee shall
not be entitled to assign any of the Employee’s rights or obligations hereunder.

 

(f)            Entire
Agreement; Amendment. This Agreement constitutes the entire agreement and understanding between the parties hereto with respect to
the subject matter of this Agreement, and supersedes all other prior agreements and understandings with respect thereto, This Agreement
can be amended or modified only in a writing signed by the Employee and the Company.

 

(g)           No Waiver. No waiver by either party at any time of any breach by the other party of, or compliance with, any condition
or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same time or any prior or subsequent time.

 

(h)           Headings.
The headings herein contained are for reference only and shall not affect the meaning or interpretation of any provision of this Agreement.

 

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

 

(j)            Costs
and Expenses. The Company shall reimburse all of the Employee’s reasonable costs and expenses (including, without limitation,
attorneys’ fees), incurred in connection with the negotiation and preparation of this Agreement.

 

(k)           Attorneys’
Fees. In the event of any action at law, equity or under this Agreement to enforce or interpret the terms of this Agreement, the
prevailing party shall be entitled to reasonable attorneys’ fees and court costs in addition to any other relief to which such
party may be entitled, unless the action is one in which only a prevailing plaintiff is entitled to prevailing party fees and costs (such
as a Title VII action).

 

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(l)            Section
409A. The Company intends that the cash severance payments to which the Employee is entitled on his termination of employment pursuant
to Section 5 are payable on the Employee’s Separation from Service (as defined below) and are exempt from, or are otherwise payable
in compliance with Section 409A. The Company intends that the Company’s continued payment for the cost of the Employee’s
welfare benefits (including the payment of all COBRA administrative costs and expenses) provided by Section 5 will comply with the exception
to Section 409A for reimbursements and certain other separation payments, as described in Treas. Reg. § 1.409A-1(b)(9)(v)(B), to
the extent such costs are taxable and subject to imputed income treatment.

 

(i)           Separation
from Service Defined. For purposes of this Agreement, the term “termination of employment” means the Employee’s
 “Separation From Service.” The term “Separation from Service” means (A) the termination of the Employee’s
employment with the Company and all affiliates for any reason or (B) a permanent reduction in the level of bona fide services the Employee
provides to the Company and all affiliates to an amount that is twenty percent (20%) or less of the average level of bona fide services
the Employee provided to the Company and all affiliates in the immediately preceding thirty-six (36) months (or the entire time period
during which the Employee provided services to the Company and all affiliates if the Employee has been providing such services for less
than thirty-six (36) months), with the level of bona fide service calculated in accordance with Treas. Reg. § 1.409A-1(h)(l)(ii).
Solely for purposes of determining whether an organization is an “affiliate” of the Company, the Company will follow
the rules set forth in Treas. Reg. § 1.409A-1(h)(3) (which generally requires fifty percent (50%) common ownership or control).
The Employee’s employment relationship is treated as continuing while the Employee is on military leave, sick leave, or other bona
fide leave of absence (if the period of such leave does not exceed six (6) months; or, if longer, so long as the Employee’s right
to reemployment with the Company or an affiliate is provided either by statute or contract). If the Employee’s period of leave
exceeds six (6) months and his right to reemployment is not provided either by statute or by contract, the employment relationship is
deemed to terminate on the first day immediately following the expiration of such six (6) month period. Whether a termination of employment
has occurred will be determined based on all of the facts and circumstances and in accordance with regulations issued by the United States
Treasury Department pursuant to Section 409A of the Code.

 

(ii)          Delay
in Payments. Notwithstanding ally provision of this Agreement to the contrary, if any of the severance payments are subject to Section
409A and the Employee is a “Specified Employee” at the time of his Separation from Service, no payments shall be made
to the Employee prior to the first business day following the date which is six (6) months after the Employee’s Separation from
Service. Any amounts that would have been paid during the six (6) months following the Employee’s Separation from Service will
be paid on the first business day following the expiration of the six (6) month period without interest thereon. The Employee may not
elect the taxable year of such payment. The six (6) month delay for a Specified Employee does not apply if the Employee dies.

 

(iii)         Specified
Employee Defined. For purposes of this Agreement, the term “Specified Employee” means certain officers and highly-compensated
employees of the Company as defined in Treas. Reg. § 1.409A-1(i), and as determined in accordance with such procedures as may be
adopted from time to time by the Company.

 

(iv)         Miscellaneous
Payment Provisions. If payment is not made, in whole or in part, due to a dispute between the Employee and the Company, the payments
shall be made in accordance with Treas. Reg. § 1.409A-3(g), as applicable. It is intended that each installment of the payments
and benefits provided under Section 5 of this Agreement shall be treated as a separate “payment” for purposes of Section
409A. If an expense reimbursement or provision of in-kind benefit provided pursuant to this Agreement is not exempt from Section 409A
of the Code, the following rules apply: (A) in no event shall any reimbursement be paid after the last day of the taxable year following
the taxable year in which the expense was incurred; (B) the amount of reimbursable expenses incurred or provision of in-kind benefits
in one tax year shall not affect the expenses eligible for reimbursement or the provision of in-kind benefits in any other tax year;
and (C) the right to reimbursement for expenses or provision of in-kind benefits is not subject to liquidation or exchange for any other
benefit.

 

(v)          Ban on Acceleration or Deferral. Under no circumstances may the time or schedule of any payment made or benefit provided
pursuant to this Agreement be accelerated or subject to a further deferral, except as otherwise permitted or required pursuant to regulations
and other guidance issued pursuant to Section 409A of the Code.

 

(vi)         No Elections. The Employee does not have any right to make any election regarding the time or form of any payment due under
this Agreement.

 

(vii)        Compliant
Operation and Interpretation. This Agreement shall be operated in compliance with the requirements of Section 409A or an exception
thereto and each provision of this Agreement shall be interpreted, to the extent possible, to comply with Section 409A or to qualify
for an exception thereto.

 

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(m)          Dispute
Resolution; Venue.

 

(i)           The
Company and the Employee shall use reasonable, good faith efforts to settle any dispute through non-binding mediation before a mutually-acceptable,
neutral, third-party mediator. The mediation shall be held in Salt Lake City, Utah and administered by the CPR Institute for Dispute
Resolution (the “CPR institute”) under the CPR Mediation Procedure then in effect. Unless otherwise agreed, the parties
shall jointly select a single mediator from the CPR Panels of Distinguished Neutrals based on a list of mediator candidates supplied
by the CPR Institute. If, within fourteen (14) days after either party makes a written request for mediation under this Section 9(m)(i),
the parties have not reached agreement on the selection of a mediator, the mediator shall be selected in accordance with the CPR Mediation
Procedure currently in effect. A good faith attempt at mediation shall be a condition precedent to the commencement of litigation, but
nothing in this Agreement, including, but not limited to paragraph (ii) below, shall be deemed a condition precedent to any court action
for injunction or other interim relief pending the outcome of mediation.

 

(ii)          If
the parties are unable to resolve the dispute by mediation in a timely manner (which, in any case, shall not exceed sixty (60) days from
the first notice of mediation), either party may attempt to resolve the dispute by commencing an action (or defending or responding to
such action) exclusively in the jurisdiction and venue of the courts, whether federal or state, located in Salt Lake County, Utah.

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective for all purposes as of the Effective Date.

 

	 	THE COMPANY:
	 	 	 
	 	SERA PROGNOSTICS, INC.
	 	 	 
	 	By:  	/s/ Gregory C. Critchfield,
    M.D.
	 	 	Gregory C. Critchfield, M.D.
	 	 	Chairman, President and CEO

 

	 	THE EMPLOYEE:
	 	 
	 	/s/ Garrett Lam
	 	Garrett Lam

 

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Exhibit A: Outside Activities

 

		1.	Member of Clinical Innovations Medical Advisory Board

 

		2.	Complete current open cases of medico-legal consultation

 

		3.	Consulting with Illumina on NIPS

 

		4.	Consulting with Hologic on gynecological opportunities

 

		5.	Consultant for Velo biologics study on treatment of early onset
preeclampsia

 

    11Exhibit 10.13

 

 

June 19, 2020

 

Garrett Lam

1864 E. Mountain Crest Drive

Draper, UT 84020

 

Re:       Separation
Agreement

 

Dear Garrett:

 

The purpose of this letter
agreement (the “Agreement”) is to set forth the terms of your separation from Sera Prognostics, Inc. (the “Company”),
and the entirety of the understanding between you, Garrett Lam, on the one hand and the Company on the other, with respect thereto. This
Agreement supersedes the terms of the employment agreement dated as of June 13, 2018 (the “Employment Agreement”) in all respects
except as to the sections 2(b), 5, 6, 7, 8 and 9 of the Employment Agreement, to the extent that those sections do not conflict with the
express terms of this Agreement (in which case the terms of this Agreement shall prevail). Payment of the Severance Pay described below
is contingent on your agreement to and compliance with the terms of this Severance Agreement. Neither this offer to you nor the Company’s
entering into this Severance Agreement shall constitute an admission by the Company.

 

Separation of Employment.

 

a)       Your employment with the Company will end on June 19, 2020 (the “Separation Date”). You acknowledge and agree you will continue
to devote your full time and attention and best efforts to performing the duties assigned to you (including the transition of your responsibilities
to the individual(s) identified by the Company) and you will comply with all existing Company rules, regulations, policies and directives
through the Separation Date. You further acknowledge and agree that, from and after the Separation Date, you shall have no authority to,
and shall not, represent yourself as an employee of the Company.

 

b)       Following the Separation Date, the Company will communicate your separation from the Company to internal and external parties. That communication
shall consist of the following language: “Garrett Lam has resigned from Sera Prognostics to pursue other activities.” The
Company’s response to inquiries regarding your separation will be consistent with Section 4(f) below.

 

c)       Notwithstanding
your separation from the Company, you will continue as a corresponding author of the Markenson et al. 2020 TREETOP publication in the
American Journal of Obstetrics & Gynecology Maternal Fetal Medicine (https://doi.org/10.1016/j.ajogmf.2020.100140),
and coordinate responses to queries with all the authors (Company and non-Company) of such paper. 

 

 

     

     

    

 

 

Severance Pay.

 

a)       In
exchange for the mutual promises set forth in this Agreement, the Company agrees to provide severance pay to you in a lump sum of one
hundred eighty-two thousand dollars ($182,000.00) less all applicable federal, state, local and other employment-related deductions (“the
Payment”). The Company also will provide you with a monthly payment equivalent to your COBRA payment beginning on July 1, 2020 to
cover the cost of the continuation of your health insurance coverage through the earlier of (1) June 30, 2021 or (2) the date when you
become eligible to receive health insurance coverage in connection with new employment or self-employment (the “COBRA Payment”).
You will receive a Form 1099 at each taxable year’s end for the COBRA Payments received within that taxable year. The Payment and
the COBRA Payment, together, are referred to as the “Severance Pay.” The Payment and the then-due COBRA Payment(s) will be
provided to you within ten (10) days of the Effective Date, which date constitutes the eighth day following the Execution Date, (as that
term is defined below). The Severance Pay, including each successive COBRA Payment, will be made by check made payable to Garrett Lam,
by sending the Severance Pay and/or COBRA Payment(s) to you via overnight mail at 1864 E. Mountain Crest Drive, Draper, UT 84020.

 

b)       Regardless of whether
you sign this Agreement, you will have the right to continue your medical insurance pursuant to the provisions of the Consolidated Omnibus
Budget Reconciliation Act of 1985 (COBRA). You will receive your COBRA notice under separate cover. If you do not sign this agreement
and do not elect COBRA, your health insurance (if applicable) will cease on June 30, 2020.

 

c)       In addition to the
Severance Pay, and regardless of whether you sign this Agreement, you will receive payment for your accrued wages through your Separation
Date and your unused but accrued vacation pay through your Separation Date, less all applicable federal, state, local deductions.

 

d)       You acknowledge
and agree that the Severance Pay is not otherwise due or owing to you under any Company employment agreement (oral or written) or Company
policy or practice, including the Employment Agreement, absent your execution of this Agreement. You also agree that the Severance Pay
to be provided to you is not intended to and does not constitute a severance plan and does not confer a benefit on anyone other than the
parties. You further acknowledge that, except for the specific financial consideration set forth in this Agreement, and your final wages,
which shall be paid to you in accordance with the Company’s regular payroll practices and applicable law following the Separation
Date (whether or not you sign this Agreement), you are not now owed and shall not in the future be entitled to any other compensation
from the Company including, without limitation, other wages, commissions, bonuses, holiday pay, paid time off or any other form of compensation
or benefit.

 

 

     

     

    

 

 

Equity. You
acknowledge and agree that the disposition of Company equity in which you had an interest prior to the Separation Date will be fully governed
by the terms of Section 2(b) of the Employment Agreement as they apply to terminations by the Company without Cause. You and the Company
further acknowledge and agree that, at the time of the Separation Date, you owned 0 shares of common stock and had options to acquire
an additional 490,000 shares of common stock, of which options to acquire 318,750 shares of common stock remain unvested and whose vesting
will partially accelerate pursuant to Section 2(b) of the Employment Agreement.

 

Confidentiality.
You expressly acknowledge and agree to the following:

 

a)       that you promptly will return to the
Company all Company documents (and any copies thereof) and property (including, without limitation, all cell phones, pagers, storage devices,
and other Company equipment) upon request, and the Company, for its part, will make reasonable accommodations to return copies of any
personal data specifically requested by you and to return your personal belongings to you within two weeks of the Separation Date;

 

b)       that
you promptly will relinquish to the Company all of the usernames, passwords, and contacts used by you to access all Sera and/or third
party applications for your work with the Company;

 

c)
       that your employment with the Company created a relationship of confidence and trust
between the Company and you with respect to any information: (a) applicable to the business of the Company; or (b) applicable to the
business of any vendor, broker, client or customer of the Company, which was made known to you by the Company or by any vendor,
broker, client or customer of the Company, or learned by you in such context during the period of your employment. All such
information has commercial value in the business in which the Company is engaged and is hereinafter called “Proprietary
Information.” By way of illustration, but not limitation, Proprietary Information includes any and all trade secret, and
proprietary information, techniques, know-how, processes, software programs, software source documents, and formulae related to
the current, future and proposed products and services of the Company, and includes, without limitation, respective information
concerning research, actual and proposed products and services, development, financial information, procurement requirements,
purchasing manufacturing, customer lists, customer databases, customer policy information, business forecasts, sales and marketing
plans and information. “Proprietary Information” also includes proprietary or confidential information of any third
party who disclosed such information to the Company or to you in the course of the Company’s business. You acknowledge and
agree that all Proprietary Information is the sole property of the Company, the Company’s assigns, and the Company’s
customers (as applicable), and the Company, the Company’s assigns and the Company’s customers (as applicable) are the
sole and exclusive owner of all copyrights, trade secrets and other rights in the Proprietary Information. You assign and agree to
assign to the Company all rights, title and interest, you may have or acquired (if any) in the Proprietary Information. At all
times, both during your employment by Company and after termination of such employment, you agree that you will keep in confidence
and trust all Proprietary Information, and that you will not use or disclose any Proprietary Information or anything directly
relating to the Proprietary Information without the written consent of the Company. You understand and agree that the terms of this
Section extend to and cover disclosures or uses made of Proprietary Information online, including but not limited to social media
sites, blog posts, and any other internet-based communication or posting forum.

 

 

     

     

    

 

 

d)       that
all information relating in any way to the negotiation of this Agreement, including the terms and amount of financial consideration provided
for in this Agreement, shall be held confidential by you and shall not be publicized or disclosed to any person (other than an immediate
family member, legal counsel or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by
these confidentiality obligations), business entity or government agency (except as mandated by state or federal law), except that nothing
in this paragraph shall prohibit you from participating in an investigation with a state or federal agency if requested by the agency
to do so;

 

e)       that
you will not make any statements that are professionally or personally disparaging about, or adverse to, the interests of the Company
(including its former or current officers, directors, employees and consultants) including, but not limited to, any statements that disparage
any person, product, service, finances, financial condition, capability or any other aspect of the business of the Company, and that you
will not engage in any conduct which could reasonably be expected to harm professionally or personally the reputation of the Company (including
its former or current officers, directors, employees and consultants); and

 

f)        The
Company agrees that it shall respond to third-party inquiries regarding your employment by providing only your period of employment and
positions held and shall only verify your title and dates of employment and advise the requesting party that the Company has a policy
of not providing any additional information regarding former employees.

 

Your Release of
Claims. You hereby agree and acknowledge that, by signing this Agreement and accepting the Severance Pay, and for other good
and valuable consideration, you are waiving your right to assert any and all forms of legal claims against the Company1
of any kind whatsoever, whether known or unknown, arising from the beginning of time through the date you execute this Agreement
(the “Execution Date”). You acknowledge that as of Execution Date, you have not filed any complaints, claims, charges,
actions, grievances or arbitrations against the Company or otherwise contacted any U.S. federal, state or local governmental agency
or commission that has applicable jurisdiction to regulate the Company (each a “Government Agency”) regarding the
Company, except to the extent you (i) have already informed the Company in writing prior to the Execution Date, or (ii) are
permitted by law to opt against such disclosure; and further, you are not aware of any unlawful conduct in relation to the business
of the Company, except to the extent you have already informed the Company in writing prior to the Execution Date. Except as set
forth below, your waiver and release herein is intended to bar any form of legal claim, complaint or any other form of action
(jointly referred to as “Claims”) against the Company seeking any form of relief including, without limitation,
equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages, or any other form of monetary recovery
whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages,
attorneys’ fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising
through the Execution Date.

 

 

1       For
purposes of this Agreement, the Company includes Sera Prognostics, Inc. and any of its divisions, affiliates (which means all persons
and entities directly or indirectly controlling, controlled by or under common control with the Company), parents, subsidiaries and all
other related entities, and its and their former and current directors, officers, employees, trustees, agents, successors and assigns.

 

 

     

     

    

 

 

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

 

(i)       Claims under
any state or federal discrimination, fair employment practices or other employment related statute, regulation or executive order including,
but not limited to, the Utah Antidiscrimination Act, (as it may have been amended) prohibiting discrimination or harassment based upon
any protected status including, without limitation, race, national origin, age, gender, marital status, disability, veteran status or
sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination
in Employment Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Americans With Disabilities Act, the Age Discrimination in Employment Act, and any similar Utah or local statute.

 

(ii)      Claims under
any other state or federal employment related statute, regulation or executive order (as they may have been amended through the Execution
Date) relating to any other terms and conditions of employment, including but not limited to the Fair Labor Standards Act and any Utah
equivalent.

 

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

 

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

 

b)       Notwithstanding
the foregoing, this section does not release the Company from any obligation expressly set forth in this Agreement or from any other claims
that cannot be released by law. You acknowledge and agree that, but for providing this waiver and release, you would not be receiving
the economic benefits being provided to you under the terms of this Agreement.

 

 

     

     

    

 

 

c)       It
is the Company’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement. To that
end, you have been encouraged and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this
Agreement. Also, because you are over the age of 40 consistent with the provisions of the Age Discrimination in Employment Act (“ADEA”),
which prohibits discrimination on the basis of age, the Company is providing you with twenty one (21) days in which to consider and accept
the terms of this Agreement by signing below and returning it to Gregory Critchfield at the addresses and/or email provided herein for
Gregory Critchfield at the Company:

 

Gregory Critchfield

Chairman, President, and CEO

Sera Prognostics, Inc.

2749 East Parleys Way, Suite
200

Salt Lake City, UT 84109

gcritchfield@seraprognostics.com

 

You may rescind your assent
to this Agreement if, within seven (7) days after you sign this Agreement, you deliver by hand or send by mail (certified, return receipt
and postmarked within such 7 day period) a notice of rescission to Gregory Critchfield at the Company. The eighth day following the Execution
Date is the “Effective Date” of this Agreement

.

d)       Consistent with
the provisions of federal and state discrimination laws, nothing in this release shall be deemed to prohibit you from challenging the
validity of this release under such discrimination laws (the “Discrimination Laws”) or from filing a charge or complaint of
age or other employment related discrimination with the Equal Employment Opportunity Commission (“EEOC”) or state equivalent,
or from participating in any investigation or proceeding conducted by the EEOC or state equivalent. Further, nothing in this release or
Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge or complaint on the basis that
your signing of this Agreement constitutes a full release of any individual rights under the Discrimination Laws, or to seek restitution
to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge
the validity of this release and prevail in any claim under the Discrimination Laws.

 

Entire Agreement/Modification/Waiver/Choice
of Law/Enforceability. You acknowledge and agree that this Agreement supersedes any and all prior or contemporaneous oral and/or
written agreements between you and the Company, and sets forth the entire agreement between you and the Company, with the exception of
the sections 2(b), 5, 6, 7, 8, and 9 of the Employment Agreement shall remain in full force and effect, including the Non-Competition
and Non-Solicitation provisions of Section 6. No variations or modifications hereof shall be deemed valid unless reduced to writing and
signed by the parties hereto. The failure of the Company to seek enforcement of any provision of this Agreement in any instance or for
any period of time shall not be construed as a waiver of such provision or of the Company’s right to seek enforcement of such provision
in the future. This Agreement shall be deemed to have been made in the State of Utah and shall be construed in accordance with the laws
of the State of Utah without giving effect to conflict of law principles. The venue for any dispute under or pertaining to this Agreement
shall be the State or Federal Courts located in Salt Lake County. The provisions of this Agreement are severable, and if for any reason
any part hereof shall be found to be unenforceable, the remaining provisions shall be enforced in full.

 

 

     

     

    

 

 

Cooperation.
You agree that, with respect to any existing or future litigation or legal dispute (“Dispute”) involving the Company and a
third party with who you had any connection whatsoever during the time of your employment with the Company, including but not limited
to any Company employee or ex-employee asserting any employment-related claims, you will reasonably cooperate with the Company in the
defense or prosecution of that Dispute. Reasonable cooperation shall include, without limitation, providing testimony, providing assistance
to authorized Company representatives and outside counsel in preparation for trial, hearing, arbitration, mediation or any other proceeding.
You understand and agree that you may be required to travel as part of this duty of reasonable cooperation. The Company shall pay all
reasonable expenses associated with such travel.

 

No Re-hire.
You agree you shall not be eligible for future employment or knowingly seek employment with the Company or any of its respective parents,
subsidiaries, or any entity in which any such entities hold a controlling ownership interest, either as an employee, consultant, independent
contractor, or worker of any kind paid directly by any such entity. You further agree, that upon learning that you applied for any employment
with same, you shall immediately withdraw your application. Further, you agree this forbearance to seek future employment is purely contractual
and is in no way involuntary, discriminatory, or retaliatory.

 

Tax Liabilities.
You specifically acknowledge and agree that you are solely responsible for the tax designations of the Severance Pay. Each of the Parties
further agrees that any and all your tax liabilities that may arise out of payment of the Severance Pay will be borne exclusively and
solely by you. You further agree that, if any court, taxing authority or government entity (local, state, or federal) finds that the Severance
Pay should be subject to any further applicable taxes and related withholdings, you will be solely responsible for those applicable taxes,
withholdings, and any related interest, penalties or damages, unless such a finding is based on errors of the Company. You further agree
to indemnify the Company or its affiliates or subsidiaries for any tax liabilities, interest, penalties, or other damages or liabilities
that the Company or its affiliates or subsidiaries may be subjected to as a result of any court, taxing authority, or government entity
(local, state, or federal) finding that the Severance Pay should be subject to any further taxes and related withholdings, unless such
a finding is based on errors of the Company.

 

By executing this Agreement,
you are acknowledging that: (1) you have carefully read and understand the terms and effects of this Agreement, including Section 5 entitled
Release of Claims; (2) you understand that the Release of Claims in Section 5 is legally binding and by signing this Agreement, you give
up certain rights, including rights and claims under the Age Discrimination in Employment Act; (3) you have been afforded sufficient time
to understand the terms and effects of this Agreement; (4) your agreements and obligations hereunder are made voluntarily, knowingly and
without duress; and (5) neither the Company nor its agents or representatives have made any representations inconsistent with the provisions
of this Agreement.

 

The parties agree that the
Agreement may be signed on one or more copies, each of which when signed will be deemed to be an original, and all of which together will
constitute one and the same Agreement.

 

 

     

     

    

 

 

If the foregoing correctly
sets forth our understanding, please sign, date and return the enclosed copy of this Agreement to me within 21 days.

 

	 	 	Sincerely,
	 	 	 
	 	 	Sera Prognostics, Inc.
	 	 	 	 
	 	 	By:  	/s/ Gregory Critchfield
	 	 		Gregory Critchfield
	 	 	Its: 	Chairman, President, and CEO
	 	 	 	 
	 	 	Dated:  	June 19, 2020
	 	 	 	 
	Confirmed, Agreed and Acknowledged:	 	 
	 	 	 	 
	/s/ Garrett Lam	 	 
	Garrett Lam	 	 
	 	 	 
	Dated:  	July 8, 2020

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