Document:

Exhibit 4.4

 

MIROMATRIX MEDICAL INC.

 

INVESTOR RIGHTS AGREEMENT

 

This INVESTOR RIGHTS AGREEMENT
(this "Agreement") is effective as of the 16th day of October, 2017, by and among MIROMATRIX MEDICAL INC., a Delaware
corporation (the "Company"), and the persons and entities listed on the Schedule of Investors attached hereto as Exhibit
A who hold Series B-2 Convertible Preferred Stock, as defined herein, (such persons and entities sometimes referred to herein, together
with their transferees as permitted by Section 9 as the "Holders"). Together, the parties to this Agreement are referred
to as the "Parties."

 

RECITALS

 

A.       In
connection with and in consideration of the purchase and sale of shares of Series B-2 Preferred as part of a new offering, the Parties
desire to provide for the registration of Common Stock to be issued upon conversion of the Series B-2 Preferred, in accordance with the
terms of this Agreement; and

 

B.       The
Company desires to also grant to each Holder certain rights with respect to the receipt of information about the Company;

 

NOW THEREFORE, the Parties
agree as follows:

 

1.)               
Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 

"Affiliate" means,
as to any person, a person that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under
common control with, such person. The term "control" means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership of voting stock or an equity interest, by
contract, or otherwise.

 

"Commission" means
the Securities and Exchange Commission of the United States or any other U.S. federal agency at the time administering the Securities
Act.

 

"Common Holder" means
a holder of shares of the Company's Common Stock.

 

"Common Stock" means
the Common Stock of the Company, $0.00001 par value.

 

"Exchange Act" means
the Securities Exchange Act of 1934, as amended, or any similar United States federal statute and the rules and regulations of the Commission
thereunder, all as the same are in effect at the time.

 

"Family Group" has
the meaning assigned in Section 9 hereof. "Form S-3" has the meaning assigned in Section 4(a) hereof. "Indemnified Party"
has the meaning assigned in Section 7(c) hereof.

 

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
1 

     

    

 

"Indemnifying Party"
has the meaning assigned in Section 7(c) hereof.

 

"Initiating Holders"
has the meaning assigned in Section 2(a) hereof.

 

"IPO" means the closing
of the Company's first public offering of Common Stock pursuant to a registration statement declared effective by the Commission.

 

"Material Adverse Information"
has the meaning assigned in Section 5(c) hereof.

 

"Preferred Stock"
means the Series B-2 Preferred.

 

"Registration Expenses"
means all expenses, except as otherwise stated below, incurred by the Company in complying with Sections 2 [Requested Registration], 3
[Company Registration] and 4 [Registration on Form S-3] hereof, including, without limitation, all registration, qualification and filing
fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees, and expenses and the expense of
any special audits incident to or required by any such registration. Registration Expenses also includes the reasonable fees and disbursements
of one counsel for the selling Holders up to a maximum of $5,000 for each Registration. Registration Expenses shall not include any Selling
Expenses.

 

"Registrable Securities"
means (i) Common Stock issued or issuable on conversion of Preferred Stock held by Holders; and (ii) any Common Stock issued or issuable
in respect of such Common Stock upon any split, dividend, recapitalization or similar event. Common Stock or other securities will only
be treated as Registrable Securities if it has not been (A) sold to or through a broker or dealer or underwriter in a public distribution
or a public securities transaction or (B) sold in a transaction exempt from the registration and prospectus delivery requirements of the
Securities Act so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such
sale.

 

The terms "register,"
 "registered" and "registration" refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement by
the Commission and such other governmental or regulatory bodies as are appropriate.

 

"Rule 145 Transaction"
means any transaction described in Rule 145(a) promulgated by the Commission under the Securities Act.

 

"Securities Act" means
the Securities Act of 1933, as amended, or any similar United States federal statute and the rules and regulations of the Commission thereunder,
all as the same shall be in effect at the time.

 

"Selling Expenses"
means all underwriting discounts, selling commissions, stock transfer taxes and fees of counsel to Holders (other than the fees and disbursements
of counsel specifically included in the definition of Registration Expenses) applicable to the securities registered by the Holders.

 

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
2 

     

    

 

"Series B-2 Preferred"
means the Series B-2 Convertible Preferred Stock of the Company.

 

2.)               
Requested Registration.

 

(a)              
Request for Registration. In case the Company receives from the Holders of at least fifty percent (50%) of the Registrable Securities
on or following the date which is six (6) months after the date the Company completes an IPO, a written request that the Company effect
a registration with respect to Registrable Securities having a reasonably anticipated aggregate offering price, before deduction of underwriter
discounts and commissions, of at least $2,000,000 (such requesting holder or holders, the "Initiating Holders"), the Company
will:

 

		i.	promptly give written notice of the proposed registration, qualification or compliance to all other Holders
who are not Initiating Holders; and

 

		ii.	as soon as practicable, use its reasonable best efforts to effect such registration, qualification, or
compliance (including, without limitation, appropriate qualification under applicable blue sky or other state securities laws and appropriate
compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may
be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are
specified in such request, together with all or such portion of the Registrable Securities of any Holder(s) joining in such request as
are specified in a written request received by the Company within twenty (20) days after the mailing of such written notice from the Company
(collectively, the "Other Holders");

 

Provided, however, that the Company
is not obligated to take any action to effect any such registration, qualification or compliance pursuant to this Section 2 [Requested
Registration]:

 

		A.	In any particular jurisdiction in which the Company would be required to execute a general consent to
service of process in effecting such registration, qualification or compliance;

 

		B.	During the period starting with the date sixty (60) days prior to the Company's estimated date of filing
of any registration statement pertaining to securities of the Company sold by the Company (other than a registration of securities in
a Rule 145 Transaction or with respect to an employee benefit plan) and ending one hundred eighty (180) days following the effective date
of any public offering by the Company of such securities, provided that the Company is actively employing in good faith all reasonable
efforts to cause such registration statement to become effective and further provided that the Company may delay any such registration
not more than one time during any twelve month period;

 

		C.	After the Company has effected one (1) registration pursuant to this Section 2 [Requested Registration],
and such registration has been declared or ordered effective; or

 

		D.	If the Company furnishes to such Initiating Holders and Other Holders a certificate signed by the President
of the Company stating that, in the good faith judgment of the Board of Directors, it would be beneficial to the Company or its stockholders
to temporarily delay the filing of such registration statement, then the Company's obligation to use its best efforts to register, qualify
or comply under this Section 2 [Requested Registration] shall be deferred for a period not to exceed one hundred eighty (180) days from
the date of receipt of written request from the Initiating Holders.

 

Subject to the foregoing clauses (A)
through (D), the Company will file a registration statement covering the Registrable Securities so requested to be registered as soon
as practicable after receipt of the request or requests of the Initiating Holders and the Other Holders.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
3 

     

    

 

(b)              
Underwriting. In the event that the Initiating Holders indicate in their written request pursuant to Section 2(a) that a
registration pursuant to this Section 2 [Requested Registration] is for a registered public offering involving an underwriting, the Company
will so advise the Holders as part of the notice given pursuant to Section 2(a)(i). In such event, the right of any Holder, as the case
may be, to registration pursuant to this Section 2 [Requested Registration] will be conditioned upon such Holder's participation in the
underwriting arrangements required by this Section 2 [Requested Registration], and the inclusion of such Holder's Registrable Securities
in the underwriting to the extent requested will be limited to the extent provided herein.

 

The Company (together with all Initiating Holders
and Other Holders proposing to distribute their securities through such underwriting) will enter into an underwriting agreement in customary
form with the managing underwriter selected by the Company (which underwriter will be acceptable to a majority in interest of the Initiating
Holders with such acceptance not to be unreasonably withheld). Notwithstanding any other provision of this Section 2 [Requested Registration],
if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares
to be underwritten, then the Company will so advise the Initiating Holders and the Other Holders, and the number of Registrable Securities
that may be included in the registration and underwriting will be allocated among the Initiating Holders and the Other Holders in proportion,
as nearly as practicable, to the respective amounts of Registrable Securities that such Initiating Holders and Other Holders have requested
pursuant to Section 2(a) hereof to include in such registration. No Registrable Securities or other securities excluded from the underwriting
by reason of the underwriter's marketing limitation will be included in such registration. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Initiating Holder or Other
Holder to the nearest one hundred (100) shares.

 

If any Initiating Holder or Other Holder disapproves
of the terms of the underwriting, such person may elect, unless otherwise agreed in writing by such Initiating Holder or Other Holder,
to withdraw therefrom by written notice to the Company and the managing underwriter. The Registrable Securities or other securities so
withdrawn will also be withdrawn from registration.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
4 

     

    

 

3.)               
Company Registration.

 

(a)              
Notice of Registration. If the Company determines to register any of its securities, either for its own account or the account
of a security holder or holders, other than (i) a registration relating solely to employee benefit plans, (ii) a registration relating
solely to a Rule 145 Transaction, or (iii) a registration on any form which does not include substantially the same information as would
be required to be included in a registration statement covering the sale of the Registrable Securities or a registration in which the
only Common Stock being registered is Common Stock issuable upon the conversion of debt securities which are also concurrently being registered,
the Company will:

 

		i.	promptly give to each Holder written notice thereof; and

 

		ii.	subject to Section 3(b), include in such registration (and any related qualification under blue sky laws
or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests,
made within twenty (20) days after the mailing of such written notice from the Company, by any Holder. If any Holder decides not to include
all of its Registrable Securities in such registration, such Holder will nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statements as may be filed by the Company with respect to offerings of its securities, all upon
the terms and conditions set forth herein.

 

(b)               Underwriting.
If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company
will so advise the Holders as a part of the written notice given pursuant to Section 3(a)(i). In such event, the right of any Holder
to registration pursuant to this Section 3 [Company Registration] will be conditioned upon such Holder's participation in such
underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting, together with the Company, will enter into an underwriting agreement in
customary form with the managing underwriter selected for such underwriting by the Company. Notwithstanding any other provision of
this Section 3 [Company Registration], if the managing underwriter determines that marketing factors require a limitation of the
number of Registrable Securities to be underwritten, the managing underwriter may eliminate, or may limit on a pro rata basis (based
on the total number of the Registrable Securities entitled to registration held by the Holder) the number of Registrable Securities
to be included in such registration; provided that no such reduction will be made with respect to securities being offered by the
Company for its own account. The Company will advise all Holders proposing to distribute their securities through such underwriting
of any such limitations, and the number of shares of Registrable Securities that may be included in the registration. To facilitate
the allocation of shares in accordance with the above provisions, the Company may round the number of Registrable Securities
allocated to any Holder proposing to distribute their securities through such underwriting to the nearest one hundred (100)
Registrable Securities. If any Holder proposing to distribute their securities through such underwriting disapproves of the terms of
any such underwriting, he may elect, unless otherwise agreed in writing by such Holder to withdraw therefrom by written notice to
the Company and the managing underwriter. Any securities excluded or withdrawn from such underwriting will be withdrawn from such
registration.

 

(c)              
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by
it under this Section 3 [Company Registration] prior to or after the effectiveness of such registration whether or not any Holder has
elected to include Registrable Securities in such registration.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
5 

     

    

 

4.)               
Registration on Form S-3.

 

(a)              
Request for Registration. If any Holder(s) request that the Company file a registration statement on Form S-3 or any successor
form thereto under the Securities Act ("Form S-3") for a public offering of Registrable Securities, the reasonably anticipated
aggregate price to the public of which would exceed $1,000,000 and the Company is a registrant entitled to use Form S-3 to register the
Registrable Securities for such an offering, the Company will use its reasonable best efforts to cause such Registrable Securities to
be registered for the offering on such form and to cause such Registrable Securities to be qualified in such jurisdictions as the Holder(s)
may reasonably request. The substantive provisions of Section 2(b) shall be applicable to each registration initiated under this Section
4 [Registration on Form S-3].

 

(b)              
Limitations.Notwithstanding the foregoing, the Company will not be obligated to take any action pursuant to this Section
4 [Registration on Form S-3]:

 

		i.	in any particular jurisdiction in which the Company would be required to execute a general consent to
service of process m effecting such registration, qualification or compliance;

 

		ii.	during the period starting with the date sixty (60) days prior to the Company's estimated date of filing,
and ending on the date one hundred eighty (180) days immediately following the effective date of any registration statement pertaining
to securities of the Company (other than a registration of securities in a Rule 145 Transaction or with respect to an employee benefit
plan), provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become
effective, and further provided that the Company may delay any such registration not more than one time during any twelve month period;

 

		iii.	if the Company furnishes to such Holder a certificate signed by the President of the Company stating
                                                              that, in the good faith judgment of the Board of Directors, it would be beneficial to the Company or its owners to temporarily delay
                                                              filing of such registration statements, then the Company's obligation to use its best efforts to file a registration statement shall
                                                              be deferred for a period not to exceed
one hundred eighty (180) days from the receipt of the request to file such registration by such Holder;

 

		iv.	if the Company has effected a total of two (2) registrations pursuant to Section 2 [Requested Registration]
and this Section 4 [Registration on Form S-3] and each such registration has been declared or ordered effective; or

 

		v.	if the Company has effected the registration of any Registrable Securities pursuant to Section 2 [Requested
Registration] or this Section 4 [Registration on Form S-3] at any time during the previous twelve (12) month period.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
6 

     

    

 

5.)               
Expenses of Registration.

 

(a)            
Registration Expenses. The Company will be responsible for all Registration Expenses, exclusive of underwriting discounts
and commissions or legal fees of the Holders incurred in connection with all registrations pursuant to this Agreement.

 

(b)              
Selling Expenses. Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders
shall be borne by the Holders pro rata on the basis of the number of Registrable Securities so registered.

 

(c)              
Expenses Upon Withdrawal. Notwithstanding anything herein to the contrary, the Company will not be required to pay (and
the Holders will be required to pay as set forth below) for expenses of any registration proceeding begun pursuant to Section 2 [Requested
Registration] or Section 4 [Registration on Form S-3], the request of which has been subsequently withdrawn by the Initiating Holders
unless (a) the withdrawal is based upon Material Adverse Information concerning the Company of which the Initiating Holders were not aware
at the time of such request or (b) the Holders of a majority of Registrable Securities agree to forfeit their right to one (1) registration
pursuant to Section 2 [Requested Registration] or Section 4 [Registration on Form S-3], as the case may be, in which event such right
shall be forfeited by all Holders. If the Holders are required to pay Registration Expenses pursuant hereto, such expenses (which will
not be deemed to include (i) the cost of normal audits of the Company that would have been performed in any event, or (ii) the time of
any executive or other personnel of the Company involved in the preparation of the registration statement) will be borne by the Holders
of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration
was requested. For purposes of this Section 5(c), "Material Adverse Information" means information relating to any occurrence
that is materially adverse as to the business, properties or financial condition of the Company, but does not include information relating
to the economy or financial markets generally or the Company's industry generally unless such information relating to the economy or financial
markets would have a disproportionate effect on the Company.

 

6.)               
Registration Procedures.. In the case of each registration, qualification or compliance effected by the Company pursuant
to this Agreement, the Company will:

 

(a)              
 Keep each Holder advised as to the initiation of each registration, qualification and compliance and as to the completion thereof;

 

(b)              
Prepare and, as soon as practicable, file with the Commission a registration statement with respect to such securities and use
its reasonable best efforts to cause such registration statement to become and remain effective until the earlier of the sale of the Registrable
Securities so registered or sixty (60) days subsequent to the effective date of such registration;

 

(c)              Prepare
and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith
as may be necessary to make and to keep such registration statement effective and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of all securities proposed to be registered in such registration statement until the earlier
of the sale of the Registrable Securities so registered or sixty (60) days subsequent to the effective date of such registration statement;

 

(d)              
Furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement, preliminary prospectus, final prospectus and such other documents as such parties may
reasonably request in order to facilitate the public offering of such securities; and

 

(e)              
Use its commercially reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement
under the securities or blue sky laws of such states as the Holders reasonably request, maintain any such registration or qualification
current until the earlier of the sale of the Registrable Securities so registered or (90) days subsequent to the effective date of the
registration statement; and take any and all other reasonable actions either necessary or advisable to enable the Holders to consummate
the public sale or other disposition of the Registrable Securities in jurisdictions where the Holders desire to effect such sales or other
disposition (but the Company is not required to take any action that would subject it to the general jurisdiction of the courts of any
jurisdiction in which it is not so subject or to qualify as a foreign corporation in any jurisdiction where the Company is not so qualified).

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
7 

     

    

 

7.)               
Indemnification.

 

(a)               By
Company. To the extent permitted by law, the Company will indemnify each Holder, each of their officers and directors and
partners, and each Affiliate of such Holder, and each underwriter, if any, and each Affiliate of any underwriter, with respect to
each registration, qualification or compliance which has been effected pursuant to this Agreement, against all expenses, claims,
losses, damages or liabilities (or actions in respect thereof) (collectively, "Claims"), including any Claims incurred in
settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement)
of a material fact contained in any registration statement or prospectus, or any amendment or supplement thereto, incident to any
such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, and the Company will reimburse each such Holder, each of their officers and directors and Affiliates, each such
underwriter and their Affiliates, for any legal and any other expenses reasonably incurred in connection with investigating,
preparing or defending any such Claim, provided that the indemnity agreement contained in this subsection shall not apply to amounts
paid in settlement of any such Claim if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld, delayed or conditioned), and the Company will not be liable in any such case to the extent that any such
Claim arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made in reliance upon
and in conformity with information furnished to the Company expressly for use in connection with such registration by such Holder,
Affiliate or underwriter. If the Holders are represented by counsel other than counsel for the Company, the Company will not be
obligated under this Section 7(a) to reimburse legal fees and expenses of more than one separate counsel for the Holders.

 

(b)              
By Holders. To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included
in the securities as to which such registration, qualification or compliance is being effected, indemnify the Company, each of its directors
and officers and its legal counsel and independent accountants, each underwriter, if any, of the Company's securities covered by such
a registration statement, each Affiliate of the Company or such underwriter, and each other such Holder, each of their officers and directors
and each Affiliate, against all Claims (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances in which they were made, not misleading, and will reimburse the Company, such Holders, such directors, officers,
legal counsel, independent accountants, persons, underwriters or Affiliates for any legal or any other expenses reasonably incurred in
connection with investigating or defending any such Claim in each case to the extent, but only to the extent, that such untrue statement
(or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with information furnished to the Company expressly for use in connection with such
registration by such Holder, provided that the indemnity agreement contained in this subsection shall not apply to amounts paid in settlement
of any such Claim if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld,
delayed or conditioned.

 

(c)               Procedures.
Each party entitled to indemnification under this Section 7 [Indemnification] (the "Indemnified Party") will give
notice to the party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought, and will permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who will conduct
the defense of such claim or litigation, will be approved by the Indemnified Party (whose approval shall not unreasonably be
withheld), and the Indemnified Party may participate in such defense at its own expense; provided, however, that the failure of any
Indemnified Party to give notice as provided herein will not relieve the Indemnifying Party of its obligations under this Agreement
unless the failure to give such notice is prejudicial to an Indemnifying Party's ability to defend such action. No Indemnifying
Party, in the defense of any such claim or litigation, will, except with the consent of each Indemnified Party, consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.

 

(d)              
Contributions. If the indemnification provided for in this Section 7 [Indemnification] is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any Claim, the Indemnifying Party, in lieu of indemnifying such
Indemnified Party thereunder, will, to the extent permitted by applicable law contribute to the amount paid or payable by such Indemnified
Party as a result of such Claim in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and of the Indemnified Party on the other in connection with that which resulted in such Claim, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party will be determined by a court of law by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates
to information supplied by the Indemnifying Party or by the Indemnified Party and the parties' relative intent, provided that, in no
event will any contribution by a Holder pursuant to this Section 7(d) exceed the proceeds from the offering received by such Holder.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
8 

     

    

 

8.)              
Information by Holder. The Holder(s) of Registrable Securities included in any registration will furnish to the Company
such information, including information regarding such Holder(s), the Registrable Securities held by them and the distribution proposed,
as the Company may request in writing to enable the Company to comply with the provisions hereof in connection with any registration,
qualification or compliance referred to in this Agreement. It shall be a condition precedent to the obligations of the Company to take
any action pursuant to Sections 2 [Requested Registration], 3 [Company Registration] and 4 [Registration on Form S-3] with respect to
Registrable Securities of any Holder that such Holder shall furnish to the Company such information.

 

9.)               
Transfer of Registration Rights. The rights to cause the Company to register securities granted Holders under Sections
2 [Requested Registration], 3 [Company Registration] and 4 [Registration on Form S-3] hereof may be assigned (but only with all related
obligations) in connection with any transfer or assignment by a Holder of Registrable Securities, provided that: (i) such transfer
or assignment is for at least twenty-five percent (25%) of such Holder's Registrable Securities (except for transfers in which the transferor
is a partnership and the transferee is a partner or former partner in such partnership or transfers to a Holder's Family Group, in which
case such rights may be transferred without regard to the number of shares so transferred); (ii) such transfer of any Registrable Securities
is lawful under all applicable securities laws; and (iii) such Assignment will only be effective only if immediately following such transfer
the transferee agrees in writing delivered promptly to the Company to be bound by the terms and conditions of this Agreement as though
the transferee were a Holder hereunder. The transfer or assignment of all Registrable Securities of any Holder will divest such transferring
or assigning Holder of registration rights hereunder. "Family Group" means such Holder's spouse, siblings, ancestors
and descendants (whether natural or adopted), any spouses of such siblings, ancestors and descendants, any siblings of such ancestors
and descendants, and any trust established solely for the benefit of one or more of such Holder, spouse, siblings, ancestors and/or descendants.

 

10.)            Termination.
All rights granted and obligations imposed pursuant to Sections 2 [Requested Registration], 3 [Company Registration] and 4
[Registration on Form S-3] of this Agreement shall terminate (i) as to all Holders on the earlier of three (3) years after the date
of the Company's IPO or (ii) as to each Holder at such time as such Holder (together with such Holder's Affiliates) can sell all of
such Holder's Registrable Securities pursuant to Rule 144 under the Securities Act within any three (3) month period.

 

11.)           
Information Rights.

 

(a)              
Delivery of Annual Financial Statements. The Company will deliver to each Holder, as soon as practicable, but in any event
within ninety (90) days after the end of each fiscal year of the Company, an income statement for such fiscal year and a balance sheet
of the Company as of the end of such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally
accepted accounting principles.

 

(b)              
Delivery of Quarterly Financial Statements. The Company will deliver to each Holder, as soon as practicable, but in any
event within forty-five (45) days after the end of each of the first three fiscal quarters of the Company, an income statement for such
fiscal quarter and a balance sheet of the Company as of the end of such quarter, such financial reports to be in reasonable detail, prepared
in accordance with generally accepted accounting principles. The Company will accompany each delivery of quarterly financial statements
with a letter to the Holders updating them on the current progress of the Company.

 

(c)              
Termination of Information Covenants. The covenants set forth in this Section 11 [Information Rights] shall terminate as
to each Holder and be of no further force or effect immediately upon the IPO. The information rights may be transferred to a transferee,
provided that the Company is given prior written notice of such transfer.

 

(d)              
Confidentiality of Information. Each Holder agrees that any information obtained by such Holder pursuant to this Section
11 [Information Rights] which is, or would reasonably be perceived to be, proprietary to the Company or otherwise confidential will not
be used or disclosed without the prior written consent of the Company. Each Holder further acknowledges and understands that any information
so obtained which may be considered material non-public information will not be utilized by such Holder in connection with purchases and/or
sales of the Company's securities, except in compliance with applicable state and federal antifraud statutes.

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
9 

     

    

 

12.)           
Miscellaneous.

 

(a)              
Governing Law. This Agreement will be governed by and construed under the internal laws of the State of Delaware, without
regard to conflicts of laws provisions.

 

(b)              
Exclusive Jurisdiction.

 

THE PARTIES AGREE THAT ALL DISPUTES
ARISING AMONG THEM ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP AMONG THE PARTIES TO THIS
AGREEMENT, WHETHER ARISING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE RESOLVED ONLY IN THE UNITED STATES FEDERAL COURTS OR
MINNESOTA STATE COURTS LOCATED IN HENNEPIN COUNTY, MINNESOTA. THE PARTIES WAIVE IN ALL DISPUTES ANY OBJECTIONS THEY MAY HAVE TO THE
LOCATION OF ANY COURT LOCATED IN HENNEPIN COUNTY, MINNESOTA CONSIDERING ANY SUCH DISPUTE.

 

(c)              
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company
and the Holders of 50% of the then outstanding Registrable Securities. Any amendment or waiver effected in accordance with this paragraph
will be binding upon the Company and each Holder of any securities subject to this Agreement (including securities into which such securities
are convertible) and future holders of all such securities. Any Holder may waive its rights or the Company's obligations hereunder without
obtaining the consent of any other person.

 

(d)              
Severability. If any provision of this Agreement or any portion thereof is finally determined to be unlawful or unenforceable,
such provision or portion thereof will be deemed to be severed from this Agreement. Every other provision, and any portion of such an
invalidated provision that is not invalidated by such a determination, will remain in full force and effect.

 

(e)              
Notices. Any notice required or permitted under this Agreement must be given in writing and will be deemed effectively given
upon personal delivery; upon confirmed transmission by telecopy or telex; or upon deposit with a national postal service, postage prepaid,
addressed, (i) if to the Company: 10399 West 70th Street, Eden Prairie, MN 55344, Attention: CEO, and (ii) if to the Holders, at the address
for such Holders listed on the signature page of this Agreement. All notices shall be delivered to the addresses maintained in the Company's
records for such Holders. Notices will be effective upon receipt, or in the case of delivery by mail, ten (I 0) days after being deposited,
first class postage prepaid, in the mails of a national postal service, or in the case of notice by facsimile copy, when verbal communication
of receipt is obtained, in each case when addressed as aforesaid.

 

(f)               
Entire Agreement; Successors. This Agreement constitutes the entire agreement among the parties hereto pertaining to the
subject matter hereof, and any and other written or oral agreements pertaining to the subject matter hereof between or among any parties
hereto are expressly canceled. Subject to the terms hereof, this Agreement will inure to the benefit of any successor or assign of any
party hereto.

 

(g)              
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument, and any of which will be enforceable against the person who has executed
the same.

 

(h)              
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

(i)                 Execution
and Delivery. A facsimile, telecopy, .pdf or other reproduction of this Agreement may be executed by one or more parties hereto,
and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile, .pdf or similar electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery will
be considered valid, binding and effective for all purposes.

 

[signature page follows]

 

*     *     *

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
10 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Investor Rights Agreement as of the date first above written.

 

	COMPANY:	MIROMATRIX MEDICAL INC.

 

	 	By:	/s/ Jeff Ross
	 	 	Jeff Ross, Chief Executive Officer

 

[Signature Page to Investor Rights Agreement]

 

    Miromatrix Medical Inc.
 Investor Rights Agreement
11Exhibit 10.1

 

CONFIDENTIALITY AGREEMENT

 

This confidentiality agreement
(“Agreement”) is effective as of February 4th, 2010 (“Effective Date”), and is
entered into by and between Miromatrix Medical Inc., a Delaware corporation, with offices located at 18683 Bearpath Trail, Eden Prairie,
Minnesota 55347 (“MMI”), and the Regents of the University of Minnesota, a constitutional corporation under the laws of the
state of Minnesota, having a place of business at 1000 Westgate Drive, Suite 160, St. Paul, Minnesota 55114 (the “University”).

 

Each of the parties is required
to make available to the other certain nonpublic, confidential, proprietary information in connection with the Exclusive Patent License
Agreement of even date herewith (the “License Agreement”), commercialization reports, sublicense agreements, and other information
about its business, operations, business plans, programs and technical data. Unless otherwise defined in this Agreement, all capitalized
terms used herein shall have the meanings given to them in the License Agreement. Each of the parties agrees that the following terms
and conditions apply when one of the parties discloses (“Discloser”) Proprietary Information to the other party (“Recipient”).

 

1.            DEFINITIONS

 

1.1.           
“Proprietary Information” means Confidential Information and Trade Secrets, whether in written, oral, electronic
or other form, furnished, transmitted to, observed or obtained by one of the parties. Proprietary Information also includes any Confidential
Information or Trade Secrets that are in a party’s facility and are viewable, accessible or otherwise made available to Recipient.
The following information, all as reasonably substantiated by documentation, however, is not Proprietary Information and is not restricted
as to its use or disclosure by Recipient:

 

		(a)	information that enters the public domain after the Effective Date through no fault of the Recipient;

 

		(b)	information lawfully furnished or disclosed to the Recipient by a non-party to this Agreement without
any obligation of confidentiality;

 

		(c)	information independently developed by any party without use of any Proprietary Information; or

 

		(d)	information that is explicitly approved for release by the Discloser in writing.

 

1.2.           
“Confidential Information” means technical and non-technical information (regardless of whether such information
is in tangible or intangible form) including data, ideas, concepts, formulae, methods, techniques, processes, financial and business plans
and business methods (including any derivatives of any of the foregoing), other than Trade Secrets, disclosed to either party by or on
behalf of the other party during the term of this Agreement or before and further means any information, including the arrangements contemplated
by this Agreement, which is used, learned or contributed during the course of this Agreement, which is not generally available to the
public or which could give the one who uses it a competitive advantage over the Discloser.

 

    	MMI /s/ RC (Initial)	1
  of 4	University /s/ JS (Initial)

     

    

 

1.3.           
 “Trade Secrets” means technical and non-technical information (regardless of whether
such information is in tangible or intangible form) including data, ideas, concepts, formulae, methods, techniques, processes, financial
and business plans and business methods (including any derivatives of any of the foregoing) disclosed to either party by or on behalf
of the other party that derive economic value, actual or potential, from not being generally known to other persons who could obtain value
from the disclosure or use thereof, and which are the subject of efforts that are reasonable under the circumstances to maintain their
secrecy.

 

1.4.           
“Affiliate” has the same meaning as specified in the License Agreement.

 

1.5.           
“Representatives” means any director, officer, employee, agent, advisor or consultant of either of the parties
or their Affiliates.

 

2.            PROTECTION
OF PROPRIETARY INFORMATION

 

Recipient agrees that it shall
hold Proprietary Information in confidence, agrees not to disclose such Proprietary Information to persons not having a need to know such
Proprietary Information consistent with the purpose for which it was transmitted and such Proprietary Information shall not be used, directly
or indirectly, for any commercial, business, nonprofit or other purpose or in any way detrimental to Discloser. Recipient shall protect
the confidentiality and value of Proprietary Information to Discloser, and shall take reasonable measures to prevent loss, theft and misuse.
Recipient shall immediately give notice to Discloser of any unauthorized use or disclosure of Proprietary Information. Recipient agrees
to assist Discloser in remedying any unauthorized use or disclosure of Proprietary Information caused by such Recipient.

 

3.            BUSINESS
RECORD EXCEPTION

 

Each party acknowledges the
information contained in notes, correspondence and reports prepared by a party in connection with the party’s discussions are business
records of the Recipient, and hereby agrees that such copies need not be returned or destroyed, but are subject to all other terms of
this Agreement.

 

4.            RETURN
OF PROPRIETARY INFORMATION

 

Upon written request of a
party, each party shall promptly return or destroy (as directed by the Discloser) all Proprietary Information received from the other
party, including all copies, except for Proprietary Information Recipient is entitled to retain under the License Agreement or under Section
3 of this agreement. Upon the request of the Discloser, the Recipient shall furnish to the Discloser an affidavit providing assurances
as to the return or destruction of the Discloser’s Proprietary Information.

 

5.            DISCLOSURE
REQUIRED BY LAW

 

A disclosure of Proprietary
Information in response to a valid order by a court or other governmental body or otherwise required by law is not considered to be a
breach of this Agreement or a waiver of confidentiality for other purposes. Before any such disclosure, Recipient shall provide prompt
written notice to Discloser to enable it to seek a protective order or otherwise prevent disclosure.

 

    	MMI /s/ RC (Initial)	2
  of 4	University /s/ JS (Initial)

     

    

 

6.           OWNERSHIP

 

All materials transmitted
between the parties and containing Proprietary Information are to remain the sole and exclusive property of the Discloser. This Agreement
and transmission or disclosure of any Proprietary Information does not grant the Recipient a license of any type under any patents, know-how,
copyrights, trade secrets or trademarks owned or controlled by the Discloser and does not obligate the Discloser to continue to treat
the Proprietary Information it discloses as confidential, unless expressly required under the License Agreement.

 

7.            EXPIRATION
OF OBLIGATIONS

 

All obligations of confidentiality
and all restrictions on the use of Proprietary Information under this Agreement are to remain in effect for a period of five (5) years
following the date of disclosure for Confidential Information, and with respect to Trade Secrets under applicable law, for as long as
such information remains a Trade Secret. Such time period may be extended upon written agreement of the parties.

 

8.            RESPONSIBILITY
FOR AFFILIATES AND REPRESENTATIVES

 

Each party is solely responsible
for any breach of this Agreement by its Representatives or for any improper use or disclosure by its Representatives of the other party’s
Proprietary Information. Recipient may disclose Proprietary Information to its Affiliates and Representatives who in Recipient’s
reasonable judgment have the need to know such information in connection with the relationship between the parties. Recipient shall inform
its Representatives of the confidential nature of such Proprietary Information, shall direct them to hold Proprietary Information in strict
confidence, shall take all reasonable precautions to prevent improper use of Proprietary Information by them, and shall be responsible
for any breaches by them of the terms found in this Agreement.

 

9.            GENERAL
PROVISIONS

 

9.1.           
Prohibition on Assignment. The parties agree not to assign any rights or delegate any
duties under this Agreement without the other party’s prior written consent, and any attempt to do so is void and has no effect.

 

9.2.           
Binding Effect. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns.

 

9.3.           
Governing Law. The laws of the State of Minnesota, without giving effect to its conflicts of law principles, govern all
matters arising out of or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance
and enforcement. Litigation or legal proceedings which arise out of or relate to this Agreement are to be conducted before a judge and
not a jury.

 

9.4.           
Venue. The parties consent to the exclusive jurisdiction of, and venue in, any state court of competent jurisdiction located
in the County of Hennepin, State of Minnesota, for the purposes of adjudicating any matter arising out of or relating to this Agreement.

 

    	MMI /s/ RC (Initial)	3
  of 4	University /s/ JS (Initial)

     

    

 

9.5.           
 No Waiver. The failure of a party to enforce a provision, exercise a right or pursue a default of this Agreement shall
not be considered a waiver. The express waiver of a provision is to be effective only in the specific instance, and as to the specific
purpose, for which it was given.

 

9.6.           
Severability. If any provision of this Agreement is determined to be invalid, illegal
or unenforceable, the remaining provisions of this Agreement remain in full force and effect so long as the essential terms and conditions
of this Agreement reflect the original intent of the parties and remain valid, legal and enforceable.

 

9.7.           
Section Headings and Captions. The section headings and captions contained in this
Agreement are for convenience only and do not affect the construction or interpretation of any provision of this Agreement.

 

9.8.           
Construction. This Agreement is the result of arm’s length negotiations between the
parties and each of the parties has agreed to the use of the particular language in this Agreement. The parties further acknowledge that
any questions of doubtful or unclear interpretation are not to be resolved by any rule or interpretation against the drafters, and that
each party has participated in drafting this Agreement. Accordingly, this Agreement is to be construed without regard to the party or
parties responsible for its drafting or preparation.

 

9.9.           
Counterparts. This Agreement may be executed in counterparts and delivered to each
of the parties by facsimile. Facsimile or photocopy signatures are deemed as legally enforceable as the original. Each such counterpart
is deemed an original instrument, but all such counterparts taken together constitute one and the same agreement.

 

9.10.       
Compliance with Applicable Laws. Both parties represent and warrant they will comply with all applicable federal, state
and local laws, rules, regulations, statutes, ordinances, codes, orders and/or programs (whether in effect as of the Effective Date of
this Agreement or enacted during the term of this Agreement).

 

IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized representatives to execute this Agreement.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.

 

	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen
	 	Jay W. Schrankler,
    Executive Director	 	 	Robert Cohen,
    President & CEO
	 	Office for
    Technology Commercialization	 	 	 

 

	Date: February 4, 2010	 	Date: February 4, 2010

 

    	MMI /s/ RC (Initial)	4
  of 4	University /s/ JS (Initial)

     

    

 

University
of Minnesota

 

EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS EXCLUSIVE PATENT LICENSE
AGREEMENT (this “Agreement”) is made by and between Regents of the University of Minnesota, a constitutional corporation
under the laws of the state of Minnesota, having a place of business at 1000 Westgate Drive, Suite 160, St. Paul, Minnesota 55114 (the
 “University”), and the Licensee indentified below. The University and the Licensee agree that:

 

The Terms and Conditions of
the Exclusive Patent License Agreement attached hereto as Exhibit A (the “Terms and Conditions”) are incorporated herein by
reference in their entirety. In the event of a conflict between provisions of this Agreement and the Terms and Conditions, the provisions
in this Agreement shall govern. Capitalized terms used in this Agreement without definition shall have the meanings given to them in the
Terms and Conditions. The section numbers used in the parentheses below correspond to the section numbers in the Terms and Conditions.

 

1.                 
Licensee (§I.15): Miromatrix Medical Inc., a corporation under the laws of the state of Delaware.

 

2.                 
Field(s) of Use (§I.8): All for the subject matter in sections 5.1, 5.2. and 5.3. Field of Use may be less than all fields
of use for University New Inventions as described in subsection 3.1.3 of the Terms and Conditions.

 

3.                 
Territory (§1.25):Each country or territory in which the University has active and enforceable patent rights in the Licensed
Technology, or in which the University has an active application for such rights.

 

4.                 
Effective Date (§2): Date of the last signature below.

 

5.                 
Technology:

 

      5.1.           
Licensed Patents(s) (§1.12): None as of the Effective Date.

 

     5.2.            
Patent Applications (§1.16):

 

	Application

No.	Country	Filing Date	Title
	12/064,613	US	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	6790024.1	EP	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	2006282783	AU	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	2618731	CA	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	20060030925.4	CN	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	1741/DELNP/2008	IN	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	189418	IL	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	2008-528231	JP	828/2006	Decellularization and Recellularization of Organs and Tissues
	10-2008-7007151	KR	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	MX/A/2008/002589	MX	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	2008111503	RU	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	20081197-5	SG	8/28/2006	Decellularization and Recellularization of Organs and Tissues
	61/211,613	US	3/31/2009	Decellularization and Recellularization of Organs and Tissues
	11/512,009	US	8/28/2006	Adult Cardiac derived Progenitor Cells
	12/547,021	US	8/25/2006	Decellularization and Recellularization Apparatuses and Systems Containing the Same

 

5.3.           
Know-How (§1.10).

 

    1

     

    

 

6.                 
Patent-Related Expenses (§§1.17 & 6.3): The Licensee shall reimburse the University for
Patent-Related Expenses incurred before and during the Term of this Agreement as follows:

 

(i)                
Within ten (10) business days after the earlier of a Capital Infusion Event, June 30, 2011, or the termination of this Agreement,
the Licensee shall reimburse the University for Patent-Related Expenses incurred by the University on or before the Capital Infusion Event,
June 30, 2011, or the termination of this Agreement. Licensee shall pay such amount as follows:

 

(A)            
Company Stock for the first $300,000 of Patent Related Expenses; and

 

(B)             
Cash or Company Stock, at University’s discretion, for Patent Related Expenses in excess of $300,000.

 

The amount of Company Stock issued
to University under (A) and (B) will be determined by the fair market value of the Company Stock, as determined in good faith by the board
of directors of the Licensee.

 

(ii)             
For Patent Related Expenses incurred after the earlier of the first Capital Infusion Event or June 30, 2011 and during the Term
of this Agreement, Licensee shall reimburse the University as provided in section 6.3 of the Terms and Conditions.

 

7.                 
Sublicense Rights (§3.1.2): Yes.

 

8.                 
Federal Government Rights (§3.2): Yes.

 

9.                 
Performance Milestones (§5.1): The Licensee shall perform the following milestones:

 

(i)                
hire a vice president of business development within nine (9) months after the Effective Date;

 

(ii)             
hire a vice president of product development within twelve (12) months after the Effective Date;

 

(iii)           
raise a total of One Million Five Hundred Thousand dollars ($1,500,000) on or before June 30, 2011 from its sale and issuance of
equity units in the Licensee, from the sale and issuance of debt securities of the Licensee; from Commercial Sales, Sublicense Revenues
and Sublicense Royalties; and/or from the receipt of other payments from third parties;

 

(iv)            
complete the product definition for its first internally developed product within three (3) months after hiring a vice president
of product development; and

 

(v)              
enter into a sublicense pursuant to subsection 3.1.2 of the Terms and Conditions within the later of one (1) year after the Effective
Date or six months after hiring a vice president of product development.

 

10.             
Commercialization Reports (§5.4): The Licensee shall deliver written commercialization reports to the University as provided
in section 5.4 of the Terms and Conditions, on the following schedule:

 

(i)                
Licensee shall submit commercialization reports on a quarterly basis (i.e., within thirty (30) days following March 31St,
June, 30th, September 30th and December 31st) until Licensee’s cumulative annual sales of Licensed
Products exceed five million dollars ($5,000,000).

 

(ii)             
After Licensee’s cumulative annual sales of Licensed Products exceed five million dollars ($5,000,000) Licensee shall submit
commercialization reports annually within thirty (30) days following December 31st.

 

    2

     

    

 

11.             
 Payments (§6.1). All amounts are non-refundable, and payable as defined below or as specified in the University’s
invoice. Notwithstanding the preceding sentence, however, if any amount paid is incorrectly determined, then within a reasonable period
after the amount due is correctly determined, the Licensee shall pay to the University (in the case of an underpayment) or shall have
the right to receive from the University (in the case of an overpayment) a credit against future payments (excluding reimbursement for
patent related expenses) equal to the difference between the amount actually paid and the amount properly payable.

 

11.1.       
Upfront Payment: None.

 

11.2.       
Annual Maintenance Fee: Five thousand and no/100 dollars ($5,000), payable on each anniversary of the Effective Date.

 

11.3.       
Document Fee: None.

 

11.4.       
Running Royalties and Annual Minimums. All payments under this section are payable as provided in
section 6.4 of the attached Terms and Conditions unless otherwise provided below.

 

11.4.1. 
Royalty Rates. Subject to subsection 11.4.2 below, the Licensee shall pay to the University a royalty of four percent (4%) of the
Net Sales Price of the Commercial Sale of each Licensed Product by Licensee or an Affiliate until such time as a Licensed Product becomes
Gross Margin Positive. At such time as such Licensed Product first becomes Gross Margin Positive, the Licensee shall pay to the University
a royalty of six and one-half percent (6.5%) of the Net Sales Price of the Commercial Sale of each such Licensed Product by Licensee or
an Affiliate. Once the royalty rate for a Licensed Product initially increases from 4 % to 6.5%, as described in the preceding sentence,
the royalty rate for such Licensed Product will remain at 6.5%, regardless of whether such Licensed Product continues to be Gross Margin
Positive.

 

11.4.2. 
Minimum Annual Cumulative Royalty Payment. Beginning on the date in which any Licensed Product first becomes Gross Margin Positive,
the following minimum annual royalty obligation applies: If the total payments to the University under sections
11.4. and 11.5 do not aggregate to a minimum of $500,000 for each calendar year during the Term of this Agreement, the University may
terminate the Agreement as set forth in subsection 8.1.1 of the Terms and Conditions unless the Licensee pays the University the difference
between the total amounts actually paid to the University under sections 11.4 and 11.5 of this Agreement for such year the minimum sum
of $500,000 within 30 days following the end of such year. If the date on which a Licensed Product first becomes Gross Margin Positive
occurs other than on the first day of a calendar year, the minimum sum for that year will be prorated to the end of that year.

 

11.4.3.  Royalty
Stacking. The University and the Licensee recognize that a Licensed Product may embody Intellectual Property Rights owned or
controlled by third parties, or may require the granting of consideration to third parties in order to develop, manufacture, use, or
otherwise exploit Licensed Products in the Territory. In recognition of the foregoing, the amount of the royalty otherwise payable
by Licensee for Commercial Sales of such Licensed Product shall be reduced by thirty percent (30%) for Commercial Sales of such
Licensed Product made after the delivery to the University of a written notice, certified by the Licensee’s chief executive
officer, that (i) a third party has asserted that a Licensed Product infringes such third party’s active and enforceable
patent rights in the Field of Use and that, after consulting qualified legal counsel, Licensee has reason to accept the validity of
the third party’s assertion; or (ii) that the Licensee has determined, after consulting with qualified legal counsel, that a
license from a third party is required to develop, manufacture, use or otherwise exploit a Licensed Product in the Territory (the
 “Infringed Patent”); and (iii) the Licensee shall have entered into an agreement with such third party granting the
Licensee a reasonable royalty—bearing license under the Infringed Patent to make, have made, use, offer to sell or sell, offer
to lease or lease, import, or otherwise offer to dispose or dispose of the infringing Licensed Product in the Field of Use. Such
reduction in the royalty rates shall expire on the termination or expiration of the license agreement between the Licensee and the
third party. For the purposes of clarification the royalty rates paid by Licensee to the University for Sublicense Revenues and
Sublicense Royalties shall not be affected or reduced by this subsection 11.4.3.

 

    3

     

    

 

11.4.4. 
Single Royalty. No more than one royalty payment shall be due with respect to a Commercial Sale of a Licensed Product. No multiple
royalties shall be payable because any Licensed Product, or its manufacture, sale or use is covered by more than one valid claim of a
Licensed Patent or Patent Application in any country.

 

11.4.5. 
Ro yalty Term. Royalties shall be payable under sections 11.4 and 11.5 on a product-by-product and country-by-country basis until
such time as no valid claim or claim in a pending Patent Application covering the Licensed Product exists in the applicable country, provided,
however, that if a pending claim of a Patent Application has not issued as a claim of an issued patent within seven (7) years after the
filing date of the applicable Patent Application, then such pending claim shall not be subject to a royalty for purposes of this Agreement
until such time as the claim is finally allowed as a valid claim by the applicable governmental authority. If a claim that has passed
the seven (7) year limitation as described above ultimately is allowed as a valid claim by the applicable governmental
authority then royalties shall be payable under sections 11.4 and 11.5 thereafter and for any prior period for which a royalty has not
been paid due to the seven (7) year limitation.

 

11.5.       
Sublicense Fees:

 

11.5.1. 
Sublicense Royalties. Within thirty (30) days after the last day of each calendar quarter, during the term of this Agreement and
the Post-Termination Period, the Licensee shall pay to the University twenty-five percent (25%) of all Sublicense Royalties received by
the Licensee during such quarter.

 

11.5.2. 
 Sublicense Revenues. Within thirty (30) days after the last day of each calendar quarter, during the term of this Agreement and
the Post Termination Period, the Licensee shall issue the Company Stock to the University with a value equal to twenty-five percent (25%)
of all Sublicense Revenues received by Licensee during such quarter, until such time as any Licensed Product becomes Gross Margin Positive.
After such time, Licensee shall pay amounts due under this subsection 11.5.2 in either Company
Stock or cash, at the discretion or the University. For the purposes of valuation of Company Stock under this subsection 11.5.2, Company
Stock will be valued at the Company Stock’s then current value; provided, however, if there is no commercially reasonable valuation
of the Company Stock, the payments in this subsection will be accrued until such time as there is a commercial valuation.

 

11.6.       
Intentionally Deleted.

 

11.7.       
Equity: Under the terms of the Subscription Agreement and Letter of Investment Intent attached as Exhibit B, the Licensee shall
issue five-hundred sixty thousand (560,000) shares of Company Stock to the University as set forth in the table attached as Exhibit C.
The Licensee represents that such shares will constitute no less than twenty four percent (24%) of the total issued and outstanding shares
of the Licensee’s common stock on the Effective Date.

 

11.8.       
Transfer Payment: One hundred fifty thousand and NO/100 dollars ($150,000), payable as provided below in section 14 of the attached
Terms and Conditions.

 

11.9.       
Interest Rate: Six percent (6%) per annum.

 

    4

     

    

 

12.             
Licensee’s Address for Notice (§23). Notices will be sent to the Licensee at:

 

Miromatrix Medical Inc.

Attention: Robert Cohen

President & CEO

18683 Bearpath Trail

Eden Prairie, MN 55347

Telephone No. 612-202-7026

Email: Robert.cohen1328@gmail.com

With a copy to:

Maslon Edelman Borman & Brand,
LLP

Attention: Joseph Alexander, Esq.

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402

Telephone No. 612-672-8369

Email: joseph.alexander@maslon.com

 

13.              Licensee’s
Contact Person for Patent Prosecution Consultation (§4.2.3). The University will, as set forth in the Agreement,
communicate with the contact person named below with respect to patent prosecution and maintenance: (Upon ten (10) days prior
written notice to the University, the Licensee may change the person designated below.)

 

Miromatrix Medical Inc.

 

Attention: Robert Cohen

President & CEO

18683 Bearpath Trail

Eden Prairie, MN 55347

Telephone No. 612-202-7026

Email: Robert.cohen1328@gmail.com

With a copy to:

Maslon Edelman Borman & Brand,
LLP

Attention: Joseph Alexander, Esq.

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402

Telephone No. 612-672-8369

Email: joseph.alexander@maslon.com

 

    5

     

    

 

14.             
Observer Right. The University and the Licensee will mutually agree to a representative of the University to attend and observe
each regular, special or other meeting of the board of directors. Such observer shall have the right to participate in the deliberations
of the board but shall have no right to vote on matters before the board. The Licensee shall cause to be delivered to such observer, in
the same manner as such notice is to be delivered to the Licensee’s board of directors, true, correct and complete copies of all
documents and other materials delivered to members of the Licensee’s board of directors. The Licensee may exclude such observer
from all or any portion of a board meeting or committee meeting if, in the opinion of the Licensee’s legal counsel, such observer’s
presence at such meeting would jeopardize the Licensee’s attorney/client privilege or expose such observer to confidential information.
In addition, Licensee may exclude all confidential information from the materials distributed to such observer pursuant to this section
so long as Licensee notifies such observer that confidential information has been withheld or otherwise excluded from those materials.
The Licensee shall take steps, in its opinion, necessary and desirable, to cause its certificate of incorporation, bylaws, stockholder
agreement or other agreement by and among the Licensee, the University and its stockholders to grant the University the rights granted
in this section. Licensee hereby consents to the designation of Doug Johnson as the University’s representative. Any other designee
shall be subject to Licensee’s approval, which approval shall not unreasonably be withheld. The University’s right to appoint
a member to the board of directors and observer rights shall automatically terminate immediately prior to a Change of Control or a public
offering of the Licensee’s securities. For purposes of clarity, references in this section 14 to “Licensee” shall apply
exclusively to Miromatrix Medical Inc. and not to any successor or assign of Licensee.

 

IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized representatives to execute this Agreement.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.

 

	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen
	 	Jay W. Schrankler	 	 	Robert Cohen
	 	Executive
    Director	 	 	President
    & CEO
	 	Office for
    Technology Commercialization	 	 	 

 

	Date: February 4, 2010	 	Date: February 4, 2010

 

    6

     

    

 

University
of Minnesota

EXHIBIT
A 

Terms and Conditions of the

Exclusive Patent License Agreement

 

These terms and conditions
of the Exclusive Patent License Agreement (“Terms and Conditions”) govern the grant of license by Regents of the University
of Minnesota (“University”) to the Licensee identified in the Exclusive Patent License Agreement (the “EPLA”).
These Terms and Conditions are incorporated by reference into the EPLA. All section references in these Terms and Conditions refer to
provisions in these Terms and Conditions unless explicitly stated otherwise.

 

1.                 
Definitions. For purposes of interpreting the Agreement, the following terms have the following meanings:

 

1.1.           
“Affiliate” means an entity that controls the Licensee or the sublicensee, as the case may be, is controlled by the
Licensee or sublicensee, or along with the Licensee or sublicensee, is under the common control of a third party. An entity shall be deemed
to have control of the controlled entity if it (i) owns, directly or indirectly, fifty percent (50%) or more of the outstanding voting
securities of the controlled entity, or (ii) has the right, power or authority, directly or indirectly, to direct or cause the direction
of the policy decisions of the controlled entity, whether by ownership of securities, by representation on the controlled entity’s
governing body, by contract, or otherwise.

 

1.2.           
“Capital Infusion Event” means the sale and issuance by Licensee, in one or more transactions, of its equity or debt
securities to one or more purchasers in which the net proceeds to the Licensee equals or exceeds one million five hundred thousand dollars
($1,500,000). The calculation of net proceeds for the purpose of this section is gross proceeds, minus commercially reasonable expenses,
fees and commissions payable in connection with and directly attributable to such issuance.

 

1.3.           
“Commercially Reasonable Efforts” shall mean, with respect to the development or commercialization of the Licensed
Products, efforts and resources commonly used in the medical device industry for a product of similar commercial potential at a similar
stage in its lifecycle, taking into consideration its safety and efficacy, its cost to develop, the competitiveness of alternative products,
its proprietary position, the likelihood of regulatory approval, its profitability, and other relevant factors.

 

1.4.            “Commercial
Sale” means a bona fide sale, use, lease, transfer or other disposition for value of a Licensed
Product by the Licensee or a sublicensee to a third party that is not an Affiliate
of the Licensee. For the avoidance of doubt, the following shall not constitute a “Commercial Sale” under this
Agreement:

 

(i)              the
transfer of a Licensed Product to a third party without consideration in connection with the development or testing of a Licensed Product;
or

 

(ii)             
the transfer of a Licensed Product to any of Licensee’s Affiliates or sublicensees for resale;

 

(iii)           
the transfer of a Licensed Product to a third party for consideration for use in a clinical trial, so long as such clinical trial
is being conducted prior to the availability of such Licensed Product for sale to the general public.

 

    A-1

     

    

 

1.5.           
“Company Stock” means Licensee’s fully-paid, voting, non-assessable, common stock,
the rights under which are identical, in all respects, to Licensee’s outstanding common stock, issued to and in the name of the
University.

 

1.6.           
“Confidentiality Agreement” means the Confidentiality Agreement by and between
the Licensee and the University of even date herewith.

 

1.7.           
“Confidential Information” shall have the same meaning as set forth in the Confidentiality
Agreement.

 

1.8.           
“Field of Use” means the field(s) of use described in section 2 of the EPLA.

 

1.9.           
“Gross Margin Positive” means the point in time when the Commercial Sale price of
a single Licensed Product is greater than the cost of producing such single Licensed Product, as calculated in a manner consistent with
US GAAP.

 

1.10.       
“Know-How” means all University proprietary information, relating to the inventions claimed in the Licensed Technology
or within the Scientific Field and embodied in any laboratory notebooks, project plans or other tangible material by the Center for Cardiovascular
Repair (the “CCVR”).

 

1.11.       
“Net Sales Price” means the gross amount invoiced for a Commercial Sale of a Licensed Product minus (i) all trade,
quantity, and discounts actually allowed, (ii) all credits and allowances actually granted due to rejections, returns, billing errors,
and retroactive price reductions, (iii) applicable duties, and (iv) applicable excise, sale and use taxes, (v) out of pocket expenses
for freight and shipping of Licensed Product. Notwithstanding any provision of this Agreement to the contrary, if the Licensee or a sublicensee
sells, leases, transfers or otherwise disposes of a Licensed Product to an Affiliate, the “Net Sales Price” for such transaction
shall equal (a) the price the Licensee or the sublicensee, as the case may be, generally charges non-Affiliate third parties in a similar
transaction for the Licensed Product or (b) if the Licensee or the sublicensee does not offer to sell the Licensed Product to the public,
the price charged by the Licensee or the sublicensee for a product of similar kind, quality, and quantity.

 

1.12.       
 “Licensed Patent” means the patent(s) described in section 5.1 of the EPLA, along with any active patent(s) issued
during the Term that arose out of a Patent Application. “Licensed Patent” also
means any reissues or reexaminations of a Licensed Patent that contain one or more claims directed to Licensed Technology.

 

1.13.       
“Licensed Product” means any product or good in the Field of Use that is made by, made for, sold, transferred, or otherwise
disposed of by the Licensee or its sublicensees during the Term and the Post-termination Period and that (i) but for the granting of the
rights set forth in the Agreement, would infringe (including under the doctrine of equivalents) one or more claims in a Licensed Patent;
or (ii) is covered by one or more claims in a Patent Application, or any product or good that is made using a process or method that but
for the granting of the rights set forth in the Agreement, would (i) infringe (including under the doctrine of equivalents) one or more
claims in a Licensed Patent; or (ii) is covered by one or more claims in a Patent Application. For purposes of this Agreement, claims
in a Patent Application are to be treated as if they were allowed as proposed. “Licensed Product” also means any service provided
by or for the Licensee or its sublicensees that, but for the granting of the rights set forth in the Agreement, would (i) infringe (including
under the doctrine of equivalents) one or more claims in a Licensed Patent; or (ii) is covered by a claim in a pending Patent Application.

 

    A-2

     

    

 

1.14.       
“Licensed Technology” means collectively each Licensed Patent and each Patent Application and the inventions claimed
therein. For the purposes of clarification, Know-How is not to be construed to be Licensed Technology.

 

1.15.       
“Licensee” means the entity identified in section 1 of the EPLA.

 

1.16.       
“Patent Application” means the pending patent application(s) described in section 5.2 of the EPLA. “Patent Application”
also means (i) any related applications including, continuations, continuations-in-part, and divisionals of a Patent Application; and
(ii) patentable inventions and discoveries which are included in, or comprise all or any portion of, one or more University New Inventions,
provided that, as to the subject matter covered by clause (ii), Licensee has exercised its option to license University New Inventions
pursuant to subsection 3.1.3 of these Terms and Conditions.

 

1.17.       
“Patent-Related Expenses” means the reasonable attorneys’ fees of non- University personnel, patent agent
fees, governmental filing fees and other out-of-pocket costs that the University incurs in searching, preparing, filing, prosecuting,
and maintaining the Licensed Technology in accordance with section 4.2 below.

 

1.18.       
“Payment” means a payment to be made by the Licensee to the University specified below in section 6.1 and described
in section 11 of the EPLA.

 

1.19.       
“Performance Milestone” means an act or event specified below in section 5.1 and
described in section 9 of the EPLA.

 

    A-3

     

    

 

 

1.20.       
 “Post-termination Period” means the one hundred eighty (180) day period commencing on the date of termination or expiration
of the Term.

 

1.21.       
“Research Institution” means a non-profit entity whose primary activities are education and/or research.

 

1.22.       
“Scientific Field” means the treatment, prevention or amelioration of human or animal diseases and conditions through
the decellularization or recellularization of a source material or system to generate, maturate or maintain stem cells, progenitor cells
or cell phenotypes and/or functions, and all devices, processes and methods of production, modification or use related thereto.

 

1.23.       
“Sublicense Revenues” means all revenue, in whatever form, but excluding Sublicense Royalties, received by the Licensee
in consideration of its granting a third party a sublicense to any of its rights under the Agreement, including, without limitation, receipt
of annual milestone attainment, sublicense issuance, maintenance or up-front payments, or technology access fee; and issuance of securities
or real, personal or intangible property.

 

1.24.       
“Sublicense Royalties” means a royalty paid to the Licensee that is received on Commercial Sales of Licensed Products
by sublicensees.

 

1.25.       
“Territory” means the geographical area described in section 3 of the EPLA.

 

1.26.       
“Transfer Payment” means the payment to be made by the Licensee to the University specified below in section 14 and
described in section 11.8 of the EPLA.

 

1.27.       
“University New Invention” means any patentable invention or discovery within the Scientific Field that meets either
of the criteria in (i) or (ii) and the criteria in both (iii) and (iv):

 

(i)             conceived
and reduced to practice by Doris A. Taylor in her capacity as an employee of the University with at least a fifty percent (50%) appointment;
or

 

(ii)             conceived and reduced to practice by persons working in their capacity as a member of the CCVR during such time as Doris A. Taylor
is employed by the University; and

 

(iii)           disclosed
to the University’s Office for Technology Commercialization or successor office by Doris A. Taylor or a member of her research
team on or before the third (3rd) anniversary of the Effective Date; provided, however, that, if subsequent to such date,
an invention otherwise meeting the criteria of a University New Invention is disclosed to the University’s Office for Technology
Commercialization or successor office that was conceived and documented after the Effective Date and before the third (3rd)
anniversary of the Effective Date, such invention will be considered as a University New Invention; and

 

(iv)           
 owned solely by the University (or owned jointly with a third party and the University controls the licensing decisions and has
the ability to grant a license).

 

    A-4

    

    

 

2.            Term.
The term of the Agreement commences on the Effective Date as defined in section 4 of the EPLA and, unless terminated earlier as provided
below in section 8, expires on the date on which there is neither a Licensed Patent active in the Territory nor a Patent Application
pending in the Territory (the “Term”).

 

3.            Grants of License and Obligations.

 

3.1.         The
Licensee’s Rights.

 

3.1.1.     
Subject to the terms and conditions of this Agreement, the University hereby grants to the Licensee, and the Licensee hereby accepts,
an exclusive license to make (including to have made on its behalf), use, offer to sell or sell, offer to lease or lease, import, or otherwise
offer to dispose or dispose of Licensed Products in the Field of Use in the Territory. No provision of the Agreement is to be construed
to grant the Licensee, by implication, estoppel or otherwise, any rights (other than the rights expressly granted it in the Agreement)
to the Licensed Technology, a Licensed Patent or Patent Application, or to any other University-owned technology, patent applications,
or patents.

 

3.1.2.     
The Licensee may sublicense its rights under this Agreement only as follows: the Licensee shall deliver to the University a true,
correct, and complete copy of the sublicense agreement or other agreement under which the Licensee purports or intends to grant such sublicense
rights within ten (10) days after the execution of such agreement. The terms of each sublicense agreement shall be deemed to constitute
 “Confidential Information” of Licensee for all purposes of this Agreement, and the University shall not disclose the information
contained in such sublicense agreement to any third party except as authorized pursuant to the Confidentiality Agreement. The Licensee
shall not enter into such agreement if the terms of the agreement are inconsistent in any respect with the material terms of this Agreement,
including without limitation, sections 5.2 through 5.6, 6.5, 8.4, 10.4, and 11.3. Any sublicense made in violation of this subsection
is void as to any terms that cause such violation.

 

3.1.3.     
Subject to the terms and conditions of this Agreement, the University hereby grants to the Licensee a non-transferable (except
in connection with the Licensee’s transfer of rights under this Agreement in accordance with section 14 of these Terms and Conditions),
option to license on the terms set forth below in this subsection each University New Invention solely in the Scientific Field. The option
process will occur as follows:

 

    A-5

    

    

 

(i)              The
University will deliver to the Licensee’s Contact Person for Patent Prosecution Consultation (as defined in section 13 of the
EPLA) written notice of each University New Invention, within 30 days after the University receives an invention disclosure
describing an invention or discovery that the University reasonably.determines to be a University New Invention. Each such notice
shall include a description of the invention(s), and any Know-How known to the University’s Office for Technology
Commercialization or successor office, at the time of such disclosure necessary for the Licensee to exploit the invention in the
Scientific Field. The University shall cooperate and provide reasonable access to any information or records in its possession or
control as necessary to facilitate the Licensee’s preliminary due diligence with respect to such invention, including but not
limited to taking reasonable steps within University policy to facilitate the Licensee’s access to University employees having
knowledge or information relevant to such invention.

 

(ii)           
To exercise its option, Licensee must deliver written notice of such exercise to the University within the forty-five (45) day
period following the delivery of such notice by the University to Licensee.

 

(iii)           
If the Licensee exercises its option, the parties shall abide by the terms of section 4 of these Terms and Conditions in applying
for and maintaining patent protection for such University New Invention, and the parties shall amend the terms of section 5.2 of the EPLA
and other such terms of this Agreement as necessary or appropriate to record their agreement as to the University’s grant of an
exclusive license to Licensee of the University’s rights in the University New Invention. The Running Royalties rates set forth
in section 11.4 and Sublicense Fees in section 11.5 of the EPLA will apply to University New Inventions; provided that there will be no
up-front or other fixed payments, fees or additional minimum royalties to the University for granting such license rights to the University
New Invention.

 

(iv)          
During the periods set forth in subsections 3.1.3 (i) and (ii) above, the University will not (a) offer to grant or grant a license
to such University New Invention to any non-Research Institution third party; or (b) disclose any information related to the University
New Invention which would negatively affect a potential patent application.

 

(v)           
If the Licensee does not exercise its option as provided in subsection 3.1.3(ii), Licensee will have no rights to the University
New Invention and the University will be free to license or assign its rights to that particular University New Invention. Notwithstanding
any provision of this Agreement to the contrary, the Licensee’s non-exercise of its option with respect to any University New Invention
shall not limit or restrict the Licensee’s option rights with respect to any other University New Invention.

 

3.2.       The
United States Government’s Rights. If the University indicated in section 8 of the EPLA that the United States federal
government funded the development, in whole or in part, of the Licensed Technology, then, (i) the federal government may have
certain rights in and to the Licensed Technology as those rights are described in Chapter 18, Title 35 of the United States Code and
accompanying regulations, including Part 401, Chapter 37 of the Code of Federal Regulations; and (ii) the parties’ rights and
obligations with respect to the Licensed Technology, including the grant of license set forth above in subsection 3.1.1, are subject
to the applicable terms of these laws and regulations.

 

    A-6

    

    

 

3.3.         The
University’s Rights.

 

(i)             University
retains an irrevocable, world-wide, royalty-free, non-exclusive right to use the Licensed Technology solely for teaching, research and
educational purposes. This right does not grant to the University any right under any patent or other intellectual property right in
or to the Licensed Technology to make, use or sell any products or processes derived from or with the Licensed Technology for commercial
sale without the written consent of the Licensee.

 

(ii)            The University retains the right to sublicense the rights in subsection 3.3(i) to one or more Research Institutions with notice
to the Licensee. Upon Licensee’s reasonable request, the University will make a good faith effort to secure in such sublicense either
a non-exclusive, royalty-free, sublicenseable commercial license to any resulting invention or discovery based upon the Licensed Technology
for Licensee in the Scientific Field, or an option for the Licensee to negotiate a license to any resulting invention or discovery on
commercially reasonable terms. Notwithstanding anything to the contrary in this Agreement no sublicense granted by the University to a
Research Institution shall grant any sublicenseable right or any option to any right under any patent or other intellectual property right
in or to the Licensed Technology to make, use or sell any products or processes derived from or with the Licensed Technology for commercial
sale without the written consent of the Licensee.

 

(iii)           The
University retains the right to use the Licensed Technology in research projects paid for in whole or significant part by for-profit
or non-profit entities and has the right to grant such entities, the right to license inventions or discoveries conceived or reduced
to practice in the course of such research. By way of clarification and consistent with section 1.27 of these Terms and Conditions, such
invention or discovery would not constitute a University New Invention, to which Licensee would have option rights under subsection 3.1.3
of these Terms and Conditions. The University will, however, make a good faith effort to secure a non-exclusive, royalty-free, sublicenseable
commercial license to such invention or discovery for Licensee.

 

(iv)           With
respect to any University New Invention for which Licensee has exercised its option rights under subsection 3.1.3(ii), the University,
in addition to the rights reserved in this section 3.3, may grant licenses to any third party in any field of use other than the Scientific
Field.

 

    A-7

    

    

 

(v)            Licensee
recognizes that, under University policy the results of any University research must be publishable and agrees that researchers
using the Licensed Technology are permitted to present at symposia, national or regional professional meetings and to publish in
journals, theses or dissertations, or otherwise of their own choosing, the methods and results of such research. University has the
final authority to determine the scope and content of any publication; provided, however, that the University’s Office for
Technology Commercialization shall provide copies of any proposed publication that it receives from a University researcher
containing information relating to a University New Invention during the period set forth in subsection 3.1.3(ii) to Licensee to
review and object to such publication or presentation because such draft contains Licensee’s Confidential Information or
information that, if published during such period, would have an adverse effect on a patent application or a potential patent
application for such University New Invention. In the event Licensee requests, by written notice to the University, a delay in
publication, the University and the Researcher shall refrain from making such publication or presentation until the end of the
period set forth in subsection 3.1.3(ii) or, if Licensee exercises its option under subsection
3.1.3(ii), until the University has filed for patent protection for such University New Invention; and (c) the University shall
require the researcher to undertake the same obligations with respect to the Licensee’s Confidential Information relating to
the applicable University New Invention as are set forth in Confidentiality Agreement. The University will not publish
Licensee’s Confidential Information.

 

3.4.        
Know-How License and Obligation. During the Term of this Agreement, beginning on the Effective Date and continuing through the
fifth (5th) anniversary of the Effective Date, the University will transfer to Licensee Know-How that has been disclosed to
the University’s Office for Technology Commercialization or its successor office. The University hereby grants to Licensee a non-exclusive,
royalty-free, sublicenseable, worldwide license to practice such Know-How during the Term of this Agreement. Additionally, to the extent
possible under University policies and procedures, the University will use reasonable efforts to make employees available on a mutually
convenient basis to provide additional information and explanation of any material provided under this section 3.4. No provision of the
Agreement is to be construed to grant the Licensee, by implication, estoppel or otherwise, any rights (other than the rights expressly
granted it in this Agreement) to the Know-How. For the purposes of clarification, the University is not obligated to maintain any confidentiality
related to the Know-How except as set forth in subsection 3.1.3(iv).

 

4.           
Applications and Patents.

 

4.1.         Pre-EPLA
Patent Filings. The Licensee acknowledges that it has reviewed each Licensed Patent and each Patent Application and that it is not aware
of any basis to challenge or dispute the inventorship, validity, or enforceability of any of the claims made in a Licensed Patent or
a Patent Application. The Licensee further represents that, as of the Effective Date, it has not and does not manufacture, have manufactured,
offer to sell, sell, offer to lease, lease, or import (a) any product or good that infringes (including under the doctrine of equivalents)
a claim in any Licensed Patent or Patent Application, or (b) any product or good that is made using a process or machine that infringes
(including under the doctrine of equivalents) a claim in a Licensed Patent or Patent Application.

 

    A-8

    

    

 

4.2.         Patent Application Filings during the Term of the Agreement.

 

4.2.1.     
The University, in consultation with the Licensee, shall be responsible for: (a) the continued prosecution of all Patent Applications;
(b) the maintenance of all Licensed Patents; and (c) the filing of additional Patent Applications in such additional jurisdictions as
the University determines after consultation with Licensee. The University shall retain counsel of its choice to file and prosecute such
patent applications, which engagement shall be subject to the Licensee’s prior written consent, which consent shall not be unreasonably
withheld. Upon mutual agreement of the parties, which agreement shall not be unreasonably withheld by either party, the Licensee may elect
to become a client of such patent counsel in connection with the prosecution of any Patent Applications and/or the maintenance of any
Licensed Patents. If the parties mutually agree to the foregoing, the Licensee shall execute all papers and perform such acts as may be
reasonably required to waive any conflict of interest in connection with such representation, in a form substantially similar to the form
attached as Exhibit D.

 

4.2.2.     
The University shall diligently pursue the prosecution of all Patent Applications to issuance of the resulting patents, and shall
not abandon, withdraw or discontinue prosecution of any Patent Application without first consulting with and obtaining the Licensee’s
prior written consent, which consent shall not be unreasonably withheld if the parties agree that the issuance of a patent from such application
is unlikely or is no longer to the benefit of the patent prosecution strategy for the Licensed Technology.

 

4.2.3.     
The Licensee shall cooperate with the University in the filing and prosecution of all patent applications with respect to the Licensed
Technology. In furtherance of the foregoing, the Licensee shall notify the University, in writing, of the individual whom the Licensee
has designated to consult and cooperate as provided in this subsection and is identified in section 13 of the EPLA. If possible under
the circumstances, the University shall provide the Licensee’s Contact Person with drafts of all patent applications and other material
submissions to and correspondence with any patent authorities to the extent such applications or submissions relate to the Licensed Technology,
prior to the date a reply is required by the relevant patent authorities, to allow for review and comment by the Licensee. In addition,
if possible under the circumstances, the University shall provide the Licensee’s Contact Person with an opportunity to consult with
the University regarding the filing and contents of any such application, submission or correspondence. The Contact Person shall respond
to the University’s request for consultation and cooperation on a pending matter within ten business days or sooner as may be required
under the circumstances. If the Contact Person fails to respond in such time period, the University, exercising its own judgment and discretion,
may respond to the matter as it deems appropriate. Except as provided below in subsection 4.2.7, the Licensee shall reimburse the University
for all Patent-Related Expenses as provided below in section 6.3 and in section 6 of the EPLA.

 

    A-9

    

    

 

4.2.4.     
 If following consultation pursuant to this section 4, the University intends not to pursue the filing, prosecution or maintenance
of a Licensed Patent or Patent Application in a particular country, or to take any other action with respect to a Licensed Patent or Patent
Application in a particular country that is necessary or useful to establish or preserve rights with respect to the Licensed Products,
then the University shall so notify the Licensee promptly in writing and in good time to enable Licensee to meet any deadlines by which
an action must be taken to establish or preserve any such rights. Upon receipt of any such notice by the University or if, at any time,
the University fails to initiate any such action within thirty (30) days after a request by the Licensee that it do so (and thereafter
diligently pursue such action), Licensee shall have the right, but not the obligation, to pursue the filing or registration, or support
the continued prosecution or maintenance, of such Licensed Patent or Patent Application at its expense in such country. If the Licensee
elects to pursue such filing or registration, as the case may be, or continue such support, then Licensee shall notify the University
of such election and the University shall, and shall cause its agents and Affiliates to, cooperate with Licensee in this regard.

 

4.2.5.     
At the Licensee’s request, the University will provide a schedule listing all applicable filing deadlines and estimate of
associated costs necessary to maintain the Licensed Patents and Patent Applications in a particular country to the Licensee in writing.

 

4.2.6.     
In the event of any dispute or disagreement among the parties as to whether the filing, prosecution, maintenance, or prosecution
strategy of a Licensed Patent or Patent Application in a particular country is necessary or useful to establish or preserve rights with
respect to the Licensed Technology in such country (each a “Dispute”), the Dispute, upon written request of any Party, shall
first be referred to a senior executive officer of each party for decision. Such executive officers shall promptly meet in a good faith
effort to resolve the dispute. Any Dispute that cannot be settled amicably by agreement with ten (10) business days shall be finally settled
by a single arbitrator as provided below.

 

a.             To
initiate the arbitration, the disputing party shall notify the other party in writing (the “Arbitration Demand”), which shall
(i) describe in reasonable detail the nature of the Dispute, (ii) specify the requested relief and (iii) name a representative who (A)
has been licensed to practice patent law in the U.S. for at least fifteen years, (B) has no past or present relationship with either party
or their respective counsel, except as otherwise disclosed in writing to and approved by the parties, and (C) is experienced in representing
clients in the filing, prosecution and maintenance of patents in the medical device industry (the “Basic Qualifications”).

 

b.            Within
three (3) business days after its receipt of the Arbitration Demand, such other party shall serve on the Disputing Party, a written statement
(i) describing in reasonable detail its position with respect to the Dispute and specifying the requested relief; and (ii) naming a second
representative satisfying the Basic Qualifications.

 

    A-10

    

    

 

c.            Within
three (3) business days thereafter, the two representatives so named will select a neutral arbitrator who satisfies the Basic Qualifications.
The arbitrator so chosen shall issue his or her decision resolving the Dispute within five (5) days following his or her appointment,
which decision will be final, conclusive and binding upon the parties with respect to the subject matter of the Dispute. All submissions,
documents and information relating to the arbitration proceeding shall be deemed to be Confidential Information subject to the Confidentiality
Agreement. The arbitrator will have no power or authority to relieve the parties from their obligations hereunder or otherwise to amend
or disregard any provision of this Agreement, including, without limitation, the provisions of this section. To clarify, the arbitrator’s
sole role is to resolve the Dispute as defined in subsection 4.2.6. Each party is responsible for its own costs in connection with arbitration
and agrees to share the costs related to the fees of the arbitrator. The venue of any such arbitration under this section shall be in
Minneapolis, Minnesota and the process for participation in the arbitration will be determined by the arbitrator.

 

d.            Each
party is required to continue to perform its obligations under this Agreement pending final resolution of any Dispute.

 

4.2.7.     The
grant of license in section 3.1 and the definition of Territory in section 1.25 shall not extend to or include any country in which Licensee
elects, in writing to the University, not to pay or reimburse the payment of the cost, in whole or in part, to seek or maintain intellectual
property protection.

 

4.2.8.      
Except as specifically provided in this Agreement, nothing limits, conditions, or otherwise affects the University’s right
to prosecute a patent application with respect to the Licensed Technology in any country, or its sole and exclusive right to file or otherwise
prosecute a patent application with respect to the Licensed Technology. Except as specifically provided in this Agreement, in no event
shall the Licensee file a patent application with respect to the Licensed Technology. The Licensee shall cooperate with the University
in the filing and prosecution of all patent applications with respect to the Licensed Technology.

 

4.3.       Ownership of the Licensed Patents, Patent Applications and Know-How. Except as otherwise expressly set forth in this Agreement,
the University retains all rights, titles, and interests in the Licensed Patents, Patent Applications and Know-How, notwithstanding the
Licensee’s payment of all or any portion of the patent prosecution, maintenance, and related costs.

 

5.          
Commercialization.

 

5.1.         Commercialization and Performance Milestones. The Licensee shall use its Commercially Reasonable Efforts, to commercialize the
Licensed Technology and to manufacture and offer to sell and sell Licensed Products as soon as practicable and to maximize sales thereof.
The Licensee shall perform or cause to happen or be performed, as the case may be, all the performance milestones described in section
9 of the EPLA.

 

    A-11

    

    

 

5.2.          Covenants Regarding the Manufacture of Licensed Products. The Licensee hereby warrants (i) the manufacture, use, sale, or transfer
of Licensed Products will comply in all material respects with all applicable federal and state laws, including all federal export laws
and regulations; and (ii) it will use reasonable efforts to ensure that no Licensed Product will be defective in design or manufacture.
The Licensee hereby further covenants and agrees that it shall, and it shall cause each sublicensee, to substantially manufacture in
the United States of America all products embodying or produced through the use of an invention that is subject to the rights of the
federal government of the United States of America, except to the extent that a waiver of this requirement has been issued by the federal
government for a Licensed Product.

 

5.3.          Export
and Regulatory Compliance. The Licensee understands that the Arms Export Control Act (AECA), including its implementing International
Traffic In Arms Regulations (ITAR,) and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are
some (but not all) of the laws and regulations that comprise the U.S. export laws and regulations. Licensee further understands that
the U.S. export laws and regulations include (but are not limited to): (i) ITAR and EAR product/service/data-specific
requirements; (ii) ITAR and EAR ultimate destination-specific requirements; (iii) ITAR and EAR end user-specific requirements; (iv) Foreign
Corrupt Practices Act; and (v) antiboycott laws and regulations. The Licensee shall comply with all then-current applicable export laws
and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the Licensed Products (including
any associated products, items, articles, computer software, media, services, technical data, and other information). The Licensee certifies
that it shall not, directly or indirectly, export (including any deemed export), nor re-export (including any deemed re-export) the Licensed
Products (including any associated products, items, articles, computer software, media, services, technical data, and other information)
in violation of U.S. export laws and regulations or other applicable U.S. laws and regulations. The Licensee shall include an appropriate
provision in its agreements with its authorized sublicensees to assure that these parties comply with all then-current applicable U.S.
export laws and regulations and other applicable U.S. laws and regulations.

 

5.4.         Commercialization Reports. Throughout the Term and during the Post-termination Period, and within thirty (30) days of the date
specified in the schedule set forth in section 10 of the EPLA, the Licensee shall deliver to the University written reports of the Licensee’s
and its sublicensees’ efforts and plans to commercialize the Licensed Technology and to manufacture, offer to sell, or sell Licensed
Products.

 

5.5.         Use
of the University’s Name and Trademarks or the Names of University Faculty, Staff, or Students. Except as permitted by law, Licensee
shall not use (or authorize the use of) the name, logo, or any marks owned by or associated with the University or the names, or identities
of any member of the faculty, staff, or student body of the University. No provision of this Agreement grants the Licensee any license
with respect to this section 5.5. Licensee shall not and shall not authorize others to state or imply that the University endorses any
products or services.

 

    A-12

    

    

 

5.6.         
Governmental Markings.

 

5.6.1.     
 The Licensee shall mark all Licensed Products, where feasible, with patent notice appropriate under Title 35, United States Code.

 

5.6.2.     
The Licensee is responsible for obtaining all necessary governmental approvals for the development, production, distribution, sale,
and use of any Licensed Product, at the Licensee’s expense, including, without limitation, any safety studies. The Licensee is responsible
for including with the Licensed Product any legally required warning labels, packaging and instructions as to the use and the quality
control for any Licensed Product.

 

5.6.3.     
The Licensee agrees to register the Agreement with any foreign governmental agency that requires such registration, and the Licensee
shall pay all costs and legal fees in connection with such registration. The Licensee shall comply with all foreign laws affecting the
Agreement or the sale of Licensed Products.

 

6.           
Payments, Reimbursements, Reports, and Records.

 

6.1.           Payments.
The Licensee shall pay all amounts due under the Agreement by check (payable to the “Regents of the University of
Minnesota” and sent to the address specified below in section 23), wire transfer, or any other mutually agreed-upon method of
payment.

 

6.2.         
Interest. All amounts due under the Agreement shall bear interest as provided in section 11.9 of the EPLA on the entire unpaid
balance computed from the due date until the amount is paid.

 

6.3.         Reimbursement
of Patent-Related Expenses. The Licensee shall pay invoices for Patent-Related Expenses under the Agreement within thirty (30) days of
its receipt of the University’s invoice. With respect to each invoice, the University shall use reasonable efforts to specify the
date on which the Patent-Related Expense was incurred and the purpose of the expense (including, as applicable, a summary of patent attorney
services giving rise to the expense).

 

6.4.         
Royalty Payments/Sales Reports. Within sixty (60) days after the last day of a calendar quarter during the Term and the Post-termination
Period, the Licensee shall deliver to the University a written sales report in a form provided by University that is reasonably acceptable
to Licensee, recounting the number and Net Sales Price amount (expressed in U. S. dollars) of all sales, leases, or other dispositions
of Licensed Products, whether made by the Licensee or a sublicensee, during such calendar quarter. The Licensee shall deliver such written
report to the University even if the Licensee is not required hereunder to pay to the University a payment for sales, leases, or other
dispositions of Licensed Products during the calendar quarter. The Licensee shall deliver along with such sales reports its payment for
royalties owed on all Commercial Sales of Licensed Products by the Licensee and the sublicensees during such quarter.

 

    A-13

    

    

 

6.5.        
Records Retention and Audit Rights.

 

6.5.1.     
 Throughout the Term and the Post-termination Period and for five (5) years thereafter, the Licensee, at its expense, shall keep
and maintain and shall use reasonable efforts to cause each sublicensee and each non-affiliated third party that manufactures, sells,
leases, or otherwise disposes of Licensed Products on behalf of the Licensee to keep and maintain accurate records of sales, leases, and
other dispositions of Licensed Products during the Term and the Post-termination Period and all other records reasonably necessary for
the University to verify the Licensee’s compliance with its obligations under this Agreement.

 

6.5.2.     
In connection with an audit, the Licensee, upon written request, shall make available for the University and its representatives’
inspection at a mutually agreed upon place in the continental United States, true, correct and complete copies of all documents and materials
(including electronic records) reasonably relevant to the Licensee’s and sublicensees’ performance of the Agreement, including,
without limitation, all sublicenses granted. Such documents and materials shall be deemed to constitute Confidential Information of Licensee
for all purposes of the Confidentiality Agreement, and the University shall not disclose the information
contained in such sublicense agreement to any third party except as authorized pursuant to the Confidentiality Agreement.

 

6.5.3.      To
determine the Licensee’s compliance with the terms of the Agreement, the University, at its expense (except as set forth below
in this subsection) and not more than once per calendar year, and upon at least five (5) days advance written notice to Licensee,
may inspect and audit the Licensee’s records referred to above in subsection 6.5.1 at the Licensee’s address as set
forth in the Agreement or such other location(s) as the parties mutually agree during the Licensee’s normal business hours.
The Licensee shall cooperate in the audit, including providing at no cost, reasonable space in the Licensee’s place of
business for the auditor. The Licensee shall reimburse the University for all its reasonable out-of-pocket expenses to inspect and
audit such records if the results of such inspection and audit demonstrate that the Licensee has underpaid amounts owed to the
University by at least five percent (5%) or one fifty thousand and no/100 dollars ($50,000), whichever is greater, in a reporting
period. The Licensee shall use reasonable efforts to c ause ea ch sublicensee and each non-affiliated third party that manufactures,
sells, leases, or otherwise disposes of Licensed Products on behalf of the Licensee to grant the Licensee a right to inspect and
audit the sublicensee’s or third party’s records substantially similar to the rights granted the University in this
subsection. Any such records will be made available in connection with an audit by the University under this section. In connection
with, and before the commencement of, an audit, if the Licensee requests in writing to the University, then prior to conducting such
audit, the Licensee, the University and the auditor must enter into an agreement prohibiting the auditor from disclosing the
Licensee’s nonpublic, proprietary information to any third party without the Licensee’s prior written consent. Terms of
any such agreement shall be consistent in all material respects with the Confidentiality Agreement; provided, however, that
consistent with generally accepted auditing standards and the auditor’s professional judgment, the auditor may disclose such
information to the University and its agents, counsel, or consultants. The Licensee acknowledges that such an agreement is adequate
to protect its legitimate interests, and the parties agree that there shall be no additional nondisclosure agreement demanded as a
condition to the commencement of an audit and the University’s exercising its rights under this subsection.

 

    A-14

    

    

 

6.6.           
Currency and Checks. All computations and payments made under the Agreement shall be in United States dollars. To determine the
dollar value of transactions conducted in non-United States dollar currencies, the parties shall use the exchange rate for the currency
into dollars as reported in the Wall Street Journal as the New York foreign exchange mid-range rate on the last business day of
the month in which the transaction occurred.

 

7.            Infringement.

 

7.1.           
If a party learns of substantial, credible evidence that a third party is making, using, or selling a product in the Field of Use
in the Territory that infringes a Licensed Patent, such party shall promptly notify the other party in writing of the possible infringement
and in such notice describe in detail the information suggesting infringement of the Licensed Patent.

 

Prior to commencing any action
to enforce a Licensed Patent, the parties shall enter into good faith negotiations on the desirability of bringing suit, the parties to
the action, the selection of counsel, and such other matters as the parties may agree to discuss. No provision of this Agreement limits,
conditions, or otherwise affects a party’s statutory and common-law rights to commence an action to enforce a Licensed Patent. In
any such action, the parties agree to cooperate fully with each other and will use reasonable efforts to permit access to relevant personnel,
records, papers, information, samples and specimens during regular business hours. Any amounts recovered (less amounts paid for reasonable
attorneys’ fees and legal expenses) by Licensee in such action or settlement that constitute compensation for lost profits or sales
will be considered subject to the royalty rate in subsection 11.4.1 of the EPLA. All other amounts recovered (less amounts paid for reasonable
attorneys’ fees and legal expenses) by Licensee in such action or settlement will be considered Sublicense Revenues.

 

7.2.           
If any suit, action or proceeding is brought or commenced against the Licensee alleging the infringement of a patent or other intellectual
property right owned by a third party by reason of the manufacture, use or sale of Licensed Products, the Licensee shall give the University
prompt notice thereof.

 

7.3.           
If the validity of a Licensed Patent is questioned in any suit, action, or proceeding under section 7.1 or 7.2, neither party shall
have the right to make any settlement or compromise which affects the scope, validity, enforceability or otherwise of the Licensed Patent
without the other party’s prior written approval, which approval shall not be unreasonably withheld.

 

    A-15

    

    

 

8.           
Termination.

 

8.1.        
By the University.

 

8.1.1.     
 If the Licensee breaches one or more of its material obligations under the Agreement, the University may deliver a written notice
of default to the Licensee. Without further action by a party, the Agreement shall terminate if (a) the default has not been cured within
thirty (30) days after the delivery to the Licensee of the notice of default if the default relates to a payment or reimbursement obligation
under this Agreement or (b) ninety (90) days after the delivery to the Licensee of the notice of default if the default relates to any
other matter.

 

8.1.2.     
The University may terminate the Agreement by delivering to the Licensee a written notice of termination at least ten (10) days
before the date of termination if the Licensee (i) becomes insolvent; (ii) voluntarily files or has filed against it a petition under
applicable bankruptcy or insolvency laws that the Licensee fails to have released within thirty (30) days after filing; (iii) proposes
any dissolution, composition, or financial reorganization with creditors or if a receiver, trustee, custodian, or similar agent is appointed;
or (iv) makes a general assignment for the benefit of creditors.

 

8.1.3.     
The University may terminate the Agreement immediately by delivering to the Licensee a written notice of termination if the Licensee
or its agents or representatives commences or maintains an action in any court of competent jurisdiction or a proceeding before any governmental
agency asserting or alleging, in any respect the invalidity or unenforceability of any of any of the Licensed Technology. The Licensee
shall notify the University, in writing, at least thirty (30) days prior to the commencement of any such action or the institution of
any such proceeding. Prior to exercising its right of termination under this section, University will discuss or attempt to discuss with
Licensee’s the basis of Licensee’s actions under this section.

 

8.2.       
By the Licensee. The Licensee may terminate the Agreement by delivering to the University a written notice of termination at least
thirty (30) days before the date of termination. Licensee shall pay all amounts due through the date of termination. Notwithstanding any
provision of this Agreement to the contrary, if the date of termination of this Agreement is prior to a Capital Infusion Event or June
30, 2011, the Company after the date of termination shall promptly deliver to the University all shares of Common Stock to be issued to
the University under section 6 of the EPLA as of such date.

 

8.3.       
If the University breaches or fails to perform one or more of its duties under the Agreement, the Licensee may deliver to the University
a written notice of default. The Licensee may elect to terminate the Agreement by delivering to the University a written notice of termination
if the default has not been cured in full within ninety (90) days of the delivery to the University of the notice of default.

 

8.4.        Post-termination
Period. The Licensee shall not use, or permit others to use, the Licensed Technology or manufacture or have manufactured Licensed
Products after the Agreement terminates. If the Licensee terminates the Agreement under section 8.3, the Licensee may continue to
offer to sell and sell, offer to lease and lease, and otherwise offer to dispose of or dispose of Licensed Products in the Territory
that were manufactured before such termination. The Commercial Sales of Licensed Products during the Post-termination Period shall
be governed by the terms of this Agreement, including the obligation to pay royalties on such Commercial Sales as provided in this
Agreement.

 

    A-16

    

    

 

9.            Indemnification,
and Insurance.

 

9.1.        
The Licensee’s Indemnification. Throughout the Term and thereafter, the Licensee shall indemnify, defend, and hold the University
and its regents, employees, and agents harmless from all suits, actions, claims, liabilities or demands (including investigative expenses
and reasonable attorneys’ fees) by a third party (including sub-licensees), relating to or arising out of the Licensee’s exercise,
enforcement or assertion of any of the rights or licenses granted it under this Agreement, including, without limitation, the manufacture,
use, lease, sale, or other disposition of a Licensed Product.

 

9.2.         The University’s Indemnification. Subject to the limitations on liability set forth below in section 11, throughout the Term
and thereafter, the University shall indemnify, defend, and hold the Licensee and its directors, employees, and agents harmless from all
suits, actions, claims, liabilities, demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses)
arising out of the University’s breach of any term of this Agreement.

 

9.3.        Indemnification
Procedures. The indemnified party shall give the indemnifying party prompt written notice (an “Indemnification Claim Notice”)
of any matter for which the indemnified party is entitled to an indemnification hereunder. In the event that prompt notice is not given
by the indemnified party, the indemnifying party shall not be liable for any losses that result from any delay in providing such notice.
Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such loss (to the extent that
the nature and amount of such loss is known at such time). The indemnified party shall furnish promptly to the indemnifying party copies
of all papers and official documents received in respect of any claims or losses.

 

9.4.        
Third Party Claims. The obligations of an indemnifying party under this Agreement with respect to claims of any third party that
are subject to indemnification as provided for in sections 9.1 or 9.2 (a “Third Party Claim”) shall be governed by and be
contingent upon the following additional terms and conditions:

 

    A-17

    

    

 

9.4.1.      Control
of Defense. The indemnifying party shall assume the defense of any Third Party Claim by giving written notice to the indemnified
party within thirty (30) days after the indemnifying party’s receipt of an Indemnification Claim Notice. The assumption of the
defense of a Third Party Claim by the indemnifying party shall not be construed as an acknowledgment that the indemnifying party is
liable to indemnify any indemnified party in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying
party of any defenses it may assert against any indemnified party’s claim for indemnification. Upon assuming the defense of a
Third Party Claim, the indemnifying party may appoint as lead counsel in the defense of the Third Party Claim legal counsel
reasonably acceptable to the indemnified party. The indemnified party shall immediately deliver to the indemnifying party all
original notices and documents (including court papers) received by any indemnified party in connection with the Third Party Claim.
Once the indemnifying party assumes the defense of the third party, the indemnifying party shall not be liable to the indemnified
party or any other indemnified party for any legal expenses subsequently incurred by such indemnified party in connection with the
analysis, defense or settlement of the Third Party Claim. In the event that it is ultimately determined that the indemnifying party
is not obligated to indemnify, defend or hold harmless an indemnified party from and against the Third Party Claim, the indemnified
party shall reimburse the indemnifying party for any and all reasonable costs and expenses (including reasonable attorneys’
fees and costs of suit) and any losses incurred by the indemnifying party in its defense of the Third Party Claim asserted against
the indemnified party and the indemnified party shall be exclusively liable for such losses and defense of such claim.

 

9.4.2.     
Right to Participate in Defense. Without limiting subsection 9.4.1 above, any indemnified party shall be entitled to participate
in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose; provided, however, that
such employment shall be at the indemnified party’s own expense unless (i) the employment thereof has been specifically authorized
by the indemnifying party in writing or (ii) the indemnifying party has failed to assume the defense and employ counsel in accordance
with subsection 9.4.1 (in which case the indemnified party shall control the defense).

 

9.4.3.     
Settlement. With respect to any losses relating solely to the payment of money damages in connection with a Third Party Claim and
that will not result in the indemnified party’s becoming subject to injunctive or other relief or otherwise adversely affect the
business of the indemnified party in any manner, and as to which the indemnifying party shall have acknowledged in writing the obligation
to indemnify the indemnified party hereunder, and for which the indemnified party receives a general release, the indemnifying party shall
have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such loss, on such terms
as the indemnifying party, in its sole discretion, shall deem appropriate. With respect to all other losses in connection with Third Party
Claims, where the indemnifying party has assumed the defense of the Third Party Claim in accordance with subsection 9.4.1, the indemnifying
party shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such loss provided
it obtains the prior written consent of the indemnified party (which consent shall not be unreasonably withheld, conditioned or delayed).
No indemnified party shall confess judgment to or admit any liability with respect to, or settle, compromise or discharge, any Third Party
Claim without the prior written consent of the indemnifying party. Notwithstanding anything contained in the preceding sentence to the
contrary, an indemnified party shall be entitled to make factually accurate statements in any court action or proceeding.

 

    A-18

    

    

 

9.4.4.     
 Cooperation. At the request of the indemnifying party, the indemnified party shall cooperate in the defense or prosecution thereof,
at the expense of the indemnifying party, and shall furnish such records, information and testimony, provide such witnesses and attend
such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested by indemnifying party in connection
therewith at the expense of the indemnifying party. Such cooperation shall include access during normal business hours afforded to the
indemnifying party to, and reasonable retention by the indemnified party of, records and information that are reasonably relevant to such
Third Party Claim. The indemnified parties shall use reasonable efforts to make other employees available on a mutually convenient basis
to provide additional information and explanation of any material provided hereunder, and the indemnifying party shall reimburse the indemnified
party for all its reasonable out-of-pocket expenses in connection therewith.

 

9.5.        
The Licensee’s Insurance.

 

9.5.1.     
Prior to the commencement of a clinical trial using the Licensed Technology, or the sale or distribution of a Food and Drug Administration
approved Product incorporating the Licensed Technology, and continuing thereafter throughout the Term, or during such other period as
the parties agree in writing, the Licensee shall maintain, and shall cause each sublicensee to maintain, in full force and effect liability
insurance appropriate to medical trial or medical product exposures with single and aggregate claim limits reasonably acceptable to the
University based on customary practice in the U.S. medical device industry. Such insurance shall include coverage for claims that may
be asserted by the University against the Licensee under section 9.1 and for claims by a third party against the Licensee or the University
arising out of the purchase or use of a Licensed Product. Such insurance policy must (i) name the University
as an additional insured if the University so requests in writing and (ii) require the insurer to deliver written notice to the University
at the address set forth in section 23, at least thirty (30) days before the termination of the policy. Upon receipt of the University’s
written request, the Licensee shall deliver to the University a copy of the certificate of insurance for such policy.

 

9.5.2.     
The provisions of subsection 9.5.1 do not apply if the University agrees in writing to accept the Licensee’s or a sublicensee’s,
as the case may be, self-insurance plan as adequate insurance.

 

10.         Warranties.

 

10.1.        Authority.
Each party represents and warrants to the other party that: (a) it has full corporate power and authority to execute, deliver, and
perform the Agreement; (b) no other corporate proceedings by such party are necessary to authorize the party’s execution or
delivery of the Agreement; (c) this Agreement has been duly executed and delivered by such party and constitutes the valid and
binding obligation of such party, enforceable against such party in accordance with its terms; and (d) it has the right to grant the
licenses granted to the other party as set forth herein, free and clear of any rights of a third party, except as provided in this
agreement, including the rights of the federal government.

 

    A-19

    

    

 

10.2.       
Licensee’s Warranty. Licensee represents and warrants to the University that as of the Effective Date all documents effecting
in any way the ownership of Licensee equity are complete and have been made available in full for review by the University.

 

10.3.       
Disclaimers.

 

10.3.1.
EXCEPT FOR THE EXPRESS WARRANTY SET FORTH ABOVE IN SECTION 10.1, THE UNIVERSITY DISCLAIMS AND EXCLUDES ALL WARRANTIES, EXPRESS
AND IMPLIED, CONCERNING THE LICENSED TECHNOLOGY, EACH LICENSED PATENT, EACH PATENT APPLICATION, ANY KNOW-HOW AND EACH LICENSED PRODUCT,
INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE.

 

10.3.2. The
University expressly disclaims any warranties concerning and makes no representations:

 

(i)             that the Patent Applications will be allowed or granted or that a patent will issue from any Patent Application;

 

(ii)            concerning
the validity, enforceability, interpretation of claims or scope of any Licensed Patent; or

 

(iii)         that the exercise of the rights or licenses granted to the Licensee under the Agreement will not infringe a third party’s
patent or violate its intellectual property rights.

 

10.4.    
Sublicensees - Warranties. The Licensee shall use reasonable efforts to cause each sublicensee to accept warranties and disclaimers
and exclusions of warranties substantially similar to the warranty and disclaimers and exclusions of warranties in favor of the University
above in section 10.1 and subsections 10.3.1 and 10.3.2.

 

11.          Damages.

 

11.1.     Remedy
Limitation. UNIVERSITY SHALL NOT BE LIABLE FOR PERSONAL INJURY OR PROPERTY DAMAGES (EXCEPT TO THE EXTENT OF ITS GROSS NEGLIGENCE, WILLFUL,
WANTON, OR INTENTIONAL ACTS). EXCEPT FOR LICENSEE’S INDEMNIFICATION OBLIGATIONS TO THE UNIVERSITY UNDER SECTION 9.1, NEITHER PARTY
SHALL BE LIABLE TO THE OTHER FOR LOST PROFITS, LOST BUSINESS OPPORTUNITY, OR ANY RELIANCE, EXPECTANCY, INDIRECT, SPECIAL, INCIDENAL OR
CONSEQUENTIAL DAMAGES OF ANY KIND.

 

    A-20

    

    

 

11.2.       
 Damage Cap. University’s total liability for its obligations under section 9.2 as well as its liability for the breach or
nonperformance of any provision of this Agreement (including Exhibits) or Confidentiality Agreement shall not exceed the following: the
amount of payments (including but not limited to equity or debt consideration) paid to the University by Licensee less (i) cash, equity,
or debt consideration, paid under section 6 of the EPLA as reimbursement for Patent Related Expenses and (ii) any cash, equity or debt
consideration paid to the University that has actually been distributed to inventors pursuant to Board of Regents Policy: Commercialization
of Intellectual Property Rights, adopted December 14, 2007 or its successor policies and procedures. The University’s damage
cap under this section applies to contract, tort, and any other claim of whatever nature.

 

11.3.        Sublicensees
- Damages. The Licensee shall use reasonable efforts to cause each sublicensee to agree to limitations of remedies and damages
substantially similar to the limitations of remedies and damages set forth above in sections 11.1 and 11.2.

 

11.4.       
The limitations of liabilities set forth in sections 11.1 and 11.2 above shall apply with respect to the University only while
it remains a party to this Agreement, and shall not extend to any assignee or successor in interest to the University’s rights or
interest under this Agreement.

 

12.         Amendment and Waiver. The Agreement may be amended from time to time only by a written instrument signed by the parties. No
term or provision of the Agreement may be waived and no breach excused unless such waiver or consent is in writing and signed by the party
claimed to have waived or consented. No waiver of a breach is to be deemed a waiver of a different or subsequent breach.

 

13.        Assignment
and Sublicense. Except as permitted under subsection 3.1.2, sections 3.3 or 14 of these Terms and Conditions, or as required by law
under section 3.2, neither party shall assign or sublicense its interest or delegate its duties under the Agreement. Any assignment,
sublicense, or delegation attempted to be made in violation of this section is void. Absent the consent of all the parties, an assignment
or delegation will not release the assigning or delegating party from its obligations. The Agreement inures to the benefit of the Licensee
and the University and their respective permitted sublicensees and trustees.

 

14.         Change
of Control. Notwithstanding section 13 above, the Licensee, without the prior approval of the University, may assign all, but no
less than all, its rights and delegate all its duties under the Agreement to another if (i) the Licensee delivers to the University
written notice of the proposed assignment (along with pertinent information about the terms of the assignment and assignee) at least
ten (10) business days before the effective date of the event described below in part iii of this paragraph, (ii) pay to the
University the Transfer Payment prior to the effective date of the event described below in part iii of this paragraph, and (iii)
the assignment is made as a part of and in connection with (a) the sale by the Licensee of all or substantially all of its assets to
a single purchaser, (b) the sale, transfer, or exchange by the shareholders, partners, or equity owners of the Licensee of a
majority interest in the Licensee to a single purchaser, or (c) the merger of the Licensee into another corporation or other
business entity. Any assignment attempted to be made or made in violation of this section is void.

 

    A-21

    

    

 

15.         Applicable Law. The internal laws of the state of Minnesota, without giving effect to its conflict of laws principles, govern
the validity, construction, and enforceability of the Agreement.

 

16.          Access to University Information.

 

16.1.       
Data Practices Act. The parties acknowledge that the University is subject to the terms and provisions of the Minnesota Government
Data Practices Act, Minnesota Statutes §13.01 et seq. (the “Act”), and that the Act requires, with certain exceptions,
the University to permit the public to inspect and copy any information that the University collects, creates, receives, maintains, or
disseminates.

 

16.2.       
Limited Confidentiality. To the extent permitted by law, including as provided in the Confidentiality Agreement and the Act, the
University shall hold in confidence and disclose only to University employees, agents and contractors who need to know the reports described
above in sections 5.4 and 6.4 and the records inspected in accordance with section 6.5 of these Terms and Conditions. No provision of
the Agreement is to be construed to further prohibit, limit, or condition the University’s right to use and disclose any information
in connection with enforcing the Agreement, in court or elsewhere.

 

16.3.       
In the event that any Confidential Information required to be disclosed by Licensee to the University is deemed by the University
to be potentially unprotectable by the University (e.g. the terms of sublicenses), then Licensee may meet its disclosure obligation by
making such information available for inspection by the University, but not permitting the removal of the
information by the University in any form. In the event that the University requires any Confidential Information that has been inspected
by the University for the enforcement of any term of this Agreement, then the Licensee will deliver such information to University’s
Office of General Counsel as provided in section 23 and such information shall be maintained under the terms of the Confidentiality Agreement.

 

17.          Consent and Approvals. Except as otherwise expressly provided, in order to be effective, all consents or approvals required
under the Agreement must be in writing.

 

18.         Construction.
The headings preceding and labeling the sections of the Agreement are for the purpose of identification only and are not to be employed
or used for the purpose of construction or interpretation of any portion of EPLA. As used herein and where necessary, the singular includes
the plural and vice versa, and masculine, feminine, and neuter expressions are interchangeable.

 

19.          Enforceability. If
a court of competent jurisdiction adjudges a provision of the Agreement to be unenforceable, invalid, or void, such determination is
not to be construed as impairing the enforceability of any of the remaining provisions hereof and such provisions will remain in
force and shall be construed so as to give effect as fully as possible to the parties’ intent and purposes as set forth in
this Agreement.

 

    A-22

    

    

 

20.             Entire
Agreement. The parties intend the Agreement (including all attachments, exhibits, and amendments hereto) to be the final and binding
expression of their contract and agreement and the complete and exclusive statement of the terms thereof. The Agreement cancels, supersedes,
and revokes all prior negotiations, representations and agreements among the parties, whether oral or written, relating to the subject
matter of the Agreement.

 

21.             No
Third-Party Beneficiaries. No provision of the Agreement, express or implied, is intended to confer upon any person other than the
parties to the Agreement any rights, remedies, obligations, or liabilities hereunder. No sublicensee may enforce or seek damages under
the Agreement.

 

22.             Language
and Currency. Unless otherwise expressly provided in the Agreement and in order to be effective, all notices, reports, and other
documents and instruments that a party elects or is required to deliver to the other party must be in English, and all notices, reports,
and other documents and instruments detailing revenues and earned under the Agreement or expenses chargeable to a party must be United
States dollar denominated.

 

23.             
Notices. In order to be effective, all notices, requests, and other communications that a party is required or elects to deliver
must be in writing and must be delivered personally, or by electronic mail (provided such delivery is confirmed), or by a recognized overnight
courier service or by United States mail, first-class, certified or registered, postage prepaid, return receipt requested, to the other
party at its address set forth below or to such other address as such party may designate by notice given under this section:

 

	 	If to the University:	
    University of Minnesota

    Office for Technology Commercialization

    Attn: Contracts Manager

    1000 Westgate Drive, Suite 160

    St. Paul, MN 55114

    Phone: 612.624.0550

    Fax: 612.624.6554

    E-mail: otcagree@umn.edu

    Web site: http://www.research.umn.edu/techcomm 

 

	 	For notices sent under 

sections 7 or 8, with a copy to:	
    University of Minnesota

    Office for Technology Commercialization

    Attn: Contracts Manager

    1000 Westgate Drive, Suite 160

    St. Paul, MN 55114

    Phone: 612.624.0550

    Fax: 612.624.6554

    E-mail: otcagree@umn.edu

    Web site: http://www.research.umn.edu/techcomm

     

	 	If to the Licensee:	As indicated in section 12 of the EPLA.

 

    A-23

    

    

 

 

24.             
Publicity. The University and Licensee may disclose to the public the execution and delivery of the Agreement along with the
Licensee’s name and the agreed upon name of the Licensed Technology.

 

25.             
Relationship of Parties. In entering into, and performing their duties under the Agreement, the parties are acting as independent
contractors and independent employers. No provision of the Agreement creates or is to be construed as creating a partnership, joint venture,
or agency relationship between the parties. No party has the authority to act for or bind the other party in any respect.

 

26.             
Security Interest. In no event may the Licensee grant, or permit any person to assert or perfect, a security interest in the
Licensee’s rights under the Agreement.

 

27.             
Survival. Immediately upon the termination of the Agreement, except for certain rights granted to the Licensee during the Post-termination
Period, all the Licensee’s rights under the Agreement terminate; provided, however, the Licensee’s obligations that have accrued
before the effective date of termination (e.g., the obligation to report and make payments on sales, leases, or dispositions of
Licensed Products and to reimburse the University for costs) and the obligations specified in section 6.1 survive. The obligations and
rights set forth in sections 6.4, 8.4 and sections 9, 10, 11, 15 and 28 also survive the termination or expiration of the Agreement.

 

28.             
Forum Selection. A suit, claim, or other action to enforce the terms of the Agreement may be brought only in the state courts
of Hennepin County, Minnesota. Each party hereby submits to the jurisdiction of that court and waives any objections it may have to that
court asserting jurisdiction over such Party or its assets and property.

 

29.             
Equitable Relief. Notwithstanding anything in this Agreement to the contrary, in recognition of the potential irreparable harm
that a violation of the covenants contained in sections 3, 4, 7, and 16.2 of this Agreement and the Confidentiality Agreement would cause
to the injured party, the University and Licensee agree that each party shall have the right to enforce this Agreement by specific remedies,
which shall include, among other things, temporary restraining orders and temporary and permanent injunctions. Each party acknowledges
and agrees that: (i) the restrictions set forth in this Agreement are reasonable and necessary to protect the other party’s legitimate
interests; and (ii) neither party would have entered into this Agreement in the absence of such restrictions. The rights provided in the
immediately preceding sentence shall be cumulative and in addition to any other rights or remedies that may be available to either party.
Nothing in this section is intended, or should be construed, to limit either party’s right to any other remedy for breach of any
other provision of this Agreement. Under no circumstances shall any equitable relief obtained by Licensee or any action required by the
University as a result of such equitable relief exceed or cause the University to expend amounts in excess of the University’s Damage
Cap as defined in section 11.2.

 

    A-24

    

    

 

EXHIBIT
B

 

Exclusive Patent License Schedule

Miromatrix Medical Inc.

 

MIROMATRIX MEDICAL INC.

 

SUBSCRIPTION AGREEMENT

AND LETTER OF INVESTMENT INTENT

 

This subscription, submitted
this 4th day of February, 2010, is between MIROMATRIX; MEDICAL INC., a Delaware corporation (the “Company”),
and REGENTS OF THE UNIVERSITY OF MINNESOTA, a Minnesota non-profit corporation (the “Subscriber”).

 

1.                 
Offer to Purchase. The Subscriber hereby offers to purchase five hundred sixty thousand (560,000) shares of the Company’s
Common Stock (the “Shares”). As consideration for the Shares, the Subscriber has entered into the Exclusive Patent License
Agreement dated of even date herewith by and between the Subscriber and the Company.

 

2.                 
Representations and Warranties of the Company. In consideration of the Subscriber’s purchase of the Shares, the Company
represents and warrants to the Subscriber as follows:

 

		(a)	Organization. The Company is a validly existing corporation under the laws of the State of Delaware.

 

		(b)	Good Standing. The Company is in good standing under the laws of the State of Delaware, and there
are no proceedings or actions pending to limit or impair any of its powers, rights and privileges or to dissolve it.

 

		(c)	Corporate Authorization. The execution and delivery of this Agreement and the consummation of the
transaction contemplated hereby have been duly authorized by proper corporate action of the Company.

 

3.                 
Representations and Warranties of Subscriber. The Subscriber hereby represents and warrants to the Company as follows:

 

		(a)	Information About the Company. The Subscriber has obtained all information about the Company as
the Subscriber believes relevant to the decision to purchase the Shares. The Subscriber has also had the opportunity to ask questions
of, and receive answers from the Company or an agent or a representative of the Company concerning the terms and conditions of the investment
and the business and affairs of the Company and to obtain any additional information necessary to verify such information, and the Subscriber
has received such information concerning the Company as the Subscriber considers necessary or advisable
in order to form a decision concerning an investment in the Company.

 

    B-1

    

    

 

The Subscriber understands
that any business plan or similar document which he or she may have been shown or of which he or she may have been furnished a copy, is
not a prospectus, placement memorandum, offering circular, offering statement, or similar document. Any such document was not prepared,
and the Subscriber understands that any such document was not prepared, with the purpose of providing full and accurate disclosure to
investors. The Subscriber understands that any such document has been furnished to Subscriber only as part of an overall furnishing of
information about the Company and that the Subscriber has viewed the information set forth therein with a critical frame of mind and,
to the extent that information contained in any such document was deemed by the Subscriber to be important information in making an investment
decision, the Subscriber has discussed such information with the officers and other personnel of the Company in order to form a better
judgment regarding the accuracy and adequacy of such information. The Subscriber agrees that no statement in any such document, even if
framed as a factual statement, will, of itself, constitute a factual representation by the Company in light of the various purposes for
which any such document may have been created.

 

		(b)	Forward-Looking Information. The Subscriber acknowledges and understands that any information provided
about the Company’s future plans and prospects is uncertain and subject to all of the uncertainties inherent in future predictions.

 

		(c)	No Review by Federal or State Regulators. The Subscriber understands that this transaction has
not been scrutinized by the United States Securities and Exchange Commission (the “Commission”) or by any blue sky or other
authority and, because of the small number of persons solicited to invest in the Shares and the private nature of the placement, that
all documents, records, and books pertaining to this investment have been made available to the Subscriber and the Subscriber’s
representatives, such as attorneys, accountants and/or purchaser representatives.

 

		(d)	High Degree of Risk. The Subscriber realizes that this investment involves a high degree of risk,
including the risk of loss of all investment in the Company.

 

		(e)	Ability to Bear the Risk. The Subscriber is able to bear the economic risk of the investment, including
the total loss of such investment.

 

		(f)	Appropriate Investment. The Subscriber believes, in light of the information provided pursuant
to paragraph 3(a) above, that investing in the Company pursuant to the terms of this Agreement
is an appropriate and suitable investment for the Subscriber.

 

    B-2

    

    

 

		(g)	Financial Condition. The Subscriber’s current financial condition is such that (and the Subscriber
expects the Subscriber’s financial condition to be such that in the near future) the Subscriber does not have any present or contemplated
need to dispose of any portion of the Shares to satisfy any existing or contemplated undertaking, need or indebtedness.

 

		(h)	Business Sophistication. The Subscriber is experienced and knowledgeable in financial and business
matters, and is capable of evaluating the merits and risks of investing in the Company.

 

		(i)	Residency. The Subscriber is a constitutional educational corporation under the laws of the state
of Minnesota.

 

		(j)	Accredited Status. The Subscriber represents and warrants as follows (INITIAL ALL APPLICABLE
ITEMS):

 

Accredited Investor

ENTITIES:

 

		(i)	The Subscriber is an entity, and is an “Accredited Investor” as defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Act”). This representation is based on the following (initial
one or more, as applicable):

 

		(A)	The Subscriber (or, in the case of a trust, the undersigned trustee) is a bank or savings and loan association
as defined in sections 3(a)(2) and 3(a)(5)(A), respectively, of the Act acting either in its individual or fiduciary capacity.

 

		(B)	The Subscriber is an insurance company as defined in section 2(13) of the Act.

 

		(C)	The Subscriber is an investment company registered under the Investment Company Act of 1940 or a business
development company as defined in section 2(a)(48) of that Act.

 

		(D)	The Subscriber is a Small Business Investment Company licensed by the U.S. Small Business Administration
under section 301(c) or (d) of the Small Business Investment Act of 1958.

 

    B-3

    

    

 

		(E)	The Subscriber is an employee benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974 and either (initial one or more, as applicable):

 

		(1)	The investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is
either a bank, savings and loan association, insurance company, or registered investment
adviser.

 

		(2)	The employee benefit plan has total assets in excess of $5,000,000.

 

		(3)	The plan is a self-directed plan with investment decisions made solely by persons who are “Accredited
Investors” as defined under the Act.

 

		(F)	The Subscriber is a private business development company as defined in section 202(a)(22) of the Investment
Advisers Act of 1940.

 

		(G)	The Subscriber
has total assets in excess of $5,000,000, was not formed for the specific purpose of
acquiring shares of the Company and is one or more of the following (initial one or more, as appropriate):

 

		(1)	An organization described in section 501(c)(3) of the Internal
Revenue Code.

 

		(2)	A corporation.

 

		(3)	A Massachusetts or similar business trust.

 

		(4)	A partnership.

 

		(H)	The Subscriber is a trust with total assets exceeding $5,000,000, which was not formed for the specific
purpose of investing in the Company and whose purchase is directed by a person who has such knowledge and experience in financial and
business matters and that he or she is capable of evaluating the merits and risks of the investment in the Shares.

 

    B-4

    

    

 

4.                  Investment
Purpose in Acquiring the Shares. The Subscriber and the Company acknowledge that the Shares have not been registered under the
Act or applicable state securities laws and that the Shares will be issued to the Subscriber in reliance on exemptions from the
registration requirements of the Act and applicable state securities laws and in reliance on the Subscriber’s and the
Company’s representations and agreements contained herein. The Subscriber is subscribing to acquire the Shares for the account
of the Subscriber for investment purposes only and not with a view to their resale or distribution. The Subscriber has no present
intention to divide his, her or its participation with others or to resell or otherwise dispose of all or any part of the Shares. In
making these representations, the Subscriber understands that, in the view of the Commission, exemption of the Shares from the
registration requirements of the Act would not be available if, notwithstanding the representations of the Subscriber, the
Subscriber has in mind merely acquiring the Shares for resale upon the occurrence or nonoccurrence of some predetermined event.

 

5.                 
Compliance with Securities Act. The Subscriber agrees that if the Shares or any part thereof are sold or distributed in
the future, the Subscriber shall sell or distribute them pursuant to the requirements of the Act and applicable state securities laws.
The Subscriber agrees that the Subscriber will not transfer any part of the Shares without: (i) obtaining a “no action” letter
from the Commission and applicable state securities commissions; (ii) obtaining an opinion of counsel satisfactory in form and substance
to the Company to the effect that such transfer is exempt from the registration requirements under the Act and applicable state securities
laws; or (iii) such registration.

 

6.                 
Restrictive Legend. The Subscriber agrees that the Company may place one or more restrictive legends on any certificates
evidencing the Shares, containing substantially the following language:

 

The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended, have not been registered under any state securities law, and are
subject to a subscription and investment representation agreement. They may not be sold, offered for sale, or transferred in the absence
of either an effective registration under the Securities Act of 1933, as amended, and under the applicable state securities laws, or an
opinion of counsel for the Company that such transaction is exempt from registration under the Securities Act of 1933, as amended, and
under the applicable state securities laws.

 

7.                 
Stop Transfer Order. The Subscriber agrees that the Company may place a stop transfer order with its registrar and transfer
agent (if any) covering all certificates representing the Shares.

 

8.                  Knowledge
of Restrictions upon Transfer of the Shares. The Subscriber understands that the Shares are not freely transferable and may in
fact be prohibited from sale for an extended period of time and that, as a consequence thereof, the Subscriber must bear the
economic risk of an investment in the Shares for an indefinite period of time and may have extremely limited opportunities to
dispose of the Shares. The Subscriber understands that Rule 144 of the Commission permits the transfer of “restricted
securities” of the type here involved only under certain conditions, including a minimum one-year holding period and the
availability to the public of certain information concerning the Company. The Company is not undertaking to satisfy such
requirement. The Subscriber realizes that there will likely be no market for the Shares, and that there are significant restrictions
on the transferability thereof.

 

    B-5

    

    

 

9.                 
Lack of Availability of Rule 144 Under the Act. The Subscriber understands and acknowledges that the Company has no obligation
to undertake or complete a public offering of its securities, that even if a public offering is undertaken and successfully completed,
the Shares subscribed for hereby will remain subject to the restrictions on transferability described herein, and that if a public offering
is not undertaken and completed, the Subscriber may never be able to sell its Shares pursuant to Rule 144 under the Act.

 

The Subscriber further understands
and acknowledges that the Company currently does not file periodic reports with the Commission pursuant to the requirements of sections
13 or 15(d) of the Securities Exchange Act of 1934, and may not be obligated to file such reports at any time in the future. The Subscriber
also understands that the Company has not agreed to supply such other information as would be required to enable routine sales of the
Shares to be made under the provisions of certain rules respecting “restricted securities,” including Rule 144 promulgated
under the Act by the Commission. Thus, the Subscriber has been informed that the Company is not obligated to make publicly available or
to provide the Subscriber with the information required by Rule 144.

 

10.             
Binding Effect. Neither this Agreement nor any interest herein shall be assignable by the Subscriber without the prior written
consent of the Company. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their
respective heirs, legal representatives, successors and assigns.

 

11.             
Delivery of Stock Certificates. Upon acceptance of this Agreement by the Company, a certificate will be registered in the
name of the Subscriber and will be delivered via certified mail or overnight delivery to the address of the Subscriber set forth on the
Signatures Page.

 

12.             
Representations to Survive Delivery. The representations, warranties and agreements of Company and of the Subscriber contained
in this Agreement will remain operative and in full force and effect and will survive the receipt of funds pursuant to section 1 above
and the issuance to the Subscriber of the Shares.

 

13.             
Indemnification. Subscriber agrees to indemnify the Company, and each current and future officer, director, employee, agent
and shareholder of the Company, against and to hold them harmless from any damage, loss, liability, claim or expense including, without
limitation, reasonable attorneys’ fees resulting from or arising out of the inaccuracy or alleged inaccuracy of any of the representations,
warranties or statements of the Subscriber contained in this Agreement, including without limitation any violation or alleged violation
of the registration requirements of the Act or applicable state law in connection with any subsequent sale of the Shares by Subscriber.

 

    B-6

    

    

 

14.             
 Arbitration. The Subscriber further agrees that any dispute regarding this Agreement or the Subscriber’s investment
in the Company (including without limitation claims pursuant to federal or state securities laws), including any claim which is made against
any placement agent or broker-dealer involved in the offer or sale of the Shares, shall be resolved by arbitration which shall be the
sole forum for resolution of any such disputes. Unless otherwise agreed by the parties, any such proceedings shall be brought pursuant
to the Rules and Code of Arbitration of the America Arbitration Association, except that if a bona fide claim is made against the
Company, and a placement agent or broker-dealer is named in connection with such claim, then such claim shall be brought pursuant to the
Rules and Code of Arbitration of the National Association of Securities Dealers, Inc.

 

The Company and the Subscriber
agree that no provision of this Agreement obligates either party to arbitrate disputes arising out of the License Agreement or otherwise
related to the Subscriber’s granting and the Company’s accepting a license under certain University-owned intellectual property
rights.

 

15.             
Governing Law; Venue. This Agreement shall be governed by, and construed in accordance with, the substantive laws of the
State of Minnesota without reference to Minnesota conflict or choice of law provisions. Actions or proceedings litigated in connection
with this Agreement, if any, shall be venued exclusively in the state and federal courts located in the County of Hennepin, State of Minnesota.

 

16.             
Additional Information. Subscriber shall supply such additional information and documentation relating to Subscriber and
any persons who have any rights or interest in Subscriber as may be requested by the Company in order to ensure compliance by the Company
with applicable laws. If at any time prior to the Company’s acceptance of this Agreement the Subscriber an adverse change occurs
with respect to the Subscriber such that the information, representations and warranties of the Subscriber set forth in this Agreement
are no longer accurate, the Subscriber shall immediately notify the Company of the inaccuracy in writing and shall deliver the updated,
accurate information to the Company.

 

17.             
Successors and Assigns. The representations and warranties made by the Subscriber in this Agreement are binding on the Subscriber’s
successors and assigns and are made for the benefit of the Company and any other person who may become liable for violations of applicable
securities laws as a result of the inaccuracy or falsity of any of the Subscriber’s representations or warranties.

 

18.             
Counterparts. This Agreement may be executed by the Company and by the Subscriber in separate counterparts, each of which
shall be deemed an original.

 

19.             
Acceptance. This Agreement is not binding on the Company until accepted in writing by an authorized officer of the Company.

 

(signature page follows)

 

    B-7

    

    

 

ENTITY SIGNATURE PAGE

 

THIS AGREEMENT SHALL NOT BIND
THE COMPANY UNTIL IT HAS COUNTERSIGNED THIS PAGE.

 

1.                 
Entity Name (please print): Regents of the University of Minnesota

 

2.                 
Employer Identification Number: To be Provided

 

3.                 
Business (Residence) Address: 1000 Westgate Drive, Suite 160

 

4.                 
Mailing Address (if different from above): n/a

 

5.                 
Business: Tel. No. (612) 624-0550 Facsimile No. (612) 624-6554

 

6.                 
Total Number of Shares subscribed for: 560,000

 

Regents of the University of Minnesota

 

	By:	  /s/
    Jay W. Schrankler	 
	 	Jay
    W. Schrankler	 
	 	Executive
    Director,	 
	 	Office
    for Technology Commercialization	 

 

Dated: February 4, 2010

 

ACCEPTANCE:

 

Miromatrix Medical Inc. hereby
accepts the Subscriber’s offer to purchase Shares as set forth herein.

 

	By:	  /s/ Robert Cohen	 
	 	Robert Cohen	 
	 	President & CEO	 

 

Dated: February 4, 2010

 

    B-8

    

    

 

 EXHIBIT C

 

Exclusive Patent License Schedule

Miromatrix Medical, Inc.

 

MIROMATRIX MEDICAL CAPITALIZATION TABLE

 

 

 

    C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]