Document:

Exhibit 10.4 

   

  FEMASYS INC.

   

  EMPLOYEE STOCK PURCHASE

        PLAN

   

   

   

  Adopted by the Board of Directors February 26, 2021

   

  Approved by the Stockholders March, 2021

   

  
     

    
      
 

  

   

  FEMASYS INC.

        EMPLOYEE STOCK PURCHASE PLAN1

   

  SECTION 1.       PURPOSE
        OF THE PLAN.

   

  The Femasys Inc. Employee Stock Purchase Plan (the “Plan”) is intended to provide Eligible Employees (as defined below) the
    opportunity to increase their proprietary interest in Femasys Inc. (the “Company”) by conveniently purchasing shares of the Company’s common stock, par value $0.001 per share (the “Stock”). The Plan is composed of two components: a 423
    Component and a Non-423 Component. The 423 Component is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the provisions of the 423 Component will be construed in a manner
    consistent with the requirements of Section 423 of the Code. The Plan also authorizes participation in the Plan under the Non-423 Component under terms that do not meet the requirements of Section 423 of the Code. The Company shall be permitted to
    grant rights to purchase Stock under separate offerings not having identical terms (provided that such terms are not inconsistent with the terms of the Plan and, with respect to an offering under the 423 Component, the requirements of Section 423 of
    the Code), and offerings may run concurrently (in whole or in part) with each other. Each offering under the Non-423 Component shall be separate and distinct from (and shall not be included in or be part of) any offering under the 423 Component, and
    each offering to a Participating Company shall be treated as an offering that is separate from any other offering made to another Participating Company, in each case, even if such offerings are running concurrently (in whole or in part) and/or have
    common terms and conditions.

   

  SECTION 2.       DEFINITIONS.

   

  (a)               “423 Component” means the portion of the Plan under which any right to purchase Stock shall be granted in a
    manner that is intended to satisfy the requirements of Section 423 of the Code.

   

  (b)               “Affiliate” means any branch or representative office or other disregarded entity of the Company or a Subsidiary, as
    determined by the Committee, whether now or hereafter existing.

   

  (c)               “Board” means the Board of Directors of the Company, as constituted from time to time.

   

  (d)               “Change in Control” shall have the meaning set forth in the Company’s most recently adopted equity incentive
    plan as of the date of determination, as in effect from time to time.

   

  

  
  
     

  

  
  

  
    	
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            All share numbers will be adjusted in connection with any
                reverse stock split or similar capitalization adjustment pursuant to Section 14(b).

          

     

  

  
     

    
      
 

  

  
   

  (e)               “Committee” means the duly constituted committee appointed by the Board to administer the Plan, as described
    in Section 3 of the Plan. If no such committee is appointed, the Compensation Committee of the Board shall be the Committee.

   

  (f)              “Compensation” means all of an Eligible Employee’s base salary or wages. “Compensation” shall exclude (i) commissions,
    bonuses and special incentive payments, (ii) equity compensation and income attributable to equity-based awards (including, without limitation, amounts realized from the exercise of any stock option and any dividends paid with respect to equity
    awards), (iii) all non-cash items, (iv) pre-tax contributions made by the Participant under Sections 401(k) or 125 of the Code or under any similar arrangements available under laws outside the United States and (v) allowances and other miscellaneous
    payments, including, without limitation, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits and benefits
    received under employee benefit plans. The Committee shall determine whether a particular item not listed in this Section 2(f) is included in Compensation. In addition, and notwithstanding the foregoing, with respect to any Offering Period, the
    Committee may modify the definition of Compensation for such Offering Period, provided that (i) such definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such definition is established in writing and
    made available to Eligible Employees prior to the commencement of such Offering Period and (iii) such modified definition shall apply only for that Offering Period unless otherwise specified in writing by the Committee.

   

  (g)              “Effective Date” means the day immediately prior to the IPO Registration Date, provided that the Plan is
    approved by the stockholders of the Company prior to such day.

   

  (h)             “Eligible Employee” means any individual who (i) is an Employee of a Participating Company, (ii) does not own
    5% or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary, including, for purposes of this provision, through application of the rules of Section 424(d) of the Code and (iii) is not a
    “highly compensated employee” (within the meaning of Section 414(q) of the Code) that is subject to Section 16 of the Securities Exchange Act of 1934, as amended. The foregoing notwithstanding, an individual who is a citizen or resident of a
    jurisdiction other than the United States (even if he or she is also a citizen of the United States or a resident alien) shall not be considered an Eligible Employee if, as determined in the sole discretion of the Committee, (i) his or her
    participation in the Plan is prohibited by the laws or regulations of any country which has jurisdiction over him or her or (ii) compliance with the laws and regulations of the foreign country that has jurisdiction over him or her would cause the Plan
    or an offering under the 423 Component to violate Section 423 of the Code. In addition, and notwithstanding the foregoing, with respect to any Offering Period, the Committee may modify the definition of Eligible Employee for such Offering Period by
    excluding the following class or classes of Employees: (i) Employees who have been employed for less than two (2) years (or such lesser period of time as may be determined by the Committee in its discretion); (ii) Employees whose customary employment
    is for twenty (20) hours or less per week (or such lesser period of time as may be determined by the Committee in its discretion); (iii) Employees who are customarily employed for five (5) months or less in any calendar year (or such lesser period of
    time as may be determined by the Committee in its discretion), (iv) Employees who are “highly compensated employees” (within the meaning of Section 414(q) of the Code) of a Participating Company and (v) Employees who are “highly compensated employees”
    (within the meaning of Section 414(q) of the Code) of a Participating Company with compensation above a certain level; provided that (i) such definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such
    definition is established in writing and made available to Employees prior to the commencement of such Offering Period, (iii) such modified definition shall apply only for that Offering Period unless otherwise specified in writing by the Committee and
    (iv) such definition shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).

   

  
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  (i)               “Employee” means an individual who is a common-law employee of a Participating Company and, if such employee
    is employed in the United States, whose earnings are reported on a Form W-2. For the avoidance of doubt, the term “Employee” shall not include any consultant, independent contractor or non-employee director of a Participating Company.

   

  (j)               “Fair Market Value” means, on any given date (i) if the Stock is listed on any established U.S. stock
    exchange or a U.S. national market system, the closing sales price for such Stock as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable (or,
    if no closing sales price was reported on that date, as applicable, on the last preceding trading date such closing sales price was reported); (ii) if the foregoing clause (i) does not apply, then if the Stock is regularly quoted by a recognized U.S.
    securities dealer but selling prices are not reported, the mean between the high bid and low asked prices for the Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last preceding trading date
    such bids and asks were reported); or (iii) if the foregoing clauses (i) and (ii) do not apply, such value as the Committee in its discretion may in good faith determine in accordance with Section 423 of the Code.

   

  (k)              “IPO Registration Date” means the date on which the Company’s registration statement on Form S-1 in
    connection with its initial public offering of Stock is declared effective by the Securities and Exchange Commission under the Securities Act.                                    

   

  (l)               “Non-423 Component” means the portion of the Plan under which the right to purchase Stock may be granted in
    a manner that is not intended to satisfy the requirements of Section 423 of the Code.

   

  (m)             “Offering Period” means a period with respect to which the right to purchase Stock may be granted under the
    Plan, as determined pursuant to Section 4(a) of the Plan, which shall not exceed twenty-seven (27) months.

   

  
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  (n)              “Parent” has the meaning given to such term under U.S. Treasury Regulation Section 1.424-1(f). As used in the
    Plan, “Parent” shall mean a Parent of the Company.

   

  (o)              “Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section
      4(b) of the Plan.

   

  (p)              “Participating 423 Company” means any of the following that is designated by the Committee as participating
    in the 423 Component: (i) the Company, (ii) any present or future Parent and/or (iii) any present or future Subsidiary.

   

  (q)              “Participating Company” means each Participating 423 Company and Participating Non-423 Company.

   

  (r)              “Participating Non-423 Company” means any of the following that is designated by the Committee as
    participating in the Non-423 Component: (i) the Company, (ii) any present or future Parent, (iii) any present or future Subsidiary and/or (iv) any present or future Affiliate. Unless determined otherwise by the Committee, only entities incorporated or
    formed outside of the United States shall be Participating Non-423 Companies.

   

  (s)              “Plan Account” means the account established for each Participant pursuant to Section 8(a) of the
    Plan.

   

  (t)               “Purchase Price” means the price at which Participants may purchase Stock under the Plan, as determined
    pursuant to Section 8(b) of the Plan.

   

  (u)              “Subsidiary” means a subsidiary corporation of the Company as that term is defined in Section 424(f) of the
    Code.

   

  SECTION 3.      Administration Of The Plan.

   

  (a)              General. The Plan shall be administered by the Committee. To the extent permitted by applicable law, the
    Committee may delegate some or all of its authority with respect to the Plan to any executive officer of the Company or any other person or persons designated by the Committee, in each case, acting individually or as a committee.

   

  (b)            Committee Authorities. The Committee shall have the exclusive power and authority to administer the Plan,
    including, without limitation, the right and power to interpret the provisions of the Plan and make all determinations deemed necessary or advisable for the administration of the Plan (including, without limitation, a determination as to whether a
    Change in Control has occurred, whether to designate the Company, a Parent or Subsidiary as a Participating 423 Company or as a Participating Non-423 Company and whether to establish separate offerings). All such actions, interpretations and
    determinations that are done or made by the Committee shall be final, conclusive and binding on the Company, the Participating Companies, the Participants and all other parties and shall not subject the Committee (or its members) to any liability.

   

  
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  SECTION 4.       ENROLLMENT AND PARTICIPATION.

   

  (a)               Offering Periods. Two Offering Periods shall commence in each calendar year, which shall be the periods
    commencing on January 1 and ending on June 30 and commencing on July 1 and ending on December 31; provided, however, that the first Offering Period may commence on a different date as determined by the Committee, but shall end on June 30 of the year
    commenced if commenced prior to June 30 or on December 31 of the year commenced if commenced after June 30.

   

  (b)               Enrollment. Any individual who, on the day preceding the first day of an Offering Period, qualifies as an
    Eligible Employee may elect to become a Participant in the Plan for such Offering Period by executing the enrollment form prescribed for this purpose by the Committee. The enrollment form shall be filed with the Company or its designee according to
    procedures established by the Committee.

   

  (c)              Duration of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the
    Plan (according to the elections made on the Participant’s most recently-filed enrollment form) until he or she ceases to be an Eligible Employee, withdraws from the Plan under Section 6(a) of the Plan or reaches the end of the Offering
    Period in which his or her contributions were discontinued under Section 5(c) or Section 9(b) of the Plan. A Participant who discontinued his or her contributions under Section 5(c) of the Plan or withdrew
    from the Plan under Section 6(a) of the Plan may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Section 4(b) of the Plan. A Participant whose employee
    contributions were discontinued automatically under Section 9(b) of the Plan shall automatically resume participation at the beginning of the next Offering Period in which such Participant’s participation would not be limited by Section
      9(b) of the Plan, if he or she then is an Eligible Employee.

   

  SECTION 5.       EMPLOYEE CONTRIBUTIONS. 

   

  (a)             Frequency of Employee Contributions. A Participant may make contributions to the Plan for purchasing shares of
    Stock by means of payroll deductions (unless payroll deductions are not permitted under applicable laws or regulations or unless the Company determines that another means of making employee contributions is necessary or appropriate for legal or
    administrative reasons).

   

  (b)             Amount of Employee Contributions. An Eligible Employee shall designate on the enrollment form the portion of
    his or her Compensation that he or she elects to contribute to the Plan with respect to the applicable Offering Period. Such portion shall be a whole percentage of the Eligible Employee’s Compensation, on an after-tax basis, but not less than 1% nor
    more than 10% of the Eligible Employee’s Compensation with respect to the applicable Offering Period. A Participant may not change the rate of his or her contributions during an Offering Period unless the Participant seeks (i) to discontinue
    contributions under Section 5(c) of the Plan or (ii) to withdraw from the Plan under Section 6(a) of the Plan, and, in either such case, the Company will cease contributions on behalf of the Participant as soon as reasonably practicable
    (which may not be until the payroll period following receipt of the applicable form or later). In addition, and notwithstanding the foregoing, with respect to any Offering Period, the Committee may modify the contribution limits for such Offering
    Period, provided that (i) such modification satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such new contribution limits are established in writing and provided to Eligible Employees prior to the
    commencement of such Offering Period and (iii) such new contribution limits shall apply only for that Offering Period unless otherwise specified in writing by the Committee.

   

  
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  (c)              Discontinuing Employee Contributions. A Participant may discontinue contributions by filing a new enrollment
    form. Any contributions made from payroll shall cease as soon as reasonably practicable (which may not be until the payroll period following receipt or later). A Participant who has discontinued employee contributions may not resume such contributions
    until the next Offering Period. If a Participant discontinues contributions, previously made contributions shall remain in the Participant’s Plan Account (and will be used to purchase shares) unless and until the Participant withdraws from the Plan in
    accordance with the provisions of Section 6 of the Plan.

   

  SECTION 6.       Withdrawal From The Plan.

   

  (a)              Withdrawal. A Participant may elect to withdraw from the Plan by filing the prescribed form with the Company
    or its designee at any time before the last day of an Offering Period. As soon as reasonably practicable thereafter, contributions shall cease and all employee contributions made by the Participant for the then current Offering Period shall be refunded
    to the Participant in cash, without interest. No partial withdrawals shall be permitted.

   

  (b)              Re-enrollment After Withdrawal. A former Participant who has withdrawn from the Plan shall not be a
    Participant until he or she re-enrolls in the Plan under Section 4(b) of the Plan. Re-enrollment shall be effective only at the commencement of an Offering Period.

   

  SECTION 7.       CHANGE IN EMPLOYMENT STATUS. 

   

  (a)              Termination of Employment. Termination of employment with a Participating Company, or otherwise ceasing to
    be an Eligible Employee, for any reason, including death, shall be treated as an automatic withdrawal from the Plan under Section 6(a) of the Plan, unless, with respect to an offering under the Non-423 Component, otherwise required by
    applicable laws or regulations. A transfer from one Participating Company to another shall not be treated as a termination of employment.

   

  (b)              Leave of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant
    goes on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by a Participating Company in writing or if such leave of absence is protected under applicable laws or regulations. Employment shall be
    deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work.

   

  
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  (c)               Death. In the event of the Participant’s death, any amounts then held in the Participant’s Plan Account and
    any shares of Stock then held in the Participant’s name by the Company or the broker designated by the Company shall be paid or transferred to the Participant’s estate or as otherwise required by applicable laws of descent and distribution, or as may
    be otherwise provided pursuant to Section 8(e) of the Plan.

   

  SECTION 8.       PLAN ACCOUNTS AND PURCHASE OF SHARES. 

   

  (a)              Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant.
    Whenever an amount is contributed to the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust funds and may be commingled with the general assets of the Company or any Parent or
    Subsidiary and applied to general corporate purposes, unless otherwise required by applicable law or regulation. Unless required by applicable law or regulation, no interest will be paid or credited with respect to any amounts held in a Participant’s
    Plan Account.

   

  (b)               Purchase Price. The Purchase Price for each share of Stock purchased at the close of an Offering Period
    shall be the lesser of:

   

  (i)           85% of the Fair Market Value of such share on the last day of such Offering Period; or

   

  (ii)          85% of the Fair Market Value of such share on the first day of such Offering Period.

   

  The Committee may round the Purchase Price up (but not down) to a whole cent, and in no event shall the Purchase Price be less than the par value of the shares of
    Stock being purchased.

   

  (c)              Number of Shares Purchased. As of the last day of each Offering Period, each Participant shall be deemed to
    have elected to purchase the number of shares of Stock calculated in accordance with this Section 8(c), unless the Participant has withdrawn from the Plan under Section 6(a) or Section 7 of the Plan. The amount then in the
    Participant’s Plan Account shall be divided by the Purchase Price, and the number of shares that results shall be purchased with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant shall purchase more than 110,294
    shares of Stock (subject to adjustment pursuant to Section 14(b) of the Plan) with respect to any Offering Period (or, if the Board determines that a different number of Offering Periods shall commence in each calendar year in accordance with Section

      4(a) of the Plan, a proportionate number of shares of Stock (subject to adjustment pursuant to Section 14(b) of the Plan) with respect to any Offering Period) nor more than the amounts of Stock set forth in Sections 9(b) and 14(a)
    of the Plan. The Committee may determine with respect to all Participants that any fractional share, as calculated under this Section 8(c), shall be (i) rounded down to the next lower whole share (with the Purchase Price for such fractional
    share to be carried over to the next Offering Period as provided in Section 8(g) of the Plan) or (ii) credited as a fractional share. To the extent permitted by law, the Committee may adjust the individual share limit set forth in this Section

      8(c) from time to time without stockholder or Participant approval, provided that any such change shall not apply until the Offering Period commencing after such change is made.

   

  
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  (d)               Available Shares Insufficient. In the event that the aggregate number of shares of Stock that all Participants elect to
    purchase during an Offering Period exceeds the maximum number of shares of Stock remaining available for issuance under Section 14(a) of the Plan, then the number of shares of Stock a Participant shall purchase shall be determined by
    multiplying the number of shares of Stock available for issuance by a fraction, the numerator of which is the number of shares of Stock that such Participant has elected to purchase and the denominator of which is the number of shares of Stock that all
    Participants have elected to purchase.

   

  (e)               Issuance of Shares. Shares of Stock shall be issued either in book entry form or in certificates.
    Certificates, if any, representing the shares of Stock purchased by a Participant under the Plan shall be issued to the Participant, or book entry in the Participant’s name shall be made, as soon as reasonably practicable after the close of the
    applicable Offering Period, except that the Committee may determine that such certificates shall be held for each Participant’s benefit by a broker designated by the Committee. Shares may be registered in the name of the Participant or jointly in the
    name of the Participant and his or her spouse as joint tenants with right of survivorship or as community property or in such other manner of taking title as may be permitted under applicable law or regulation; provided, however, that unless otherwise
    required by applicable law or specified by the Participant in writing, shares of Stock purchased under the Plan will be registered in the name of the Participant.

   

  (f)              Transfer of Shares. If certificates representing shares of Stock are not otherwise issued to the Participant in
    connection with the purchase of such shares at the end of an Offering Period, a Participant may elect to transfer any number of shares of Stock previously purchased under the Plan by providing notification and transfer instructions to Company or the
    broker designated by the Company, in accordance with procedures established under the Plan. As soon as administratively practicable following receipt of a Participant’s election to transfer shares of Stock, the Company or the designated broker shall
    cause a transfer of the shares or a certificate representing the number of shares to be transferred to be delivered to the Participant or a broker designated by the Participant.

   

  (g)              Unused Cash Balances. Any amount remaining in the Participant’s Plan Account that represents the Purchase
    Price for whole shares that could not be purchased by reason of Section 8(c), Section 9(b) or Section 14(a) of the Plan or otherwise shall be refunded to the Participant in cash, without interest, promptly after the end of the
    applicable Offering Period.

   

  
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  SECTION 9.       LIMITATIONS ON STOCK OWNERSHIP.

   

  (a)               Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right
    to purchase Stock under the Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Parent
    or Subsidiary. For purposes of this Section 9(a), the following rules shall apply:

   

  (i)           the attribution rules of Section 424(d) of the Code shall be applied in determining ownership of Stock;

   

  (ii)          each Participant shall be deemed to own any stock that he or she has a right or option to purchase under this Plan or
    any other plan or arrangement; and

   

  (iii)         each Participant shall be deemed to have the right to purchase under this Plan with respect to each Offering Period
    110,294 shares of Stock (as adjusted pursuant to Section 8(c) of the Plan), subject to adjustment pursuant to Section 14(b) of the Plan.

   

  (b)             Dollar Limit. Any other provision of the Plan notwithstanding, consistent with Treasury Regulation Section
    1.423-2(i), no Participant shall purchase Stock under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary at a rate that exceeds $25,000 in fair market value of the Stock (determined at the time the option
    is granted) for each calendar year in which any option granted to the Participant is outstanding at any time.

   

  For purposes of this Section 9(b), the Fair Market Value of Stock shall be determined as of the first day of the Offering Period
    in which such Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Section 9(b) from purchasing additional Stock under the Plan, then his
    or her employee contributions shall automatically be discontinued, and shall resume (in accordance with the Participant’s most recently-filed enrollment form) on the first day of the earliest Offering Period in which this Section 9(b) would not
    prohibit such participation, provided that he or she then is an Eligible Employee.

   

  SECTION 10.    RIGHTS NOT
        TRANSFERABLE. 

   

  The rights of any Participant under the Plan, or the interest in any Stock or moneys to which any Participant may be entitled under
    the Plan, shall not be transferable by voluntary or involuntary assignment or by operation of law, or in any manner other than by beneficiary designation or the laws of descent and distribution. If a Participant attempts to transfer, assign or
    otherwise encumber his or her rights or interest under the Plan, other than as permitted by this Section 10, such act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a) of the Plan.

   

  
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  SECTION 11.     NO RIGHTS
        AS AN EMPLOYEE.

   

  Nothing in the Plan or in any right granted under the Plan shall confer upon the Participant any right to continue in the employ of a
    Participating Company for any period or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time
    and for any reason, with or without cause, to the fullest extent permitted by applicable laws or regulations.

   

  SECTION 12.     NO RIGHTS
        AS A STOCKHOLDER.

   

  A Participant shall have no rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase
    under the Plan until such shares have been purchased and transferred or credited to the Participant .

   

  SECTION 13.     SECURITIES

        LAW REQUIREMENTS.

   

  Shares of Stock shall not be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from)
    all applicable requirements of law, including, without limitation, the U.S. Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, all state securities laws and regulations, any applicable non-U.S. securities laws and
    regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities are then traded.

   

  SECTION 14.     STOCK
        OFFERED UNDER THE PLAN.

   

  (a)              Authorized Shares. The aggregate number of shares of Stock available for purchase under the Plan as of the Effective Date
    shall be 1,500,000, and on January 1st of each year during which the Plan is in effect, the number of shares available for purchase under the Plan shall be increased by
    the lesser of (x) 1% of the number of shares of Stock outstanding as of the immediately preceding December 31 (calculated on a fully diluted basis), (y) 2,000,000 shares of Stock and (z) such lesser number of shares of Stock as the Board may determine,
    in each case, as subject to adjustment as provided in this Section 14. Notwithstanding the foregoing or anything contained in the Plan to the contrary, not more than 21,500,000 shares of Stock may be issued under the 423 Component. Shares of
    Stock issued under the Plan may be shares already outstanding or newly issued or treasury shares.

   

  (b)              Changes in Capitalization. In the event of a reorganization, recapitalization, stock split, spin-off, split-off,
    split-up, stock or extraordinary cash dividend or other distribution, combination of shares, merger, amalgamation, consolidation or any other change in the corporate structure of the Company, or a sale by the Company of all or part of its assets, in
    any case, that occurs on or after the date the Plan is approved by the Board (even if such date is prior to the Effective Date), the Committee shall make such adjustments to the aggregate number of shares of Stock offered under the Plan, the maximum
    annual increase number in clause (y) of Section 14(a) of the Plan, the share limitation under the 423 Component specified in Section 14(a) of the Plan, the share limitation described in Section 8(c) of the Plan (and the
    corresponding number of shares specified in clause (iii) of Section 9(a) of the Plan) and/or the price of shares that any Participant has elected to purchase under the Plan as may be necessary to prevent the dilution or enlargement of
    Participants’ rights. The Plan shall in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, amalgamation, consolidation or other reorganization or corporate transaction of any kind or type.

   

  
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  (c)               Change in Control. Any other provision of the Plan notwithstanding, immediately prior to the effective time
    of a Change in Control, the Plan shall terminate and shares shall be purchased pursuant to Section 8 of the Plan as if the Offering Period during which such Change in Control occurs was scheduled to end on the day immediately preceding
    such Change in Control, unless the Plan is expressly assumed by the surviving corporation, the buyer or an affiliate of the foregoing. In addition, in anticipation of a Change in Control, the Committee may take any action under the Plan as it deems
    necessary or appropriate, including, without limitation, terminating the Plan and preventing Participants from continuing their contributions to the Plan.

   

  SECTION 15.     WITHHOLDING

   

  To the extent any payments or distributions under the Plan, or at the time a Participant disposes of some or all of the
    shares of Stock he or she acquired under the Plan, are determined by any Participating Company to be subject to U.S. Federal, state or local taxes, or the taxes of a jurisdiction other than the United States, the Participating Company is authorized
    (but not obligated) to withhold any required taxes. The Participating Company may satisfy any withholding obligation by (i) withholding shares of Stock purchased under the Plan; (ii) withholding from the proceeds from the sale of shares of Stock
    purchased under the Plan, either through a voluntary sale or through a mandatory sale arranged by the Company; (iii) deducting cash from a Participant’s Plan Account; (iv) deducting cash from a Participant’s other cash compensation payable to him or
    her by any Participating Company or (v) any other method deemed appropriate by the Participating Company, in each case, as approved by the Committee. A Participant’s election to participate in the Plan authorizes any Participating Company to take any
    of the actions described in the preceding sentence.

   

  SECTION 16.     GOVERNING
        LAW

   

  To the extent that U.S. Federal laws do not otherwise control, the validity and construction of the Plan shall be
    construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.

   

  SECTION 17.     NON-423
        COMPONENT AND SUB-PLANS

   

  The Board and/or the Committee may adopt procedures and sub-plans to this Plan that are necessary or appropriate to permit
    or facilitate participation in the Plan by Eligible Employees who are employed or located in a jurisdiction other than the United States or to generally operate the Plan in jurisdictions outside the United States (provided that such procedures or
    sub-plans would not result in (i) the Plan failing to be eligible to qualify under Section 423 of the Code or (ii) any offering under the 423 Component not complying with Section 423 of the Code). Without limiting the generality of, but consistent
    with, the foregoing, the Board and/or the Committee are expressly authorized to adopt rules, procedures, and sub-plans, which, for purposes of the Non-423 Component, may be beyond the scope of Section 423 of the Code, regarding, without limitation,
    eligibility to participate in the Plan, excluding Employees in certain countries under the Non-423 Component (even if employed by a Participating Company), handling and making of employee contributions under the Plan, satisfying payroll taxes,
    determining beneficiaries, withholding procedures and issuances of Stock, any of which may vary from time to time and between jurisdictions, as determined by the Board and/or the Committee.

   

  
    11 

    
      
 

  

   

   

  SECTION 18.     TAX
        QUALIFICATION.

   

  The 423 Component is intended to be exempt from the application of Section 409A of the Code under Section 1.409A-1(b)(5)(ii)
    of the U.S. Treasury Regulations. Purchases of stock by Participants who are U.S. taxpayers participating in the Non-423 Component are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception and
    any ambiguities will be construed and interpreted in accordance with such intent. Subject to the provisions of this Section 18, Participants who are U.S. taxpayers participating in the Non-423 Component shall be subject to such terms and conditions as
    shall permit his or her participation in the Plan to satisfy the requirements of the short-term deferral exception to Section 409A of the Code, including the requirement that the shares subject to the right to purchase Stock under the Plan be delivered
    within the short-term deferral period. Notwithstanding the foregoing or any other provision of the Plan to the contrary, neither the Company nor any Parent or Subsidiary shall have any liability to a Participant or any other person or entity if the
    right to purchase Stock under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee, the Board, the Company or any Parent or Subsidiary in relation
    thereto. Notwithstanding the foregoing or any other provision of the Plan to the contrary, although the Company may endeavor to (i) qualify the 423 Component or Non-423 Component for special tax treatment under the laws and regulations of the United
    States or of a jurisdiction other than the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain special, or to avoid
    unfavorable, tax treatment. The Company and each Parent and Subsidiary shall be unconstrained in their corporate activities without regard to any potentially negative tax impact on any one or more Participants.

   

  SECTION 19.     SEVERABILITY.

   

  If any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision shall not affect
    the other provisions of the Plan, and the Plan shall be construed in all respects as if such invalid provision were omitted.

   

  
    12 

    
      
 

  

   

  SECTION 20.     AMENDMENT
        AND TERMINATION.

   

  The Board shall have the right to amend, suspend or terminate the Plan, and to shorten an Offering Period (and refund
    Participant contributions in the event of any such shortening, suspension or termination) at any time and without notice. Except as provided in Section 14 of the Plan, any increase in the aggregate number of shares of Stock to be issued under
    the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan shall be subject to approval by a vote of the stockholders of the Company to the extent required by applicable law, rule or
    regulation, including, without limitation, Section 423 of the Code. No amendment, termination or suspension of the Plan shall require the consent of any Participant unless otherwise required by applicable law or the rules of any applicable stock
    exchange. The Plan shall terminate on the earlier to occur of (i) a termination of the Plan by the Board (pursuant to this Section 20), (ii) the issuance of all of the shares of Stock reserved for issuance under the Plan, (iii) the tenth
    anniversary of the date the Plan is approved by the Board or (iv) the tenth anniversary of the date the Plan is approved by the stockholders of the Company.

   

  [End of Plan]

   

    

   

    

   13Exhibit 10.5

   

  EMPLOYMENT AGREEMENT

   

  EMPLOYMENT AGREEMENT made this 17th day of March, 2004 by and between FEMASYS INC., a Delaware corporation
    (“Employer”), and KATHY LEE-SEPSICK, a resident of Georgia (“Employee”).

   

  Recitals:

   

  A.           Employer considers the availability of Employee’s services to be important to the management and conduct of Employer’s business and desires to secure the
    continuing availability of Employee’s services.

   

  B.           Employee is willing to make her services available to Employer on the terms and subject to the conditions set forth herein.

   

  NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

   

  1.            Employment. For the Term (as defined in Section
      2), Employee shall be employed as Employer’s President and Chief Executive Officer and shall be based at the Employer’s principal executive office in Suwanee, Georgia. Employee hereby accepts and agrees to such employment, subject to the general
      supervision of the Board of Directors of Employer (the “Board”). Employee shall perform such duties and shall have such powers, authority and responsibilities as are customary for
      one holding the position of President and Chief Executive Officer of a start-up medical device development company and shall render such services and duties as may be reasonably assigned to her from time to time by the Board.

   

  2.            Term of Employment.  This Agreement shall commence retroactively as of February 19, 2004 (the “Effective
      Date”) and continue until terminated as provided in Section 6 or Section 7 (such period, the “Term”). Any termination of this Agreement shall not affect the continuing obligations under Section 5, which shall survive any such termination.

   

  3.            Compensation.

   

  (a)           For all services rendered by Employee to Employer under this Agreement, Employer shall pay to Employee during the Term a base annual salary of not less
    than $130,000, to be increased to $175,000 once a minimum of $2 million in investment capital shall have been raised by Employer, payable in accordance with the customary payroll practices of Employer. Employee’s annual base salary shall be reviewed
    and subject to increase in the discretion of the Board.

   

  (b)          Employee shall be eligible to earn an annual bonus during the Term in the discretion of the Board (or a compensation committee thereof). Eligibility for a
    bonus shall be based upon the achievement of performance objectives mutually agreed upon by Employee and Employer and shall be payable within thirty (30) days of the end of each fiscal year.

   

  (c)           All amounts payable hereunder shall be subject to such deductions and withholdings as shall be required by law, if any.

   

   

  
     

    
      
 

  

  
   

  (d)      Employee shall be granted a stock option to purchase 1,250,000 shares of Employer’s common stock under the terms of Employer’s 2004 Officers and Directors
    Equity Incentive Plan and pursuant to an option agreement in the form attached hereto as Exhibit “A” (the “Option Agreement”). The Option Agreement shall have a term of 10 years and an exercise price of $0.25 per share and shall vest
    ratably over four years commencing March 20, 2004. Any terms contained in this Agreement regarding the exercisability or vesting of such option, including without limitation this Section 3(d) and Section 7, shall be reflected in the terms of the Option
    Agreement. Employee shall also be eligible to receive additional awards thereunder in the discretion of the Board (or a compensation committee thereof).

   

  (e)       Employee shall also be entitled to holidays, sick leave and other time off and to participate in those life, health or other insurance plans and other
    employee pension and welfare benefit programs, plans, practices and benefits generally made available from time to time to executive employees of Employer; provided that nothing herein shall obligate Employer to continue any of such benefits for
    Employee if discontinued for other executive employees. Without limiting the foregoing, Employee shall be entitled to twenty (20) days paid vacation during each fiscal year of the Term.

   

  4.       Reimbursement of
      Expenses.  Employer shall pay or reimburse Employee for all reasonable travel and other expenses incurred by Employee in performing her obligations under this Agreement, subject to such reasonable documentation and substantiation as Employer
    shall require.

   

  5.        Covenants of Employee.

   

  (a)      Covenant Not to Compete. Employee covenants that during the Noncompetition Period (as defined in Section 5(g)) and within the Noncompetition Area (as
    defined in Section 5(h)), she shall not, as principal, agent, officer, director, employee, consultant or trustee, or through the agency of any entity (an “Entity”), engage in the Business (as defined in Section 5(i)). Without limiting the
    generality of the foregoing, Employee agrees that during the Noncompetition Period and within the Noncompetition Area, she shall not be (i) the owner of the outstanding capital stock or other equity interests of any Entity (other than Employer) that
    directly engages in the Business, or (ii) an officer, director, partner, manager, consultant or employee of any Entity that directly engages in the Business; provided, that this Section 5(a) shall not prevent Employee from (A) being an employee of any
    division of any Entity to the extent that such division does not directly engage in the Business, (B) beneficially owning less than one percent (1%) of the stock of a corporation traded on a national securities exchange or The Nasdaq National Market,
    or (C) being involved with any Entity provided she shall have the prior written approval by Employer’s Board.

   

  
    2 

    
      
 

  

   

  (b)          Nondisclosure Covenant. The parties acknowledge that Employer’s success will be attributable largely to the ownership, use and development of
    certain valuable confidential and proprietary information (the “Proprietary Information”), and that Employee’s employment by Employer will involve access to and work with such Proprietary Information. Employee acknowledges that her relationship
    with Employer is a confidential relationship, and agrees that (i) she shall keep and maintain the Proprietary Information in strictest confidence, and (ii) she shall not, either directly or indirectly, use any Proprietary Information for her own
    benefit, or divulge, disclose or communicate any Proprietary Information in any manner whatsoever to any person or Entity other than to employees or agents of Employer having a need to know such Proprietary Information to perform their responsibilities
    on behalf of Employer, and to other persons or Entities in the normal course of Employer’s business. This nondisclosure obligation shall apply to all Proprietary Information, whether or not Employee participated in the development thereof. Upon
    termination of her employment with Employer for any reason, Employee will return to Employer all Proprietary Information in any medium and all other documents, data, materials or property of Employer (including any copies thereof) in her possession.
    For purposes of this Agreement, the term “Proprietary Information” shall include any and all proprietary information related directly to the Business or to any of Employer’s products, services or operations which are not generally known to the public,
    specifically including (but without limitation) trade secrets, processes, formulae, data, files, research results, computer programs and related source codes and object codes, improvements, inventions, techniques, marketing plans, strategies,
    forecasts, copyrightable material, suppliers, methods and manner of operations, and information with respect to the internal affairs of Employer. Such Proprietary Information may or may not contain legends or other written notice that it is of a
    confidential or proprietary nature. The parties stipulate that, as between them, the above-described matters are important and confidential and gravely affect the successful conduct of the business of Employer and that any breach of the terms of this
    Section 5(b) shall be a material breach of this Agreement.

   

  (c)           Nonsolicitation Covenant. Employee covenants that during the Noncompetition Period she shall not, on behalf of herself or any Entity, call upon
    any of the customers of Employer for the purpose of soliciting or providing any product or service similar to that provided by Employer, nor will she, in any way on behalf of herself or any Entity solicit, divert or take away, or attempt to solicit,
    divert, or take away any of the business of Employer for directly competing business. Employee further covenants that during the Noncompetition Period she shall not, on behalf of herself or any Entity, solicit, induce or encourage any person to leave
    the employ of Employer for directly competing business.

   

  (d)          Inventions. All inventions, designs, formulae, processes, discoveries, drawings, improvements and developments made by Employee, either solely or
    in collaboration with others, during her employment by Employer, whether or not during working hours, and relating to any methods, apparatus, products, devices, services or deliverables which are made, furnished, sold, used or developed by Employer or
    which directly pertain to the Business (the “Developments”) shall become and remain the sole property of Employer. Employee shall disclose promptly in writing to Employer all such Developments. Employee acknowledges and agrees that all
    Developments shall be deemed “works made for hire” within the meaning of the United States Copyright Act, as amended. If, for any reason, such Developments are not deemed works made for hire, Employee hereby assigns to Employer all of her right, title
    and interest (including, but not limited to, copyright and all rights of inventorship) in and to such Developments that directly pertain to the Business. At the request and sole expense of Employer, whether during or after employment by Employer,
    Employee shall make, execute and deliver all application papers, assignments or instruments, and perform or cause to be performed such other lawful acts as Employer may deem necessary or desirable in making or prosecuting applications, domestic or
    foreign, for patents (including reissues, continuations and extensions thereof) and copyrights related to such Developments or in vesting in Employer full legal title to such Developments. Such request shall be reasonable and directly pertain to the
    Business. At the sole expense of Employer, Employee shall assist and cooperate with Employer or its representatives in any controversy or legal proceeding relating to such Developments, or to any patents, copyrights or trade secrets with respect
    thereto. If Employee refuses or is unable to assist Employer in obtaining or enforcing its rights with respect to such Developments, she hereby irrevocably designates and appoints Employer and its duly authorized agents as her agents and
    attorneys-in-fact to execute and file any documents and to do all other lawful acts necessary to protect Employer’s rights in the Developments. Employee expressly acknowledges that the special foregoing power of attorney is coupled with an interest and
    is therefore irrevocable and shall survive (i) her death or incompetency, (ii) the termination of her employment with Employer and (iii) the termination of this Agreement. This covenant does not apply to any Invention for which no equipment, supplies,
    facility or trade secret information of Employer was used, which was developed entirely on Employee’s own time, and (i) which does not relate directly to the business of Employer or to Employer’s actual or demonstrably anticipated research or
    development, or (ii) which does not result from any work performed by Employee for Employer.

   

  
    3 

    
      
 

  

   

  (e)       Independent Covenants. Each of the covenants on the part of Employee contained in Sections 5(a), (b), (c) and (d) of this Agreement shall be construed
    as an agreement independent of each other such covenant. The existence of any claim or cause of action of Employee against Employer, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Employer of any
    such covenant.

   

  (f)       Reasonableness; Injunction. Employee acknowledges that her covenants contained in Section 5 of this Agreement are reasonably necessary for the
    protection of Employer and the Business, and that such covenants are reasonably limited with respect to the activities prohibited, the duration thereof, the geographic area thereof, the scope thereof and the effect thereof on Employee and the general
    public. Employee further acknowledges that violation of the covenants would immeasurably and irreparably damage Employer, and by reason thereof Employee agrees that for violation or threatened violation of any of the provisions of this Agreement,
    Employer shall, in addition to any other rights and remedies available to it, at law or otherwise, be entitled to an injunction to be issued by any court of competent jurisdiction enjoining and restraining Employee from committing any violation or
    threatened violation of this Agreement. Employee consents to the issuance of such injunction.

   

  (g)       Noncompetition Period. “Noncompetition Period” shall mean the period commencing on the Effective Date and continuing until one year following
    termination of this Agreement with the exception of Employer’s termination of Employee for disability as described in Section 6 or for termination without just cause as described in Section 7(b).

   

  (h)       Noncompetition Area. The “Noncompetition Area” shall consist of the United States.

   

  (i)        Business. For the purposes of this Agreement, the “Business” shall mean the business of developing, manufacturing, marketing or selling contraceptive
    devices.

   

  
    4 

    
      
 

  

   

  6.        Disability. Upon the “disability” of Employee, this Agreement may be terminated by action of the Board upon thirty (30) days prior written notice (the
    “Disability Notice”), such termination to become effective only if such disability continues. If, prior to the effective time of the Disability Notice, Employee shall recover from such disability and return to the full-time active discharge of her
    duties, then the Disability Notice shall be of no further force and effect and Employee’s employment shall continue as if the same had been uninterrupted. If Employee shall not so recover from her disability and return to her duties, then her services
    shall terminate at the effective time of the Disability Notice with the same force and effect as if that date had been the end of the Term originally provided for hereunder. Such termination shall not prejudice any benefits payable to Employee that are
    fully vested as of the date of such termination. Prior to the effective time of the Disability Notice, Employee shall continue to earn all compensation to which Employee would have been entitled as if she had not been disabled, such compensation to be
    paid at the time, in the amounts, and in the manner provided in Section 3(a). A “disability” of Employee shall be deemed to exist at all times that Employee is considered by the insurance company which has issued any policy of disability insurance
    owned by Employer or for which premiums are paid by Employer (the “Employer Policy”) to be totally disabled under the terms of such policy. In the event there is no Employer Policy, “disability” shall mean the inability, by reason of physical or
    mental incapacity, impairment or infirmity, of Employee to perform, upon request, her regular duties required herein for six (6) consecutive months, and the determination of the existence or nonexistence of disability shall be made by a medical doctor
    who is licensed to practice medicine in the State of Georgia mutually acceptable to the Board and to Employee (or, if Employee is incapacitated, her spouse or her designated representative).

   

  7.        Termination.

   

  (a)      If Employee shall die during the Term, this Agreement and the employment relationship hereunder will automatically terminate on the date of death; provided
    that such termination shall not prejudice any benefits payable to Employee or Employee’s beneficiaries that are fully vested as of the date of death.

   

  (b)       Employer may terminate Employee’s employment under this Agreement only in the event of Just Cause. Any termination for Just Cause shall be effective
    immediately or at such other time set by the Board. “Just Cause” shall mean (i) Employee’s willful and material breach of this Agreement and her continued failure to cure such breach to the reasonable satisfaction of the Board within thirty (30)
    days following written notice of such breach to Employee from the Board; (ii) Employee’s conviction of, or entry of a plea of guilty or nolo contendere to, a felony involving moral turpitude, (iii) Employee’s willful commission of an act of fraud
    including, without limitation, embezzlement, that results in material damage or harm to the Business, financial condition or assets of Employer; or (iv) Employee’s intentional damage or destruction of substantial property of Employer. Just Cause shall
    be determined by the Board in its reasonable discretion and the particulars of any determination shall be provided to Employee in writing. At any time within ninety (90) days of receipt by Employee in writing of such determination, Employee may object
    to such determination in writing and submit the determination to arbitration in accordance with Section 9(i). If such determination is overturned in arbitration, Employee will be treated as having been terminated without Just Cause and shall be
    entitled to the benefits described in items (A)-(D) of Section 7(d).

   

  
    5 

    
      
 

  

   

  (c)       Employee may voluntarily terminate her employment by Employer on thirty (30) days prior written notice to Employer.

   

  (d)       Upon any termination pursuant to this Section 7, Employee shall be entitled to receive a lump sum equal to any base salary, bonus and other compensation
    earned and due but not yet paid through the effective date of termination. However, if this Agreement and Employee’s employment hereunder are terminated by (i) Employer (or any successor) other than for Just Cause, or (ii) Employee for Good Reason
    (defined in Sec. 7(f)), Employee shall be entitled to the following:

   

  (A)      severance, payable monthly, equal to Employee’s then current base salary for twenty four (24) months following such termination (the “Severance Period”);

   

  (B)      twenty four (24) months acceleration of unvested stock options to purchase capital stock or restricted stock of Employer held by Employee;

   

  (C)      the health care (including medical and dental) and life insurance benefits coverage provided to Employee at her date of termination shall be continued at the
    same level and in the same manner as if her employment had not terminated (subject to the customary changes in such coverages if Employee reaches age 65 or similar events), for the Severance Period, followed by COBRA election rights. Any additional
    coverages Employee had at termination, including dependent coverage, will also be continued for such period on the same terms. Any costs Employee was paying for such coverages at the time of termination shall continue to be paid by Employee. If the
    terms of any benefit plan referred to in this section do not permit continued participation by Employee, then Employer will arrange for other coverage providing substantially similar benefits at the same contribution level of Employee; and

   

  (D)      outplacement counseling services selected by Employee, up to a maximum of ten thousand dollars ($10,000).

   

  (e)       If Employee terminates her employment or if Employer (or any successor) terminates Employee’s employment without Just Cause, Employee shall have one hundred
    eighty (180) days from the date of termination to exercise any vested options.

   

  (f)       For purposes hereof, “Good Reason” shall mean the occurrence of any of the following events without Employee’s express written consent:

   

  (A)      the breach by Employer (or any successor entity) of any material provision of this Agreement;

   

  (B)      any purported termination of the employment of Employee by Employer (or any successor entity) which is not effected in accordance with this Agreement;

   

  (C)      any failure of Employer (or any successor entity) to pay Employee her base salary or bonus compensation that has become due and payable to Employee within
    thirty (30) days after Employee has given Employer (or any successor entity) notice of demand therefor; or

   

  
    6 

    
      
 

  

   

  (D)      a relocation of Employer’s place of business to a location more than 25 miles from its current location, provided that Employee shall not have approved the
    decision to effect such relocation.

   

  Notwithstanding the foregoing, Employee expressly acknowledges and agrees that the appointment by the Board of a new President and Chief Executive Officer shall not constitute Good Reason
    so long as Employee remains as executive officer of Employer.

   

  8.        Best Efforts of Employee. Employee agrees that she
      will at all times faithfully, industriously and to the best of her ability, experience and talents perform all the duties that may be required of her pursuant to the express and implicit terms hereof, to the reasonable satisfaction of Employer,
      commensurate with her position. Such duties shall be rendered at such place as Employer designates and Employee acknowledges that she may be required to travel as shall reasonably be required to promote the Business of Employer. To the extent
      reasonably required by the duties assigned to her, Employee shall devote her time, attention, knowledge and skills to the Business and interests of Employer.

   

  9.        Miscellaneous.

   

  (a)       This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia without regard to conflicts of law principles thereof.

   

  (b)       This Agreement constitutes the entire agreement between Employee and Employer with respect to the subject matter hereof, and supersedes all prior oral or
    written agreements, understandings or arrangements between Employee and Employer relating to the terms of Employee’s employment by Employer, and all such agreements, understandings and arrangements are hereby terminated and are of no force and effect.
    Employee hereby expressly disclaims any rights under any such agreements, understandings and arrangements. This Agreement may not be amended or terminated except by an agreement in writing signed by both parties.

   

  (c)       This Agreement may be executed in counterparts, both of which shall be deemed an original and both of which, taken together, shall constitute a single
    instrument.

   

  (d)      Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and delivered in person or by
    nationally recognized overnight courier service or deposited in the mails, postage prepaid, return receipt requested, addressed as follows:

   

  To Employer:

   

  Femasys Inc.

    9070 Brixham Court

    Suwanee, Georgia 30024

    Attn: Board of Directors

   

  
    7 

    
      
 

  

   

  To Employee:

   

  Kathy Lee-Sepsick

    9070 Brixham Court

    Suwanee, Georgia 30024

   

  With a copy to:

   

  Mark H. Mirkin, Esq., Smith Moore LLP

    Two Hannover Square

    Raleigh, North Carolina 27601

   

  Notices given in person or by overnight courier service shall be deemed given when delivered in person or the day after delivery to the courier addressed to the address required by this
    Section 9(d), and notices given by mail shall be deemed given three (3) days after deposit in the mails. Any party hereto may designate by written notice to the other party in accordance herewith any other address to which notices addressed to it or
    her shall be sent.

   

  (e)       The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or
    enforceability of the other provisions hereof. It is understood and agreed that no failure or delay by Employer or Employee in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or
    partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

   

  (f)       This Agreement may not be assigned by Employee without the written consent of Employer. This Agreement shall be binding on any successors or assigns of
    either party hereto.

   

  (g)       The respective rights and obligations of the parties hereunder shall survive any termination of the Term or Employee’s employment by Employer to the extent
    necessary to preserve such rights and obligations for their stated durations.

   

  (h)       In the event that it shall become necessary for either party to retain the services of an attorney to enforce any terms under this Agreement, Employer shall
    reimburse Employee, if Employee is the prevailing party, for her reasonable attorneys’ fees and costs of enforcement. Employer shall reimburse Employee for the reasonable fees and expenses of counsel to Employee for the original negotiation of this
    Agreement.

   

  (i)        Any controversy or claim arising out of or relating to this Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of
    the American Arbitration Association, and judgment upon the award rendered by the arbitration panel, which shall consist of three (3) members, may be entered in any court having jurisdiction. Any arbitration shall be held in Atlanta, Georgia, unless
    otherwise agreed in writing by the parties. One (1) arbitrator shall be selected by Employee, one (1) arbitrator shall be selected by Employer, and the third arbitrator shall be selected by the two (2) arbitrators selected by Employee and Employer.

   

  
    8 

    
      
 

  

   

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

   

  	
           

        	
          FEMASYS INC.

        
	
           

        	
          By:

        	
          /s/ Lani Paxton

        
	
           

        	
           

        	
          Name:

        	
          Lani Paxton

        
	 	 	
          Title:

        	
          Vice President, Technology

        
	 	 	 
	
           

        	
          /s/ Kathy Lee-Sepsick 

        
	
           

        	
          KATHY LEE-SEPSICK

        

  
    9 

    
      
 

  

   

  FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

   

  This First Amendment to Employment Agreement is made and entered into as of the 31st
    day of August, 2005 by and between FEMASYS INC., a Delaware corporation (“Employer”) and KATHY LEE-SEPSICK, a resident of Georgia (“Employee”).

   

  WITNESSETH:

   

  WHEREAS, Employer and Employee entered into that certain Employment Agreement dated as of March 17, 2004 pursuant to which Employee has been employed as
    Employer’s President and Chief Executive Officer (the “Employment Agreement”);

   

  WHEREAS, as of the date hereof certain investors are purchasing $2,290,000 in newly issued Series A-1 Preferred Stock of Employer (the “Investment”);

   

  WHEREAS, in order to induce such investors to consummate the Investment, Employer and Employee desire to amend the Employment Agreement on the terms and
    conditions set forth herein.

   

  NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of
    which are hereby acknowledged, the parties hereto hereby agree as follows:

   

  1.  The last sentence of Section 5(d) of the Employment Agreement is hereby deleted and the following sentence is hereby inserted in lieu thereof: “This covenant does
    not apply to any Invention: (i) for which no equipment, supplies, facility or trade secret information of Employer was used, which was developed entirely on Employee’s own time, and (ii) which does not relate directly to the business of Employer or to
    Employer’s actual or demonstrably anticipated research or development.”

   

  2.  Section 7(d)A) of the Employment Agreement is amended by deleting the phrase “for twenty four (24) months” and inserting “for twelve (12) months” in lieu thereof.

   

  3.  Section 7(d)(B) of the Employment Agreement is amended by deleting the phrase “twenty four (24) months” and inserting “twelve (12) months” in lieu thereof.

   

  4.  Employer and Employee acknowledge that they are parties to that certain Vesting Agreement of even date herewith that is being entered into in connection with the
    Investment (“Vesting Agreement”) and that Section 7(d)(B) of the Employment Agreement, as amended hereby, provides for acceleration of vesting for Employee’s restricted stock. The parties hereto further acknowledge that such provision is not
    inconsistent with Section 2 of the Vesting Agreement and that the accelerated vesting provisions in the Employment Agreement, as amended, will be given full force and effect in accordance with the terms of the Employment Agreement.

   

  5.  Except as amended hereby, the Employment Agreement shall remain in full force and effect.

   

  
     

    
      
 

  

  
   

  6.  This First Amendment to Employment Agreement may be executed in counterparts, both of which shall be deemed an original and which, taken together, shall constitute
    a singe instrument.

   

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written above.

   

  	
           

        	
          “EMPLOYER”

        
	 	 
	
           

        	
          FEMASYS INC.

        
	 	 
	 	By:	
          /s/ Kathy Lee-Sepsick

        
	
           

        	
          Title:

        	
          President and Chief Executive Officer

        
	
           

        	
           

        	
           

        
	
           

        	
          “EMPLOYEE”

        
	 	 
	
           

        	
          /s/ Kathy Lee-Sepsick

        
	
           

        	
          Kathy Lee-Sepsick

        

   

  2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]