Document:

EX-10.17

 Exhibit 10.17 

 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

Co-Development and Distribution Agreement 
 between 
 SurgiVision, Inc. 

and 

Brainlab Aktiengesellschaft 
 This Co-Development and Distribution Agreement (the “Agreement”) is entered into between SurgiVision, Inc., having its principal office located at 5 Musick, Irvine, California
92618, United States (“SurgiVision”), and Brainlab AG, a German corporation having its principal office located at Kapellenstrasse 12, 85622 Feldkirchen, Germany (“Brainlab”), as of April 5, 2011
(“Effective Date”). 
 WHEREAS, SurgiVision is in the business of developing medical devices that provide
guidance for the placement and operation of instruments or devices during the planning and operation of neurological procedures within the magnetic resonance imaging (“MRI”) environment and that are intended to be used as an
integral part of neurological procedures, such as biopsies and catheter and electrode insertion, which have traditionally been performed using other methods, and has licensed and developed proprietary technology and the proprietary and confidential
information, trade secrets and know-how associated therewith; and 
 WHEREAS, Brainlab, in its business of developing and
marketing software-driven medical devices, has licensed and developed proprietary technology and the proprietary and confidential information, trade secrets and know-how associated therewith for computer-assisted planning and navigation of direct
infusion of agents into targeted tissues within the body; and 
 WHEREAS, SurgiVision and Brainlab desire to enter into an
agreement granting Brainlab certain distribution rights for the ClearPoint Products (as defined below); and 
 WHEREAS, the
Parties (as defined below) are interested in developing a relationship pursuant to which they shall jointly develop, market and promote certain products integrating each Party’s technologies for the Fields of Use (as defined below), with
Brainlab acting as the distributor for such products; and 
 WHEREAS, Brainlab desires to make an investment in SurgiVision in
the amount of US$2,000,000, upon the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants of the Parties contained herein, the Parties hereto agree as follows: 
  

	I.	Definitions 

 The following terms shall
have the following meanings. 
  

	1.	“Affiliate” means any Person which controls, is controlled by or is under common control with another Person, for so long as such control exists. For
purposes of this section, “control” means (i) in the case of corporate entities, direct or indirect ownership of fifty percent (50%) or more of the stock or shares entitled to vote for the election of directors, and
(ii) in the case of non- corporate entities, direct or indirect ownership of fifty percent (50%) or more of the equity or income interest therein. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	“Agreement” means this Co-Development and Distribution Agreement, together with all appendices now and hereafter annexed hereto or incorporated herein
by reference, as it or they may be amended, supplemented, replaced, re-stated or otherwise modified from time to time. 

  

	3.	Applicable Law” means, with respect to any Person, property, transaction, event or other matter, (i) any foreign or domestic constitution, treaty, law,
statute, regulation, code, ordinance, principle of common law or equity, rule, municipal by-law, order or other requirement having the force of law, including all applicable GMPs, and (ii) any policy, practice, protocol, standard or guideline
of any Regulatory Authority which, although not necessarily having the force of law, is regarded by such Regulatory Authority as requiring compliance as if it had the force of law relating or applicable to such Person, property, transaction, event
or other matter and also includes, where appropriate, any interpretation of any of the foregoing (or any part thereof) by any Person having jurisdiction over it, or charged with its administration or interpretation. 

 

	4.	“Brainlab Technology” means Brainlab’s technology incorporated into its BrainSuite product line and any and all disposables associated therewith.

  

	5.	“ClearPoint Customer Account” means any customer site equipped with reusable components of SurgiVision’s ClearPoint System.

  

	6.	“ClearPoint Product” or “ClearPoint Products” means any of the specific reusable hardware components, disposable components or
software components of SurgiVision’s ClearPoint System that are set forth in Appendix A, as the same may be amended from time to time upon mutual agreement of the Parties. 

 

	7.	“CNS” means the human central nervous system. 

  

	8.	“Commercial Use” means, in respect of a Product, use on a commercial, non-trial basis after all necessary Regulatory Approvals have been obtained for
such Product. 

  

	9.	“Commercially Reasonable Efforts” means, with respect to a Party, the efforts and resources normally applied thereby to its other medical device
products of similar commercial potential at a similar stage in its product life, but no less than those normally applied in the medical device industry for products of similar commercial potential at a similar stage in its product life.

  

	10.	“Conversion Date” means the closing date of a Qualified Financing. 

 

	11.	“Conversion Shares” means shares of Qualified Financing Stock issued upon conversion of the Note (as defined herein). 

 

	12.	“Documentation” means user guides, operating manuals, training materials, product descriptions and specifications, technical manuals, product
supporting materials and other similar information provided, or to be provided, by either Party to the other, whether in print, magnetic, electronic or video format. 

 

	13.	“Fields of Use” means, collectively, the MR Guided Stereotactic Placement Field of Use and the Therapeutic Delivery Field of Use.

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	14.	“FDA” means the United States Food and Drug Administration or any successor agency. 

 

	15.	“GMP” means good manufacturing practice requirements of Applicable Law, including the guidelines, policies, codes, requirements and standards from time
to time promulgated or issued by any Regulatory Authority with respect to the manufacture of a Product. 

  

	16.	“Integrated Product” or “Integrated Products” means (a) any product integrating Brainlab Technology and SurgiVision Technology as
contemplated in section II or section III of this Agreement, or (b) any jointly developed product in the Therapeutic Delivery Field of Use as contemplated in section III of this Agreement. 

 

	17.	“MR Guided Stereotactic Placement Field of Use” means stereotactic guidance for the placement and operation of instruments or devices during planning
and operation of neurological procedures within the MRI environment and in conjunction with Real Time MRI. 

  

	18.	“Party” means, as appropriate, SurgiVision or Brainlab, singly and “Parties” means, collectively, SurgiVision and Brainlab.

  

	19.	“Person” is to be broadly interpreted and includes an individual, a corporation, a limited liability corporation, a partnership, a limited partnership,
a trust, an unincorporated association, an unincorporated organization, the government of a country, any political subdivision thereof, or any agency or department of any such government, and the executors, administrators or other legal
representatives of an individual in such capacity. 

  

	20.	“Product” or “Products” means any ClearPoint Product and/or Integrated Product. 

 

	21.	“Project” means the development and Regulatory Approval of the Therapeutic Delivery Field of Use Products as contemplated in section III of this
Agreement. 

  

	22.	“Project Plan” shall have the meaning set out in section III.1. 

 

	23.	“Project Steering Committee” shall have the meaning set out in section III.2. 

 

	24.	“Qualified Financing” means any bona fide, third-party, arms-length negotiated equity financing with net proceeds to the Company of at least
$10,000,000, pursuant to a single transaction or series of related transactions, occurring after the Effective Date in which shares of SurgiVision’s preferred stock are issued in exchange for cash proceeds. 

 

	25.	“Qualified Financing Stock” means shares of a series of SurgiVision’s preferred stock issued in a Qualified Financing after the Effective Date.

  

	26.	“Real Time MRI” means any setting where the patient is physically present in the MRI scanner throughout the entirety of a surgical procedure.

  

	27.	“Regulatory Approval” means any FDA 510(k), CE and equivalent approvals (including supplements, variations, amendments, pre- and post-approvals),
import licenses, registrations or authorizations of Regulatory Authorities necessary for the sale, importation or commercialization of any particular Product in the Territory. 

 

	28.	“Regulatory Authority” means the relevant body or bodies for granting Regulatory Approval in each country in the Territory. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	29.	“Regulatory Filings” means all applications, filings, dossiers and the like (excluding routine adverse event expedited or periodic reporting),
submitted to a Regulatory Authority for the purpose of obtaining Regulatory Approval from that Regulatory Authority. 

  

	30.	“Special Rights” means rights granted to any third party with respect to Products beyond the normal course provision of Products and services
contemplated by this Agreement. 

  

	31.	“SurgiVision Technology” means the technology embodied in or incorporated into the ClearPoint Products. 

 

	32.	“Territory” means the United States of America, the European Union and Canada. The Parties will work together collaboratively and, in good faith, to
expand the Territory as they mutually determine to be appropriate and shall modify this Agreement as necessary as a result thereof and any expansion thereof shall be included in the definition of Territory. 

 

	33.	“Therapeutic Agent” means any substance delivered into the central nervous system. 

 

	34.	“Therapeutic Delivery Field of Use” means stereotactic guidance for the placement and operation of instruments or devices during planning and operation
of neurological procedures for the delivery of Therapeutic Agents to the CNS within the MRI environment and in conjunction with Real Time MRI. For the avoidance of doubt, the Therapeutic Delivery Field of Use is a subset of the MR Guided
Stereotactic Placement Field of Use. 

  

	35.	“Validate” or “Validation” means to validate a Product for compliance with Applicable Law, including in accordance with GMP.

  

	II.	Integration of Brainlab Technology and SurgiVision Technology 

  

	1.	Brainlab shall use Commercially Reasonable Efforts to integrate, at its expense, the SurgiVision Technology with the Brainlab Technology to facilitate an optimal
clinical workflow for a neurological procedure using Integrated Products within the MR Guided Stereotactic Placement Field of Use. SurgiVision shall support Brainlab’s integration efforts by providing information and Documentation regarding the
SurgiVision Technology and other usual and customary cooperation as requested by Brainlab that is necessary for its integration work. 

  

	2.	Each Party shall use Commercially Reasonable Efforts to ensure, during the Term (as defined below), an adequate supply of their respective technologies and services for
research and Commercial Use in the MR Guided Stereotactic Placement Field of Use, and for any related support and maintenance service in the Territory. 

  

	3.	During the Term, not less than every six months, the appropriate representatives of each Party shall meet, in person, at a mutually agreeable time and place to discuss
the effectiveness, economics, safety and other relevant characteristics of the Products, the integration of their respective technologies as contemplated in this section II, and applicable sales and marketing strategies, policies and procedures
(each such meeting, a “Commercial Review”). 

  

	4.	Each Party agrees that during the Term such Party will use Commercially Reasonable Efforts to improve its technologies based upon the results of the Commercial Review
and shall work jointly with the other Party to make such changes and adjustments to their respective technologies and marketing and sales policies and procedures, based upon the results of the Commercial Review, as are technically and commercially
reasonable in an effort to maintain the competitiveness of the integrated technologies in the MR Guided Stereotactic Placement Field of Use. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	5.	The costs of integration of the Brainlab Technology with the SurgiVision Technology, and any improvements of the Brainlab Technology for use in the MR Guided
Stereotactic Placement Field of Use, shall be borne by Brainlab. 

  

	6.	To the extent determined by either Party to be required by Applicable Law or beneficial for marketing of Integrated Products, the Parties shall jointly Validate such
Integrated Product(s) for the MR Guided Stereotactic Placement Field of Use. Under such circumstances, the Parties shall work together collaboratively and in good faith to determine the appropriate process and procedures for such Validation.

  

	III.	Therapeutic Delivery Field of Use Development 

  

	1.	The Parties shall, within 90 days of the Effective Date, work together collaboratively and in good faith to agree on a written project plan for developing Integrated
Products for the Therapeutic Delivery Field of Use (“Project Plan”). Such Project Plan shall include, among other agreed upon items, listings of the various tasks in the Project, reasonable Project milestones, which can be used to
track the progress of the Project, responsible persons and partners for the tasks, and an estimated duration of the Project along with estimated timelines for achievement of the various Project milestones. Such Project Plan may be amended as
provided for in this Agreement. 

  

	2.	A committee of representatives of each Party (the “Project Steering Committee”) shall be responsible for the management of the Project, including
reviewing and approving the Project Plan, reviewing project reports, escalation of issues and general coordination of the Project among the Parties. The Project Steering Committee shall be made up of four (4) members, including two
(2) members designated by SurgiVision and two (2) members designated by Brainlab. SurgiVision’s initial designees to the Project Steering Committee will be [***] and [***]. Brainlab’s initial designees to the Project Steering
Committee will be [***] and [***]. Meetings of the Project Steering Committee shall be held as provided in the Project Plan or as otherwise deemed necessary or appropriate. 

 

	3.	In addition to (or as part of) the Project Plan, the Parties shall work together collaboratively and in good faith to create a sales and marketing plan for Products in
the Therapeutic Delivery Field of Use. The Project Steering Committee shall be responsible for reviewing, approving and administering such plan. 

  

	4.	Neither Party shall enter into any other collaboration or other cooperative arrangement during the Term for the commercial development, sales or marketing of products
for the Therapeutic Delivery Field of Use. 

  

	IV.	Regulatory Approvals, Adverse Reactions; Product Recalls 

  

	1.	Brainlab shall be responsible for obtaining Regulatory Approvals from all applicable Regulatory Authorities for any Brainlab Technology, whether or not integrated with
SurgiVision Technology, and all Integrated Products. SurgiVision shall support Brainlab’s efforts to obtain such Regulatory Approvals by providing information and Documentation regarding the SurgiVision Technology reasonably requested by
Brainlab. 

  
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	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	SurgiVision shall be responsible for obtaining Regulatory Approvals from all applicable Regulatory Authorities for any SurgiVision Technology that is not integrated
with any Brainlab Technology. Brainlab shall support SurgiVision’s efforts to obtain such Regulatory Approvals by providing information and Documentation regarding the Brainlab Technology reasonably requested by SurgiVision.

  

	3.	Brainlab and SurgiVision shall each comply with all applicable regulatory requirements, including the provision of information necessary for each Party to comply with
the requirements of any Regulatory Authority. Brainlab and SurgiVision shall each comply with all applicable health registration and privacy laws, regulations and orders of any Regulatory Authority where marketable Products are sold and with all
other governmental requirements relating to the promotion, marketing and sale of Products in such country to the extent applicable to such Party. Upon request by any properly authorized officer or employee of a Regulatory Authority, the Parties
shall permit such officer or employee, at reasonable times, to have access to and copy and verify any records and reports in the Party’s possession or under the Party’s custody or control relating to the activities of the Parties pursuant
to this Agreement, and shall submit such records or reports (or copies thereof) upon the Regulatory Authority’s request. Upon notification of an impending inspection by a Regulatory Authority at either Party’s premises, the Party receiving
such notification shall notify the other Party immediately. 

  

	4.	Brainlab shall be responsible for reviewing and investigating complaints regarding Brainlab Technology and Integrated Products. SurgiVision shall be responsible for
reviewing and investigation complaints regarding SurgiVision Technology, but not including Integrated Products. SurgiVision and Brainlab will each promptly notify the other Party regarding safety critical complaints and in the event a report is
required to be submitted to a health and safety regulatory agency or body related to the use of the other Party’s product. 

  

	5.	Brainlab and SurgiVision will each promptly notify the other if, to the best of that Party’s belief, a scheduled modification of that Party’s technology (a
“Modified Product”) is likely to affect the intended use, the safety or the effectiveness of the other Party’s technology or of any Integrated Product. Such modifications may include, but are not limited to design changes,
technical changes, modifications of the software or hardware, changes in the product status (i.e. product removed from the market) and changes that affect compliance of the other Party’s technology or any Integrated Product with applicable
health and safety regulations (such as FDA or CE regulations). Such notification shall be made as soon as commercially feasible, but in any event, prior to the manufacture of a Modified Product intended for Commercial Use. 

 

	6.	All communication and exchange of technical data and other information, including any litigation, must be performed in English unless otherwise agreed by both Parties
in writing. 

  

	V.	Intellectual Property 

  

	1.	Brainlab shall maintain such title to, and interest in, all intellectual property and the intellectual property rights therein which it may have and all improvements
and developments authored, invented (as invented is determined under the patent laws of the United States), otherwise made, created or generated by Brainlab related to the Brainlab Technology or otherwise solely developed by Brainlab and the
intellectual property rights therein. Nothing in this Agreement shall be deemed to grant to SurgiVision any right, title or license to any such intellectual property, except for the licenses expressly granted pursuant to this Agreement.

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	SurgiVision shall maintain such title to, and interest in, all intellectual property and the intellectual property rights therein which it may have and all improvements
and developments authored, invented (as invented is determined under the patent laws of the United States), otherwise made, created or generated by SurgiVision related to the SurgiVision Technology or otherwise solely developed by SurgiVision and
the intellectual property rights therein. Nothing in this Agreement shall be deemed to grant to Brainlab any right, title or license to any such intellectual property, except for the licenses expressly granted pursuant to this Agreement.

  

	3.	As among the Parties, all intellectual property which is authored, invented (as invented is determined under the patent laws of the United States), otherwise made,
created or generated by the Parties jointly, shall be owned jointly and equally by such Parties and may be exploited by each of the joint owners, as the case may be, without a duty to account. 

 

	4.	Each of Brainlab and SurgiVision shall promptly provide written notice to the other, of any allegations of which they or their Affiliates become aware that the
activities of either Party undertaken in the performance of this Agreement or otherwise relating to the collaboration established by this Agreement infringes upon any patent or other intellectual property right of any other Person. The Parties shall
thereupon promptly confer and work together collaboratively and in good faith to determine what steps are to be taken in response to such allegations. 

  

	5.	SurgiVision hereby grants to Brainlab a non-exclusive, non-transferable, non-sublicensable license in the Therapeutic Delivery Field of Use to use, during the Term,
such intellectual property owned or controlled by SurgiVision only as may be required for Brainlab to market the Products in the Territory pursuant to the terms of this Agreement or to otherwise perform its obligations under this Agreement.
SurgiVision hereby grants to Brainlab a non-exclusive, non-transferable, non-sublicensable license in the MR Guided Stereotactic Placement Field of Use to use, during the Term, such intellectual property owned or controlled by SurgiVision only as
may be required for the marketing of the Products in the Territory pursuant to the terms of this Agreement. 

  

	VI.	Product Distribution 

  

	1.	Subject to the terms and conditions of this Agreement, SurgiVision hereby appoints Brainlab, and Brainlab hereby accepts appointment, during the Term, as a
non-exclusive distributor of, and an authorized provider of maintenance and support for, Products in the Territory in the MR Guided Stereotactic Placement Field of Use, except for those sites identified in Appendix B (with respect to which
SurgiVision retains all rights). Notwithstanding the non-exclusive nature of this appointment, for any ClearPoint Customer Accounts created through Brainlab’s sales activities (i.e., the customer site purchased the reusable components through
Brainlab), Brainlab shall, during the Term, be the exclusive provider of Products in the MR Guided Stereotactic Placement Field of Use. 

  

	2.	Subject to the terms and conditions of this Agreement, SurgiVision hereby appoints Brainlab, and Brainlab hereby accepts appointment, during the Term, as the exclusive
distributor of, and the authorized provider of maintenance and support for, Products in the Territory in the Therapeutic Delivery Field of Use, except for those sites identified in Appendix B (with respect to which SurgiVision retains all rights).

  

	3.	During the Term, Brainlab agrees to use Commercially Reasonable Efforts to adhere to the agreed-upon Project Plan and to commercialize, market, promote, sell, service
and support Products in the Therapeutic Delivery Field of Use throughout the Territory. SurgiVision may render assistance to Brainlab in optimizing Brainlab’s commercialization activities and user satisfaction in the Therapeutic Delivery Field
of Use. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	4.	In furtherance of its Commercially Reasonable Efforts, during the Term, Brainlab shall not anywhere in the Territory develop, market or sell in the Therapeutic Delivery
Field of Use any product that performs substantially the same function as, or competes with, any of the ClearPoint Products, except for Integrated Products as contemplated under this Agreement. In addition, without the prior written consent of
SurgiVision (which consent may be withheld in its sole discretion), Brainlab shall not enter into or become bound by any agreement that restricts in any manner its ability to commercialize Products in the Therapeutic Delivery Field of Use.

  

	5.	In the event that either Party shall fail or refuses to (a) make its respective technology available in the Territory within mutually agreed upon timeframes or
(b) modify its own technology to meet reasonable specifications set forth by end customers, the other Party may, upon written notice to such Party, terminate the exclusivity provisions related to the Therapeutic Delivery Field of Use.

  

	6.	Subject to SurgiVision’s prior written consent (which consent shall not be unreasonably withheld or delayed), Brainlab may appoint one or more third parties as
subagents or subdistributors (individually and collectively, “Subdistributors”) to act on its behalf, provided that Brainlab shall cause all such Subdistributors to abide by the applicable terms and conditions of this Agreement and
Brainlab shall remain responsible for all of its obligations under this Agreement. 

  

	7.	As soon as reasonably practicable following the Effective Date, the Parties will work together collaboratively and in good faith to agree on standard customer
documentation to be used by Brainlab in connection with any sale of ClearPoint Products. 

  

	8.	All rights and interests not expressly granted to Brainlab under this Agreement are reserved and retained by SurgiVision, and SurgiVision may exploit such rights and
interests in any manner. Without limiting the generality of the foregoing, SurgiVision retains all rights (a) to make improvements and modifications to the ClearPoint Products, (b) to enter into collaborative or cooperative agreements with
other Persons regarding the ClearPoint Products in the MR Guided Stereotactic Placement Field of Use, which agreements Brainlab understands could affect the use of the ClearPoint Products in the MR Guided Stereotactic Placement Field of Use,
(c) to market, promote and sell ClearPoint Products to those sites identified in Appendix B, (d) to market and promote, but not to sell other than collaboratively with Brainlab, ClearPoint Products for use in the Therapeutic Delivery Field
of Use, and (e) to collaboratively with Brainlab, enter into research arrangements in the Therapeutic Delivery Field of Use. 

  

	VII.	Service and Support 

  

	1.	 Brainlab shall be responsible for providing service and support for the Brainlab Technology in all Fields of Use. Brainlab shall be responsible for
providing Level 1 and Level 2 service and support to customers for Products sold by Brainlab in the Therapeutic Delivery Field of Use and for Integrated Products sold by Brainlab in the MR Guided Stereotactic Placement Field of Use. Level 1 support
shall include onsite training, help desk services, reseller interfacing, problem isolation and diagnosis, and Level 2 support shall include loading bug fixes, patches, and minor repair services. To the extent relating to SurgiVision Technology,
SurgiVision shall provide Level 3 support, which shall include backup support services to assist Brainlab in meeting Level 1 and Level 2 support obligations by addressing certain technical support issues that are beyond the scope of Brainlab’s
expertise. Brainlab will pay SurgiVision for Level 3 support services at standard rates as described in Appendix C, provided that such services were not required for 

  
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	  	 	CONFIDENTIAL	  

  

 

	 	
warranty repair as contemplated in section X.3 below. Appendix C may be changed from time to time, as appropriate upon the mutual agreement of Brainlab and SurgiVision. SurgiVision will provide
spare parts and other items for service to Brainlab at a price equal to [***]. Brainlab reserves the right to offer service packages to the end customer at its discretion. 

 

	2.	SurgiVision shall be responsible for providing service and support to customers in the United States for ClearPoint Products sold in the MR Guided Stereotactic
Placement Field of Use; provided, however, that SurgiVision shall be responsible for attending only the initial clinical cases using the ClearPoint Products (to the extent attendance is requested by the customer). For the avoidance of any doubt, the
foregoing obligation does not apply to Integrated Products. To the extent Brainlab has a service package with the end user customer that covers ClearPoint Products (not including Integrated Products), SurgiVision shall be entitled to reasonable
compensation from Brainlab under such arrangement in an amount to be agreed. 

  

	3.	SurgiVision shall provide training on the ClearPoint Products, including joint attendance of SurgiVision and Brainlab personnel in initial clinical cases in the
applicable region, to Brainlab personnel to enable Brainlab personnel to provide service and support to customers outside of the United States. 

  

	VIII. 	Training 

  

	1.	SurgiVision shall provide training on the ClearPoint Products at intervals as reasonably required by Brainlab’s product technical specialists, sales force,
marketing personnel and service and support personnel with each Party paying their own travel expenses. The scope, location, and scheduling of such product training shall be determined by mutual agreement of the Parties. SurgiVision shall provide
Brainlab with sales training manuals and literature for the ClearPoint Products, and shall further provide reasonable quantities of literature, brochures, product specifications and other promotional materials for the ClearPoint Products.
SurgiVision shall have the right to prior review and to approve (or not approve) any copy, layout or other advertising, promotional or other distributed materials, if any, prepared by or on behalf of Brainlab with respect to any ClearPoint Products
or that use any SurgiVision trademarks, service marks or trade names, provided, however, that such approval shall not unreasonably be withheld or delayed. Brainlab shall not use any such material prior to SurgiVision’s approval.

  

	2.	Brainlab shall provide training to customers in the use and operation of the Products it sells. The Parties shall consult on the joint development and funding of
training programs for customers for use of the Products in the Fields of Use. SurgiVision will train Brainlab staff that will provide training to customers. 

 

	IX.	Prices, Payments and Delivery 

  

	1.	During the Term, ClearPoint Products shall be provided by SurgiVision to Brainlab at SurgiVision’s transfer prices defined in Appendix A, that are no less
favorable to Brainlab than those provided to any other distributor of SurgiVision’s ClearPoint products in either of the Fields of Use. In the event SurgiVision makes new versions or major modifications to any of the ClearPoint Products, which
could include, without limitation, release of a new version of a software product, the Parties will work together in good faith to determine whether an increase in the transfer price for such product is appropriate. 

  
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	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	The transfer prices defined in Appendix A are Ex-Works (Incoterms 2000) SurgiVision’s shipping point in the United States. Payment terms for sales of ClearPoint
Products from SurgiVision to Brainlab shall be as follows: net 30 days from the date of SurgiVision’s invoice. SurgiVision will not invoice prior to actual shipment. Brainlab shall ensure that ClearPoint Products shipped are stored and handled
in accordance with the specifications SurgiVision shall from time to time provide. 

  

	3.	All payments between Brainlab and SurgiVision will be in U.S. dollars, unless mutually agreed in writing. 

 

	4.	All Brainlab purchase orders for Products shall include all information reasonably required by SurgiVision. SurgiVision shall promptly notify Brainlab of any purchase
orders (or parts of purchase orders) accepted, rejected or delayed. Delivery schedule shall be promulgated by Brainlab from time to time through routine purchase orders. However, the Parties will work together collaboratively and in good faith to
create a 12-month sales forecast, which forecast Brainlab shall thereafter update on a quarterly basis (i.e., a rolling 12-month forecast) and provide to SurgiVision. 

 

	5.	Title and risk of loss or damage to any ClearPoint Product(s) shall pass from SurgiVision to Brainlab upon shipment from SurgiVision’s shipping point in the United
States. 

  

	6.	In no event shall Brainlab distribute, market, sell or otherwise commercialize any Integrated Product unless and until the Parties have agreed on the prices to be paid
to SurgiVision for the SurgiVision Technology involved in such Integrated Product. The Parties will work together in good faith to establish such prices. 

  

	7.	In addition to any other amounts payable under this Agreement, Brainlab and SurgiVision shall meet and, in good faith, determine a proper allocation of any
consideration to be received by Brainlab or any of its Affiliates in exchange for the granting of any Special Rights. Brainlab agrees to notify SurgiVision prior to entering into any binding obligation that will result in the grant of such Special
Rights, and in no event shall Brainlab or any of its Affiliates enter into any such binding obligation unless the parties have agreed to the allocation as contemplated in this paragraph. 

 

	8.	Notwithstanding any of the foregoing to the contrary, upon any termination of this Agreement, Brainlab shall pay in full any amounts then due to SurgiVision.

  

	X.	Warranties and Liability 

  

	1.	Each Party, to the extent that it is the licensor of any intellectual property hereunder, other than jointly owned intellectual property, hereby represents and warrants
that it is the proper owner or licensee of such intellectual property and that it has the proper authority, without consent of any other party, to so license such intellectual property. Each Party, to the extent that it is the licensor of any
intellectual property hereunder, other than jointly owned intellectual property, hereby represents and warrants that such licensed intellectual property does not, and will not, infringe upon the intellectual property rights of third parties.

  

	2.	Each Party warrants and represents that neither it nor any of its employees, agents or representatives who will be rendering any services under this Agreement have ever
been debarred or convicted or a crime for which a person can be debarred under 21 U.S.C. 335a, nor to the 

  
 10 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	3.	knowledge of such Party, threatened to be debarred or indicted for a crime or otherwise engaged in conduct for which a person can be debarred. Each party agrees to
notify the other immediately in the event of any such debarment, conviction, threat or indictment occurring during the term of this Agreement, or the three (3) year period following the termination or expiration of this Agreement.

  

	4.	SurgiVision agrees to extend to Brainlab and to Brainlab’s customers SurgiVision’s standard product warranty for the ClearPoint Products, as the same may be
modified from time to time. EXCEPT AS PROVIDED IN THE PRECEDING SENTENCE, SURGIVISION MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, IN CONNECTION WITH THE CLEARPOINT PRODUCTS, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF FITNESS FOR A
PARTICULAR PURPOSE AND MERCHANTABILITY. SURGIVISION MAKES NO WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY INTEGRATED PRODUCT. 

  

	5.	Neither Party shall be liable to the other party for any indirect, consequential or special damage or the loss of revenue or profit. 

 

	XI.	Indemnification 

  

	1.	Brainlab shall indemnify, defend and hold SurgiVision, its Affiliates and their respective officers, directors, employees, agents and representatives (collectively the
“SurgiVision Indemnitees”) harmless from and against any and all damage, loss, liability, costs and other expenses (including reasonable attorneys’ fees), actions, suits, claims, proceedings, investigations, audits, demands,
assessments, fines or judgments (collectively “Damages”) resulting from or arising out of or in connection with (a) any misrepresentation or breach of any representation, warranty or covenant in this Agreement by Brainlab, or
(b) any violation or non-compliance with Applicable Law by Brainlab. 

  

	2.	SurgiVision shall indemnify, defend and hold Brainlab, its Affiliates and their respective officers, directors, employees, agents and representatives (collectively the
“Brainlab Indemnitees”), harmless from and against any and all Damages (as defined above) resulting from or arising out of or in connection with (a) any misrepresentation or breach of any representation, warranty or covenant in
this Agreement by SurgiVision, or (b) any violation or non-compliance with Applicable Law by SurgiVision. 

  

	3.	Brainlab will indemnify and hold harmless the SurgiVision Indemnitees, and SurgiVision will indemnify and hold harmless the Brainlab Indemnitees, from any Damages
relating to claims of product liability from the indemnifying Party’s technology, provided that such Damages are not the result of the other Party’s negligent or intentional action or inaction. 

 

	4.	During the Term and for a period of five years thereafter both Parties shall maintain a comprehensive business and product liability insurance in amounts and subject to
conditions generally used in their respective businesses. The Parties shall each provide the other Party with written insurance certificates upon the other Party’s request. 

 

	XII.	Term and Termination. 

  

	1.	Unless terminated in accordance with its terms, the term of this Agreement (the “Term”) will commence on the Effective Date and continue through the
fifth anniversary of the Effective Date. 

  
 11 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	Prior to the expiration of the Term, this Agreement may only be terminated by mutual agreement of the Parties, or as provided in paragraph 3 or 4 below.

  

	3.	Either Party shall have the right to terminate this Agreement in its entirety if: (i) the other Party fails or neglects to perform, keep or observe any term,
provision, condition or covenant contained in this Agreement and the same is not cured or being cured to the non-breaching Party’s reasonable satisfaction within 30 days after the non-breaching Party gives the breaching Party written notice
identifying such default; (ii) an application is made by the other Party for the appointment of a receiver, trustee or custodian for any of the other Party’s assets, a petition under any section or chapter of the federal Bankruptcy Code or
any similar law or regulation is filed by or against the other Party and is not dismissed within 60 days, or the other Party makes an assignment for the benefit of his creditors; or (iii) the other Party files articles of dissolution or
otherwise ceases to conduct its business in the ordinary course. 

  

	4.	In the event that either Party is convicted of a felony by any court of competent jurisdiction, the other Party may terminate this Agreement immediately upon notice
within thirty (30) days following such conviction. 

  

	5.	Except as expressly set out in this Agreement, the licenses for intellectual property granted under this Agreement, and licenses by either Party to the other to use
confidential information or property belonging to it, shall expire upon termination of this Agreement. 

  

	6.	The following provisions of this Agreement shall survive the completion, expiration, termination or cancellation of this Agreement: Sections I, IV (other than
paragraphs 1 and 2), V (other than paragraph 5), IX, XI, XII and XIV. 

  

	XIII. 	Investment in SurgiVision 

  

	1.	On the Effective Date, Brainlab shall make a loan to SurgiVision in the aggregate principal amount of US$2,000,000, which loan shall be evidenced a convertible
promissory note (the “Note”) in the form attached hereto as Appendix D. 

  

	2.	On the Conversion Date, except as otherwise provided in the Note, the principal amount outstanding and all accrued interest then outstanding under the Note shall
automatically convert into that number of Conversion Shares equal to (a) the sum of the outstanding principal amount and accrued interest on the Note on the Conversion Date divided by (b) the price per share paid by investors in the
Qualified Financing for a share of Qualified Financing Stock. 

  

	3.	Brainlab shall be deemed to be the holder of the Conversion Shares as of the Conversion Date. At that time, Brainlab shall cease to have any rights pursuant to the Note
with respect to the principal amount and accrued interest that is converted, but shall have all of the rights granted to it as a holder of the Conversion Shares into which the Note converts. To receive a certificate representing the Conversion
Shares into which the Notes converts, Brainlab shall surrender the Note to SurgiVision. As soon as practicable after the surrender of the Note, SurgiVision shall issue and deliver to Brainlab a certificate for the number of whole shares issuable
upon conversion. Upon conversion of the outstanding principal amount and accrued but unpaid interest on the Note into Conversion Shares as provided herein, the provisions of the Note relating to the obligations of SurgiVision to pay principal and
interest to Brainlab (as set forth therein) shall be null and void and no payment of principal and interest shall be owed or paid by SurgiVision to Brainlab. 

  
 12 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	4.	Brainlab represents and warrants to SurgiVision that: Brainlab is acquiring the Note (and the Conversion Shares) for investment for Brainlab’s own account, not as
nominee or agent, and not with a view to the resale or distribution of any part thereof; Brainlab is an “accredited investor” as defined in Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities
Act”); Brainlab understands that its investment in SurgiVision involves a high degree of risk; Brainlab is experienced in evaluating and investing in securities of companies in a similar stage of development as SurgiVision; Brainlab is able
to fend for itself, it can bear the economic risk of its investment in SurgiVision, and it has the knowledge and experience in financial and business matters to be capable of making an informed decision with respect to its investment in SurgiVision;
and Brainlab has all information and materials relating to SurgiVision’s operations, business and properties that Brainlab deems necessary or appropriate to evaluate its investment in SurgiVision. Brainlab understands that the Note has not
been, and at the time of issuance the Conversion Shares to be acquired on conversion thereof will not be, registered under the Securities Act. Brainlab further understands and agrees that such securities may not be sold, transferred or otherwise
disposed of without registration under the Securities Act or an exemption therefrom. 

  

	XIV. 	Miscellaneous 

  

	1.	The rights and obligations set out in this Agreement are personal to each Party and for this reason, except as expressly set out in this Agreement, this Agreement will
not be assignable by either Party in whole or in part, nor will either Party subcontract any of its obligations hereunder, without the prior written consent of the other Party, which consent shall not be withheld or delayed unreasonably; provided,
however, that the restriction contained herein will in no way limit the rights of either Party to assign this Agreement to any Person that (i) purchases all or substantially all of its assets to which this Agreement relates, (ii) purchases
all or substantially all of the stock of such Party; or (iii) acquires or is combined with such Party in a merger or some other form of business combination. 

 

	2.	This Agreement will be binding upon and will enure to the benefit of the parties hereto and to any permitted assignee or successor of either Party.

  

	3.	Subject to other provisions of this Section XIV, if one Party validly assigns or subcontracts any or all of its obligations hereunder, such assigning or subcontracting
Party agrees to remain bound by all of its responsibilities and obligations hereunder. 

  

	4.	For the avoidance of doubt, nothing with this Agreement shall restrict Brainlab from providing technology compatible with its own frameless, image guided placement
tools, so long as Brainlab complies with its obligations set forth in section VI.4 above. 

  

	5.	Any and all assignments of this Agreement or any interest herein not made in accordance with this Section XIII will be void ab initio. 

 

	6.	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument. 

  

	7.	Each exhibit or appendix hereto is incorporated by reference and made a part of this Agreement. 

 

	8.	This Agreement represents the final understanding of the Parties with respect to its subject matter and supersedes all prior agreements and discussions with respect
thereto. This Agreement shall be governed by Illinois law, without regard to choice of law principles. 

  
 13 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	9.	It is distinctly understood and agreed that the Parties shall at all times be acting as independent contractors hereunder and not as an agent of the other Party. Except
as explicitly set forth herein, nothing herein shall be deemed to constitute either Party as the agent or representative of the other Party, or both Parties as joint venturers or partners for any purpose. Neither Party shall be responsible for the
acts or omissions of the other Party, and neither Party will have authority to speak for, represent or obligate the other Party in any way without prior written authority from the other Party. 

 

	10.	Each Party hereto agrees to execute, acknowledge and deliver such further instruments and do all such further acts as may be necessary or appropriate to carry out the
purposes and intent of this Agreement and that are consistent with the terms hereof. 

  

	11.	No waiver, alteration or modification of any of the provisions hereof shall be binding unless made in writing and signed by the Parties by their respective officers
thereunto duly authorized. 

  

	12.	Any notice or other communication in connection with this Agreement must be in writing and if by mail, by registered mail, return receipt requested, and shall be
effective when delivered to the addressee at the address listed on the signature page hereto or such other address as the addressee shall have specified in a notice actually received by the addressor. 

 

	13.	Except as expressly set out in this Agreement, nothing in this Agreement is intended to or shall confer upon any third party any legal or equitable right, benefit or
remedy of any nature whatsoever. 

  

	14.	The waiver by either Party of a breach or a default of any provision of this Agreement by the other Party shall not be construed as a waiver of any succeeding breach of
the same or any other provision, nor shall any delay or omission on the part of either Party to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any right, power or privilege by such
Party. 

  

	15.	Each Party shall keep the confidential information of the other Party confidential, except that the receiving Party may disclose or permit the disclosure of any
confidential information to its, and its Affiliates’, directors, officers, employees, consultants and advisors who are obligated to maintain the confidential nature of such confidential information and who need to know such information for the
purposes set forth in this Agreement. The receiving Party shall use all confidential information of the other Party solely for the purposes set forth in, or as permitted by, this Agreement. Each Party will immediately cease using the confidential
information of the other Party upon any termination of this Agreement. 

  

	16.	If the performance of this Agreement or any obligations under this Agreement, except the making of required payments, is prevented, restricted or interfered with by
reason of fire, flood, earthquakes, explosion, or other casualty, accident or act of God; strikes or labor disturbances; war, whether declared or not, or other violence; sabotage; any law, order, proclamation, regulation, ordinance, demand or
requirement of any government agency; or any other event beyond the reasonable control of the Parties, the affected Party, upon giving prompt notice to the other Party, will be excused from such performance to the extent of such prevention,
restriction, or interference. However, the affected Party will use its reasonable efforts to avoid or remove such cause of non-performance or to limit the impact of the event on such Party’s performance and will continue performance with the
utmost dispatch whenever such causes are removed. 

  
 14 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

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

			
	SurgiVision, Inc.
		
	By:	 	/s/ Kimble Jenkins
	Name:	 	Kimble Jenkins
	Title:	 	CEO

 Notice Address: 

SurgiVision, Inc. 
 One Commerce Square

 Suite 2550 
 Memphis, TN (USA) 38103

 Attention: Vice President, Business Affairs 
 Fax: +901.522.9400 
  

			
	Brainlab AG
		
	By:	 	/s/ Joseph Doyle
	Name:	 	Joseph Doyle
	Title:	 	CFO

 Notice Address: 

Legal Department 
 Attention: General Counsel

 Kapellenstr. 12, 
 85622 Feldkirchen,
Germany 
 Fax: +49.89.991.568-497 

  
 15 

 APPENDIX A TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 Transfer Price List 
 [***] 

 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 APPENDIX B TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 APPENDIX C TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 Service Price List 
 [***] 

 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 FIRST AMENDMENT TO 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 This First Amendment to Co-Development and Distribution Agreement (this “Amendment”) is entered into between MRI Interventions, Inc. f/k/a SurgiVision, Inc. (“MRI
Interventions”) and Brainlab AG (“Brainlab”), as of July 18, 2011. 
 WHEREAS, MRI Interventions
and Brainlab entered into that certain Co-Development and Distribution Agreement dated as of April 5, 2011 (the “Agreement”); and 
 WHEREAS, MRI Interventions and Brainlab desire to amend the terms of the Agreement as set forth below; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MRI Interventions and Brainlab hereby agree as follows: 

1. Defined Terms. Capitalized terms used in this Amendment without definition shall have the same meanings ascribed to such terms
in the Agreement. 
 2. SurgiVision Name Change. Each reference in the Agreement to “SurgiVision” will mean and
be a reference to “MRI Interventions”. 
 3. Amendment of Section IV. Section IV of the Agreement (Regulatory
Approvals, Adverse Reactions; Product Recalls) is hereby amended by adding the following new paragraph at the end thereof: 
  

	 	“7.	Notwithstanding any provision herein to the contrary, Brainlab hereby covenants that it will be responsible as the first point of contact for technical support with the
customer and/or end-users for ClearPoint Products it sells in the European Union, and Brainlab will provide a line of communication to MRI Interventions and MRI Interventions’ Authorized Representative in Europe (see contact information below)
directly in matters of vigilance and post-market surveillance (early warning) in accordance with the European Commission Guidelines on a Medical Device Vigilance System. Brainlab will further provide this technical support on the usage of ClearPoint
Products to the customers based on information supplied by MRI Interventions. Brainlab reporting should follow the European Commission Guidelines on a Medical Device Vigilance System. 

Contact Details: 
 Authorized Representative in Europe 
 (Regulatory affairs only) 

Emergo Europe 

Molenstraat 15 

2513 BH The Hague 

The Netherlands 

Tel: (31) (0) 70 345-8570 
 Fax: (31) (0) 70 346-7299” 

  
 1 

 4. Ratification and Confirmation. The terms and provisions of the Agreement, as
modified by the terms of this Amendment, are hereby ratified and confirmed in all respects. On and after the date hereof, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of like import referring to the Agreement will mean and be a reference to the Agreement as amended by this Amendment. 

IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as of the date first written above. 

 

			
	 MRI Interventions, Inc.

		
	 By:
	 	 /s/ Oscar Thomas

			
	 Name:
	 	 Oscar L. Thomas

			
	 Title:
	 	 Vice President, Business Affairs

			
	
	 Brainlab AG

			
		
	 By:
	 	 /s/ Joseph Doyle

			
	 Name:
	 	 Joseph Doyle

			
	 Title:
	 	 CFO

  
 2EX-10.20

 Exhibit 10.20 
 MASTER SERVICES AND LICENSING AGREEMENT 
 BETWEEN 

CEDARA SOFTWARE CORP., an Ontario corporation, 
 (hereinafter referred to as “Cedara”) 
 and 

SURGI-VlSION, INC., a Delaware corporation, 
 (hereinafter referred to as “Surgi-Vision”) 

 RECITALS 
 WHEREAS, Cedara develops and distributes software applications for use in diagnostic imaging; 
 AND WHEREAS, Surgi-Vision has developed a set of products and technologies that enable various MRI-guided procedures and therapeutic interventions (the “Surgi-Vision Technology”);

 AND WHEREAS, Surgi-Vision and Cedara wish to establish a legal relationship under which Cedara will develop software to
support the Surgi-Vision technology; 
 NOW, THEREFORE, in consideration of the mutual covenants set forth
herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto have decided to enter into this Master Services and Licensing agreement (this “Agreement”), dated and
effective from the 20th day of July, 2007 (the “Effective Date”), under the terms and conditions set forth below; 
  

	1.	 STANDARD DEFINITIONS 

  

	1.1	 Definitions 

  

	 	(a)	 “Agreement” means this Agreement, including the Schedules to this Agreement, and any Statements of Work made hereunder, as it or
they may be amended or supplemented from time to time, and the expressions “hereof”, “herein”, “hereto”, “hereunder”, “hereby” and similar expressions refer to this Agreement and to any particular
Section or other portion of this Agreement. 

  

	 	(b)	 “Business Day” means Monday to Friday except any statutory holiday observed in the Province of Ontario and “Business
Hour” means each hour from 9:00 am to 5:00 pm E.S.T. during a Business Day. 

  

	 	(c)	 “Cedara Software” means software, in object code form, used to develop the Solution that is owned by or in possession of Cedara
prior to the Effective Date or developed or acquired by Cedara during the Term independent of this Agreement or that is developed pursuant to this Agreement and determined to be owned by Cedara in accordance with Section 5.2.

  

	 	(d)	 “Change Request” means a written request for changes to any Custom Engineering Services. 

 

	 	(e)	 “Confidential Information” has the meaning attributed to it in Section 11.1. 

 

	 	(f)	 “Custom Engineering Services” means the custom engineering services offered by Cedara to Surgi-Vision in accordance with
Section 2. 

  

	 	(g)	 “Documentation” means the documentation which facilitates the use of the Cedara Software and that is provided to Surgi-Vision under
the terms of this Agreement. 

  

	 	(h)	 “Effective Date” has the meaning attributed to it in the Recitals. 

 

	 	(i)	 “End User” means any person or organization that is granted rights to a Solution for use in processing its own data in the normal
course of its business activities. 

  
 -2-

	 	(j)	 “Engineering Team” means the team of custom engineering resources assigned by Cedara to Surgi-Vision in accordance with the terms
of this Agreement. 

  

	 	(k)	 “Initial Term” has the meaning attributed to it in Section 6.1. 

 

	 	(l)	 “Off-shore Engineer” means an engineer located outside North America. 

 

	 	(m)	 “On-shore Engineer” means an engineer located in North America. 

 

	 	(n)	 “Parties” means Cedara and Surgi-Vision and “Party” means either of them. 

 

	 	(o)	 “Professional Services” means the professional support services offered by Cedara to Surgi-Vision in accordance with Schedule B.

  

	 	(p)	 “Project(s)” means the specific Custom Engineering Services projects undertaken by Cedara at Surgi-Vision’s request from time
to time. 

  

	 	(q)	 “Renewal Term” has the meaning attributed to it in Section 6.1. 

 

	 	(r)	 “Solution” means a customized viewer software solution, Incorporating the Cedara Software, which supports the Surgi-Vision
Technology. 

  

	 	(s)	 “Statement of Work” or “SOW” means any work order made between the Parties which references and incorporates the
terms of this Agreement, and sets out the details of a particular Project including, without limitation, any applicable (i) Solution requirements; (ii) methodologies; (iii) project responsibilities; (iii) delivery milestones;
(iv) support; and (v) costs. 

  

	 	(t)	 “Surgi-Vision Technology” has the meaning attributed to it in the Recitals. 

 

	 	(u)	 “Term” means the period specified in Section 6 of this Agreement. 

 

	2.	 BUSINESS TERMS 

  

	2.1	 Custom Engineering Services 

  

	 	2.1.1	 General 

 Surgi-Vision shall engage Cedara in various Custom Engineering Services Projects throughout the Term. Each Project shall be defined by a Statement of Work signed by both Parties and numbered sequentially.
Statement of Work No.1, covering the initial Project of defining the functional requirements for development of the Solution, is attached hereto as Schedule A. The development of such Solution shall be based on the results of Statement of Work No.1
and shall be covered under a separate SOW. 
  

	 	2.1.2	 Engineering Team 

 The Engineering Team shall consist of a combination of On-shore Engineers and Off-shore Engineers. The composition of On-shore Engineers and Off-shore Engineers for any particular Project shall be
specified in the applicable SOW. 

  
 -3-

	 	2.1.3	 Project Management 

 For each Project, each Party shall assign a project manager who shall be responsible for their respective Party’s deliverables as defined by the Statement of Work. It is acknowledged and agreed that
Cedara’s ability to meet Project milestone dates and deliverable requirements may, in whole or in part, be dependant upon Surgi-Vision’s timely response to Cedara’s reasonable requests for co-operation made from time to time.

  

	 	2.1.4	 Change Requests 

  

	 	(a)	 Proposed changes to any Custom Engineering Services may be initiated by Surgi-Vision by giving a Change Request to Cedara. Once a change is
initiated by Surgi-Vision, Cedara shall add a description of the following to the applicable Change Request: (i) the proposed changes to the Solution; (ii) any associated changes to the fees or estimated fees, and any changes to the dates
set out in the applicable SOW; and (iii) any other applicable terms and conditions. Surgi-Vision acknowledges that time required by Cedara to respond to Change Requests may cause delays in achieving milestones. 

 

	 	(b)	 Cedara may initiate a change to any Custom Engineering Services by giving Surgi-Vision a Change Request that includes a description of: (i) the
proposed changes to the Custom Engineering Services; (ii) any associated changes to the fees or estimated fees, and any changes to the dates set out in the applicable SOW; and (iii) any other applicable terms and conditions.

  

	 	(c)	 Once any Change Request is signed by both Parties, it becomes a “Change Order”. The changes set out in any Change Order shall
constitute amendments to this Agreement and any applicable SOWs. Subject to subsection (d) below, if any Change Request is not signed by both Parties within 10 days of its submission by either Party, it is deemed to be withdrawn. Subject to the
provisions of this Agreement, the Parties shall continue to be bound by the terms and conditions of any SOW made hereunder without regard to the provisions of any Change Request until such time as a Change Order is executed by both Parties.

  

	 	(d)	 If a Change Request is delivered by Cedara and indicates that the change(s) are related to unforeseeable deficiencies in the original
specifications, or errors on the part of the Surgi-Vision, and the Change Request is rejected by Surgi-Vision, Cedara may, in its sole discretion, either: 

 

	 	(i)	 immediately terminate the applicable SOW; or 

  

	 	(ii)	 complete the delivery of the SOW, provided that Surgi-Vision shall be deemed to have waived its rights to all warranties and support otherwise
applicable to any part of the Custom Engineering Services directly affected by the specified changes. 

  

	 	2.1.5	 Ongoing Management 

 All disputes which may arise with respect to any matter related to any Custom Engineering Services shall, to the extent possible, be resolved by the project managers for each Party, as soon as practicable
and in any event within 10 Business Days of when it arises. If the project managers fail to resolve the dispute within 10 Business Days of when it arises, then their respective supervisors or other senior executives designated by the Parties shall
work to resolve 

  
 -4-

 
the dispute, as soon as practicable and in any event within 10 Business Days of when it was referred to them. Each Party shall ensure that its representative for such discussions has the
necessary authority to resolve any dispute on behalf of that Party. 
  

	 	2.1.6	 Fees and Payment 

 Surgi-Vision shall pay Cedara for Custom Engineering Services according to an [***]. Surgi-Vision shall also reimburse Cedara for all pre-approved travel and living expenses incurred by Cedara that are
necessary to enable Cedara to perform the Custom Engineering Services. Unless otherwise specified in the applicable SOW, Cedara shall invoice Surgi-Vision on a monthly basis for Custom Engineering Services. 

 

	 	2.1.7	 [***] 

  

	2.2	 Licensing Terms and Conditions 

  

	 	2.2.1	 License Terms 

 Cedara grants to Surgi-Vision a non-exclusive, worldwide license during the Term to use, make copies of, distribute, market and sell licenses to the Cedara Software to End Users for use as an integrated
component of the Solution and under Surgi-Vision’s trademarks and service marks, and to use the Documentation in support of the foregoing grant of rights. 
  

	 	2.2.2	 Restrictions With Respect to Cedara Software 

The rights to the Cedara Software granted by Cedara to Surgi-Vision herein are subject to the following restrictions:

  

	 	(a)	 Surgi-Vision shall not modify, adapt, alter, translate, copy or otherwise use the Cedara Software or Documentation except as expressly permitted in
this Agreement; 

  

	 	(b)	 Surgi-Vision shall not attempt to reverse engineer, decompile, disassemble or otherwise render the Cedara Software into human readable form in order
to gain access to the source code in any way, or to produce any work derived from the Cedara Software; 

  

	 	(c)	 the Solution may only be distributed subject to the terms and conditions of an End User agreement as specified in Section 2.1.3, and, except as
otherwise expressly permitted in this Agreement, Surgi-Vision shall not transfer the rights granted to it under this Agreement; 

  

	 	(d)	 Surgi-Vision shall take all necessary measures to ensure that persons under its direction and control abide by the terms and conditions of this
Agreement; 

  

	 	(e)	 Surgi-Vision shall only represent the performance of the Cedara Software as stated in the most current Documentation provided to Surgi-Vision by
Cedara from time to time; and 

 [***] Indicates portions of this exhibit that have been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

  
 -5-

	 	(f)	 Surgi-vision shall obtain any governmental approvals required to discharge Surgi-Vision’s obligations in this Agreement. In addition,
Surgi-Vision shall obtain any required qualifications as soon as practicable under the applicable governmental requirements. Cedara agrees to use reasonable efforts to assist Surgi-Vision in obtaining such approvals or qualification and to institute
such design changes as may be required for such qualification. 

  

	 	2.2.3	 End User Agreements 

 Surgi-Vision shall enter into an agreement with each End User, and shall include provisions in such agreement that are at a minimum as protective to Cedara as the following: 

 

	 	(a)	 each license to the Solution shall be valid only for a single workstation identified by a serial number. The license may be transferred to another
identified workstation upon prior written consent of Cedara; 

  

	 	(b)	 End Users may use the Cedara Software only as integrated component of the Solution and strictly for their own internal business purposes, and may
not sell, rent, lease, license, time share or otherwise transfer or provide access to the Cedara Software to any third parties; 

  

	 	(c)	 End Users, may not reproduce, modify, adapt, alter, translate, reverse engineer, decompile, disassemble or otherwise render the Cedara Software into
human readable form in order to gain access to the Cedara Software source code in any way, or to produce any work derived from the Cedara Software or translate or create other versions of the Cedara Software; 

 

	 	(d)	 End Users shall not modify or remove any copyright or other proprietary rights notices in or on the Cedara Software or Documentation; and

  

	 	(e)	 Cedara shall have no liability to the End User for any express or implied warranties or any indirect, incidental, special or consequential damages.

 Surgi-Vision’s failure to enforce the terms of the End User agreement shall constitute
a breach of this Agreement 
  

	 	2.2.4	 License Fees and Minimum Commitment 

Surgi-Vision shall pay to Cedara a run-time license fee of [***] for each Solution distributed by Surgi-Vision, provided
that the [***] shall be at no charge. Surgi-Vision agrees to purchase a minimum of [***] licenses during the second year of this Agreement (in addition to the [***] granted at no charge) and [***] during each of the last 3 years of the initial Term
for an annual commitment during the second year of $175,000 and an annual commitment during each of the last 3 years of $525,000 (each, an “Annual Minimum Commitment”). Within 30 days following the end of each of the last 4 years of
the initial Term, Cedara will invoice Surgi-Vision for the difference, if any, between the actual license fees paid and the Annual Minimum Commitment for that year. 
  

	2.3	 Professional Services 

Surgi-Vision may purchase Professional Services for the fees set forth in Schedule B. 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 

  
 -6-

	2.4	 Training 

 Cedara shall provide technical and applications training to Surgi-Vision which may require Surgi-Vision to send one or more persons to Toronto, Canada. All training programs offered by Cedara are designed
as “train-the-trainer” courses and are intended for deployment and application specialists as well as the first-line support staff. 
 Surgi-Vision shall submit training requests to Cedara through the CustServ@cedara.com email address. 
 The fees for training are set out in Schedule B. 
  

	3.	 PAYMENT TERMS 

  

	3.1	 Taxes 

 Fees do not include applicable taxes or import duties. Surgi-Vision shall pay such taxes or duties either directly or when invoiced by Cedara, or shall supply appropriate tax exemption certificates in a
form satisfactory to Cedara. 
  

	3.2	 Payment 

 Unless otherwise indicated, Cedara invoices shall be due and payable to Cedara within 15 days of receipt of invoice by Surgi-Vision. Any undisputed payment not paid within such 15-day period shall bear
interest from the date payment is due until paid at the lesser of either a monthly compounded interest rate of 1.5% (19.56% per annum) or the highest interest rate allowed at law. If a dispute over an invoice is not resolved within 30 days of
receipt of such invoice by Surgi-Vision, Cedara may suspend all services and licensing rights provided for under this Agreement until such dispute is resolved to the mutual satisfaction of the Parties. Surgi-vision agrees to reimburse Cedara for all
reasonable costs and expenses incurred by Cedara in enforcing payment. 
 Payments are to be made by wire
transfer or electronic payment through the Automated Clearing House (ACH) to Cedara according to the terms specified herein, using all of the following banking information exactly as shown: 

First Deposit to: 

[***] 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

  
 -7-

 [***] 

Alternatively, payment can be made by Cheque payable to Cedara Software Corp. 

 

			
	 Cheques shall be mailed or couriered to:
	  	 Cedara Software Corp.

		  	 6509 Airport Road, Mississauga,

		  	 Ontario, L4V 1S7, Canada

		  	 Attention: Finance Department

  

	3.3	 Currency 

 All monetary amounts in this Agreement shall be in US dollars, unless expressly stated to the contrary. 
  

	4.	 RECORDS AND AUDIT 

 Surgi-Vision shall maintain written records (“Records”) of all copies made by Surgi-Vision of the Cedara Software, or any portions thereof, and of all sublicenses of the Cedara Software
and on written notice by Cedara, Surgi-Vision shall provide a copy of the Records to Cedara for inspection. 

Cedara shall have the right to direct a qualified agent to audit Surgi-Vision’s compliance with the terms of this
Agreement. The audit shall occur during normal business hours and at Cedara’s expanse, unless the audit reveals that Surgi-Vision is not in material compliance with this Agreement, in which case Surgi-Vision shall pay all expenses associated
with the audit and shall immediately pay to Cedara the fees for any unauthorized copies of the Cedara Software based on Cedara’s product transfer price list from the later of the date of the last audit or the Effective Date of this Agreement.

  

	5.	 PROPRIETARY RIGHTS 

  

	5.1	 Cedara Software 

 The Cedara Software owned by or in possession of Cedara prior to the Effective Date or developed or acquired independent of this Agreement during the Term, and any enhancements or modifications thereto or
derivatives thereof, shall be owned exclusively by Cedara or its suppliers, as applicable, and except as expressly provided for in this Agreement, all rights, title and interest therein are reserved by Cedara or its suppliers, as indicated by
Cedara. 
  

	5.2	 Software Development 

 Cedara acknowledges and agrees that any and all work product and intellectual property developed or created by Cedara at the direction of Surgi-Vision and accepted by Cedara or otherwise using
Surgi-Vision’s Confidential Information or intellectual property, that is developed specifically for Surgi-Vision and has unique application to the Surgi-Vision Technology (“Surgi-Vision Work Product”), is the sole and exclusive
property of Surgi-Vision and are “works made for hire” within the meaning of the United States Copyright Act of 1976, 17 U.S.C. $101 et seq. To the extent any Surgi-Vision Work Product does not constitute a “work made for
hire” under the United States Copyright Act, Cedara hereby irrevocably assigns, transfers and sets over absolutely to Surgi-Vision, and shall cause each of its employees to assign to Surgi-Vision, all right, title and interest (whether now in
existence or hereafter arising) in and to any Surgi-Vision 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

  
 -8-

 
Work Product and any intellectual property related thereto. For greater certainty, the Surgi-Vision Work Product shall not include any components of the Cedara Software. 

 

	6.	 TERM AND TERMINATION 

  

	6.1	 Term of the Agreement 

 The initial term of this Agreement is for 5 years commencing on the Effective Date (the “Initial Term”). Thereafter, this Agreement shall automatically renew for up to 3 successive
periods of 12 months (each, a “Renewal Term”), unless Surgi-Vision gives written notice to Cedara of its intention not renew a minimum of 30 days prior to the expiry of the Initial Term or the then current Renewal Term, as
applicable, provided that Cedara may amend the Custom Engineering Services fees and/or Professional Services fees during any Renewal Term with a minimum of 30 days prior written notice to Surgi-Vision. The Initial Term and any Renewal Terms shall
collectively comprise the “Term. 
  

	6.2	 Termination 

  

	 	6.2.1    	 Termination for Cause 

 Notwithstanding the foregoing provisions of Section 6.1, this Agreement and any SOW made hereunder may be terminated immediately by either Party if: 

 

	 	(a)	 the other Party ceases to carry on business in the normal course, becomes or is declared insolvent or bankrupt, is subject to any proceeding
relating to its liquidation, insolvency or for the appointment of a receiver or similar officer for it, makes a general assignment for the benefit of all or substantially all of its creditors, or enters into an agreement for the composition,
extension or readjustment of all or substantially all of its obligations; or 

  

	 	(b)	 the other Party breaches any material obligation under this Agreement and such breach has continued uncured for a period of 20 days after receiving
written notice of the breach. 

  

	 	6.2.2    	 Procedure on Termination 

 Upon expiration or termination of this Agreement for any reason: 
  

	 	(a)	 Surgi-Vision shall promptly cease representing, quoting, selling, sublicensing or otherwise using the Cedara Software (including as part of the
Solutions); 

  

	 	(b)	 Surgi-Vision shall promptly return to Cedara all copies of the Cedara Software. Documentation or data originally provided by Cedara and which are
the property of Cedara; 

  

	 	(c)	 Surgi-Vision shall pay all outstanding invoices or amounts owing to Cedara which shall become immediately due and payable on notice of termination:
and 

  

	 	(d)	 Cedara shall deliver any specifications, designs, technical materials and other instructions developed or provided by Surgi-Vision to Cedara, which
the parties acknowledge and agree are exclusively owned by Surgi-Vision. 

  
 -9-

 Termination and the foregoing remedies shall be in addition to, and not in
lieu of, any other remedies that either Party may have at law or in equity and shall not relieve either Party of liability for any breach of contract occurring prior to the effective date of termination. 

 

	 	6.2.3	     Non- Termination of End User Licenses 

Notwithstanding the termination or expiry of this Agreement, all End User licenses granted by Surgi-Vision prior to such
termination or expiry shall continue to be in full force and effect, subject to their terms. 
  

	7.	 BRANDING 

 Surgi-Vision shall market the Solutions using its own trademarks, logos, symbols, designs and other designations or brands. Notwithstanding the foregoing, Surgi-Vision shall not alter, remove or obscure
any Cedara copyright, trade-mark or other proprietary rights notices which are incorporated in or on the Cedara Software or Documentation. 
  

	8.	 INDEMNITIES 

  

	8.1	 Intellectual Property Rights Indemnities 

Cedara shall defend, indemnity and hold harmless Surgi-Vision, and its directors, officers, employees, contractors, agents
and suppliers, from any claims, losses, damages, penalties, judgments and liabilities, including all reasonable related costs and expenses, arising in connection with any action or claim that the Cedara Software infringes any Canadian or United
States patent or any other intellectual property and/or proprietary right of a third party, provided that (i) Surgi-Vision cooperates with Cedara’s reasonable requests for assistance in the defence; and (ii) Cedara controls the
defence, negotiation and settlement of any such claim; provided, that Cedara shall not settle or compromise any claim that would adversely affect the rights of Surgi-Vision without the prior written consent of Surgi-Vision, such consent not to be
unreasonably withheld. 
  

	8.2	 Surgi-Vision Remedies 

 In addition to any and all remedies provided under Section 8.1 above, it Surgi-Vision cannot use the Cedara Software because a court of final appeal has held that its use constitutes an infringement
of a third party’s intellectual property rights, Cedara shall, in its sole discretion and as Surgi-Vision’s sole recourse, provide Surgi-Vision with one of the following remedies: 

 

	 	(a)	 without impairing Cedara Software functionality or performance in any material adverse way, (i) modify the infringing portion of the Cedara
Software so that it is non-infringing or (ii) replace the Cedara Software with equally suitable, non -infringing components; or 

  

	 	(b)	 procure for Surgi-Vision the right to continue to use the infringing Cedara Software. 

 

	8.3	 Exclusion 

 Cedara shall have no liability to Surgi-Vision with respect to any claim of intellectual property rights infringement caused by (i) Surgi-Vision’s modifications to the Cedara Software or
combination of the Cedara Software with non-Cedara products; (ii) Surgi-Vision’s continued use of the infringing Cedara Software after having been notified of the alleged infringement;
(iii) Surgi-

  
 -10-

 
Vision’s failure to use modifications to the Cedara Software supplied by Cedara that would have avoided the infringement; or (iv) modifications made to the Cedara Software by any person
or entity other than Cedara or by Cedara at the Surgi-Vision’s directions or specifications. 
  

	8.4	   Distribution of Solutions 

Surgi-Vision agrees to defend, indemnify and hold harmless Cedara and its affiliates, and each of their respective
directors, officers, employees, contractors, agents and suppliers, from any claims, liabilities or damages, and related costs and expenses, arising out of or related to Surgi-Vision’s use or distribution of the Cedara Software that is in breach
of the terms and conditions of this Agreement or any claim that the Surgi-Vision Technology infringes any Canadian or United States patent or any other intellectual property and/or proprietary right of a third party, provided that (i) Cedara
cooperates with Surg-Vision’s reasonable requests for assistance in the defence; and (ii) Surgi-Vision controls the defence, negotiation and settlement of any such claim; provided, that Surgi-Vision shall not settle or compromise any claim
that would adversely affect the rights of Cedara without the prior written consent of Cedara. such consent not to be unreasonably withheld. 
  

	8.5	   Notice 

 Each Party shall promptly provide the other with written notice of any claim or information that might lead to a claim for indemnity under this Section 8. Failure by the Party seeking indemnity to
notify the indemnifying Party of such claim or information, which results in the indemnifying Party being materially prejudiced, shall relieve the Indemnifying Party of its liability under this indemnity provision. 

 

	9.	   NON- SOLICITATION 

 Until this Agreement is terminated, and for a period of 1 year following, neither Party shall hire, employ, retain or solicit any person who is an employee, officer, director of full-time independent
contractor of the other Party and who, but for this Agreement, would otherwise be unknown to that Party. The Parties acknowledge that in view of the recruitment difficulties, costs of training staff in the computer industry and the highly sensitive
nature of Intellectual property rights of both Parties, this restriction is reasonable. 
  

	10.	   LEGAL RISK MANAGEMENT 

  

	10.1	   Advisory Device 

 IN CIRCUMSTANCES WHERE THE CEDARA SOFTWARE SHIPPED TO SURGI-VISION HAS NOT BEEN MADE COMMERCIALLY GENERALLY AVAILABLE (“PRE-GMA”) (FOR EXAMPLE, EVALUATION SOFTWARE PRODUCTS), SURGl-VISION
ACKNOWLEDGES AND AGREES THAT SUCH PRE-GMA CEDARA SOFTWARE HAS NOT BEEN TESTED OR APPROVED FOR COMMERCIAL OR OPERATIONAL RELEASE OTHER THAN FOR CLINICAL EVALUATION (WHERE APPLICABLE) IN A CONTROLLED ENVIRONMENT AND THAT IT IS TO BE USED FOR
EVALUATION PURPOSES ONLY WITH THE HIGHEST POSSIBLE STANDARD OF CARE. 
 SURGI-VISION ACKNOWLEDGES THAT THE
CEDARA SOFTWARE AND THE SOLUTION ARE ADVISORY DEVICES AND NOT DESIGNED TO SUBSTITUTE FOR THE PRIMARY DEFENCES AGAINST DEATH OR INJURY DURING SURGICAL, MEDICAL LIFE SUPPORT OR OTHER POTENTIALLY HAZARDOUS APPLICATIONS WHICH SHALL CONTINUE TO BE

  
 -11-

 
THE SKILL, KNOWLEDGE AND EXPERIENCE OF THE USERS OF THE CEDARA SOFTWARE AND SOLUTION. 
  

	10.2	   Notice to End-Users 

SURGI-VISION AGREES THAT IT SHALL NOT USE, MARKET, DISTRIBUTE OR RESELL THE CEDARA SOFTWARE OR SOLUTION AS A SUBSTITUTE
FOR THE DEFENCES IDENTIFIED ABOVE IN THIS SECTION 10 OR WITH UNAPPROVED DICOM CONNECTIONS. SURGI-VISION SHALL PROVIDE END USERS WITH A PROMINENT NOTICE, IN THEIR LOCAL LANGUAGE, TO THAT EFFECT. 

 

	10.3	   Legal Risk Management 

EACH OF THE PARTIES AGREES THAT THE LIMITATIONS OF LIABILITY SET OUT IN THIS SECTION ARE FAIR AND REASONABLE IN THE
COMMERCIAL CIRCUMSTANCES OF THIS AGREEMENT AND THAT IT WOULD NOT HAVE ENTERED INTO THIS AGREEMENT BUT FOR THE OTHER PARTY’S AGREEMENT TO LIMIT ITS LIABILITY IN THE MANNER, AND TO THE EXTENT, PROVIDED FOR HEREIN. SAVE AND EXCEPT FOR CLAIMS
ARISING FROM BREACH OF RESTRICTIONS ON USE AND DISTRIBUTION OF THE CEDARA SOFTWARE, BREACH OF THE PAYMENT OBLIGATIONS, BREACH OF THE CONFIDENTIALITY OBLIGATIONS OR CLAIMS FOR WHICH AN INDEMNITY HAS BEEN PROVIDED UNDER THIS AGREEMENT, GROSS
NEGLIGENCE, FRAUD, OR WILLFUL OR INTENTIONAL MISCONDUCT, THE PARTIES AGREE THAT EACH OF THE PARTIES’ AND THEIR RESPECTIVE SUPPLIERS’ LIABILITY TO THE OTHER FOR ANY AND ALL DIRECT, COMPENSATORY LOSS OR DAMAGES, UNDER ANY THEORY OF LAW OR
EQUITY, WHETHER FOR BREACH OF CONTRACT, TORT OR OTHERWISE, ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE INTENDED FULFILLMENT OF ANY OF ITS OBLIGATIONS UNDER THIS AGREEMENT, SHALL BE STRICTLY LIMITED IN THE AGGREGATE TO $1,000,000.
IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OR INJURIES TO EARNINGS, PROFITS OR GOODWILL, OR FOR ANY INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY PERSON OR ENTITY WHETHER ARISING IN CONTRACT, TORT OR
OTHERWISE, EVEN IF EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS SECTION SHALL APPLY EVEN IN THE EVENT OF A BREACH OF CONDITION, A BREACH OF AN ESSENTIAL OR FUNDAMENTAL TERM. OR AN ESSENTIAL OR FUNDAMENTAL BREACH OF THIS
AGREEMENT. 
  

	10.4	   Exclusion 

 THE OBLIGATIONS OF CEDARA EXPRESSLY STATED IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER WARRANTIES OR CONDITIONS EXPRESS OR IMPLIED. WITHOUT LIMITATION, TO THE FULLEST EXTENT ALLOWABLE BY LAW, THIS
EXCLUSION OF ALL OTHER WARRANTIES AND CONDITIONS EXTENDS TO IMPLIED WARRANTIES OR CONDITIONS OF SATISFACTORY QUALITY, MERCHANTABLE QUALITY AND FITNESS FOR A PARTICULAR PURPOSE, AND THOSE ARISING BY STATUTE OR OTHERWISE IN LAW, OR FROM A COURSE OF
DEALING OR USAGE OF TRADE. CEDARA MAKES NO GUARANTEES REGARDING NON-INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS OR THAT USE OF THE CEDARA SOFTWARE WILL BE UNINTERRUPTED OR ERROR FREE. 

  
 -12-

	11.	   CONFIDENTIALITY 

  

	11.1	   Definition 

 In this Section. “Confidential Information” means all information that the disclosing Party designates as confidential or which ought to be considered as confidential from its nature or
from the circumstances surrounding its disclosure, including without limitation all regulatory, commercial, financial, administrative and technological information of either Party and any information concerning this Agreement, but does not Include
information which: 
  

	 	  (a)	 is known to the receiving Party before receipt from the other Party, as substantiated by cogent and reliable evidence; 

 

	 	  (b)	 is disclosed to the receiving Party in good faith by a third party who had a right to make such disclosure; 

 

	 	  (c)	 is made public by the originating Party, or is established to be a part of the public domain otherwise than as a consequence of a breach by the
receiving Party of Its obligations hereunder; or 

  

	 	  (d)	 can be substantiated, based on cogent and reliable evidence, to have been independently developed by the receiving Party.

  

	11.2	   Limited Use 

 All Confidential Information of each Party shall be used by the other Party strictly and only for the purposes in this Agreement. 

 

	11.3	   Reasonable Care 

 Each Party shall hold all Confidential Information of the other Party in confidence strictly for. and on behalf of the other Party and treat the Confidential Information of the other Party as it does its
own valuable and sensitive information of a similar nature and, in any event, with not less than a reasonable degree of care. 
  

	11.4	   Obligations of the Parties 

Each Party shall have an obligation to prevent the other Party’s Confidential Information in its possession or
control from being misappropriated, or wrongfully communicated by any employee, consultant or other person under the obliged Party’s control. If the receiving Party is required by a court or government authority to disclose Confidential
Information, the receiving Party shall provide the disclosing Party with prompt notice, including the circumstances of such requirement, so that the disclosing Party may seek an appropriate protective order, and shall reasonably cooperate with the
disclosing Party in an action by the disclosing Party to obtain an appropriate protective order. Upon termination of this Agreement, the Parties shall promptly return or destroy the other Party’s Confidential Information. 

  
 -13-

	12.	   GENERAL 

  

	12.1	   Governing Law 

 The construction, validity and performance of this Agreement shall be governed by the laws of the State of New York without reference to conflict of laws principles. 

 

	12.2	   Sale of Goods Act 

This Agreement shall not be governed by either the provisions of the International Sale of Goods Act or the United
Nation’s Convention for Contracts on the International Sale of Goods, regardless of that Convention’s legal or statutory adoption by any jurisdiction. 
  

	12.3	   Assignment 

 Neither party may assign or otherwise transfer rights or obligations under this Agreement whether in whole or in part, except with the prior written consent of the other party. Notwithstanding the
foregoing, either party may assign this Agreement in its entirety in the event of a merger, change of control, corporate reorganization, or a sale of all or substantially all of the assets of such party. 

 

	12.4	   Notices 

 Any notices provided for under this Agreement shall be deemed received when delivered in person, on the first Business Day following electronic transmission by facsimile or five (5) days after being
mailed by registered mail or reputable courier service: 
 To Cedara: 

Cedara Software Corp. 
 6509 Airport Road 
 Mississauga. Ontario 

L4V 1S7 CANADA 
 Fax: (905) 671-7955 
 Attention: VP Sales 

To Surgi-Vision: 
 Surgi-Vision, Inc. 
 1101 East 33rd Street, Suite B307 

Baltimore, Maryland 
 21218l USA 
 Fax; (901) 579-4979 

Attention: Kimble L. Jenkins 
  

	12.5	   Public Notices 

 The Parties agree to issue a press release publicizing this Agreement subject to mutual agreement, to be evidenced in writing, on appropriate content and timing of said release. Subject to the foregoing,
neither Party will use the other Party’s name in any publicity, publication, 

  
 -14-

 
announcement, marketing or press release or otherwise make use of its association with the other Party or this Agreement, without the other Party’s written consent. 

 

	12.6	   Case Study 

 Upon Surgi-Vision’s prior written consent in each Instance, Cedara may devise a case-study of any Custom Engineering Services Projects, and may use such case-study for marketing of its engineering
services to third parties. 
  

	12.7	   Entire Agreement 

This Agreement, including the Schedules listed below and any Statements of Work made hereunder, constitutes the entire
agreement between the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings, collateral, oral, or otherwise. No modification of this Agreement shall be binding upon the Parties to this Agreement
unless in writing and executed by an authorized signing officer for each of the Parties. 
 In the event of
conflict or inconsistency between the provisions of this Agreement and any of the Schedules or Statements of Work made hereunder, or any other document incorporated by reference herein, the terms of this Agreement shall prevail, unless in the case
of any Statement of Work, the Parties expressly state that any terms contained therein are to prevail over any inconsistent terms contained in the provisions of this Agreement. 

The Schedules to this Agreement Are: 

Schedule A: Statement of Work No. 1 

Schedule B: Professional Services 
  

	12.8	   Amendments 

 Any amendment or modification of any provision of this Agreement must be in writing, dated and signed by a duty authorized representative of each Party hereto. 

 

	12.9	   Successors and Assigns 

All successors, receivers, managers, trustees and permitted assigns of the Parties shall be bound by the rights and
liabilities set out in this Agreement. 
  

	12.10	   Force Majeure 

 Neither Party shall be liable for any failure or delay in its performance under this Agreement due to causes of force majeure, including without limitation, tires, floods, storms, earthquakes,
civil disturbances, or labour matters, provided that Surgi-Vision shall continue to be obligated to pay any fees that have accrued up until the event of force majeure. If a party is so delayed or prevented from performing its obligations
under this Agreement for a period of thirty (30) consecutive days, the other party shall have the immediate right to terminate this Agreement at the end of such thirty (30) consecutive-day period, without any right of cure on the party so
delayed. 

  
 -15-

	12.11	   Amicable Resolution 

All controversies or claims arising out or relating to this Agreement, or any breath thereof, shall be finally settled
amicably, if possible, by negotiation between the Parties. 
  

	12.12	   No Waiver 

 No failure on the part of any Party to this Agreement to exercise, and no delay in exercising any right, power or single or partial exercise of any right, power or remedy by any Party shall preclude any
other or further exercise thereof of the exercise of any other right, power or remedy. 
  

	12.13	   Counterparts and Delivery 

This Agreement may be executed in several counterparts, each of which so executed shall be deemed to be an original, and
such counterparts together shall constitute but one and the same instrument. Delivery of this Agreement by fax shall constitute valid and effective delivery. 
  

	12.14	   Severability 

 If any provision of this Agreement is declared invalid or unenforceable by a court of competent jurisdiction, that provision shall bo deemed to be severed from the Agreement, and the remaining provisions
shall not be affected. 
  

	12.15	   Legal Relationship 

The Parties to this Agreement are independent contractors and separate entities. No other legal relationship is intended
or implied. Except as specifically specified in this Agreement, neither Party shall be responsible for acts of the other Party or its agents or employees and neither Party shall assume or create any obligation in the name of or on behalf of the
other Party. 
  

	12.16	   Export Control 

 Surgi-Vision agrees to comply with the export laws and regulations of Canada and the United States of America in exercising the rights granted to it under this Agreement in respect of the Cedara Software.

  

	12.17	   Survival 

 Sections 1, 3, 4, 5, 6.2.2, 6.2.3, 8, 9, 10, 11 and 12 shall survive termination of this Agreement. 

  
 -16-

 IN WITNESS WHEREOF the Parties hereto have executed this Agreement by their duly
authorized representatives. 
  

			
	 SURGI-VISION INC:
	  	 CEDARA SOFTWARE CORP:

		
	 /s/ Kim Jenkins
	  	 /s/ Antonia Wells

		
	 Signature
	  	 Signature

		
	 KIM JENKINS
	  	 ANTONIA WELLS

		
	 Name
	  	 Name

		
	 Pres / CEO
	  	 U.P. CUSTOMER OPERATIONS

		
	 Title
	  	 Title

		
	 July 20, 2007
	  	 July 20, 2007

		
	 Date
	  	 Date

  
 -17-

 SCHEDULE A 
 STATEMENT OF WORK NO.1 
 This Statement of Work is entered into pursuant to
and forms part of the Master Services and Licensing Agreement between Cedara Software Corp. and Surgi-Vision Inc. effective July 20, 2007 (the “Agreement”). Capitalized terms used in this Statement of Work and not otherwise defined
herein shall have the meanings assigned to them in the Agreement. In the event of conflict or inconsistency between the terms of this Statement of Work and the Agreement, the terms of this Statement of Work shall prevail. 

Introduction 
 This
Statement of Work No. 1 describes the objectives and deliverables of the initial development phase (Phase 1) for the Solution. 
 Goals

 The objective of Phase 1 is to investigate Surgi-Vision’s needs and requirements, and to develop a detailed
specification and project plan for the ensuing project phases pursuant to the following planning guidelines: 
  

	 	1.	 A development phase, including alpha and beta periods, for the first version extending from the end of this Phase 1 to March 31st 2008.

  

	 	2.	 A rapid prototyping phase extending from 1st April 2008 to June 30th 2008 for the purposes of responding to feedback and making follow-on
software releases. 

  

	 	3.	 To investigate and plan using the preliminary list of requirements given below: 

 
 [***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 
 
 Activities

  

	 	•	 	 Consultation. Discuss and consult with Surgi-Vision to understand Surgi-Vision’s business goals; Surgi-Vision’s interventional procedure,
interventional devices and hardware, clinical workflow, imaging integration needs, and end-user needs, Cedara staff may visit Surgi-Vision’s offices or collaborating clinical sites as mutually agreed and as may be helpful to these goals,

  

	 	•	 	 Prototypes. During Phase 1 Cedara staff may develop mock-ups, prototypes, or demonstrators as they determine may best help achieve the goals of the
phase. 

 Deliverables 
 The purpose of Phase 1 is to develop a detailed specification and project plan: 

[***] 
 Duration

 Phase 1 is expected to be completed within 2 months of the Effective Date of the Agreement, 

AGREED: 
  

			
	 SURGI-VISION INC:
	  	 CEDARA SOFTWARE CORP;

		
	 /s/ Kim Jenkins
	  	 /s/ Antonia Wells

		
	 Signature
	  	 Signature

		
	 KIM JENKINS
	  	 ANTONIA WELLS

		
	 Name
	  	 Name

		
	 Pres / CEO
	  	 V.P. CUSTOMER OPERATIONS

		
	 Title
	  	 Title

		
	 July 20, 2007
	  	 July 20, 2007

		
	 Date
	  	 Date

 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment. 

  
 -18-

 SCHEDULE B 
 PROFESSIONAL SERVICES SCOPE AND FEE SCHEDULE 
  

									
	 
	Professional Services

	 				 
	Consulting	 	Presales	 	Implementation	 	Connectivity &
integration	 	Training
	
Technical
 - Site Survey
   Assessment

- Develop
   Architecture Design

- Reengineering

  Technical Workflow

- Cost/benefits

  analysis
	 	 Sales
 - Demo
 - Sales support
 - Reference Site Setup
 - Demo Licenses
	 	 Project Management
 - Implementation Plan
 - Training Plan

- Acceptance Criteria
	 	 Connectivity
 - Scanner DICOM V &
   V
 - Printer V &V
 - Acceptance Plan &

  Testing
 - Networking

- Node setup &

  configuration
	 	 Techincal

- Installation &

Continuation

- Troubleshooting

	
Clinical
 - Needs Analysis
 - Reengineering

  Clinical Workflow

- HIPPA requirements

- Cost/benefits

  analysis
	 	 	 	 Installation & Configuration
 - On site Technical
 - On site Applications

- Pre-staging site
	 	 Integration
 - HIS/RIS - PAC’s
   interface

- 3rd Party Application

  Integration
 - System
Engineering
   Services
	 	 Application

- Instruction &

Configuration
 - Viewing
Protocols
 Advanced 2D

Functionality

- Clinical Packages 3D

Ortho

	 	 	 	 	 Scalability
 - Product upgrades
 - System upgrades

- Hardware upgrades
	 	 	 	 Sales

- Applications
 - Production

Positioning
 Refresher Web

- Technical updates &

upgrades
 - Application updates

& upgrades
 -Sale
updates

	  

Pricing
 - [***] per day
 - Travel days included as part
of daily rate
  
 Default Hourly
Rates -9x5 EST
 - [***] per hour

 
 Default overtime Rates

- [***] per hour

- 5:00 PM to 8:00 AM; Weekends & Holidays
	 	  
 Pricing
 [***] per day
 Travel days included in
 day rate

Capacity/Facility

Max 6 person(s) attend

once
 Cedara’s Training

facility
  
 See notice for more
 information

	
Notice:
  

- A Cancellation Surcharge of [***] will be applied to any support request cancelled without (7) Business Days notice. In
addition any un-recoverable expenses arising due to the cancellation will be the responsibility of Surgi-Vision.
  

- Travel, accommodation & extraordinary expenses are the responsibility of Surgi-Vision unless otherwise agreed to by
Cedara.

 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment. 

  
 -19-

 SCHEDULE C 
 STATEMENT OF WORK NO. 2 
 2009-02573 

SOW for CED solution for SurgiVision 
 MERGETM 
 Healthcare 

STATEMENT OF WORK NO.2 

This Statement of Work No.2 is entered into pursuant to and forms part of the Master Services and Licensing Agreement between Cedara Software Corp. d/b/a
Merge OEM and Surgi-Vision Inc. effective July 20, 2007 (the “Agreement”). Capitalized terms used in this Statement of Work and not otherwise defined herein shall have the meanings assigned to them in the Agreement. In the event of
conflict or inconsistency between the terms of this Statement of Work and the Agreement, the terms of this Statement of Work shall prevail. 

1 Project Scope 
 1.1
Background and Requirements 
 Merge has recently built an MRi based deep brain navigation package for
SurgiVision that is marketed under the ClearPoint trade mark. The ClearPoint solution is used for planning and placement of electrodes into deep brain structures. 
 In an effort to expand the offerings in this sector, SurgiVision is exploring new areas of deep brain surgical navigation, drug delivery applications in particular. This statement of work presents the
details associated with the development activities needed to deliver such a solution. 
 [***] 

This document is prepared to outline the scope of work, deliverables and schedules for the development work needed to create a tool that
could aid in the navigation and tracking component associated with this procedure. 
 1.2 Solution and Scope of Work

 The solution is expected to contain multiple phases: 

 

	 	•	 	 Prototype phase –[***] 

  

	 	•	 	 Enhanced phase – [***] 

  

	 	•	 	 Wide market solution – [***] 

  

	 	•	 	 Improvements – [***] 

 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 [***] 
 1.3 Implementation model 
 The solution will be
licensed using a node locked licensing model similar to the current ClearPoint solution where installations will require a MAC address specific license file that can be generated on demand. 

The solution presented in this SOW is scoped out to be developed using a team of: 

 

	 	i.	 One full time Merge OEM engineer, 

  

	 	ii.	 One part time Merge OEM segmentation expert - on demand, 

 

	 	iii.	 One full time architect, 

  

	 	iv.	 One full time test resource for the test and validation phase 

 

	 	v.	 10% part time project manager. 

  

	 	vi.	 5% part time system administrator responsible for release activities 

The solution includes complete development, documentation and engineering validation activities. Product validation activities (Alpha and
Beta) are not included in this scope because of the unknowns associated with the timing and potential regulatory requirements associated with the market launch of this product. 

2 Deliverables 
  

			
	Deliverable	  	Description

 [***] 

[***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment. 
 
 3 Assumptions

 [***] 
 4
Delivery schedule 
 4.1 Delivery Schedule for Prototype Solution 

Project Duration: 1 month 
 Delivery Schedule: 
  

			
	Timeline	  	Deliverable
		
	 Project Start - 10/1/2009
	  	 Phase 1 scope statement: FE1 - FE15

		
	 10/13/2009
	  	 WIP release to support first phase

		
	 10/28/2009
	  	 Prototype Release for animal studies

		
	 January, 2010
	  	 Prototype Evaluation meeting and kick-off of next phase

 [***] 
 4.2 Delivery Schedule for additional solutions 

Project Duration: 4.5 months - estimated 
 Delivery Schedule: 
  

			
	Timeline	  	Deliverable
		
	 Project Start (T)
	  	 Approved scope statement for the phase

		
	 T + 2 months
	  	 WIP Release(s) of intermediate solution(s)

		
	 T + 4.5 months
	  	 Enhanced Solution Release

		
	 January, 2010
	  	 Prototype Evaluation meeting and kick-off of next phase

 [***] 
 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 5 Summary 
 5.1 Standard Solution: 
  

	 	•	 	 estimated effort: [***] 

  

	 	•	 	 estimated project duration: [***] 

 5.2 Additional Solutions: 
  

	 	•	 	 estimated additional effort: [***] 

  

	 	•	 	 estimated project duration: [***] 

 Note: 
 The estimate is based on correctness of the assumptions
made above, if these are not correct, the price and/or delivery dates might be affected 
 6 Fees and Pricing Summary 

6.1 Consulting Engineering Fees 
 The project is proposed to be executed on a time and materials basis at [***] to be invoiced on a monthly basis. 
 6.2 Payment Schedule 
 Monthly billing of the
actual time spent on the project. 
 6.3 Run-Time License fees 

Quotes for run-time licenses associated with the resulting application will need to be negotiated before the product will be market
launched. 
 6.4 Professional Services 

Additional services required by SurgiVision for installation, training and onsite technical support shall be provided in accordance with
the Agreement at a rate of [***] not including travel and accommodation. Professional Services will be billed within the same calendar quarter as they are provided. 
 AGREED: 
  

					
	 SURGI-VISION INC.:
	 		 	 CEDARA SOFTWARE CORP. D/B/A
 MERGE OEM:

			
	
                  /s/ Peter
Piferi
	 		 	
                  /s/ Justin
Dearborn

	 Signature
	 		 	 Signature

			
	
                  Peter
Piferi
	 		 	
                  Justin
Dearborn

	 Name
	 		 	 Name

			
	
                  
COO
	 		 	
                 
 CEO

	 Title
	 		 	 Title

			
	
                  
11-13-09
	 		 	
                 
 11-16-09

	 Date
	 		 	 Date

 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment. 

  
 -20-

 Statement of Work to Master Services and License Agreement 

FIRST AMENDMENT TO THE MASTER SERVICES AND LICENSING AGREEMENT 

THIS FIRST AMENDMENT TO THE MASTER SERVICES AND LICENSING AGREEMENT (the “Amendment”) is entered into and effective as
of January 18, 2011 by and between Cedara Software Corp. d/b/a Merge OEM, an Ontario corporation (“Merge OEM”) and SurgiVision, Inc. f/k/a Surgi-Vision, Inc., a Delaware corporation (“SurgiVision”). Capitalized
terms used herein but not defined shall have the meanings given to such terms in the Agreement (as hereinafter defined). 

WHEREAS Merge OEM and SurgiVision are parties to that certain Master Services and Licensing Agreement effective July 20, 2007 (the
“Agreement”), and 
 WHEREAS Merge OEM and SurgiVision now wish to amend certain terms of the Agreement, 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Party Names. All references
throughout the Agreement to “Cedara Software Corp.” are replaced with “Cedara Software Corp. d/b/a Merge OEM” and all references to “Cedara” are replaced with “Merge OEM”. All references throughout the
Agreement to “Surgi-Vision” are replaced with “SurgiVision”. 
 2. Amendment to Section 1.1. Section 1.1
(Definitions) is amended by 
 (a) deleting sub-section (k) (“Initial Term”) and replacing it
with “(k) Reserved”; and 
 (b) deleting sub-section (q) (“Renewal Term”) and replacing
it with “(q) Reserved”. 
 3. Amendment to Section 2.2.4. Section 2.2.4 (License Fees and Minimum
Commitment) is deleted and replaced with the following: 
 “2.2.4 License Fees and Minimum
Commitment 
 SurgiVision shall pay to Merge OEM a run-time license fee of [***] for each Solution
distributed by SurgiVision, provided that the [***] shall be at no charge. SurgiVision agrees to purchase a minimum of [***] during the second year of the Initial Term (in addition to the [***] granted at no charge) and [***] during the third year
of the Initial Term. Within 30 days following the last day of each of the second and third years of the Initial Term, Merge OEM shall invoice SurgiVision for the difference, if any, between the actual license fees paid by SurgiVision and the annual
minimum commitment for that year. SurgiVision further agrees to purchase a minimum of [***] on the first business day of each calendar quarter during 2012 (the “2012 Commitment”), 2013 (the “2013 Commitment”) and
2014 (the “2014 Commitment”), provided, however, that (i) if SurgiVision experiences a change of control prior to January 1, 2012, instead of the 2012 Commitment, the 2013 Commitment and the 2014 Commitment, SurgiVision
shall purchase a minimum of [***] on the first business day of January for each of 2012, 2013 and 2014; (ii) if SurgiVision experiences a change of control during 2012, instead of the 2013 Commitment and 2014 Commitment, SurgiVision shall
purchase a minimum of [***] on the first business day of January for each of 2013 and 2014; and (iii) if SurgiVision experiences a change of control during 2013, instead of the 2014 Commitment, SurgiVision shall purchase a minimum of [***] on
the first business day of January for 2014 . For 

  
 CONFIDENTIAL

 MERGE OEM 
 [***] Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 Statement of Work to Master Services and License Agreement 

 

 
the purposes of this Section, “change of control” shall mean (a) any acquisition by way of a merger, consolidation, stock purchase, tender offer, reorganization or any other
transaction or series of related transactions in which the holders of SurgiVision’s outstanding voting power immediately prior to such transaction or series of related transactions do not, immediately after such transaction or series of related
transactions, own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction or series of related transactions, or (b) SurgiVision sells all or substantially all of its assets and holders
of SurgiVision’s outstanding voting power immediately prior to such transaction do not, immediately after such transaction, own a majority of the outstanding voting power of the purchasing entity immediately upon completion of such
transaction.” 
 4. Amendment to Section 6.1. Section 6.1 (Term of the Agreement) is deleted and replaced with the
following: 
 “6.1 Term of the Agreement 

This Agreement shall commence on the Effective Date and, subject to early termination pursuant to Section 6.2, shall
continue in force through July 20, 2015 (the “Term”).” 
 5. General. This Amendment forms
part of and is subject to the terms and conditions of the Agreement; however, the terms of this Amendment shall prevail to the extent of any conflict or inconsistency between the terms of this Amendment and the Agreement. Except as specifically
amended pursuant to the foregoing, the Agreement shall continue in full force and effect in accordance with the terms in existence as of the date of this Amendment. After the date of this Amendment, any reference to the Agreement shall mean the
Agreement as amended by this Amendment. This Amendment, together with the Agreement and the agreements referred to therein and herein, contains the entire agreement of the parties with respect to the matters herein, and may not be amended or
modified except by an instrument executed in writing by all parties hereto. The parties may execute this Amendment in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same Amendment. 
 [Signature lines are on the following page.] 

  

					
	 Confidential
	 	2	 	Merge OEM

 Statement of Work to Master Services and License Agreement 

 

 IN WITNESS WHEREOF the parties hereto have executed this Amendment by their duly
authorized representatives effective as of the first date set forth above: 
  

					
	SURGIVISION, INC.:	 		 	 CEDARA SOFTWARE CORP. d/b/a
 MERGE OEM:

			
	/s/ David W. Carlson	 		 	/s/ Steve Oreskovich
	Signature	 		 	Signature
			
	David W. Carlson	 		 	Steve Oreskovich
	Name	 		 	Name
			
	Chief Financial Officer	 		 	CFO
	Title	 		 	Title
			
	1/17/2011	 		 	JAN 18 2011
	Date	 		 	Date

  

					
	 Confidential
	 	3	 	Merge OEM

 Statement of Work to Master Services and License Agreement 

 

 STATEMENT OF WORK NO. 3 

This Statement of Work No. 3, effective September 27, 2010, (the “Statement of Work” or “SOW”) is entered
into pursuant to and forms part of the Master Services Agreement between Cedara Software Corp. d/b/a MERGE OEM (“Merge OEM”) and SurgiVision Inc. (SurgiVision) effective July 20, 2007 (the “Agreement”). Capitalized terms
used in this Statement of Work and not otherwise defined herein shall have the meanings assigned to them in the Agreement. In the event of conflict or inconsistency between the terms of this Statement of Work and the Agreement, the terms of this
Statement of Work shall prevail. 

  

					
		 	Confidential	 	Page 1 of 7

 Statement of Work to Master Services and License Agreement 

 

  
 

 
 SurgiVision - ClearPoint solution 

Statement of Work to Master Services and 
 License Agreement 
 1. 

 
  

			
	Document Number:	  	 2010-00808

		
	Revision:	  	 2.0

		
	Revision Type:	  	 Major

		
	Document Status:	  	 Approved

		
	Date:	  	 September 27, 2010

		
	Author:	  	 Attila Farkas

  
  

Note: When printed, this is an uncontrolled copy, unless accompanied by approval signatures. 

CONFIDENTIALITY 
 This document is
prepared for the purpose of discussion only with SurgiVision Inc. (“SVI”). 
 The information contained in this
document is proprietary to Merge Healthcare Inc. (“Merge”) and shall be treated as confidential. It is presented to SurgiVision for evaluation purposes only. It should thus be distributed internally to SurgiVision members on a need-to-know
basis only under strict confidentiality. It should not be copied and/or distributed otherwise to any other persons or companies without the express written consent of Merge Healthcare. 

  

					
		 	Confidential	 	Page 2 of 7

 Statement of Work to Master Services and License Agreement 

 

 1 Scope 
 1.1 Background 
 SVI identified Merge as an
Outsourced Development Supplier for the development of SVI Software. Merge built an MRi based navigation software package for SVI that is marketed under the ClearPoint trade mark. The ClearPoint solution is used for planning and navigation of
specialized hardware to deep brain structures. 
 The product recently received its FDA approval for its 510(k) application and
is expected to proceed to market launch. The purpose of the current document is to formulate and describe a support services package for SVI where the Merge team will provide ongoing support during the product launch and onward life cycle.

 This document is prepared to outline the: 
  

	 	•	 	 activity profile and scope of work, 

  

	 	•	 	 implementation model, 

  

	 	•	 	 schedule and deliverables, 

  

	 	•	 	 support cost 

1.2 Activity Profile 
 Launch of a new product is usually marked by a lot of unknowns. Some of the risks associated with this phase are mitigated by Merge providing support in the following areas: 

 

	 	•	 	 Online and phone support offered to SVI staff during regular business hours (9am-5pm EST) 

 

	 	•	 	 Provide occasional after hours phone support at Merge’s own discretion 

 

	 	•	 	 Investigation of field reports submitted by SVI staff (Complaint Analysis) 

 

	 	•	 	 Development and release of minor enhancement requests (Life Cycle Support) 

 

	 	•	 	 Investigation, correction, software validation and release of solutions to software defects found in the system (Life Cycle Support)

  

	 	•	 	 Consulting activities pertaining to the product line 

 

	 	•	 	 Author updates to the User Guide as per SVI’s instructions and approval 

As Merge is the SVI Outsourced Development Supplier for software there are interaction requirements between the companies Quality
Management systems (QMS). The following points along with sections 1.3.1, 1.3.2 and 1.3.3 are the minimum points that support the QMS interactions: 
  

	 	•	 	 Assistance during audits with development related artifacts and methodology references 

 

	 	•	 	 Maintain and distribute any updates to relevant project documentation 

 

	 	•	 	 Merge Healthcare will maintain the artifacts (Quality System Documents/Design History Documents) associated with the ClearPoint solution in line
with Merge’s Quality Management System as it is applied to the work being done for SVI and its interpretation of SVI’s needs in order to comply with1: 

  

	 	•	 	 Food & Drug Administration, Quality System Regulation (QSR) 21 CFR 820. 

 

	 	•	 	 Medical Device Directive (MDD) 93/42/EEC, dated 14 June 1993. 

 

	 	•	 	 ISO 13485:2003, Medical devices – Quality management systems. 

 
  

	1 	 With the understanding that SVI has the regulatory responsibilities for all of these 

  

					
		 	Confidential	 	Page 3 of 7

 Statement of Work to Master Services and License Agreement 

 

	 	•	 	 Merge Healthcare will maintain their Quality Managements System documents pertaining to SVI for as long as there is an active SOW pertaining to the
ClearPoint product at which point all controlled project documentation will be migrated over to SVI. 

  

	 	•	 	 Notify SVI if for whatever reason it can no longer maintain project documentation associated with the ClearPoint product and forward all controlled
project documentation to SVI 

  

	 	•	 	 Allow a Quality Management System audit by SVI and/or their 3rd party (Notified Body or Regulatory Agency), with reasonable notice, focused on the
ClearPoint product 

  

	 	•	 	 Provide documents related to the ClearPoint system within reasonable time from the request, in the event SVI is audited by a regulatory agency or
third party. 

  

	 	•	 	 Merge will not modify Final Released software and will notify SVI of any proposed changes to the software for review and approval by
SVI. 

 Given the unpredictability associated with a product launch, it is difficult to specify the exact
details for the scope of work. For the purposes of this SOW, the scope of work is limited to second line phone support and consulting as well as development work to address minor enhancements and defect resolutions and their associated quality
controlled releases. 
 Minor enhancements are defined as being those that do not require major rework of the core architectural
components or add fundamentally new workflow items. Requests for processing major enhancements or other development projects shall be addressed either by (i) amending this SOW to add resources, adjust fees or otherwise as agreed to by the
parties, or (ii) by entering into a separate SOW(s) under the Master Services and Licensing Agreement. 
 1.3
Implementation Model 
 Proposed implementation model is to have a dedicated team of: 

 

	 	•	 	 One full time developer, 

  

	 	•	 	 Part time, test resource 

  

	 	•	 	 Part time, project manager 

 This team will support the regularly scheduled maintenance/support activities. Proposal is to have these resources execute work for the duration of the SOW operating under the same T&M conditions as
they were during the development SOW. 
 Regularly scheduled support activity planning meetings will be responsible for setting
the scope and priorities of the work for next leg. Frequency of these planning meetings will be agreed upon with SVI staff and will allow for the flexibility the SVI business needs. Deliverables and operating models will be described in a Project
Development Plan for which SVI will be an approver. 
 1.3.1 Documents that pertain to the software product requirements,
changes to product requirements or improvements and verification / validation testing will be jointly approved by the team at Merge and Project Leader of SVI. 
  

	1.3.2	 Documents that are required to be submitted to SurgiVision for review and approval. 

 

	 	•	 	 Statement of Work 

  

	 	•	 	 Project Development Plan (PDP) 

  

	 	•	 	 System Requirements Description (SRD) 

  

					
		 	Confidential	 	Page 4 of 7

 Statement of Work to Master Services and License Agreement 

 

	 	•	 	 Change Request Orders 

  

	 	•	 	 System Test Scripts pertaining to field testing2 

  

	 	•	 	 System Validation Reports pertaining to field testing 

 1.3.3 Final approved documents that will be required to be submitted to SurgiVision upon Merge Healthcare internal Approval. 

 

	 	•	 	 System Requirements Description (SRD) 

  

	 	•	 	 System Design Description (SDD) 

  

	 	•	 	 Software Users Manual 

  

	 	•	 	 System Hazard Analysis (SHA) 

  

	 	•	 	 System Test Plan (Verification/Validation Plan) (STP) 

 

	 	•	 	 System Validation Test Procedure (SVTP) 

  

	 	•	 	 System Test Scripts 

  

	 	•	 	 System Validation Reports (SVR) 

 1.4 Schedules and Deliverables 
 The activity
profile presented in the current SOW is proposed to be executed for a fixed duration of 1 year from the date the SOW takes effect. One month before the end, a planning meeting will be held between SVI and Merge management to evaluate any further
needs for the product. 
 Deliverables associated with the current SOW will be reflective of the ongoing activities planned with
SVI and could include reports, support emails, consulting trips and even quality controlled software releases. 
 2 Team composition

 The present SOW represents the first phase of a support activity associated with the ClearPoint product. It is believed
that the product would be best served if the team that developed the solution at Merge was assigned to the support activities listed within. As a result this is the proposed team composition: 

 

	 	•	 	 [***] - Software Developer 

  

	 	•	 	 Unnamed Test Developer 

  

	 	•	 	 Unnamed Project Manager 

 In the event one of the named team members becomes unavailable due to illness, termination of employment or otherwise, Merge will use commercially reasonable efforts to replace such individual as soon as
practicable with an individual of equal or substantially similar skill sets and qualifications. Merge will endeavor to provide SVI with a minimum of two weeks’ notice prior to any change in the composition of the team. 

 
  

	2 	 System testing and validation reports internal to Merge development do not need to be approved by SVI 

 

	[***]  	 Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment. 

  

					
		 	Confidential	 	Page 5 of 7

 Statement of Work to Master Services and License Agreement 

 

 3 Assumptions 
 The following assumptions were made in formulating this SOW: 
  

	 	(1)	 The activity list presented in section 1.2 is based on the current understanding of the problem space and it is expected to be changed on an ongoing
basis. It is presented in this format because it reflects a mutual understanding of the starting point in this support project. 

  

	 	(2)	 Every activity associated with this project not clearly listed in the feature sheet but commonly agreed upon during status meetings will also
contribute to the implied scope of the project work (e.g. time spent on gathering input or information from any involved party (SurgiVision/UCSF/NIH), evaluation of data necessary to carry out the approved work items, meetings held to discuss
project matters, etc.) 

  

	 	(3)	 While the project will be executed at the regular hourly rate, any SVI approved travel and accommodation expenses incurred by Merge staff will be
SVI responsibility 

  

	 	(4)	 Given the operating model, monthly reporting will only reflect total time spent on project by all resources involved in its execution.

 4 Fees and Pricing Summary 
 4.1 Engineering Fees 
 The project will be executed on a T&M
basis, to be invoiced on a monthly basis in arrears. 
 Additional resources above the resources listed in Section 2 on a
time and material basis of [***], to be invoiced on a monthly basis. 
 4.2 Payment Schedule 

Monthly billing will reflect the fees associated with any actual time spent on the project by pre-approved resources by SVI, if
applicable. 
 4.3 Professional Services 

Additional services provided by Merge staff, other than those listed in this contract and required by SurgiVision for installation,
training and onsite technical support shall be provided in accordance with the Agreement at a rate of [***] not including travel and accommodation. Professional Services will be billed within the same calendar quarter as they are provided.

 5 Validity 

This quote is valid for 30 days from the date of issue after which it will become null and void and have to be re-quoted. 

 

	[***]  	 Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment. 

  

					
		 	Confidential	 	Page 6 of 7

 Statement of Work to Master Services and License Agreement 

 

  
  

					
	 Approvals:
  

SurgiVision Inc.
	 		 	Cedara Software Corp. d/b/a Merge OEM
			
	/s/ Michael Moore	 		 	/s/ Toni Skokovic
	Signature	 		 	Signature
			
	Michael M. Moore	 		 	Toni Skokovic
	Name	 		 	Name
			
	Vice President, Operations	 		 	SVP Global Indirect Sales
	Title	 		 	Title
			
	9/29/10	 		 	29-SEP-2010
	Date	 		 	Date

  

					
		 	Confidential	 	Page 7 of 7

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