Document:

Form of Indemnification Agreement

 Exhibit 10.21 
 THEROX INC. 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (“Agreement”) is entered into as of the     th day of
                    , 20    , by and between TherOx Inc., a Delaware corporation (the “Company”)
and the Indemnitee identified on the signature page hereto (the “Indemnitee”). 
 R E C I
T A L S 
 A. The Company and Indemnitee recognize the continued difficulty in obtaining liability
insurance for the Company’s directors, officers, employees, agents and fiduciaries, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance. 
 B. The Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers,
employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. 
 C. Indemnitee does not regard the current protection available as adequate under the present circumstances, and Indemnitee and other directors, officers, employees, agents and fiduciaries of the Company may not
be willing to continue to serve in such capacities without additional protection. 
 D. The Company (i) desires to attract and
retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and, in part, in order to induce Indemnitee to continue to provide services to the Company and (ii) wishes to provide for the indemnification and
advancing of expenses to each Indemnitee to the maximum extent permitted by law. 
 E. In view of the considerations set forth above,
the Company desires that Indemnitee be indemnified by the Company as set forth herein. 
 NOW, THEREFORE, in consideration for
Indeminitee’s services as an officer or director of the Company, the Company and Indemnitee hereby agree as follows: 
 1.
Indemnification. 
 (a) Indemnification of Expenses. The Company shall indemnify and hold harmless Indemnitee (including his or her
partners, employees and agents) to the fullest extent permitted by law if Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened,
pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation, whether formal or informal, that Indemnitee in good faith believes might lead to the institution of any such action,
suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a “Claim”) by reason of (or arising in part out of) any event or occurrence, which occurred
before or after the date hereof, related to the fact that Indemnitee is or was a director, officer, employee, controlling person, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company
as a director, officer, employee, controlling person, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or 

 
inaction on the part of Indemnitee while serving in such capacity, and are directly related to Indemnitee’s service as an officer or director of the
Company including, without limitation, any and all losses, claims, damages, expenses and liabilities, joint or several (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any
action, suit proceeding or any claim asserted) under the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or other federal or state
statutory law or regulation, at common law or otherwise, which relate directly or indirectly to the registration, purchase, sale or ownership of any securities of the Company or to any fiduciary obligation owed with respect thereto against any and
all expenses (including attorneys’ fees and all other costs, expenses and obligations incurred in connection with investigating, defending a witness in or participating in (including on appeal), or preparing to defend, be a witness in or
participate in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance by the Company,
which approval shall not be unreasonably withheld) of such Claim and any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (collectively, hereinafter
“Expenses”), including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses. The knowledge, actions or failure to act of any director, officer, agent or employee of the
Company or the Company itself shall not be imputed to Indemnitee for purposes of determining the right to indemnification hereunder. 
 (b) Contribution. If the indemnification provided for in Section 1(a) above for any reason is held by a court of competent jurisdiction to be unavailable to an Indemnitee in respect of any losses, claims, damages, expenses or
liabilities referred to therein, then the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result of such losses, claims, damages, expenses or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Indemnitee in connection with the action or inaction which resulted in such losses, claims, damages, expenses or
liabilities, as well as any other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and the Indemnitee shall be deemed to be in the same respective
proportions that the net proceeds from the offering (before deducting expenses) received by the Company and the Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering
price of the securities so offered. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company or the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The Company and the Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 1(b) were determined by pro
rata or per capita allocation or by securities, in no event shall an Indemnitee be required to contribute any amount under this Section 1(b) in excess of the lesser of (i) in the case of a director of the Company or any of its subsidiaries
who is not an officer of the Company or any of such subsidiaries, the amount of fees paid to the director for serving as a director during the 12 months preceding the commencement of the Claim; or (ii) in the case of a director of the Company
or any of its subsidiaries who is also an 

  

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officer of the Company or any of such subsidiaries, the amount set forth in clause (i) plus 5% of the aggregate cash compensation paid to said director
for service in such office(s) during the 12 months preceding the commencement of the Claim; (iii) in the case of an officer of the Company or any of its subsidiaries, 5% of the aggregate cash compensation paid to such officer for service in
such office(s) during the 12 months preceding the commencement of such Claim; (iv) that proportion of the total of such losses, claims, damages or liabilities indemnified against equal to the proportion of the total securities sold under such
registration statement which is being sold by such Indemnitee or (v) the proceeds received by Indemnitee from its sale of securities under such registration statement. Whether or not the indemnification provided in Sections 1 and 2 hereof is
available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in first instance, the
entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right to contribution it may have against Indemnitee. The
Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final
release of all claims asserted against Indemnitee. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not found guilty of
such fraudulent misrepresentation. 
 (c) Survival Regardless of Investigation. The indemnification and contribution provided for in
this Section 1 will remain in full force and effect regardless of any investigation made by or on behalf of the Indemnitee or any officer, director, employee, agent or controlling person of the Indemnitee. 
 (d) Change in Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control which has been
approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) then, with respect to all matters thereafter arising concerning the rights of Indemnitee to payments of Expenses under
this Agreement or any other agreement or under the Company’s Certificate of Incorporation or Bylaws as now or hereafter in effect, Independent Legal Counsel (as defined in Section 11(d) hereof) shall be selected by the Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be permitted to be
indemnified under applicable law. The Company agrees to abide by such opinion and to pay the reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all expenses (including
attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (e) Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 9 hereof, to the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation,
the dismissal of an action without prejudice, in the defense of any action, suit, proceeding, inquiry or investigation referred to in Section 1(a) hereof or in the defense of any claim, issue or matter therein, Indemnitee shall be indemnified
against all Expenses incurred by Indemnitee in connection therewith. No determination as to entitlement to indemnification under this Agreement need be made prior the final disposition of the proceeding. The termination of any proceeding or of any
claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its 

  

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equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or
create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal proceeding, that Indemnitee had
reasonable cause to believe that Indemnitee’s conduct was unlawful. 
 2. Expenses; Indemnification Procedure. 
 (a) Advancement of Expenses. The Company shall advance or pay on behalf of all Expenses incurred by Indemnitee provided that the Company has
received an undertaking by or on behalf of Indemnitee, substantially in the form attached hereto as Exhibit A, to repay the amount so advanced to the extent that it is ultimately determined that such Expenses were not reasonable or that
Indemnitee is not entitled to be indemnified by the Company under this Agreement or otherwise. Such repayment of advances shall be without interest or security for such repayment. The advances to be made hereunder shall be paid by the Company to
Indemnitee as soon as practicable but in any event no later than twenty (20) days after written demand by Indemnitee therefor to the Company. If the Company fails to make timely payment hereunder, the Company shall also pay Indemnitee interest
on such advance of Expenses at a rate of ten percent per annum. 
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a
condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive Officer of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee). Notice
shall be deemed to have been provided herein without any action on the part of Indemnitee in the event the Company is a party to such proceeding. In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably
require and as shall be within Indemnitee’s power. Any indemnification provided hereunder shall be made no later than forty-five (45) days after receipt of the written request by Indemnitee. The Company shall promptly notify Indemnitee
once the Company has received an offer or intends to make an offer to settle such proceeding and the Company shall provide Indemnitee as much time as reasonably practicable to consider such offer; provided, however, Indemnitee shall have no less
than three (3) business days to consider the offer. 
 (c) Failure to Indemnify. 
 (i) If a claim under this Agreement, or any statute, or under any provision of the Company’s Certificate of Incorporation, or Bylaws
providing for indemnification, is not paid in full by the Company, within forty-five (45) days after a written request for payment thereof has been received by the Company, Indemnitee may, but need not, at any time thereafter bring an action
against the Company to recover the unpaid amount of the claim and, subject to Section 19 of this Agreement, if successful in whole or in part, Indemnitee shall also be entitled to be paid for the expense (including attorneys’ fees) of
bringing such action. 
 (ii) It shall be a defense to such action (other than an action brought to enforce a claim for expenses
incurred in connection with any action, suit or proceeding in advance of its final disposition) that Indemnitee has not met the standard of conduct which makes it permissible under applicable law for the Company to indemnify Indemnitee for the
amount claimed, but the burden of proving such defense shall be on the Company and Indemnitee shall be entitled to receive 

  

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interim payments of interim expenses pursuant to Section 2 hereof unless and until such defense may be finally adjudicated by court order or judgment
from which no further right of appeal exists. It is the parties’ intention that if the Company contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide, and
neither the failure of the Company (including its board of directors, independent legal counsel, or its stockholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the
applicable standard of conduct required by applicable law, nor an actual determination by the Company (including its board of directors, any committee or subgroup of the board of directors, independent legal counsel, or its stockholders) that
Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. 
 (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof, the Company’s liability insurance may cover such Claim, the Company shall
give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf
of Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. When and to the extent that such insurers pay Expenses, such Expenses shall be considered paid
for purposes of this Agreement; and if the Indemnitee shall be compensated for the same Expenses by such insurers and the Company, the Indemnitee shall hold for the benefit of the Company and remit to the Company the insurance proceeds in excess of
that necessary to pay such and all other Expenses. 
 (e) Selection of Counsel. In the event the Company shall be obligated hereunder
to pay the Expenses of any Claim, the Company shall be entitled to assume the defense of such Claim, with counsel approved by the Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its
election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same Claim; provided that, (i) the Indemnitee shall have the right to employ Indemnitee’s counsel in any such Claim at the Indemnitee’s expense, including counsel of Indemnitee’s choice
to monitor the litigation in the event such counsel should assume the defense of Indemnitee, and such Company counsel shall co-operate with Indemnitee’s counsel and (ii) if (A) the employment of counsel by the Indemnitee has been
previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there is likely to be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, (C) the Company shall not
continue to retain such counsel to defend such Claim or does not diligently prosecute the defense of such Claim, or (D) Indemnitee reasonably concludes that counsel engaged by the Company is not adequately representing Indemnitee, then the fees
and expenses of the Indemnitee’s counsel shall be at the expense of the Company. The Company shall diligently prosecute the defense of such Claim. The Company shall have the right to settle any Claim against Indemnitee without the consent of
such Indemnitee; provided, that (a) such settlement provides a full and unconditional release of Indemnitee in exchange for the payment of money only, all of which will be funded by the Company, (b) such settlement does not
include an admission of guilt, and (c) such settlement does not restrict the future activities of Indemnitee or impose any on-going obligations (other than customary provisions such as confidentiality). 
  

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 3. Directors’ and Officers’ Insurance. 
 (a) The Company hereby covenants and agrees that, so long as Indemnitee shall continue to serve as a director or officer of the Company and
thereafter so long as Indemnitee shall be subject to any possible Claim, the Company shall maintain in full force and effect directors’ and officers’ liability insurance in reasonable amounts from established and reputable insurers.

 (b) In all policies of directors’ and officers’ liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee at least the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors or officers most favorably insured by such policy. 
 (c) The Company, or its successors, shall maintain in force any and all directors’ and officers’ liability insurance then maintained by
the Company following a Change in Control of the Company for a period of six years thereafter. 
 (d) The Company shall provide
Indemnitee with a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials, if such Indemnitee is an officer or director of the Company, and if such
Indemnitee is a former director or officer of the Company then the Company shall provide all such materials upon the written request of Indemnitee for such materials 
 4. Additional Indemnification Rights; Nonexclusivity. 
 (a) Scope. The Company hereby agrees to
indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s
Bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer, employee, agent
or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware
corporation to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this
Agreement or the parties’ rights and obligations hereunder except as set forth in Section 9(a) hereof. 
 (b) Nonexclusivity.
The indemnification provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested
directors, the Delaware General Corporation Law or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee for any action Indemnitee took or did not take while serving in an indemnified capacity even though the
Indemnitee may have ceased to serve in such capacity. 
 5. No Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against Indemnitee to the extent such Indemnitee has otherwise actually received payment (under any insurance policy, Certificate of Incorporation, Bylaw or otherwise) of the amounts
otherwise indemnifiable hereunder. 
  

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 6. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for any portion of Expenses incurred in connection with any Claim, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to which
Indemnitee is entitled. 
 7. No Assertion; Determination of Availability. The Company shall not assert in any action, suit or
proceeding that the terms of this Agreement are not valid, binding or enforceable and that any procedures or presumptions made herein are not valid or enforceable. If the person or persons so empowered to make a determination pursuant to
Section 2(a) hereof shall have failed to make the requested determination within ninety (90) days after judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or
other disposition or partial disposition of any proceeding or any other event that could enable the Company to determine Indemnitee’s entitlement to indemnification, the requisite determination that Indemnitee is entitled to indemnification
shall be deemed to have been made. 
 8. Liability Insurance. To the extent the Company maintains liability insurance applicable to
employees, control persons, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee at least the same rights and benefits as are accorded to the most favorably insured of the Company’s key
employees, agents or fiduciaries, if Indemnitee is not an officer or director but is a key employee, agent, control person, or fiduciary. 
 9. Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of the this Agreement: 
 (a) Excluded Action or Omissions. To indemnify Indemnitee for Indemnitee’s acts, omissions or transactions from which the Indemnitee may not
be relieved of liability under applicable law; 
 (b) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee
with respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, except (i) with respect to actions or proceedings to establish or enforce a right to indemnity under this Agreement or any other agreement or
insurance policy including an action against the insurer for recovery under any insurance policy referred to herein or under the Company’s Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims for indemnifiable
events, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such Claim, or (iii) as otherwise required under the applicable provisions of the Delaware General Corporation Law, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be; 
 (c) Lack of Good Faith. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines
that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous; or 
 (d) Claims
Under Section 16(b). To indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or any similar successor statute
after it has become certain that Indemnitee must repay all profits arising or losses avoided thereunder. 
  

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 10. Period of Limitations. No legal action shall be brought and no cause of action shall be
asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim
or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern. 
 11. Construction of Certain Phrases. 
 (a) For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting corporation, any
constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or
fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent, control person, or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee,
control person, agent or fiduciary or another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, each Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 
 (b) For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to
an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, office, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such
director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
 (c) For purposes of this Agreement a “Change in Control” shall be deemed to have occurred if (i) any
“person” (as such term in used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or
indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, (A) who is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 10% or
more of the combined voting power of the Company’s then outstanding Voting Securities (as defined in Section 11(e) below), increases his or her beneficial ownership of such securities by 5% or more over the percentage so owned by such
person, or (B) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than 20% of the total voting power represented by the
Company’s then outstanding Voting Securities, (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director 

  

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whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of
the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or
substantially all of the Company’s assets. 
 (d) For purposes of this Agreement, “Independent Legal Counsel”
shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 1(d) hereof, who shall not have otherwise performed services for the Company or Indemnitee within the last three years (other than with respect
to matters concerning the right of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). Notwithstanding the foregoing, the term Independent Legal Counsel shall not include any person who, under the applicable
standards of professional conduct then prevailing would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 
 (e) For purposes of this Agreement, “Voting Securities” shall mean any securities of the Company that vote generally in the
election of directors. 
 12. Remedies. In the event that (a) a determination is made that Indemnitee is not entitled to
indemnification, (b) advances for Expenses are not made when and as required by this Agreement, (c) payment has not been timely made pursuant to this Agreement or (d) Indemnitee otherwise seeks enforcement of this Agreement,
Indemnitee shall be entitled to a final adjudication in an appropriate court of the State of Delaware of his or her entitlement to such indemnification or advance. Alternatively, Indemnitee at his or her option may seek an award in arbitration. If
the parties are unable to agree on an arbitrator, the parties shall provide JAMS Endispute (“JAMS”) with a statement of the nature of the dispute and the desired qualifications of the arbitrator. JAMS will then provide a list of
three available arbitrators. Each party may strike one of the names on the list, and the remaining person will serve as the arbitrator. If both parties strike the same person, JAMS will select the arbitrator from the other two names. The arbitration
award shall be made within 90 days following the demand for arbitration. Except as set forth herein, the provisions of Delaware law shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or arbitration award. In any such proceeding or arbitration Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that presumption. 
 13. Injunctive Relief. The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, will be
inadequate, impracticable and difficult of proof, and further agree that such breach would cause Indemnitee irreparable harm. Accordingly, the Company and Indemnitee agree that Indemnitee shall be entitled to temporary and permanent injunctive
relief to enforce this Agreement without the necessity of proving actual damages or irreparable harm. The Company and Indemnitee further agree that Indemnitee shall be 

  

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entitled to such injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of
posting bond or other undertaking in connection therewith. Any such requirement of bond or undertaking is hereby waived by the Company, and the Company acknowledges that in the absence of such a waiver, a bond or undertaking may be required by the
court. 
 14. Duration and Scope of Agreement. This Agreement shall continue so long as Indemnitee shall be subject to any possible
Claim eligible for indemnification pursuant to the terms of this Agreement and shall be applicable to Claims commenced or continued after execution of this Agreement, whether arising from acts or omissions occurring before or after such execution.

 15. Establishment of Trust. In order to secure the obligations of the Company to indemnify and to advance Expenses to Indemnitee
pursuant to this Agreement, upon a Change of Control of the Company, the Company or its successor or assign shall establish a Trust (the “Trust”) for the benefit of the Indemnitee, the trustee (the “Trustee”) of
which shall be chosen by the Company and which is reasonably acceptable to the Indemnitee. Thereafter, from time to time, upon receipt of a written request from Indemnitee, the Company shall fund the Trust in amounts sufficient to satisfy any and
all Expenses reasonably anticipated at the time of such request for which the Company may indemnify Indemnitee hereunder. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding obligation shall be determined by mutual
agreement of the Indemnitee and the Company or, if the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel selected jointly by the Company and the Indemnitee. The terms of the Trust shall provide that except upon
the consent of the Indemnitee and the Company, (i) the Trust shall not be revoked or the principal thereof invaded, without the written consent of the Indemnitee, (ii) the Trustee shall advance to the Indemnitee, within twenty
(20) days of a request by the Indemnitee, any and all Expenses, the Indemnitee hereby agreeing to reimburse the Trustee of the Trust for all Expenses so advanced if a final determination is made by a court in a final adjudication from which
there is no further right of appeal that the Indemnitee is not entitled to be indemnified under this Agreement, (iii) the Trust shall continue to be funded by the Company in accordance with the funding obligations set forth in this Section,
(iv) the Trustee shall promptly pay to the Indemnitee any amounts to which the Indemnitee shall be entitled pursuant to this Agreement, and (v) all unexpended funds in the Trust shall revert to the Company upon a final determination by
Independent Counsel selected by Indemnitee or a court of competent jurisdiction that Indemnitee has been fully indemnified with respect to the Proceeding giving rise to the funding of the Trust under the terms of this Agreement. The establishment of
the Trust shall not, in any way, diminish the Company’s obligation to indemnify Indemnitee against Expenses and Claims to the full extent required by this Agreement. 
 16. Indemnitee’s Obligations. The Indemnitee shall promptly advise the Company in writing of the institution of any investigation, claim, action, suit or proceeding which is or may be subject to this
Agreement and keep the Company generally informed of, and consult with the Company with respect to, the status of any such investigation, claim, action, suit or proceeding; provided, however, Indemnitee shall not have any obligation hereunder to the
extent the Company is a party to such investigation, claim, action, suit or proceeding and is fully informed of such action. 
 17.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original. 
  

 10 

 18. Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the
Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets
of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. This Agreement shall continue in effect with respect to Claims relating to indemnifiable events regardless of whether Indemnitee continues to serve as a director, officer, employee, agent, controlling person, or fiduciary
of the Company or of any other enterprise at the Company’s request. 
 19. Attorneys’ Fees. In the event that any action is
instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, any Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, unless, as a part of such action, a court of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action was made in bad faith or was
frivolous. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to be paid all Expenses incurred by Indemnitee in
defense of such action (including costs and expenses incurred with respect to Indemnitee counterclaims and cross-claims made in such action), unless, as a part of such action, a court having jurisdiction over such action determines that each of
Indemnitee’s material defenses to such action was made in bad faith or was frivolous. 
 20. Presumption of Good Faith.
Indemnitee shall be deemed to have acted in good faith as it relates to any action on the part of Indemnitee as an officer or director of the Company if an Indemnitee’s action is based on the records or books of account of the Company,
including financial statements, or on information provided to Indemnitee by the officers of the Company in the course of their duties, or on the advice of legal counsel for the Company or the Board of Directors or legal counsel selected by any
committee of the Board of Directors or on information or records given or provided by an appraiser or investment banker, compensation consultant, or other expert selected with reasonable care by the Company. The provisions of this Section 20
shall not be deemed exclusive or to limit in anyway the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct. 
 21. Information. If the Indemnitee is the subject of or is otherwise implicated or involved in any way during an investigation or inquiry, whether formal or informal, the Company shall so notify the Indemnitee
within a reasonable time of becoming aware of such inquiry or investigation. The Company shall provide Indemnitee with a copy of any information furnished to any third parties (other than independent counsel of the Company or the Board of Directors
or a subcommittee of the Board of Directors) at the direction of the Company (including at the direction of the Board of Directors or any subcommittee thereof) concerning the investigation at the same time such information is being provided to said
third parties. With respect to officers of the Company, the rights provided by this Section 21 shall lapse twelve months after the separation of Indemnitee from the Company. 
  

 11 

 22. Notice. All notices and other communications required or permitted hereunder shall be in
writing, shall be effective when given, and shall in any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid,
(b) upon delivery, if delivered by hand, (c) one business day after the business day of deposited with Federal Express or similar overnight courier, freight prepaid, or (d) one day after the business day of delivery by facsimile
transmission, if deliverable by facsimile transmission, with copy by first class mail, postage prepaid, and shall be addressed if to Indemnitee, at Indemnitee’s address as set forth beneath the Indemnitee’s signature to this Agreement and
if to the Company at the address of its principal corporate offices (attention: Secretary) or at such other address as such party may designate by ten days’ advance written notice to the other party hereto. 
 23. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the state courts of the
State of Delaware, which shall be the exclusive and only proper forum for adjudicating such a claim. 
 24. Severability. The
provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitations, each portion of this
Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or
unenforceable. 
 25. Choice of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with
the laws of the State of Delaware as applied to contracts between Delaware residents, entered into and to be performed entirely within the State of Delaware without regard to the conflict of laws principles thereof. 
 26. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 
 27. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in
writing signed by all parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 28. Integration and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and
supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 
 29. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained
in the employ of the Company or any of its subsidiaries. 
  

 12 

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

  

			
	COMPANY
	
	 TherOx, Inc.,
 a Delaware
corporation

	
	  

	Kevin T. Larkin, President and Chief Executive Officer
		
	Address:	 	17500 Cartwright Road, Suite 100
		 	Irvine, California 92614
	
	INDEMNITEE
	  
  

		
	Address:	 	  

		 	  

		 	  

  

 13 

 EXHIBIT A 
 UNDERTAKING AGREEMENT 
 This UNDERTAKING AGREEMENT is made on
                    ,         , between TherOx, Inc., a Delaware corporation (the
“Company”) and                             , an officer and/or member of the board of
directors of the Company (“Indemnitee”). 
 WHEREAS, Indemnitee may become involved in investigations, claims, actions, suits or
proceedings which have arisen or may arise in the future as a result of Indemnitee’s service to the Company; and 
 WHEREAS, Indemnitee
desires that the Company pay any and all expenses (including, but not limited to, attorneys’ fees and court costs) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in defending or investigating any such suits or
claims and that such payment be made in advance of the final disposition of such investigations, claims, actions, suits or proceedings to the extent that Indemnitee has not been previously reimbursed by insurance; and 
 WHEREAS, the Company is willing to make such payments but, in accordance with Section 145 of the General Corporation Law of the State of Delaware,
the Company may make such payments only if it receives an undertaking to repay from Indemnitee; and 
 WHEREAS, Indemnitee is willing to give
such an undertaking; 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows: 

1. In regard to any payments made by the Company to Indemnitee pursuant to the terms of the Indemnification Agreement dated
                 ,         , between the Company and Indemnitee, Indemnitee hereby undertakes and agrees to
repay to the Company any and all amounts so paid promptly and in any event within thirty (30) days after the disposition, including any appeals, of any litigation or threatened litigation on account of which payments were made, but only to the
extent that Indemnitee is ultimately found not to be entitled to be indemnified by the Company under the Bylaws of the Company and Section 145 of the General Corporation Law of the State of Delaware, or other applicable law. 
 2. This Agreement shall not affect in any manner rights which Indemnitee may have against the Company, any insurer or any other person to seek
indemnification for or reimbursement of any expenses referred to herein or any judgment which may be rendered in any litigation or proceeding. 
  

 A-1 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first above
written. 
  

			
	COMPANY:
	
	 TherOx, Inc.,
 a Delaware
corporation

		
	By:	 	  

	Its:	 	  

	
	INDEMNITEE:
	
	  

	Name:	 	  

  

 A-2Agreement dated August 7, 1995 by and between TherOx, Inc. and Wayne State Unive

 Exhibit 10.22 
 AGREEMENT 
 PREAMBLE 
 This Agreement entered into this 7th day of August, 1995, by and between Wayne State University, an institution of higher education located in Detroit, Michigan, hereinafter referred to as “WSU,” and TherO
2x, Inc., a corporation organized and existing under the laws of the State of Delaware and having a place of business at 2025 Newport Blvd., Costa
Mesa, California, 92627 hereinafter referred to as “THEROX”. 
 BACKGROUND 
 THEROX intends to develop, manufacture and sell equipment and systems intended for use in delivering oxygen and other gases into the blood stream and
tissue of mammals. WSU has developed considerable knowledge, expertise, proprietary information, intellectual property, devices and systems in the field, much of which is not directly available to the public. WSU discloses and licenses its
knowledge, proprietary information, designs, equipment and patent rights only to parties who have agreed to maintain the confidential and proprietary nature thereof, and agreed not to duplicate, have duplicated or permit others to duplicate such
knowledge, proprietary information, designs, equipment and patent rights unless it is with the written permission of WSU, or its agent. 
 RECITALS 
 WITNESSETH 
 WHEREAS, WSU and THEROX entered into an agreement on September 8, 1994, hereinafter referred to as the “1994 LICENSE”, wherein WSU granted certain exclusive rights to THEROX under certain WSU-owned PATENTS
and PROPRIETARY INFORMATION; and 
 WHEREAS, changes in THEROX’s business strategy, capital structure and state of incorporation
necessitate amending and restating the 1994 LICENSE; and 
 WHEREAS, the interests of the parties hereto are enhanced by seeking to supersede
the 1994 LICENSE with the present Agreement. 
 DISPOSITIONS 
 NOW THEREFORE, in consideration of the premises and the mutual promises hereinafter recited, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 1.1 The term “NET SALES”, “NET SALES PRICE” or “NET SELLING PRICE” shall mean the unit gross sales price
or the sum total of gross sales of ROYALTY BEARING PRODUCTS sold by THEROX and its AFFILIATES, sublicensees and cross-licensees less trade, quantity and cash discounts; returns or other adjustments; sales, use, or other similar taxes to the extent
that such taxes are included in the gross sales price; and freight and insurance in a C.I.F. transaction. If 

 
ROYALTY BEARING PRODUCTS should contain or be sold in combination with any other non-royalty bearing product, component, material, or service then the
royalty-bearing portion of that combination shall be determined by multiplying the number of units of that combination that are sold under this Agreement by the unit net sales price of ROYALTY BEARING PRODUCTS contained in that combination, less the
deductions or offsets referred to in the preceding sentence. Where no independent market value or sales price exists for a ROYALTY BEARING PRODUCT or a non-royalty bearing product, THEROX shall calculate a hypothetical market value, allocating the
same proportion of costs, overhead and profits as are typically allocated to other THEROX products of similar type. 
 1.2 The term
“ROYALTY BEARING PRODUCTS” shall mean those products described as DISPOSABLE DEVICES, NON-DISPOSABLE DEVICES and GAS DELIVERY SYSTEMS which are covered under one or more claims of any of the PATENTS. 
 1.3 The term “AFFILIATE” shall mean any business entity in which at least fifty (50) percent of the voting shares or other means of
control, or at least a fifty (50) percent interest in the income of such entity are owned or controlled, directly or indirectly, by THEROX; or ii) any business entity which owns or controls, directly or indirectly, at least fifty
(50) percent of the voting shares or other means of control, or has at least a fifty (50) percent interest in the income, directly or indirectly, of THEROX. 
 1.4 The term “PATENTS” shall mean inventions forming the subject matter of WSU file number 139, United States Patent Number 5,086,620, issued on February 11, 1992 and entitled METHOD OF
MICROENCAPSULATION OF HYPERBARIC GAS, J. Richard Spears, M.D., inventor, and owned by WSU; any divisional, renewal, continuation, continuation-in-part or substitute United States patent applications based thereon; any patents which shall issue from
such United States patent applications; any reissues or extensions of the above; and all rights of priority thereto. 
 WSU file number 202,
United States Patent Number 5,261,875, issued on November 16, 1993 and entitled METHOD AND APPARATUS FOR INJECTION OF GAS HYDRATES, J. Richard Spears, M.D., inventor, and owned by WSU; any divisional, renewal, continuation, continuation-in-part
or substitute United States patent applications based thereon; any patents which shall issue from such United States patent applications; any reissues or extensions of the above; all rights of priority thereto; and any and all foreign applications
and patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon. 
 WSU file number 285,
United States Patent Number 5,407,426 issued April 18, 1995 and entitled METHOD AND APPARATUS FOR DELIVERING OXYGEN INTO BLOOD, J. Richard Spears, inventor, and owned by WSU; any divisional, renewal, continuation, continuation-in-part or
substitute United States patent applications based thereon; any patents which shall issue from such United States patent applications; any reissues or extensions of the above; all rights of priority thereto; and any and all foreign applications and
patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon. 
 WSU file number 285a,
United States Patent Application Number 08/152,589 filed November 15, 1993 and entitled METHOD AND APPARATUS FOR DELIVERING OXYGEN INTO BLOOD, J. Richard Spears, inventor, and owned by WSU; any divisional, renewal, continuation,
continuation-in-part or substitute United States patent applications based thereon; any 

  

 2 

 
patents which shall issue from such United States patent applications; any reissues or extensions of the above; all rights of priority thereto; and any and
all foreign applications and patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon. 
 WSU file number 285b, United States Patent Application Number 08/353,137 filed December 9, 1994 and entitled APPARATUS AND METHOD OF DELIVERY OF GAS SUPERSATURATED LIQUIDS, J. Richard Spears, inventor, and owned by WSU; any divisional,
renewal, continuation, continuation-in-part or substitute United States patent applications based thereon; any patents which shall issue from such United States patent applications; any reissues or extensions of the above; all rights of priority
thereto; and any and all foreign applications and patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon. 
 WSU file number 285c, United States Patent Application filed June 7, 1995 and entitled METHOD AND APPARATUS FOR DELIVERING OXYGEN SUPERSATURATED PHYSIOLOGIC SOLUTIONS DURING ANGIOPLASTY, J. Richard Spears,
inventor, and owned by WSU; any divisional, renewal, continuation, continuation-in-part or substitute United States patent applications based thereon; any patents which shall issue from such United States patent applications; any reissues or
extensions of the above; all rights of priority thereto; and any and all foreign applications and patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon. 
 WSU file number 285d, United States Patent Application filed June 7, 1995 and entitled HIGH PRESSURE GAS EXCHANGER., J. Richard Spears, inventor,
and owned by WSU; any divisional, renewal, continuation, continuation-in-part or substitute United States patent applications based thereon; any patents which shall issue from such United States patent applications; any reissues or extensions of the
above; all rights of priority thereto; any and all foreign applications and patents corresponding to the aforesaid inventions, United States patent applications and patents granted thereon; and any improvements to patents not covered under
paragraphs 1.15-1.18. 
 1.5 The term “PROPRIETARY INFORMATION” shall mean information, data, concepts, developments, know-how,
specifications, trade secrets and experience pertaining to PATENTS, and any inventions and technology described therein, in any form; technical or business related; developed, conceived, owned or controlled by WSU prior to or during the term of this
Agreement. 
 1.6 The term “RUNNING ROYALTY” shall mean remuneration paid to WSU in the form of a stated percentage of all NET
SALES. 
 1.7 The term “ANNUAL MINIMUM ROYALTY” shall mean the minimum dollar remuneration to be paid by THEROX to WSU in a given
year that this Agreement is in force, not based upon NET SALES. 
 1.8 The term “LICENSE FEE” shall mean any money or contribution
in-kind paid by THEROX to WSU as consideration for the granting of exclusive license rights to PATENTS, PROPRIETARY INFORMATION and IMPROVEMENTS, and not based upon NET SALES. 
  

 3 

 1.9 The term “SUBLICENSE FEE” or “CROSS LICENSE FEE” shall mean any money or
contribution in-kind paid by THEROX to WSU as consideration for the granting of sublicense and cross-license rights to PATENTS, PROPRIETARY INFORMATION and IMPROVEMENTS, and not based upon NET SALES. 
 1.10 The term “GAS DELIVERY SYSTEM” shall mean any combination of NON-DISPOSABLE DEVICES and DISPOSABLE DEVICES which taken together and
utilized would allow a gas to be delivered for use in the MEDICAL GAS DELIVERY FIELD OF USE, and which is claimed under PATENTS or covered by PROPRIETARY INFORMATION. 
 1.11 The term “NON-DISPOSABLE DEVICE” shall mean a non-disposable device, apparatus, software or hardware implementation of software, or a collection of such items that when taken together would comprise a
non-disposable device or apparatus, such device or apparatus being claimed under PATENTS or covered by PROPRIETARY INFORMATION. 
 1.12 The
term “DISPOSABLE DEVICE” shall mean a disposable device or apparatus, or a collection of items that when taken together would comprise a disposable device or apparatus intended for use in the MEDICAL GAS DELIVERY FIELD OF USE, such device
or apparatus being claimed under PATENTS or covered by PROPRIETARY INFORMATION. 
 1.13 The term “MEDICAL GAS DELIVERY FIELD OF
USE” shall mean production and delivery of a fluid into which a gas has been dissolved at higher levels than by atmospheric pressure for the cure, mitigation, treatment, prevention or diagnosis of disease or other conditions in humans or
animals, or to otherwise affect the structure or any function of the body of humans or animals. 
 1.14 The term “NON-MEDICAL GAS
DELIVERY FIELD OF USE” shall mean all other fields of use that are not the MEDICAL GAS DELIVERY FIELD OF USE. 
 1.15 The term
“IMPROVEMENT” shall mean any modification or improvement in any methodology, apparatus, NON-DISPOSABLE DEVICE, DISPOSABLE DEVICE, GAS DELIVERY SYSTEM or any component thereof, that is conceived or reduced to practice as a result of a
knowledge of PATENTS or PROPRIETARY INFORMATION received or generated pursuant to the terms of this Agreement. 
 1.16 The term
“WSU-IMPROVEMENT” shall mean any modification or improvement, including without limitation any software or hardware implementation of software, in any methodology, apparatus, NON-DISPOSABLE DEVICE, DISPOSABLE DEVICE, GAS DELIVERY SYSTEM or
any component thereof, regardless of patentability, that is conceived or reduced to practice solely by an employee of WSU, as a result of a knowledge of PATENTS or PROPRIETARY INFORMATION received or generated pursuant to the terms of this
Agreement. 
 1.17 The term “THEROX-IMPROVEMENT” shall mean any modification or improvement, including without limitation any
software or hardware implementation of software, in any methodology, apparatus, NON-DISPOSABLE DEVICE, DISPOSABLE DEVICE, GAS DELIVERY SYSTEM or any component thereof, regardless of patentability, that is conceived or reduced to practice by an
employee of, or consultant to, THEROX, as a result of a knowledge of PATENTS or PROPRIETARY INFORMATION received or generated pursuant to the terms of this Agreement. 
  

 4 

 1.18 The term “JOINT-IMPROVEMENT” shall mean any modification or improvement, including without
limitation any software or hardware implementation of software, in any methodology, apparatus, NON-DISPOSABLE DEVICE, DISPOSABLE DEVICE, GAS DELIVERY SYSTEM or any component thereof, regardless of patentability, that is conceived or reduced to
practice jointly by an employee of WSU and by an employee of, or consultant to, THEROX, as a result of a knowledge of PATENTS or PROPRIETARY INFORMATION received or generated pursuant to the terms of this Agreement. 
 1.19 The term “THEROX FIELD OF USE FIRST OPTION” shall mean the right granted by WSU to THEROX to enter into negotiations for a license to
PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS and WSU’s interest in JOINT-IMPROVEMENTS in the NON-MEDICAL GAS DELIVERY FIELD OF USE. 
 ARTICLE II 
 THE GRANT 
 2.1 WSU hereby grants to THEROX a world-wide, exclusive license, along with the right to grant sublicenses and enter into cross license agreements, under said PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS and
WSU’s interest in JOINT-IMPROVEMENTS within the MEDICAL GAS DELIVERY FIELD OF USE to make, have made, use and sell GAS DELIVERY SYSTEMS, NON-DISPOSABLE DEVICES and DISPOSABLE DEVICES covered by, or made with, or utilizing methods or apparatus
covered by, said PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS and WSU’s interest in JOINT-IMPROVEMENTS. 
 2.2 WSU hereby grants
to THEROX a THEROX FIELD OF USE FIRST OPTION to negotiate worldwide exclusive licenses with the right to grant sublicenses and enter into cross-license arrangements in accordance with the terms of ARTICLE VIII. 
 2.3 THEROX acknowledges and accepts that the licenses granted hereinabove are subject to any licenses or other rights that have been or may be required
to be granted to the United States Government by effect of federal law or regulation governing the disposition of patent rights and rights in information arising from government sponsored research. Government rights to patents arising under
federally sponsored research are enumerated in and explained in 37 CFR Part 401. 
 2.4 THEROX agrees that no right, license or immunity is
granted by implication or otherwise, except as specifically set forth herein. No right, license or immunity is granted with respect to any PATENTS, PROPRIETARY INFORMATION, GAS DELIVERY SYSTEM, NON-DISPOSABLE DEVICE, DISPOSABLE DEVICE, software or
field of use beyond MEDICAL GAS DELIVERY except as expressly set forth herein. 
 2.5 The parties hereto mutually agree that the licenses and
first option rights granted to the PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS and WSU’s interest in JOINT IMPROVEMENTS herein are severable with respect to the ROYALTY BEARING PRODUCTS such that the conversion of the grant of exclusive
license rights to non-exclusive license rights or the termination of this Agreement with respect to certain of the PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS and WSU’s interest in JOINT-IMPROVEMENTS relating to specific ROYALTY BEARING
PRODUCTS shall not affect the 

  

 5 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 
grant of rights to other PATENTS, PROPRIETARY INFORMATION, WSU-IMPROVEMENTS or WSU’s interest in JOINT-IMPROVEMENTS relating to other ROYALTY BEARING
PRODUCTS under this Agreement. 
 ARTICLE III 
 ANNUAL MINIMUM ROYALTY, RUNNING ROYALTY, LICENSE FEE, 
 SUBLICENSE/CROSS-LICENSE FEE 

3.1 THEROX agrees on behalf of itself, its AFFILIATES, sublicensees and cross licensees hereunder to pay WSU the greater of an ANNUAL MINIMUM ROYALTY
in accordance with the schedule set forth in paragraph 3.3, or a RUNNING ROYALTY as a percentage of the unit NET SALES PRICE of ROYALTY BEARING PRODUCTS, whichever is greater. Failure of THEROX to pay an ANNUAL MINIMUM ROYALTY, when due, in
accordance with this AGREEMENT, shall result in the conversion of the grant of a exclusive license to a nonexclusive license. 
 3.2 RUNNING
ROYALTIES to be applied to ROYALTY BEARING PRODUCTS shall be calculated in such a way as to avoid royalty stacking, which as used herein shall mean the application of more than a single royalty payable to WSU, to a product or service covered by any
of the licensed intellectual property, and that is made, used or sold by THEROX, its AFFILIATES and sublicensees pursuant to the terms of this Agreement. 
 3.3 An ANNUAL MINIMUM ROYALTY shall not become effective until the latter of i) [***] after the grant of general marketing approval by the USFDA for a ROYALTY BEARING PRODUCT for its first clinical indication; or ii)
at such a time as NET SALES of ROYALTY BEARING PRODUCTS exceeds [***] ([***]) dollars for a full calendar year, referred to as Year 1 below. Therefore, should commercial sale of ROYALTY BEARING PRODUCTS commence mid-way through a given calendar
year, an ANNUAL MINIMUM ROYALTY would only apply if NET SALES of ROYALTY BEARING PRODUCTS were at least [***] ([***]) for that calendar year. Subject to the provisions of paragraph 3.1, the ANNUAL MINIMUM ROYALTY to be in effect while this Agreement
is in force shall be as follows: 
 Year 1 $[***] 
 Year 2 $[***] 
 Year 3 $[***] 
 Year 4 $[***] 
 Beginning in the fifth calendar year after the commencement of commercial sales, and extending for so long
as this Agreement is in force, the ANNUAL MINIMUM ROYALTY shall be the greater of [***] ([***]) dollars or an amount equal to [***] ([***]) percent of the prior calendar year’s RUNNING ROYALTY paid to WSU. Notwithstanding the foregoing, THEROX
shall not be obligated to pay a RUNNING ROYALTY on NET SALES of any of its sublicensees and cross-licensees which exceeds [***] ([***]) percent of any royalties or other sales-based payments actually received by THEROX from such sublicensee or
cross-licensee. 
 3.4 Running royalties shall apply to all ROYALTY BEARING PRODUCTS sold by THEROX, its AFFILIATES, sublicensees and
cross-licensees that incorporate PATENTS, PROPRIETARY INFORMATION and/or WSU-IMPROVEMENTS under the terms of this Agreement. 
  

 6 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 3.5 THEROX agrees on behalf of itself, its AFFILIATES, its sublicensees and cross-licensees hereunder
to pay a RUNNING ROYALTY of [***] ([***]) percent of the NET SALES of DISPOSABLE DEVICES, NON-DISPOSABLE DEVICES and GAS DELIVERY SYSTEMS. 
 3.6 THEROX shall pay WSU [***] ([***]) percent of fees and payments for the granting of sublicense or cross-license rights to non-AFFILIATE third parties for the manufacture, use or sale of ROYALTY BEARING PRODUCTS. Such fees and payments
shall not include payments or reimbursements to THEROX for sponsored research or development activities engaged in by THEROX or to equity purchases by sublicensees or cross licensees. THEROX agrees to furnish to WSU the full detail of all sublicense
and cross license agreements it enters into including a breakdown of initial fees paid to THEROX by such sublicensees and cross licensees. 
 3.7 All royalties and fees paid by THEROX on behalf of itself, its sublicensees and cross- licensees hereunder to WSU shall be paid in United States dollars. All foreign currency conversions are to be based on Wall Street Journal published
rates as of the date of payment and report of royalties and sublicense/cross-license fees by THEROX to WSU. 
 3.8 As consideration for the
grant of exclusive license rights hereunder, and at such a time as: (i) THEROX closes its first equity and/or debt financing round that raises in excess of one (1) million dollars; or (ii) upon closing on a cumulative total of at
least one million eight hundred thousand (1,800,000) dollars in equity and/or debt financing, THEROX shall reimburse WSU for all reasonable out-of-pocket expenses associated with the licensed PATENTS incurred by WSU up until that date. As of
June 30, 1995, WSU had accrued costs and fees of fifty three thousand one hundred and eighty (53,180) dollars for this purpose. It is anticipated that by December 31, 1995 that an additional twenty thousand (20,000) dollars to
forty thousand (40,000) dollars will be accrued as WSU prepares and files at least three United States patent applications, two United States divisional patent applications and absorbs the foreign filing costs associated with several pending
and issued United States applications and patents. All funds expended by THEROX to reimburse WSU for patent protection expenses accrued by WSU under this paragraph 3.8 shall be creditable against future ANNUAL MINIMUM ROYALTIES or RUNNING ROYALTIES.
WSU shall have the option of converting the exclusive license granted herein to non-exclusive status in the event THEROX fails to secure financing in the time frames described in paragraph 5.1. 
 3.9 THEROX may seek to grant a specific sublicense and/or cross license to any of the licensed PATENTS and/or PROPRIETARY INFORMATION under this
Agreement, and in arranging for such a sublicense or cross license, determine that a reduction is necessary in the sublicense/cross license fees and/or the running royalty rate to be passed through to WSU in order to allow THEROX to achieve a fair
and equitable return. THEROX may request, in writing, such a reduction in fees and/or royalties to WSU. The request should include THEROX’s rationale and basis for requesting such a reduction. WSU agrees to consider all such requests in good
faith and shall respond to THEROX, in writing, within thirty (30) days of receipt of such a notice, stating whether it will or will not accept the requested reduction and/or upon what basis WSU would accept a reduction. 
  

 7 

 ARTICLE IV 
 WSU STOCK RIGHTS 
 4.1 THEROX shall grant to WSU a right of first offer with respect to future sales
by THEROX of its Shares (as hereinafter defined). Each time THEROX proposes to offer any shares of, or securities convertible into or exercisable for any shares of, any class of its capital stock (“SHARES”), THEROX shall first make an
offering of such SHARES to WSU in accordance with the following provisions: 
 (a) THEROX shall deliver a written notice to WSU stating
(i) its bona fide intention to offer such SHARES, (ii) the number of such SHARES to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such SHARES. 
 (b) Within twenty (20) calendar days after receipt of the notice, WSU may elect to purchase or obtain, at the price and on the terms specified in
the notice, up to that portion of such SHARES which equals the proportion that one hundred thirty nine thousand three hundred and thirty three (139,333) (the number of SHARES owned by WSU on the date hereof) bears to the total number of SHARES
of THEROX then outstanding (assuming full conversion and exercise of convertible or exercisable securities). WSU’s election to purchase or obtain SHARES shall be submitted to THEROX in writing. WSU shall be allotted an additional thirty
(30) calendar day period in which to remit payment for such SHARES as it elects to purchase or obtain. 
 (c) If all SHARES referred to
in the notice are not elected to be obtained as provided in subparagraph 4.1b), THEROX may, during the thirty (30) day period following the expiration of the period provided in subparagraph 4.1b), offer the remaining unsubscribed portion of
such SHARES to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the notice. If THEROX does not enter into an agreement for the sale of the SHARES within such period, or if such
agreement in not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such SHARES shall not be offered unless first reoffered to WSU in accordance herewith. 
 (d) The right of first offer in this paragraph 4.1 shall not be applicable (i) prior to the issuance of shares of Series D Preferred Stock of
THEROX, or (ii) to the issuance or sale of not to exceed 500,000 shares of Common Stock (or options therefor) to employees for the primary purpose of soliciting or retaining their employment, or (iii) after the issuance of shares of Series
D Preferred Stock, the issuance or sale of not to exceed one million (1,000,000) shares of Common Stock (or options therefor) to employees for the primary purpose of soliciting or retaining their employment, or (iv) to or after
consummation of a bona fide, firmly underwritten public offering of shares of Common Stock registered under the Securities Act of 1933 pursuant to a registration statement, at an offering price of at least five (5) dollars per share
(appropriately adjusted for any stock split, dividend, combination or other recapitalization) and at least seven million five hundred thousand (7,500,000) dollars of aggregate gross proceeds, or v) to the issuance of securities pursuant to the
conversion or exercise of convertible, or exercisable securities, including the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series A Warrants, Series B Warrants, Series C Warrants, Series D
Warrants, or (vi) to the issuance of securities in connection with a bona fide business acquisition of or by THEROX, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or (vii) to the issuance of
securities to persons or entities with which THEROX has bona fide business relationships which are not primarily directed to the raising of capital, including, without limitation, corporate partners. 
  

 8 

 4.2 WSU agrees that is shall not sell, pledge or otherwise transfer any of the SHARES of THEROX except as
expressly permitted under the terms set forth in Exhibit “A”. At such a time as SHARES of THEROX is traded publicly, WSU shall have the right, subject to any lock-up reasonably requested by any underwriter, to sell, pledge or otherwise
transfer its SHARES, at its sole discretion, subject to applicable securities laws, except that for the first twelve months after THEROX SHARES become publicly traded, WSU shall provide THEROX with fourteen (14) days written notice of its
intent to sell its SHARES. THEROX shall respond, in writing, within the fourteen (14) day period declaring its intent to purchase the WSU SHARES. Should THEROX declare its intent to purchase, THEROX shall have the sole right to purchase
WSU’s SHARES, provided THEROX completes such purchase within ninety (90) days of the date of WSU’s initial notification to THEROX. The purchase shall be made upon terms that are either i) to be mutually agreed upon if there is no
bona-fide third party offer; ii) the same terms contained in a bona-fide third party offer to WSU should such be made; or in the event THEROX Common Stock is publicly traded, iii) at the greater of the closing Common Stock share price on the date of
notification by WSU or the average of the daily closing Common Stock share price during the ninety (90) day notification period. 
 ARTICLE V 
 MILESTONES 
 5.1 As further consideration for the exclusive licenses herein granted THEROX shall diligently pursue i) the development and execution of a comprehensive technical, business and financing plan; and ii) the development
and approval of ROYALTY BEARING PRODUCTS. Therefore, in order to maintain the licenses granted herein as exclusive, the following schedule of milestones shall be met and paid by THEROX. In the event of THEROX’s failure to meet this schedule
through milestone number 3, WSU shall have the option of converting the exclusive licenses granted herein to a non-exclusive status, provided, however, that WSU first give THEROX ninety (90) days written notice of its intent to convert. Should
THEROX cure the failure to reach milestone number 3 within the notification period, WSU’s notice to convert shall automatically be considered withdrawn. If, within five years of the execution of this Agreement, THEROX fails to meet this
milestone schedule through milestone number 6 WSU shall have the option of terminating this Agreement, provided, however, that WSU first give THEROX ninety (90) days written notice of its intent to terminate. Should THEROX cure the failure to
reach milestone number 6 within the notification period, WSU’s notice to terminate shall automatically be considered withdrawn. 
  

 9 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 MILESTONE TIMETABLE 
  

							
	 Milestones
	  	Timetable for
Completion
		 	1.	  	Raise at least $250,000 in cumulative equity investments.	  	[***]
				
		 	 2.
	  	Raise at least $1,250,000 in cumulative equity investments.	  	[***]
				
		 	 3.
	  	Initiate IV Device Clinical Study.	  	[***]
				
		 	 4.
	  	Raise at least $3,000,000 in cumulative equity investments.	  	[***]
				
		 	 5.
	  	Submit Pre-Market Notification (510k) Or Application (PMA) To FDA.	  	[***]
				
		 	 6.
	  	Receive FDA marketing approval for first ROYALTY BEARING PRODUCT and/or commence commercial sales.	  	[***]

 PROVISIONS 
 ARTICLE VI 
 CONFIDENTIAL DISCLOSURE 
 6.1 WSU agrees to provide PATENTS and PROPRIETARY INFORMATION (referred to as INFORMATION for the purposes of ARTICLE VI only) to THEROX only under the
following conditions: 
 (a) THEROX agrees to take all due precautions to hold INFORMATION in the strictest confidence and to prevent
disclosure of the INFORMATION to persons other than its own employees, agents and sublicensees (“own employees” includes employees of any wholly-owned subsidiaries or of a parent company). Any employees or agents to whom disclosure is made
must first be apprised of this Agreement and agree to be bound by its terms. 
 (b) All unpublished data and INFORMATION, in any form,
received by THEROX from WSU or by WSU from THEROX hereunder including, without limitation, INFORMATION embodied in prototypes, samples, and in other non-documentary form, shall be received and maintained in confidence by the receiving party and
shall not be disclosed to others without the prior written consent of the disclosing party or used by the receiving party except in accordance with the licenses granted as set forth herein. The foregoing obligations shall not apply to unpublished
data and INFORMATION which 1) is part of the public domain at the time of disclosure or enters the public domain thereafter through no fault of the receiving party; or ii) is or becomes available from another source such as, without limitation, a
public source, other than as a consequence of a breach of the obligations herein set forth; or iii) has been or is independently developed by the receiving party; or iv) has been obtained by the receiving party from a third party having the legal
right to transmit INFORMATION without restriction on the disclosure or use thereof; or v) where such disclosure is compelled by order of a court of competent jurisdiction or by a governmental body or unit have the right to do so; or vi) to materials
required to be submitted by THEROX to governmental personnel and agencies, including but not limited to the Food And Drug Administration (FDA), all materials required by such personnel or agency in conjunction with an inspection of THEROX’s or
WSU’s facilities, or any governmental or regulatory submission, report, license, application or similar item, including but not limited to all documentation and test results 

  

 10 

 
relating to the ROYALTY BEARING PRODUCTS; or vii) as may be required in the course of obtaining financing; provided however, that in connection with such
disclosure, THEROX shall use its best efforts to cause, or have WSU cause such INFORMATION to be protected by patent application or issued patent, and further, to use its best efforts to obtain the confidential treatment of such INFORMATION from
such governmental personnel, agency or financing source. 
 6.2 THEROX agrees to enter into appropriate written agreements with its
employees, sublicensees, cross-licensees and all third-parties having access to any of the INFORMATION to protect and maintain the confidential and proprietary nature thereof, and such agreements shall be and remain effective beyond the termination
of this Agreement as reasonably required to achieve the purposes of this Agreement. WSU shall enter into appropriate written agreements to maintain as confidential all THEROX-IMPROVEMENTS and other information proprietary to THEROX. 
 6.3 THEROX and WSU mutually agree not to submit for publication INFORMATION unless such INFORMATION has been reviewed by the other party to the
Agreement. The purpose for such review is to allow each party to identify and protect its proprietary INFORMATION. The party seeking review shall allow the other party twenty one (21) days for review and identification of proprietary
INFORMATION. The parties to whom such submission shall be made shall be President, if to THEROX, and Office of the Vice President for Research, if to WSU. The parties to this Agreement mutually agree to take all due precautions not to divulge
INFORMATION of a proprietary nature in any grant application, business plan or prospectus without taking all appropriate measures to provide notice to the recipient(s) of such instruments of the proprietary nature of the INFORMATION. Where
protection of proprietary INFORMATION is required, the parties hereto shall mutually agree to delay such publication for a period of up to twelve (12) months in order to allow such protection to be put in place. 
 ARTICLE VII 
 IMPROVEMENTS

 7.1 THEROX agrees to disclose to WSU, any and all JOINT-IMPROVEMENTS and THEROX-IMPROVEMENTS in, or related to PATENTS and PROPRIETARY
INFORMATION, conceived or reduced to practice as a result of activities engaged in pursuant to the terms of this Agreement. WSU agrees that it shall not publish or disclose JOINT-IMPROVEMENTS to third parties or to the public through any
communication including, but not limited to, academic publication or other exchanges of information without first providing THEROX with the opportunity to review JOINT-IMPROVEMENTS and to direct WSU to protect such JOINT-IMPROVEMENTS by patent or
other appropriate means. In addition to the restrictions of ARTICLE VI, WSU agrees not to publish or disclose THEROX-IMPROVEMENTS to third parties or to the public through any communication including, but not limited to, academic publication or
other exchanges of information without obtaining the prior written approval of THEROX, which shall not be unreasonably withheld. 
 7.2 WSU
agrees to disclose to THEROX, any and all WSU-IMPROVEMENTS and JOINT- IMPROVEMENTS. WSU agrees not to publish or disclose WSU-IMPROVEMENTS and JOINT- IMPROVEMENTS to third parties or to the public through any communication including, but not limited
to, academic publication or other exchanges of information without obtaining the prior written approval of THEROX, which shall not be unreasonably withheld. 
  

 11 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 7.3 All WSU-IMPROVEMENTS shall be owned by WSU. THEROX agrees to provide any assistance and take such
acts as are reasonably requested by WSU to enable WSU to obtain a letters patent for or respecting any WSU-IMPROVEMENT, to protect such patent right, to conduct further research and to publish subject to the terms and conditions of paragraph 6.3.

 7.4 JOINT-IMPROVEMENTS shall be owned by WSU and THEROX. 
 7.5 All THEROX-IMPROVEMENTS shall be owned by THEROX. 
 7.6 All WSU-IMPROVEMENTS and JOINT-IMPROVEMENTS
shall automatically become subject to the grant in ARTICLE II hereinabove and any patent rights therein shall be deemed to be PATENTS for the purposes of this Agreement. 
 7.7 It is mutually recognized and agreed to by the parties that THEROX’s business strategy may result in THEROX engaging in business activities, product and service sales that are unrelated to those which utilize
or incorporate PATENTS, PROPRIETARY INFORMATION and IMPROVEMENTS. Accordingly, sales of such products and services would not be considered as being royalty bearing under the terms of this Agreement. 
 ARTICLE VIII 
 THEROX FIELD OF USE
FIRST OPTION 
 8.1 For the first twelve (12) months after this September 8, 1994, WSU agrees not enter into any third party
agreements that would preclude THEROX from obtaining a world-wide exclusive license, carrying with it the right to grant sublicenses and to enter into cross-license agreements, within the NON-MEDICAL GAS DELIVERY FIELD OF USE without first providing
THEROX with the opportunity to negotiate and execute such a license. Should WSU intend entering into such a third party agreement, WSU shall inform THEROX of such in writing. THEROX shall have thirty (30) days from the receipt of such writing
to determine whether it cares to exercise its THEROX FIELD OF USE FIRST OPTION and enter into negotiations with WSU. All decisions by THEROX to exercise THEROX FIELD OF USE FIRST OPTION rights shall be conveyed to WSU in writing. A further one
hundred twenty (120) day period shall be allotted in which WSU and THEROX are to negotiate in good faith and arrive at an executed license. WSU agrees not to enter into any third party agreements during such thirty (30) day and one hundred
twenty (120) day periods. Should THEROX either (i) not exercise its THEROX FIELD OF USE FIRST OPTION, or (ii) not reach an agreement in principle with WSU regarding the terms of a license within such thirty (30) day one hundred
twenty (120) day time periods, then the THEROX FIELD OF USE FIRST OPTION shall automatically terminate with respect to that particular field of use. WSU shall provide THEROX with the opportunity to match any third party offer. 
 8.2 Unless otherwise exercised, the THEROX FIELD OF USE FIRST OPTION shall terminate for all fields of use not licensed to THEROX twelve months after
September 8, 1994, or if notice was given pursuant to paragraph 8.1, during the time periods set forth in paragraph 8.1. THEROX shall have the right to renew the THEROX FIELD OF USE FIRST OPTION on a yearly basis for an additional twelve
(12) month period by providing WSU with written notice of its intent to renew within thirty (30) days of the termination date of the THEROX FIELD OF USE FIRST OPTION and by paying WSU a first option renewal fee. The first option renewal
fee shall be negotiated in good faith between the parties and shall not exceed [***] ([***])[***]dollars. 
  

 12 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 ARTICLE IX 
 FUTURE RESEARCH 
 9.1 THEROX and WSU mutually acknowledge that, from time to time, THEROX may seek to
engage in research activities wherein the collaboration of WSU faculty and staff and access to facilities and equipment owned by WSU will be desired and appropriate. THEROX and WSU mutually agree that all such cooperative research shall be
undertaken on the basis of research grants and contracts the terms of which are to be negotiated in good faith by employees of both parties having the authorization of their respective organizations to engage in such activities such that there be no
conflict of interest. Such contracts shall provide that to the extent any future inventions or developments are made as a result of activity funded by THEROX which relate to the MEDICAL GAS DELIVERY FIELD OF USE, that they shall be subject to the
grants of license under this Agreement for so long as this Agreement remains in force. 
 ARTICLE X 
 RECORDS 
 10.1 THEROX agrees on behalf
of itself, its AFFILIATES and sublicensees to keep accurate records in sufficient detail to enable the royalties payable by THEROX to be determined, and agrees to permit said records to be examined from time to time, at WSU’s expense, during
the life of this Agreement and for one (1) year after the expiration or termination thereof by authorized representatives of WSU, such representatives having been reasonably approved of by THEROX, during usual business hours, and to the extent
necessary to verify the reports and payments required hereunder. Such examination shall be solely for the purpose of ascertaining the correctness of royalties reported and paid. WSU’s authorized representative shall only report the fact that
such royalties are correct or that they are deficient and the amount by which they are deficient. All other information obtained during such examinations shall be held in confidence and shall not be reported to WSU unless a dispute arises between
WSU and THEROX regarding any deficiency or other discrepancy in royalties paid by THEROX to WSU. In the event of such a dispute, THEROX shall agree to allow WSU authorized representative to disclose information in sufficient detail as to allow WSU
to substantiate and defend its claim of the existence of such deficiency or discrepancy in royalties paid. THEROX shall maintain records of the sale of ROYALTY BEARING PRODUCTS during the current calendar year in which such sale occurs and for six
calendar years after the calendar year during which such sale occurred. 
 10.2 All deficiencies in royalty payments by THEROX to WSU shall
be promptly reported to THEROX. All deficiencies in excess of [***] ([***]) percent of the correct amount of royalties payable shall carry a penalty charge not to exceed [***] ([***]) percent of the amount of the deficiency plus the costs of the
examination, if any, charged to WSU. THEROX shall remit the amount of the deficiency plus any applicable penalty charges and costs within thirty (30) days of notification of such by WSU. Exceptions to this paragraph 10.2 shall be i) inaccurate
reporting by a sublicensee/cross licensee to THEROX and ii) instances where THEROX makes a good faith error in value added determination. 
  

 13 

 ARTICLE XI 
 REPORTS AND PAYMENTS 
 11.1 THEROX agrees to furnish written reports to WSU within sixty
(60) days after the first of January, April, July, and October of each calendar year during the life of this Agreement setting forth the number, gross selling prices, offsets to gross selling prices and net selling prices of each kind of
ROYALTY BEARING PRODUCT sold by THEROX or its AFFILIATES, sublicensees and cross-licensees during the preceding quarter, and the royalties due thereon. Each report shall be accompanied by a remittance as provided in Article III hereof covering any
royalties then due. 
 11.2 All reports and payments due hereunder shall be made to WSU at the address appearing below, unless THEROX is
notified otherwise in writing by WSU. 
 Office of the Vice President for Research Wayne State University 
 Faculty Administration Building 
 656 W.
Kirby 
 Detroit, Michigan 48202 
 Attn: Case # 139, 202, 285, 285a-e 
 ARTICLE XII 
 MARKING 
 12.1 THEROX agrees to apply to all products manufactured under this
Agreement such notice of the PATENTS as may be required by the laws of the countries granting them, or as may be requested in writing by WSU. 
 12.2 THEROX agrees that it shall not use WSU or WSU employee’s trademarks, likenesses or names in connection with the manufacture, packaging, sale or promotion of ROYALTY BEARING PRODUCTS without obtaining the prior written approval of
WSU. 
 12.3 THEROX agrees to comply with all applicable federal and state regulations or standards that may be set by relevant regulatory,
trade and medical associations regarding the placement of warnings or other required markings on ROYALTY BEARING PRODUCTS and on any printed matter, film, video or information made available on computer-readable media that is associated with, or
refers thereto. 
 ARTICLE XIII 
 ENFORCEMENT AND MAINTENANCE OF THE LICENSED PATENTS 
 13.1 WSU, in consultation with THEROX, shall be responsible for taking
all actions associated with the preparation, filing prosecution, issuance and maintenance of patent applications and issued patents in the United States and foreign countries, except foreign patent applications and issued patents owned by J. Richard
Spears M.D. as of the date of execution of this Agreement, that cover ROYALTY BEARING PRODUCTS or that fall within the definition of PATENTS or patentable WSU-IMPROVEMENTS. Patent counsel to be responsible for preparing and prosecuting such patent
applications and maintaining such patent rights shall be chosen by WSU with the consent 

  

 14 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 
of THEROX, which consent shall not be unreasonably withheld. WSU shall make its best efforts to provide to THEROX copies of all official correspondence in
connection with the actions described in this paragraph 13.1. WSU shall consult THEROX and encourage THEROX’s active participation in developing patent strategy, prior to taking actions regarding the filing, prosecution, issuance and
maintenance of PATENTS that incur significant out-of-pocket expense. WSU agrees to review with THEROX, on a quarterly basis, the status of all the technology and intellectual property, including legal expenses, subject to this Agreement. In the
event mutual agreement cannot be reached with respect to an action to be taken to obtain or maintain patent protection where WSU would intend not to take such an action, THEROX may direct WSU to take such action by providing written notice to WSU on
a timely basis and by agreeing to assume the responsibility for the costs and fees that are associated with taking such action. WSU shall, from time to time, invoice THEROX for the costs and fees associated with such actions and THEROX shall remit
payment within thirty (30) days of the receipt of such an invoice. 
 13.2 WSU agrees that for the first six months this Agreement is in
force, or until such a time as THEROX has either closes an equity and/or debt financing round that raises in excess of one (1) million dollars or closes on a cumulative total of equity and/or debt financing in excess of one million eight
hundred thousand (1,800,000) dollars, WSU shall be responsible for the payment of all costs and legal fees associated with the preparation, filing, prosecution, issuance and maintenance of patents or patent rights in the United States and
foreign countries where patent protection is mutually agreed upon by the parties hereto, except those foreign patent rights held personally by J. Richard Spears, M.D. 
 As it applies to all countries except the United States, WSU shall have the right to discontinue patent protection in any country in which royalties paid by THEROX derived from sales in such countries do not exceed
[***] ([***]) dollars per year. This Agreement shall continue in full force and effect in all such instances of discontinuance of patent protection unless patent protection is discontinued in the United States. 
 In the event that patent protection is discontinued in the United States, WSU shall provide THEROX with sixty (60) days notice of its intention to
discontinue patent protection. At the end of such sixty (60) day notification period, the Agreement shall be terminated in accordance with the terms of ARTICLE XV. In the event of discontinuation of United States or any foreign patent
protection, THEROX shall be provided with sixty (60) days notice and shall have the right to assume the responsibilities and costs of obtaining and maintaining such protection. 
 13.3 At such a time as: (i) THEROX closes its first equity and/or debt financing round that raises in excess of one (1) million dollars; or
(ii) upon closing on a cumulative total of at least one million eight hundred thousand (1,800,000) dollars in equity and/or debt financing, THEROX shall reimburse WSU for all reasonable out-of-pocket expenses associated with the licensed
PATENTS incurred by WSU up until that time. Thereafter, continuing for so long as this Agreement is in force, THEROX shall pay one hundred (100) percent of all mutually agreed upon costs and fees described in paragraph 13.2. WSU shall, from
time to time, invoice THEROX for the costs and fees described in paragraph 13.2 and THEROX shall remit payment within thirty (30) days of the receipt of such an invoice. 
 13.4 In the event that THEROX believes that a third party has infringed on any of the PATENTS, such that THEROX’s rights under this Agreement would
be jeopardized, it shall so notify WSU in writing. Such notification shall include the basis for THEROX’s position that 

  

 15 

 
infringement has or is likely to occur. WSU may, at its discretion, i) take action at its own expense to prevent such infringement by the third party, in
which event THEROX shall, at WSU’s expense, render such reasonable assistance as WSU shall request in writing, or ii) authorize THEROX to bring suit against such third party. In the event THEROX brings suit, WSU shall, and at THEROX’s
expense, such expense being intended to reimburse WSU for any and all out-of-pocket expenses incurred in rendering the assistance, render such reasonable assistance as THEROX requests in writing. Legal counsel for such suit shall be agreed upon by
THEROX and WSU, and the costs for such action and assistance as described herein, including the costs of legal fees, shall be the sole responsibility of THEROX. Nothing in this paragraph shall preclude WSU from taking such action as it may deem
appropriate to protect its own interest in the event of infringement, to the extent not inconsistent with the grant of rights to THEROX hereunder. 
 13.5 In the event an action as described in paragraph 13.4 shall result in an award of damages to THEROX and/or WSU by reason of a determination of infringement or other wrongful conduct, such damages attributable to lost profits by THEROX
shall be credited to THEROX and damages attributable to lost royalties and fees by WSU shall be credited to WSU. Punitive damages shall be divided between WSU and THEROX, after deduction of all applicable legal fees and/or costs of the litigation,
in proportion to the amount each party has contributed financially to the legal costs and fees of the litigation. 
 ARTICLE XIV

 TECHNICAL INFORMATION 
 14.1 Upon written request by THEROX of a reasonable nature, WSU shall, recognizing that its ability to furnish information may be limited by a discontinuance of the employment of the inventor(s) of PATENTS and PROPRIETARY INFORMATION,
furnish THEROX copies of drawings, specifications, and/or other technical information at a sufficient level of detail so as to allow THEROX to practice or have practiced for it, the inventions covered by PATENTS and PROPRIETARY INFORMATION.

 14.2 Nothing herein shall be construed to indicate that WSU in any manner guarantees the correctness of such drawings, specifications or
other technical information or that WSU assumes any liability whatsoever for any products or parts thereof manufactured or sold in accordance with such drawings, specifications, or other technical information, or as a result of the use thereof, and
THEROX assumes all liabilities and holds WSU harmless from all claims resulting from the manufacture or sale of products under this Agreement with drawings, specifications, or other technical information provided by WSU. 
 ARTICLE XV 
 TERM AND TERMINATION

 15.1 Unless earlier terminated as hereinafter provided, this Agreement shall extend for the entire life of the last to expire of the
PATENTS. To the extent that THEROX seeks continued rights to the use of PROPRIETARY INFORMATION for the manufacture, use and sale of goods which would theretofore have been ROYALTY BEARING PRODUCTS, THEROX and WSU shall agree to negotiate in good
faith the terms of a license for such PROPRIETARY INFORMATION, the terms of which license shall take into account the potentially limited value of the PROPRIETARY INFORMATION in the absence of related PATENTS. 
  

 16 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 15.2 THEROX may terminate this Agreement at any time upon thirty (30) days’ notice in
writing to WSU. 
 15.3 WSU may terminate this Agreement upon ninety (90) days’ notice in writing to THEROX for failure of THEROX
to fulfill any of its obligations hereunder; provided, however, if during the period of such notice THEROX shall have remedied such failure, this Agreement shall continue in full force and effect as it would have done if such notice had not been
given. 
 15.4 This Agreement shall terminate automatically upon the occurrence of any of the events stated below: 
 (a) THEROX shall discontinue business operations and/or liquidate any substantial portion of its assets; or 
 (b) THEROX shall voluntarily apply for the appointment of a custodian, trustee or receiver to take custody or dispose of any substantial portion of its
assets; or 
 (c) a court of competent jurisdiction shall appoint a custodian, trustee or receiver to take custody or dispose of any
substantial portion of THEROX’s assets pursuant to any involuntary proceeding, and either i) THEROX shall indicate approval of, consent to, or acquiescence to such appointment, or ii) such custodian, trustee, or receiver shall not be discharged
within one hundred eighty (180) days; or 
 (d) THEROX shall voluntarily seek protection from creditors under any applicable state or
federal bankruptcy, liquidation or dissolution, insolvency, or debt reorganization laws; or 
 (e) THEROX’s creditors shall institute
any proceeding against THEROX under any applicable state or federal bankruptcy, liquidation or dissolution, insolvency or debt reorganization laws, and the same shall not be dismissed or discharged within one hundred eighty (180) days;
provided, notwithstanding the foregoing, this Agreement shall not terminate during or subsequent to the pendency of a bankruptcy proceeding under Chapter 11 of the Bankruptcy Code, so long as THEROX continues to conduct its business consistent with
the terms of this Agreement following its reorganization. 
 15.5 In the event WSU discontinues patent protection in the United States, WSU
shall provide sixty (60) days notice to THEROX of its intent as provided in paragraph 13.2. A reduction in royalty rates may go into in effect after discontinuation of patent protection based on the mutual agreement of the parties hereto. Any
such reduction in RUNNING ROYALTY and ANNUAL MINIMUM ROYALTY rates shall take into consideration the number of patents for which protection is being discontinued and the impact on THEROX’s business and competitive position such a
discontinuation of protection has, but in no event shall the total reduction in royalty rates over the lifetime of this Agreement exceed [***] ([***]) percent. In the event of a reduction in RUNNING ROYALTY and ANNUAL MINIMUM ROYALTY rates under
this paragraph 15.5, WSU shall have the option of converting the exclusive license rights granted under this Agreement to non-exclusive license rights. 
  

 17 

 THEROX shall have the option of assuming the responsibility and related costs for such patent protection
from WSU and WSU shall provide any such reasonable assistance to THEROX as may be requested by THEROX, in writing, to insure that patent protection is maintained. In the event THEROX assumes responsibility for the continuation of patent protection
from WSU, all reasonable costs associated with the continuation of such protection may be deducted from royalties owed by THEROX to WSU in the year that the costs are incurred by THEROX. Any costs not offset by royalties in the calendar year they
are incurred may be carried over to subsequent years. 
 ARTICLE XVI 
 RIGHTS AFTER TERMINATION 
 16.1 The termination of this Agreement shall not
relieve THEROX of its obligation to pay WSU all royalties that shall have accrued up to the effective date of termination. 
 16.2 Upon
termination of this Agreement, THEROX, its AFFILIATES, sublicensees and cross-licensees shall have the right to complete work in process and to sell products covered by the PATENTS and on hand until the supply is depleted. THEROX shall pay WSU for
such products and services the royalties specified in Article III hereof. 
 16.3 If any sublicenses, or relevant portions of cross-licenses,
under PATENTS and PROPRIETARY INFORMATION as to which this Agreement applies are in effect at the effective date of termination of this Agreement, THEROX shall, within thirty (30) days after such effective date of termination, assign such
sublicenses and cross-licenses to WSU. 
 16.4 ARTICLE VI, ARTICLE XXII and paragraphs 17.2, 17.3 and 17.7 shall survive the termination of
this Agreement. 
 ARTICLE XVII 
 MISCELLANEOUS 
 17.1 In the event any provision of this Agreement is declared void or unenforceable or becomes unlawful in
its operation, such provision shall not affect the rights and obligations of the parties with regard to the remaining provisions of this Agreement which shall continue as binding. The unlawful or unenforceable provision shall be substituted by a
lawful and enforceable provision and if such a substituted provision cannot be agreed to, then arbitrators shall do so on behalf of the parties hereto pursuant to the ARTICLE XXI arbitration provision of this Agreement. 
 17.2 It is understood and agreed that termination of this Agreement by WSU under paragraph 15.3 shall in no way prejudice the rights of WSU to seek other
remedies for the failure of THEROX, and that any delay in exercising the rights of termination pursuant to paragraph 15.3 shall in no way prejudice the right of WSU to terminate for any subsequent or continuing failure of THEROX. 
 17.3 It is understood and agreed that termination of this Agreement by THEROX shall in no way prejudice the rights of THEROX to seek other remedies for
the failure of WSU, and that any delay in exercising the rights of termination shall in no way prejudice the right of THEROX to terminate for any subsequent or continuing failure of WSU. 
  

 18 

 17.4 THEROX agrees to follow and adhere to all relevant federal and state governmental regulations as
well as recognized industry standards and practices regarding the development, manufacture or sale of ROYALTY BEARING PRODUCTS. THEROX’s failure to comply with such regulations, standards and practices shall result in the termination of this
Agreement. 
 17.5 THEROX agrees on behalf of itself and its AFFILIATES, and to contractually require its sublicensees and cross licensees
hereunder to agree to exert the same degree of effort in the development, regulatory/governmental approval, manufacturing, promotion, sale and distribution of ROYALTY BEARING PRODUCTS as it does with its other, similar products and services. Failure
to exert such efforts by THEROX or its AFFILIATES hereunder shall be cause for termination of this Agreement. Notwithstanding the best efforts of THEROX and its AFFILIATES, sublicensees and cross-licensees, should a ROYALTY BEARING PRODUCT not be
approved by the FDA and/or sold commercially within the time periods set forth in ARTICLE V, WSU shall have the option of converting the exclusive licenses granted in this AGREEMENT to non-exclusive licenses or to terminating the AGREEMENT in
accordance with ARTICLE XV. 
 17.6 THEROX understands that WSU is subject to United States laws and regulations (including the Arms Export
Control Act, as amended, and the Export Administration Act of 1979), controlling the export of technical data, computer software, laboratory prototypes and other commodities, and WSU’s obligations under this Agreement are contingent on
compliance with such laws and regulations. The transfer of certain technical data and commodities may require a license from the cognizant agency of the United States Government and/or written assurances by WSU that WSU shall not export such
technical data and/or commodities to certain foreign countries without prior approval of such agency. WSU neither represents that a license shall not be required nor that, if required, it shall be issued. 
 17.7 No failure on the part of any party hereto to exercise, and no delay in exercising, any right, privilege or remedy hereunder shall operate as a
waiver thereof, not shall any single or partial exercise of any right, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power, privilege or remedy. 
 ARTICLE XVIII 
 NOTICES

 18.1 All notices hereunder shall be in writing and shall be deemed to have been sufficiently given if i) hand delivered effective upon
delivery; or ii) delivered by courier effective upon delivery; or iii) delivered by regular or pre-paid certified mail effective two (2) days after posting and addressed to the party hereto at its address last designated. Refusal to accept
delivery shall constitute delivery. 
 Each such notice shall be effective on the date that same is posted. Until changed by written notice
given by the parties hereto, the respective addresses of the parties to this Agreement shall be as follows: 
  

			
	 THEROX:
	  	President
		  	TherO2x, Inc.
		  	2025 Newport Blvd., Suite 200
		  	Costa Mesa, CA 92627

  

 19 

			
	 WSU:
	  	Office of the Vice President
		  	for Research
		  	Wayne State University
		  	Faculty Administration Building
		  	656 W. Kirby
		  	Detroit, Michigan 48202
		  	Attn: Case #139, 202, 285, 285a-e

 ARTICLE XIX 
 ASSIGNABILITY 
 19.1 This Agreement may be assigned by WSU and shall inure to the benefit of its
heirs, successors, assigns, or other legal representatives, but shall not be assigned by THEROX except to a successor to its entire business to which this Agreement relates, without the prior written approval of WSU, such approval not to be
unreasonably withheld. In the event of such an assignment, this Agreement shall continue in full force and effect so long as the parties fulfill their respective obligations hereunder. In the event THEROX assigns its rights and obligations under
this Agreement to a third party in accordance with the terms of this paragraph 19.1, WSU agrees that it shall fulfill its obligations hereunder for so long as the Agreement remains in force. 
 ARTICLE XX 
 GOVERNING LAW 
 20.1 This Agreement shall be construed, interpreted, and enforced in accordance with the laws of the State of Michigan. 
 ARTICLE XXI 
 ARBITRATION

 21.1 Any controversy or claim arising out of or relating to this Agreement, or the breach thereof; shall be settled by an arbitration
procedure as agreed to in writing by the parties or, absent such an agreed to arbitration procedure, within sixty (60) days, in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof. The arbitration proceedings shall take place and the arbitration award given in writing in the County of Wayne, Michigan unless the parties agree otherwise in writing.

 ARTICLE XXII 
 REPRESENTATIONS, WARRANTIES, LIMITATIONS 
 22.1 WSU hereby represents and warrants that it has not conveyed any rights
inconsistent with the rights conveyed herein, and agrees for itself, its heirs, successors, assigns, or other legal representatives to execute any and all papers and to perform any and all acts which may be necessary to secure to THEROX the rights
herein granted and set over. 
  

 20 

 22.2 WSU makes no warranty of any kind whatsoever, either express or implied, to THEROX, as to the
ability of THEROX to understand and utilize the PATENTS, PROPRIETARY INFORMATION or technical information hereunder. THEROX shall indemnify and shall hold WSU harmless against and from any damages or injury of any nature whatsoever, arising in
connection with the manufacturing, assembly, sale, or use of the licensed products by THEROX, except where WSU is found to have been grossly negligent or to have exhibited willful misconduct. The rights and obligations under this paragraph 22.2
shall survive termination or expiration of this Agreement. 
 22.3 WSU has not made and does not make any representation, warranty or
covenant, express or implied, with respect to the condition, quality, durability, suitability, fitness for particular purpose or merchantability of PATENTS, PROPRIETARY INFORMATION, IMPROVEMENTS and ROYALTY BEARING PRODUCTS. THEROX agrees for
itself; its AFFILIATES and sublicensees hereunder that the foregoing warranties are in lieu of all other warranties and WSU disclaims all other warranties, express or implied, including but not limited to any implied warranty of merchantability or
fitness for any particular purpose. THEROX further agrees for itself, its AFFILIATES, sublicensees and cross-licensees hereunder that, except in instances of WSU’s intentional misconduct or gross negligence, WSU shall not be liable, whether in
contract, warranty, tort or otherwise, to THEROX, its AFFILIATES, sublicensees or cross-licensees hereunder or any other person claiming through or under THEROX, its AFFILIATES, sublicensees or cross-licensees hereunder, for any damage or expense,
whether consequential or incidental, direct or indirect, special or general, arising from loss of profits or business or otherwise, and whether caused by defect, negligence, breach of warranty, delay in delivery or otherwise, and in no event shall
WSU be liable, even if advised of the possibility of such damages or expense. No obligation or liability shall arise or flow out of rendering of technical assistance or other advise by or for WSU in connection with the licenses granted herein except
in an instance of WSU’s intentional misconduct or gross negligence. WSU’s liability hereunder for damages of any kind shall not in any event exceed royalties paid by THEROX regardless of the form of action. 
 22.4 Except in an instance where the admitting party is found to have been grossly negligent or to have exhibited willful misconduct, if WSU or THEROX
admit the other party’s representatives to its premises, the admitting party shall not be liable for any claims, losses, damages or expenses due to death, injury or destruction of property suffered on such premises by the visiting
representative, and the party of such visiting representative hereby agrees to hold harmless and indemnify the admitting party against all such claims, losses, damages or expenses whether resulting from negligence of agents or employees of the
admitting party, or from any other cause whatsoever. 
 22.5 Except in an instance where WSU is found to have been grossly negligent or to
have exhibited willful misconduct, THEROX shall hold WSU harmless against all liabilities, demands, damages, expenses, or losses arising (1) out of use by THEROX or its transferees of PATENTS, PROPRIETARY INFORMATION or IMPROVEMENTS licensed
pursuant to this Agreement; or (ii) to information furnished under this Agreement; or (iii) out of any use, sale, or other disposition by THEROX or its AFFILIATES, sublicensees, cross-licensees or transferees of products and services
covered by such PATENTS, PROPRIETARY INFORMATION or IMPROVEMENTS. This paragraph 22.5 shall not apply in instances where the representations of WSU in paragraph 22.7 have been violated. 
 22.6 Any action taken by WSU against THEROX which results from (i) THEROX’s breach of the terms of this Agreement; or (ii) from
liabilities, demands, damages, expenses, or losses 

  

 21 

 
arising out of the use by THEROX or its transferees of PATENTS, PROPRIETARY INFORMATION or IMPROVEMENTS licensed pursuant to this Agreement; or to
information furnished under this Agreement; or out of any use, sale, or other disposition by THEROX or its AFFILIATES; sublicensees, cross-licensees or transferees of products and services covered by such PATENTS, PROPRIETARY INFORMATION and
IMPROVEMENTS shall be limited to THEROX as a corporate entity and shall not extend to THEROX’s directors or shareholders either individually or collectively. 
 22.7 WSU represents and warrants that it is the owner of PATENTS, PROPRIETARY INFORMATION and WSU-IMPROVEMENTS; that it has the right to enter into this Agreement and grant the licenses and options granted herein;
that to the best of its present knowledge, information and belief, use of the PATENTS, PROPRIETARY INFORMATION and IMPROVEMENTS in the manufacture, use and sale of products does not violate or infringe any patent or other rights of any third
parties, and; as of the date of execution of this Agreement, no party has asserted that any use of any of the PATENTS, PROPRIETARY INFORMATION or WSU-IMPROVEMENTS violates or infringes the patent, copyright or other rights of any third party.

 22.8 THEROX represents and warrants that it has the right and authority to enter into this Agreement and to perform its obligations
hereunder. 
 22.9 By entering into this Agreement neither party hereto shall in actual fact be, or be considered, the agent, employee,
partner, joint venturer, or legal representative of any other party for any purpose whatsoever. By this Agreement no party is granted any right or authority to assume or create any obligation or responsibility, expressed or implied, on behalf of, or
in the name of, any other party, or to bind any other party in any manner other than as is specified herein. 
 22.10 The parties hereto
shall not be liable in any manner for the failure or delay in fulfillment of all on any part of this Agreement by reasons, directly or indirectly, of any causes or circumstances beyond their control, including Acts of God, Governmental orders or
restrictions, war, war-like conditions, hostilities, sanctions, mobilization, embargo, detention, revolution, riot, looting, strike, lockout, plague or other epidemics, fire or flood. Any party to this Agreement being so affected by such causes as
set forth herein shall promptly submit written notification and full particulars of such cause or causes in writing to the other parties, and thereupon the obligations set forth in this Agreement shall be suspended to the extent they may be
attributable to such cause or causes and for the continuance of such cause or causes. 
 22.11 At such time as any product, process or
service relating to, or developed pursuant to this Agreement, is being sold and distributed commercially by THEROX or its AFFILIATES, sublicensees or cross-licensees, THEROX shall, at its sole cost and expense, procure and maintain policies of
comprehensive general liability insurance in amounts not less than two million (2,000,000) dollars per incident and two million (2,000,000) dollars annual aggregate, naming WSU as an additional insured. Such comprehensive general liability
insurance shall provide (i) product liability coverage for WSU’s indemnification under ARTICLE XXII of this Agreement. If THEROX elects to self-insure all or part of the limits described above (including deductibles or retentions which are
in excess of one million (1,000,000) dollars annual aggregate, such self-insurance program must be acceptable to WSU. The minimum amounts of insurance coverage required under this paragraph 22.11 shall not be construed to create a limit of
THEROX’s liability with respect to its indemnification under ARTICLE )(xi’ of this Agreement. 
  

 22 

 22.12 THEROX shall provide WSU with written evidence of such insurance prior to the commencement of
commercial distribution of ROYALTY BEARING PRODUCTS and at such other times as WSU may request in writing, THEROX shall provide WSU with written notice at least thirty (30) days prior to the cancellation, non-renewal or material change in such
insurance. If THEROX does not obtain replacement insurance providing comparable coverage within such thirty (30) day period, WSU shall have the right to terminate this Agreement effective at the end of such thirty (30) day period without
notice or any additional waiting periods. 
 22.13 THEROX shall maintain such comprehensive general liability insurance beyond the expiration
or termination of this Agreement during (i) the period that any product, process or service, relating to, or developed pursuant to, this Agreement is being commercially distributed or sold (other than for the purpose of obtaining regulatory
approvals) by THEROX or its AFFILIATES, sublicensees and cross-licensees and (ii) a reasonable period after the period referred to in (i) above, which in no event shall be less than one (1) year. 
 22.14 ARTICLE XXII shall survive termination or expiration of this Agreement. 
 ARTICLE XXIII 
 ENTIRE UNDERSTANDING 
 23.1 This Agreement constitutes the entire understanding between the parties with respect to the subject matter thereof, and shall not be modified in any
way except by an instrument in writing duly executed by the parties hereto or their respective assignees. 
 The undersigned hereby warrants,
represents and certifies that s/he signs this Agreement for, and on the behalf of, the institution, corporation, or entity identified and with the authority of its governing body, and acting within the scope of its official powers. 
  

											
	THERO2x, INC.	 		 	WAYNE STATE UNIVERSITY
					
	Name:	 	 /s/ Paul J. Zalesky
	 		 	By:	 	/s/ Garrett T. Heberlein
	Title:	 	 President
	 		 		 	Garrett T. Heberlein
		 		 		 		 	V.P. for Research and
	Date:	 	 8/7/95
	 		 		 	Dean of the Graduate School
						
		 		 		 		 	Date:	 	 7/28/95

  

 23 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 

 
  

					
	February 9, 1996	  		  	Via Airborne Express

 Garrett T. Heberlein, Ph.D. 
 Vice President for Research & 
 Dean of the Graduate School 
 WAYNE STATE
UNIVERSITY 
 4249 Faculty/Administrative Bldg. 
 Detroit, MI 48202 
 Dear Gary:

 This letter will summarize the key points we discussed by phone last week relating to intellectual property and non-medical application
licensure for the Spears SOS technology. 
 WSU and TherOx have agreed that TherOx shall have primary responsibility for all patent
prosecution, maintenance and prosecution of third party infringers, with respect to the patents licensed under the Agreement. Paragraphs 13.1, 13.2 and 13.4 in the Agreement are hereby amended to reflect the TherOx responsibilities. WSU will, of
course, maintain the right to review all associated proceedings. 
 WSU shall provide TherOx with documentation of expenses accrued to date
for all reasonable patent protection actions, as described in paragraph 3.8 of the Agreement, and TherOx shall reimburse WSU for those expenses within thirty days of execution of an exclusive license for non-medical applications of the Spears SOS
technology. 
 The parties hereto mutually agree that Running Royalties applying to Royalty Bearing Products that are covered by Joint
Improvements, which pursuant to the Agreement are owned both by WSU and TherOx, and, with respect to WSU’s rights therein, are licensed under the Agreement, shall be set as follows: 
  

	 	i)	If a Royalty Bearing Product is sold that incorporates a Joint Improvement covered by a jointly owned Patent as well as one or more Patents owned solely by WSU and licensed to
TherOx, the Running Royalty to be paid to WSU by TherOx shall be the [***] percent stated in paragraph 3.5. 

  
  
 TherOx Inc. | 2025 Newport Boulevard | Suite 200 |
Costa Mesa, CA 92627 
 Phone: (714) 645-4271 | FAX: (714) 757-1989 
  

 Exhibit A-1 

 Garrett T. Heberlein, Ph.D. 
 February 9, 1996 
 Page Two 
  

	 	ii)	If a Royalty Bearing Product is sold that incorporates a Joint Improvement covered by a jointly owned Patent, but is not otherwise covered by a Patent owned solely by WSU and
licensed to TherOx, the Running Royalty to be paid to WSU by TherOx shall be adjusted downward from the four percent rate stated in paragraph 3.5 of the Agreement, based on the contributions made by WSU, its employees and consultants to the Joint
Improvement relative to the contributions made by TherOx, its employees and consultants. 

 The parties mutually agree to arrive
at an equitable determination of the relative contributions TherOx, its employees and consultants and WSU, its employees and consultants have made in a Joint Improvement. If the parties are unable to agree on such relative contributions, the parties
shall select a patent attorney with at least ten years’ experience, and having no affiliation with either party, to make a binding determination of said relative contributions. The Running Royalty to be paid to WSU by TherOx in ii) above
shall be set at that proportion of the four percent royalty corresponding to WSU’s relative contribution. 
 In order to evidence your
agreement with the foregoing, please sign and enclosed copy of this letter where indicated below and return it to me. I have also enclosed the marked up and “clean” copies of the revised License Agreement for Non-Medical Applications.
Let’s try to resolve this quickly. 
  

							
		 	 Very truly yours,
	 	AGREED TO AND ACCEPTED
		 	THEROX INC.	 	WAYNE STATE UNIVERSITY
				
		 	 /s/ Paul J. Zalesky
	 	By:	 	/s/ Garrett T. Heberlein, Ph.D.
		 	 Paul J. Zalesky, Ph.D.
	 	Its:	 	Vice President for Research
		 	 President
	 	Date:	 	2/9/96

 [Illegible] 
 Enclosures 
  

	 	cc:	Richard Spears M.D. 

  

 Exhibit A-2 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 AMENDMENT NO. 1 TO LICENSE AGREEMENT 
 In consideration of the mutual promises and covenants set forth below, Wayne State University (“WSU”) and Therox, Inc.
(“Therox”) amend the License Agreement between them dated effective August 7, 1995 (the “Agreement”) in accordance with Article 23.1 of the Agreement as follows: 
 1. Article 5 of the Agreement shall be deleted and replaced with the following. 
 Article 5—Milestones 
 5.1 As further consideration for the exclusive Licenses herein granted Therox shall diligently pursue the development and approval of Royalty Bearing Products. 
 For purposes of this Article 5, the Medical Gas Delivery Field of Use shall be divided into the following: 
 Blood Based Field of Use, which shall mean the cure, mitigation, treatment, prevention or diagnosis of disease or other conditions in humans or
animals, or to otherwise effect the structure or any function of the body of humans or animals, by the treatment of blood or cerebrospinal fluid, or otherwise effected through the vasculature. 
 Topical Field of Use, which shall mean the cure, mitigation, treatment, prevention or diagnosis of disease or other conditions in humans or
animals, or to otherwise effect the structure or any function of the body of humans or animals, by the topical application of a formulation into which a gas has been dissolved at higher levels than atmosphere pressure, which shall include, but not
be limited to, indications for wound care, skin treatment and topical ophthalmic applications. 
 Other Fields of Use, which shall
mean any application in the Medical Gas Delivery Field of Use other than the Blood Based Field of Use or the Topical Field of Use. 
 The licenses granted herein shall be severable with respect to the foregoing fields of use. 
 5.2 With
respect to the Blood Based Field of Use, the milestones shall be: 
  

			
	Submit Pre-Market Approval (PMA) to FDA or equivalent application for marketing in Europe of Royalty Bearing Product	  	[***]
		
	Receive FDA of European marketing approval and/or commence first commercial sale for Royalty Bearing Product	  	[***]

 If, by the dates set forth above, Therox fails to meet the milestone schedule with
respect to the Blood Based Field of Use, WSU shall have the option of terminating this Agreement with respect to the such field of use or converting the license granted for such field to non-exclusive. However, in the 
  

 Exhibit B-1 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 
event WSU elects such termination or conversion and TherOx is diligently pursuing the development and approval of Royalty Bearing Products in the Blood Based
Field of Use. TherOx may extend the remaining milestone(s) by one (1) year upon payment to WSU of [***] ($[***]), which payment shall not be creditable against royalties or other fees due WSU or allowed as a reimbursement against any patent
expenses paid by TherOx TherOx may pay for up to [***] such one (1) year extensions 
 5.3 With respect to the
Topical Field of Use and the Other Fields of Use, the separate milestones for each of the two fields shall be 
  

			
	 	  	 Date

	Grans Sublicense Rights or enter into formal partnership to commercialize a Royalty Bearing Product, or submit an FDA (or equivalent EC or Japanese agency) 510-K, IDE, IND, NDA or other
appropriate application covering a Royalty Bearing Product.	  	[***]

 If by the date set forth above, TherOx falls to meet the milestone with respect to
the Topical Field of Use, WSU shall have the option of terminating this Agreement with respect to the Topical Field of Use or convening the license granted for that field to non-exclusive. However, in the event WSU elects such termination of
conversion and TherOx is diligently pursuing the development and approval of Royalty Bearing Products in the Topical Field of Use. TherOx may extend the milestone by one (1) year upon payment to WSU of [***] ($[***]), which payment shall not be
creditable against royalties or other fees due WSU or allowed as a reimbursement against any patent expenses paid by TherOx TherOx may pay for up to [***] such one (1) year extensions for the Topical Field of Use 
 If, by the date set forth above, TherOx fails to meet the milestone with respect to the Other Fields of Use, WSU shall have the option of
terminating this Agreement with respect to the Other Fields of Use or converting the license granted for that field to non-exclusive 
 5.4 In the event WSU determines to terminate a license granted hereunder for a field of use or to make such license non-exclusive, it shall first give Therox ninety (90) days written notice of its intent Should TherOx remedy the
failure to reach such milestone within the notification period, or pay for an extension, WSU’s notice of termination shall automatically be considered withdrawn 
  

 -2- 
 Exhibit B-2 

 2. Except as expressly amended by this Amendment No. 1, all other terms and
provisions of this Agreement shall remain in full force and effect. Capitalized terms used in this Amendment No. 1 and not defined herein are used with the meaning ascribed to them in the Agreement. This Amendment No. 1 shall take effect as of
March 31 1999. 
  

							
		 	Agreed and accepted.	 	WAYNE STATE UNIVERSITY
				
		 		 	By:	 	 /s/ Fred H. Reinhart

		 		 	Name	 	Fred H. Reinhart
		 		 	Title	 	Director, Technology Transfer
		 	[Illegible]	 		 	
			
		 		 	THEROX
				
		 		 	By:	 	 /s/ Paul J. Zalesky

		 		 	Name:	 	Paul J. Zalesky
		 		 	Title	 	President

  

 -3- 
 Exhibit B-3 

 AMENDMENT NO. 2 TO LICENSE AGREEMENT 
 This Amendment No. 2 (this “Amendment”) is made this 13th day of July, 2005, to the License Agreement (the “Agreement”) dated August 7, 1995, between TherOx, Inc., a Delaware corporation
(formerly known as TherO2x, Inc. and TherOx,
Incorporated, “TherOx”), and Wayne State University, an institution of higher education located in Detroit, Michigan (“WSU”). 
 In consideration of the mutual promises and covenants set forth below, WSU and TherOx agree to amend the Agreement in accordance with Section 23.1 of the Agreement as follows: 
 1. Paragraph (b) of Section 4.1 is hereby amended and restated in its entirety as follows: 
 “Within twenty (20) calendar days after receipt of the notice, WSU may elect to purchase or obtain, at the price and on the
terms specified in the notice, up to that portion of such SHARES which equals the proportion that one hundred thirty nine thousand three hundred and thirty three (139,333) (the number of SHARES owned by WSU as of July 13, 2005, and as
adjusted thereafter from time to time for any stock dividend, stock split, combination of shares, reorganization, recapitalization, reclassification or other similar event) bears to the total number of SHARES of THEROX then outstanding (assuming
full conversion and exercise of convertible or exercisable securities). WSU’s election to purchase or obtain SHARES shall be submitted to THEROX in writing. WSU shall be allotted an additional thirty (30) calendar day period in which to
remit payment for such SHARES as it elects to purchase or obtain.” 
 2. Paragraph (d) of Section 4.1 is hereby amended and
restated in its entirety as follows: 
 “The right of first offer in this paragraph 4.1 shall not be applicable
(i) to the issuance or sale of up to 26,700,000 shares of Common Stock (or options therefor) (the number of such shares to be appropriately adjusted to reflect any stock split, stock division or consolidation occurring after July 13, 2005)
to officers, employees, consultants, and directors of the Company directly or pursuant to a stock benefit plan, agreement or arrangement adopted by the Board of Directors, (ii) to the issuance of securities in connection with a stock dividend,
stock split, subdivision or other distribution to the Company’s stockholders, (iii) to the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities, (iv) to the issuance of securities in
connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, (v) to the issuance of securities to persons or entities with which the Company has
bona fide business relationships which are not primarily directed to the raising equity capital, including, without limitation, corporate partners, equipment lessors, banks or real property lessors, or (vi) to or after consummation of a bona
fide, firmly underwritten public offering of shares-of Common Stock registered under the Securities Act of 1933 pursuant to a registration statement, at an offering price of at least five (5) dollars per share (appropriately adjusted for any
stock split, dividend, combination or other recapitalization) and at least seven million five hundred thousand dollars ($7,500,000) of aggregate gross proceeds.” 
  

 Page 1 of 1 
 Exhibit C-1 

 3. WSU hereby waives any and all rights, with respect to its right of first offer set forth in paragraph
4.1, that it may have to date, which it otherwise would not be entitled if the amendments set forth in paragraph 2 of this Amendment were implemented and effective at the time of any such issuance of the Company’s securities. 
 4. Except as specifically provided herein, the Agreement shall continue in full force and effect in accordance with its terms. 
 IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to License Agreement to be executed by their respected duly authorized officers as
of the day and year first set forth above. 
  

							
		 		 	THEROX, INC.
			
		 		 	 /s/ Kevin T. Larkin

		 		 	Kevin T. Larkin, President and Chief Executive Officer
			
		 		 	WAYNE STATE UNIVERSITY
				
		 	FORM APPROVED	 	By:	 	 /s/ FRED H. REINHART

		 	 [Illegible]
 OFFICE OF THE
 GENERAL COUNSEL
	 	Its:	 	 FRED H. REINHART
 ASSISTANT VICE PRESIDENT FOR RESEARCH
 TECHNOLOGY TRANSFER OFFICE
 WAYNE STATE UNIVERSITY

  

 Page 2 of 2 
 Exhibit C-2 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 

 
 January 4, 2007 
 Fred Reinhart 
 Associate Vice President 
 Research and Technology Commercialization 
 Wayne State University 
 5057 Woodward Ave. 
 6th Floor, Suite 6306 
 Detroit, MI 48202 
 Re: Royalty Credits Under Medical License Agreement 
 Dear Fred, 
 This is to confirm our discussions and agreement that the amount of prepaid royalty credit available to TherOx and applicable to future annual minimum
royalties or running royalties under the medical license agreement dated August 7, 1995 (the “Agreement”) is hereby fixed at $ [***] This is irrespective of the actual amounts paid by TherOx to WSU as reimbursement for patent
protection expenses accrued by WSU under paragraph 3.8 of the Agreement, and any subsequent adjustments to the total amount that may have been previously agreed to by WSU and TherOx. 
 Paragraph 3.8 of the Agreement is hereby amended accordingly. 
 This will also confirm that any amounts previously paid to WSU by TherOx under Section 3.8 of the Agreement will not be included in the calculation
of patent protection expenses which are creditable against annual minimum royalties or running royalties under Section 3.9 of the non-medical license agreement dated April 17, 1996, which is separately being amended to account for the
anticipated transaction between TherOx and CEI. 
  

									
		 	Very truly yours,	 		 	AGREED AND ACCEPTED
				
		 		 		 	WAYNE STATE UNIVERSITY
					
		 	 /s/ Kevin T. Larkin
	 		 	By:	 	 /s/ Fred H. Reinhart

		 	President and Chief Executive Officer	 		 	Name:	 	Fred H. Reinhart
		 		 		 	Its:	 	Associate Vice President for Research
		 		 		 	Date:	 	1-5-07

 TherOx, Inc. 2400 Michelson Dr, Irvine, California 92612-1310 949.757.1999 Fax 949.757.1989
www.therox.com 
  

 Exhibit D-1

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