Document:

Exhibit 10.16

 

FINAL

 

SERA PROGNOSTICS, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”)
is effective for all purposes as of April 13, 2021 (the “Effective Date”), by and between Sera Prognostics, Inc., a
Delaware corporation (the “Company”), and Benjamin Jackson (the “Employee”).

 

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

 

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

 

2.       Base
Compensation and Related Matters.

 

(a)       Salary.
In consideration for the services rendered by the Employee to the Company as provided herein, the Company shall pay the Employee an annual
base salary of $310,000 per year (the “Base Salary”), provided that the Employee’s employment with the Company remains
active at a full-time rate. The Base Salary shall be paid according to the Company’s standard payroll policy and will be subject
to applicable federal and state tax withholdings as required by applicable law. The Base Salary may be increased or decreased at any time
by the Company’s Board of Directors (the “Board”) or the Compensation Committee of the Board in its sole discretion.

 

(b)       Stock
Option Grant(s) and Bonuses. Subject to Board of Directors approval, the Employee shall be granted as soon as practicable on or after
the Effective Date an option to purchase 404,000 shares of the Company’s common stock (the “Option”) (which option shall
be issued as an incentive stock option to the maximum extent allowed under Section 422 of the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder (the “Code”)) pursuant to the Company’s 2011 Employee, Director and Consultant
Equity Incentive Plan (the “Plan”). The Option shall vest as to twenty-five percent (25%) of the shares subject thereto one
(1) year from the Effective Date (“Vesting Start Date”), and shall vest with respect to the remaining shares subject thereto
in equal monthly installments over an additional thirty-six (36) months thereafter commencing on the first day of the month following
the Vesting Start Date, subject to continued employment by the Company. In addition, the Option shall accelerate with respect to thirty-seven
and one-half percent (37.5%) of the outstanding unvested shares at that time then subject thereto upon a Change of Control (as defined
in the Plan) pursuant to which the Option is terminated pursuant to Section 24(b)(ii) of the Plan or cashed out pursuant to Section 24(b)(iii)
of the Plan. The Employee shall be eligible, after the Effective Date, to receive (i) additional stock options pursuant to the Plan, and
(ii) additional bonus compensation, as determined by the Board, in its sole discretion; it being the intention of the Board to maintain
Employee’s aggregate compensation at levels appropriate and customary to those of companies similar in industry, stage and circumstances
to that of the Company. Unless otherwise approved by the Board, all future options granted to the Employee after the Effective Date shall
vest in equal monthly installments over a period of forty-eight (48) months from the date of grant. Notwithstanding the foregoing, in
the event that the Employee’s employment with the Company is terminated by the Company without Cause (as defined in Section 5(a)(iii)
below) or by the Employee for Good Reason (as defined in Section 5(b)(ii) below), then the vesting of all options held by the Employee
at the time of the termination shall accelerate (i) with respect to thirty-seven and one-half percent (37.5%) of the unvested shares subject
thereto, or (ii) if such termination occurs within 30 days prior to or within 12 months after a Change of Control (as defined in the Plan),
with respect to one hundred percent (100%) of the unvested shares subject thereto. You will be eligible to participate in the Company’s
Annual Incentive Plan, which currently provides for a bonus target of 30% of your base salary, prorated for time of service, and with
respect to the calendar year ending December 31, 2021, payment will be contingent based on achievements mutually agreed by you and your
supervisor.

 

     

     

    

 

(c)       Expenses.
The Employee will be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee (which are eligible
for reimbursement under the Code) actually incurred by him in performing his duties; provided; however, that such expenses are approved
in accordance with the Company’s then-current policies and procedures applicable to the most senior-level executive employees of
the Company, other than the Employee, or if such policies and procedures are not in place, then as determined in the sole discretion of
the Board.

 

(d)       Employee
Benefits. Upon beginning his employment with the Company, the Employee will be entitled to participate in the group health, dental,
vision, and group life insurance benefit plans, as well as the Company’s 401(k) and Flexible Spending Account Plans available to
all Company employees. In addition, the Employee is entitled to participate in any employee benefit plans that the Company may make available
to its most senior-level executive employees generally, which may include but not be limited to, profit sharing plans, 401(k) and cafeteria
plans, or life, hospitalization, optical, disability, or other insurance plans as may be in effect, from time to time, and in accordance
with rules established, from time to time, for individual participation in such plans.

 

(e)       Paid
Time Off. Upon beginning his employment with the Company, the Employee will be entitled to take five (5) weeks of paid time off per
calendar year and shall be entitled to compensation in connection therewith, in accordance with Company policy applicable to senior-level
executive employees of the Company, as approved by the Chief Executive Officer in its sole discretion. Paid time off accrues on a semi-monthly
basis starting on date of hire. A maximum of 120 hours are allowed to roll over to the next calendar year. The Company will pay out all
unused, accrued paid time off upon the Employee’s separation from the Company.

 

3.       Facilities
and Services Furnished. The Company will furnish the Employee with office space at its headquarters in Salt Lake City, Utah, and such
other facilities, furniture, equipment and services as it may determine to be reasonably necessary for the performance of the Employee’s
duties as set forth herein.

 

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4.       Termination.

 

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

 

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

 

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

 

(iii)       Cause.
The Company may terminate the Employee’s employment hereunder for Cause (as defined below) at any time upon delivery of written
notice to the Employee. For purposes of this Agreement, “Cause” shall mean (A) the conviction of the Employee by a court of
competent jurisdiction of any felony involving dishonesty, breach of trust or misappropriation or the entering of a plea by the Employee
of nolo contendre thereto; (B) the Employee’s willful failure or refusal to follow reasonable and lawful directives of the
Board or the Company’s Chief Executive Officer, provided such failure or refusal continues after the Employee’s receipt of
reasonable notice in writing of such failure or refusal and an opportunity of not less than thirty (30) days to correct the problem; (C)
a material breach by the Employee of any of the provisions of this Agreement, with notification of such breach by the process outlined
Section 5(a)(iii)(B) above; or (D) the Employee’s commission of any immoral or illegal act or any gross or willful misconduct, where
a majority of the non-employee members of the Board reasonably determines that such act or misconduct has (1) seriously undermined the
ability of the Board to entrust Employee with important matters or otherwise work effectively with Employee, (2) contributed to the Company’s
loss of significant revenues or business opportunities, or (3) significantly and detrimentally affected the business or reputation of
the Company or any of its subsidiaries.

 

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

 

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

 

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

 

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(ii)       Termination
for Good Reason. The Employee also may terminate the Employee’s employment with the Company for “Good Reason,” which
shall mean for purposes of this Agreement (A) a material breach by the Company of any of the provisions of this Agreement; (B) assignment
of Employee to a role, duties or responsibilities materially inconsistent with that of senior executive management; (C) any circumstances
caused by the Company that would require Employee to move his principal location of employment in excess of one hundred (100) miles from
the Company’s principal business location in Salt Lake City, Utah; or (D) an involuntary material reduction of Employee’s
then current Base Salary other than a reduction proportionately affecting all of the Company’s other senior-level executive employees.
The Employee must provide the Company with a written Notice of Termination that describes the existence of the condition the Employee
believes gives rise to Good Reason under this Section 5(b)(ii) within thirty (30) days following the initial existence of the condition.
The Company may elect to cure any condition giving rise to Good Reason within thirty (30) days of receipt of notice. The Employee’s
termination for Good Reason must, in any event, occur within the six (6) month period immediately following the initial existence of the
condition giving rise to Good Reason.

 

(c)       Effect
of Termination. In the event the Employee’s employment is terminated, all obligations of the Company and the Employee under
this Agreement shall cease, except that the accelerated vesting of Options set forth in Section 2(b) and the terms of Section 6 through
Section 9 shall survive such termination. Upon such termination, the Employee or the Employee’s representative or estate shall be
entitled to receive the applicable compensation, benefits and reimbursements set forth in Section 5. The Employee acknowledges that, upon
termination of the Employee’s employment, the Employee is entitled to no other compensation, severance or other benefits other than
those specifically set forth in Section 5.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7.        Maintaining
Confidential Information.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9.       Miscellaneous.

 

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

 

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

 

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

 

To the Company:

2749 Parleys Way, Suite 200

Salt Lake City, UT 84109

 

To the Employee:

2863 East Oquirrh Drive

Salt Lake City, UT 84108

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(m)       Dispute
Resolution; Venue.

 

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

 

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

 

(n)       The
Company shall, at all times, maintain Directors & Officers insurance with a policy limit of least $5,000,000.00 that will cover Employee
in his capacity as an officer of the Company.

 

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

 

	THE COMPANY:	 
	 	 
	SERA PROGNOSTICS, INC.	 
	 	 
	By:	/s/ Gregory C. Critchfield, M.D.	 
	Name: Gregory C. Critchfield, M.D.	 
	Title:   Chairman, President, and CEO	 
	 	 
	THE EMPLOYEE:	 
	 	 
	/s/ Benjamin Jackson	 
	Name: Benjamin Jackson	 
	Title:   General Counsel	 

 

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EXHIBIT A

 

THE OUTSIDE INTERESTS

 

	TITLE	COMPANY NAME	HOURS PER 

WEEK	ACTIVITIES
	Owner	TBD	≤10	Writing, mostly fiction
	Owner	The Ugly Dumpling	≤10	Home-based food businessExhibit 10.18

 

 

 

June 17, 2020

 

Thomas Garite, MD

653 Round Tree Drive

Grand Junction, CO 81506

 

Dear Tom,

 

We have greatly appreciated the consulting services that you have provided
to Sera Prognostics, Inc. (“Sera”) as an independent contractor under the Consulting Agreement between us dated December 1,
2018. As we have discussed with you, we are terminating that Agreement effective June 22, 2020 and are pleased to offer you employment
at Sera in the position of Vice President, Clinical Sciences, to start on June 22, 2020. We are very excited about having
you join our team in an employee capacity.

 

So please take the next step and review the details of this offer:

 

Position Details:

 

	Job Title:	Vice President, Clinical Sciences

 

	Salary:	$9,600.00 per month, paid semi-monthly on the 15th & last day of each month

 

	Annual Incentive:	Sera’s Board of Directors has adopted an annual incentive plan (“AIP”) designed to reward the achievement of corporate
objectives and individual performances. Under the AIP, you will be eligible to earn a 25% annual target cash incentive based on payments
made to you as a part-time employee, and measured on a calendar year basis, to be prorated in 2020 based on time of service.

 

	Status:	Part-time, Exempt; Assuming an average of 48 hours’ work per month Anticipated Start Date: June 22, 2020

 

	Reporting to:	Gregory Critchfield, Chairman, President & CEO

 

Benefits:

 

	Health/PTO:	Since this is a part-time position, defined as working less than 30 hours per week, you will not be eligible for health benefits or
paid time off.

 

 

 

     

     

    

 

 

 

	Equity:	You will be initially recommended to the Sera Board to be granted the option to purchase 20,000 shares of common stock of Sera
at an exercise price equal to the fair market value of the shares on the date the option is granted, subject to final approval by the
Sera Board of Directors. These granted options shall have a four-year vesting schedule as follows: 25% of the shares shall vest on the
one-year anniversary of your start date with Sera, and an additional 1/36th of the total shares subject to the option shall vest each
month thereafter, in each case provided that you continue to be an employee, consultant or director of Sera through each applicable vesting
date. The terms of this stock option grant will be governed in all respects by the 2749 East Parleys Way - Suite 200 | Salt Lake City,
Utah 84109 | Phone 801.990.0520 | Fax 801.990.0640 terms of the Sera Prognostics 2011 Employee, Director and Consultant Equity Incentive
Plan (the “Plan”) and the stock option agreement for the Plan, which will be provided to you after the effective date of the
grant. Any future grant of stock options shall be governed by its respective Sera Prognostics Employee, Director and Consultant Equity
Incentive Plan, which shall be provided to you after such a grant is awarded.

 

Your employment with Sera is employment at-will. As a result, you are
free to resign at any time, with or without notice and with or without cause or reason. Similarly, Sera is free to terminate its employment
relationship with you at any time, with or without notice and with or without cause or reason. Sera’s supervisors and managers have
no actual or apparent authority to change the at-will nature of your employment unless they are expressly given that authority by Sera’s
CEO in writing. Any change to the at-will nature of your employment will not be valid unless it is expressed with specificity in a written
contract that is signed and dated both by you (or your authorized representative) and a properly authorized Sera representative.

 

Your offer of employment is subject to successful completion of reference
checks and a background investigation to be concluded prior to start of employment. Your employment is also contingent on your acceptance
of Sera’s Confidentiality, Nondisclosure, and Inventions Assignment Agreement, which will be included with your new hire paperwork,
as well as your ability to show proof of your right to work in the United States. This proof must be provided on your first work day
and consist of either a passport or driver’s license and Social Security card. We also expect you to abide by Sera’s policies
and procedures as they may be adopted by Sera and in effect from time to time, and do not contradict the terms and conditions set forth
in this letter.

 

Tom, we are impressed with your intellect, drive and experience. We
anticipate greatly the confirmation of your decision to accept this position and be a part of the exciting, ongoing developments at Sera
Prognostics as a member of our team. If you have any questions, please do not hesitate to contact me.

 

In accepting employment with Sera, you agree to treat the details of
your compensation as sensitive and confidential information, not to be discussed with anyone else within the company.

 

 

 

     

     

    

 

 

 

To confirm acceptance of this offer, please return a signed copy of
this letter to our attention by June 22, 2020 and confirming your start date as an employee.

 

Sincerely Yours,

 

	/s/ Gregory C. Critchfield, MS, MD	 

Gregory C. Critchfield, MS, MD

Chairman, President & CEO

 

 

 

     

     

    

 

 

 

I accept employment with Sera Prognostics on the foregoing terms.

 

	/s/ Thomas Garite, MD	6/17/20	 
	Thomas Garite, MD	Date	 

 

	Anticipated Start Date:	6/22/20	 

 

 

 

     

     

    

 

 

 

 

[Acceptance page to offer letter dated June 17, 2020]

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