Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made as of February 8, 2016, between Sensus Healthcare, Inc., a Delaware corporation (together
with its subsidiaries, the “Company”) and Arthur Levine (the “Executive”).

 

WHEREAS, the Company
desires to employ the Executive and the Executive desires to be employed by the Company, on the terms and conditions provided below;
and

 

WHEREAS, this Agreement
shall govern the employment relationship between Executive and the Company and supersedes all previous agreements and understandings
with respect to such employment relationship.

 

The parties agree as
follows:

 

1.           ENGAGEMENT.

 

The Company agrees
to employ the Executive, and the Executive accepts such employment, on the terms and conditions set forth in this Agreement, unless
and until such employment shall have been terminated as provided in this Agreement.

 

2.           TITLE
AND DUTIES.

 

During his employment
by the Company, the Executive shall render his services as the Chief Financial Officer of the Company, reporting directly to the
Chief Executive Officer, shall perform duties consistent with this position as the Board shall request, shall abide by Company
policies in effect from time to time, and shall devote his full business time and best efforts to his duties hereunder and the
business and affairs of the Company (except during vacation periods and periods of illness or other incapacity). The Executive
may engage in such other pursuits, including, without limitation, personal legal and personal financial affairs, as shall not interfere
with the proper performance of his duties and obligations hereunder, provided the Executive shall not serve on any other board
of directors of a public or private “for profit” company without the prior consent of the Board. Executive will be
based at the Company’s principal headquarters facility currently located in Boca Raton, Florida, subject to customary travel
and business requirements.

 

3.           TERM.

 

(a)          This
Agreement shall commence as of February 8, 2016 and shall continue in effect up through and including the last day of the Company’s
2020 fiscal year (currently expected to be on or about December 31, 2020); provided that the term of this Agreement shall automatically
be extended for additional successive one (1) year renewal terms unless at least six (6) months prior to the expiration of the
then current term, the Company or the Executive shall have given written notice to the other party that this Agreement shall not
be extended beyond the then current term.

 

(b)          It
is acknowledged and agreed that if this Agreement is not renewed by the Company pursuant to Section 3(a) above, and not as a result
of Executive’s death, Disability, or Cause pursuant to Section 6(a) or 6(b) below, such non-renewal by the Company will be
deemed a termination without Cause pursuant to Section 6(c) or 6(d) below (as applicable). In the event that Executive’s
employment with the Company ceases at the end of any term because Executive (and not the Company) has given a non-renewal notice
set forth in Section 3(a) above, and not as a result of the occurrence of Good Reason pursuant to Section 6(c) or 6(d) below, then
such termination of employment shall be treated as a voluntary termination by Executive without Good Reason.

 

     

     

    

 

4.           COMPENSATION.

 

(a)          Base
Salary. Executive’s base salary as it may be increased from time to time (“Base Salary”) shall be paid in
accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Salary shall initially
be $200,000 per annum. Base Salary may be increased during the term but may not be decreased, and the Board or the Compensation
Committee of the Board (the “Compensation Committee”) shall consider, on an annual basis, the nature, extent and advisability,
if any, of an increase in the Executive’s Base Salary.

 

(b)          Annual
Incentive Bonus. For each fiscal year of the Company that ends during the term, Executive will be eligible to participate in
the Company’s annual incentive plan established and developed by the Compensation Committee, as it may then be in effect
(the “AIP”). Executive’s target annual bonus opportunity (“Target Bonus”) will be $50,000 which Target
Bonus may be increased but not decreased from time to time in the Compensation Committee’s sole discretion.  Annual
incentive payments will be based on achievement against goals established for the senior executive officer group including Executive
by the Compensation Committee, in consultation with Executive.

 

(c)          Executive
Stock Based Incentive Plan.

 

(i)          General.
The Executive shall be eligible to participate in and receive such equity incentive compensation as may be granted by the Compensation
Committee from time to time pursuant to the Company’s Executive Stock Based Incentive Plan as such plan may then be in effect
and as it may be amended or superseded from time to time (the “Equity Plan”) and any other long-term incentive plan
for senior Company executives that the Board or Compensation Committee may adopt in consultation with Executive.

 

(d)          Other.
Future annual-cycle equity awards (which may include performance conditions) to be granted to Executive under the Equity Plan will
be determined by the Compensation Committee in its discretion.

 

5.           BENEFITS.

 

(a)          Employer
Benefit Plans. During the term, Executive will be eligible to participate, on terms which are generally available to the other
senior executives of the Company and subject to the eligibility requirements of the applicable Company plans as in effect from
time to time, in the Company’s, deferred compensation, medical, dental, vacation, and disability programs, and other benefits,
including a car allowance, generally available to the Company’s senior executives from time to time.

 

(b)          Business
Expenses. The Executive is authorized to incur and the Company shall either pay directly or reimburse the Executive for ordinary
and reasonable expenses in connection with the performance of his duties hereunder, including, without limitation, expenses for
(A) transportation, (B) business meals, (C) travel and lodging, and (D) similar items. The Executive agrees to comply with Company
policies with respect to reimbursement and record keeping in connection with such expenses.

 

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6.           TERMINATION
OF EMPLOYMENT.

 

The employment of the
Executive hereunder may be terminated by the Company at any time, subject to the company providing the compensation and benefits
in accordance with the terms of this Section 6, which shall constitute the Executive’s sole and exclusive remedy and legal
recourse upon any such termination of employment (and the Executive hereby waives and releases any and all other claims against
the Company and its parent entities, affiliates, officers, directors and employees in such event).

 

(a)          Termination
Due To Death Or Disability. In the event of the Executive’s death, Executive’s employment shall automatically cease
and terminate ‘as of the date of death. If Executive becomes Disabled, the Company may terminate Executive’s employment
upon thirty (30) days written notice to Executive. For purposes of this Agreement, the terms “Disabled” or “Disability”
means Executive’s inability, because of physical or mental illness or injury, substantially to perform his duties hereunder
as a result of physical incapacity for a continuous period of at least four (4) months, and any dispute as to the Executive’s
incapacitation shall be resolved by an independent physician selected by the Board and reasonably acceptable to the Executive,
whose determination shall be final and binding upon both the Executive and the Company. In the event of the termination of employment
due to Executive’s death or Disability, Executive or his estate or legal representatives shall be entitled to receive:

 

(i)          payment
for all accrued but unpaid Base Salary as of the date of Executive’s termination of employment;

 

(ii)         reimbursement
for expenses incurred by the Executive pursuant to Sections 5(b) hereof up to and including the date on which employment is terminated;

 

(iii)        any
earned benefits to which the Executive may be entitled as of the date of termination pursuant to the terms of any compensation
or benefit plans to the extent permitted by such plans (with the payments described in subsections (i) through (iii) above collectively
called the “Accrued Payments”);

 

(iv)        any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(v)         if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by the total annual business days) determined and paid based on actual performance achieved for that fiscal year against the performance
goals for that fiscal year; and

 

(b)          Termination
For Cause. The Company may, by providing written notice to Executive, terminate Executive’s employment for Cause. The
term “Cause” for purpose of this Agreement shall mean:

 

(i)          Executive’s
conviction of, or entrance of a plea of guilty or nolo contendere to, a felony under federal law or state law; or

 

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(ii)         fraudulent
conduct by Executive in connection with the business affairs of the Company; or

 

(iii)        theft,
embezzlement, or other criminal misappropriation of funds by Executive (other than good faith expense account disputes or de minimis
amounts); or

 

(iv)        Executive’s
willful refusal to materially perform his executive duties hereunder; or

 

(v)         Executive’s
willful misconduct, which has, or would have if generally known, a materially adverse effect on the business or reputation of the
Company; or

 

(vi)        The
Executive’s willful breach of any material employment policy of the Company, including, but not limited to, conduct relating
to falsification of business records, violation of the Company’s Code of Business Conduct and Ethics, harassment, creation
of a hostile work environment, excessive absenteeism, insubordination, violation of the Company’s policy on drug and alcohol
use, or violent acts or threats of violence; or

 

(vii)       Executive’s
material breach of a covenant, representation, warranty or obligation of Executive under this Agreement.

 

For purposes of this
Section 6(b), an act or failure to act shall be considered “willful” only if done or omitted to be done without a good
faith reasonable belief that such act or failure to act was in the best interests of the Company.

 

Any determination of
Cause by the Company will be made by a resolution approved by a majority of the members of the Board, provided that no such determination
may be made until Executive has been given written notice detailing the specific event constituting such Cause and a period of
thirty (30) days following receipt of such notice to cure such event (if susceptible to cure), and, if such event is not curable
or is not cured, an opportunity to appear before the Board (with legal counsel if so requested in writing by Executive) to discuss
the specific circumstances alleged to give rise to the Cause event. Subject to Executive’s right to cure and/or appear before
the Board, if Executive’s employment is terminated for Cause, the termination shall take effect on the effective date of
such termination as specified in the written notice of such termination delivered to Executive.

 

In the event of the
termination of Executive’s employment hereunder by the Company for Cause, then Executive shall be entitled to receive payment
of the Accrued Payments.

 

If the Company attempts
to terminate Executive’s employment pursuant to this Section 6(b) and it is ultimately determined that the Company lacked
Cause, the provisions of Section 6(c) or Section 6(d) (as applicable) shall apply and Executive shall be entitled to receive the
payments set forth under Section 6(c) or Section 6(d) (as applicable).

 

(c)          Termination
without Cause or for Good Reason. The Company may terminate Executive’s employment hereunder without Cause at any time,
by providing Executive 30 days’ prior written notice of such termination. Such notice shall specify the effective date of
the termination of Executive’s employment. The Executive may terminate his employment for Good Reason by providing 30 days’
prior written notice to the Company. In the event of the termination of Executive’s employment under this Section 6(c) without
Cause or by the Executive for Good Reason, in each case prior to or more than 12 months following a Change-in-Control (as defined
in the Company’s Equity Plan), then Executive shall be entitled to:

 

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(i)          payment
of the Accrued Payments;

 

(ii)         a
separation allowance, payable in equal installments in accordance with normal payroll practices over a 12 month period beginning
immediately following the date of termination, equal to one (1) times the sum of (x) Executive’s then Base Salary and (y)
the Executive’s then Target Bonus;

 

(iii)        any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(iv)        if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by total the annual business days) determined and paid based on actual performance achieved for such fiscal year against the performance
goals for that fiscal year;

 

(v)         the
Company shall arrange for the Executive to continue to participate (through COBRA or otherwise), on substantially the same terms
and conditions as in effect for the Executive (including any required contribution) immediately prior to such termination, in the
medical, dental, disability and life insurance programs provided to the Executive pursuant to Section 5(a) hereof until the earlier
of (i) the end of the 12 month period beginning on the effective date of the termination of Executive’s employment hereunder,
or (ii) such time as the Executive is eligible to be covered by comparable benefit(s) of a subsequent employer. The foregoing of
this Section 6(c)(v) is referred to as “Benefits Continuation”. The Executive agrees to notify the Company promptly
if and when he begins employment with another employer and if and when he becomes eligible to participate in any benefit or other
welfare plans, programs or arrangements of another employer;

 

(vi)        all
of Executive’s then-outstanding equity awards in any Equity Plan will vest in full.

 

For purposes of this
Agreement, the term “Good Reason” means, without Executive’s written consent:

 

(i)          a
reduction by the Company in Executive’s Base Salary or Target Bonus as in effect from time to time; or

 

(ii)         the
Board materially reduces (including as a result of any co-sharing of responsibilities arrangement), other than during any period
of illness or incapacity, Executive’s authority, responsibilities. or duties such that Executive no longer has the title
of, or serves or functions as the Chief Financial Officer of the Company (provided that it is understood that a Change-in-Control
or going private event will not constitute Good Reason); or

 

(iii)        the
Company requiring Executive to be based at a location in excess of fifty (50) miles from the location of the Company’s principal
executive office as of the effective date of this Agreement, except for required travel on Company business; or

 

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(iv)        the
Company fails to obtain the written assumption of its obligations under this Agreement by a successor not later than the consummation
of a merger, consolidation or sale of the Company; or

 

(v)         a
material breach by the Company of its obligations under this Agreement, which, in each of subsections (i) through (v) above, is
not remedied by the Company within 30 days of receipt of written notice of such event or breach delivered by Executive to the Company;
provided, that the Executive may only exercise his right to terminate this Agreement for Good Reason within the 120 day period
immediately following the occurrence of any of the events described in subsections (i) through (v) above.

 

(d)          Termination
of Employment without Cause or for Good Reason following a Change-in-Control. If the Company terminates Executive’s employment
without Cause upon 30 days’ prior written notice or Executive terminates his employment for Good Reason by providing 30 days’
prior written notice to the Company, in each case within 12 months following a Change-in-Control (as defined in the Company’s
Equity Plan), the Company will provide to Executive:

 

(i)          payment
of the Accrued Payments;

 

(ii)         a
lump sum separation allowance equal to two (2) times the sum of (x) Executive’s then Base Salary and (y) Executive’s
then Target Bonus;

 

(iii)        any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(iv)        if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by the total annual business days) determined and paid based on actual performance achieved for such fiscal year against the performance
goals for that fiscal year;

 

(v)         Benefit
Continuation until the earlier of 24 months after termination of employment or such time as Executive is eligible to be covered
by comparable benefit(s) of a subsequent employer. The Executive agrees to notify the Company promptly if and when he begins employment
with another employer and if and when he becomes eligible to participate in any benefit or other welfare plans, programs or arrangements
of another employer;

 

(vi)        all
of Executive’s then-outstanding equity awards in any Equity Plan will vest in full.

 

(e)          Voluntary
Termination by the Executive without Good Reason. In the event Executive terminates his employment without Good Reason, he
shall provide 90 days’ prior written notice of such termination to the Company. Upon such voluntary termination, the Executive
will be entitled to the Accrued Payments. Without limiting all other rights and remedies of the Company under this Agreement, a
termination of employment by the Executive without Good Reason will not constitute a breach by the Executive of this Agreement.

 

(f)          Resignation
from all Boards. Upon any termination or cessation of Executive’s employment with the Company, for any reason, Executive
agrees immediately to resign, and any notice of termination or actual termination or cessation of employment shall act automatically
to effect such resignation, from any position on the Board and on any board of directors of any subsidiary or affiliate of the
Company.

 

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(g)          Release
of Claims as Condition. The Company’s obligation to pay the separation allowance and provide all other benefits and rights
referred to in this Section 6 and in Section 4(d) above shall be conditioned upon the Executive having delivered to the Company
an executed full and unconditional release (that is not subject to revocation) of claims against the Company, its parent entities,
affiliates, employee benefit plans and fiduciaries, officers, employees, directors, agents and representatives satisfactory in
form and content to the Company’s counsel.

 

(h)          No
Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder
be reduced by any compensation earned by Executive as a result of subsequent employment.

 

7.           INDEMNIFICATION.

 

(a)          Provided
that the Executive has not been terminated for “Cause” as defined herein, the Company shall indemnify, defend and hold
the Executive harmless, to the maximum extent permitted by law, against all judgments, fines, amounts paid in settlement and all
reasonable expenses, including attorneys’ fees incurred by the Executive, in connection with the defense of, or as a result
of, any action or proceeding (or any appeal from any action or proceeding) in which the Executive is made or is threatened to be
made a party by reason of the fact that the Executive is or was an officer or director of the Company, regardless of whether such
action or proceeding is one brought by or in the right of the Company. Each of the parties hereto shall give prompt notice to the
other of any action or proceeding from which the Company is obligated to indemnify, defend and hold harmless the Executive of which
it or he (as the case may be) gains knowledge.

 

(b)          The
Company agrees that the Executive shall be covered and insured up to the full limits provided by all directors’ and officers’
insurance which the Company then maintains to indemnify its directors and officers (and to indemnify the Company for any obligations
which it incurs as a result of its undertaking to indemnify its officers and directors), subject to applicable deductibles and
to the terms and conditions of such policies.

 

8.           ENFORCEABILITY.

 

It is the intention
of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public
policies of each state and jurisdiction in which such enforcement is sought, but that the unenforceability (or the modification
to conform with such laws or public policies) of any provisions hereof, shall not render unenforceable or impair the remainder
of this Agreement. Accordingly, if any provision of this Agreement shall be determined to be invalid or unenforceable, either in
whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary, the offending provisions and to alter
the balance of this Agreement in order to render the same valid and enforceable to the fullest extent permissible.

 

9.           ASSIGNMENT.

 

This Agreement is personal
in nature to the Company and the rights and obligations of the Executive under this Agreement shall not be assigned or transferred
by the Executive. This Agreement and all of the provisions hereof shall be binding upon, and inure to the benefit of, the parties
hereto and their successors (including successors by merger, consolidation, sale or similar transaction, permitted assigns, executors,
administrators, personal representatives, heirs and distributees).

 

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10.          NON-DISCLOSURE;
NON-SOLICITATION; COOPERATION.

 

(a)          The
Executive shall not, at any time during or following the period of employment, disclose, use, transfer or sell, except in the course
of such employment, any confidential information or proprietary data of the Company or its affiliates so long as such information
or data remains confidential and has not been disclosed or is not otherwise in the public domain, except as required by law or
pursuant to legal process or in connection with an administrative proceeding before a governmental agency. The Company and the
Executive agree that the Executive’s obligations under this Section 10 (a) shall not apply if (1) any disclosure by the Executive
is made with the express written permission of the Company or (2) if the Executive can show by legal evidence that it was lawfully
received by the Executive from a third party who is not or was not bound, at the time the information was conveyed to Executive,
by any confidential relationship or obligation to the Company.

 

(b)          The
Executive agrees that, for a period of  twelve (12) months after the termination or cessation of the Executive’s
employment with the Company for any reason, the Executive will not:

 

(i)          directly
or indirectly solicit, attempt to hire, or hire any employee of the Company (or any person who may have been employed by the Company
during the last year of the Executive’s employment with the Company), or assist in such hiring by any other person or business
entity or encourage, induce or attempt to induce any such employee to terminate his or her employment with the Company; or

 

(ii)         take
action intended to encourage any vendor or supplier of the Company to cease to do business with the Company or materially reduce
the amount of business the vendor or supplier does with the Company; or

 

(iii)        materially
disparage the Company.

 

(c)          Executive
agrees to cooperate with the Company, during the term of this Agreement and at any time thereafter (including following Executive’s
termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company in any action,
suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, in any such action,
suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives
or counsel to the Company, as requested; provided, however that it does not materially interfere with his then current professional
activities. The Company agrees to reimburse Executive for all reasonable expenses actually incurred in connection with his provision
of testimony or assistance.

 

11.          NON-COMPETITION
AGREEMENT.

 

The Executive agrees
that throughout the term of his employment, and for a period of twelve (12) months after termination or cessation of employment
for any reason, he will not engage in, participate in, carry on, own, or manage, directly or indirectly, either for herself or
as a partner, stockholder, investor, officer, director, employee, agent, independent contractor, representative or consultant of
any person, partnership, corporation or other enterprise, in any “Competitive Business” in any jurisdiction in which
the Company actively conducts business. For purposes of this Section 11, “Competitive Business” means “Any and
all Therapeutic Devices treating various skin disorders such as skin cancer, keloids and psoriasis.”

 

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The Executive’s
engaging in the following activities will not be deemed to be engaging or participating in a Competitive Business: (i) passive
ownership of less than 2% of any class of securities of a company; and (ii) engaging or participating solely in a noncompetitive
business of an entity which also separately operates a business which is a “Competitive Business”.

 

The Executive acknowledges,
with the advice of legal counsel, that he understands the foregoing provisions of this Section 11 and that these provisions are
fair, reasonable, and necessary for the protection of the Company’s business.

 

12.          TAXES.

 

(a)          All
payments to be made to and on behalf of the Executive under this Agreement will be subject to required withholding of federal,
employment and excise taxes, and to related reporting requirements.

 

(b)          Limitation
on Parachute Payments. In the event that the payment and other benefits provided for in this Agreement or otherwise payable
to Executive (i) constitute "parachute payments" within the meaning of Section 280G of the Code and (ii) but for this
Section 12(b), would be subject to the excise tax imposed by Section 4999 of the Code, then Executive's payments and benefits will
be either:

 

(i)          delivered
in full, or

 

(ii)         delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section
4999 of the Code,

 

whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results
in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some
portion of such severance benefits may be taxable under Section 4999 of the Code.

 

If a reduction in severance
and other payments and benefits constituting "parachute payments" is necessary so that benefits are delivered to a lesser
extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted "contingent
on a change in ownership or control" (within the meaning of Code Section 280G), (iii) cancellation of accelerated vesting
of equity awards, and (iv) reduction of employee benefits. Within any such category of payments and benefits (that is, (i), (ii),
(iii) or (iv)), a reduction shall occur first with respect to amounts that are not Deferred Payments and then with respect to amounts
that are. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting
will be cancelled in the reverse order of the date of grant of Executive's equity awards.

 

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Any determination required
under this Section 12(b) will be made in writing by the Company’s independent public accountants engaged by the Company for
general audit purposes immediately prior to the Change in Control (the "Accountants"), whose good faith determination
will be conclusive and binding upon Executive and the Company for all purposes. If the independent registered public accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in
Control, or if such firm otherwise cannot perform the calculations, the Company shall appoint a nationally recognized independent
registered public accounting firm to make the determinations required hereunder. For purposes of making the calculations required
by this Section 12(b), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely
on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive
will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination
under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated
by this section.

 

(c)          Section
409A. If any provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause
Executive to incur any additional tax or interest under Section 409A of the Code, the Company shall reform such provision to comply
with Section 409A and agrees to maintain, to the maximum extent practicable without violating Section 409A of the Code, the original
intent and economic benefit to Executive of the applicable provision. The Company shall not accelerate the payment of any deferred
compensation in violation of Section 409A of the Code and, to the extent required under Section 409A, the Company shall delay the
payment of any deferred compensation for six months following Executive's termination of employment. When used in connection with
any payments subject to Section 409A required to be made hereunder, the phrase "termination of employment" and correlative
terms shall mean separation from service as defined in Section 409A. Unless such payments are otherwise exempt from Section 409A,
any reimbursements or in-kind benefits provided under this Agreement shall be administered in accordance with Section 409A, such
that: (a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during one year shall not affect the
expenses eligible for reimbursement or the in-kind benefits provided in any other year; (b) reimbursement of eligible expenses
shall be made on or before December 31 of the year following the year in which the expense was incurred; (c) Executive's right
to reimbursement or in-kind benefits shall not be subject to liquidation or to exchange for another benefit; and, (d) if the payment
of any deferred compensation shall be payable at any time within a period that overlaps two calendar years, payment shall be made
in the second of the two years. For purposes of Section 409A, Executive's right to receive any installment payments pursuant to
this Agreement shall be treated as a right to receive a series of separate and distinct payments..

 

13.          SURVIVAL.

 

Anything in Section
6 hereof to the contrary notwithstanding, the provisions of Section 7 through 15 shall survive the expiration or termination of
this Agreement, regardless of the reasons therefor.

 

14.          NO
CONFLICT: REPRESENTATIONS AND WARRANTIES.

 

The Executive represents
and warrants that (i) the information (written and oral) provided by the Executive to the Company in connection with obtaining
employment with the Company or in connection with the Executive’s former employments, work history, circumstances of leaving
former employments, and educational background, is true and complete, (ii) he has the legal capacity to execute and perform this
Agreement, (iii) this Agreement is a valid and binding obligation of the Executive enforceable against him in accordance with its
terms, (iv) the Executive’s execution, delivery or performance of this Agreement will not conflict with or result in a breach
of any agreement, understanding, order, judgment or other obligation to which the Executive is a party or by which he may be bound,
written or oral, and (v) the Executive is not subject to or bound by any covenant against competition, non-disclosure or confidentiality
obligation, or any other agreement, order, judgment or other obligation, written or oral, which would conflict with, restrict or
limit the performance of the services to be provided by him hereunder. The Executive agrees not to use, or disclose to anyone within
the Company, at any time during his employment hereunder, any trade secrets or any confidential information of any other employer
or other third party. Executive has provided to the Company a true copy of any non-competition obligation or agreement to which
he may be subject.

 

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15.          MISCELLANEOUS.

 

(a)          Notices.
All notices hereunder shall be given in writing, by personal delivery, nationally-recognized overnight courier (such as UPS or
Federal Express), or prepaid registered or certified mail, return receipt requested, to the addresses of the proper parties as
set forth below:

 

TO THE EXECUTIVE:

 

Arthur Levine

Sensus Healthcare, Inc.

851 Broken Sound Parkway NW #215

Boca Raton, FL 33487

 

TO THE COMPANY:

 

Sensus Healthcare, Inc.

851 Broken Sound Parkway NW #215

Boca Raton, FL 33487

Attention: Chief Executive Officer

 

Any notice given as
set forth above will be deemed given on the business day sent when delivered by hand during normal business hours, on the business
day after the business day sent if delivered by a nationally recognized overnight courier, or on the third business day after the
business day sent if delivered by registered or certified mail, return receipt requested.

 

(b)          Law
Governing. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable
to contracts made and to be wholly performed in that state without regard to its conflicts of laws provisions or principles.

 

    	 	11	 

     

    

 

(c)          Jurisdiction.
(i) In any suit, action or proceeding seeking to enforce any provision of this Agreement or for purposes of resolving any dispute
arising out of or related to this Agreement, the Company and the Executive each hereby irrevocably consents to the exclusive jurisdiction
of any federal court located in the State of Florida, Palm Beach County, or any of the state courts of the State of Florida located
in Palm Beach County; (ii) the Company and the Executive each hereby waives, to the fullest extent permitted by applicable law,
any objection which it or he may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum; (iii) process
in any such suit, action or proceeding may be served on either party anywhere in the world, whether within or without the jurisdiction
of such court, and, without limiting the foregoing, each of the Company and the Executive irrevocably agrees that service of process
on such party, in the same manner as provided for notices in Section 15(a) above, shall be deemed effective service of process
on such party in any such suit; action or proceeding; (iv) WAIVER OF JURY TRIAL: EACH OF THE COMPANY AND THE EXECUTIVE HEREBY IRREVOCABLY
WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT; and (v) Limitation on Damages: the parties agree that there will be no punitive damages payable
as a result of or in connection with any claim, matter or breach under or related to this Agreement or the transactions contemplated
by this Agreement, and each of the parties agrees not to request punitive damages. Notwithstanding the foregoing of this Section,
each of the parties agrees that prior to commencing any claims for breach of this Agreement (except to pursue injunctive relief)
to submit, for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third party mediator under
the auspices of JAMS, Miami, Florida, Resolutions Center (or any successor location), pursuant to the procedures of JAMS Mediation
Rules conducted in the State of Florida (however, such mediation or obligation to mediate shall not suspend or otherwise delay
any termination or other action of the Company or affect the Company’s other rights).

 

(d)          Headings.
The Section headings contained in this Agreement are for convenience of reference only and are not intended to determine, limit
or describe the scope or intent of any provision of this Agreement.

 

(e)          Number
and Gender. Whenever in this Agreement the singular is used, it shall include the plural if the context so requires, and whenever
the feminine gender is used in this Agreement, it shall be construed as if the masculine, feminine or neuter gender, respectively,
has been used where the context so dictates, with the rest of the sentence being construed as if the grammatical and terminological
changes thereby rendered necessary have been made.

 

(f)          Entire
Agreement. This Agreement contains the entire agreement and understanding between the parties with respect to the subject matter
hereof and supersedes any prior or contemporaneous understandings and agreements, written or oral, between and among them respecting
such subject matter.

 

(g)          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but both of which taken together shall
constitute one instrument.

 

(h)          Amendments.
This Agreement may not be amended except by a writing executed by each of the parties to this Agreement.

 

(i)          No
Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board, 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 such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time.

 

    	 	12	 

     

    

 

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

 

	ARTHUR LEVINE	 	SENSUS HEALTHCARE, INC.
	 	 	 	 
	/s/ Arthur Levine	 	By:	/s/ Joseph C. Sardano

	 	 	Name: 	Joseph C. Sardano
	Date: February 8, 2016	 	Title: 	President and Chief Executive Officer
	 	 	 	 
	 	 	Date: February 8, 2016

 

    	 	13Exhibit 10.13

 

 

 

Manufacturing

 

Agreement

 

July 20, 2010

 

Operations Function

 

Company Confidential © 2010 – All
Rights Reserved

 

Do Not Copy or Distribute Without a Written
Permission from Sensus Healthcare, LLC.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 1 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

MANUFACTURING
AGREEMENT

 

THIS MANUFACTURING AGREEMENT (the "Agreement")
is made as of this 20th day of July, 2010 (the "Effective Date"), by and between Sensus Healthcare, LLC,
a Delaware limited liability company, hereinafter called "CLIENT", and RbM Services, LLC, a Tennessee limited
liability company, hereinafter called the "MANUFACTURER".

 

RECITALS:

 

WHEREAS, the CLIENT is
engaged in the business of developing, marketing and selling medical devices and products relating to the treatment of skin cancer,
information technology and oncology segments; and

 

WHEREAS upon and subject
to the terms and conditions of this Agreement, CLIENT has retained the services of MANUFACTURER to provide manufacturing services
for the SRT-100 (the "Product").

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	ENGAGEMENT.

 

MANUFACTURER, through its manufacturing facilities,
shall manufacture, package, label, pack for shipment, warehouse and tender to carriers, and CLIENT shall purchase from MANUFACTURER,
the Product pursuant to the Product specifications described on Schedule I attached hereto, and such other procedures, standards,
requirements, drawings, schematics and other specifications as provided to MANUFACTURER by CLIENT (collectively, the "Product
Specifications"), pursuant to purchase orders submitted by or on behalf of CLIENT to MANUFACTURER from time to time (a "Purchase
Order"). The Product shall be manufactured and purchased in such quantities and at such times as are specified in the Purchase
Orders.

 

In the event that MANUFACTURER decides to change
the manufacturing location of the Product from the manufacturing facility used by MANUFACTURER as of the date of this Agreement,
MANUFACTURER shall notify CLIENT of such change as soon as practicable, but in any event at least sixty (60) days prior to effecting
such change.

 

This is a non-exclusive license to manufacture
the Product. CLIENT may have others manufacture the Product. MANUFACTURER shall not manufacture products for or on behalf of any
third parties that are identical or similar to the Product. MANUFACTURER shall manufacture the Product only pursuant to a Purchase
Order from CLIENT.

 

		2.	TERM.

 

This Agreement shall commence on the Effective
Date, and shall continue for an initial term of three (3) years. This Agreement shall automatically be renewed for successive years
unless either party notifies the other party in writing, at least sixty (60) days prior to the anniversary date
of this Agreement that it will not renew the Agreement. (The initial term and any renewal term shall be collectively referred to
as the "Term").

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 2 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

		3.	PRODUCT FORECAST.

 

CLIENT will provide an annual twelve (12) month
Product sales forecast and a monthly six (6) month rolling Product sales forecast to MANUFACTURER. This Section may be modified
from time to time by an addendum and information provided herein shall be treated as Confidential Information as under Section
14. Product sale forecasts are estimates only and CLIENT is not obligated to purchase any minimum quantities hereunder.

 

		4.	MATERIAL PROCUREMENT.

 

4.1         MANUFACTURER is authorized to purchase
materials using standard purchasing practices including, but not limited to, acquisition of material recognizing Economic Order
Quantities, and long lead time component management in order to meet the forecasted requirements of CLIENT. MANUFACTURER will exercise
reasonable business judgment in managing suppliers, including the establishment of a redundant supplier pool for critical parts,
and mitigate lead times for each item in order to meet CLIENT'S forecasting and order fulfillment and delivery dates.

 

4.2         All unused materials shall be stored
in MANUFACTURER'S warehouse. MANUFACTURER shall notify CLIENT immediately of any significant loss of materials and MANUFACTURER
shall be responsible for all losses of materials.

 

		5.	PURCHASE ORDER; INVENTORY.

 

5.1         CLIENT shall issue a Purchase Order for
each Product purchased, and MANUFACTURER shall fulfill the order within the standard lead time of 120 days per unit from date of
Purchase Order issuance. The Purchase Order shall set forth the quantity, price and any other specifications pertaining to such
Purchase Order. No manufacturing of Product shall begin until a Purchase Order is issued by CLIENT. The MANUFACTURER will procure
long lead items based on forecasts, and CLIENT will reimburse the MANUFACTURER for such components, and the MANUFACTURER will credit
the CLIENT in the first invoice for the system order. CLIENT shall have the authority to revise or cancel a Purchase Order for
Product and may also eliminate a component from a Product, provided, however, if any revision or cancellation of a Purchase Order,
or elimination of a component or revision of a downward forecast by CLIENT causes excess inventory, MANUFACTURER shall identify
all potential liability of CLIENT for material on order, material on hand, work in process, and finished goods and parties shall
cooperate to mitigate excess inventory. MANUFACTURER shall undertake commercially reasonable efforts to minimize charges to CLIENT
by canceling all applicable material purchase orders and diverting materials for different or alternate Product.

 

5.2         MANUFACTURER
will report its finished device and system work in process (WIP) inventory position to CLIENT on a monthly basis.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 3 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

5.3         MANUFACTURER represents and warrants
to CLIENT that it has sufficient capacity to supply the Product on a timely basis as shall be specified in each Purchase Order
issued by CLIENT.

 

		6.	PRICING.

 

CLIENT shall pay for production of the Product
in accordance with the Pricing Schedule attached herein as Schedule II. CLIENT shall pay MANUFACTURER for such Product in accordance
with the times provided on Schedule II, within thirty (30) days from date of receipt of invoice that is properly supported by complete
documentation.

 

		7.	WARRANTY, NONCONFORMING PRODUCT & SERVICE CONTRACTS.

 

7.1         MANUFACTURER warrants and represents
that it has the requisite and necessary experience, all necessary licenses and permits, insurances, equipment, facilities, and
personnel to properly perform the manufacturing services in accordance with the Product Specifications, in a timely manner and
in compliance with all applicable laws, ordinances, rules and regulations. MANUFACTURER further represents, warrants and declares
the capabilities and compliance with the provisions of Schedule III, attached hereto. MANUFACTURER warrants that it will have,
and transfer to CLIENT, good and marketable title to all Product sold to CLIENT, free and clear of all liens and other encumbrances,
and that all Product sold to CLIENT will strictly conform with all Product Specifications, will comply with all laws, rules and
regulations applicable to the manufacture, packing for shipment, sale and delivery of the Product, will be of merchantable quality,
will be free from all defects in material and workmanship. MANUFACTURER warrants for a period of twelve (12) months from shipment
(the "Warranty Period") that all Product sold to CLIENT shall be free from any defects in materials and workmanship,
and shall conform to Product Specifications. This warranty will cover labor and material, but does not include travel or material
replacement shipment costs.

 

7.2         NONCONFORMING PRODUCT. The total
costs, including, but not limited to, raw materials, manufacturing, shipping, packaging supplies, packing charges and proper disposal
costs, relating to Product manufactured by MANUFACTURER that do not strictly comply with the applicable laws and regulations, the
Product Specifications and this Agreement shall be the sole financial responsibility and obligation of MANUFACTURER.

 

7.3         MANUFACTURER has taken the steps necessary
to duly authorize this Agreement, has the corporate and legal right to enter into this Agreement and is not a party to any other
Agreement that would in any way conflict with, or restrict, its ability to perform the manufacturing services.

 

7.4         MANUFACTURER shall have no responsibility
or obligation to CLIENT under warranty claims with respect to Product that have been subjected to abuse, misuse, accident, alteration,
neglect or unauthorized repair.

 

7.5         THE WARRANTIES CONTAINED IN THIS SECTION
ARE IN LIEU OF, AND MANUFACTURER EXPRESSLY DISCLAIMS AND CLIENT WAIVES ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED,
STATUTORY OR ARISING BY COURSE OF DEALING OR PERFORMANCE, CUSTOM, USAGE IN THE TRADE OR OTHERWISE, INCLUDING WITHOUT LIMITATION
THE IMPLIED WARRANTIES OF MERCHANTABILITY, TITLE AND FITNESS FOR A PARTICULAR USE.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 4 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

7.6         Service contracts may be sold by CLIENT
to CLIENT'S customers on such terms as provided on Schedule II and as may be mutually agreed by the parties hereto from time to
time. Proceeds from service contracts shall be equally split between CLIENT and MANUFACTURER, and CLIENT shall pay the cost of
replacement parts and/or components and MANUFACTURER shall pay the cost of labor. Labor costs shall also include all travel costs
incurred by MANUFACTURER to work at CLIENT'S customer location if so required. Unless otherwise specified, travel costs are only
covered with domestic US sites.

 

		8.	DEFECTIVE PRODUCT.

 

Warranty repair services shall be provided
at either CLIENT'S customer location, or MANUFACTURER'S manufacturing facilities in Oak Ridge, Tennessee, as best determined and
diagnosed by MANUFACTURER. MANUFACTURER shall triage and respond to CLIENT'S customer defective unit within twenty four (24) hours.
MANUFACTURER shall within one (1) week of receipt of returned Product and/or components provide a report to CLIENT detailing those
Product and/or components accepted under warranty and any that are not accepted under warranty due to physical damage or improper
use. MANUFACTURER will use its best efforts to repair defective Product as quickly as possible with "turnaround time"
(time for repair after receipt of units) to be no more than one (1) week from receipt at the MANUFACTURER facility. All shipping
costs of the Product from CLIENT'S customer location to CLIENT or MANUFACTURER and of the repaired or replaced warranted Product
to CLIENT'S customer location shall be at the expense of MANUFACTURER. Shipment of the repaired or replaced non-warranted Product
shall be at the expense of CLIENT'S customer. MANUFACTURER shall provide CLIENT with technical information necessary and a case
summary report for any repairs being performed by MANUFACTURER. In the event a Product modification shall become necessary, MANUFACTURER
shall make such modifications, as approved by CLIENT, at a separate cost borne by CLIENT. For non-warranted repairs, MANUFACTURER
shall report to CLIENT an estimated time and parts cost to repair failed units, and shall not proceed with repairs until such time
that CLIENT has provided approval for said repairs. For problems due to incorrect use of the Product, or factors external to the
Product, or repairs for unwarranted units, MANUFACTURER shall repair at a separate cost borne by CLIENT, at a billing rate as defined
in Schedule II. MANUFACTURER shall repair or exchange, and ship to CLIENT'S customer, the returned Product within one (1) week
of receipt of Product by MANUFACTURER.

 

		9.	PRODUCTION TOOLING.

 

9.1         All CLIENT production tooling/equipment
furnished to MANUFACTURER or paid for by CLIENT in connection with this Agreement shall be clearly marked and remain the personal
property of CLIENT and MANUFACTURER shall keep such tooling and equipment free of all liens and encumbrances. CLIENT shall maintain
a list of all such tooling and equipment.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 5 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

9.2         Unless otherwise agreed, MANUFACTURER
is responsible for the general and periodic maintenance of CLIENT'S tooling/equipment.

 

		10.	REGULATORY RESPONSIBILITY; TRADEMARKS.

 

10.1       REGULATORY APPROVALS. CLIENT
shall undertake and be responsible for the procurement of any and all regulatory approvals and/or registrations and customs approval
necessary for sale of the Product.

 

10.2       SAFETY INSPECTIONS AND CERTIFICATIONS.
Periodic safety certification audits by the notified body, i.e. UL/TUV, are perfomed at the MANUFACTURERS site, and such inspection
and certification fees shall be charged to the CLIENT with a 10% handling and billing fee.

 

10.3       STATE RADIATION CERTIFICATION. Should
the need for state radiation registration certification arise, the CLIENT will bear the cost plus a 10% handling and billing fee.

 

10.4       MANUFACTURER'S QUALIFICATIONS. MANUFACTURER
is currently ISO 9001 certified and MANUFACTURER shall maintain such certification during the Term of this Agreement. MANUFACTURER
shall notify CLIENT within three (3) days of any change to that status during the term of this Agreement. Should MANUFACTURER lose
its status as ISO 9001 certified, it shall have a period of 30 days to have the certification reinstated and if not reinstated
within this cure period, CLIENT shall have the right to immediately terminate this Agreement.

 

10.5       TRADEMARKS. The MANUFACTURER
shall for and on behalf of the CLIENT, apply CLIENT'S trademarks, trade and brand names, logos, etc. (collectively "Marks")
on the said Product and/or the labels and/or the packaging which are to be supplied to CLIENT pursuant to this Agreement. Such
usage of the Marks shall be in accordance of the directions of the CLIENT. MANUFACTURER shall not use, nor shall have the right
to use the Marks in connection with or in relation to any other product of any nature except for the Product supplied to the CLIENT.
The MANUFACTURER hereby warrants that it shall not use the said Marks in any manner which may jeopardise the significance, distinctiveness,
or validity of the Marks. Nothing herein shall at any time during the terms of this Agreement or after the expiry or earlier determination
give or shall be intended to give or confer upon the MANUFACTURER any right, title, interest or claim in or to the said Marks which
shall continue to vest solely and absolutely in favor of the CLIENT. Each party (the "indemnifying party") shall defend,
indemnify, and hold harmless the other party from any claims by a third party of infringement of intellectual property resulting
from the acts of the indemnifying party pursuant to this Agreement, provided that the other party (i) gives the indemnifying party
prompt notice of any such claims, (ii) renders reasonable assistance to the indemnifying party thereon, and (iii) permits the indemnifying
party to direct the defense of the settlement of such claims.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 6 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

		11.	PRODUCT LIABILITY.

 

11.1       NOTICE OF PRODUCT LIABILITY CLAIMS.
Each party shall notify the other party hereto promptly in writing of any product liability claim brought with respect to the
Product based on alleged defects in the design, manufacture, packaging, or labeling of the Product or other adverse claim regarding
the Product. Upon receiving such written notice, CLIENT shall assume and have sole control of the defense of any such claim, including
the power to conduct and conclude any and all negotiations, compromises or settlements. MANUFACTURER shall promptly comply with
all reasonable requests from CLIENT for information, materials or assistance with respect to the conduct of such defense.

 

11.2       NOTICE OF INVESTIGATION. MANUFACTURER
and CLIENT shall promptly notify each other of any potential or actual investigation or governmental activity relating to the Product.

 

11.3       MANUFACTURER agrees to reimburse CLIENT
for any and all monies paid to MANUFACTURER by CLIENT for inventory which is lost or damaged due to a natural disaster which destroys
inventory owned by CLIENT at MANUFACTURER'S facility.

 

		12.	DELIVERY, SHIPMENT AND INSTALLATION.

 

Time of delivery by MANUFACTURER is of the
essence. The delivery of each order shall be within the time specified in the Purchase Order. Delivery lead times will be within
the pre-agreed upon lead time of one hundred twenty (120) days or less. If MANUFACTURER can meet a shorter lead time for Purchase
Order fulfillment and shipment, the Product shall be shipped ahead of schedule upon approval and coordination with CLIENT. Delivery
transport and delivery insurance charges will be borne by the CLIENT. MANUFACTURER is not responsible for loss of equipment once
it has left MANUFACTURER'S facility.

 

CLIENT and MANUFACTURER will mutually work
together to successfully mitigate and resolve any import/export coding and taxation issues in a timely fashion, that may arise
in the course of business.

 

Upon learning of any potential delivery delays,
MANUFACTURER will notify CLIENT as to the cause and extent of such delay. If MANUFACTURER fails to make deliveries at the specified
time and such failure is caused by MANUFACTURER, MANUFACTURER will, at no additional cost to CLIENT, employ accelerated measures
such as material expediting fees, premium transportation costs, or labor overtime required to meet the specified delivery schedule
or minimize the lateness of deliveries.

 

12.1       INSPECTION. Upon reasonable
advance written notice to MANUFACTURER, CLIENT shall have the right during MANUFACTURER'S normal business hours to inspect MANUFACTURER'S
manufacturing facility where the Product is made, including, but not limited to, those areas where materials used to manufacture
and package the Product is handled, processed, or stored, and to observe the manufacture, packaging, storage, inspection and shipping
of the Product.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 7 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

12.2       AUDIT. MANUFACTURER shall keep
complete and accurate accounts, records, books, journals, ledgers and data relating to MANUFACTURER'S performance under this Agreement
(the "Records"). CLIENT and its representatives shall have the right, at all reasonable times, to inspect, copy and audit
the Records and such other documents and computer records as may be reasonably necessary to verify MANUFACTURER'S performance of
its obligations under this Agreement. MANUFACTURER shall retain all Records during the term of this Agreement and for at least
three (3) years thereafter and make the same available to CLIENT and its representatives within five (5) business days after receipt
of a written request for such Records from CLIENT.

 

12.3       PACKAGING. MANUFACTURER shall
package the Product pursuant to the instructions provided by CLIENT.

 

12.4       INSTALLATION. MANUFACTURER will
perform system installation and validation at CLIENT customers site per the terms described in Schedule II.

 

		13.	ENGINEERING AND SPECIFICATION CHANGES.

 

13.1       CLIENT shall have the right to, upon
advance notice, submit engineering changes for incorporation into the Product. This notification shall include documentation of
the change to effectively support an investigation of the impact of the engineering change. MANUFACTURER shall review the engineering
change and report to CLIENT within fourteen (14) days of receiving such a notice for change. If any such change affects the price,
delivery, or quality performance of said Product, an adjustment will be negotiated between MANUFACTURER and CLIENT prior to implementation
of the change.

 

13.2       MANUFACTURER shall not undertake process
changes, design changes, or process step discontinuance affecting the functionality, performance and/or mechanical form and fit
of the Product without prior written notification and concurrence of the CLIENT.

 

		14.	CONFIDENTIAL INFORMATION.

 

14.1       CONFIDENTIAL INFORMATION. During
the Term and for a period of no less than five (5) years thereafter, each party shall keep confidential and not disclose to others
or use for any purpose, other than as authorized by this Agreement, all "Confidential Information" which was provided
to it by the other party or their respective officers, directors, employees or representatives. For purposes of this Agreement,
the term "Confidential Information" means all know how, trade secrets, formulae, data, inventions, patents, Technology
(as defined below), plans, drawings and other information, including financial information, related to the manufacture, sale or
marketing of the Product. The restrictions of this Section shall not apply to any Confidential Information which (a) is already
known to the recipient at the time of disclosure; (b) is or becomes public knowledge through no fault of the recipient; (c) is
received from a third party having the lawful right to disclose the information; or (d) is required by law to be disclosed.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 8 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

14.2       TECHNOLOGY.
"Technology" means all methods, processes, designs, data, technology, apparatus, devices, techniques, formulae, flow
charts, systems, sketches, compositions of matter, discoveries, inventions, works of authorship, information, algorithms,
procedures, notes, summaries, descriptions, results and conclusions, whether or not the foregoing is protected or not under the
copyright, patent or trademark laws, in each case related to the manufacture, sale or marketing of the Product.

 

14.3       RETURN OF CONFIDENTIAL INFORMATION.
This Agreement does not constitute the conveyance of ownership with respect to or a license to any Confidential Information or
proprietary information. Upon the expiration or termination of this Agreement for any reason, MANUFACTURER agrees to return to
the CLIENT all documentation or other tangible evidence or embodiment of Confidential or Proprietary Information belonging to the
CLIENT.

 

14.4       CONFIDENTIALITY
OF THIS AGREEMENT. Each party shall keep confidential and not disclose to others the existence or terms of this Agreement,
including the Schedules hereto, except for such disclosures as may be required by law.

 

14.5       Subject to the terms herein and the
proprietary rights of the parties, MANUFACTURER and CLIENT agree that the know-how, process technologies, standards and specifications
disclosed or communicated to MANUFACTURER by the CLIENT in relation to the manufacture of the said Product pursuant to this Agreement
shall at all times remain and be the sole and exclusive property of the CLIENT and the MANUFACTURER shall neither have nor claim
any right, title or interest therein or thereto either during the continuance of this Agreement or after the expiry or earlier
determination thereof.

 

14.6       The MANUFACTURER hereby agrees, undertakes
and declares that it shall not disclose to third parties or directly or indirectly use the said know-how standards or specifications
or any part thereof at any time for any purpose other than for the manufacture of the said Product for making supplies to the CLIENT
in accordance with this Agreement.

 

		15.	TERMINATION.

 

15.1       If either party fails to meet any one
or more of the terms and conditions as stated in either this Agreement, Schedules or any addenda, MANUFACTURER and CLIENT agree
to negotiate in good faith to resolve such default. If the defaulting party fails to cure such default or submit an acceptable
written plan to resolve such default within thirty (30) days following notice of default, the non-defaulting party shall have the
right to terminate this Agreement by furnishing the defaulting party with ten (10) days written notice of termination.

 

15.2       This Agreement shall immediately terminate
should either party; (i) become insolvent; (ii) enter into or file a petition, or proceeding seeking an order for relief under
the bankruptcy laws of its respective jurisdiction; (iii) enter into a receivership of any of its assets or; (iv) enter into a
dissolution of liquidation of its assets or an assignment for the benefit of its creditors.

 

15.3       Either MANUFACTURER or CLIENT may terminate
this Agreement without cause by giving ninety (90) days advance written notice to the other party.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 9 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

		16.	DISPUTE RESOLUTION.

 

It is the intent of the parties that any dispute
be resolved promptly through good faith negotiation between MANUFACTURER and CLIENT. Either party may initiate negotiation proceedings
by written notice to the other party describing the particulars of the dispute. The parties agree to meet in good faith to jointly
define the scope and a method to remedy the dispute. Should any disputes remain existent between the parties after any good faith
negotiation process set forth above, then the parties shall promptly submit any dispute to binding arbitration in accordance with
the arbitration rules of the American Arbitration Association (AAA), as provided by their respective jurisdiction.

 

		17.	LIMITATION OF LIABILITY.

 

IN NO EVENT, WHETHER AS A RESULT OF BREACH
OF CONTRACT, WARRANTY, OR TORT(INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY, OR OTHERWISE, SHALL EITHER PARTY BE
LIABLE TO THE OTHER FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY DAMAGES OF ANY KIND WHETHER OR NOT EITHER PARTY WAS ADVISED
OF THE POSSIBILITY OF SUCH DAMAGE.

 

		18.	INSURANCE.

 

The MANUFACTURER shall at its cost take a comprehensive
insurance policy to cover all the raw and packaging materials, stocks in process and finished Product against theft, fire, riots,
civil commotion, natural calamities, including floods if the manufacturing facility is in a flood zone.

 

MANUFACTURER shall keep in force throughout
the term of this Agreement and for nine (9) months following the termination of this Agreement, adequate commercial general liability
insurance written on an occurrence basis, including products liability and contractual liability coverages as respects this Agreement,
with coverage of at least US$1,000,000 per occurrence. In addition, MANUFACTURER shall keep in force during the term of this Agreement
adequate Workers' Compensation insurance. MANUFACTURER shall provide CLIENT a certificate of insurance ("COI") from a
financially responsible insurance company satisfactory to CLIENT, certifying such coverages, naming CLIENT as an additional insured
and requiring at least thirty (30) days prior written notice to CLIENT of any cancellation or material change thereof.

 

		19.	RELATIONSHIP BETWEEN CLIENT AND THE MANUFACTURER.

 

MANUFACTURER is an independent contractor and
is not an agent or employee of CLIENT and is not authorized to act on behalf of CLIENT. While CLIENT is entitled to provide MANUFACTURER
with general guidance to assist MANUFACTURER in completing the scope of work to CLIENT'S satisfaction, nevertheless MANUFACTURER
is ultimately responsible for directing and controlling the performance of the task comprising the scope of work, in accordance
with the terms and conditions of this Agreement.

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 10 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

		20.	NON-COMPETITION.

 

MANUFACTURER
hereby agrees that he will not, during the term of this Agreement, and for a period of two (2) years following termination hereof,
(a) directly or indirectly engage in any Competitive Business (as defined below), whether such engagement shall be as a
manufacturer, designer, employer, officer, director, owner, employee, partner or in any other capacity, (b) assist others in engaging
in any Competitive Business or (c) develop, enhance, produce, market, promote or support, or render consulting or other services
to a third party with respect to, a Similar Application (as defined below). "Competitive Business" shall mean a business
providing Products or services similar to, or competitive with, those provided by CLIENT during the term of this Agreement, and
"Similar Application" shall mean a Product having substantially similar functionality to the Product.

 

		21.	INJUNCTIVE RELIEF.

 

MANUFACTURER acknowledges and agrees that the
obligations and promises of MANUFACTURER under this Agreement are of a unique, intellectual nature giving them particular value.
MANUFACTURER further acknowledges and agrees that MANUFACTURER'S breach of any of the promises or agreements contained in this
Agreement, including but not limited to, i) non-disclosure of necessary and requisite information to CLIENT regarding manufacturing
and enhancement of PRODUCT and ii) failure of responding to CLIENT'S communication and queries regarding Product development for
thirty (30) calendar days, will result in irreparable and continuing damage to CLIENT for which there will be no adequate remedy
at law and, in the event of such breach, CLIENT, in addition to its rights of termination set forth herein, will be entitled to
seek injunctive relief, or a decree of specific performance, or both, and such other and further relief as may be proper including
monetary damages if appropriate.

 

		22.	MISCELLANEOUS.

 

22.1       AMENDMENTS. No amendment, modification
or supplement to this contract shall be binding unless it is in writing, signed by an authorized representative of each party.

 

22.2       NOTICES. Any notices required
or permitted to be given to a Party hereunder:

 

(a) shall be in writing;(b) shall be delivered
or sent to such Party at its address given below:

 

if to MANUFACTURER:

 

RbM Services, LLC

101 Valley Ct

Oak Ridge TN 37830-8001

 

if to CLIENT:

 

Sensus Healthcare, LLC

851 Broken Sound Pkwy NW #215

Boca Raton, FL 33487

 

or such other address as such Party may hereafter
specify; and (c) shall be deemed given (i) when personally delivered to such Party; (ii) when transmitted by facsimile and receipt
of such transmission is confirmed by facsimile; (iii) after air courier service confirm the receipt via an established air courier
service; or (iv) if mailing via certified airmail, after receipt is confirmed.

 

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 11 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

22.3       NO PUBLICITY. MANUFACTURER will
not release information about the existence of this Agreement, including its value, or its terms and conditions, through any media
including but not limited to, the issuance of any news release, announcement, denial, or confirmation. MANUFACTURER must obtain
prior written authorization from CLIENT for any exceptions to this subsection. Nothing in this Agreement implies that CLIENT will
agree to any publicity.

 

22.4       ATTORNEYS' FEES. In the event
of any litigation, arbitration, judicial reference or other legal proceeding involving the Parties to this Agreement to enforce
any provision of this Agreement, to enforce any remedy available upon default under this Agreement, or seeking a declaration of
the rights of either Party under this Agreement, the prevailing Party shall be entitled to recover from the other such attorneys'
fees and costs as may be reasonably incurred, including the costs of reasonable investigation, preparation and professional or
expert consultation incurred by reason of such litigation, arbitration, judicial reference, or other legal proceeding.

 

22.5       GOVERNING LAW. The provisions
of this Agreement shall be governed by the laws of the state of Florida, regardless of conflict of laws.

 

22.6       WAIVE OF BREACH. No waiver by
either party of any breach of any of the covenants or conditions herein contained, performed by the other party, shall be construed
as a waiver of any succeeding breach of the same or of any other covenant or condition.

 

22.7       ASSIGNMENT, SUCCESSORS AND ASSIGNS.
Neither party shall delegate, assign or transfer its rights or obligations under this Agreement, whether in whole or part,
without the written consent of the other party provided, however, upon prior written notice to MANUFACTURER, CLIENT may assign
or transfer its rights. This Agreement shall be binding on and shall inure to the benefit of the parties and their successors in
interest and assigns.

 

22.8       SURVIVAL. No termination of
this Agreement, either with or without cause, shall release any party from their obligations of this Agreement.

 

22.9       ENTIRE AGREEMENT AND CONFLICT. This
Agreement (including the Schedules hereto) constitute the entire Agreement with respect to the subject matter hereof or thereof
and supersede any previous agreement, including a Purchase Order's general terms and conditions, whether written or oral, between
the parties relating to the subject matter of this Agreement. In the event of any conflict, the terms and conditions of this Agreement
shall prevail over the terms and conditions of any purchase order or other shipping, delivery, receiving, billing or other document
used directly or indirectly by either party in performing this Agreement.

 

22.10     FURTHER ACTIONS. Parties warrant
and agree that they will undertake whatever further action is necessary to help and assist the other party in fulfilling it legal
obligations and any obligation arising from this Agreement. To this end, they each also agree to execute any and all other documents
that may be reasonably necessary in order to allow the discharge of the obligations under this Agreement

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 12 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

22.11     CONSTRUCTION. This Agreement
has been submitted to the scrutiny of, and has been negotiated by, all parties hereto and their counsel, and shall be given a fair
and reasonable interpretation in accordance with the terms hereof, without consideration or weight being given to its having been
drafted by any party hereto or its counsel.

 

22.12     COUNTERPARTS. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same instrument. Additionally, this Agreement may be executed and transmitted by one party to the other via electronically,
and upon affixing all the necessary signatures, shall become a valid and enforceable Agreement.

 

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

 

	SENSUS HEALTHCARE, LLC	RBM SERVICES, LLC

 

	By:	/s/ Kal Fishman	 	By:	/s/ Clif Moyers

 

	Print Name:	 Kal Fishman	 	Print Name:	 Clif Moyers

  

	Title:	COO	 	Title:	President

 

	Date:	7/22/2010	 	Date:	7/22/10

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 13 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

SCHEDULE I

 

Product Specifications

 

	
        Generator

        Type - Constant Potential HV

        Input Line – 120 – 230 VAC

        Standard wall socket

         

        X-Ray Tube

        Metal Ceramic

        Water -cooled

        Tungsten Target

        End grounded

        Rating

        100kV/10mA

        40kV/30mA

        1000 watts continuous dissipation

         

        Base Unit Assembly

        Base Space Requirements – 30" by
        30"

        VerticalArmRange: 57"

        HorizontalArm Range: 49"

        X-Ray Tube Movement – V&H 180
        degrees

        Integrated Modular Components –
        Input         power, HV Generator,

        Heat Exchanger

         

        Operator Control Console

        Can be located up to 100' (30meters) from base unit

        Service mode for system set-up and calibration – key
        entry

         

        Three Treatment Techniques

        100kV @ 8mA, 2.1 mm Al. HVL

        70kV @ 10mA, 1.1mm Al. HVL

        50kV @10mA, 0.4 mm Al. HVL

        X-Ray output is 600 cGy @ 15 cm SSD

         

        Automatic Filter Changer (Patented)

        2.1 mm Al. HVL

        1.1 mm Al. HVL

        0.4 mm Al. HVL

        Pb X-ray Block

         

        Automatic Warm Up procedures

        Automatically activated from time of last exposure

        Pre-programmed sequences

        Pb lead blocker automatically placed over x-ray tube port

         

        RAD Check (Patented)

        Direct radiation measurement of output

        Pre-treatment verification

         

        System Weight

        350 lbs. (160 kg)

         

        Standard Size Treatment Applicators

        1.5cm, 2cm, 2.5cm, 3cm, 4cm and 5cm

        Diameter @ 15cm SSD & 10 cm Diameter @ 25cm SSD

         

        Replaceable Safety Contact Shields

        Applicator size specific

        Visibility of treated area
	 	 

                                             

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 14 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

SCHEDULE II

 

Pricing

 

CLIENT shall pay MANUFACTURER $[***] per
unit for labor, plus the cost of goods sold ("COGS"), which is total cost for all parts of the Product.

 

The price of $[***] + COGS includes MANUFACTURER'S
12 month warranty on parts and labor and Product installation. CLIENT is responsible for shipping costs through their direct customers
who shall cover the shipping fees and tariffs. MANUFACTURER shall drop-ship Product to CLIENT'S direct customer per the instructions
and terms provided in CLIENT'S Purchase Order.

 

CLIENT currently estimates COGS rates at $[***],
per the procurement billing information provided by the original SRT-100 manufacturer, Topex Medical. This should bring the total
price for Product paid by CLIENT to $[***]. COGS to be reviewed and adjusted periodically.

 

MANUFACTURER and CLIENT shall cooperate on
an ongoing basis to mitigate parts procurement costs through quality order management, supplier sourcing productivity, and supplier
pool redundancy.

 

Service contract pricing to CLIENT'S customer
is at a rate of $[***] annually, which will be equally split between MANUFACTURER and CLIENT for domestic sites. CLIENT will be
responsible to provide parts and material coverage and MANUFACTURER will be responsible to all labor and travel coverage for the
provided warranty and service contract coverage period for domestic sites. CLIENT will split service revenue with local International
dealers, where CLIENT will be responsible for parts and local dealers will provide service and labor. MANUFACTURER may be contracted
by International dealers to provide backup service, training, and service spare parts for non-service contract customers

 

Payment terms: CLIENT shall pay MANUFACTURER
as follows:

 

		·	[***] upon issuance of the Purchase Order;
[***] upon completion of system final test and DHR creation.

 

		·	MANUFACTURER will pack and crate the system
for a price of $[***] including crate and labor.

 

MANUFACTURER will perform installations at
the following rate:

 

		·	US Eastern sites (all sites in eastern
and central time zones) $[***] + travel expenses

 

		·	US Western sites (all sites in mountain
and pacific time zones) $[***] + travel expenses

 

		·	International sites will be performed
on a case by case basis.

 

		Company
    Confidential © 2010 –  All Rights Reserved	Page 15 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

 

MANUFACTURER Labor and Finished Goods
Storage Rates

 

There will be situations where MANUFACTURER
will perform services for CLIENT that are not directly related to manufacturing the product. These may include ECN preparation
and closure, engineering changes, testing and characterization of new features, regulatory consulting, manufacturing process instruction
(MPI) creation, review and release, etc. These activities will be tracked by MANUFACTURER and labor will be billed to the CLIENT
at the rates below. Material purchased during these activities will be charged to the CLIENT at a 10% markup to the MANUFACTURERS
cost.

 

Labor:

 

		·	Assembly- $[***]/hr

 

		·	Documentation- $[***]/hr

 

		·	Technician- $[***]/hr

 

		·	Manufacturing Engineering- $[***]/hr

 

		·	Field Service Rate, customer - $[***]/hr
(Mon-Fri 8am-5pm)

 

		·	Field Service rate, customer - $[***]/hr
(after hours and weekends)

 

		·	Field Service rate, Sensus - $[***]/hr

 

		·	Quality and Regulatory- $[***]/hr

 

		·	Research and Development Technician- $[***]/hr

 

		·	Research and Development Engineering-
$[***]/hr

 

RbM shall provide Sensus with a written estimate
of the proposed labor charges, indicating the labor qualification level that shall be used to perform the services, which estimate
shall be subject to Sensus written approval.

 

Finished Goods Storage and Insurance:

 

		·	Up to  [***] Systems in inventory -
                                                                                                               $[***]/quarter

 

		·	Additional Systems beyond  [***]
                                                                                                               during the quarter - $[***]/system/quarter

 

		Company
    Confidential © 2010 – All Rights Reserved	Page 16 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

 

    	 	 	 

     

    

  

SCHEDULE III

 

Scope of Work & Services

 

MANUFACTURER is declaring of the following
capabilities and compliance to provide work and services to CLIENT:

 

		·	Manufacturing of the SRT 100 compliant
with all FDA CGMP regulations.

 

		·	Implement a Quality System compliant with
FDA regulations and the International Standard Organizations utilizing Standard Operating Procedures (SOPs) and Forms.

 

		·	ISO 9001 and ISO 13485 certified for medical
devices.

 

		·	Procurement of components and assemblies
according to approved SOP's, including Supplier Qualification and Validation.

 

		·	Inspection of incoming material and proper
disposition of non-conforming material.

 

		·	Segregation of non-conforming Product
with work-in-process (WIP) and Finished Goods Inventory.

 

		·	Anti-static work stations for testing
and troubleshooting electronic circuitry.

 

		·	Calibrated equipment and calibration log
record retention.

 

		·	Testing and retention of all test records.

 

		·	Documented packing and shipping procedures.

 

		·	CAPA (Corrective And Preventive Action)
System for documentation of issues

 

		·	ECN (Engineering Change Notice) System
to properly document and track engineering changes.

 

		·	Creation and Maintenance of DHR (Device
History) Records.

 

		·	Creation and Maintenance of the European
CE Mark Technical File.

 

		·	Design and/or make crates (to original
specs) for drop shipping systems from our location.

 

		·	A one year parts and labor warranty for
manufacturing defects.

 

		Company
    Confidential  © 2010 – All Rights Reserved	Page 17 of 17

 

Confidential Material. Specific
terms in this exhibit have been redacted because Confidential treatment has been requested. These redacted terms have been marked
with three asterisks [***]. An unredacted version of this Exhibit has been separately filed with the Securities and Exchange Commission.

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