Document:

EXHIBIT 10.3

 

TAX SHARING AGREEMENT 

 

DATED AS OF OCTOBER 31, 2013 

 

BY AND BETWEEN 

 

HARVARD BIOSCIENCE, INC. 

 

AND 

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

 

(for itself and on behalf of each member
of the SpinCo Group) 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 
	Section 1.         Definition of Terms	1
	 	 
	Section 2.         Allocation of Tax Liabilities	7
	 	 	 
	Section 2.01	Distributing Liability	7
	 	 	 
	Section 2.02	Allocation of United States Federal Income Tax and Federal Other Tax	7
	 	 	 
	Section 2.03	Allocation of State Income and State Other Taxes	8
	 	 	 
	Section 2.04	Allocation of Foreign Taxes	9
	 	 	 
	Section 2.05	Certain Transaction and Other Taxes	9
	 	 	 
	Section 2.06	SpinCo Group Attributes	9
	 	 
	Section 3.         Proration of Taxes	10
	 	 
	Section 4.         Preparation and Filing of Tax Returns	10
	 	 	 
	Section 4.01	General	10
	 	 	 
	Section 4.02	Distributing’s Responsibility	10
	 	 	 
	Section 4.03	SpinCo’s Responsibility	11
	 	 	 
	Section 4.04	Tax Accounting Practices	11
	 	 	 
	Section 4.05	Consolidated or Combined Tax Returns	11
	 	 	 
	Section 4.06	Right to Review Tax Returns	12
	 	 	 
	Section 4.07	SpinCo Carrybacks, Carryforwards and Claims for Refund	12
	 	 	 
	Section 4.08	Apportionment of Earnings and Profits and Tax Attributes	12
	 	 
	Section 5.         Tax Payments	12
	 	 	 
	Section 5.01	Payment of Separate Company Taxes	12
	 	 	 
	Section 5.02	Indemnification Payments	12
	 	 	 
	Section 6.         Tax Benefits	12
	 	 	 
	Section 6.01	Tax Benefits	12
	 	 	 
	Section 6.02	Distributing and SpinCo Income Tax Deductions in Respect of Certain Equity Awards and Incentive Compensation	13
	 	 
	Section 7.         Tax-Free Status	14
	 	 	 
	Section 7.01	Tax Opinions/Rulings and Representation Letters	14
	 	 	 
	Section 7.02	Restrictions on SpinCo	14
	 	 	 
	Section 7.03	Restrictions on Distributing	16
	 	 	 
	Section 7.04	Procedures Regarding Opinions and Rulings	16
	 	 	 
	Section 7.05	Liability for Tax-Related Losses	17
	 	 
	Section 8.         Assistance and Cooperation	18
	 	 	 
	Section 8.01	Assistance and Cooperation	18
	 	 	 
	Section 8.02	Income Tax Return Information	18

 

    	 

    	 

    

 

	Section 9.         Tax Records	18
	 	 	 
	Section 9.01	Retention of Tax Records	18
	 	 	 
	Section 9.02	Access to Tax Records	19
	 	 
	Section 10.       Tax Contests	19
	 	 	 
	Section 10.01	Notice	19
	 	 	 
	Section 10.02	Control of Tax Contests	19
	 	 
	Section 11.       Effective Date; Termination of Prior Intercompany Tax Allocation Agreements	20
	 	 
	Section 12.       Survival of Obligations	20
	 	 
	Section 13.       Treatment of Payments; Tax Gross Up	20
	 	 	 
	Section 13.01	Treatment of Tax Indemnity and Tax Benefit Payments	20
	 	 	 
	Section 13.02	Tax Gross Up	20
	 	 	 
	Section 13.03	Interest Under This Agreement	20
	 	 
	Section 14.         Disagreements	21
	 	 
	Section 15.         Reserved	21
	 	 
	Section 16.         Expenses	21
	 	 
	Section 17.         General Provisions	21
	 	 	 
	Section 17.01	Addresses and Notices	21
	 	 	 
	Section 17.02	Binding Effect	22
	 	 	 
	Section 17.03	Waiver	22
	 	 	 
	Section 17.04	Severability	22
	 	 	 
	Section 17.05	Authority	22
	 	 	 
	Section 17.06	Further Action	22
	 	 	 
	Section 17.07	Integration	22
	 	 	 
	Section 17.08	Construction	22
	 	 	 
	Section 17.09	No Double Recovery	22
	 	 	 
	Section 17.10	Counterparts	22
	 	 	 
	Section 17.11	Governing Law	23
	 	 	 
	Section 17.12	Jurisdiction	23
	 	 	 
	Section 17.13	Amendment	23
	 	 	 
	Section 17.14	SpinCo Subsidiaries	23
	 	 	 
	Section 17.15	Successors	23
	 	 	 
	Section 17.16	Injunctions	23

 

    	 

    	 

    

 

TAX SHARING AGREEMENT

 

This TAX SHARING AGREEMENT (this “Agreement”)
is entered into as of October 31, 2013, by and among HARVARD BIOSCIENCE, INC., a Delaware corporation (“Distributing”),
and HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC., a Delaware corporation and a wholly owned subsidiary of Distributing (“SpinCo”),
for itself and on behalf of each member of the SpinCo Group (as defined below).

 

RECITALS 

 

WHEREAS, the Board of Directors of Distributing
has determined that it would be appropriate and desirable to completely separate the regenerative medicine device business of Distributing
from the life science tools research business of Distributing;

 

WHEREAS, as of the date hereof, Distributing
is the common parent of an affiliated group of corporations, including SpinCo, which has elected to file consolidated Federal income
tax returns;

 

WHEREAS, pursuant to the Separation and
Distribution Agreement (as defined below), Distributing and SpinCo have agreed to separate the regenerative medicine device business
from Distributing generally by means of the Distribution;

 

WHEREAS, prior to the Distribution, Distributing
intends to cause it and its applicable Subsidiaries to contribute the HART Assets to SpinCo and its applicable Subsidiaries (and
SpinCo and its applicable Subsidiaries will assume the HART Liabilities), each as defined in and more fully described in the Separation
and Distribution Agreement;

 

WHEREAS, as a result of the Distribution,
SpinCo and its subsidiaries will cease to be members of the affiliated group (as that term is defined in Section 1504 of the
Code) of which Distributing is the common parent (the “Deconsolidation”); and

 

WHEREAS, the parties desire to provide
for and agree upon the allocation between the parties of Liabilities for Taxes arising prior to, as a result of, and subsequent
to the Distribution, and to provide for and agree upon other matters relating to Taxes;

 

NOW THEREFORE, in consideration of the
mutual agreements contained herein, the parties hereby agree as follows:

 

Section 1. Definition of Terms.
For purposes of this Agreement (including the recitals hereof), the following terms have the following meanings, and capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation and Distribution Agreement:

 

“Accounting Cutoff Date”
means, with respect to SpinCo, any date as of the end of which there is a closing of the financial accounting records for such
entity.

 

“Active Trade or Business”
means the active conduct (as defined in Section 355(b)(2) of the Code and the regulations thereunder) by SpinCo and its “separate
affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the HART Business as conducted immediately prior
to the Distribution.

 

“Adjustment Request”
means any formal or informal claim or request filed with any Tax Authority, or with any administrative agency or court, for the
adjustment, refund, or credit of Taxes, including (a) any amended Tax return claiming adjustment to the Taxes as reported
on a Tax Return or, if applicable, as previously adjusted, (b) any claim for equitable recoupment or other offset, and (c) any
claim for refund or credit of Taxes previously paid.

 

“Affiliate” means
any entity that is directly or indirectly “controlled” by either the person in question or an Affiliate of such person.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise. The term
Affiliate shall refer to Affiliates of a person as determined immediately after the Distribution.

 

“Agreement” shall
have the meaning provided in the first sentence of this Agreement.

 

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“Board Certificate”
shall have the meaning set forth in Section 7.02(e) of this Agreement.

 

“Business Day”
means a day (other than Saturday or Sunday) on which banks are generally open in the State of New York, USA for ordinary business.

 

“Code” means
the U.S. Internal Revenue Code of 1986, as amended.

 

“Company” means
Distributing or SpinCo.

 

“Company Indemnifying Party”
shall have the meaning set forth in Section 5.02(b) of this Agreement.

 

“Contribution”
means the contribution of assets, by Distributing itself directly to SpinCo itself pursuant to Section 2.1(a) of the Separation
and Distribution Agreement.

 

“Controlling Party”
shall have the meaning set forth in Section 10.02(c) of this Agreement.

 

“Deconsolidation”
shall have the meaning provided in the Recitals.

 

“Deconsolidation Date”
means the last date on which SpinCo qualifies as a member of the affiliated group (as defined in Section 1504 of the Code)
of which Distributing is the common parent.

 

“DGCL” means
the Delaware General Corporation Law.

 

“Distributing”
shall have the meaning provided in the first sentence of this Agreement.

 

“Distributing Affiliated Group”
shall have the meaning provided in the definition of “Distributing Federal Consolidated Income Tax Return.”

 

“Distributing Federal Consolidated
Income Tax Return” means any United States federal Income Tax Return for the affiliated group (as that term is defined
in Section 1504 of the Code and the regulations thereunder) of which Distributing is the common parent (the “Distributing
Affiliated Group”).

 

“Distributing Full Taxpayer”
means the assumption that the Distributing Affiliated Group (a) is subject to the highest marginal regular statutory income
Tax rate, (b) has sufficient taxable income to permit the realization or receipt of the relevant Tax Benefit at the earliest
possible time, and (c) is not subject to the alternative minimum tax.

 

“Distributing Group”
means Distributing and its Affiliates, excluding any entity that is a member of the SpinCo Group.

 

“Distributing Group Transaction
Returns” shall have the meaning set forth in Section 4.04(b) of this Agreement.

 

“Distributing Separate Return”
means any Separate Return of Distributing or any member of the Distributing Group.

 

“Distributing State Combined
Income Tax Return” means a consolidated, combined or unitary State Income Tax Return that actually includes, by election
or otherwise, one or more members of the Distributing Group together with one or more members of the SpinCo Group.

 

“Federal Income Tax”
means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect
of the foregoing.

 

“Federal Other Tax”
means any Tax imposed by the federal government of the United States of America other than any Federal Income Taxes, and any interest,
penalties, additions to tax, or additional amounts in respect of the foregoing.

 

“Fifty-Percent or Greater Interest”
shall have the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code.

 

“Filing Date”
shall have the meaning set forth in Section 7.05(b) of this Agreement.

 

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“Final Determination”
means the final resolution of liability for Tax, which resolution may be for a specific issue or adjustment or for a taxable period,
(a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer,
or by a comparable form under the laws of a State, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable
form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of law) the
right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of
such issue or adjustment or for such taxable period (as the case may be); (b) by any audit assessment of taxes or other examination
by any taxing authorities, proceeding or appeal of such proceedings relating to taxes whether administrative or judicial including
proceedings related to competent authority determinations, or by a decision, judgment, decree, or other order by a court of competent
jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections
7121 or 7122 of the Code, or a comparable agreement under the laws of a State, local, or foreign taxing jurisdiction; (d) by
any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which
such refund may be recovered (including by way of offset) by the jurisdiction imposing such Tax; (e) by a final settlement
resulting from a treaty-based competent authority determination; or (f) by any other final disposition, including by reason
of the expiration of the applicable statute of limitations or by mutual agreement of the parties.

 

“Foreign Income Tax”
means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign
country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest,
penalties, additions to tax, or additional amounts in respect of the foregoing.

 

“Foreign Other Tax”
means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign
country or United States possession, other than any Foreign Income Taxes, and any interest, penalties, additions to tax, or additional
amounts in respect of the foregoing.

 

“Foreign Tax”
means any Foreign Income Taxes or Foreign Other Taxes.

 

“Group” means
the Distributing Group or the SpinCo Group, or both, as the context requires.

 

“Income Tax”
means any Federal Income Tax, State Income Tax or Foreign Income Tax.

 

“Indemnitee”
shall have the meaning set forth in Section 13.03 of this Agreement.

 

“Indemnitor”
shall have the meaning set forth in Section 13.03 of this Agreement.

 

“Internal Restructuring”
shall have the meaning set forth in Section 7.02(f) of this Agreement.

 

“IRS” means the
United States Internal Revenue Service.

 

“Joint Return”
shall mean any Return of a member of the Distributing Group or the SpinCo Group that is not a Separate Return.

 

“Non-Controlling Party”
shall have the meaning set forth in Section 10.02(c) of this Agreement.

 

“Notified Action”
shall have the meaning set forth in Section 7.04(a) of this Agreement.

 

“Other Tax” means
any Federal Other Tax, State Other Tax, or Foreign Other Tax.

 

“Past Practices”
shall have the meaning set forth in Section 4.04(a) of this Agreement.

 

“Payment Date”
means (i) with respect to any Distributing Federal Consolidated Income Tax Return, the due date for any required installment
of estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing
the return determined under Section 6072 of the Code, and the date the return is filed, and (ii) with respect to any
other Tax Return, the corresponding dates determined under the applicable Tax Law.

 

“Payor” shall
have the meaning set forth in Section 5.02(a) of this Agreement.

 

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“Person” means
an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without
regard to whether any entity is treated as disregarded for U.S. federal income tax purposes.

 

“Post-Deconsolidation Period”
means any Tax Period beginning after the Deconsolidation Date, and, in the case of any Straddle Period, the portion of such Straddle
Period beginning the day after the Deconsolidation Date.

 

“Pre-Deconsolidation Period”
means any Tax Period ending on or before the Deconsolidation Date, and, in the case of any Straddle Period, the portion of such
Straddle Period ending on the Deconsolidation Date.

 

“Privilege” means
any privilege that may be asserted under applicable law, including, any privilege arising under or relating to the attorney-client
relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating
to internal evaluation processes.

 

“Proposed Acquisition Transaction”
means a transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e)
of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction
or series of transactions), whether such transaction is supported by SpinCo management or shareholders, is a hostile acquisition,
or otherwise, as a result of which SpinCo would merge or consolidate with any other Person or as a result of which any Person or
any group of related Persons would (directly or indirectly) acquire, or have the right to acquire, from SpinCo and/or one or more
holders of outstanding shares of SpinCo Capital Stock, a number of shares of SpinCo Capital Stock that would, when combined with
any other changes in ownership of SpinCo Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 40%
or more of (A) the value of all outstanding shares of stock of SpinCo as of the date of such transaction, or in the case of
a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding
shares of voting stock of SpinCo as of the date of such transaction, or in the case of a series of transactions, the date of the
last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the
adoption by SpinCo of a shareholder rights plan or (B) issuances by SpinCo that satisfy Safe Harbor VIII (relating to acquisitions
in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of
an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect
acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as
an indirect acquisition of shares of stock by the exchanging or non-exchanging shareholders, as applicable. This definition and
the application thereof are intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly.
Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated
in this definition and its interpretation.

 

“Representation Letters”
means the representation letters and any other materials (including, without limitation, the Ruling Request) delivered or deliverable
by Distributing and others in connection with the rendering by Tax Advisors, and/or the issuance by the IRS, of the Tax Opinions/Rulings.

 

“Required Party”
shall have the meaning set forth in Section 5.02(a) of this Agreement.

 

“Responsible Company”
means, with respect to any Tax Return, the Company having responsibility for preparing and filing such Tax Return under this Agreement.

 

“Retention Date”
shall have the meaning set forth in Section 9.01 of this Agreement.

 

“Ruling” means
any private letter ruling (and any supplemental private letter ruling, including without limitation, any Supplemental Ruling) issued
by the IRS to Distributing in connection with the Transactions.

 

“Ruling Documents”
means the Ruling and the Ruling Request.

 

“Ruling Request”
means any letter filed by Distributing with the IRS requesting a ruling regarding certain tax consequences of the Transactions
(including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement
to such ruling request letter.

 

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“Section 41 Credit”
means any credit allowed pursuant to Section 41 of the Code, pertaining to research for credit.

 

“Section 45K Credit”
means any credit allowed pursuant to Section 45K of the Code, including any credit allowed pursuant to Section 29 of
the Code prior to the redesignation of Section 29 as Section 45K.

 

“Section 48B Credit”
means any credit allowed pursuant to Section 48B of the Code.

 

“Section 199 Deduction”
means any deduction allowed pursuant to Section 199 of the Code.

 

“Section 7.02(e) Acquisition
Transaction” means any transaction or series of transactions that is not a Proposed Acquisition Transaction but would
be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25%
instead of 40%.

 

“Separate Return”
means (a) in the case of any Tax Return of any member of the SpinCo Group (including any consolidated, combined or unitary
return), any such Tax Return that does not include any member of the Distributing Group and (b) in the case of any Tax Return
of any member of the Distributing Group (including any consolidated, combined or unitary return), any such Tax Return that does
not include any member of the SpinCo Group.

 

“Separation and Distribution
Agreement” means the Separation and Distribution Agreement, as amended from time to time, by and among Distributing
and SpinCo dated as of the date hereof.

 

“Specified Election”
means the election set forth in Section 4.04(c), but solely to the extent such election is claimed as being subject to the
application of Section 168(k)(5) (or any similar provision of state income Tax law, if applicable).

 

“Specified Excess Income Taxes”
means Income Taxes resulting from a reduction in SpinCo Federal Attributes that arose from a Specified Election in an amount equal
to the excess of (x) the amount of such SpinCo Federal Attributes claimed as being subject to the application of Section 168(k)(5)
(or any similar provision of state income Tax law, if applicable) over (y) the amount of such Tax Attributes not claimed as
being subject to the application of Section 168(k)(5) (or any similar provision of state income Tax law, if applicable).

 

“Specified Excess Tax Benefit”
means a Tax Benefit resulting from an adjustment pursuant to a Final Determination to a Tax Attribute that arose from a Specified
Election in an amount equal to the excess of (x) the amount of such Tax Attribute claimed as being subject to the application
of Section 168(k)(5) (or any similar provision of state income Tax law, if applicable) over (y) the amount of such Tax
Attribute not claimed as being subject to the application of Section 168(k)(5) (or any similar provision of state income Tax
law, if applicable).

 

“SpinCo” shall
have the meaning provided in the first sentence of this Agreement.

 

“SpinCo Capital Stock”
means all classes or series of capital stock of SpinCo, including (i) the SpinCo Common Stock, (ii) all options, warrants
and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in SpinCo for U.S. federal
income tax purposes.

 

“SpinCo Carried Item”
means any net operating loss, net capital loss, excess tax credit, or other similar Tax item of any member of the SpinCo Group
which may or must be carried from one Tax Period to another prior Tax Period, or carried from one Tax Period to another subsequent
Tax Period, under the Code or other applicable Tax Law.

 

“SpinCo Common Stock”
has the meaning given to HART Common Stock in the Separation and Distribution Agreement.

 

“SpinCo Federal Attribute”
shall have the meaning set forth in Section 2.02(a)(ii).

 

“SpinCo Federal Consolidated
Income Tax Return” shall mean any United States federal Income Tax Return for the affiliated group (as that term
is defined in Section 1504 of the Code) of which SpinCo is the common parent.

 

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“SpinCo Full Taxpayer”
means the assumption that the SpinCo Group (a) is subject to the highest marginal regular statutory income Tax rate that would
be applicable to SpinCo if it filed Tax Returns on a standalone basis, (b) has sufficient taxable income to permit the realization
or receipt of the relevant Tax Benefit at the earliest possible time, and (c) is not subject to the alternative minimum tax.

 

“SpinCo Group”
means SpinCo and its Affiliates, as determined immediately after the Distribution.

 

“SpinCo Group Attributes”
shall have the meaning set forth in Section 2.03(a)(ii).

 

“SpinCo Separate Return”
means any Separate Return of SpinCo or any member of the SpinCo Group.

 

“SpinCo State Attribute”
shall have the meaning set forth in Section 2.03(a)(ii).

 

“State Income Tax”
means any Tax imposed by any State of the United States or the District of Columbia or by any political subdivision of any such
State or the District of Columbia which is imposed on or measured by net income, including state and local franchise or similar
Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

 

“State Other Tax”
means any Tax imposed by any State of the United States or the District of Columbia or by any political subdivision of any such
State or the District of Columbia other than any State Income Taxes, and any interest, penalties, additions to tax, or additional
amounts in respect of the foregoing.

 

“State Tax” means
any State Income Taxes or State Other Taxes.

 

“Straddle Period”
means any Tax Period that begins on or before and ends after the Deconsolidation Date.

 

“Supplemental Ruling”
means any ruling issued by the IRS in connection with the spin-off other than a ruling in response to Distributing’s initial
request for a private letter ruling.

 

“Tax” or “Taxes”
means any income, gross income, gross receipts, profits, capital stock, franchise, withholding, payroll, social security, workers
compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use,
license, lease, transfer, import, export, value added, alternative minimum, estimated or other tax (including any fee, assessment,
or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof, and
any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

 

“Tax Attribute”
shall mean a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution,
general business credit or any other Tax Item that could reduce a Tax.

 

“Tax Authority”
means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such Tax, and the agency
(if any) charged with the collection of such Tax for such entity or subdivision.

 

“Tax Benefit”
means any refund, credit, or other reduction in otherwise required Tax payments.

 

“Tax Contest”
means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or effect of redetermining
Taxes (including any administrative or judicial review of any claim for refund).

 

“Tax Control”
means the definition of “control” set forth in Section 368(c) of the Code (or in any successor statute or provision),
as such definition may be amended from time to time.

 

“Tax Dispute”
shall have the meaning set forth in Section 14 of this Agreement.

 

“Tax-Free Status”
means the qualification of the Contribution and Distribution, taken together, each (a) as a reorganization described in Sections
355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property”
for purposes of Sections 355(d), 355(e) and 361(c) of the Code and (c) as a transaction in which Distributing, SpinCo, and
the shareholders of Distributing recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361
and 1032 of the Code, other than, in the case of Distributing and SpinCo, intercompany items or excess loss accounts taken into
account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code.

 

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“Tax Item” means
any item of income, gain, loss, deduction, credit, recapture of credit or any other item which increases or decreases Taxes paid
or payable.

 

“Tax Law” means
the law of any governmental entity or political subdivision thereof relating to any Tax.

 

“Tax Opinions/Rulings”
means the opinion or opinions of Tax Advisors deliverable to Distributing in connection with the Contribution and the Distribution
and/or the Ruling or Rulings.

 

“Tax Period”
means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law.

 

“Tax Records”
means any Tax Returns, Tax Return workpapers, documentation relating to any Tax Contests, and any other books of account or records
(whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other
medium) required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any
Tax Authority.

 

“Tax-Related Losses”
means (i) all federal, state and local Taxes (including interest and penalties thereon) imposed pursuant to any settlement,
Final Determination, judgment or otherwise; (ii) all accounting, legal and other professional fees, and court costs incurred
in connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies
and any amount paid by Distributing (or any Distributing Affiliate) or SpinCo (or any SpinCo Affiliate) in respect of the liability
of shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from the failure
of the Contribution and the Distribution, taken together, to have Tax-Free Status.

 

“Tax Return”
or “Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return
with respect to Taxes, or any other similar report, statement, declaration, or document required to be filed under the Code or
other Tax Law, including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments
or supplements to any of the foregoing.

 

“Third Party Indemnifying Party”
shall have the meaning set forth in Section 5.02(b) of this Agreement.

 

“Transactions”
means the Contribution, the Distribution and the other transactions contemplated by the Separation and Distribution Agreement.

 

“Transition Services Agreement”
means the Transition Services Agreement, dated as of the date hereof, by and between Distributing and SpinCo.

 

“Treasury Regulations”
means the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period.

 

“Unqualified Tax Opinion”
means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is acceptable to Distributing, on which Distributing
may rely to the effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the Contribution
and Distribution, taken together, would have qualified for Tax-Free Status if the transaction in question did not occur.

 

Section 2. Allocation of Tax Liabilities.

Section 2.01 Distributing Liability.

(a) Distributing shall be liable
for, and shall indemnify and hold harmless the SpinCo Group from and against any liability for, Taxes which are allocated to Distributing
under this Section 2.

 

(b) SpinCo Liability. SpinCo shall
be liable for, and shall indemnify and hold harmless the Distributing Group from and against any liability for, Taxes which are
allocated to SpinCo under this Section 2.

 

Section 2.02 Allocation of
United States Federal Income Tax and Federal Other Tax. Except as provided in Section 2.05, Federal Income Tax and
Federal Other Tax shall be allocated as follows:

 

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(a) Allocation of Tax Relating to Distributing
Federal Consolidated Income Tax Returns. For the Tax Periods ending on or before the Deconsolidation Date, Distributing shall
be responsible for any and all Federal Income Taxes attributable to the Tax Items of the SpinCo Group (whether as a result of a
Final Determination or otherwise) and attributable to the Tax Items of the Distributing Group (whether as a result of a Final Determination
or otherwise).

 

(b) Allocation of Tax Relating to Federal
Separate Income Tax Returns. (i) For the Tax Periods ending after the Deconsolidation Date, Distributing shall be responsible
for any and all Federal Income Taxes due with respect to or required to be reported on any Distributing Separate Return (including
any increase in such Tax as a result of a Final Determination)(ii) For the Tax Periods ending after the Deconsolidation Date,
SpinCo shall be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any SpinCo Separate
Return (including any increase in such Tax as a result of a Final Determination).

 

(c) Allocation of Federal Other Tax.

(i) For the Tax Periods ending
after the Deconsolidation Date, SpinCo shall be responsible for any and all Federal Other Taxes attributable to the Tax Items,
or imposed on a member of, of the SpinCo Group.

 

(ii) For the Tax Periods ending
after the Deconsolidation Date Distributing shall be responsible for any and all Federal Other Taxes attributable to the Tax Items
of the Distributing Group.

 

Section 2.03 Allocation of
State Income and State Other Taxes. Except as provided in Section 2.05, State Income Tax and State Other Tax shall
be allocated as follows:

 

(a) Allocation of Tax Relating to Distributing
State Combined Income Tax Returns.

(i) For the Tax Periods ending
on or before the Deconsolidation Date, Distributing shall be responsible for any and all State Income Taxes, attributable to the
Tax Items of the Distributing Group (whether as a result of a Final Determination or otherwise) and for any and all State Income
Taxes, attributable to the Tax Items of the SpinCo Group (whether as a result of a Final Determination or otherwise). For the Tax
Periods ending after the Deconsolidation Date, SpinCo shall be responsible for any and all State Income Taxes (calculated on the
basis that SpinCo is a SpinCo Full Taxpayer) attributable to the Tax Items of the SpinCo Group (whether as a result of a Final
Determination or otherwise). For the Tax Periods ending after the Deconsolidation Date, Distributing shall be responsible for any
and all State Income Taxes, attributable to the Tax Items of the Distributing Group (whether as a result of a Final Determination
or otherwise).

 

(ii) For the Tax Periods ending
on or before the Deconsolidation Date, Distributing shall be responsible for any and all State Income Taxes (calculated on the
basis that Distributing is a Distributing Full Taxpayer) attributable to any Tax Items of the Distributing Group which Taxes result
from a reduction in any Tax Attributes of the SpinCo Group (any such Tax Attribute, a “SpinCo State Attribute,”
and together with any SpinCo Federal Attribute, the “SpinCo Group Attributes”) relative to the amount
of such Tax Attributes reflected on the original Tax Return in respect of such Tax Attributes (whether such reduction occurs as
a result of a Final Determination or otherwise).

 

(b) Allocation of Tax Relating to State
Separate Income Tax Returns. (i) For the Tax Periods ending after the Deconsolidation Date, Distributing shall be responsible
for any and all State Income Taxes due with respect to or required to be reported on any Distributing Separate Return (including
any increase in such Tax as a result of a Final Determination); (ii) For the Tax Periods ending after the Deconsolidation
Date SpinCo shall be responsible for any and all State Income Taxes due with respect to or required to be reported on any SpinCo
Separate Return (including any increase in such Tax as a result of a Final Determination).

 

(c) Allocation of State Other Tax.

 

(i) For the Tax Periods ending
on or before the Deconsolidation Date, Distributing shall be responsible for any and all State Other Taxes attributable to the
Tax Items of the Distributing Group and all State Other Taxes attributable to the Tax Items of the SpinCo Group.

 

(ii) For the Tax Periods ending
after the Deconsolidation Date, SpinCo shall be responsible for any and all State Other Taxes attributable to the Tax Items of
the SpinCo Group.

 

    	8

    	 

    

 

(iii) For the Tax Periods
ending after the Deconsolidation Date, Distributing shall be responsible for any and all State Other Taxes attributable to the
Tax Items of the Distributing Group.

 

Section 2.04 Allocation of
Foreign Taxes. Except as provided in Section 2.05, Foreign Income Tax and Foreign Other Tax shall be allocated as
follows:

 

(a) Allocation of Tax Relating to Separate
Returns. (i) Distributing shall be responsible for any and all Foreign Income Taxes due with respect to or required to
be reported on any Distributing Separate Return, including Foreign Income Tax of Distributing or any member of the Distributing
Group imposed by way of withholding by a member of the SpinCo Group (and including any increase in such Foreign Income Tax as a
result of a Final Determination); (ii) For the Tax Periods ending after the Deconsolidation Date, SpinCo shall be responsible
for any and all Foreign Income Taxes due with respect to or required to be reported on any SpinCo Separate Return, including Foreign
Income Tax of SpinCo or any member of the SpinCo Group imposed by way of withholding by a member of the Distributing Group (and
including any increase in such Foreign Income Tax as a result of a Final Determination).

 

(b) Allocation of Foreign Other Tax.

(i) For the Tax Periods ending
on or before the Deconsolidation Date, Distributing shall be responsible for any and all Foreign Other Taxes attributable to the
Tax Items of the Distributing Group and SpinCo Group.

 

(ii) For the Tax Periods ending
after the Deconsolidation Date, SpinCo shall be responsible for any and all Foreign Other Taxes attributable to the Tax Items of
the SpinCo Group.

 

(iii) For the Tax Periods
ending after the Deconsolidation Date, Distributing shall be responsible for any and all Foreign Other Taxes attributable to the
Tax Items of the Distributing Group.

 

Section 2.05 Certain Transaction
and Other Taxes.

 

(a) SpinCo Liability. SpinCo shall
be liable for, and shall indemnify and hold harmless the Distributing Group from and against any liability for:

 

(i) Any stamp, sales and use,
gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any member of the SpinCo Group (if such member
is primarily liable for such Tax) on the transfers occurring pursuant to the Transactions;

 

(ii) any Tax resulting from
a breach by SpinCo of any covenant in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement; and

 

(iii) any Tax-Related Losses
for which SpinCo is responsible pursuant to Section 7.05 of this Agreement.

 

(b) Distributing Liability. Distributing
shall be liable for, and shall indemnify and hold harmless the SpinCo Group from and against any liability for:

 

(i) Any stamp, sales and use,
gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any member of the Distributing Group (if such
member is primarily liable for such Tax) on the transfers occurring pursuant to the Transactions; and

 

(ii) any Tax resulting from
a breach by Distributing of any covenant in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement.

 

in the case of each of (i) and (ii), such amounts to be
calculated on the basis that SpinCo is a SpinCo Full Taxpayer.

 

(c)Additional Restrictions. SpinCo
agrees not to take any action after the Deconsolidation Date that would adversely impact the tax liability of Distributing prior
to the Deconsolidation Date. Distributing agrees not to take any action after the Deconsolidation Date that would adversely impact
the tax liability of SpinCo prior to the Deconsolidation Date.

 

Section 2.06 SpinCo Group Attributes.
For the avoidance of doubt (but without prejudice to the provisos set forth in Sections 2.02(a)(i) and (ii)), except as set forth
in Section 6.01, SpinCo shall not be entitled to receive payment from Distributing in respect of any SpinCo Group Attributes
or for any reduction of any Taxes (or increase in Tax Attributes) or any Tax Benefit (whether such Tax Attributes, Tax Benefits
or reduction in Taxes are reported on an original Tax Return, arise pursuant to a Final Determination or otherwise).

 

    	9

    	 

    

 

Section 3. Proration of Taxes.

 

(a) General Method of Proration.
Tax Items shall be apportioned between Pre-Deconsolidation Periods and Post-Deconsolidation Periods in accordance with the principles
of Treasury Regulation Section 1.1502-76(b) as reasonably interpreted and applied by Distributing. If the Deconsolidation
Date is not an Accounting Cutoff Date (and provided an election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) is
not made), the provisions of Treasury Regulation Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the items
(other than extraordinary items) for the month which includes the Deconsolidation Date. At Distributing’s election, in its
sole discretion, an election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) (relating to ratable allocation of a
year’s items) shall be made.

 

(b) Transaction Treated as Extraordinary
Item. In determining the apportionment of Tax Items between Pre-Deconsolidation Periods and Post-Deconsolidation Periods, any
Tax Items relating to the Transactions shall be treated as extraordinary items described in Treasury Regulation Section 1.1502-76(b)(2)(ii)(C)
and shall (to the extent occurring on or prior to the Deconsolidation Date) be allocated to Pre-Deconsolidation Periods, and any
Taxes related to such items shall be treated under Treasury Regulation Section 1.1502-76(b)(2)(iv) as relating to such extraordinary
item and shall (to the extent occurring on or prior to the Deconsolidation Date) be allocated to Pre-Deconsolidation Periods.

 

Section 4. Preparation and Filing
of Tax Returns. 

 

Section 4.01 General.
Except as otherwise provided in this Section 4, Tax Returns shall be prepared and filed when due (including extensions) by
the person obligated to file such Tax Returns under the Code or applicable Tax Law. The Companies shall provide, and shall cause
their Affiliates to provide, assistance and cooperation to one another in accordance with Section 8 with respect to the preparation
and filing of Tax Returns, including providing information required to be provided in Section 8.

 

Section 4.02 Distributing’s
Responsibility. Distributing has the exclusive obligation and right to prepare and file, or to cause to be prepared and
filed:

 

(a) Distributing Federal Consolidated
Income Tax Returns for any Tax Periods ending on, before or after the Deconsolidation Date;

 

(b) Distributing State Combined
Income Tax Returns and any other Joint Returns which Distributing reasonably determines are required to be filed (or which Distributing
chooses to be filed) by the Companies or any of their Affiliates for Tax Periods ending on, before or after the Deconsolidation
Date; provided, however, that Distributing shall use commercially reasonable efforts to provide written notice to
SpinCo of such determination to file a Distributing State Combined Income Tax Return or other Joint Return if such a Tax Return
has never for such type of Tax in such jurisdiction been filed in a prior Tax Period; and

 

(c) SpinCo Separate Returns relating
to Income Taxes and Distributing Separate Returns which Distributing reasonably determines are required to be filed by the Companies
or any of their Affiliates (or which Distributing chooses to be filed) for Tax Periods ending on, before or after the Deconsolidation
Date (limited, in the case of SpinCo Separate Returns relating to Income Taxes, to such Returns as are required to be filed (or
which Distributing chooses to be filed) for Tax Periods beginning prior to the Deconsolidation Date);

 

provided, however, that to the extent any Tax
Returns described in clauses (b), (c) or (d) relate to SpinCo, the preparation and filing of such Tax Returns by Distributing
shall be treated as a Service pursuant to the Transition Services Agreement, and SpinCo shall pay to Distributing the applicable
Service Charge as provided in the Transition Services Agreement.

 

    	10

    	 

    

 

Section 4.03 SpinCo’s
Responsibility. SpinCo shall prepare and file, or shall cause to be prepared and filed, all Tax Returns required to be
filed by or with respect to members of the SpinCo Group other than those Tax Returns which Distributing is required, or chooses,
to prepare and file under Section 4, provided that SpinCo shall not file any SpinCo Separate Returns for a Tax Period in a
jurisdiction and for a type of Tax where Distributing files a Joint Return. The Tax Returns required to be prepared and filed by
SpinCo under this Section 4.03 shall include (a) any SpinCo Federal Consolidated Income Tax Return for Tax Periods ending
after the Deconsolidation Date, (b) SpinCo Separate Returns relating to Income Taxes required to be filed for Tax Periods
beginning on or after the Deconsolidation Date, and (c) SpinCo Separate Returns relating to Other Taxes.

 

Section 4.04 Tax Accounting
Practices. 

 

(a) General Rule. With respect
to any Tax Return that SpinCo has the obligation and right to prepare and file, or cause to be prepared and filed, under Section 4.03,
for any Pre-Deconsolidation Period or any Straddle Period (or any taxable period beginning after the Deconsolidation Date to the
extent items reported on such Tax Return might reasonably be expected to affect items reported on any Tax Return that Distributing
has the obligation or right to prepare and file, or chooses to be prepared and filed, under Section 4.03), except as provided
in Section 4.04(b) such Tax Return shall be prepared in accordance with past practices, accounting methods, elections or conventions
(“Past Practices”) used with respect to the Tax Returns in question (unless there is no reasonable basis
for the use of such Past Practices or unless there is no adverse effect to Distributing), and to the extent any items are not covered
by Past Practices (or in the event that there is no reasonable basis for the use of such Past Practices or there is no adverse
effect to Distributing), in accordance with reasonable Tax accounting practices selected by SpinCo. Except as provided in Section 4.04(b),
Distributing shall prepare any Tax Return which it has the obligation and right to prepare and file, or cause to be prepared and
filed, under Section 4.02, in accordance with reasonable Tax accounting practices selected by Distributing.

 

(b) Reporting of Transactions.
The Tax treatment reported on any Tax Return relating to the Transactions shall be consistent with the treatment thereof in the
Ruling Requests and the Tax Opinions/Rulings, unless there is no reasonable basis for such Tax treatment. The Tax treatment reported
on any Tax Return for which SpinCo is the Responsible Party shall be consistent with that on any Tax Return filed or to be filed
by Distributing or any member of the Distributing Group or caused to be filed by Distributing, in each case with respect to periods
prior to the Distribution Date or with respect to Straddle Periods (“Distributing Group Transaction Returns”),
unless there is no reasonable basis for such Tax treatment. To the extent there is a Tax treatment relating to the Transactions
which is not covered by the Ruling Requests, the Tax Opinions/Rulings or Distributing Group Transaction Returns, the Companies
shall agree on the Tax treatment to be reported on any Tax Return. For this purpose, the Tax treatment shall be determined by the
Responsible Company with respect to such Tax Return and shall be agreed to by the other Company unless either (i) there is
no reasonable basis for such Tax treatment, or (ii) such Tax treatment is inconsistent with the Tax treatment contemplated
in the Ruling Requests, the Tax Opinions/Rulings and/or the Distributing Group Transaction Returns. Such Tax Return shall be submitted
for review pursuant to Section 4.06(a), and any dispute regarding such proper Tax treatment shall be referred for resolution
pursuant to Section 14, sufficiently in advance of the filing date of such Tax Return (including extensions) to permit timely
filing of the Tax Return.

 

(c) Bonus Depreciation. Notwithstanding
anything to the contrary herein, Distributing shall be entitled, in its sole discretion, to elect whether SpinCo shall take “bonus
depreciation” described in Section 168(k) of the Code for any federal income tax purposes for any tax year of SpinCo
that includes the Deconsolidation Date (or the day following the Deconsolidation Date), irrespective of whether Distributing is
responsible for filing the Tax Return to which such election relates under this Agreement.

 

Section 4.05 Consolidated or
Combined Tax Returns. At Distributing’s election, in its sole discretion, SpinCo will elect and join, and will cause
its respective Affiliates to elect and join, in filing any Distributing State Combined Income Tax Returns and any Joint Returns
that Distributing determines are required to be filed or that Distributing chooses to file pursuant to Section 4.02(b). With
respect to any SpinCo Separate Returns relating to any Tax Period (or portion thereof) ending on or prior to the Deconsolidation
Date, SpinCo will elect and join, and will cause its respective Affiliates to elect and join, in filing consolidated, unitary,
combined, or other similar joint Tax Returns, to the extent reasonably determined by Distributing.

 

    	11

    	 

    

 

Section 4.06 Right to Review
Tax Returns. The Responsible Company with respect to any Tax Return shall make such Tax Return and related workpapers available
for review by the other Company, if requested, to the extent (i) such Tax Return relates to Taxes for which the requesting
party would reasonably be expected to be liable, (ii) such Tax Return relates to Taxes and the requesting party would reasonably
be expected to be liable in whole or in part for any additional Taxes owing as a result of adjustments to the amount of such Taxes
reported on such Tax Return, (iii) such Tax Return relates to Taxes for which the requesting party would reasonably be expected
to have a claim for Tax Benefits under this Agreement, or (iv) the requesting party reasonably determines that it must inspect
such Tax Return to confirm compliance with the terms of this Agreement. The Responsible Company shall use its reasonable best efforts
to make such Tax Return available for review as required under this paragraph at least fifteen (15) days prior to the due
date for filing of such Tax Return to provide the requesting party with a meaningful opportunity to analyze and comment on such
Tax Return.

 

Section 4.07 SpinCo Carrybacks,
Carryforwards and Claims for Refund. SpinCo hereby agrees that Distributing shall be entitled to determine in its sole
discretion whether (x) any Adjustment Request with respect to any Joint Return shall be filed to claim in any Pre-Deconsolidation
Period any SpinCo Carried Item, and (y) any available elections shall be made to waive the right to claim in any Pre-Deconsolidation
Period with respect to any Joint Return any SpinCo Carried Item, and whether any affirmative election shall be made to claim any
such SpinCo Carried Item.

 

Section 4.08 Apportionment
of Earnings and Profits and Tax Attributes. Distributing shall in good faith advise SpinCo as soon as reasonably practicable
in writing of the portion, if any, of any earnings and profits, Tax Attribute, overall foreign loss or other consolidated, combined
or unitary attribute which Distributing determines shall be allocated or apportioned to the SpinCo Group under applicable Tax law.
SpinCo and all members of the SpinCo Group shall prepare all Tax Returns in accordance with such written notice. In the event of
an adjustment to the earnings and profits or any Tax Attributes determined by Distributing, Distributing shall promptly notify
SpinCo in writing of such adjustment. For the absence of doubt, Distributing shall not be liable to SpinCo or any member of the
SpinCo Group for any failure of any determination under this Section 4.08 to be accurate under applicable law and regulations
and in good faith.

 

Section 5. Tax Payments. 

 

Section 5.01 Payment of Separate
Company Taxes. Each Company shall pay, or shall cause to be paid, to the applicable Tax Authority when due all Taxes owed
by such Company or a member of such Company’s Group with respect to a Separate Return.

 

Section 5.02 Indemnification
Payments.

 

(a) If any Company (the “Payor”)
is required under applicable Tax Law to pay to a Tax Authority a Tax that another Company (the “Required Party”)
is liable for under this Agreement, the Required Party shall reimburse the Payor within eight (8) days of delivery by the
Payor to the Required Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the
Taxes paid and describing in reasonable detail the particulars relating thereto.

 

(b) If any Company (the “Third
Party Indemnifying Party”) is required under the terms of an agreement to which it is a party (or with respect to
which it has agreed to guarantee the obligations thereunder) to pay to a third party a Tax that another Company (the “Company
Indemnifying Party”) is liable for under this Agreement, the Company Indemnifying Party shall reimburse the Third
Party Indemnifying Party within eight (8) days of delivery by the Third Party Indemnifying Party to the Company Indemnifying
Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing
in reasonable detail the particulars relating thereto.

 

(c) All indemnification payments
under this Agreement shall be made by Distributing directly to SpinCo and by SpinCo directly to Distributing; provided, however,
that if the Companies mutually agree with respect to any such indemnification payment, any member of the Distributing Group, on
the one hand, may make such indemnification payment to any member of the SpinCo Group, on the other hand, and vice versa.

 

Section 6. Tax Benefits. 

 

Section 6.01 Tax Benefits.

 

(a) Distributing shall be entitled
to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes received by any member of the Distributing
Group or the SpinCo Group, other than any refund to which SpinCo is entitled pursuant to Section 6.01(d). SpinCo shall not
be entitled to any refund (or any interest thereon received from the applicable Tax Authority), except as set forth in Section 6.01(d).
A Company receiving a refund to which another Company is entitled hereunder shall pay over such refund to such other Company within
five (5) Business Days after such refund is received.

 

    	12

    	 

    

 

(b) If a member of the SpinCo Group
would be expected to realize a Tax Benefit as a result of an adjustment pursuant to a Final Determination to any Taxes for which
a member of the Distributing Group would otherwise be liable hereunder (or an adjustment pursuant to a Final Determination to any
Tax Attribute of a member of the Distributing Group) and such Tax Benefit would not have arisen but for such adjustment (determined
on a “with and without” basis assuming the SpinCo Group is a SpinCo Full Taxpayer), SpinCo shall make a payment to
Distributing within five (5) Business Days following such Final Determination, in an amount equal to the Taxes for which the
Distributing Group would otherwise be, or would otherwise be reasonably expected to be, liable as a result of such adjustment provided,
however, that to the extent the Tax Benefit resulting from the Final Determination would be expected to be realized in a Pre-Deconsolidation
Period, SpinCo shall instead be responsible under this Section 6.01(b) for an amount equal to the excess of (x) the amount
of Taxes for which a member of the Distributing Group is liable as a result of the adjustment (for the avoidance of doubt, including
any interest payable in respect thereof) over (y) the amount of such Tax Benefit (for the avoidance of doubt, including any
interest owed in respect thereof) (such amounts to be calculated on the basis that Distributing is a Distributing Full Taxpayer),
and provided, further, however, that SpinCo shall not be required to make a payment to Distributing pursuant to this Section 6.01(b)
to the extent of any Specified Excess Tax Benefit. For purposes of determining the amount of Taxes for which the Distributing Group
is, or is reasonably be expected to be, liable as a result of an adjustment pursuant to a Final Determination, the Distributing
Group shall be deemed (i) not to utilize any Tax Attributes available to the Distributing Group and (ii) to be a Distributing
Full Taxpayer.

 

(c) No later than five (5) Business
Days following a Final Determination described in Section 6.01(b), Distributing shall provide SpinCo with a written calculation
of the amount payable to Distributing by SpinCo pursuant to this Section 6. In the event that SpinCo disagrees with any such
calculation described in this Section 6.01(c), SpinCo shall so notify Distributing in writing within thirty (30) days
of receiving the written calculation set forth above in this Section 6.01(c). Distributing and SpinCo shall endeavor in good
faith to resolve such disagreement, and, failing that, the amount payable under Section 6.01(b) shall be determined in accordance
with the disagreement resolution provisions of Section 14 as promptly as practicable.

 

(d) Without prejudice to Section 6.01(b),
SpinCo shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes reported
on (i) a SpinCo Separate Return for a Post-Deconsolidation Period or (ii) a SpinCo Separate Return of Other Taxes for
any Tax period that ends after the Deconsolidation Date. For the avoidance of doubt, Distributing, and not SpinCo, shall be entitled
to any refund or Tax Benefit that results from a SpinCo Carried Item, other than any refund to which SpinCo is entitled pursuant
to the first sentence of this Section 6.01(d).

 

Section 6.02 Distributing and
SpinCo Income Tax Deductions in Respect of Certain Equity Awards and Incentive Compensation. 

 

(a)Except as provided in clauses (b)-(f)
below, solely the member of the Group by which the relevant individual is currently employed at the time of the vesting, exercise,
disqualifying disposition, payment or other relevant taxable event, as appropriate, in respect of the equity awards and other incentive
compensation described in Article VIII of the Separation and Distribution Agreement, or, if such individual is not currently employed
at such time by a member of the Group, the member of the Group by which the relevant individual was most recently employed, shall
be entitled to claim, in a Post-Deconsolidation Period, any Income Tax deduction in respect of such equity awards and other incentive
compensation on its respective Tax Return associated with such event.

 

(b) Notwithstanding clause (a) or anything
to the contrary in the Separation and Distribution Agreement, in each of the following instances, Distributing, and not SpinCo,
will be entitled to any tax deduction available in respect of such option or award described below:

 

(i) in the event that an employee
or director of SpinCo exercises the portion of any Distributing stock option that was vested at the time of the Distribution (or
any SpinCo stock option that was issued in connection with the requisite adjustment to such vested Distributing stock option as
part of the Distribution),

 

    	13

    	 

    

 

(ii) in the event that an
employee or director of Distributing exercises any Distributing stock option (whether vested or unvested at the time of Distribution),
or any SpinCo stock option that was issued in connection with the requisite adjustment to any vested Distributing stock option
as part of the Distribution,

 

(iii) any restricted stock
units issued by Distributing that were unvested at the time of the Distribution (and any restricted stock units issued by SpinCo
in connection with the requisite adjustment to such unvested Distributing restricted stock units as part of the Distribution),
in each case that vest while the individual is an employee or director of Distributing.

 

(c) Notwithstanding clause (a) or anything
to the contrary in the Separation and Distribution Agreement, and subject to clause (d) below, in each of the following instances,
SpinCo, and not Distributing, will be entitled to any tax deduction available in respect of such option or award:

 

(i) in the event that an employee
or director of SpinCo exercises the portion of any Distributing stock option that was unvested at the time of the Distribution
(or any SpinCo stock option that was issued in connection with the requisite adjustment to such unvested Distributing stock option
as part of the Distribution),

 

(ii) any restricted stock
units issued by Distributing that were unvested at the time of the Distribution (and any restricted stock units issued by SpinCo
in connection with the requisite adjustment to such unvested Distributing restricted stock units as part of the Distribution),
in each case that vest while the individual is an employee or director of SpinCo.

 

(d)    Notwithstanding the above or anything
to then contrary in the Separation and Distribution Agreement, with respect to the allocation of the deductions as provided above
in clause (c), the portion of the available deduction shall be split such that Distributing shall be entitled to a portion of the
deduction for the Vesting Accrual (as defined below) pertaining to such option or award unvested at the time of Distribution (or
adjustment option or award issued in connection therewith) and SpinCo shall be entitled to the remainder of the deduction with
regard to rights that vest after the Distribution. “Vesting Accrual” shall be determined by Distributing, in good faith
and in accordance with the Code and applicable accounting principles, and refers to the portion of such unvested option or award
attributable to the period time that had elapsed since issuance (if the entire award was unvested) or since the last vesting was
achieved (if a portion of an award had vested) through the Distribution Date. Subject to compliance with the Code and applicable
accounting principles, it is intended that such calculation be based on a pro rata calculation of the requisite vesting days elapsed
divided by the entire amount of the related vesting period.

 

(e)    The provisions
of (b) through (d) above shall be applicable to Incentive Stock Options only in the event of a disqualifying disposition following
the Distribution.

 

(f)     With respect to the withholding
and reporting responsibilities pertaining to the options and restricted stock units referenced above in clauses (b)-(e) (including
withholding taxes, remitting and W-2 reporting), a party shall promptly notify the other party of any exercises by such notifying
parties’ employees or directors that would result in a related deduction belonging to the other party, and such party entitled
to the deduction shall be responsible for the reporting and withholding obligations pertaining to such deduction.

 

Section 7. Tax-Free Status. 

 

Section 7.01 Tax Opinions/Rulings
and Representation Letters. Each of SpinCo and Distributing hereby represents and agrees that (A) it has examined
the Ruling Documents and the Representation Letters prior to the date hereof and (B) subject to any qualifications therein,
all information contained in such Ruling Documents or Representation Letters that concerns or relates to such Company or any member
of its Group is and, to the extent such information relates to future events or circumstances, will be, true, correct and complete.

 

Section 7.02 Restrictions on
SpinCo. 

 

(a) SpinCo agrees that it will
not take or fail to take, or permit any SpinCo Affiliate to take or fail to take, any action where such action or failure to act
would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters
or Tax Opinions/Rulings. SpinCo agrees that it will not take or fail to take, or permit any SpinCo Affiliate to take or fail to
take, any action which prevents or could reasonably be expected to prevent (A) the Tax-Free Status, or (B) any transaction
contemplated by the Separation and Distribution Agreement which is intended by the parties to be tax-free from so qualifying, including,
in the case of SpinCo, issuing any SpinCo Capital Stock that would prevent the Distribution from qualifying as a tax-free distribution
within the meaning of Section 355 of the Code.

 

    	14

    	 

    

 

(b) Pre-Distribution Period. During
the period from the date hereof until the completion of the Distribution, SpinCo shall not take any action (including the issuance
of SpinCo Capital Stock) or permit any SpinCo Affiliate directly or indirectly controlled by SpinCo to take any action if, as a
result of taking such action, SpinCo could have a number of shares of SpinCo Capital Stock (computed on a fully diluted basis or
otherwise) issued and outstanding, including by way of the exercise of stock options (whether or not such stock options are currently
exercisable) or the issuance of restricted stock, that could cause Distributing to cease to have Tax Control of SpinCo.

 

(c) SpinCo agrees that, from the
date hereof until the first day after the two-year anniversary of the Distribution Date, it will (i) maintain its status as
a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, and (ii) not engage
in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2)
of the Code, in each case, taking into account Section 355(b)(3) of the Code.

 

(d) SpinCo agrees that, from the
date hereof until the first day after the two-year anniversary of the Distribution Date, it will not (i) enter into any Proposed
Acquisition Transaction or, to the extent SpinCo has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed
Acquisition Transaction to occur (whether by (a) redeeming rights under a shareholder rights plan, (b) finding a tender
offer to be a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized
with respect to any Proposed Acquisition Transaction, or (c) approving any Proposed Acquisition Transaction, whether for purposes
of Section 203 of the DGCL or any similar corporate statute, any “fair price” or other provision of SpinCo’s
charter or bylaws or otherwise), (ii) merge or consolidate with any other Person or liquidate or partially liquidate, (iii) in
a single transaction or series of transactions sell or transfer (other than sales or transfers of inventory in the ordinary course
of business) all or substantially all of the assets that were transferred to SpinCo pursuant to the Contribution or sell or transfer
60% or more of the gross assets of the Active Trade or Business or 60% or more of the consolidated gross assets of SpinCo and its
Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), (iv) redeem or otherwise
repurchase (directly or through a SpinCo Affiliate) any SpinCo stock, or rights to acquire stock, except to the extent such repurchases
satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue
Procedure 2003-48), (v) amend its certificate of incorporation (or other organizational documents), or take any other action,
whether through a stockholder vote or otherwise, affecting the voting rights of SpinCo Capital Stock (including, without limitation,
through the conversion of one class of SpinCo Capital Stock into another class of SpinCo Capital Stock) or (vi) take any other
action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation
made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions
described in this subparagraph (d) ) would be reasonably likely to have the effect of causing or permitting one or more persons
(whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in
SpinCo or otherwise jeopardize the Tax-Free Status, unless prior to taking any such action set forth in the foregoing clauses (i) through
(vi), (A) SpinCo shall have requested that Distributing obtain a Ruling in accordance with Section 7.04(b) and (d) of
this Agreement to the effect that such transaction will not affect the Tax-Free Status and Distributing shall have received such
a Ruling in form and substance satisfactory to Distributing in its sole and absolute discretion, which discretion shall be exercised
in good faith solely to preserve the Tax-Free Status (and in determining whether a Ruling is satisfactory, Distributing may consider,
among other factors, the appropriateness of any underlying assumptions and management’s representations made in connection
with such Ruling), or (B) SpinCo shall provide Distributing with an Unqualified Tax Opinion in form and substance satisfactory
to Distributing in its sole and absolute discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free
Status (and in determining whether an opinion is satisfactory, Distributing may consider, among other factors, the appropriateness
of any underlying assumptions and management’s representations if used as a basis for the opinion and Distributing may determine
that no opinion would be acceptable to Distributing) or (C) Distributing shall have waived the requirement to obtain such
Ruling or Unqualified Tax Opinion.

 

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(e) Certain Issuances of SpinCo Capital
Stock. If SpinCo proposes to enter into any Section 7.02(e) Acquisition Transaction or, to the extent SpinCo has the right
to prohibit any Section 7.02(e) Acquisition Transaction, proposes to permit any Section 7.02(e) Acquisition Transaction
to occur, in each case, during the period from the date hereof until the first day after the two-year anniversary of the Distribution
Date, SpinCo shall provide Distributing, no later than ten (10) days following the signing of any written agreement with respect
to the Section 7.02(e) Acquisition Transaction, with a written description of such transaction (including the type and amount
of SpinCo Capital Stock to be issued in such transaction) and a certificate of the Board of Directors of SpinCo to the effect that
the Section 7.02(e) Acquisition Transaction is not a Proposed Acquisition Transaction or any other transaction to which the
requirements of Section 7.02(d) apply (a “Board Certificate”).

 

(f) SpinCo Internal Restructuring.
SpinCo shall not engage in, cause or permit any internal restructuring (including by making or revoking any election under
Treasury Regulation Section 301.7701-3) involving SpinCo and/or any of its subsidiaries or any contribution, sale or other
transfer of any of the assets directly or indirectly contributed to SpinCo as part of the Contribution to SpinCo or any of its
subsidiaries (any such action, an “Internal Restructuring”) during or with respect to any Tax Period
(or portion thereof) ending on or prior to the Distribution Date without obtaining the prior written consent of Distributing (such
prior written consent not to be unreasonably withheld). SpinCo shall provide written notice to Distributing describing any Internal
Restructuring proposed to be taken during or with respect to any Tax Period (or portion thereof) beginning after the Distribution
Date and ending on or prior to the two-year anniversary of the Distribution Date and shall consult with Distributing regarding
any such proposed actions reasonably in advance of taking any such proposed actions and shall consider in good faith any comments
from Distributing relating thereto.

 

(g) Distributions by Foreign SpinCo
Subsidiaries. Until January 1st of the calendar year immediately following the calendar year in which the Distribution
occurs, SpinCo shall neither cause nor permit any foreign subsidiary of SpinCo to enter into any transaction or take any action
that would be considered under the Code to constitute the declaration or payment of a dividend (including pursuant to Section 304
of the Code) without obtaining the prior written consent of Distributing (such prior written consent not to be unreasonably withheld).

 

Section 7.03 Restrictions on
Distributing. Distributing agrees that it will not take or fail to take, or permit any member of the Distributing Group
to take or fail to take, any action where such action or failure to act would be inconsistent with or cause to be untrue any material,
information, covenant or representation in any Representation Letters or Tax Opinions/Rulings. Distributing agrees that it will
not take or fail to take, or permit any member of the Distributing Group to take or fail to take, any action which prevents or
could reasonably be expected to prevent (A) the Tax-Free Status, or (B) any other transaction contemplated by the Separation
and Distribution Agreement which is intended by the parties to be tax-free from so qualifying; provided, however,
that this Section 7.03 shall not be construed as obligating Distributing to consummate the Distribution without the satisfaction
or waiver of all conditions set forth in Section 4.3 of the Separation and Distribution Agreement nor shall it be construed
as preventing Distributing from terminating the Separation and Distribution Agreement pursuant to Article XI thereof.

 

Section 7.04 Procedures Regarding
Opinions and Rulings. 

 

(a) If SpinCo notifies Distributing
that it desires to take one of the actions described in clauses (i) through (vi) of Section 7.02(d) (a “Notified
Action”), Distributing and SpinCo shall reasonably cooperate to attempt to obtain the Ruling or Unqualified Tax Opinion
referred to in Section 7.02(d), unless Distributing shall have waived the requirement to obtain such Ruling or Unqualified
Tax Opinion.

 

(b) Rulings or Unqualified Tax Opinions
at SpinCo’s Request. Distributing agrees that at the reasonable request of SpinCo pursuant to Section 7.02(d), Distributing
shall cooperate with SpinCo and use its reasonable best efforts to seek to obtain, as expeditiously as possible, a Ruling from
the IRS or an Unqualified Tax Opinion for the purpose of permitting SpinCo to take the Notified Action. Further, in no event shall
Distributing be required to file any Ruling Request under this Section 7.04(b) unless SpinCo represents that (A) it has
read the Ruling Request, and (B) all information and representations, if any, relating to any member of the SpinCo Group,
contained in the Ruling Request documents are (subject to any qualifications therein) true, correct and complete. SpinCo shall
reimburse Distributing for all reasonable costs and expenses incurred by the Distributing Group in obtaining a Ruling or Unqualified
Tax Opinion requested by SpinCo within ten (10) Business Days after receiving an invoice from Distributing therefor.

 

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(c) Rulings or Unqualified Tax Opinions
at Distributing’s Request. Distributing shall have the right to obtain a Ruling or an Unqualified Tax Opinion at any
time in its sole and absolute discretion. If Distributing determines to obtain a Ruling or an Unqualified Tax Opinion, SpinCo shall
(and shall cause each Affiliate of SpinCo to) cooperate with Distributing and take any and all actions reasonably requested by
Distributing in connection with obtaining the Ruling or Unqualified Tax Opinion (including, without limitation, by making any representation
or covenant or providing any materials or information requested by the IRS or Tax Advisor; provided that SpinCo shall not
be required to make (or cause any Affiliate of SpinCo to make) any representation or covenant that is inconsistent with historical
facts or as to future matters or events over which it has no control). Distributing and SpinCo shall each bear its own costs and
expenses in obtaining a Ruling or an Unqualified Tax Opinion requested by Distributing.

 

(d) SpinCo hereby agrees that Distributing
shall have sole and exclusive control over the process of obtaining any Ruling, and that only Distributing shall apply for a Ruling.
In connection with obtaining a Ruling pursuant to Section 7.04(b), (A) Distributing shall keep SpinCo informed in a timely
manner of all material actions taken or proposed to be taken by Distributing in connection therewith; (B) Distributing shall
(1) reasonably in advance of the submission of any Ruling Request documents provide SpinCo with a draft copy thereof, (2) reasonably
consider SpinCo’s comments on such draft copy, and (3) provide SpinCo with a final copy; and (C) Distributing shall
provide SpinCo with notice reasonably in advance of, and SpinCo shall have the right to attend, any formally scheduled meetings
with the IRS (subject to the approval of the IRS) that relate to such Ruling. Neither SpinCo nor any SpinCo Affiliate directly
or indirectly controlled by SpinCo shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or
otherwise) at any time concerning the Transactions (including the impact of any transaction on the Transactions) or any transaction
listed on Schedule 7.02(a).

 

Section 7.05 Liability for
Tax-Related Losses.

 

(a) Notwithstanding anything in
this Agreement or the Separation and Distribution Agreement to the contrary, SpinCo shall be responsible for, and shall indemnify
and hold harmless Distributing and its Affiliates and each of their respective officers, directors and employees from and against,
one hundred percent (100%) of any Tax-Related Losses that are attributable to or result from any one or more of the following:
(A) the direct or indirect acquisition (other than pursuant to the Contribution, or the Distribution) of all or a portion
of SpinCo’s stock and/or its or its subsidiaries’ stock or assets by any means whatsoever by any Person, (B) any
negotiations, understandings, agreements or arrangements by SpinCo with respect to transactions or events (including, without limitation,
stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions,
or a series of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or
more Persons acquire directly or indirectly stock of SpinCo representing a Fifty-Percent or Greater Interest therein, (C) any
action or failure to act by SpinCo after the Distribution (including, without limitation, any amendment to SpinCo’s certificate
of incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights
of SpinCo stock (including, without limitation, through the conversion of one class of SpinCo Capital Stock into another class
of SpinCo Capital Stock), (D) any act or failure to act by SpinCo or any SpinCo Affiliate described in Section 7.02 (regardless
whether such act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or
(C) of Section 7.02(d), a Board Certificate described in Section 7.02(e) or a consent described in Section 7.02(f)
or (g)) or (E) any breach by SpinCo of its agreement and representation set forth in Section 7.01(a).

 

(b) SpinCo shall pay Distributing
the amount of any Tax-Related Losses for which SpinCo is responsible under this Section 7.05 (calculated on the basis that
Distributing is a Distributing Full Taxpayer): (A) in the case of Tax-Related Losses described in clause (i) of the definition
of Tax-Related Losses no later than two (2) Business Days after receipt by SpinCo of notice of the settlement, Final Determination,
judgment or other action imposing the Taxes described in such clause (i) with respect to the Tax Return for the year of the Contribution
or Distribution, as applicable (provided that if such Tax-Related Losses arise pursuant to a Final Determination described
in clause (a), (b) or (c) of the definition of “Final Determination,” then SpinCo shall pay Distributing
no later than two (2) Business Days after receipt by SpinCo of notice of such Final Determination) and (B) in the case
of Tax-Related Losses described in clause (ii) or (iii) of the definition of Tax-Related Losses, no later than two (2) Business
Days after the date on which SpinCo receives notice from Distributing evidencing Distributing’s payment of such Tax-Related
Losses.

 

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Section 8. Assistance and Cooperation.

 

Section 8.01 Assistance and
Cooperation.

 

(a) The Companies shall cooperate
(and cause their respective Affiliates to cooperate) with each other and with each other’s agents, including accounting firms
and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including (i) preparation
and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due (including estimated Taxes) or the
right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial
proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation shall include making all information and documents
in their possession relating to the other Company and its Affiliates available to such other Company as provided in Section 9.
Each of the Companies shall also make available to the other, as reasonably requested and available, personnel (including officers,
directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting
information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information
or documents in connection with any administrative or judicial proceedings relating to Taxes.

 

(b) Any information or documents
provided under this Section 8 shall be kept confidential by the Company receiving the information or documents, except as
may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings
relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither Distributing
nor any Distributing Affiliate shall be required to provide SpinCo or any SpinCo Affiliate or any other Person access to or copies
of any information or procedures (including the proceedings of any Tax Contest) other than information or procedures that relate
solely to SpinCo, the business or assets of SpinCo or any SpinCo Affiliate and (ii) in no event shall Distributing or any
Distributing Affiliate be required to provide SpinCo, any SpinCo Affiliate or any other Person access to or copies of any information
if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that Distributing
determines that the provision of any information to SpinCo or any SpinCo Affiliate could be commercially detrimental, violate any
law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit compliance with its obligations
under this Section 8 in a manner that avoids any such harm or consequence.

 

Section 8.02 Income Tax Return
Information.

 

(a) SpinCo and Distributing acknowledge
that time is of the essence in relation to any request for information, assistance or cooperation made by Distributing or SpinCo
pursuant to Section 8.01 or this Section 8.02. SpinCo and Distributing acknowledge that failure to conform to the deadlines
set forth herein or reasonable deadlines otherwise set by Distributing or SpinCo could cause irreparable harm.

 

(b) Each Company shall provide
to the other Company information and documents relating to its Group required by the other Company to prepare Tax Returns. Any
information or documents the Responsible Company requires to prepare such Tax Returns shall be provided in such form as the Responsible
Company reasonably requests and in sufficient time for the Responsible Company to file such Tax Returns on a timely basis.

 

Section 9. Tax Records. 

 

Section 9.01 Retention of Tax
Records. Each Company shall preserve and keep all Tax Records exclusively relating to the assets and activities of its
Group for Pre-Deconsolidation Periods, and Distributing shall preserve and keep all other Tax Records relating to Taxes of the
Groups for Pre-Deconsolidation Tax Periods, for so long as the contents thereof may become material in the administration of any
matter under the Code or other applicable Tax Law, but in any event until the later of (i) the expiration of any applicable
statutes of limitations, or (ii) seven years after the Deconsolidation Date (such later date, the “Retention Date”).
After the Retention Date, each Company may dispose of such Tax Records upon ninety (90) days’ prior written notice to
the other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it would
otherwise be required to preserve and keep under this Section 9 are no longer material in the administration of any matter
under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records
upon ninety (90) days’ prior notice to the other Company. Any notice of an intent to dispose given pursuant to this
Section 9.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or
other record accumulation being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or
remove, within such 90-day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, SpinCo determine
to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax
Records, then SpinCo may decommission or discontinue such program or system upon ninety (90) days’ prior notice to Distributing
and Distributing shall have the opportunity, at its cost and expense, to copy, within such 90-day period, all or any part of the
underlying data relating to the Tax Records accessed by or stored on such program or system.

 

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Section 9.02 Access to Tax
Records. The Companies and their respective Affiliates shall make available to each other for inspection and copying during
normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed
or stored on any computer program or information technology system) in their possession and shall permit the other Company and
its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct
access during normal business hours upon reasonable notice to any computer program or information technology system used to access
or store any Tax Records, in each case to the extent reasonably required by the other Company in connection with the preparation
of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement.

 

Section 10. Tax Contests. 

 

Section 10.01 Notice.
Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax Authority regarding
any pending or threatened Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for
Tax Periods for which it is indemnified by the other Company hereunder, provided, however, that the indemnifying Company shall
not be relieved of its obligations hereunder by reason of any failure by the indemnified Company to so notify except to the extent
such failure materially prejudices the indemnifying Company. Such notice shall attach copies of the pertinent portion of any written
communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability
in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect
of any such matters.

 

Section 10.02 Control of Tax
Contests.

 

(a) Separate Company Taxes.

 

(i) In the case of any Tax
Contest with respect to any Separate Return relating to Income Taxes for Tax Periods beginning prior to the Deconsolidation Date,
Distributing shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of
such Tax liability, subject to Sections 10.02(c) and (d) below. SpinCo shall bear reasonable, out of pocket expenses incurred
by Distributing in connection with the control of any Tax Contest described in this Section 10.02(a)(i) provided that any
outside counsel, accountants or other advisors shall be mutually selected by Distributing and SpinCo.

 

(ii) In the case of any Tax
Contest with respect to any Separate Return (other than a Separate Return that is subject to Section 10.02(a)(i)), if any,
the Company having liability for the Tax shall have exclusive control over the Tax Contest including exclusive authority with respect
to any settlement of such Tax liability, subject to Sections 10.02(c) and (d) below.

 

(b) Joint Returns and Certain Other
Returns. In the case of any Tax Contest with respect to any Distributing Federal Consolidated Income Tax Return or Distributing
State Combined Income Tax Return, Distributing shall have exclusive control over the Tax Contest, including exclusive authority
with respect to any settlement of such Tax liability, subject to Sections 10.02(c) and (d) below.

 

(c) Settlement Rights. The Controlling
Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest without obtaining the prior consent
of the Non-Controlling Party. Unless waived by the parties in writing, in connection with any potential adjustment in a Tax Contest
as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification
payment (or any payment under Section 6) to the Controlling Party under this Agreement: (i) the Controlling Party shall
keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party
with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party shall provide the Non-Controlling
Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority;
(iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted
to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest; and (iv) the
Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to
comment before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax
Contest. The failure of the Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling
Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party
under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall
such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party.
In the case of any Tax Contest described in Section 10.02(a) or (b), “Controlling Party” means the
Company entitled to control the Tax Contest under such Section and “Non-Controlling Party” means the
other Company.

 

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(d) Tax Contest Participation. Unless
waived by the parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably
in advance of, and the Non-Controlling Party shall have the right to request to attend, any formally scheduled meetings with Tax
Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in a Tax Contest
pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or
any payment under Section 6) to the Controlling Party under this Agreement. The failure of the Controlling Party to provide
any notice specified in this Section 10.02(d) to the Non-Controlling Party shall not relieve the Non-Controlling Party of
any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling
Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other
liability or obligation which it may have to the Controlling Party.

 

(e) Power of Attorney. Each member
of the SpinCo Group shall execute and deliver to Distributing (or such member of the Distributing Group as Distributing shall designate)
any power of attorney or other similar document reasonably requested by Distributing (or such designee) in connection with any
Tax Contest (as to which Distributing is the Controlling Party) described in this Section 10.

 

Section 11. Effective Date; Termination
of Prior Intercompany Tax Allocation Agreements. This Agreement shall be effective as of the date hereof. As of the
date hereof, (i) all prior intercompany Tax allocation agreements or arrangements shall be terminated, and (ii) amounts
due under or contemplated by such agreements or arrangements as of the date hereof shall be settled as of the date hereof. Upon
such termination and settlement, no further payments by or to Distributing or by or to SpinCo, with respect to such agreements
or arrangements shall be made, and all other rights and obligations resulting from such agreements or arrangements between the
Companies and their Affiliates shall cease at such time. Any payments pursuant to such agreements or arrangements shall be disregarded
for purposes of computing amounts due under this Agreement.

 

Section 12. Survival of Obligations.
The representations, warranties, covenants and agreements set forth in this Agreement shall be unconditional and absolute and shall
remain in effect without limitation as to time.

 

Section 13. Treatment of Payments;
Tax Gross Up. 

 

Section 13.01 Treatment of
Tax Indemnity and Tax Benefit Payments. In the absence of any change in Tax treatment under the Code or other applicable
Tax Law any payments made under this Agreement (and any deemed distributions or contributions relating to Taxes or Tax Attributes)
shall be reported for Tax purposes by the payor and the recipient as occurring immediately before the Contribution.

 

Section 13.02 Tax Gross Up.
If notwithstanding the manner in which Tax indemnity payments and Tax Benefit payments were reported, there is an adjustment to
the Tax liability of a Company as a result of its receipt of a payment pursuant to this Agreement, such payment shall be appropriately
adjusted so that the amount of such payment, reduced by the amount of all Income Taxes payable as a Full Taxpayer with respect
to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such Income Taxes),
shall equal the amount of the payment which the Company receiving such payment would otherwise be entitled to receive pursuant
to this Agreement.

 

Section 13.03 Interest Under
This Agreement. Anything herein to the contrary notwithstanding, to the extent one Company (“Indemnitor”)
makes a payment of interest to another Company (“Indemnitee”) under this Agreement with respect to the
period from the date that the Indemnitee made a payment of Tax to a Tax Authority to the date that the Indemnitor reimbursed the
Indemnitee for such Tax payment, the interest payment shall be treated as interest expense to the Indemnitor (deductible to the
extent provided by law) and as interest income by the Indemnitee (includible in income to the extent provided by law). The amount
of the payment shall not be adjusted under Section 2.02 to take into account any associated Tax Benefit to the Indemnitor
or increase in Tax to the Indemnitee.

 

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Section 14. Disagreements.
The Companies mutually desire that friendly collaboration will continue between them. Accordingly, they will try, and they will
cause their respective Group members to try, to resolve in an amicable manner all disagreements and misunderstandings connected
with their respective rights and obligations under this Agreement, including any amendments hereto. In furtherance thereof, in
the event of any dispute or disagreement (a “Tax Dispute”) between any member of the Distributing Group
and any member of the SpinCo Group as to the interpretation of any provision of this Agreement or the performance of obligations
hereunder, the Tax departments of the Companies shall negotiate in good faith to resolve the Tax Dispute. If such good faith negotiations
do not resolve the Tax Dispute within thirty (30) days after the initial written notice of the Tax Dispute (or such longer
period that the parties hereto agree to), then the matter shall be resolved pursuant to the procedures set forth in Article IX
of the Separation and Distribution Agreement, provided, however, that upon the request of either Company, the arbitrator
selected by each of the parties pursuant to Article IX shall be a recognized tax professional, such as a United States tax counsel
or accountant of recognized national standing. Nothing in this Section 14 will prevent either Company from seeking injunctive
relief if any delay resulting from the efforts to resolve the Tax Dispute through the procedures set forth in Article IX of the
Separation and Distribution Agreement could result in serious and irreparable injury to either Company. Notwithstanding anything
to the contrary in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement, Distributing and SpinCo
are the only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each
of Distributing and SpinCo will cause its respective Group members not to commence any dispute resolution procedure other than
through such party as provided in this Section 14.

 

Section 15. Reserved.

 

Section 16. Expenses. Except
as otherwise provided in this Agreement, each party and its Affiliates shall bear their own expenses incurred in connection with
preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this Agreement.

 

Section 17. General Provisions.

 

Section 17.01 Addresses and
Notices. Each party giving any notice required or permitted under this Agreement will give the notice in writing and use
one of the following methods of delivery to the party to be notified, at the address set forth below or another address of which
the sending party has been notified in accordance with this Section 17.01: (a) personal delivery; (b) facsimile
or telecopy transmission with a reasonable method of confirming transmission; (c) commercial overnight courier with a reasonable
method of confirming delivery; or (d) pre-paid, United States of America certified or registered mail, return receipt requested.
Notice to a party is effective for purposes of this Agreement only if given as provided in this Section 17.01 and shall be
deemed given on the date that the intended addressee actually receives the notice.

 

If to Distributing:

 

Harvard Bioscience, Inc.

84 October Hill Road

Holliston, Massachusetts 01746

Attention: Chief Financial Officer

 

If to SpinCo:

 

Harvard Apparatus Regenerative Technology, Inc.

84 October Hill Road

Holliston, Massachusetts 01746

Attention: Chief Financial Officer

 

A party may change the address for receiving
notices under this Agreement by providing written notice of the change of address to the other parties.

 

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Section 17.02 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns.

 

Section 17.03 Waiver.
The parties may waive a provision of this Agreement only by a writing signed by the party intended to be bound by the waiver. A
party is not prevented from enforcing any right, remedy or condition in the party’s favor because of any failure or delay
in exercising any right or remedy or in requiring satisfaction of any condition, except to the extent that the party specifically
waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only for the
purpose stated. A waiver once given is not to be construed as a waiver for any other matter or occasion. Any enumeration of a party’s
rights and remedies in this Agreement is not intended to be exclusive, and a party’s rights and remedies are intended to
be cumulative to the extent permitted by law and include any rights and remedies authorized in law or in equity.

 

Section 17.04 Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement
remain in full force, if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable.

 

Section 17.05 Authority.
Each of the parties represents to the other that (a) it has the corporate or other requisite power and authority to execute,
deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this
Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general
equity principles.

 

Section 17.06 Further Action. The parties
shall execute and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or
appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates
and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in
connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with Section 10.

 

Section 17.07 Integration.
This Agreement, together with each of the exhibits and schedules appended hereto, constitutes the final agreement between the parties,
and is the complete and exclusive statement of the parties’ agreement on the matters contained herein. All prior and contemporaneous
negotiations and agreements between the parties with respect to the matters contained herein are superseded by this Agreement,
as applicable. In the event of any inconsistency between this Agreement and the Separation and Distribution Agreement, or any other
agreements relating to the transactions contemplated by the Separation and Distribution Agreement, with respect to matters addressed
herein, the provisions of this Agreement shall control.

 

Section 17.08 Construction.
The language in all parts of this Agreement shall in all cases be construed according to its fair meaning and shall not be strictly
construed for or against any party. The captions, titles and headings included in this Agreement are for convenience only, and
do not affect this Agreement’s construction or interpretation. Unless otherwise indicated, all “Section” references
in this Agreement are to sections of this Agreement.

 

Section 17.09 No Double Recovery.
No provision of this Agreement shall be construed to provide an indemnity or other recovery for any costs, damages, or other amounts
for which the damaged party has been fully compensated under any other provision of this Agreement or under any other agreement
or action at law or equity. Unless expressly required in this Agreement, a party shall not be required to exhaust all remedies
available under other agreements or at law or equity before recovering under the remedies provided in this Agreement.

 

Section 17.10 Counterparts.
The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that
signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart
from each party to the other party. The signatures of the parties need not appear on the same counterpart. The delivery of signed
counterparts by facsimile or email transmission that includes a copy of the sending party’s signature is as effective as
signing and delivering the counterpart in person.

 

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Section 17.11 Governing Law.
The internal laws of the Commonwealth of Massachusetts (without reference to its principles of conflicts of law) govern the
construction, interpretation and other matters arising out of or in connection with this Agreement and each of the exhibits and
schedules hereto and thereto (whether arising in contract, tort, equity or otherwise).

 

Section 17.12 Jurisdiction. If any dispute
arises out of or in connection with this Agreement, except as expressly contemplated by another provision of this Agreement, the
parties irrevocably (and the parties will cause each other member of their respective Group to irrevocably) (a) consent and
submit to the exclusive jurisdiction of federal and state courts located in Commonwealth of Massachusetts, (b) waive any objection
to that choice of forum based on venue or to the effect that the forum is not convenient, and (c) WAIVE TO THE FULLEST EXTENT
PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY JURY.

 

Section 17.13 Amendment.
Except as otherwise expressly provided herein with respect to the Schedules hereto, the parties may amend this Agreement only by
a written agreement signed by each party to be bound by the amendment and that identifies itself as an amendment to this Agreement.

 

Section 17.14 SpinCo Subsidiaries.
If, at any time, SpinCo acquires or creates one or more subsidiaries that are includable in the SpinCo Group, they shall be subject
to this Agreement and all references to the SpinCo Group herein shall thereafter include a reference to such subsidiaries.

 

Section 17.15 Successors.
This Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition of assets, or otherwise, to
any of the parties hereto (including but not limited to any successor of Distributing or SpinCo succeeding to the Tax Attributes
of either under Section 381 of the Code), to the same extent as if such successor had been an original party to this Agreement.

 

Section 17.16 Injunctions. The parties acknowledge
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with its specific terms or were otherwise breached. The parties hereto shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any court having jurisdiction,
such remedy being in addition to any other remedy to which they may be entitled at law or in equity.

 

[signatures on following page]

 

    	23

    	 

    

 

IN WITNESS WHEREOF, each party has caused this Agreement to
be executed on its behalf by a duly authorized officer on the date first set forth above.

 

	“Distributing”	 	“SpinCo”
	 	 	 
	Harvard Bioscience, Inc., a Delaware corporation	 	Harvard Apparatus Regenerative Technology, Inc., a Delaware corporation, for itself and on behalf of each member of the SpinCo Group

 

	By:	/s/ Jeffrey A. Duchemin	 	 	 

 

	 	Name:	Jeffrey A. Duchemin	 	By:	 /s/ David Green
	 	Title:	Chief Executive Officer	 	 	Name:	 David Green
	 	 	 	Title: 	Chief Executive OfficerEXHIBIT 10.4

 

TRANSITION SERVICES AGREEMENT

 

DATED AS OF OCTOBER 31, 2013

 

BY AND BETWEEN

 

HARVARD BIOSCIENCE, INC.

 

AND

 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.

 

    	 

    	 

    

 

This
TRANSITION SERVICES AGREEMENT, dated as of October 31, 2013 (this “Agreement”), is by and between HARVARD
BIOSCIENCE, INC., a Delaware corporation (“HBIO”), and HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC., a
Delaware corporation (“HART”).

 

RECITALS

 

WHEREAS, HBIO and HART have entered into
a Separation and Distribution Agreement, dated as of the date hereof (as amended, modified or supplemented from time to time in
accordance with its terms, the “Separation Agreement”);

 

WHEREAS, in connection with the Separation
Agreement, the Parties (as defined below) agreed that (a) HBIO (and/or its Affiliates on the date of this Agreement immediately
after giving effect to the Separation, collectively referred to as the “HBIO Entities”) shall provide or cause
to be provided to HART (and/or its Affiliates on the date of this Agreement immediately after giving effect to the Separation (as
defined in the Separation Agreement), collectively referred to as the “HART Entities”) certain services, use
of facilities and other assistance on a transitional basis, and (b) the HART Entities shall provide or cause to be provided to
the HBIO Entities certain services, use of facilities and other assistance on a transitional basis, each in accordance with the
terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS, the Separation Agreement requires
execution and delivery of this Agreement by HBIO and HART on or prior to the Separation Date (as defined in the Separation Agreement).

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained in this Agreement, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01. Certain Defined Terms.

 

(a) Unless otherwise defined in this
Agreement, all capitalized terms used in this Agreement shall have the same meaning as in the Separation Agreement.

 

(b) The following capitalized terms used
in this Agreement shall have the meanings set forth below:

 

“Additional Services”
shall have the meaning set forth in Section 2.03(a).

 

“Agreement” shall have
the meaning set forth in the Preamble.

 

“Dispute” shall have
the meaning set forth in Section 9.01(a).

 

“Distribution Date”
shall have the meaning set forth in the Separation Agreement.

 

“Force Majeure” means,
with respect to a Party, any acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference
by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international
calamity or one or more acts of terrorism or failure of energy sources or distribution facilities, that are beyond the control
of such Party (or any Person acting on its behalf), which by its nature could not have been reasonably foreseen by such Party (or
such Person), or, if it could have been reasonably foreseen, was unavoidable.

 

“HART” shall have the
meaning set forth in the Preamble.

 

“HART Entities” shall
have the meaning set forth in the Recitals.

 

“HART Services” shall
have the meaning set forth in Section 2.01.

 

“HART Services Manager”
shall have the meaning set forth in Section 2.05(b).

 

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“HBIO” shall have the
meaning set forth in the Preamble.

 

“HBIO Entities” shall
have the meaning set forth in the Recitals.

 

“HBIO Materials” shall
have the meaning set forth in Section 3.01(a).

 

“HBIO Services” shall
have the meaning set forth in Section 2.01.

 

“HBIO Services Manager”
shall have the meaning set forth in Section 2.05(a).

 

“Interest Payment” shall
have the meaning set forth in Section 6.01(c).

 

“New Services” shall
have the meaning set forth in Section 2.04(a).

 

“Party” means either
HBIO or HART individually (as the case may be), and “Parties” means HBIO and HART collectively, and, in each
case, their permitted successors and assigns.

 

“Provider” means the
Party or its Subsidiary or Affiliate providing a Service under this Agreement.

 

“Provider Indemnified Party”
shall have the meaning set forth in Section 8.05.

 

“Recipient” means the
Party or its Subsidiary or Affiliate to whom a Service under this Agreement is being provided.

 

“Recipient Indemnified Party”
shall have the meaning set forth in Section 8.04.

 

“Representative” of
a Person means any director, officer, employee, agent, consultant, accountant, auditor, attorney or other representative of such
person.

 

“Schedule(s)” shall
have the meaning set forth in Section 2.02.

 

“Separation Agreement”
shall have the meaning set forth in the Preamble.

 

“Service Charges” shall
have the meaning set forth in Section 6.01(a).

 

“Service Extension”
shall have the meaning set forth in Section 10.01(d).

 

“Service Increases”
shall have the meaning set forth in Section 2.03(b).

 

“Services” shall have
the meaning set forth in Section 2.01.

 

ARTICLE II

SERVICES, DURATION AND SERVICES MANAGERS

 

Section 2.01. Services. Subject
to the terms and conditions of this Agreement, (a) HBIO shall provide (or cause to be provided by the HBIO Entities or otherwise)
to the HART Entities the services listed on Schedule A to this Agreement (the “HBIO Services”) and (b)
HART shall provide (or cause to be provided by the HART Entities or otherwise) to the HBIO Entities the services listed on Schedule
B to this Agreement (the “HART Services,” and, collectively with the HBIO Services, any Additional Services,
any Service Increases and any New Services, the “Services”). All of the Services shall be for the sole use and
benefit of the respective Recipient and its  Party.

 

Section 2.02. Duration of Services.
Subject to the terms of this Agreement, commencing on the Distribution Date, each of HBIO and HART shall provide or cause to be
provided to the respective Recipients each Service until the earlier to occur of, with respect to each such Service, (i) the
expiration of the period of the maximum duration for such Service as set forth on Schedule A or Schedule B (each,
a “Schedule”, and collectively, the “Schedules”) or (ii) the date on which such Service
is terminated under Section 10.01(b); provided, however, that each Recipient shall use its commercially reasonable
efforts to transition itself to a stand-alone entity with respect to each Service during the period for such Service as set forth
in the respective Schedules; and provided, further, to the extent that a Provider’s ability to provide a Service is
dependent on the continuation of either a HBIO Service or a HART Service (and such dependence has been made known to the other
Party), as the case may be, the Provider’s obligation to provide such dependent Service shall terminate automatically with
the termination of such supporting HBIO Service or supporting HART Service, as the case may be.

 

    	2

    	 

    

 

Section 2.03. Additional Unspecified
Services. (a) After the date of this Agreement, if HART or HBIO (i) identifies a service that (x) the HBIO Entities
provided to the HART Business prior to the Distribution Date that HART reasonably needs in order for the HART Business to continue
to operate in substantially the same manner in which the HART Business operated prior to the Distribution Date, and such service
was not included on Schedule A (other than because the Parties agreed such service shall not be provided), or (y) the
HART Entities provided to HBIO or its Affiliates prior to the Distribution Date that HBIO reasonably needs in order for the HBIO
Business to continue to operate in substantially the same manner in which the HBIO Business operated prior to the Distribution
Date, and such service was not included on Schedule B (other than because the Parties agreed such service shall not be provided),
and (ii) provides written notice to the other Party within one hundred twenty (120) days following the Distribution Date
requesting such additional services, then such other party shall use its commercially reasonable efforts to provide such requested
additional services (such additional services, the “Additional Services”); provided, however, that no
Party shall be obligated to provide any Additional Service if it does not, in its reasonable judgment, have adequate resources
to provide such Additional Service or if the provision of such Additional Service would significantly disrupt the operation of
its businesses. Notwithstanding the foregoing, the Provider shall promptly notify the Recipient if it deems itself unable to provide
such Additional Service, and will use commercially reasonable efforts to cooperate with the Recipient to identify and engage a
third party to provide comparable services to the Recipient, the payment for which will be negotiated directly between the Recipient
and such third party. In connection with any request for Additional Services in accordance with this Section 2.03(a),
the HBIO Services Manager and the HART Services Manager shall in good faith negotiate the terms of a supplemental Schedule, which
terms shall be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement.
The Parties shall agree to the applicable Service Charge and the supplemental Schedule shall describe in reasonable detail the
nature, scope, service period(s), termination provisions and other terms applicable to such Additional Services. Each supplemental
Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and the
Additional Services set forth therein shall be deemed “Services” provided under this Agreement, in each case subject
to the terms and conditions of this Agreement.

 

(b) After the date of this Agreement, if
(i) (x) a Recipient requests or (y) a Provider reasonably determines that the Recipient’s business requires,
the Provider to increase, relative to historical levels prior to the Distribution Date, the volume, amount, level or frequency,
as applicable, of any Service provided by such Provider and (ii) such increase is reasonably determined by the Recipient as
necessary for the Recipient to operate its businesses (such increases, the “Service Increases”), then such Provider
shall use its commercially reasonable efforts to provide the Service Increases in accordance with such request; provided,
however, that the Provider shall not be obligated to provide any Service Increase if it does not, in its reasonable judgment,
have adequate resources to provide such Service Increase or if the provision of such Service Increase would significantly disrupt
the operation of its businesses. Notwithstanding the foregoing, the Provider shall promptly notify the Recipient if it deems itself
unable to provide such Service Increase, and will use commercially reasonable efforts to cooperate with the Recipient to identify
and engage a third party to provide comparable services to the Recipient, the payment for which will be negotiated directly between
the Recipient and such third party. In connection with any request for Service Increases in accordance with this Section 2.03(b),
the HBIO Services Manager and the HART Services Manager shall in good faith negotiate the terms of an amendment to the applicable
Schedule, which amendment shall be consistent with the terms of, and the pricing methodology used for, the applicable Service.
Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement
and the Service Increases set forth therein shall be deemed a part of the “Services” provided under this Agreement,
in each case subject to the terms and conditions of this Agreement.

 

Section 2.04. New Services.
(a) From time to time during the term of this Agreement, either Party may request the other Party to provide additional or
different services which such other Party is not expressly obligated to provide under this Agreement (the “New Services”).
The Party receiving such request shall consider such request in good faith; provided, however, that no Party shall be obligated
to provide any New Services, including because, after negotiations between the Parties pursuant to Section 2.04(b),
the Parties fail to reach an agreement with respect to the terms (including the Service Charges) applicable to the provision of
such New Services.

 

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(b) In connection with any request for
New Services in accordance with Section 2.04(a), the HBIO Services Manager and the HART Services Manager shall in good
faith (i) negotiate the applicable Service Charge and the terms of a supplemental Schedule, which supplemental Schedule shall
describe in reasonable detail the nature, scope, Service period(s), termination provisions and other terms applicable to such New
Services, and (ii) determine any costs and expenses, including any start-up costs and expenses, that would be incurred by
the Provider in connection with the provision of such New Services, which costs and expenses shall be borne solely by the Recipient.
Each supplemental Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such
agreement and the New Services set forth therein shall be deemed “Services” provided under this Agreement, in each
case subject to the terms and conditions of this Agreement. The provision of New Services between the Parties may also be governed
by a separate agreement if the Parties deem it necessary or desirable at such time.

 

Section 2.05. Transition Services
Managers. (a) HBIO hereby appoints and designates the individual holding the HBIO position set forth on Exhibit I
to act as its initial services manager (the “HBIO Services Manager”), who will be directly responsible for coordinating
and managing the delivery of the HBIO Services and have authority to act on HBIO’s behalf with respect to matters relating
to this Agreement. The HBIO Services Manager will work with the personnel of the HBIO Entities to periodically address issues and
matters raised by HART relating to this Agreement. Notwithstanding the requirements of Section 11.05, all communications
from HART to HBIO pursuant to this Agreement regarding routine matters involving the Services set forth on the Schedules shall
be made through the HBIO Services Manager, or such other individual as specified by the HBIO Services Manager in writing and delivered
to HART by email or facsimile transmission with receipt confirmed. HBIO shall notify HART of the appointment of a different HBIO
Services Manager, if necessary, in accordance with Section 11.05.

 

(b) HART hereby appoints and designates
the individual holding the HART position set forth on Exhibit I to act as its initial services manager (the “HART
Services Manager”), who will be directly responsible for coordinating and managing the delivery of HART Services and
have authority to act on HART’s behalf with respect to matters relating to this Agreement. The HART Services Manager will
work with the personnel of the HART Entities to periodically address issues and matters raised by HBIO relating to this Agreement.
Notwithstanding the requirements of Section 11.05, all communications from HBIO to HART pursuant to this Agreement
regarding routine matters involving the Services set forth on the Schedules shall be made through the HART Services Manager or
such other individual as specified by the HART Services Manager in writing and delivered to HBIO by email or facsimile transmission
with receipt confirmed. HART shall notify HBIO of the appointment of a different HART Services Manager, if necessary, in accordance
with Section 11.05.

 

Section 2.06. Personnel. (a) The
Provider of any Service will make available to the Recipient of such Service such personnel as may be necessary to provide such
Service (who shall be appropriately qualified for purposes of the provision of such Service by the Provider). The Provider will
have the right, in its reasonable discretion, to (i) designate which personnel it will assign to perform such Service, and
(ii) remove and replace such personnel at any time, so long as there is no resulting increase in costs or decrease in the
level of service for the Recipient; provided, however, that the Provider will use its commercially reasonable efforts to
limit the disruption to the Recipient in the transition of the Services to different personnel.

 

(b) In the event that the provision of
any Service by the Provider requires, as set forth in the Schedules, the cooperation and services of the applicable personnel of
the Recipient, the Recipient will make available to the Provider such personnel (who shall be appropriately qualified for purposes
of the provision of such Service by the Provider) as may be necessary for the Provider to provide such Service. The Recipient will
have the right, in its reasonable discretion, to (i) designate which personnel it will make available to the Provider in connection
with the provision of such Service, and (ii) remove and replace such personnel at any time, so long as there is no resulting
increase in costs to, or any adverse effect to the provision of such Service by, the Provider; provided, however, that the
Recipient will use its commercially reasonable efforts to limit the disruption to the Provider in the transition of such personnel.
The Provider may, in its reasonable discretion and following discussions with the Recipient, request the Recipient to remove and/or
replace any such personnel from their roles in respect of the Services being provided by the Provider.

 

(c) No Provider shall be liable under this
Agreement for any Liabilities incurred by the Recipient Indemnified Parties to the extent that they are attributable to or a consequence
of any actions or inactions of the personnel of the Recipient, except for any such actions or inactions undertaken pursuant to
the direction of the Provider.

 

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ARTICLE III

HBIO MATERIALS

 

Section 3.01. Corporate Policies.
(a) HBIO shall provide HART copies of the corporate compliance policies and manuals published on the HBIO Intranet (the “HBIO
Materials”). Subject to the terms and conditions of this Agreement, HBIO grants to HART a non-exclusive, royalty-free,
fully paid-up, worldwide license to create or have created materials based on the HBIO Materials for distribution to employees
and suppliers of HART and use such materials in the operation of the HART Business in substantially the same manner as the HBIO
Materials were used by HBIO prior to the Distribution. It is understood and agreed that HBIO makes no representation or warranty,
express or implied, as to the accuracy or completeness of any of the HBIO Materials, as to whether the HBIO Materials comply with
Law, as to the non-infringement of any of the HBIO Materials or as to the suitability of any of the HBIO Materials for use by HART
in respect of its business, or otherwise.

 

(b) Notwithstanding the foregoing and except
as may be expressly provided for in the Intellectual Property Matters Agreement between the Parties, the text of any materials
created by or for HART, and related to, or based upon, any of the HBIO Materials, may not contain any references to HBIO (or any
of HBIO’s marks, names, trade dress, logos or other source or business identifiers, including the HBIO Name and HBIO Marks),
HBIO’s publications, HBIO’s personnel (including senior management), HBIO’s management structures or any other
indication that such materials are based upon any of the HBIO Materials.

 

Section 3.02. Limitation on Rights
and Obligations with Respect to the HBIO Materials. (a) HBIO shall have no obligation to (i) notify HART of any changes
or proposed changes to any of the HBIO Materials, (ii) include HART in any consideration of proposed changes to any of the
HBIO Materials, (iii) provide draft changes of any of the HBIO Materials to HART for review and/or comment or (iv) provide
HART with any updated materials relating to any of the HBIO Materials, except as such updated materials may be necessary in order
to permit HART to comply with the requirements of any corporate policy that is contained in the HBIO Materials and with which HART
is otherwise required to comply. HART acknowledges and agrees that, except as expressly set forth above, HBIO reserves all rights
(including all Intellectual Property rights) in, to and under the HBIO Materials and no rights with respect to ownership or use,
except as otherwise expressly provided in this Agreement or the Intellectual Property Matters Agreement, shall vest in HART. The
Parties acknowledge and agree that the HBIO Materials are the confidential Information of HBIO. HART shall use at least the same
degree of care to prevent and restrain the unauthorized use or disclosure of any materials created by or for HART that are based
upon any of the HBIO Materials as it uses for its other confidential Information of a like nature, but in no event less than a
reasonable degree of care. HART will allow HBIO reasonable access to personnel and information as reasonably necessary to determine
HART’s compliance with the provisions set forth above; provided, however, such access shall not unreasonably interfere
with any of the business or operations of HART. Subject to Section 9.01, in the event that HBIO determines that HART
has not materially complied with some or all of its obligations with respect to any or all of the HBIO Materials, and such failure
to comply shall continue uncured for a period of thirty (30) days after receipt by HART of a written notice of such failure
from HBIO, HBIO may terminate HART’s rights with respect to such HBIO Materials upon written notice to HART and, in such
case, HBIO shall be entitled to require such HBIO Materials to be returned to HBIO or destroyed and any materials created by or
for HART that are based upon such HBIO Materials to be destroyed (with such destruction certified by HART in writing to HBIO promptly
after such termination).

 

(b) If HART determines to cease to avail
itself of any of the HBIO Materials or upon expiration or termination of any period during which HART is permitted to use any of
the HBIO Materials, HBIO and HART shall cooperate in good faith to take reasonable and appropriate actions to effectuate such determination,
expiration or termination, to arrange for the return to HBIO or destruction of such HBIO Materials and to protect HBIO’s
rights and interests in such HBIO Materials.

 

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ARTICLE IV

OTHER ARRANGEMENTS

 

Section 4.01. Software and Software
Licenses.

 

(a) If and to the extent requested
by HART, HBIO shall use commercially reasonable efforts to assist HART in its efforts to obtain licenses (or other appropriate
rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for HBIO to provide,
or HART to receive, HBIO Services (which shall include providing HART the opportunity to receive a copy of, or participate in,
any communication between HBIO and the applicable third-party licensor in connection therewith); provided, however, that
HBIO and HART shall identify the specific types and quantities of any such software licenses; provided, further, that HBIO
shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable HART to obtain any such
license or rights; provided, further, that HBIO shall not be required to seek broader rights or more favorable terms for
HART than those applicable to HBIO or HART, as the case may be, prior to the date of this Agreement or as may be applicable to
HBIO from time to time hereafter; and, provided, further, that HART shall bear only those costs that relate solely and directly
to obtaining such licenses (or other appropriation rights) in the ordinary course. The Parties acknowledge and agree that there
can be no assurance that HBIO’s efforts will be successful or that HART will be able to obtain such licenses or rights on
acceptable terms or at all and, where HBIO enjoys rights under any enterprise or site license or similar license, the Parties acknowledge
that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of unaffiliated
entities. In the event that HART is unable to obtain such software licenses, the Parties shall work together using commercially
reasonable efforts to obtain an alternative software license to allow HBIO to provide, or HART to receive, such HBIO Services,
and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which
amended Schedule shall not require HART to pay for any fees, expenses or costs relating to the software license that HART was unable
to obtain pursuant to the provisions of this Section 4.01(a).

 

(b) If and to the extent requested by
HBIO, HART shall use commercially reasonable efforts to assist HBIO in its efforts to obtain licenses (or other appropriate rights)
to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for HART to provide, or HBIO
to receive, HART Services (which assistance shall include providing HBIO the opportunity to receive a copy of, or participate in,
any communication between HART and the applicable third party licensor in connection therewith); provided, however, that
HBIO and HART shall identify the specific types and quantities of any such software licenses; provided, further, that HART
shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable HBIO to obtain any such
license or rights; provided, further, that HART shall not be required to seek broader rights or more favorable terms for
HBIO than those applicable to HBIO or HART, as the case may be, prior to the date of this Agreement or as may be applicable to
HART from time to time hereafter; and, provided, further, that HBIO shall bear only those costs that relate solely and directly
to obtaining such licenses (or other appropriation rights) in the ordinary course. The Parties acknowledge and agree that there
can be no assurance that HART’s efforts will be successful or that HBIO will be able to obtain such licenses or rights on
acceptable terms or at all and, where HART enjoys rights under any enterprise or site license or similar license, the Parties acknowledge
that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of unaffiliated
entities. In the event that HBIO is unable to obtain such software licenses, the Parties shall work together using commercially
reasonable efforts to obtain an alternative software license to allow HART to provide, or HBIO to receive, such HART Services,
and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which
amended Schedule shall not require HBIO to pay for any fees, expenses or costs relating to the software license that HBIO was unable
to obtain pursuant to the provisions of this Section 4.01(b).

 

(c) In the event that there are any costs
associated with obtaining software licenses in accordance with Section 4.01 that (i) would not be payable in the
ordinary course in connection with a third-party demand to resolve an issue that is unrelated to the Recipient or the license
that the Recipient is seeking to obtain, and (ii) would not have been payable by the Recipient absent the need for a consent
or waiver in connection with the license that the Recipient is seeking to obtain, such costs shall be split 50/50 between the Provider
and the Recipient.

 

(d) For the avoidance of doubt, the terms
of this Section 4.01 shall apply only to commercially available software obtained by the Parties in the ordinary course of business.

 

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ARTICLE V

ADDITIONAL AGREEMENTS

 

Section 5.01. HBIO Computer-Based
and Other Resources. From and after the date of this Agreement, HART and its Affiliates shall cause all of their personnel
having access to the HBIO Intranet or such other computer software, networks, hardware, technology or computer based resources
pursuant to the Separation Agreement, or any Ancillary Agreement, or in connection with performance, receipt or delivery of a Service,
to comply with all security guidelines (including physical security, network access, internet security, confidentiality and personal
data security guidelines) of HBIO and its Affiliates (of which HBIO provides HART notice). HART shall ensure that the access contemplated
by this Section 5.01 shall be used by such personnel only for the purposes contemplated by, and subject to the terms
of, this Agreement.

 

Section 5.02. Access to Facilities.

 

(a) HART shall, and shall cause its
Subsidiaries to, allow HBIO and its Representatives reasonable access to the facilities of HART necessary for HBIO to fulfill its
obligations under this Agreement.

 

(b) HBIO shall, and shall cause its Subsidiaries
to, allow HART and its Representatives reasonable access to the facilities of HBIO necessary for HART to fulfill its obligations
under this Agreement.

 

Notwithstanding the other rights of access
of the Parties under this Agreement, each Party shall, and shall cause its Subsidiaries to, afford the other Party, its Subsidiaries
and Representatives, following not less than five (5) business days’ prior written notice from the other Party, reasonable
access during normal business hours to the facilities, information, systems, infrastructure, and personnel of the relevant Providers
as reasonably necessary for the other Party to verify the adequacy of internal controls over information technology, reporting
of financial data and related processes employed in connection with the Services, including in connection with verifying compliance
with Section 404 of the Sarbanes-Oxley Act of 2002; provided, however, such access shall not unreasonably interfere
with any of the business or operations of such Party or its Subsidiaries.

 

(c) Except as otherwise permitted by the
other Party in writing, each Party shall permit only its authorized Representatives, contractors, invitees or licensees to access
the other Party’s facilities.

 

5.03 Cooperation. It is understood
that it will require the significant efforts of both Parties to implement this Agreement and to ensure performance of this Agreement
by the Parties at the agreed upon levels in accordance with all of the terms and conditions of this Agreement. The Parties will
cooperate, acting in good faith and using commercially reasonable efforts, to effect a smooth and orderly transition of the Services
provided under this Agreement from the Provider to the Recipient (including repairs & maintenance Services and the assignment
or transfer of the rights and obligations under any third-party contracts relating to the Services); provided, however,
that this Section 5.03 shall not require either Party to incur any out-of-pocket costs or expenses unless and except
as expressly provided in this Agreement or otherwise agreed to in writing by the Parties.

 

ARTICLE VI

COSTS AND DISBURSEMENTS

 

Section 6.01. Costs and Disbursements.
(a)  Except as otherwise provided in this Agreement or in the Schedules to this Agreement, a Recipient of Services shall pay
to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting
a “Service Charge” and, collectively, “Service Charges”), which Service Charges shall be
agreed to by the Parties from time to time and generally determined in a manner consistent with the methodology used by HBIO for
assessing fees with respect to the HART Business; provided further that to the extent the Service Charge for a particular Service
is accrued on an hourly basis, such Service Charge shall be paid monthly by the Recipient and include the aggregate amount of the
hourly charges for the immediate preceding month. During the term of this Agreement, the amount of a Service Charge for any Services
(or category of Services, as applicable) may increase to the extent of: (i) any increases mutually agreed to by the Parties,
(ii) any Service Charges applicable to any Additional Services or New Services, and (iii) any increase in the rates or
charges imposed by any third-party provider that is providing Services. Together with any monthly invoice for Service Charges,
the Provider shall provide the Recipient with documentation to support the calculation of such Service Charges.

 

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(b) Recipient shall reimburse Provider
for all reasonable out-of-pocket costs and expenses incurred by Provider or its Affiliates in connection with providing the Services
to the extent that such costs and expenses are not reflected in the Service Charge for such Services; provided, however,
that any such cost or expense not consistent with historical practice between the Parties and exceeding $2,500 per month, for any
Service (including business travel and related expenses) shall require advance approval of the Recipient. Any authorized travel-related
expenses incurred in performing the Services shall be incurred and charged to Recipient in accordance with Provider’s then
applicable business travel policies.

 

(c) The Recipient shall pay the amount
of each such invoice by wire transfer (or such other method of payment as may be agreed between the Parties) to the Provider within
thirty (30) days of the receipt of each such invoice, including appropriate documentation as described herein, as instructed
by the Provider. In the absence of a timely notice of billing dispute in accordance with the provisions of Article IX of this Agreement,
if the Recipient fails to pay such amount by the due date, the Recipient shall be obligated to pay to the Provider, in addition
to the amount due, interest at an annual default interest rate of three percent (3%), or the maximum legal rate whichever is lower
(the “Interest Payment”), accruing from the date the payment was due through the date of actual payment.

 

(d) Subject to the confidentiality provisions
set forth in Section 11.03, each Party shall, and shall cause their respective Affiliates to, provide, upon ten (10) days’
prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession that the
requesting Party reasonably requests in connection with any Services being provided to such requesting Party by an unaffiliated
third-party provider, including any applicable invoices, agreements documenting the arrangements between such third-party provider
and the Provider and other supporting documentation; provided, however, that each Party shall make no more than one such
request during any fiscal quarter.

 

Section 6.02. Taxes. (a) Without
limiting any provisions of this Agreement, the Recipient shall bear any and all sales, use, transaction and transfer taxes and
other similar charges (and any related interest and penalties) imposed on, or payable with respect to, any fees or charges, including
any Service Charges, payable by it pursuant to this Agreement; provided, however, that any applicable gross receipts taxes
shall be borne by the Provider unless the Provider is required by law to obtain, or allowed to separately invoice for and obtain,
reimbursement of such taxes from the Recipient.

 

(b) Notwithstanding anything to the contrary
in this Section 6.02, or elsewhere in this Agreement, the Recipient shall be entitled to withhold from any payments
to the Provider any such taxes that Recipient is required by law to withhold and shall pay over such taxes to the applicable taxing
authority.

 

ARTICLE VII 

STANDARD FOR SERVICE

 

Section 7.01. Standard for Service.
Except where the Provider is restricted by an existing contract with a third party or by Law, the Provider agrees (i) to perform
the Services with substantially the same nature, quality, standard of care and service levels at which the same or similar services
were performed by or on behalf of the Provider prior to the Distribution Date or, if not so previously provided, then substantially
similar to that which are applicable to similar services provided to the Provider’s Affiliates or other business components;
(ii) upon receipt of written notice from the Recipient identifying any outage, interruption or other failure of any Service,
to respond to such outage, interruption or other failure of any Service in a manner that is substantially similar to the manner
in which such Provider or its Affiliates responded to any outage, interruption or other failure of the same or similar services
prior to the Distribution Date. The Parties acknowledge that an outage, interruption or other failure of any Service shall not
be deemed to be a breach of the provisions of this Section 7.01 so long as the applicable Provider complies with the
foregoing clause (ii). As of, or following, the date of this Agreement, if the Provider is or becomes aware of any restriction
on the Provider by an existing contract with a third-party that would restrict the nature, quality, standard of care or service
levels applicable to delivery of the Services to be provided by the Provider to the Recipient, the Provider shall promptly notify
the Recipient of any such restriction (which notice shall in any event precede any change to, or reduction in, the nature, quality,
standard of care or service levels applicable to delivery of the Services resulting from such restriction) and use commercially
reasonable efforts in good faith to provide such Services in a manner as closely as possible to the standards described in this
Section 7.01, and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any
such new arrangement.

 

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Section 7.02. Disclaimer of Warranties.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT THE SERVICES ARE PROVIDED AS-IS, THAT THE
RECIPIENTS ASSUME ALL RISKS AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE SERVICES AND EACH PROVIDER
MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT THERETO. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, PROVIDERS HEREBY EXPRESSLY
DISCLAIM ALL REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR
WARRANTY IN REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF THE TRANSITION SERVICES
FOR A PARTICULAR PURPOSE.

 

Section 7.03. Compliance with
Laws and Regulations. Each Party shall be responsible for its own compliance with any and all Laws applicable to its performance
under this Agreement. No Party will knowingly take any action in violation of any such applicable Law that results in Liability
being imposed on the other Party.

 

ARTICLE VIII

LIMITED LIABILITY AND INDEMNIFICATION

 

Section 8.01. Consequential and
Other Damages. Notwithstanding anything to the contrary contained in the Separation Agreement, any other Ancillary Agreement
or this Agreement, except with respect to its obligations to provide indemnity under Section 8.04, the Provider shall not
be liable to the Recipient or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict
liability) or otherwise, at law or equity, for any special, indirect, incidental, punitive or consequential damages whatsoever
(including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or
are a consequence of, the performance or nonperformance by the Provider (including any Affiliates and Representatives of the Provider
and any third-party providers, in each case, providing the applicable Services) under this Agreement or the provision of, or failure
to provide, any Services under this Agreement, including with respect to loss of profits, business interruptions or claims of customers.

 

Section 8.02. Limitation of Liability.
Except with respect to its obligations to provide indemnity under Section 8.04, the Liabilities of each Provider and its
Affiliates and Representatives, collectively, under this Agreement for any act or failure to act in connection herewith (including
the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated
by this Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, shall not exceed the total
aggregate Service Charges (excluding any third-party costs and expenses included in such Service Charges) actually paid to such
Provider by the Recipient pursuant to this Agreement.

 

Section 8.03. Obligation To Reperform;
Liabilities. In the event of any breach of this Agreement by any Provider with respect to the provision of any Services (with
respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall
(a) promptly correct in all material respects such error, defect or breach or re-perform in all material respects such Services
at the request of the Recipient and at the sole cost and expense of the Provider and (b) subject to the limitations set forth
in Sections 8.01 and 8.02, reimburse the Recipient and its Affiliates and Representatives for Liabilities attributable
to such breach by the Provider. The remedy set forth in this Section 8.03 shall be the sole and exclusive remedy of
the Recipient for any such breach of this Agreement, except to the extent that Provider is also required to indemnify any Recipient
Indemnified Party pursuant to Section 8.04 as a result of such breach. Any request for re-performance in accordance with
this Section 8.03 by the Recipient must be in writing and specify in reasonable detail the particular error, defect
or breach, and such request must be made no more than one (1) month from the date that Recipient became aware that such breach
occurred.

 

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Section 8.04. Provider Indemnity.
Each Provider hereby agrees to indemnify, defend and hold harmless each applicable Recipient and its Affiliates and Representatives
(each a “Recipient Indemnified Party”), from and against any and all Liabilities from third-party claims brought
against a Recipient Indemnified Party arising from, relating to, or in connection with the provision of any Services by such
Provider or any of its Affiliates, Representatives or other Persons providing such Services pursuant to or contemplated by this
Agreement, except to the extent that such Liabilities arise out of, relate to or are a consequence of the applicable Recipient’s
bad faith, gross negligence or willful misconduct.

 

Section 8.05. Recipient Indemnity.
Each Recipient hereby agrees to indemnify, defend and hold harmless each applicable Provider and its Affiliates and Representatives
(each a “Provider Indemnified Party”), from and against any and all Liabilities from third-party claims brought
against a Provider Indemnified Party arising from, relating to, or in connection with the negligence, or intentional or willful
misconduct of Recipient or any of its Affiliates, Representatives or other Persons in their use of any Services pursuant to or
contemplated by this Agreement, except to the extent that such Liabilities arise out of, relate to or are a consequence of the
applicable Provider’s bad faith, gross negligence or willful misconduct.

 

Section 8.06. Indemnification
Procedures. The applicable provisions of Article V of the Separation Agreement shall govern the procedure for claims for indemnification
under this Agreement.

 

Section 8.07. Liability for Payment
Obligations. Nothing in this Article VIII shall be deemed to eliminate or limit, in any respect, HBIO’s or HART’s
express obligation in this Agreement to pay Termination Charges or Service Charges for Services rendered in accordance with this
Agreement.

 

Section 8.08. Exclusion of Other
Remedies. The provisions of Sections 8.03, 8.04, and 8.05 of this Agreement shall be the sole and exclusive
remedies of the Recipient Indemnified Parties and Provider Indemnified Parties, as applicable, for any claim, loss, damage, expense
or liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or
otherwise under this Agreement.

 

ARTICLE IX

DISPUTE RESOLUTION

 

Section 9.01. Dispute Resolution.

 

(a) In the event of any dispute, controversy
or claim arising out of or relating to the transactions contemplated by this Agreement, or the validity, interpretation, breach
or termination of any provision of this Agreement, or calculation or allocation of the costs of any Service, including claims seeking
redress or asserting rights under any Law (each, a “Dispute”), HBIO and HART agree that the HBIO Services Manager
and the HART Services Manager (or such other persons as HBIO and HART may designate) shall negotiate in good faith in an attempt
to resolve such Dispute amicably. If such Dispute has not been resolved to the mutual satisfaction of HBIO and HART within thirty
(30) days after the initial written notice of the Dispute (or such longer period as the Parties may agree), then such Dispute
shall be resolved in accordance with the dispute resolution process referred to in Article IX of the Separation Agreement; provided,
however, that such dispute resolution process shall not modify or add to the remedies available to the Parties under this Agreement.
Nothing in this Article IX will prevent either HBIO or HART from seeking injunctive relief if any delay resulting from the efforts
to resolve the Dispute through the procedures set forth in Article IX of the Separation Agreement could result in serious and irreparable
injury to either company.

 

(b) In any Dispute regarding the amount
of a Service Charge, if such Dispute is finally resolved pursuant to the dispute resolution process set forth or referred to in
Section 9.01(a) and it is determined that the Service Charge that the Provider has invoiced the Recipient, and that
the Recipient has paid to the Provider, is greater or less than the amount that the Service Charge should have been, then (a) if
it is determined that the Recipient has overpaid the Service Charge, the Provider shall within five (5) business days after
such determination reimburse the Recipient an amount of cash equal to such overpayment, plus the Interest Payment, accruing from
the date of payment by the Recipient to the time of reimbursement by the Provider; and (b) if it is determined that the Recipient
has underpaid the Service Charge, the Recipient shall within five (5) business days after such determination reimburse the
Provider an amount of cash equal to such underpayment, plus the Interest Payment, accruing from the date such payment originally
should have been made by the Recipient to the time of payment by the Recipient.

 

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ARTICLE X

TERM AND TERMINATION

 

Section 10.01. Term and Termination.
(a) This Agreement shall commence immediately upon the Distribution Date and shall terminate upon the earlier to occur of:
(i) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms
of this Agreement or (ii) the mutual written agreement of the Parties to terminate this Agreement in its entirety.

 

(b) A Recipient may from time to time
terminate this Agreement with respect to the entirety of any individual Service but not a portion thereof:

 

(i) for any reason or no reason,
upon providing at least thirty (30) days’ prior written notice to the Provider; or

 

(ii) without prejudice to a
Recipient’s rights with respect to a Force Majeure, if the Provider of such Service has failed to perform any of its
material obligations under this Agreement with respect to such Service, and such failure shall continue to exist thirty (30) days
after receipt by the Provider of written notice of such failure from the Recipient.

 

A Provider may terminate this Agreement
with respect to one or more Services, in whole but not in part, at any time upon prior written notice to the Recipient if the Recipient
has failed to perform any of its material obligations under this Agreement relating to such Services, including making payment
of Service Charges when due, and such failure shall continue uncured for a period of thirty (30) days after receipt by the
Recipient of a written notice of such failure from the Provider. The relevant Schedule shall be updated to reflect any terminated
Service. In the event that any Service is terminated other than at the end of a month, the Service Charge associated with such
Service shall be pro-rated appropriately. The Parties acknowledge that there may be interdependencies among the Services being
provided under this Agreement that are not identified on the applicable Schedules and agree that, if the Provider’s ability
to provide a particular Service in accordance with this Agreement is materially and adversely affected by the termination of another
Service in accordance with Section 10.01(b)(i) prior to the expiration of the period of the maximum duration for such
Service, then the Parties shall negotiate in good faith to amend the Schedule relating to such impacted continuing Service, which
amendment shall be consistent with the terms of, and the pricing methodology used for, comparable Services.

 

(c) A Recipient may from time to time
request a reduction in part of the scope or amount of any Service that is identified on the applicable Schedule as being subject
to the provisions of this Section 10.01(c). If requested to do so by Recipient, the Provider agrees to discuss in good
faith appropriate reductions to the relevant Service Charges in light of all relevant factors including the costs and benefits
to the Provider of any such reductions. If, after such discussions, the Recipient and the Provider do not agree to any requested
reduction of the scope or amount of any Service and the relevant Service Charges in connection therewith, then there shall be no
change to the scope or amount of any Services or Service Charges under this Agreement. In the event that a Recipient and a Provider
agree to any reduction of a Service and the relevant Service Charges, the relevant Schedule shall be updated to reflect such reduced
Service. Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of
such agreement and any such reduced Service shall be deemed “Services” provided under this Agreement, in each case
subject to the terms and conditions of this Agreement. In the event that any Service is reduced other than at the end of a month,
the Service Charge associated with such Service for the month in which such Service is reduced shall be pro-rated appropriately.

 

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(d) In connection with the termination
of any Service other than the Services identified on the Schedules as not being subject to the provisions of this Section 10.01(d),
if the Recipient reasonably determines that it will require such Service to continue beyond the date on which such Service is scheduled
to terminate (either in accordance with any termination notice provided pursuant to Section 10.01(b)(i) or the termination
date specified in the applicable Schedule), the Recipient may request the other Provider to extend such Service for a specified
period beyond the scheduled termination of such Service (which period shall in no event be longer than ninety (90) days, a “Service
Extension”) by written notice to the Provider no less than thirty (30) days prior to the date of such scheduled
termination, and the Provider shall use commercially reasonable efforts to comply with such Service Extension; provided, however,
that (i) there shall be no more than one (1) Service Extension with respect to each Service and (ii) the Provider shall
not be obligated to provide such Service Extension if a third-party consent is required and cannot be obtained by the Provider
following reasonable efforts to obtain the same. Within five (5) days following either Party’s receipt of a written
notice requesting a Service Extension, the HBIO Services Manager and the HART Services Manager shall in good faith (x) negotiate
the terms of an amendment to the applicable Schedule, which amendment shall be consistent with the terms of, and the pricing methodology
used for, the applicable Service, and (y) determine the costs and expenses (which shall not include any Service Charges payable
under this Agreement), if any, that would be incurred by the Provider or the Recipient, as the case may be, in connection with
the provision of such Service Extension, which costs and expenses shall be borne solely by the Party requesting the Service Extension.
Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement
and any Services provided pursuant to such Service Extensions shall be deemed “Services” provided under this Agreement,
in each case subject to the terms and conditions of this Agreement.

 

Section 10.02. Effect of Termination.
Upon termination of any Service pursuant to this Agreement, the Provider of the terminated Service will have no further obligation
to provide the terminated Service, and the relevant Recipient will have no obligation to pay any future Service Charges relating
to any such Service; provided, however, that the Recipient shall remain obligated to the relevant Provider for the Service
Charges owed and payable in respect of Services provided prior to the effective date of termination. In connection with termination
of any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination,
and in connection with a termination of this Agreement, Article I, Article VIII (including liability in respect of
any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), Article IX,
Article X, Article XI, all confidentiality obligations under this Agreement and liability for all due and unpaid
Service Charges, shall continue to survive indefinitely.

 

Section 10.03. Force Majeure.
(a) Neither Party shall be deemed to be in default of this Agreement for failure to fulfill any obligation (other than a payment
obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated,
hindered or delayed as a consequence of circumstances of Force Majeure; provided, however, that (i) such Party
(or Person acting on its behalf) shall have exercised commercially reasonable efforts to minimize the effect of Force Majeure
on its obligations; and (ii) the nature, quality and standard of care that the Provider shall provide in delivering a Service
after a Force Majeure shall be substantially the same as the nature, quality and standard of care that the Provider provides
to its Affiliates and its other business components with respect to such Service. In the event of an occurrence of a Force Majeure,
the Party whose performance is affected thereby shall give notice of suspension as soon as reasonably practicable to the other
stating the date and extent of such suspension and the cause thereof, and such Party shall resume the performance of such obligations
as soon as reasonably practicable after the removal of such cause.

 

(b) During the period of a Force Majeure,
the Recipient shall be entitled to seek an alternative service provider with respect to such Service(s) and shall be entitled to
permanently terminate such Service(s) (and shall be relieved of the obligation to pay Service Charges for such Services(s) throughout
the duration of such Force Majeure) if a Force Majeure shall continue to exist for more than fifteen (15) consecutive
days, it being understood that Recipient shall not be required to provide any advance notice of such termination to Provider.

 

ARTICLE XI

GENERAL PROVISIONS

 

Section 11.01. No Agency.
Nothing in this Agreement shall be deemed in any way or for any purpose to constitute any party an agent of another unaffiliated
party in the conduct of such other party’s business. A Provider of any Service under this Agreement shall act as an independent
contractor and not as the agent of the Recipient in performing such Service, maintaining control over its employees, its subcontractors
and their employees and complying with all withholding of income at source requirements, whether federal, state, local or foreign.

 

Section 11.02. Subcontractors.
A Provider may hire or engage one or more subcontractors to perform any or all of its obligations under this Agreement; provided,
however, that (i) such Provider shall use the same degree of care in selecting any such subcontractor as it would if such
contractor was being retained to provide similar services to the Provider and (ii) such Provider shall in all cases remain
primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the standard for
services as set forth in Article VII and the content of the Services provided to the Recipient.

 

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Section 11.03. Treatment of Information.

 

(a) Each Party shall, and shall cause
all other persons providing or receiving Services or having access to Information of the other Party to, (i) maintain the confidentiality
of the disclosing Party’s Information in accordance with Article VII of the Separation Agreement, and (ii) comply with all
other applicable provisions of Article VII of the Separation Agreement in the performance of its duties and obligations under this
Agreement.

 

(b) Each Party shall comply with all applicable
state, federal and foreign privacy and data protection Laws that are or that may in the future be applicable to the provision of
Services under this Agreement.

 

Section 11.04. Further Assurances.
Each Party covenants and agrees that, without any additional consideration, it shall execute and deliver any further legal instruments
and perform any acts that are or may become necessary to effectuate this Agreement.

 

Section 11.05. Notices. Except
with respect to routine communications by the HBIO Services Manager and HART Services Manager under Section 2.05, all
notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made
(and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile
or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered
or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such
other address for a Party as shall be specified in a notice given in accordance with this Section 11.05):

 

	 	(i)	if to HBIO:
	 	 	 
	 	 	Harvard Bioscience, Inc.

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer

 

	 	(ii)	if to HART:
	 	 	 
	 	 	Harvard Apparatus Regenerative Technology, Inc. 

84 October Hill Road

Holliston, Massachusetts 01746 

Attention: Chief Financial Officer

 

Section 11.06. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter
of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the greatest extent possible.

 

Section 11.07. Entire Agreement.
Except as otherwise expressly provided in this Agreement, this Agreement, the Separation Agreement and the other Ancillary Agreements
constitute the entire agreement of the Parties with respect to the subject matter of this Agreement and supersede all prior agreements
and undertakings, both written and oral, between or on behalf of the Parties with respect to the subject matter of this Agreement.

 

Section 11.08. No Third-Party
Beneficiaries. Except as provided in Article VIII with respect to Provider Indemnified Parties and Recipient Indemnified
Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other Person, including any union or any employee or former employee
of HBIO or HART, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for
any specified period, under or by reason of this Agreement.

 

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Section 11.09. Governing Law.
This Agreement (and any claims or disputes arising out of or related to this Agreement or to the transactions contemplated by this
Agreement or to the inducement of any Party to enter into this Agreement or the transactions contemplated by this Agreement, whether
for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall in all
respects be governed by, and construed in accordance with, the Laws of the Commonwealth of Massachusetts, including all matters
of construction, validity and performance, in each case without reference to any conflict of Law rules that might lead to the application
of the Laws of any other jurisdiction.

 

Section 11.10. Amendment.
No provision of this Agreement, including any Schedules to this Agreement, may be amended, supplemented or modified except by a
written instrument making specific reference to this Agreement or any such Schedules to this Agreement, as applicable, signed by
all the Parties.

 

Section 11.11. Rules of Construction.
Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall
be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context
requires; (b) references to the terms Article, Section, paragraph and Schedule are references to the Articles, Sections, paragraphs
and Schedules of this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the
word “including” and words of similar import when used in this Agreement shall mean “including without limitation,”
unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written”
or “in writing” include in electronic form; (g) provisions shall apply, when appropriate, to successive events
and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement; (i) HBIO and HART have each participated in the negotiation and drafting
of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted
jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship
of any of the provisions in this Agreement or any interim drafts of this Agreement; (j) a reference to any Person includes
such Person’s successors and permitted assigns; (k) any reference to “days” means calendar days unless business
days are expressly specified; and (l) when calculating the period of time before which, within which or following which any
act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall
be excluded, if the last day of such period is not a business day, the period shall end on the next succeeding business day.

 

Section 11.12. Counterparts.
This Agreement may be executed in one or more counterparts, and by each Party in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery
of a manually executed counterpart of this Agreement.

 

Section 11.13. Assignability.
This Agreement shall be binding upon and inure to the benefit of the Parties hereto and thereto, respectively, and their respective
successors and permitted assigns; provided, however, that no Party hereto or thereto may assign its respective rights or delegate
its respective obligations under this Agreement without the express prior written consent of the other Party hereto (which consent
may be withheld in such Party’s sole and absolute discretion) and any assignment or attempted assignment in violation of
the foregoing will be null and void. Notwithstanding the preceding sentence, a Party may assign this Agreement in connection with
a merger transaction in which such Party is not the surviving entity or the sale by such Party of all or substantially all of its
Assets, and upon the effectiveness of such assignment the assigning Party shall be released from all of its obligations under this
Agreement if the surviving entity of such merger or the transferee of such Assets shall agree in writing, in form and substance
reasonably satisfactory to the other Party, to be bound by all terms of this Agreement as if named as a “Party” hereto.
Any and all costs and expenses incurred by either Party in connection with such assignment referenced in the prior sentence shall
be borne solely by the assigning Party

 

Section 11.14. Waiver of Jury
Trial. EACH PARTY TO THIS AGREEMENT WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY
(I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; AND (II) ACKNOWLEDGES THAT IT AND THE
OTHER PARTY TO THIS AGREEMENT HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION AGREEMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.14.

 

    	14

    	 

    

 

Section 11.15. Non-Recourse.
No past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney
or representative of either HBIO or HART or their Affiliates shall have any liability for any obligations or liabilities of HBIO
or HART, respectively, under this Agreement or for any claims based on, in respect of, or by reason of, the transactions contemplated
by this Agreement.

 

[The remainder of this page is intentionally
left blank.]

 

    	15

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed on the date first written above by their respective duly authorized officers.

  

	 	Harvard Bioscience, Inc.
	 	 	 
	 	By:	/s/ Jeffrey A. Duchemin
	 	 	Name: Jeffrey A. Duchemin
	 	 	Title:   Chief Executive Officer 
	 	 
	 	Harvard Apparatus Regenerative Technology, Inc.
	 	 	 
	 	By:	 /s/ David Green
	 	 	Name:   David Green
	 	 	Title:   Chief Executive Officer

 

    	 

    	 

    

 

Schedule A

HBIO Services

 

Unless otherwise specified below, upon
the request of HART, for the periods commencing on the Distribution Date and ending on the respective end-dates specified below,
Harvard Bioscience, Inc. (“HBIO”) will provide the following services to Harvard Apparatus Regenerative Technology,
Inc. (“HART”), at the monthly Service Charge described in Article VI of this Agreement, with such increases
or reductions thereto, or such additional fees and expenses, as may be agreed upon by the parties.

 

	SERVICE	 	DESCRIPTION
    OF SERVICE	 	CHARGES
    AFTER

    DISTRIBUTION DATE	 	END
    DATE
	 	 	 	 	 	 	 
	Information Technology	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Network Access	 	
        HBIO Intranet on HBIO Servers and
        internet access on fiber optic line

         
	 	If HART continues to use HBIO systems and support, it will be charged for fully loaded staff time based on time spent and a percentage of license and maintenance fees reflective of the number of users.  Another fee for infrastructure allocation (servers, lines, IT room, etc.) will also have to be charged.	 	One Year After Distribution Date
	Email	 	
        HBIO Servers with Minecast Security, Annual
        Licenses & Maint. Fees

         
	 	 
	ERP	 	
        Old Version of MK from Infor, Annual Licenses
        & Maint. Fees

         
	 	 
	CRM	 	Old Version of Goldmine, Annual Licenses & Maint. Fees	 	 	 	 
	 	 	 	 	 	 	 
	Financial Reporting	 	Clarity, Annual License & Maint. Fees	 	 	 	 
	 	 	 	 	 	 	 
	Desktop Support, Report Writing	 	Service Provided by HBIO Staff	 	 	 	 
	 	 	 	 	 	 	 
	Paper, Toner, Copiers, Printers, Supplies, Laptops, Desktops	 	HART employees use various copiers, printers and computers and related supplies.  We will transfer all laptops, desktops, phones used by HART employees to HART.  	 	HBIO will charge HART for all supplies requisitioned by HART employees and will pass on any rental/maintenance fees.   These will all be itemized on a monthly invoice.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Phones	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Switchboard	 	All calls to main lines handled by receptionist.	 	If HART continues to use these services, the expenses will be itemized and charged on a monthly basis.	 	One Year After Distribution Date

 

    	 

    	 

    

 

	Accounting	 	 	 	 	 	 
	 	 	 	 	 	 	 
	G/L, Payables, A/R, Collection, Credit, Inventory Processing, Cash Management, Audit, Reporting, Tax	 	Accounting administration assistance.	 	Will charge fully loaded staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Payroll and Benefit Admin	 	HBIO’s subsidiary employees re: HART in Germany and Sweden will provide services for HART until hired by HART’s applicable subsidiaries	 	Will charge fully loaded staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Operations	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Shipping & Receiving	 	All handled by HBIO.	 	Will charge fully loaded cost based on time reported.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Purchasing	 	HBIO employee purchasing all HART components.	 	Employee will become a HART employee or we will charge for time on a fully loaded basis.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Engineering	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Electronics, Mechanical, Software, Documentation, Management	 	Employees hired for HART activities are charged to HART cost center.	 	Any shared HBIO employees will allocate their time and HART will be charged on a monthly basis their fully loaded cost.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Equipment Use	 	Model Maker, Oscilliscope	 	Will charge for use on an hourly basis.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Marketing	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Website Development & Maint.	 	Currently being handled by HBIO staff with content being provided by HART employees.	 	HART will be charged for all direct expenses and with a fully loaded cost for any HBIO staff time.	 	One Year After Distribution Date
	 	 	 	 	 	 	 
	Printed Materials, Mailings	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Electronic Marketing Campaigns	 	 	 	 	 	 

 

    	 

    	 

    

 

Schedule B

 

HART Services

 

Unless otherwise specified below, upon
the request of HBIO, for the periods commencing on the Distribution Date and ending on the respective end-dates specified below,
HART will provide the following services to HBIO, at the monthly Service Charge described in Article VI of this Agreement, with
such increases or reductions thereto, or such additional fees and expenses, as may be agreed upon by the parties.

 

	SERVICE	 	DESCRIPTION
    OF SERVICE	 	CHARGES
    AFTER

DISTRIBUTION DATE	 	END
    DATE
	 	 	 	 	 	 	 
	Management	 	 	 	 	 	 
	 	 	 	 	 	 	 
	David Green and Tom McNaughton	 	Consulting services to assist HBIO in transition with respect to new chief executive officer and new chief financial officer	 	HBIO will be charged on a monthly basis for a fully loaded cost of such services.	 	On or before three (3) months from the Distribution Date.

 

    	 

    	 

    

 

Exhibit I

Services Managers

 

	 	1.	Initial HART Services Manager: 

Thomas McNaughton, Chief Financial Officer

 

	 	2.	Initial HBIO Services Manager: 

Walter DiGiusto, President - Harvard Apparatus

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