Document:

Exhibit 10.2.1

 

Option No.________

 

SERA PROGNOSTICS, INC.

 

Stock Option Grant Notice

Stock Option Grant under the Company’s

2011 Employee, Director and Consultant Equity Incentive
Plan

 

	1.	Name and Address of Participant:	 
	 	 	 
	 	 	 

 

	2.	Date of Option Grant:	 

 

	3.	Type
of Grant:	 

 

	4.	Maximum Number of Shares for which
this Option is exercisable:	 

 

	5.	Exercise (purchase) price per
share:	 

 

	6.	Option Expiration Date:	 

 

	7.	Vesting Start Date1:	 

 

	8.	Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested)
as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting
date:

 

[Insert Vesting Schedule - sample below]

 

	[On the first anniversary of the Vesting Start Date	 	up to ____________ Shares2

 

 

1
This date is only necessary if a company has decided to trigger vesting from a date that is different from the date of option
grant such as a hire date and is to be used a point of reference for future vesting only.

2
If the agreement does not set forth a vesting schedule as to a specific number of shares and a % is used instead consider
adding the following to the end of the vesting schedule to address the potential vesting of fractional shares:

“provided that the number of shares vesting on each date shall
be rounded down to the nearest whole number, whilst the number of shares vesting on the final date shall be the remaining unvested balance
of the Shares.”

 

    

    

    

 

	On the second anniversary of the Vesting Start Date	 	an additional __________ Shares
	 	 	 
	On the third anniversary of the Vesting Start Date	 	an additional __________ Shares]

 

The foregoing rights are cumulative
and are subject to the other terms and conditions of this Agreement and the Plan.

 

The Company and the Participant
acknowledge receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement attached hereto and incorporated
by reference herein, the Company’s 2011 Employee, Director and Consultant Equity Incentive Plan and the terms of this Option Grant
as set forth above.

 

	 	SERA PROGNOSTICS, INC.
	 	 
	 	By:	          
	 	 	Name:	                       
	 	 	Title:	 
	 	 	 	 
	 	 
	 	Participant

 

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SERA PROGNOSTICS, INC.

 

STOCK OPTION AGREEMENT - INCORPORATED TERMS
AND CONDITIONS

 

AGREEMENT made as of the date
of grant set forth in the Stock Option Grant Notice by and between Sera Prognostics, Inc. (the “Company”), a Delaware
corporation, and the individual whose name appears on the Stock Option Grant Notice (the “Participant”).

 

WHEREAS, the Company desires
to grant to the Participant an Option to purchase shares of its common stock, $0.0001 par value per share (the “Shares”),
under and for the purposes set forth in the Company’s 2011 Employee, Director and Consultant Equity Incentive Plan (the “Plan”);

 

WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and

 

WHEREAS, the Company and the
Participant each intend that the Option granted herein shall be of the type set forth in the Stock Option Grant Notice.

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

 

		1.	GRANT OF OPTION.

 

The Company hereby grants to
the Participant the right and option to purchase all or any part of an aggregate of the number of Shares set forth in the Stock Option
Grant Notice, on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax
laws, and in the Plan, which is incorporated herein by reference. The Participant acknowledges receipt of a copy of the Plan.

 

		2.	EXERCISE PRICE.

 

The exercise price of the Shares
covered by the Option shall be the amount per Share set forth in the Stock Option Grant Notice, subject to adjustment, as provided in
the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares after the date hereof (the
 “Exercise Price”). Payment shall be made in accordance with Paragraph 9 of the Plan.

 

		3.	EXERCISABILITY OF OPTION.

 

Subject to the terms and conditions
set forth in this Agreement and the Plan, the Option granted hereby shall become vested and exercisable as set forth in the Stock Option
Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan.

 

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		4.	TERM OF OPTION.

 

This Option shall terminate
on the Option Expiration Date as specified in the Stock Option Grant Notice and, if this Option is designated in the Stock Option Grant
Notice as an ISO and the Participant owns as of the date hereof more than 10% of the total combined voting power of all classes of capital
stock of the Company or an Affiliate, such date may not be more than five years from the date of this Agreement, but shall be subject
to earlier termination as provided herein or in the Plan.

 

If the Participant ceases to
be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the death or Disability of the Participant,
or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then vested and exercisable
pursuant to Section 3 hereof as of the Termination Date, and not previously terminated in accordance with this Agreement, may be
exercised within three months after the Termination Date, or on or prior to the Option Expiration Date as specified in the Stock Option
Grant Notice, whichever is earlier, but may not be exercised thereafter except as set forth below. In such event, the unvested portion
of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date.

 

If
this Option is designated in the Stock Option Grant Notice as an ISO and the Participant ceases to be an Employee of the Company
or of an Affiliate but continues after termination of employment to provide service to the Company or an Affiliate as a director or Consultant,
this Option shall continue to vest in accordance with Section 3 above as if this Option had not terminated until the Participant
is no longer providing services to the Company. In such case, this Option shall automatically convert and be deemed a Non-Qualified Option
as of the date that is three months from termination of the Participant's employment and this Option shall continue on the same terms
and conditions set forth herein until such Participant is no longer providing service to the Company or an Affiliate.

 

Notwithstanding the foregoing,
in the event of the Participant’s Disability or death within three months after the Termination Date, the Participant or the Participant’s
Survivors may exercise the Option within one year after the Termination Date, but in no event after the Option Expiration Date as specified
in the Stock Option Grant Notice.

 

In the event the Participant’s
service is terminated by the Company or an Affiliate for Cause, the Participant’s right to exercise any unexercised portion of this
Option even if vested shall cease immediately as of the time the Participant is notified his or her service is terminated for Cause, and
this Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Participant’s termination,
but prior to the exercise of the Option, the Administrator determines that, either prior or subsequent to the Participant’s termination,
the Participant engaged in conduct which would constitute Cause, then the Participant shall immediately cease to have any right to exercise
the Option and this Option shall thereupon terminate.

 

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In the event of the Disability
of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant’s
termination of service due to Disability or, if earlier, on or prior to the Option Expiration Date as specified in the Stock Option Grant
Notice. In such event, the Option shall be exercisable:

 

		(a)	to the extent that the Option has become exercisable but has not been exercised as of the date of the
Participant’s termination of service due to Disability; and

 

		(b)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued
on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the
current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

In the event of the death of
the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option shall be exercisable by the Participant’s
Survivors within one year after the date of death of the Participant or, if earlier, on or prior to the Option Expiration Date as specified
in the Stock Option Grant Notice. In such event, the Option shall be exercisable:

 

		(x)	to the extent that the Option has become exercisable but has not been exercised as of the date of death;
and

 

		(y)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

		5.	METHOD OF EXERCISING OPTION.

 

Subject to the terms and conditions
of this Agreement, the Option may be exercised by written notice to the Company or its designee, in substantially the form of Exhibit A
attached hereto (or in such other form acceptable to the Company, which may include electronic notice). Such notice shall state the number
of Shares with respect to which the Option is being exercised and shall be signed by the person exercising the Option (which signature
may be provided electronically in a form acceptable to the Company). Payment of the Exercise Price for such Shares shall be made in accordance
with Paragraph 9 of the Plan. The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided,
however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company
deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws). The Shares
as to which the Option shall have been so exercised shall be registered in the Company’s share register in the name of the person
so exercising the Option (or, if the Option shall be exercised by the Participant and if the Participant shall so request in the notice
exercising the Option, shall be registered in the Company’s share register in the name of the Participant and another person jointly,
with right of survivorship) and shall be delivered as provided above to or upon the written order of the person exercising the Option.
In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall
be accompanied by appropriate proof of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise
of the Option as provided herein shall be fully paid and nonassessable.

 

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		6.	PARTIAL EXERCISE.

 

Exercise of this Option to the
extent above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall
be issued pursuant to this Option.

 

		7.	NON-ASSIGNABILITY.

 

The Option shall not be transferable
by the Participant otherwise than by will or by the laws of descent and distribution. For California Participants, the Option shall not
be transferable other than by will, by the laws of descent and distribution, to a revocable trust or as permitted by Rule 701 of
the Securities Act of 1933. If this Option is a Non-Qualified Option then it may also be transferred pursuant to a qualified domestic
relations order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except
as provided above in this paragraph, the Option shall be exercisable, during the Participant’s lifetime, only by the Participant
(or, in the event of legal incapacity or incompetency, by the Participant’s guardian or representative) and shall not be assigned,
pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder
contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option shall be null and
void.

 

		8.	NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

 

The Participant shall have no
rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the Company’s share
register in the name of the Participant. Except as is expressly provided in the Plan with respect to certain changes in the capitalization
of the Company, no adjustment shall be made for dividends or similar rights for which the record date is prior to the date of such registration.

 

		9.	ADJUSTMENTS.

 

The Plan contains provisions
covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment
with respect to stock subject to Options and the related provisions with respect to successors to the business of the Company are hereby
made applicable hereunder and are incorporated herein by reference.

 

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		10.	TAXES.

 

The Participant acknowledges
and agrees that (i) any income or other taxes due from the Participant with respect to this Option or the Shares issuable upon exercise
of this Option shall be the Participant’s responsibility; (ii) the Participant was free to use professional advisors of his
or her choice in connection with this Agreement, has received advice from his or her professional advisors in connection with this Agreement,
understands its meaning and import, and is entering into this Agreement freely and without coercion or duress; (iii) the Participant
has not received and is not relying upon any advice, representations or assurances made by or on behalf of the Company or any Affiliate
or any Employee of or counsel to the Company or any Affiliate regarding any tax or other effects or implications of the Option, the Shares
or other matters contemplated by this Agreement and (iv) neither the Administrator, the Company, its Affiliates, nor any of its officers
or directors, shall be held liable for any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal
Revenue Service were to determine that the Option constitutes deferred compensation under Section 409A of the Code.

 

If this Option is designated
in the Stock Option Grant Notice as a Non-Qualified Option or if the Option is an ISO and is converted into a Non-Qualified Option and
such Non-Qualified Option is exercised, the Participant agrees that the Company may withhold from the Participant’s remuneration,
if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld
in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant
further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.

 

		11.	PURCHASE FOR INVESTMENT.

 

Unless the offering and sale
of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities Act
of 1933, as now in force or hereafter amended (the “1933 Act”), the Company shall be under no obligation to issue the Shares
covered by such exercise unless the Company has determined that such exercise and issuance would be exempt from the registration requirements
of the 1933 Act and until the following conditions have been fulfilled:

 

		(a)	The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise,
that such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale
in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the
provisions of the following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant to such
exercise:

 

“The shares represented by this
certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless
(1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as
amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under
such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;” and

 

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(b)            If
the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular
exercise in compliance with the 1933 Act without registration thereunder. Without limiting the generality of the foregoing, the Company
may delay issuance of the Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any
applicable law (including without limitation state securities or “blue sky” laws).

 

		12.	RESTRICTIONS ON TRANSFER OF SHARES.

 

12.1            The
Shares acquired by the Participant pursuant to the exercise of the Option granted hereby shall not be transferred by the Participant except
as permitted herein and, if the Participant becomes a party thereto, as set forth in the Right of First Refusal and Co-Sale Agreement,
by and among the Company, the Investors and the Key Holders (each as defined therein) dated November 8, 2011, as may be amended from
time to time (the “Co-Sale Agreement”). If the Participant becomes a party to the Co-Sale Agreement by executing a signature
page thereto and the terms of this Agreement and the Co-Sale Agreement conflict, the terms contained in the Co-Sale Agreement shall
govern and supersede any conflicting provision contained in this Section 12.

 

12.2            In
the event of the Participant’s termination of service for any reason, the Company shall have the option, but not the obligation,
to repurchase all or any part of the Shares issued pursuant to this Agreement (including, without limitation, Shares purchased after termination
of service, Disability or death in accordance with Section 4 hereof). In the event the Company does not, upon the termination of
service of the Participant (as described above), exercise its option pursuant to this Section 12.2, the restrictions set forth in
the balance of this Agreement shall not thereby lapse, and the Participant for himself or herself, his or her heirs, legatees, executors,
administrators and other successors in interest, agrees that the Shares shall remain subject to such restrictions. The following provisions
shall apply to a repurchase under this Section 12.2:

 

		(i)	The per share repurchase price of the Shares to be sold to the Company upon exercise of its option under
this Section 12.2 shall be equal to the Fair Market Value of each such Share determined in accordance with the Plan as of the date
of repurchase provided, however, in the event of a termination by the Company for Cause, the per share repurchase price of the Shares
to be sold to the Company upon exercise of its option under this Section 12.2 shall be equal to the lesser of the Exercise Price
and the Fair Market Value on the date of the repurchase.

 

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		(ii)	The Company’s option to repurchase the Participant’s Shares in the event of termination of
service shall be valid for a period of 12 months commencing with the date of such termination of service.

 

		(iii)	In the event the Company shall be entitled to and shall elect to exercise its option to repurchase the
Participant’s Shares under this Section 12.2, the Company shall notify the Participant, or in case of death, his or her Survivor,
in writing of its intent to repurchase the Shares. Such written notice may be mailed by the Company up to and including the last day of
the time period provided for in Section 12.2(ii) for exercise of the Company’s option to repurchase.

 

		(iv)	The written notice to the Participant shall specify the address at, and the time and date on, which payment
of the repurchase price is to be made (the “Closing”). The date specified shall not be less than ten days nor more than 60
days from the date of the mailing of the notice, and the Participant or his or her successor in interest with respect to the Shares shall
have no further rights as the owner thereof from and after the date specified in the notice. At the Closing, the repurchase price shall
be delivered to the Participant or his or her successor in interest and the Shares being purchased, duly endorsed for transfer, shall,
to the extent that they are not then in the possession of the Company, be delivered to the Company by the Participant or his or her successor
in interest.

 

12.3            As
a condition precedent to the exercise of the Option, the Participant agrees that the Shares acquired pursuant to the exercise of the Option
may be subject to the Co-Sale Agreement and that certain Voting Agreement, by and among the Company, the Investors and the Key Holders
(each as defined therein), dated November 8, 2011, as may be amended from time to time (the “Voting Agreement”) and agrees
to sign a counterpart signature page to the Co-Sale Agreement and the Voting Agreement if so requested by the Company. In addition,
it shall be a condition precedent to the validity of any sale or other transfer of any Shares by the Participant that the following restrictions
be complied with (except as otherwise set forth in this Section 12):

 

		(i)	No Shares owned by the Participant may be sold, pledged or otherwise transferred (including by gift or
devise) to any person or entity, voluntarily, or by operation of law, except in accordance with the terms and conditions hereinafter set
forth.

 

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		(ii)	Before selling or otherwise transferring all or part of the Shares, the Participant shall give written
notice of such intention to the Company, which notice shall include the name of the proposed transferee, the proposed purchase price per
share, the terms of payment of such purchase price and all other matters relating to such sale or transfer and shall be accompanied by
a copy of the binding written agreement of the proposed transferee to purchase the Shares of the Participant. Such notice shall constitute
a binding offer by the Participant to sell to the Company such number of the Shares then held by the Participant as are proposed to be
sold in the notice at the monetary price per share designated in such notice, payable on the terms offered to the Participant by the proposed
transferee (provided, however, that the Company shall not be required to meet any non-monetary terms of the proposed transfer, including,
without limitation, delivery of other securities in exchange for the Shares proposed to be sold). The Company shall give written notice
to the Participant as to whether such offer has been accepted in whole by the Company within 60 days after its receipt of written notice
from the Participant. The Company may only accept such offer in whole and may not accept such offer in part. Such acceptance notice shall
fix a time, location and date for the Closing on such purchase (“Closing Date”) which shall not be less than ten nor more
than sixty days after the giving of the acceptance notice, provided, however, if any of the Shares to be sold pursuant to this Section 12.3
have been held by the Participant for less than six months, then the Closing Date may be extended by the Company until no more than ten
days after such Shares have been held by the Participant for six months if required under applicable accounting rules in effect at
the time. The place for such Closing shall be at the Company’s principal office. At such Closing, the Participant shall accept payment
as set forth herein and shall deliver to the Company in exchange therefor certificates for the number of Shares stated in the notice accompanied
by duly executed instruments of transfer.

 

		(iii)	If the Company shall fail to accept any such offer, the Participant shall be free to sell all, but not
less than all, of the Shares set forth in his or her notice to the designated transferee at the price and terms designated in the Participant’s
notice, provided that (i) such sale is consummated within six months after the giving of notice by the Participant to the Company
as aforesaid, and (ii) the transferee first agrees in writing to be bound by the provisions of this Section 12 so that such
transferee (and all subsequent transferees) shall thereafter only be permitted to sell or transfer the Shares in accordance with the terms
hereof. After the expiration of such six months, the provisions of this Section 12.3 shall again apply with respect to any proposed
voluntary transfer of the Participant’s Shares.

 

		(iv)	The restrictions on transfer contained in this Section 12.3 shall not apply to (a) transfers
by the Participant to his or her spouse or children or to a trust for the benefit of his or her spouse or children, (b) transfers
by the Participant to his or her guardian or conservator, and (c) transfers by the Participant, in the event of his or her death,
to his or her executor(s) or administrator(s) or to trustee(s) under his or her will (collectively, “Permitted Transferees”);
provided however, that in any such event the Shares so transferred in the hands of each such Permitted Transferee shall remain subject
to this Agreement, and each such Permitted Transferee shall so acknowledge in writing as a condition precedent to the effectiveness of
such transfer.

 

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		(v)	The provisions of this Section 12.3 may be waived by the Company. Any such waiver may be unconditional
or based upon such conditions as the Company may impose.

 

12.4            In
the event that the Participant or his or her successor in interest fails to deliver the Shares to be repurchased by the Company under
this Agreement, the Company may elect (a) to establish a segregated account in the amount of the repurchase price, such account to
be turned over to the Participant or his or her successor in interest upon delivery of such Shares, and (b) immediately to take such
action as is appropriate to transfer record title of such Shares from the Participant to the Company and to treat the Participant and
such Shares in all respects as if delivery of such Shares had been made as required by this Agreement. The Participant hereby irrevocably
grants the Company a power of attorney which shall be coupled with an interest for the purpose of effectuating the preceding sentence.

 

12.5            If
the Company shall pay a stock dividend or declare a stock split on or with respect to any of its Common Stock, or otherwise distribute
securities of the Company to the holders of its Common Stock, the number of shares of stock or other securities of the Company issued
with respect to the shares then subject to the restrictions contained in this Agreement shall be added to the Shares subject to the Company’s
rights to repurchase pursuant to this Agreement. If the Company shall distribute to its stockholders shares of stock of another corporation,
the shares of stock of such other corporation, distributed with respect to the Shares then subject to the restrictions contained in this
Agreement, shall be added to the Shares subject to the Company’s rights to repurchase pursuant to this Agreement.

 

12.6            If
the outstanding shares of Common Stock of the Company shall be subdivided into a greater number of shares or combined into a smaller number
of shares, or in the event of a reclassification of the outstanding shares of Common Stock of the Company, or if the Company shall be
a party to a merger, consolidation or capital reorganization, there shall be substituted for the Shares then subject to the restrictions
contained in this Agreement such amount and kind of securities as are issued in such subdivision, combination, reclassification, merger,
consolidation or capital reorganization in respect of the Shares subject immediately prior thereto to the Company’s rights to repurchase
pursuant to this Agreement.

 

12.7            The
Company shall not be required to transfer any Shares on its books which shall have been sold, assigned or otherwise transferred in violation
of this Agreement, or to treat as owner of such Shares, or to accord the right to vote as such owner or to pay dividends to, any person
or organization to which any such Shares shall have been so sold, assigned or otherwise transferred, in violation of this Agreement.

 

12.8            The
provisions of Sections 12.1, 12.2 and 12.3 shall terminate upon the effective date of the registration of the Shares pursuant to the Securities
Exchange Act of 1934.

 

12.9            The
Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Participant
is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting
the sale or other transfer of Shares, then it will promptly sign such agreement and will not transfer, whether in privately negotiated
transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her
during such period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering,
plus such additional period of time as may be required to comply with NASD Rule 2711 or similar rules thereto (such period,
the “Lock-Up Period”). Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company
and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Participant has signed
such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject
to the foregoing restrictions until the end of the Lock-Up Period.

 

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12.10            The
Participant acknowledges and agrees that neither the Company, its shareholders nor its directors and officers, has any duty or obligation
to disclose to the Participant any material information regarding the business of the Company or affecting the value of the Shares before,
at the time of, or following a termination of the service of the Participant by the Company, including, without limitation, any information
concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm
or entity.

 

12.11            All
certificates representing the Shares to be issued to the Participant pursuant to this Agreement shall have endorsed thereon a legend substantially
as follows: “The shares represented by this certificate are subject to restrictions set forth in a Stock Option Agreement dated
_________, 201__ with this Company, a copy of which Agreement is available for inspection at the offices of the Company or will be made
available upon request.”

 

		13.	NO OBLIGATION TO MAINTAIN RELATIONSHIP.

 

The Participant acknowledges
that: (i) the Company is not by the Plan or this Option obligated to continue the Participant as an Employee, director or Consultant
of the Company or an Affiliate; (ii) the Plan is discretionary in nature and may be suspended or terminated by the Company at any
time; (iii) the grant of the Option is a one-time benefit which does not create any contractual or other right to receive future
grants of options, or benefits in lieu of options; (iv) all determinations with respect to any such future grants, including, but
not limited to, the times when options shall be granted, the number of shares subject to each option, the option price, and the time or
times when each option shall be exercisable, will be at the sole discretion of the Company; (v) the Participant’s participation
in the Plan is voluntary; (vi) the value of the Option is an extraordinary item of compensation which is outside the scope of the
Participant’s employment or consulting contract, if any; and (vii) the Option is not part of normal or expected compensation
for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments.

 

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		14.	IF OPTION IS INTENDED TO BE AN ISO.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO so that the Participant (or the Participant’s Survivors) may qualify for the favorable
tax treatment provided to holders of Options that meet the standards of Section 422 of the Code then any provision of this Agreement
or the Plan which conflicts with the Code so that this Option would not be deemed an ISO is null and void and any ambiguities shall be
resolved so that the Option qualifies as an ISO. The Participant should consult with the Participant’s own tax advisors regarding
the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of the Code, including,
but not limited to, holding period requirements.

 

Notwithstanding
the foregoing, to the extent that the Option is designated in the Stock Option Grant Notice as an ISO and is not deemed to be
an ISO pursuant to Section 422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Option
Grant) of any of the Shares with respect to which this ISO is granted becomes exercisable for the first time during any calendar year
in excess of $100,000, the portion of the Option representing such excess value shall be treated as a Non-Qualified Option and the Participant
shall be deemed to have taxable income measured by the difference between the then Fair Market Value of the Shares received upon exercise
and the price paid for such Shares pursuant to this Agreement.

 

Neither the Company nor any
Affiliate shall have any liability to the Participant, or any other party, if the Option (or any part thereof) that is intended to be
an ISO is not an ISO or for any action taken by the Administrator, including without limitation the conversion of an ISO to a Non-Qualified
Option.

 

		15.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION OF AN ISO.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO then the Participant agrees to notify the Company in writing immediately after the Participant
makes a Disqualifying Disposition of any of the Shares acquired pursuant to the exercise of the ISO. A Disqualifying Disposition is defined
in Section 424(c) of the Code and includes any disposition (including any sale) of such Shares before the later of (a) two
years after the date the Participant was granted the ISO or (b) one year after the date the Participant acquired Shares by exercising
the ISO, except as otherwise provided in Section 424(c) of the Code. If the Participant has died before the Shares are sold,
these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

		16.	NOTICES.

 

Any notices required or permitted
by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return
receipt requested, addressed as follows:

 

If to the Company:

 

Sera Prognostics, Inc.

417 Wakara Way, Suite 3510

Salt Lake City, UT 84108

 

Attention: Chief Financial Officer

 

If to the Participant at the address set forth on the Stock Option
Grant Notice

 

or to such other address or addresses of which notice in the same manner
has previously been given. Any such notice shall be deemed to have been given upon the earlier of receipt, one business day following
delivery to a recognized courier service or three business days following mailing by registered or certified mail.

 

    13

    

    

 

		17.	GOVERNING LAW.

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflict
of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive
jurisdiction in Utah and agree that such litigation shall be conducted in the state courts of Salt Lake City, Utah or the federal
courts of the United States for the District of Utah.

 

		18.	BENEFIT OF AGREEMENT.

 

Subject to the provisions of
the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto.

 

		19.	ENTIRE AGREEMENT.

 

This Agreement, together with
the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict, the express
terms and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject to and governed by the Plan.

 

		20.	MODIFICATIONS AND AMENDMENTS.

 

The terms and provisions of
this Agreement may be modified or amended as provided in the Plan.

 

		21.	WAIVERS AND CONSENTS.

 

Except as provided in the Plan,
the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

    14

    

    

 

		22.	DATA PRIVACY.

 

By entering into this Agreement,
the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan
or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company
or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and (ii) authorizes
the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    15

    

    

 

Exhibit A

 

NOTICE OF EXERCISE OF STOCK OPTION

 

[Form for Unregistered Shares]

 

		To:	Sera Prognostics, Inc.

 

Ladies and Gentlemen:

 

I hereby exercise my Stock
Option to purchase __________ shares (the “Shares”) of the common stock, $0.0001 par value, of Sera Prognostics, Inc.
(the “Company”), at the exercise price of $_____ per share, pursuant to and subject to the terms of that certain Stock Option
Agreement between the undersigned and the Company dated ________, 201_.

 

I am aware that the Shares
have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws. I understand
that the reliance by the Company on exemptions under the 1933 Act is predicated in part upon the truth and accuracy of the statements
by me in this Notice of Exercise.

 

I hereby represent and warrant
that (1) I have been furnished with all information which I deem necessary to evaluate the merits and risks of the purchase of the
Shares; (2) I have had the opportunity to ask questions concerning the Shares and the Company and all questions posed have been answered
to my satisfaction; (3) I have been given the opportunity to obtain any additional information I deem necessary to verify the accuracy
of any information obtained concerning the Shares and the Company; and (4) I have such knowledge and experience in financial and
business matters that I am able to evaluate the merits and risks of purchasing the Shares and to make an informed investment decision
relating thereto.

 

I hereby represent and warrant
that I am purchasing the Shares for my own personal account for investment and not with a view to the sale or distribution of all or any
part of the Shares.

 

I understand that because
the Shares have not been registered under the 1933 Act, I must continue to bear the economic risk of the investment for an indefinite
time and the Shares cannot be sold unless the Shares are subsequently registered under applicable federal and state securities laws or
an exemption from such registration requirements is available.

 

I agree that I will in no
event sell or distribute or otherwise dispose of all or any part of the Shares unless (1) there is an effective registration statement
under the 1933 Act and applicable state securities laws covering any such transaction involving the Shares or (2) the Company receives
an opinion of my legal counsel (concurred in by legal counsel for the Company) stating that such transaction is exempt from registration
or the Company otherwise satisfies itself that such transaction is exempt from registration.

 

    Exhibit A-1

    

    

 

I consent to the placing
of a legend on my certificate for the Shares stating that the Shares have not been registered and setting forth the restriction on transfer
contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the
Shares until the Shares may be legally resold or distributed without restriction.

 

I understand that at the
present time Rule 144 of the Securities and Exchange Commission (the “SEC”) may not be relied on for the resale or distribution
of the Shares by me. I understand that the Company has no obligation to me to register the sale of the Shares with the SEC and has not
represented to me that it will register the sale of the Shares.

 

I understand the terms and
restrictions on the right to dispose of the Shares set forth in the 2011 Employee, Director and Consultant Equity Incentive Plan and
the Stock Option Agreement, both of which I have carefully reviewed. I consent to the placing of a legend on my certificate for the Shares
referring to such restriction and the placing of stop transfer orders until the Shares may be transferred in accordance with the terms
of such restrictions.

 

I
understand and agree that the Shares may be subject to that certain Voting Agreement, by and among the Company, the Investors
and the Key Holders (each as defined therein), dated November 8, 2011, as may be amended from time to time (the “Voting Agreement”)
and that certain Right of First Refusal and Co-Sale Agreement, by and among the Company, the Investors and the Key Holders (each as defined
therein) dated November 8, 2011, as may be amended from time to time (the “Co-Sale Agreement”),
and if I am not already a party to the Voting Agreement and or the Co-Sale Agreement and if the Company so requests, I agree to
become a party to such agreements by execution of the counterpart signature pages enclosed herewith. I acknowledge that I have read
and understand the Voting Agreement and the Co-Sale Agreement which sets forth certain restrictions and limitations on the Shares, including
the ability to transfer or sell them in the future. I further acknowledge and agree that to the extent the terms of Section 12 of
the Option Agreement conflict with the Co-Sale Agreement, the terms contained in the Co-Sale Agreement shall govern.

 

I have considered the Federal,
state and local income tax implications of the exercise of my Option and the purchase and subsequent sale of the Shares.

 

I am paying the option exercise price for the
Shares as follows:

 

		 	 

 

Please issue the Shares (check one):

 

 ̈
to me; or

 

 ̈
to me and ________________, as joint tenants with right of survivorship

 

and mail the certificate to me at the following address:

 

	 	 
	 	 
	 	 

 

    Exhibit A-2

    

    

 

My mailing address for shareholder communications,
if different from the address listed above is:

 

	 	 
	 	 
	 	 

 

	 	Very truly yours,
	 	 
	 	 
	 	Participant (signature)
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Date
	 	 
	 	 
	 	Social Security Number

 

    Exhibit A-3

    

    

 

Exhibit B

 

NOTICE OF EXERCISE OF STOCK OPTION

 

[Form for Shares Registered in the
United States]

 

		To:	Sera Prognostics, Inc.

 

IMPORTANT NOTICE: This form of Notice of Exercise may only be used
at such time as the Company has filed a Registration Statement with the Securities and Exchange Commission under which the issuance of
the Shares for which this exercise is being made is registered and such Registration Statement remains effective.

 

Ladies and Gentlemen:

 

I hereby exercise my Stock
Option to purchase _________ shares (the “Shares”) of the common stock, $0.0001 par value, of Sera Prognostics, Inc.
(the “Company”), at the exercise price of $________ per share, pursuant to and subject to the terms of that Stock Option Grant
Notice dated _______________, 201_.

 

I understand the nature of
the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax
and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and
the purchase and subsequent sale of the Shares.

 

I am paying the option exercise
price for the Shares as follows:

 

		 	 

 

Please issue the Shares (check one):

 

 ̈ to me;
or

 

 ̈
to me and ____________________________, as joint tenants with right of survivorship,

 

at the following address:

 

	 	 
	 	 
	 	 

 

    Exhibit B-1

    

    

 

My mailing address for shareholder
communications, if different from the address listed above, is:

 

	 	 	 
	 	 	 
	 	 	 

 

	 	Very truly yours,
	 	 
	 	 
	 	Participant (signature)
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Date
	 	 
	 	 
	 	Social Security Number

 

    Exhibit B-2Exhibit 10.5

 

Execution Version

 

COMMERCIAL COLLABORATION AGREEMENT

 

This Commercial Collaboration
Agreement (this “Agreement”), dated as of February 17, 2021 (the “Effective Date”), is made by and
between Anthem, Inc. and its Affiliates (as defined below) (collectively, “Anthem”) on the one hand, and Sera Prognostics,
Inc. (“Company”) on the other hand.

 

WHEREAS, Anthem currently participates
in Company's PRIME study, the goal of which is to determine the clinical validity of the PreTRM® test;

 

WHEREAS, at the conclusion of the PRIME
study, Anthem and Company will enter into Anthem's standard lab provider agreement, substantially in the form attached hereto as Exhibit
C (the “Lab Agreement”); and

 

WHEREAS, Anthem and Company desire to enter
into this Agreement relating to the delivery of, and compensation for, Testing Services (as defined below).

 

NOW THEREFORE, the parties agree as follows:

 

ARTICLE
1

ARTICLE 1 DEFINITIONS

 

		1.1	“Affiliate” means, with respect to any person, any other Person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, such person. The term “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 the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling”
have correlative meanings.

 

		1.2	“BCBS Licensee” means any organization licensed by the Blue Cross Blue Shield Association
to use the Blue Cross and Blue Shield trademarks and names.

 

		1.3	“Member” means any individual enrolled in, or serviced or covered by, the health benefits
products of Anthem. A “Member” does not include an individual participating in the PRIME study being sponsored by Anthem.

 

		1.4	“Ordering Clinician” means a duly licensed physician specializing in obstetrics and
gynecology (OB/GYN) or family medicine (FM), or a licensed Certified Nurse Midwife (CNM).

 

		1.5	“Payor” means any party that has contracted with Anthem to access the terms and conditions
of this Agreement, and which is responsible for payment pursuant to the terms of this Agreement.

 

		1.6	“Policies and Procedures” means the rules, policies, and procedures adopted by Anthem.

 

[***] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED. 

 

     

     

    

 

		1.7	“Testing Services” means the offering of the PreTRM® proteomic test to identify
singleton pregnant women at increased risk of spontaneous preterm birth developed by Company.

 

ARTICLE
2

COMPANY RESPONSIBILITIES

 

		2.1	Testing Services Capacity. Company shall perform Testing Services ordered by an Ordering Clinician
and provide results in a timely manner that complies with the service level standards as set forth in the Lab Agreement, industry practices
standards, as well as all applicable laws, rules, and regulations.

 

		2.2	Services and Supplies. Company will arrange for the provision of limited, non-standard, specialty
supplies, at no additional cost to Anthem, as may be necessary or desirable to facilitate the collection, transfer, and transport of specimens
from Members to Company, including but not limited to, supplies required for specimen management.

 

		2.3	Company Non-discrimination. Company shall provide Testing Services to Members in a manner similar
to, and within the same time availability in which, Company provides Testing Services to any other individual, and Company will not differentiate
in the performance of Testing Services based on a Member's race, color, creed, national origin, ancestry, religion, sex, marital status,
age, disability, payment source, state of health, military service, need for health services, status as a Medicare or Medicaid beneficiary,
sexual orientation, or any other basis prohibited by law. Company shall not be required to provide any type or kind of health service
to Members that it does not customarily provide to other individuals, unless such is required by applicable law.

 

		2.4	Inability to Perform. Company shall provide prompt notice to Anthem of its knowledge of any action
to restrict, suspend, or revoke Company's CLIA certification from the Centers for Medicare & Medicaid Services. Additionally, Company
shall send prompt written notice to Anthem of its knowledge of any other legal, governmental, or other action involving Company which
could reasonably materially impair the ability of Company to carry out any of its obligations under this Agreement.

 

		2.5	Marketing and Training. Company shall develop a sales, marketing, and customer service program
and provide such training and marketing to Ordering Clinicians at the reasonable request of Anthem. Such program will include physician
office training, education, fulfillment, and support.

 

		2.6	Subcontractors. Company shall give Anthem no less than 30 days' prior written notice of any subcontractors
which Company engages to assist in the offering of Testing Services. Company shall require such subcontractors to abide by the terms and
conditions of this Agreement and shall indemnify Anthem and Members for any failure of such subcontractor to comply with this Agreement.

 

		2.7	Policies and Procedures. Company agrees to abide by the terms of the Policies and Procedures and
to participate in, and comply with, Anthem's credentialing standards. In the event of a conflict between the terms of this Agreement and
the Policies and Procedures, the terms of this Agreement will control. Anthem shall give Company no less than 30 days' prior written notice
of any material change to the Policies and Procedures.

 

     

     

    

 

		2.8	Credentialing. Company represents and warrants that it has all licenses required to provide Testing
Services in accordance with applicable laws and regulations. Company shall cooperate fully with Anthem's credentialing and recredentialing
procedures, as set forth in the Policies and Procedures. Company expressly authorizes Anthem to solicit any information regarding licensures,
registrations, certifications or accreditations, qualifications, and liability or negligence history from any source in connection with
such credentialing and recredentialing procedures for the duration of this Agreement.

 

2.9.       [***].

 

ARTICLE
3

ANTHEM RESPONSIBILITIES

 

		3.1	Purchase of Tests. Anthem shall purchase the minimum number of tests as set forth in Exhibit A,
subject to earlier termination of the Agreement pursuant to Section 10.2.

 

		3.2	Implementation of Care Management Program. Anthem shall, in its sole discretion, develop appropriate
care management programs which incorporate the use of Testing Services and is targeted to patients who are stratified through use of the
PreTRM® test as high risk for pre-term births. Anthem shall, in its sole discretion, implement any such care management program with
applicable Ordering Clinicians.

 

		3.3	[***].

 

		3.4	Inability to Perform. Anthem shall provide prompt notice to Company of its knowledge of any legal,
governmental, or other action involving Anthem which Anthem reasonably believes could materially impair the ability of Anthem to carry
out some or all of its material duties and obligations under this Agreement.

 

		3.5	[***].

 

		3.6	[***].

 

ARTICLE
4

COMPENSATION AND BILLING

 

		4.1	Submission and Payment. Except as otherwise provided herein, Company will submit monthly invoices
to Anthem for Testing Services at the rate per test set forth in Exhibit A (or other mutually agreed upon and documented rate) on the
5th day of each month following the month in which such services were performed. Anthem shall pay all invoices for Testing Services submitted
by Company within 45 days of receipt of the applicable invoice.

 

     

     

    

 

		4.2	Guarantee of Payment. Provided that Company is not in material breach of this Agreement, and subject
to the terms and conditions herein, Anthem shall pay to Company for each of the first three ears f the Term a minimum amount per annum
equal to [***].

 

ARTICLE
5

JOINT OPERATING COMMITTEE

 

		5.1	Joint Operating Committee. A Joint Operating Committee (“JOC”) will be formed,
pursuant to the terms of this Article 5 and the provisions set forth in Exhibit B, by two voting members each from Anthem
and Company. The JOC will have a chairperson. The initial chairperson shall be Nadia Altomare, to serve in such role until such time as
Ms. Altomare is no longer employed by the Company or is otherwise unable to continue in such role at any point during the term of this
Agreement, in which such case the JOC shall designate a replacement chairperson. During the term of this Agreement, Dr. Charles Kennedy,
as long as employed by or affiliated with Blue Ox, will be an ex-officio, non-voting member of the JOC. The JOC will determine details
of Anthem's and Company's collaboration, including, but not limited to:

 

		1.	Overall program management;

 

		2.	Anthem provider contracting support and coordination needs;

 

		3.	Company's testing capacity and ramp up to meet Anthem's needs;

 

		4.	Anthem care management programs, utilization management programs, analytic support, and marketing support;

 

		5.	Company IT readiness to ensure operational capacity for the anticipated growth of the program;

 

		6.	Approach to the physician offices and other end user support;

 

		7.	Staffing and resources by both parties;

 

		8.	Building and sharing enhanced data and analytics for current and future products and services;

 

		9.	Billing process;

 

		10.	[***]; and

 

		11.	Definition of success metrics and performance monitoring.

 

		5.2	Meetings of the JOC. The JOC will establish and hold regular meetings, and any member of the JOC
may request a special meeting of the JOC in his or her discretion. Any meeting of the JOC may be held in person or via telephone or video
conference. Each member appointed by Anthem and Company will be a voting member of the JOC entitled to one vote on any matter up for a
vote at meetings of the JOC.

 

     

     

    

 

		5.3	Dispute Resolutions. If the JOC reaches a deadlock on a specific issue, one executive at each of
the parties shall meet to resolve the issue in good faith. Such meeting shall occur no less than seven business days following the occurrence
of a deadlock on the JOC which at least two JOC members agree needs escalation to be resolved. Either party may take an unresolved issue
to binding arbitration pursuant to the arbitration procedures in Article 11 to resolve a deadlock if the parties have failed to
resolve the deadlock for at least 45 days following the initial meeting of the two executives. The initial executives for purposes of
the dispute resolution under this Section 5.3 shall be Elizabeth Canis, Anthem Vice President, Emerging Business and Partnerships,
and Gregory Critchfield, CEO of Sera Prognostics, Inc. Either party may replace such named executive for purposes of the dispute resolution
under this Section 5.3 by written notice to the other party.

 

ARTICLE
6

CONFIDENTIALITY

 

		6.1	Proprietary Information. The parties agree that all proprietary information that either party may
receive from the other party in the performance of this Agreement is the sole property of the disclosing party. The party receiving such
information agrees to keep the information strictly confidential. Anthem specifically acknowledges and agrees that the PreTRM® test
is proprietary to Company, and nothing in this Agreement construes any title, license, interest, or any other right to Anthem in or relating
to the PreTRM® test. For the avoidance of doubt, the foregoing shall not be applicable to the results of the PreTRM® tests, which
shall be jointly owned by the applicable Member and Anthem. Company specifically acknowledges and agrees that Anthem's Provider Agreements,
Anthem's care management program and Anthem's Policies and Procedures are proprietary to Anthem, and nothing in this Agreement construes
any title, license, interest, or any other right to Company in or relating to such. Furthermore, nothing in this Agreement confers any
title, license, interest or any other right in or to a Member's personally identifiable information (“PII”) or personal
health information (“PHI”) to Company.

 

		6.2	Confidentiality of Personally Identifiable Information. Company and Anthem agree that all PII and
PHI related to Members is privileged and confidential. To the extent as necessary for the purposes of fulfilling the obligations set forth
in this agreement provided by law, rule, or regulation, the parties agree to keep confidential and not to disclose such information to
any third party without the prior consent of the Member.

 

		6.3	Transfer of Medical Records. At the direction of Anthem, to the extent permitted by law, rule,
and regulation, Company shall share a Member's medical records with other health care providers treating the Member in a timely manner
at no cost to Anthem, the Member, or other health care provider.

 

		6.4	Survival. This Article 6 survives the termination of this Agreement.

 

     

     

    

 

ARTICLE
7

INSURANCE

 

		7.1	Anthem Insurance. Anthem shall self-insure or maintain insurance coverage or comprehensive general
liability and other insurances necessary and customary to insure Anthem, its agents, servants, and employees, acting within the scope
of their duties, against any claim(s) for damages arising in connection with the performance or non-performance of this Agreement by Anthem,
its agents, servants, or employees.

 

		7.2	Company Insurance. Company shall self-insure or maintain general and professional liability insurance
including coverage for product liability in the amount of $[***] per occurrence and $[***] annual aggregate or such higher coverage as
may be required by law. Evidence of such coverage shall be provided to Anthem upon its prior written request. Company shall notify Anthem
no less than 10 days in advance of such policy being reduced, terminated, cancelled, or the occurrence of a lapse in coverage. Company
shall maintain such insurance for the duration of this Agreement, and thereafter, as necessary to maintain coverage for events occurring
during the term of this Agreement.

 

ARTICLE
8

INDEMNIFICATION

 

		8.1	Indemnification by Anthem. Anthem agrees to indemnify Company and to hold Company harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Anthem's fraud,
willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of it, its
agents, employees, or representatives under this Agreement.

 

		8.2	Indemnification by Company. Company agrees to indemnify Anthem and to hold Anthem harmless against
any third-party claim, action, liability, damage, and loss, including reasonable attorneys' fees and costs which arise from Company's
fraud, willful misconduct, or grossly negligent performance or failure to perform duties or obligations which are the responsibility of
it, its agents, employees, or representatives under this Agreement.

 

ARTICLE
9

RECORD ACCESS

 

		9.1	Utilization Review. Company will make the Member's medical records and other PII and PHI available
to Anthem for all lawful purposes. Company will also make such records available to federal or state authorities as required by applicable
law, rule, or regulation.

 

		9.2	Books and Records. Anthem shall have the right to access the books and records of Company other
than those set forth in Section 9.1 upon no less than 30 days' prior written notice to Company. Anthem shall have the right to
inspect such books and records during normal business hours and with minimum disruption to Company's business operations. Such inspection
shall not occur more frequently than once per calendar year unless otherwise required as a result of regulatory requirements or under
applicable law. Any expenses out of the ordinary course incurred by Company in such audit shall be reimbursed by Anthem. If requested
by Company, Anthem shall give Company a summary of all findings of such audit, including any underpayments identified by the audit, within
30 days of the completion of such audit.

 

     

     

    

 

		9.3	Retention of Records. Company shall maintain medical records for a period of (a) six years from
the applicable date of service, (b) in the case, of a minor, for three years after the minor achieves the age of majority or six years
from the applicable date of service, whichever is later, or (c) such longer period as required by applicable law, rule, or regulation.
This provision will survive the termination of this Agreement.

 

ARTICLE
10

TERM AND TERMINATION

 

		10.1	Term. The initial term of this Agreement shall commence on the Effective Date and, unless earlier
terminated pursuant to Section 10.2, remain in effect until the later of (a) the third anniversary of the Effective Date or (b)
the date on which Anthem has consumed [***] of the PreTRM® tests.

 

		10.2	Termination.

 

		1.	This Agreement may be terminated at any time by the mutual written consent of Anthem and Company.

 

		2.	Termination for Cause. This Agreement may be terminated for cause as follows:

 

		(a)	If either party fails to comply with or perform when due any material term or condition of this Agreement,
the other party shall notify the defaulting arty of the default in writing, and the defaulting party will have [***] days from the date
of such notice to cure the default. If the default is not cured to the reasonable satisfaction of the non-defaulting party within such
period, the non-defaulting party may terminate this Agreement at the conclusion of the cure period.

 

		(b)	Upon notice b Anthem to Company with no further obligations of either party: [***].

 

		(c)	[***], Company shall notify Anthem of such in reasonable detail in writing, and Anthem will have 60 days
from the date of receipt of such notice to cure such impact. If the impact is not cured to the reasonable satisfaction of Company within
such period, the Company may terminate this Agreement at the conclusion of the cure period.

 

		10.3	Continuation of Care. Unless otherwise set forth in this Agreement or required by applicable law
or regulation, Company shall, upon termination of this Agreement (for any reason other than those set forth in Section 10.2.3(b)),
continue to provide Testing Services to any Member who has, as of the date of termination, provided a specimen for a PreTRM® test.
Company shall be reimbursed for such Testing Services pursuant to the terms and conditions of this Agreement.

 

     

     

    

 

ARTICLE
11

DISPUTE RESOLUTION

 

		11.1	Dispute Resolution. If any dispute arises out of or relates to this Agreement, the aggrieved party
shall provide notice to the other party of such dispute. Company and Anthem shall meet to attempt to resolve the dispute. Any dispute
shall first be submitted to (a) the JOC for resolution and then (b) the process under Section 5.3 of this Agreement prior to submission
to binding arbitration pursuant to this Section 11.1. If such efforts are unsuccessful, either party may commence arbitration by
filing an arbitration demand with the American Arbitration Association (“AAA”) within 30 days of the date of the notice
of dispute. The dispute will be resolved through binding arbitration as set forth in this Article 11 in New York, New York, or another
location as mutually agreed to by the parties.

 

		11.2	Arbitration. The arbitrator's ruling on any dispute that is brought to arbitration shall be final
and binding on the parties. The Commercial Rules relating to Payor-Provider Disputes issued by AAA will apply to any arbitration between
the parties. The cost of any arbitration will be equally borne by the parties unless the arbitrator(s) specifically instruct otherwise.
The result of any arbitration may be entered into and enforced by a court of competent jurisdiction.

 

		11.3	Survival. This Article 11 survives the termination of this Agreement.

 

ARTICLE
12

MISCELLANEOUS

 

		12.1	Amendment. This Agreement may be amended only by a written instrument duly executed by the parties
hereto. Notwithstanding the foregoing, Anthem may reasonably amend this Agreement to comply with an applicable law, rule, or regulation.
If the amendment would impose a material adverse impact on Company, then Company may terminate this Agreement on sixty (60) days' prior
written notice to Anthem by sending a termination notice within thirty (30) days after receipt of the amendment.

 

		12.2	Assignment. Neither party may assign or delegate this Agreement or any part thereof (except as
otherwise expressly set forth herein) without the prior written consent of the other party.

 

		12.3	Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns.

 

		12.4	Notice. Any notice required or permitted under this Agreement must be made in writing and delivered
to the address(es) set forth below (a) by hand, (b) via nationally-recognized overnight courier with proof of delivery, (c) via certified
mail, return receipt requested, or (d) via email with delivery and read receipts requested. Notice will be deemed delivered as of the
date of verified delivery. Each party may update its address(es) for notice set forth below by providing notice to the other party of
the new address.

 

     

     

    

 

	if
    to Anthem:	1155
    Elm Street 
	 	Manchester,
    NH 03101 
	 	Attn:
    Paul Eisenstat, VP Networks 
	 	 
	if
    to Company:	2749
    E Parleys Way, Suite 200 
	 	Salt
    Lake City, UT 84109 
	 	Attn:
    Jay Moyes, Chief Financial Officer 

 

		12.5	Relationship of the Parties. For the purposes of this Agreement, Anthem and Company are, and will
act at all times, as independent contractors. None of the provisions of this Agreement is intended to create, nor will be deemed or construed
to create, any relationship other than that of independent entities contracting with each other for the purposes of effectuating this
Agreement. The provisions of this Agreement will not be deemed to establish or be deemed or construed to establish any partnership, agency,
employment, agreement, or joint venture between the parties. Neither of the parties, nor any of their respective officers, directors,
employees, authorized agents, or representatives shall be construed to be the agent, employee, or representative of the other.

 

		12.6	Survival. Provisions of this Agreement which, either explicitly or implicitly, apply to a party
following the termination of this Agreement will survive such termination for all purposes.

 

		12.7	Severability. If any term or provision of this Agreement shall be found to be illegal, invalid
or unenforceable under applicable law, then, notwithstanding such illegality, invalidity or unenforceability, this Agreement shall remain
in full force and effect and the illegal, invalid or unenforceable term or provision shall be deemed to be deleted.

 

		12.8	Governing Law. This Agreement shall be governed in all respects by the laws of the State of New
York without giving effect to the principles of conflicts of law thereof.

 

		12.9	Section Headings. Section headings contained in this Agreement are inserted for convenience of
reference only, will not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction, or scope of any of the provisions hereof.

 

		12.10	No Third-Party Beneficiaries. It is the explicit intention of the parties hereto that no person
or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against
either party hereto, and that the covenants, undertakings, and agreements set forth in this Agreement shall be solely for the benefit
of, and shall be enforceable only by, the parties hereto and their respective successors and assigns as permitted hereunder.

 

		12.11	Force Majeure. Each party shall use all commercially reasonable efforts to perform its obligations
under this Agreement but shall be excused for failure to perform or for delay in performance hereunder due to unforeseeable circumstances
beyond its reasonable control, or which could not have been prevented by it, including, but not limited to, floods, hurricanes, earthquakes,
acts of war or terrorism, civil unrest, or embargoes.

 

     

     

    

 

		12.12	No waiver. No waiver hereunder will be binding unless set forth in writing and duly executed by
the party against whom enforcement of the waiver is sought. Neither the waiver by either of the parties hereto or a breach of, or a default
under any of the provisions of this Agreement, nor the failure of either party, on one or more occasions, to enforce any of the provisions
of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or
default of a similar nature, or as a waiver of any of such provisions, rights, or privileges hereunder.

 

		12.13	Compliance with Law. Each party represents and warrants to the other party that it is in material
compliance with all applicable laws, rules, and regulations as respects its performance hereunder, and covenants that, for the duration
of this Agreement, such party will remain in material compliance with all applicable laws, rules, and regulations as respects its performance
hereunder.

 

		12.14	Cumulative Remedies. The remedies provided herein are cumulative and do not preclude one party
from asserting any other rights or seeking any other remedies against the other party, or its successors or permitted assigns, pursuant
to this Agreement or as provided by applicable law. Nothing contained herein precludes a party from seeking equitable relief, where appropriate.

 

		12.15	Execution. This Agreement may be executed in one or more counterparts, each of which is to be deemed
an original, and all of which, when taken together, are to be deemed one and the same instrument. Signatures to this Agreement may be
made and/or transmitted electronically, and each such signature is to be deemed an original signature for all purposes.

 

		12.16	Entire Agreement. Except as expressly set forth herein, this Agreement, together with all exhibits
and appendices hereto, constitute the entire agreement between the parties hereto with respect to the subject matter contained herein
and supersedes all prior oral or written agreements, representations, statements, negotiations, understandings, and undertakings with
respect to the matters provided for herein.

 

		12.17	BCBSA Affiliation. Company hereby expressly acknowledges its understanding that this Agreement
constitutes a contract between Company and Anthem, that Anthem is an independent entity operating under a license from the Blue Cross
Blue Shield Association, an Association of independent Blue Cross and Blue Shield plans (the “Association”), permitting
Anthem to use the Blue Cross and Blue Shield Service Marks, and that Anthem is not contracting as the agent of the Association. Company
acknowledges that it has no license to use the Blue Cross and/or Blue Shield names, symbols, or derivative marks (the “Brands”)
and nothing in this Agreement is to be deemed to grant a license to Company to use the Brands. Any references to the Brands made by Company
in its own materials are subject to the review and approval by Anthem pursuant to the terms of this Agreement. Company further acknowledges
and agrees that it has not entered into this Agreement based upon representations by any person other than Anthem, and that no person,
entity, or organization other than Anthem will be held accountable or liable to Company for any of Anthem's obligations to Company created
under this Agreement. This section does not create any additional obligations whatsoever on the part of Anthem other than those obligations
otherwise created under this Agreement.

 

     

     

    

 

		12.18	Publicity. Anthem and Company shall mutually agree on any press releases, communications, media
outreach, or similar public statements made by either party in regards to the existence and terms of this Agreement. Neither party shall
make any such public statement regarding this Agreement prior to the mutual agreement of the parties.

 

[Signatures appear on the following page]

 

 

     

     

    

 

The parties have executed
this Commercial Collaboration Agreement as of the date set forth below.

 

	ANTHEM,
    INC.	 	SERA
    PROGNOSTICS, INC.
	 	 	 
	By:	/s/
    Paul Marchetti	 	By:	/s/
    Gregory C. Critchfield
	Name:
     Paul Marchetti	 	Name:
     Gregory C. Critchfield
	Title:
     SVP Health Care Management	 	Title:
     Chief Executive Officer
	Date:
     February 17, 2021	 	Date:
     February 17, 2021

 

     

     

    

 

Exhibit A

 

PER TEST RATES AND NUMBER OF TESTS

 

		1.	Rates: Anthem shall pay Company an amount per PRETRM® test control to a Member equal to [***].

 

		2.	Guaranteed Tests per Year: Anthem shall purchase a minimum of [***] PreTRM® tests during the
term of this Agreement. The annual amounts are as follows:

 

		a.	Year 1 - [***] tests

 

		b.	Year 2 - [***] tests

 

		c.	Year 3 - [***] tests

 

In the event that Anthem purchases fewer
than the foregoing amount in either Year 1 or Year 2, the difference between the amount actually ordered and the guaranteed number of
tests will carry-over to the following year. For example, if Anthem orders only [***] tests in Year 1, then the guaranteed number of tests
for Year 2 will be [***].

 

		3.	Affiliates and BCBS Licensees. Any purchases made on behalf of, or distributed to, Anthem's Affiliates
or any other BCBS Licensee or one of their respective Affiliates will be credited against the guaranteed payment terms of Section 4.2
of the Agreement and guaranteed test volumes in Section 2 of this Exhibit A.

 

     

     

    

 

EXHIBIT B

 

[***]

 

     

     

    

 

EXHIBIT C

 

[***]

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