Document:

Unassociated Document

INVESTMENT
MANAGEMENT TRUST AGREEMENT

This
Agreement is made as of ___________, 2005 by and between HEALTHCARE ACQUISITION
CORP. (the "Company") and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY (the "Trustee").

WHEREAS, the
Company's Registration Statement on Form S-1, File No. 333-124712 (the
"Registration
Statement"), for
its initial public offering of securities (the "IPO") has
been declared effective as of the date hereof by the Securities and Exchange
Commission (the "Effective
Date");
and

WHEREAS, Maxim
Group LLC ("Maxim") is
acting as the representative of the underwriters in the IPO; and

WHEREAS, as
described in the Company's Registration Statement, and in accordance with the
Company's Certificate of Incorporation, $42,960,000 of the gross proceeds of the
IPO ($49,404,000 if the underwriters over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a trust account for
the benefit of the Company and the holders of the Company's common stock, par
value $.0001 per share, issued in the IPO as hereinafter provided and in the
event the Units are registered in Colorado, pursuant to Section 11-51-302(6) of
the Colorado Securities Act. A copy of the Colorado Statute is attached hereto
and made a part hereof (the amount to be delivered to the Trustee will be
referred to herein as the "Property"; the
stockholders for whose benefit the Trustee shall hold the Property will be
referred to as the "Public
Stockholders," and
the Public Stockholders and the Company will be referred to together as the
"Beneficiaries");
and

WHEREAS, the
Company and the Trustee desire to enter into this Agreement to set forth the
terms and conditions pursuant to which the Trustee shall hold the
Property;

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

 

1.    Agreements
and Covenants of Trustee. The
Trustee hereby agrees and covenants to:

(a)    Hold the
Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute
with respect to Public Stockholders in Colorado, in a segregated trust account
("Trust
Account")
established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the
Trustee;

(b)    Manage,
supervise and administer the Trust Account subject to the terms and conditions
set forth herein;

(c)    In a
timely manner, upon the instruction of the Company, to invest and reinvest the
Property in any "Government
Security." As
used herein, Government Security means any Treasury Bill issued by the United
States, having a maturity of one hundred and eighty days or less;

(d)    Collect
and receive, when due, all principal and income arising from the Property, which
shall become part of the "Property," as
such term is used herein;

 

(e)    Promptly
notify the Company of all communications received by it with respect to any
Property requiring action by the Company;

(f)    Supply
any necessary information or documents as may be requested by the Company in
connection with the Company's preparation of the tax returns for the Trust
Account;

(g)    Participate
in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Company to do
so;

(h)    Render to
the Company and to Maxim, and to such other person as the Company may instruct,
monthly written statements of the activities of and amounts in the Trust Account
reflecting all receipts and disbursements of the Trust Account; and

 

(i)    Commence
liquidation of the Trust Account only after receipt of and only in accordance
with the terms of a letter ("Termination
Letter"), in a
form substantially similar to that attached hereto as either Exhibit
A or
Exhibit
B, signed
on behalf of the Company by its Chief Executive Officer or President and
Secretary, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter and the
other documents referred to therein. The Trustee understands and agrees that
disbursements from the Trust Account shall be made only pursuant to a duly
executed Termination Letter, together with the other documents referenced
herein. In all cases, the Trustee shall provide Maxim with a copy of any
Termination Letters and/or any other correspondence that it receives with
respect to any proposed withdrawal from the Trust Account promptly after it
receives same.

2.    Agreements
and Covenants of the Company. The
Company hereby agrees and covenants to:

(a)    Give all
instructions to the Trustee hereunder in writing, signed by the Company's Chief
Executive Officer or President. In addition, except with respect to its duties
under paragraph 1(i) above, the Trustee shall be entitled to rely on, and shall
be protected in relying on, any verbal or telephonic advice or instruction which
it in good faith believes to be given by any one of the persons authorized above
to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

(b)    Hold the
Trustee harmless and indemnify the Trustee from and against, any and all
expenses, including reasonable counsel fees and disbursements, or loss suffered
by the Trustee in connection with any action, suit or other proceeding brought
against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment
of the Property, except for expenses and losses resulting from the Trustee's
gross negligence or willful misconduct. Promptly after the receipt by the
Trustee of notice of demand or claim or the commencement of any action, suit or
proceeding, pursuant to which the Trustee intends to seek indemnification under
this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the "Indemnified
Claim"). The
Trustee shall have the right to conduct and manage the defense against such
Indemnified Claim, provided, that
the Trustee shall obtain the consent of the Company with respect to the
selection of counsel, which consent shall not be unreasonably withheld. The
Trustee may not agree to settle any Indemnified Claim without the prior written
consent of the Company. The Company may participate in such action with its own
counsel; and

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(c)    Pay the
Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it
being expressly understood that the Property shall not be used to pay such fee).
The Company shall pay the Trustee the initial acceptance fee and first year's
fee at the consummation of the IPO and thereafter on the anniversary of the
Effective Date. The Trustee shall refund to the Company the fee (on a pro rata
basis) with respect to any period after the liquidation of the Trust Fund. The
Company shall not be responsible for any other fees or charges of the Trustee
except as may be provided in paragraph 2(b) hereof (it being expressly
understood that the Property shall not be used to make any payments to the
Trustee under such paragraph).

3.    Limitations
of Liability. The
Trustee shall have no responsibility or liability to:

(a)    Take any
action with respect to the Property, other than as directed in paragraph 1
hereof and the Trustee shall have no liability to any party except for liability
arising out of its own gross negligence or willful misconduct;

(b)    Institute
any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any
of the Property unless and until it shall have received instructions from the
Company given as provided herein to do so and the Company shall have advanced or
guaranteed to it funds sufficient to pay any expenses incident
thereto;

(c)    Change
the investment of any Property, other than in compliance with paragraph
1(c);

(d)    Refund
any depreciation in principal of any Property;

(e)    Assume
that the authority of any person designated by the Company to give instructions
hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such
authority to the Trustee;

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(f)    The other
parties hereto or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the exercise
of its own best judgment, except for its gross negligence or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Trustee), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of
its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Trustee, in good faith, to be
genuine and to be signed or presented by the proper person or persons. The
Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee signed by the proper
party or parties and, if the duties or rights of the Trustee are affected,
unless it shall give its prior written consent
thereto;

(g)    Verify
the correctness of the information set forth in the Registration Statement or to
confirm or assure that any acquisition made by the Company or any other action
taken by it is as contemplated by the Registration Statement; and

(h)    Pay any
taxes on behalf of the Trust Account (it being expressly understood that the
Property shall not be used to pay any such taxes and that such taxes, if any,
shall be paid by the Company from funds not held in the Trust
Account).

4.    Termination. This
Agreement shall terminate as follows:

(a)    If the
Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor
trustee, during
which time the Trustee shall continue to act in accordance with this
Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been
appointed by the Company and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the
successor trustee, including but not limited to the transfer of copies of the
reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided,
however, that,
in the event that the Company does not locate a successor trustee within ninety
days of receipt of the resignation notice from the Trustee, the Trustee may
submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such

deposit,
the Trustee shall be immune from any liability whatsoever;

(b)    At such
time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of paragraph 1(i) hereof, and distributed the
Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Paragraph 2(b); or

(c)    On such
date after _________, 2006, when the Trustee deposits the Property with the
United States District Court for the Southern District of New York in the event
that, prior to such date, the Trustee has not received a Termination Letter from
the Company pursuant to paragraph 1(i).

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5.   Miscellaneous.

(a)    The
Company and the Trustee each acknowledge that the Trustee will follow the
security procedures set forth below with respect to funds transferred from the
Trust Account. Upon receipt of written instructions, the Trustee will confirm
such instructions with an Authorized Individual at an Authorized Telephone
Number listed on the attached Exhibit
C. The
Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must
notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee will rely upon
account numbers or other identifying numbers of a beneficiary, beneficiary's
bank or intermediary bank, rather than names. The Trustee shall not be liable
for any loss, liability or expense resulting from any error in an account number
or other identifying number, provided it has
accurately transmitted the numbers provided.

(b)    This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws. It may
be executed in several counterparts, each one of which may be delivered by
facsimile transmission and each of which shall constitute an original, and
together shall constitute but one instrument.

 

(c)    This
Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. This Agreement or any provision
hereof may only be changed, amended or modified by a writing signed by each of
the parties hereto; provided, however, that no such change, amendment or
modification may be made without the prior written consent of Maxim, who, along
with the other underwriters of the IPO, the parties specifically agree, are and
shall be a third-party beneficiary for purposes of this Agreement. As to any
claim, cross-claim or counterclaim in any way relating to this Agreement, each
party waives the right to trial by jury.

 

(d)    The
parties hereto consent to the jurisdiction and venue of any state or federal
court located in the State and County of New York for purposes of resolving any
disputes hereunder. The parties hereto irrevocably submit to such jurisdiction,
which jurisdiction shall be exclusive. The parties hereto hereby waive any
objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.

(e)    Any notice, consent or
request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand
delivery or by facsimile transmission:

if to the
Trustee, to:

Continental
Stock Transfer

&
Trust Company

17
Battery Place

New York,
New York 10004

Attn:
Steven G. Nelson

Fax No.:
(212) 509-5150

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if to the
Company, to:

Healthcare
Acquisition Corp.

2116
Financial Center

666
Walnut Street

Des
Moines, Iowa 50309

Attn:

Fax
No.:

in either
case with a copy to:

Maxim
Group LLC

405
Lexington Avenue

New York,
New York 10174

Attn:
Clifford Teller

Fax No.:
(212) 895-3500

(f)    This
Agreement may not be assigned by the Trustee without the prior consent of the
Company.

(g)    Each of
the Trustee and the Company hereby represents that it has the full right and
power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder. The Trustee acknowledges
and agrees that it shall not make any claims or proceed against the Trust
Account, including by way of set-off, and shall not be entitled to any funds in
the Trust Account under any circumstance.

 

(h)   Each of
the Company and the Trustee hereby acknowledge that Maxim is a third party
beneficiary of this Agreement.

[Remainder
of Page Intentionally Left Blank]

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

 

	 	 	 
	 	CONTINENTAL STOCK
      TRANSFER & TRUST COMPANY,
      as Trustee
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

 

	 	 	 
	 	HEALTHCARE ACQUISITION
      CORP.
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

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-

 

EXHIBIT
A

[LETTERHEAD
OF COMPANY]

[INSERT
DATE]

Continental
Stock Transfer

  
& Trust Company

17
Battery Place

New York,
New York 10004

Attn:
Steven Nelson

Re:   Trust Account No.
_______________ Termination Letter

Gentlemen:

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between
Healthcare Acquisition Corp. ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated
as of ________, 2005 ("Trust
Agreement"), this
is to advise you that the Company has entered into an agreement ("Business
Agreement") with
__________________ ("Target
Business") to
consummate a business combination with Target Business (a "Business
Combination") on or
about [INSERT DATE]. The Company shall notify you at least 48 hours in advance
of the actual date of the consummation of the Business Combination
("Consummation
Date").

In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct
on the Consummation Date.

On the
Consummation Date (i) counsel for the Company shall deliver to you written
notification that (a) the Business Combination has been consummated and (b) the
provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Securities
Act have been met, and (ii) the Company shall deliver to you written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction
Letter"). You
are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the counsel's letter and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in
the Trust Account and distributed after the Consummation Date to the Company.
Upon the distribution of all the funds in the Trust Account pursuant to the
terms hereof, the Trust Agreement shall be terminated.

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In the
event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the
original Consummation Date of a new Consummation Date, then the funds held in
the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the
notice.

	 	 	 
	 	Very truly yours,
	 	 
	 	HEALTHCARE ACQUISITION
      CORP.
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

	 	 	 
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

cc: Maxim
Group LLC

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EXHIBIT
B

[LETTERHEAD
OF COMPANY]

[INSERT
DATE]

Continental
Stock Transfer

  
& Trust Company

17
Battery Place

New York,
New York 10004

Attn:

Re:   Trust Account No.
_______________ Termination Letter

Gentlemen:

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between
Healthcare Acquisition Corp. ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated
as of __________, 2005 ("Trust
Agreement"), this
is to advise you that the Board of Directors of the Company has voted to
dissolve and liquidate the Trust Account. Attached hereto is a copy of the
minutes of the meeting of the Board of Directors of the Company relating
thereto, certified by the Secretary of the Company as true and correct and in
full force and effect.

In
accordance with the terms of the Trust Agreement, we hereby (a) certify to you
that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
Securities Act have been met and (b) authorize you, to commence liquidation of
the Trust Account. You will notify the Company and JPMorgan Chase NY Bank
("Designated
Paying Agent") in
writing as to when all of the funds in the Trust Account will be available for
immediate transfer ("Transfer
Date"). The
Designated Paying Agent shall thereafter notify you as to the account or
accounts of the Designated Paying Agent that the funds in the Trust Account
should be transferred to on the Transfer Date so that the Designated Paying
Agent may commence distribution of such funds in accordance with the Company's
instructions. You shall have no obligation to oversee the Designated Paying
Agent's distribution of the funds. Upon the payment to the Designated Paying
Agent of all the funds in the Trust Account, the Trust Agreement shall be
terminated.

 

[Remainder
of Page Intentionally Left Blank]

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-

 

	 	 	 
	 	Very truly yours, 
	 	 
	 	HEALTHCARE ACQUISITION CORP.
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

	 	 	 
	 
 	 
 	 
 
		By:  	
	 	
      

      Name:
	 	Title:

 

cc: Maxim
Group LLC

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EXHIBIT
C

	AUTHORIZED INDIVIDUAL(S) 	AUTHORIZED 
	FOR TELEPHONE CALL BACK 	TELEPHONE
NUMBER(S) 

 

COMPANY:

Healthcare
Acquisition Corp.

___________________

___________________

Attn:
    

TRUSTEE:

Continental
Stock Transfer

  
& Trust Company

17
Battery Place

New York,
New York 10004

	Attn: Steven G. Nelson,
    Chairman 	(212) 845-3200 

 

 

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-Unassociated Document

STOCK
ESCROW AGREEMENT

STOCK
ESCROW AGREEMENT, dated as of __________, 2005 (the "Agreement"), by
and among HEALTHCARE ACQUISITION CORP., a Delaware corporation (the
"Company"), JOHN
PAPPAJOHN, DERACE L. SCHAFFER, M.D. AND MATTHEW P. KINLEY (collectively the
"Initial
Stockholders") and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the
"Escrow
Agent").

WHEREAS, the
Company has entered into an Underwriting Agreement, dated __________, 2005 (the
"Underwriting
Agreement"), with
Maxim Group LLC ("Maxim") acting
as representative of the several underwriters (collectively, the "Underwriters"),
pursuant to which, among other matters, the Underwriters have agreed to purchase
6,000,000 units (the "Units") of the
Company. Each Unit consists of one share of the Company's Common Stock, par
value $.0001 per share, and one Warrant, each Warrant to purchase one share of
Common Stock, all as more fully described in the Company's final Prospectus,
dated ___________, 2005 (the "Prospectus")
comprising part of the Company's Registration Statement on Form S-1 (File No.
333-124712) under the Securities Act of 1933, as amended (the "Registration
Statement"),
declared effective on _________, 2005 (the "Effective
Date").

WHEREAS, the
Initial Stockholders have agreed as a condition of the sale of the Units to
deposit their shares of Common Stock of the Company, as set forth opposite their
respective names in Exhibit A attached hereto (collectively the "Escrow
Shares"), in
escrow as hereinafter provided.

WHEREAS, the
Company and the Initial Stockholders desire that the Escrow Agent accept the
Escrow Shares, in escrow, to be held and disbursed as hereinafter
provided.

IT
IS AGREED:

1.    Appointment
of Escrow Agent. The
Company and the Initial Stockholders hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Agreement and the Escrow Agent
hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

2.    Deposit
of Escrow Shares. On or
before the Effective Date, each of the Initial Stockholders shall deliver to the
Escrow Agent certificates representing his respective Escrow Shares, to be held
and disbursed subject to the terms and conditions of this Agreement. Each
Initial Stockholder acknowledges that the certificate representing his Escrow
Shares is legended to reflect the deposit of such Escrow Shares under this
Agreement.

3.    Disbursement
of the Escrow Shares. The
Escrow Agent shall hold the Escrow Shares until the third anniversary of the
Effective Date (the "Escrow
Period"), on
which date it shall, upon written instructions from each Initial Stockholder,
disburse each of the Initial Stockholder's Escrow Shares to such Initial
Stockholder; provided,
however, that if
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that
the Company is being liquidated at any time during the Escrow Period, then the
Escrow Agent shall promptly destroy the certificates representing the Escrow
Shares and; provided
further, that
if, after the Company consummates a Business Combination (as such term is
defined in the Registration Statement), it (or the surviving entity)
subsequently consummates a liquidation, merger, stock exchange or other similar
transaction which results in all of the stockholders of such entity having the
right to exchange their shares of Common Stock for cash, securities or other
property, then the Escrow Agent will, upon receipt of a certificate, executed by
the Chief Executive Officer or Chief Financial Officer of the Company, in form
reasonably acceptable to the Escrow Agent, that such transaction is then being
consummated, release the Escrow Shares to the Initial Stockholders upon
consummation of the transaction so that they can similarly participate. The
Escrow Agent shall have no further duties hereunder after the disbursement or
destruction of the Escrow Shares in accordance with this Section 3.

4.    Rights
of Initial Stockholders in Escrow Shares.

4.1    Voting
Rights as a Stockholder. Subject
to the terms of the Insider Letter described in Section 4.4 hereof and except as
herein provided, the Initial Stockholders shall retain all of their rights as
stockholders of the Company during the Escrow Period, including, without
limitation, the right to vote such shares.

4.2    Dividends
and Other Distributions in Respect of the Escrow Shares. During
the Escrow Period, all dividends payable in cash with respect to the Escrow
Shares shall be paid to the Initial Stockholders, but all dividends payable in
stock or other non-cash property (the "Non-Cash
Dividends") shall
be delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term "Escrow Shares" shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

4.3    Restrictions
on Transfer. During
the Escrow Period, no sale, transfer or other disposition may be made of any or
all of the Escrow Shares except (i) by gift to a member of Initial Stockholder's
immediate family or to a trust, the beneficiary of which is an Initial
Stockholder or a member of an Initial Stockholder's immediate family, (ii) by
virtue of the laws of descent and distribution upon death of any Initial
Stockholder, or (iii) pursuant to a qualified domestic relations order;
provided,
however, that
such permissive transfers may be implemented only upon the respective
transferee's written agreement to be bound by the terms and conditions of this
Agreement and of the Insider Letter signed by the Initial Stockholder
transferring the Escrow Shares. During the Escrow Period, the Initial
Stockholders shall not pledge or grant a security interest in the Escrow Shares
or grant a security interest in their rights under this Agreement.

4.4    Insider
Letters. Each of
the Initial Stockholders has executed a letter agreement with Maxim and the
Company, dated as indicated on Exhibit A hereto, and which is filed as an
exhibit to the Registration Statement (the "Insider
Letter"),
respecting the rights and obligations of such Initial Stockholder in certain
events, including but not limited to the liquidation of the
Company.

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5.   Concerning
the Escrow Agent.

 

5.1    Good
Faith Reliance. The
Escrow Agent shall not be liable for any action taken or omitted by it in good
faith and in the exercise of its own best judgment, and may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent),
statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to
the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent to be genuine and to be signed or presented by the
proper person or persons. The Escrow Agent shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper
party or parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall have given its prior written consent thereto.

5.2    Indemnification. The
Escrow Agent shall be indemnified and held harmless by the Company from and
against any expenses, including counsel fees and disbursements, or loss suffered
by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or
relates to this Agreement, the services of the Escrow Agent hereunder, or the
Escrow Shares held by it hereunder, other than expenses or losses arising from
the gross negligence or willful misconduct of the Escrow Agent. Promptly after
the receipt by the Escrow Agent of notice of any demand or claim or the
commencement of any action, suit or proceeding, the Escrow Agent shall notify
the other parties hereto in writing. In the event of the receipt of such notice,
the Escrow Agent, in its sole discretion, may commence an action in the nature
of interpleader in an appropriate court to determine ownership or disposition of
the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
appropriate court or it may retain the Escrow Shares pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties
hereto directing to whom and under what circumstances the Escrow Shares are to
be disbursed and delivered. The provisions of this Section 5.2 shall survive in
the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or
5.6 below.

5.3    Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for
all services rendered by it hereunder. The Escrow Agent shall also be entitled
to reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all
counsel, advisors' and agents' fees and disbursements and all taxes or other
governmental charges.

5.4    Further
Assurances. From
time to time on and after the date hereof, the Company and the Initial
Stockholders shall deliver or cause to be delivered to the Escrow Agent such
further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

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5.5    Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow
agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn over to a
successor escrow agent appointed by the Company, the Escrow Shares held
hereunder. If no new escrow agent is so appointed within the 60 day period
following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Shares with any court it reasonably deems appropriate.

5.6    Discharge
of Escrow Agent. The
Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the Company and a majority
of the Initial Stockholders, jointly, provided,
however, that
such resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

5.7    Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

6.   Miscellaneous.

6.1    Governing
Law. This
Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York.

6.2    Third
Party Beneficiaries. Each of
the Initial Stockholders hereby acknowledges that the Underwriters are third
party beneficiaries of this Agreement and this Agreement may not be modified or
changed without the prior written consent of Maxim.

6.3    Entire
Agreement. This
Agreement contains the entire agreement of the parties hereto with respect to
the subject matter hereof and, except as expressly provided herein, may not be
changed or modified except by an instrument in writing signed by the party to be
charged.

6.4    Headings. The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

6.5    Binding
Effect. This
Agreement shall be binding upon and inure to the benefit of the respective
parties hereto and their legal representatives, successors and
assigns.

6.6    Notices. Any
notice or other communication required or which may be given hereunder shall be
sufficiently given when so delivered if by hand or overnight delivery or if sent
by certified mail or private courier service within five days after deposit of
such notice, postage prepaid, or sent by facsimile transmission (with
confirmation of receipt), addressed as follows:

If to the
Company, to:

 

Healthcare
Acquisition Corp.

2116
Financial Center

666
Walnut Street

Des
Moines, Iowa 50309

Attn:

- 4
-

If to a
Stockholder, to his address set forth in Exhibit A.

and if to
the Escrow Agent, to:

Continental
Stock Transfer & Trust Company

17
Battery Place

New York,
New York 10004

Attn:
Chairman

A copy of
any notice sent hereunder shall be sent to:

 

Ellenoff
Grossman & Schole LLP

370
Lexington Avenue

New York,
New York 10017

Attn:
Stuart Neuhauser, Esq.

and:

Maxim
Group LLC

405
Lexington Avenue

New York,
New York 10174

Attn:
Clifford Teller, Managing Director

and:

Lowenstein
Sandler PC

65
Livingston Avenue

Roseland,
New Jersey 07068

Attn:
Steven Skolnick, Esq.

The
parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

   6.7    Liquidation
of Company. The
Company shall give the Escrow Agent written notification of the liquidation and
dissolution of the Company in the event that the Company fails to consummate a
Business Combination within the time period(s) specified in the
Prospectus.

- 5
-

 

WITNESS
the execution of this Agreement as of the date first above written.

	 	 	 
	 	HEALTHCARE ACQUISITION
      CORP.
	 
 	 
 	 
 
		By:  	
	 	
      

      Name: 
	 	Title: Chief Executive
      Officer

	 	 	 
	 	
      INITIAL
      STOCKHOLDERS:

	 
 	 
 	 
 
		  	
	 	
      

      John Pappajohn
	 	

 

	 	 	 
	 
 	 
 	 
 
		  	
	 	
      

      Derace L. Shaffer, M.D.
	 	

 

	 	 	 
	 
 	 
 	 
 
		 	
	 	
      

      Matthew P. Kinley
	 	

 

CONTINENTAL
STOCK TRANSFER &
TRUST COMPANY

By:

________________________

Name:

Title:

- 6
-

 

EXHIBIT
A

	
      Name
      and Address of
	
       
	
      Number
	
       
	
      Stock
	
       
	
      Date
      of

	
      Initial
      Stockholder
	
       
	
      of
      Shares
	
       
	
      Certificate
      Number
	
       
	
      Insider
      Letter

	 	 	 	 	 	 	 
	
      John
      Pappajohn
	
       
	
      600,000
	
       
	 	 	 
	
      [Address]
	
       
	 	 	 	 	 
	 	 	 	 	 	 	 
	
      Derace
      L. Schaffer, M.D
	
       
	
      600,000
	
       
	 	 	 
	
      [Address]
	
       
	 	 	 	 	 
	 	 	 	 	 	 	 
	
      Matthew
      P. Kinley
	
       
	
      300,000
	
       
	 	 	 
	
      [Address]
	
       
	 	 	 	 	 

- 7
-

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