SEC Contract Filing

Filing Date: 2022-10-28

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tm2229013d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-weight: bold; text-align: right; margin: 0">Exhibit 10.5</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2229013d1_ex10-5img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher Ianelli, MD, Ph.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Separation
Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Chris,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter sets forth the substance of the separation
agreement (the &ldquo;Agreement&rdquo;) which <FONT STYLE="background-color: white"><B>ISPECIMEN INC.</B></FONT> (the &ldquo;Company&rdquo;)
is offering to you to aid in your employment transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Separation.</B></FONT>
Your last day of work with the Company and your employment termination date will be <B>October&nbsp;24, 2022</B> (the &ldquo;Separation
Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall take steps to report your removal
as an officer and manager of the Company, or any related business entity, including removing references to you as an officer or manager
of the Company, on all applicable Company filings and registries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You shall remain a non-executive director of the
Company for so long as you remain elected to the Board. As a non-executive director of the Company, you shall be eligible for director
compensation, in accordance with the Company&rsquo;s by-laws and its Non-Employee Director Compensation Policy in effect as of October&nbsp;1,
2022 (as may be amended), in a form and amount that is no less than the director compensation afforded to other non-executive directors
of the Company, and treating you as an Eligible Director with an initial Election Date of October&nbsp;25, 2022 (with capitalized terms
defined in the aforementioned policy), subject further to the express understanding and agreement that you are not and will not be eligible
for the Initial Option Grant set forth in said policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Accrued
Salary.</FONT></B><FONT STYLE="font-size: 10pt"> On the Separation Date, the Company will pay you all accrued salary earned through the
Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not
you sign this Agreement. You acknowledge that the Company has adopted an unlimited paid time off policy, and that, as of your Separation
Date, you have no accrued paid time off that requires reimbursement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Severance
Benefits</FONT></B><FONT STYLE="font-size: 10pt">. You are eligible for severance pursuant to Section&nbsp;5(C)&nbsp;of your Employment
Agreement. If you execute, do not revoke, and return this Agreement within the timeframe specified herein (but no earlier than the Separation
Date) and comply fully with your obligations under this Agreement and Section&nbsp;5(C)&nbsp;of the Employment Agreement, the Company
will provide you with the following severance benefits, in full satisfaction of the obligations under the Employment Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Severance.</FONT></B><FONT STYLE="font-size: 10pt">
Pursuant to Section&nbsp;5(C)(i)&nbsp;of the Employment Agreement, the Company will pay you, as severance, the equivalent of <B>twelve
(12) months</B> of