EX-10.12





 Exhibit 10.12 

NON-QUALIFIED STOCK OPTION GRANT NOTICE 

UNDER THE VAXXINITY, INC. 

2021 STOCK OPTION AND GRANT PLAN 

Pursuant to the Vaxxinity, Inc. 2021 Stock Option and Grant Plan (the “Plan”), Vaxxinity, Inc., a Delaware corporation (together
with any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the
number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached Non-Qualified Stock Option Agreement (the “Agreement”) and the Plan. This Stock
Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

 

			
	Name of Optionee:	  	__________________ (the “Optionee”)
		
	No. of Shares:	  	__________ Shares of Common Stock
		
	Grant Date:	  	__________________
		
	Vesting Commencement Date:	  	__________________ (the “Vesting Commencement Date”)
		
	Expiration Date:	  	__________________ (the “Expiration Date”)
		
	Option Exercise Price/Share:	  	$_________________ (the “Option Exercise Price”)
		
	Vesting Schedule:	  	[25] percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time. Thereafter,
the remaining [75] percent of the Shares shall vest and become exercisable in [36] equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service Relationship with the
Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan.
	
	 Attachments: Non-Qualified Stock Option Agreement, 2021 Stock Option and Grant Plan














 NON-QUALIFIED STOCK OPTION AGREEMENT 

UNDER THE VAXXINITY, INC. 

2021 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1. Vesting, Exercisability and Termination. 

(a) No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b) Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate the vesting schedule
hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 
 (i) This Stock
Option shall initially be unvested and unexercisable. 
 (ii) This Stock Option shall vest and become exercisable in
accordance with the Vesting Schedule set forth in the Grant Notice. 
 (c) Termination. Except as may otherwise be provided by the
Committee, if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter
terminate subject, in each case, to Section 3(c) of the Plan): 
 (i) Termination Due to Death or Disability. If
the Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or
Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier;
provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall
terminate immediately and be null and void. 

  
 2 













 2. Exercise of Stock Option. 

(a) The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may deliver a Stock
Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is then exercisable. Such
notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section of the Plan, including
the requirement that the Committee specifically approve in advance certain payment methods. 
 (b) Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date. 
 3. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 

4. Transferability of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner
other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the
Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation
or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary
predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death. 

5. Restrictions on Transfer of Shares. The Shares acquired upon exercise of the Stock Option shall be subject to certain transfer
restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 
 6.
Miscellaneous Provisions. 
 (a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate
to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock Option or Shares
acquired pursuant thereto. 

  
 3 













 (c) Change and Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Texas, without regard to conflict of law principles that would result in the application of any
law other than the law of the State of Texas. 
 (e) Headings. The headings are intended only for convenience in finding the subject
matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 
 (f)
Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(g) Notices. All notices, requests, consents and other communications shall be in writing and be deemed given when delivered
personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures below, or to
such other address or addresses as may have been furnished by such party in writing to the other. 
 (h) Benefit and Binding Effect.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled
to all the rights of the Company hereunder to the extent of such assignment. 
 (i) Counterparts. For the convenience of the parties
and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j) Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and supersedes
all prior agreements and discussions between the parties concerning such subject matter. 
 7. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement, or the breach,
termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the
“J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court
having jurisdiction thereof. The place of arbitration shall be a mutually agreed upon location in Dallas, Texas. 

  
 4 













 (b) The arbitration shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding
immediate and irreparable harm. 
 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District
Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any
claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court
of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that
its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

  
 5 













 8. Waiver of Statutory Information Rights. The Optionee understands and agrees that,
but for the waiver made herein, the Optionee would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of its
stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the General Corporation Law of Delaware (any and all such
rights, and any and all such other rights of the Optionee as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Stock of the Company to the general public pursuant to a
registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Optionee hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be
exercised or pursued directly or indirectly pursuant to Section 220 or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim,
action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver shall not affect any rights of a director, in his or her capacity as such, under Section 220. The foregoing waiver shall not apply to
any contractual inspection rights of the Optionee under any other written agreement between the Optionee and the Company. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 6 













 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	VAXXINITY, INC.
		
	By:	 	 
		 	Name: Mei Mei Hu
		 	Title: President
	
	Address:
	 
	
	 
	
	 


 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 AND THE WAIVER OF STATUTORY INFORMATION RIGHTS SET FORTH IN SECTION 8 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

			
	OPTIONEE:
	
	 
	 Name:

	
	 Address:

	
	 
	
	 
	
	 



  
 7 














	
	[SPOUSE’S CONSENT1 
	I acknowledge that I have read the foregoing Non-Qualified Stock Option Agreement and understand the contents thereof.
	
	]
	

  

	1 	 A spouse’s consent is recommended only if the Optionee’s state of residence is one of the following
community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. 



  
 8 













 
			
	DESIGNATED BENEFICIARY:
	
	 
	
	Beneficiary’s Address:
	
	 
	
	 
	
	 



  
 9 













 Appendix A 

STOCK OPTION EXERCISE NOTICE 

VAXXINITY, INC. 
 Attention: [____________________] 

                          
                           

                          
                           

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Vaxxinity, Inc. (the “Company”)
dated __________ (the “Agreement”) under the Vaxxinity, Inc. 2021 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the
amount of $______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following form(s) of payment: 
  

					
		 	[     ]     1.	  	Cash
			
		 	[     ]     2.	  	Certified or bank check payable to Vaxxinity, Inc.
			
		 	[     ]     3.	  	Other (as referenced in the Agreement and described in the Plan (please describe))
			
		 		  	                                      
                                         
                                         
                                         
                                         
 .

 . 

In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company as follows: 

(i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to the distribution
thereof. 
 (ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is
necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time. 

(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective
registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares
will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 10 













 (vi) I have read and understand the Plan and acknowledge and agree that the
Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) I understand and agree that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) I understand and agree that the Company has certain repurchase rights with respect
to the Shares pursuant to Section 9(c) of the Plan. 
 (ix) I understand and agree that I may not sell or otherwise
transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

(x) I understand and agree to the waiver of statutory information rights as set forth in Section 8 of the Agreement. 

 

	
	Sincerely yours,
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 


  

			
		
	Date:	 	 



  
 11