Exhibit 10.8


 


[As amended and restated]


 


CVRx, INC.

2001 STOCK INCENTIVE PLAN


 


Section 1.    Purpose of the Plan.


 


This
Plan shall be known as the “CVRx, Inc. 2001 Stock Incentive Plan” and is hereinafter referred to as the “Plan.”
The purpose of this Plan is to promote the interests of the Company and its stockholders by aiding in maintaining and developing employees,
officers, consultants, independent contractors and non-employee directors capable of assuring the future success of CVRx, Inc., a Delaware
corporation (the “Company”), to offer such persons additional incentives to put forth maximum efforts for the success of the
business and to afford them an opportunity to acquire a proprietary interest in the Company through stock options and restricted stock
grants as provided herein. Options granted under this Plan may be either incentive stock options (“Incentive Stock Options”)
within the meaning of Section 422 of the United States Internal Revenue Code of 1986, as amended (the “Code”), or options
which do not qualify as Incentive Stock Options.


 


Section 2.    Stock Subject to the Plan.


 


(a)       Subject
to adjustment as provided in Section 11, the maximum number of shares granted as restricted stock and shares on which options may be exercised
under this Plan shall be 105,781,000 shares (the “Shares”) of the Company’s common stock, par value $.01 per share (the
 “Common Stock”), and the maximum number of Shares available for granting Incentive Stock Options under this Plan shall not
exceed 105,781,000, subject to adjustment as provided in Section 11 and subject to the provisions of Section 422 or 424 of the Code or
any successor provision. The Shares may be either authorized but unissued shares of Common Stock, or issued shares of Common Stock which
have been reacquired by the Company. If an option or restricted stock grant under this Plan expires or for any reason is terminated or
expires unexercised with respect to any Shares, such Shares shall again be available for options or restricted stock awards thereafter
granted during the term of this Plan.


 


Section 3.    Administration of Plan.


 


(a)       This
Plan shall be administered by the Board of Directors of the Company or a committee of three or more directors of the Company. The members
of such committee shall be appointed by and serve at the pleasure of the Board of Directors. Such committee shall consist of not less
than that number of directors that shall be required to permit options or restricted stock granted under this Plan to qualify under Rule
16b-3 (or any successor rule or regulation) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended, each of whom shall be a “Non-Employee Director” within the meaning of such Rule. If the Company is subject
to Section 162(m) of the Code, the Company expects to have this Plan administered in accordance with the requirements for the award of
 “qualified performance-based compensation” within the meaning of such Section and each member of such committee shall be an
 “outside director” within the meaning of such Section. If any such committee is established, the Board of Directors may, at
any time and from time to time, without any further action of such committee, exercise the powers and duties of such committee under this
Plan. The group administering this Plan at any time shall be referred to herein as the “Committee.”


 


(b)       The
Committee shall have plenary authority in its discretion, but subject to the express provisions of this Plan (i) to determine the persons
to whom and the time or times at which options or restricted stock shall be granted and the number of Shares to be subject to each option
or grant of restricted stock, (ii) to determine the purchase price of the Shares covered by each option, (iii) to determine the terms
and conditions of each option and grant of restricted stock, (iv) to accelerate the time at which all or any part of an option may be
exercised or at which all or any part of the restrictions with respect to restricted stock shall lapse, (v) to amend or modify the terms
of any option or restricted stock grant with the consent of the holder of the option or restricted stock, (vi) to interpret this Plan,
(vii) to prescribe, amend and rescind rules and regulations relating to this Plan, (viii) to determine the terms and provisions of each
option and restricted stock agreement with respect to options and restricted stock granted under this Plan (which agreements need not
be identical), including the designation of those options intended to be Incentive Stock Options, and (ix) to make all other determinations
necessary or advisable for the administration of this Plan, subject to the exclusive authority of the Board of Directors under Section
13 to amend or terminate this Plan. The Committee’s determinations on the foregoing matters, unless otherwise disapproved by the
Board of Directors of the Company, shall be final and conclusive.


 






     


     


    

 


(c)       The
Committee shall select one of its members as its Chair and shall hold its meetings at such times and places as it may determine. A majority
of its members shall constitute a quorum. All determinations of the Committee shall be made by not less than a majority of its members.
Any decision or determination that is set forth in a written document and signed by all of the members of the Committee shall be fully
effective as if it had been made by a majority vote at a meeting duly called and held. The Committee may appoint a Secretary and may make
such rules and regulations for the conduct of its business as it shall deem advisable.


 


Section 4.    Eligibility.


 


Incentive
Stock Options may only be granted under this Plan to any full or part-time employee (which term as used herein includes, but is not limited
to, officers and directors who are also employees) of the Company and of its present and future subsidiary corporations (herein called
 “subsidiaries”) that qualify as “subsidiary corporations” of the Company within the meaning of Section 424(f)
of the Code or any successor provision. Full and part-time employees of the Company and its subsidiaries, members of the Board of Directors
of the Company or one of its subsidiaries who are not also employees thereof, and consultants or independent contractors providing valuable
services to the Company or one of its subsidiaries who are not also employees thereof shall be eligible to receive options which do not
qualify as Incentive Stock Options and to receive grants of restricted stock. In determining the persons to whom options or restricted
stock grants shall be granted and the number of Shares subject to each option or grant, the Committee may take into account the nature
of services rendered by the respective persons, their present and potential contributions to the success of the Company and such other
factors as the Committee in its discretion shall deem relevant. A person who has been granted an option or restricted stock grant under
this Plan may be granted additional options or restricted stock grants under this Plan if the Committee shall so determine; provided,
however, that to the extent the aggregate fair market value (determined at the time the Incentive Stock Option is granted) of the Shares
with respect to which all Incentive Stock Options are exercisable for the first time by an employee during any calendar year (under all
plans described in Section 422 of the Code of his or her employer corporation and its parent and subsidiary corporations described in
Section 424(e) or 424(f) of the Code) exceeds $100,000, such options shall be treated as options which do not qualify as Incentive Stock
Options. Incentive Stock Options may only be granted under this Plan within ten years from the date on which this Plan was adopted by
the Board of Directors.


 


Section 5.    Restricted Stock Grants.


 


(a)       Each
restricted stock award made under this Plan shall be for such number of Shares as the Committee shall determine. Shares of restricted
stock shall be subject to such restrictions as the Committee may impose (including, without limitation, a waiver by the recipient of the
restricted stock of the right to vote or to receive any dividend or other right or property with respect thereto), which restrictions
may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate.
Each restricted stock award shall be set forth in an agreement setting forth the terms of such award.


 


(b)       Except
as otherwise determined by the Committee, upon termination of employment or other service (as determined under criteria established by
the Committee) during the applicable restriction period, all Shares of restricted stock at such time subject to restriction shall be forfeited
and reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the best interest of
the Company, waive in whole or in part any or all remaining restrictions with respect to Shares of restricted stock.


 


(c)       At
the time of a restricted stock award, a certificate representing the number of Shares awarded thereunder shall be registered in the name
of the grantee. The certificate shall be held by the Company or any custodian appointed by the Company for the account of the grantee
subject to the terms and conditions of this Plan, and shall bear an appropriate legend referring to the terms, conditions and restrictions
applicable to such restricted stock. The grantee shall not be entitled to delivery of the stock certificate until the expiration of the
restricted period and the fulfillment of any other restrictive conditions set forth in the restricted stock agreement with respect to
such Shares. Unless the Committee determines otherwise and the determination is set forth in the restricted stock award agreement, the
grantee shall have all rights of a stockholder with respect to the Shares, including the right to receive dividends and the right to
vote such Shares, subject to the provisions of this Plan, including those with respect to forfeiture of the Shares and restrictions on
the transfer or pledge of the Shares. Any Shares, any other securities of the Company and any other property (except for cash dividends)
distributed with respect to the Shares subject to restricted stock awards shall be subject to the same restrictions, terms and conditions
as such restricted Shares.


 






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(d)       At
the end of the restricted period and provided that any other restrictive conditions of the restricted stock award are met, or at such
earlier time as otherwise determined by the Committee, all restrictions set forth in the agreement relating to the restricted stock award
or in this Plan shall lapse as to the restricted Shares subject thereto. Upon payment by the grantee to the Company of any withholding
tax required to be paid, a stock certificate for the appropriate number of Shares, free of the restrictions and the restricted stock legend,
shall be delivered to the grantee or his or her beneficiary or estate, as the case may be.


 


(e)       Restricted
stock grants shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.


 


(f)       Within
30 days after a recipient is granted a restricted stock award, the Company, if the recipient so elects, will prepare and file, and the
recipient will sign, an effective election with the Internal Revenue Service under Section 83(b) of the Code relative to the Shares granted.


 


Section 6.    Option Grants.


 


(a)       Each
option grant made under this Plan shall be for such number of Shares as the Committee shall determine. Subject to the provisions of Section
9, the option price for all stock options granted under this Plan shall be determined by the Committee; provided, however, that the purchase
price per Share for an Incentive Stock Option shall be not less than 100% of the fair market value of a Share at the date of granting
of such option. For purposes of the preceding sentence and for all other valuation purposes under this Plan, the fair market value of
the Shares shall be as reasonably determined by the Committee. If on the date of grant of any option granted under this Plan, the Shares
are not publicly traded, the Committee shall make a good faith attempt to satisfy the option price requirement of this Section 6 and in
connection therewith shall take such action as it deems necessary or advisable. Each option grant shall be set forth in an agreement setting
forth the terms of such option.


 


(b)       Subject
to the provisions of Section 9, each option and all rights and obligations thereunder shall expire on the date determined by the Committee
and specified in the option agreement. The Committee shall be under no duty to provide terms of like duration for options granted under
this Plan, but the term of any stock option may not extend more than ten (10) years from the date of granting of such option.


 


(c)       Options
shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.


 


Section 7.    Option Exercise.


 


(a)       The
Committee shall have full and complete authority to determine whether the option will be exercisable in full at any time or from time
to time during the term of the option, or to provide for the exercise thereof in such installments, upon the occurrence of such events
and at such times during the term of the option as the Committee may determine.


 


(b)       The
exercise of any option granted hereunder shall only be effective at such time that the sale of Shares pursuant to such exercise will not
violate any applicable domestic or foreign securities or other laws.


 


(c)       An
optionee electing to exercise an option shall; give written notice to the Company of such election and of the number of Shares subject
to such exercise. The full purchase price of such Shares shall be tendered with such notice of exercise. Payment shall be made to the
Company either in cash (including check, bank draft or money order), or, at the discretion of the Committee, (i) by delivery of the optionee’s
promissory note, which shall provide for interest at a rate not less than the minimum rate required to avoid the imputation of income,
original issue discount or a below-market-rate loan pursuant to Sections 483, 1274 or 7872 of the Code or any successor provisions thereto,
(ii) by delivering certificates for shares of Common Stock already owned by the optionee having a fair market value equal to the full
purchase price of the Shares, provided that such shares of Common Stock shall either (A) have been held by the optionee for at least
six months if such shares were acquired by exercise of stock options under any of the Company’s plans or (B) shall have been acquired
in a purchase from a party other than the Company or an affiliate of the Company, or (iii) any combination of cash, promissory notes
and shares of Common Stock; provided, however, that an optionee shall not be entitled to tender shares of Common Stock pursuant to successive,
substantially simultaneous exercises of options granted under this or any other stock option plan of the Company. The fair market value
of such tendered shares of Common Stock shall be determined as provided in Section 6. Until such person has been issued a certificate
or certificates for the Shares subject to such exercise, he or she shall possess no rights as a stockholder with respect to such-Shares.


 






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Section 8.    Additional Restrictions.


 


All
Shares or other securities delivered under this Plan pursuant to any option or restricted stock grant or the exercise thereof shall be
subject to such restrictions as the Committee may deem advisable under this Plan, applicable federal or state securities laws and regulatory
requirements, which restrictions shall be contained in the agreement relating to the option or restricted stock grant. The Committee shall
cause appropriate entries to be made or legends to be affixed to certificates representing the Shares to reflect such restrictions. If
any securities of the Company are traded on a securities exchange, the Company shall not be required to deliver any Shares or other securities
covered by an option or restricted stock grant unless and until such Shares or other securities have been admitted for trading on such
securities exchange.


 


Section 9.    Ten Percent Shareholder
Rule.


 


Notwithstanding
any other provision in this Plan, if at the time an option is otherwise to be granted pursuant to this Plan the optionee owns directly
or indirectly (within the meaning of Section 424(d) of the Code) shares of common stock of the Company possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporations (within the meaning
of Section 424(e) or 424(0 of the Code), if any, then any Incentive Stock Option to be granted to such optionee pursuant to this Plan
shall satisfy the requirements of Section 422(c)(7) of the Code, the option price shall be not less than 110% of the fair market value
of the Shares determined as described herein, and such option by its terms shall not be exercisable after the expiration of five (5) years
from the date such option is granted.


 


Section 10.    Non-Transferability.


 


No
option granted under this Plan and no award of restricted stock (prior to the lapsing of the restrictions) and no right under any such
option or award of restricted stock shall be transferable by the recipient otherwise than by will or by the laws of descent and distribution;
provided that stock options and restricted stock awards may be transferred by gift by the optionee or awardee with the prior approval
of the Committee. During the lifetime of an optionee, an option shall be exercisable only by such optionee. No option granted under this
Plan and no award of restricted stock (prior to the lapsing of the restrictions) or right under any such option or award of restricted
stock may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof
shall be void and unenforceable against the Company or any affiliate.


 


Section
11.     Adjustments.


 


In
the event of any equity restructuring (within the meaning of Financial Accounting Standards No. 123 (revised 2004)) that causes the per
Share value of Shares to change, such as a stock dividend, stock split, spin off, rights offering, or recapitalization through a large,
nonrecurring cash dividend, the Committee shall cause there to be made an equitable adjustment to (i) the number and type of Shares that
may be issued under the Plan, (ii) the limitations on the number of Shares that may be issued to an individual Participant in any calendar
year and (iii) the number and type of Shares subject to and the price per Share (if applicable) of any then outstanding awards of options
and awards of restricted stock; provided, in each case, that with respect to Incentive Stock Options, no such adjustment shall be authorized
to the extent that such adjustment would cause such options to violate Section 422(b) of the Code or any successor provision; provided
further, with respect to all awards, no such adjustment shall be authorized to the extent that such adjustment would cause the awards to
be subject to adverse tax consequences under Section 409A of the Code.  In the event of any other change in corporate
capitalization, such as a merger, consolidation, any reorganization (whether or not such reorganization comes within the definition of
such term in Section 368 of the Code), or any partial or complete liquidation of the Company, such equitable adjustments described in
the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement
of benefits or potential benefits.  In either case, any such adjustment shall be conclusive and binding for all purposes of the
Plan.  Unless otherwise determined by the Committee, the number of Shares subject to an award shall always be a whole number. 
In no event shall an outstanding option be amended for the sole purpose of reducing the price per Share thereof.


 






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Section 12.     Income Tax Withholding;
Tax Bonuses.


 


(a)       In
order to comply with all applicable domestic or foreign income tax laws or regulations, the Company may take such action as it deems appropriate
to ensure that all applicable federal, state or local payroll, withholding, income or other taxes, which are the sole and absolute responsibility
of the person receiving the option or the restricted stock under this Plan, are withheld or collected from such person. In order to assist
the recipient in paying all or a portion of the federal, state or local taxes to be withheld or collected upon exercise or receipt of
(or the lapse of restrictions relating to) an option or restricted stock, the Committee, in its discretion and subject to such additional
terms and conditions as it may adopt, may permit the recipient to satisfy such tax obligation by (i) electing to have the Company withhold
a portion of the Shares otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such option or
restricted stock grant with a fair market value equal to the amount of such taxes, or (ii) delivering to the Company shares of Common
Stock other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such option or restricted stock
grant with a fair market value equal to the amount of such taxes. The fair market value of shares of Common Stock shall be determined
in accordance with Section 6. The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.


 


(b)       The
Committee, in its discretion, shall have the authority, at the time of grant of any option or restricted stock under this Plan or at any
time thereafter, to approve cash bonuses to designated recipients to be paid upon their exercise or receipt of (or the lapse of restrictions
relating to) the option or restricted stock grant in order to provide funds to pay all or a portion of federal, state or local taxes due
as a result of such exercise or receipt (or the lapse of such restrictions). The Committee shall have full authority in its discretion
to determine the amount of any such tax bonus.


 


Section 13.Amendment and Termination.


 


(a)       The
Company’s Board of Directors may amend, alter, suspend, discontinue or terminate this Plan at any time; provided, however, that
notwithstanding any other provision of this Plan or any option agreement, without the approval of the shareholders of the Company, no
such amendment, alteration, suspension, discontinuation or termination shall be made that, absent such approval (i) would violate the
rules or regulations of any securities exchange that are applicable to the Company; or (ii) would cause the Company to be unable, under
the Code, to grant Incentive Stock Options under this Plan.


 


(b)       The
Committee may waive any conditions of or rights of the Company under any outstanding option or restricted stock grant, prospectively or
retroactively. Except as otherwise provided herein or in the option or restricted stock agreement, the Committee may not amend, alter,
suspend, discontinue or terminate any outstanding option or restricted stock grant, prospectively or retroactively, if such action would
adversely affect the rights of the holder of such option or restricted stock, without the consent of the holder or beneficiary thereof.


 


(c)       The
Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or any option or restricted stock agreement
in the manner and to the extent it shall deem desirable to carry this Plan into effect.


 






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Section 14.Time of Granting.


 


The
granting of an option or an award of restricted stock pursuant to this Plan shall be effective only if either (a) a written agreement
shall have been duly executed and delivered by and on behalf of the Company and the person to whom such option or restricted stock is
granted, or (b) the Company shall have delivered a grant notice to such person. Nothing contained in this Plan or in any resolution adopted
or to be adopted by the Board of Directors or by the stockholders of the Company, and no action taken by the Committee or the Board of
Directors (other than the execution and delivery of such an agreement), shall constitute the granting of an option or award of restricted
stock hereunder.


 


Section 15.     No Right to Awards; No
Guaranty of Continued Service or Future Benefits.


 


(a)       No
person shall have any claim to be granted any option or restricted stock grant under this Plan, and there is no obligation for uniformity
of treatment of employees, directors, consultants, independent contracts or holders or beneficiaries of options or restricted stock grants
under this Plan. The terms and conditions of options and restricted stock grants need not be the same with respect to any recipient or
with respect to different recipients.


 


(b)       Nothing
in this Plan or in any agreement hereunder shall confer on any employee, director, consultant or independent contractor any right to continue
in the employ or service of the Company or any of its subsidiaries or affect in any way the right of the Company or any of its subsidiaries
to terminate any such person’s employment or other services at any time, with or without cause. In addition, the Company or an affiliate
may at any time terminate the employment or service of an employee, director, consultant or independent contractor free from any liability
or any claim under this Plan or any award or agreement with respect to an option or restricted stock grant hereunder, unless otherwise
expressly provided in this Plan or in any such agreement.


 


(c)       Options
shall be granted under this Plan in the sole discretion of the Board of Directors or the Committee and will not form part of the recipient’s
salary or entitle the recipient to similar option grants in the future.


 


Section 16.     General Provisions.


 


(a)       Nothing
in this Plan shall prevent the Company or any affiliate from adopting or continuing in effect other or additional compensation arrangements,
and such arrangements may be either generally applicable or applicable only in specific cases.


 


(b)       The
validity, construction and effect of this Plan or any option or restricted stock agreement hereunder, and any rules and regulations relating
to this Plan or any option or restricted stock agreement hereunder, shall be determined in accordance with the laws of the State of Minnesota.


 


(c)       If
any provision of this Plan or any option or restricted stock agreement hereunder is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction or would disqualify this Plan or any option or restricted stock agreement hereunder under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of this Plan or
the option or restricted stock agreement hereunder, such provision shall be stricken as to such jurisdiction or option or restricted stock
agreement, and the remainder of this Plan or any such agreement shall remain in full force and effect.


 


(d)       Neither
this Plan nor any option or restricted stock grant hereunder shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any affiliate of the Company and a recipient or any other person.


 


(e)       No
fractional Shares shall be issued or delivered pursuant to this Plan or any option or restricted stock grant hereunder, and the Committee
shall determine whether cash shall be paid in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall
be canceled, terminated or otherwise eliminated.


 


(f)       Headings
are given to the Sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed
in any way material or relevant to the construction or interpretation of this Plan or any provision hereof.


 






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Section 17.     Effective Date and Termination
of Plan.


 


(a)       This
Plan shall be effective as of June 15, 2001 (the date of its adoption by the Board of Directors), subject to approval by the shareholders
of the Company within twelve (12) months thereafter. Any Award granted under the Plan prior to shareholder approval of the Plan shall
be subject to shareholder approval of the Plan.


 


(b)       Unless
this Plan shall have been discontinued as provided in Section 13 above, this Plan shall terminate on June 28, 2023. No option or restricted
stock may be granted after such termination, but termination of this Plan shall not, without the consent of the recipient, alter or impair
any rights or obligations under any option or restricted stock theretofore granted.


 






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