Exhibit 10.2


 


EXECUTION VERSION


 




SOMALOGIC, INC.


 


KEY EMPLOYEE SEVERANCE PLAN




 


1.
Introduction. This Key Employee Severance Plan (the “Plan”) is established by SomaLogic,
Inc. (the “Company”) effective as of October 17, 2022 (the “Effective Date”) to provide
severance benefits to selected employees of the Company. This document constitutes the Summary Plan Description for the Plan.


 


2.
Definitions. For purposes of the Plan, the following terms are defined as follows:


 


(a) “Base Salary”
means the Participant’s base salary in effect immediately prior to the date of the Qualifying Termination, ignoring any reduction
in base salary that forms the basis for Good Reason.


 


(b) “Bonus”
means the Participant’s target annual cash incentive compensation award for the year in which the Qualifying Termination occurs,
as of immediately prior to the Qualifying Termination, ignoring the effect of any reduction in base salary that forms the basis for Good
Reason.


 


(c) “Board”
means the Board of Directors of the Company.


 


(d) “Cause”
shall mean any one or more of the following:


 


(i) the
Participant’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony, involves fraud, dishonesty
or moral turpitude, or results in the imposition of a term of imprisonment;


 


(ii) the
occurrence of any of the following acts on the part of the Participant:


 


(A) fraud,
willful or intentional misconduct or gross negligence in connection with the business of the Company;


 


(B) embezzlement
or misappropriation of any funds of the Company;


 


(C) alcohol
or substance abuse that has impaired or could reasonably be expected to impair the ability of the Participant to perform the Participant’s
duties to the Company;


 


(D) failure
to comply with any Company policy, practice, procedure, or directive in any material respect, including those regarding harassment or
discrimination in employment that, if capable of being cured, is not cured within thirty (30) days after the Company delivers written
notice to the Participant of such material breach; or


 


(E) dishonesty
or a breach of the Participant’s duty of loyalty that has adversely affected or could reasonably be expected to adversely affect
the Company in any material respect;


 


(iii) the
Participant’s excessive absenteeism, or unreasonable neglect or abandonment of his duties; or


 


(iv) the
Participant’s material breach of any provision of the Participant’s offer letter or employment agreement with the Company
that, if capable of being cured, is not cured within thirty (30) days after the Company delivers written notice to the Participant of
such material breach.


 






     


     

    

 


For avoidance of doubt, each
of the matters described in subparagraphs (i), (ii), (iii) and (iv) is a separate and independent basis constituting “Cause”
under this Plan.


 


(e) “Change in
Control” has the meaning defined in the Company’s 2021 Omnibus Incentive Plan, and will be determined in the Plan
Administrator’s sole discretion.


 


(f) “Change in
Control Termination” means (i) a Termination Without Cause or (ii) the Participant’s resignation for Good Reason,
in either case that occurs within twelve (12) months after a Change in Control.


 


(g) “Code”
means the Internal Revenue Code of 1986, as amended.


 


(h) “Common Stock”
means the common stock, $0.0001 par value per share, of the Company.


 


(i) “Good Reason”
shall mean the occurrence of any of the following without the Participant’s written consent:


 


(i) a
material reduction in the Participant’s Base Salary, other than a general reduction in Base Salary that affects all similarly situated
employees in substantially the same proportions;


 


(ii) a
material reduction in the Participant’s Bonus opportunity;


 


(iii) a
relocation of the Participant’s principal place of employment by more than 50 miles;


 


(iv) any
material breach by the Company of any material provision of the Participant’s offer letter or employment agreement with the Company;


 


(v) the
Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform the obligations under
this Plan in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except
where such assumption occurs by operation of law; or


 


(vi) a
material, adverse change in the Participant’s title, authority, duties or responsibilities.


 


The Participant cannot terminate
his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances providing grounds
for termination for Good Reason within 15 days of the initial existence of such grounds and the Company has had at least 30 days from
the date on which such notice is provided to cure such circumstances. If the Participant does not provide written notice to terminate
his employment for Good Reason within 60 days after the first occurrence of the applicable grounds, then the Participant will be deemed
to have waived his right to terminate for Good Reason with respect to such grounds.


 


(j) “Effective
Date” has the meaning given to such term in Section 1.


 


(k) “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.


 


(l) “Participant”
means each individual who is employed by the Company and has received and returned a signed Participation Notice.


 






    2


     

    

 


(m) “Participation
Notice” means the latest notice delivered by the Company to a Participant informing such Participant that he or she is eligible
to participate in the Plan, in substantially the form attached hereto as Exhibit A.


 


(n) “Plan Administrator”
means the Board or any committee of the Board duly authorized to administer the Plan. The Plan Administrator may, but is not required
to be, the Compensation Committee of the Board (the “Compensation Committee”). The Board may at any time administer
the Plan, in whole or in part, notwithstanding that the Board has previously appointed a committee to act as the Plan Administrator.


 


(o) “Qualifying
Termination’’ means (i) an Termination Without Cause or resignation for Good Reason that does not occur on or within
twelve (12) months after a Change in Control, or (ii) a Change in Control Termination.


 


(p) “Section 409A”
means Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect.


 


(q) “Separation
from Service” means a “separation from service” within the meaning of Treasury Regulations Section 1.409A-1(h),
without regard to any alternative definition thereunder.


 


(r) “Severance
Period” means the number of months of severance that the Participant is eligible to receive under this Plan, as set forth
in Section 4(a) for the Tier designated on the Participant’s Participation Notice.


 


(s) “Termination
Without Cause” means a Participant’s involuntary termination of employment by the Company, resulting in a Separation
from Service, for a reason other than death, disability or Cause.


 


3.
Eligibility for Benefits.


 


(a) Eligibility; Exceptions
to Benefits. Subject to the terms of the Plan, the Company will provide the benefits described in Section 4 to the affected Participant.
A Participant will not receive benefits under the Plan (or will receive reduced benefits under the Plan) in the following circumstances,
as determined by the Plan Administrator, in its sole discretion:


 


(i) The
Participant’s employment is terminated by either the Company or the Participant for any reason other than a Qualifying Termination.


 


(ii) The
Participant has not entered into the Company’s standard form of Confidentiality and Intellectual Property Agreement (the “Confidentiality
Agreement”).


 


(iii) The
Participant has failed to execute and allow to become effective the Release (as defined and described below) within sixty (60) days following
the Participant’s Separation from Service.


 


(iv) The
Participant has failed to comply with all obligations under the Confidentiality Agreement, including the return all Company property described
therein. As a condition to receiving benefits under the Plan, a Participant must not make or retain copies, reproductions or summaries
of any such Company documents, materials or property. However, a Participant is not required to return his or her personal copies of documents
evidencing the Participant’s hire, termination, compensation, benefits and equity awards and any other documentation received as
a stockholder of the Company.


 






    3


     

    

 


(b) Relation to Other Agreements
and/or Plans. This Plan, including the Participant’s signed Participation Notice, sets forth his or her entire rights to receive
severance on a Qualifying Termination. By accepting participation in this Plan, the Participant irrevocably waives his or her rights to
any severance benefits (including vesting acceleration) to which the Participant may be entitled pursuant to any offer letter, employment
agreement, severance agreement, equity award agreement or any other similar agreement with the Company, or any other Company benefit plan,
that is in effect on the date he or she signs the Participation Notice, other than any acceleration of vesting benefits on a change in
control transaction as provided under the Company’s equity incentive plans.


 


(c) Termination of Benefits.
A Participant’s right to receive benefits under the Plan will terminate immediately if, at any time prior to or during the period
for which the Participant is receiving benefits under the Plan, the Participant, without the prior written approval of the Plan Administrator
(i) willfully breaches a material provision of the Confidentiality Agreement and/or any obligations of confidentiality, non-solicitation,
non-disparagement, no conflicts or non-competition set forth in the Participant’s employment agreement, offer letter, the Release
(as defined in Section 5(a) below) or under applicable law; or (ii) solicits any of the Company’s then current employees to leave
the Company’s employ for any reason or interferes in any other manner with employment relationships at the time existing between
the Company and its then current employees.


 


4.
Payments and Benefits. Except as may otherwise be provided in the Participant’s Participation Notice, in the event
of a Qualifying Termination, the Company will provide the payments and benefits described in this Section 4, subject to the terms of the
Plan.


 


(a) Cash Severance.
The Company will make a lump sum payment of “Cash Severance” to the Participant in an amount equal to his or
her Base Salary for the Participant’s Severance Period, plus, in the case of a Change in Control Termination, an additional amount
equal to his or her Bonus for the Severance Period (prorated for partial years in the Severance Period), in each case, determined by the
chart below. The Cash Severance will be paid in a lump sum on the sixtieth (60) day after the date of the Participant’s Separation
from Service.


 


	
     

    Tier
	 	
    Severance Period –

    Qualifying Termination Other than 

Change in
    Control Termination

    (Base Salary only)
	 	
    Severance Period –

    Change in Control Termination

    (Base Salary + Bonus)

	1	 	
    12
    months
	 	
    18
    months

	2	 	
    9
    months
	 	
    12
    months

	3	 	
    6
    months
	 	
    9
    months

	4	 	
    4
    months
	 	
    6
    months



 


(b) Health Insurance Premiums.
If the Participant timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (together with any
state law of similar effect, “COBRA”), the Company will pay the full amount of the Participant’s COBRA
premiums, or will provide coverage under the Company’s self-funded broad based health insurance plans, on behalf of the Participant,
including coverage for the Participant’s eligible dependents, until the earliest of (i) the end of the number of months in the Participant’s
Severance Period, (ii) the expiration of the Participant’s eligibility for the continuation coverage under COBRA, or (iii) the date
when the Participant becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment
(such period from the date of the Qualifying Termination through the earliest of (i) through (iii), the “COBRA Payment Period”).
However, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation
of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, without limitation,
the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu
of providing the COBRA premiums or credit under the self-funded plan, the Company will instead pay the Participant, on the first day of
each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month (or,
in the case of a self-funded plan, the monthly cost of such coverage), subject to tax withholdings and deductions. On the sixtieth (60)
day following the Participant’s Separation from Service, the Company will make the first payment under this paragraph equal to the
aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service
through such sixtieth (60) day, with the balance of the payments paid thereafter on the original schedule. In all cases, if the Participant
becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the
COBRA Payment Period, the Participant must immediately notify the Company of such event. For purposes of this paragraph, any applicable
insurance premiums that are paid by the Company will not include any amounts payable by the Participant under a Section 125 health care
reimbursement plan, which amounts, if any, are the sole responsibility of the Participant.


 






    4


     

    

 


(c) Equity Award Acceleration.


 


(i) In
the event of a Change in Control Termination, each of the Participant’s then outstanding and unvested compensatory equity awards
that are subject to service-based vesting will become fully (100%) vested, and, as applicable, become exercisable, effective as of immediately
prior to the Change in Control Termination. Notwithstanding the foregoing, in the event of a Change in Control Termination, the treatment
of any equity awards that vest based on the achievement of specified performance objectives will be as provided in the specific performance-based
equity award agreement instead of the foregoing provision of this Section 4(c)(i).


 


(ii) In
addition, in the event of a Qualifying Termination that does not constitute a Change in Control Termination, each “Tier 1”
Participant’s then outstanding and unvested compensatory equity awards that are subject to service-based vesting will become vested
as to an additional 12 months of vesting, and, as applicable, become exercisable, effective as of immediately prior to the Qualifying
Termination. For the avoidance of doubt, the treatment of any other equity awards held by a “Tier 1” Participant, and all
equity awards held by all other Participants, will be as provided in the specific equity award agreement.


 


5.
Additional Requirements.


 


(a) Release. To be
eligible to receive any benefits under the Plan, a Participant must sign a general waiver and release, in a form provided by the Company
(the “Release”), and such Release must become effective in accordance with its terms, in each case within sixty
(60) days following the Qualifying Termination (the “Release Date”). The Plan Administrator, in its sole discretion,
may modify the form of the required Release to comply with applicable law, and any such Release may be incorporated into a termination
agreement or other agreement with the Participant.


 


(b) Certain Reductions.
The Plan Administrator will reduce a Participant’s benefits under the Plan by any other statutory severance obligations or severance
obligations (including pay in lieu of notice) payable to the Participant by the Company (or any successor thereto) that are due in connection
with the Participant’s Qualifying Termination and that are in the same form as the benefits provided under the Plan (e.g., salary
or bonus replacement, health insurance coverage, equity award vesting credit) to the extent such reduction does not result in a failure
to comply with Section 409A. Without limitation, this reduction includes a reduction for any benefits required pursuant to (i) any applicable
legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act (the “WARN Act”),
(ii) any Company policy or practice providing for the Participant to remain on the payroll for a limited period of time after being given
notice of the termination of the Participant’s employment, and (iii) any required salary continuation, notice pay, statutory severance
payment or other payments required by local law, as a result of the Qualifying Termination. The benefits provided under the Plan are intended
to satisfy, to the greatest extent possible, and not to provide benefits duplicative of, any and all statutory and contractual obligations
of the Company in respect of the form of benefits provided under the Plan that may arise out of a Qualifying Termination, and the Plan
Administrator will so construe and implement the terms of the Plan. Reductions will be applied on a retroactive basis, with benefits previously
provided being recharacterized as benefits pursuant to the Company’s statutory or other contractual obligations. The payments pursuant
to the Plan are in addition to, and not in lieu of, any accrued but unpaid salary, bonuses or employee welfare benefits to which a Participant
is entitled for the period ending with the Participant’s Qualifying Termination.


 






    5


     

    

 


(c) Mitigation. Except
as otherwise specifically provided in the Plan, a Participant will not be required to mitigate damages or the amount of any payment provided
under the Plan by seeking other employment or otherwise, nor will the amount of any payment provided for under the Plan be reduced by
any compensation earned by a Participant as a result of employment by another employer or any retirement benefits received by such Participant
after the date of the Participant’s termination of employment with the Company.


 


(d) Indebtedness of Participants.
If a Participant is indebted to the Company on the effective date of his or her Qualifying Termination, the Company reserves the right
to offset the payment of any benefits under the Plan by the amount of such indebtedness. Such offset will be made in accordance with all
applicable laws. The Participant’s execution of the Participation Notice constitutes knowing written consent to the foregoing.


 


(e) Parachute Payments.
Except as otherwise expressly provided in an agreement between a Participant and the Company, if any payment or benefit the Participant
would receive in connection with a Change in Control from the Company or otherwise (a “Payment”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount.
The “Reduced Amount” will be either (A) the largest portion of the Payment that would result in no portion of
the Payment being subject to the Excise Tax, or (B) the largest portion, up to and including the total, of the Payment, whichever amount
((A) or (B)), after taking into account all applicable federal, state, provincial, foreign and local employment taxes, income taxes and
the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax basis,
of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction
in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction
will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of stock awards other than
stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to the Participant.
Within any such category of Payments (that is, (1), (2), (3) or (4)), a reduction will occur first with respect to amounts that are not
“deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration
of vesting of stock award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date
of grant of the Participant’s applicable type of stock award (i.e., earliest granted stock awards are cancelled last). Any
determination required under this Section 5(e) shall be made in writing in good faith by an independent accounting firm selected by the
Company (the “Accountants”), which shall provide detailed supporting calculations to the Company and the Participant
as requested by the Company or the Participant. The Company and the Participant shall provide the Accountants with such information and
documents as the Accountants may reasonably request in order to make a determination under this Section. For purposes of making the calculations
and determinations required by this Sections, the Accountants may rely on reasonable, good faith assumptions and approximations concerning
the application of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on the Company
and the Participant.


 






    6


     

    

 


6.
Tax Matters.


 


(a) Application of Section
409A. It is intended that all of the benefits provided under the Plan satisfy, to the greatest extent possible, the exemptions from
the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and the
Plan will be construed to the greatest extent possible as consistent with those provisions. To the extent not so exempt, the Plan (and
any definitions in the Plan) will be construed in a manner that complies with Section 409A and incorporates by reference all required
definitions and payment terms. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section
1.409A-2(b)(2)(iii)), a Participant’s right to receive any installment payments under the Plan will be treated as a right to receive
a series of separate payments and, accordingly, each installment payment under the Plan will at all times be considered a separate and
distinct payment. If the Plan Administrator determines that any of the payments upon a Separation from Service provided under the Plan
(or under any other arrangement with the Participant) constitutes “deferred compensation” under Section 409A and if the Participant
is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i), at the time of his or her Separation
from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A,
the timing of the payments upon a Separation from Service will be delayed as follows: on the earlier to occur of (i) the date that is
six (6) months and one (1) day after the effective date of the Participant’s Separation from Service, or (ii) the date of the Participant’s
death (such earlier date, the “Delayed Initial Payment Date”), the Company will (A) pay to the Participant a
lump sum amount equal to the sum of the payments upon Separation from Service that the Participant would otherwise have received through
the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this paragraph, and (B) commence
paying the balance of the payments in accordance with the applicable payment schedules set forth above. No interest will be due on any
amounts so deferred. Solely to the extent necessary for compliance with Section 409A, if the sixty (60)-day period following a Participant’s Separation
from Service spans two (2) calendar years, in no event will payments or benefits that constitute “deferred compensation” within
the meaning of Section 409A be paid prior to the first day of such second calendar year.


 


(b) Withholding. All
payments and benefits under the Plan will be subject to all applicable deductions and withholdings, including, without limitation, obligations
to withhold for federal, state, provincial, foreign and local income and employment taxes.


 


(c) Tax Advice. By
becoming a Participant in the Plan, the Participant agrees to review with the Participant’s own tax advisors the federal, state,
provincial, local and foreign tax consequences of participation in the Plan. The Participant will rely solely on such advisors and not
on any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the
Company) will be responsible for his or her own tax liability that may arise as a result of becoming a Participant in the Plan.


 


7.
Reemployment. In the event of a Participant’s reemployment by the Company during the period of time in respect
of which severance benefits have been provided, the Company, in its sole and absolute discretion, may require such Participant to repay
to the Company all or a portion of such severance benefits as a condition of reemployment.


 






    7


     

    

 


8.
Clawback; Recovery. All payments and severance benefits provided under the Plan will be subject to recoupment in accordance
with any clawback policy of the Company, including any clawback policy that the Company is required to adopt pursuant to the listing standards
of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the
Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. No recovery of compensation under such a clawback policy
will be an event giving rise to a right to resign for “good reason” or any similar term under any plan of or agreement with
the Company.


 


9.
Right to Interpret Plan; Amendment or Termination.


 


(a) Exclusive Discretion.
The Plan Administrator will have the exclusive discretion and authority to establish rules, forms and procedures for the administration
of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation
or administration arising in connection with the operation of the Plan, including, without limitation, the eligibility to participate
in the Plan, the amount of benefits paid under the Plan and any adjustments that need to be made in accordance with the laws applicable
to a Participant. The rules, interpretations, computations and other actions of the Plan Administrator will be binding and conclusive
on all persons.


 


(b) Amendment or Termination.
The Company reserves the right to amend or terminate the Plan, any Participation Notice issued pursuant to the Plan or the benefits provided
hereunder at any time; provided, however, that no such amendment or termination will apply to any Participant who would
be adversely affected by such amendment or termination unless such Participant consents in writing to such amendment or termination. Any
action amending or terminating the Plan or any Participation Notice will be in writing and executed by a duly authorized officer of the
Company.


 


10.
No Implied Employment Contract. The Plan will not be deemed (a) to give any employee or other person any right to be
retained in the employ of the Company, or (b) to interfere with the right of the Company to discharge any employee or other person at
any time, with or without cause, which right is hereby reserved.


 


11.
Legal Construction. The Plan will be governed by and construed under the laws of the State of Delaware (without regard
to principles of conflict of laws), except to the extent preempted by ERISA.


 


12.
Claims, Inquiries and Appeals.


 


(a) Applications For Benefits
And Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must
be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative). The Plan Administrator is
set forth in Section 14(e).


 


(b) Denial of Claims.
In the event that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written
or electronic notice of the denial of the application and of the applicant’s right to review the denial. Any electronic notice will
comply with the regulations of the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be understood
by the applicant and will include the following:


 


(i) the
specific reason or reasons for the denial;


 


(ii) references
to the specific Plan provisions upon which the denial is based;


 






    8


     

    

 


(iii) a
description of any additional information or material that the Plan Administrator needs to complete the review and an explanation of why
such information or material is necessary; and (iv) an explanation of the Plan’s review procedures and the time limits applicable
to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following
a denial on review of the claim, as described in Section 12(d).




 


The notice of denial will
be given to the applicant within ninety (90) days after the Plan Administrator receives the application, unless special circumstances
require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application.
If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end
of the initial ninety (90) day period.


 


The notice of extension will
describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision
on the application.




 


(c) Request for a Review.
Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may
appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied.
A request for a review will be in writing and will be addressed to:


 


SomaLogic, Inc.

Attn: Compensation Committee

2945 Wilderness Place

Boulder, CO 80301




 


A request for review must
set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels
are pertinent. The applicant (or his or her representative) will have the opportunity to submit (or the Plan Administrator may require
the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his
or her representative) will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant to his or her claim. The review will take into account all comments, documents, records and other information
submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.




 


(d) Decision on Review.
The Plan Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances
require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for
review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This
notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator
is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the
applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator
confirms the denial of the application for benefits, in whole or in part, the notice will set forth, in a manner designed to be understood
by the applicant, the following:


 


(i) the
specific reason or reasons for the denial;


 


(ii) references
to the specific Plan provisions upon which the denial is based;


 






    9


     

    

 


(iii) a
statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to his or her claim; and (iv) a statement of the applicant’s right to bring a civil action
under Section 502(a) of ERISA.


 


(e) Rules and Procedures.
The Plan Administrator will establish rules and procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying
out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional
information in connection with an appeal from the denial of benefits to do so at the applicant’s own expense.


 


(f) Exhaustion Of Remedies.
No legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in
accordance with the procedures described by Section 12(a), (ii) has been notified by the Plan Administrator that the application is denied,
(iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 12(c),
and (iv) has been notified that the Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator
does not respond to an applicant’s claim or appeal within the relevant time limits specified in this Section 12, the applicant may
bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA.


 


13.
Basis of Payments to and from the Plan. All benefits under the Plan will be paid by the Company. The Plan will be unfunded,
and benefits hereunder will be paid only from the general assets of the Company.


 


14.
Other Plan Information.


 


(a) Plan Sponsor. The
Company is the “Plan Sponsor,” as that term is used in ERISA.




 


SomaLogic, Inc.

2945 Wilderness Place

Boulder, CO 80301




 


(b) Employer and Plan
Identification Numbers. The Employer Identification Number assigned to the Plan Sponsor by the Internal Revenue Service is 52-4298912.
The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 503.


 


(c) Ending Date for Plan’s
Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31.


 


(d) Agent for the Service
of Legal Process. The agent for the service of legal process with respect to the Plan is:


 


SomaLogic, Inc.

Attn: Chairman of the Compensation Committee

2945 Wilderness Place

Boulder, CO 80301




 


Service of legal process may
also be made upon the Plan Administrator.




 






    10


     

    

 


(e) Plan Administrator.
The Plan Administrator of the Plan is:


 


SomaLogic, Inc.

Attn: Compensation Committee

2945 Wilderness Place

Boulder, CO 80301




 


The Plan Sponsor’s and
Plan Administrator’s telephone number is (303) 625-9000. The Plan Administrator is the named fiduciary charged with the responsibility
for administering the Plan.




 


15.
Statement of ERISA Rights.




 


Participants in the Plan (which
is a welfare benefit plan sponsored by SomaLogic, Inc.) are entitled to certain rights and protections under ERISA. If you are a Participant,
you are considered a participant in the Plan for the purposes of this Section 15 and, under ERISA, you are entitled to:


 


Receive Information About
Your Plan and Benefits




 


(a) Examine, without charge,
at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy
of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the
Public Disclosure Room of the Employee Benefits Security Administration;


 


(b) Obtain, upon written request
to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series),
if applicable, and an updated (as necessary) Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies;
and


 


(c) Receive a summary of the
Plan’s annual financial report, if applicable. The Plan Administrator is required by law to furnish each participant with a copy
of this summary annual report.




 


Prudent Actions by Plan
Fiduciaries


 


In addition to creating rights
for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people
who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other
Plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against
you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.


 


Enforce Your Rights


 


If your claim for a Plan benefit
is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision
without charge and to appeal any denial, all within certain time schedules.


 


Under ERISA, there are steps
you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan,
if applicable, and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require
the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were
not sent because of reasons beyond the control of the Plan Administrator.


 






    11


     

    

 


If you have a claim for benefits
that is denied or ignored, in whole or in part, you may file suit in a state or federal court.


 


If you are discriminated against
for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court
will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these
costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.


 


Assistance with Your
Questions


 


If you have any questions
about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA,
or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits
Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries,
Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also
obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits
Security Administration.




 


16.
General Provisions.


 


(a) Plan Document Controls.
In the event of any inconsistency between this Plan document and any other communication regarding this Plan, this Plan document controls.


 


(b) Notices. Any notice,
demand or request required or permitted to be given by either the Company or a Participant pursuant to the terms of the Plan will be in
writing and will be deemed given when delivered personally, when received electronically (including email addressed to the Participant’s
Company email account and to the Company email account of the Company’s Chairman of the Compensation Committee), or deposited in
the U.S. Mail, First Class with postage prepaid, and addressed to the parties, in the case of the Company, at the address set forth in
Section 14(a), in the case of a Participant, at the address as set forth in the Company’s employment file maintained for the Participant
as previously furnished by the Participant or such other address as a party may request by notifying the other in writing.


 


(c) Transfer and Assignment.
The rights and obligations of a Participant under the Plan may not be transferred or assigned without the prior written consent of the
Company. The Plan will be binding upon any surviving entity resulting from a Change in Control and upon any other person who is a successor
by merger, acquisition, consolidation or otherwise to the business formerly carried on by the Company without regard to whether or not
such person or entity actively assumes the obligations hereunder. Notwithstanding the foregoing, on a Participant’s death, any vested
amounts owed to such Participant will be paid to his or her estate.


 


(d) Waiver. Any party’s
failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such provision or provisions,
nor prevent any party from thereafter enforcing each and every other provision of the Plan. The rights granted to the parties herein are
cumulative and will not constitute a waiver of any party’s right to assert all other legal remedies available to it under the circumstances.


 


(e) Severability. Should
any provision of the Plan be declared or determined to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired.


 


(f) Section Headings.
Section headings in the Plan are included only for convenience of reference and will not be considered part of the Plan for any other
purpose.


 





 






    12


     

    

 


Exhibit A


 


SOMALOGIC, INC.


 


Key Employee Severance Plan

Participation Notice


 


To: ________________________


 


Date: _______________________


 


SomaLogic, Inc. (the “Company”)
has adopted the SomaLogic, Inc. Key Employee Severance Plan (the “Plan”). The Company is providing you this
Participation Notice to inform you that you have been designated as a Participant in the Plan. A copy of the Plan document is attached
to this Participation Notice. The terms and conditions of your participation in the Plan are as set forth in the Plan and this Participation
Notice, which together constitute the Summary Plan Description for the Plan.


 


You are a Tier [___] Participant.


 


Please return to the Company’s
General Counsel a copy of this Participation Notice signed by you. Please retain a copy of this Participation Notice, along with the Plan
document, for your records.


 


	 	 
	 	 
	 	(Signature)
	 	 
	 	
	 	 
	 	(Date)





 


 


13