Exhibit 10.11


 


JASPER THERAPEUTICS, INC.


 


EMPLOYEE SEVERANCE PLAN for


vice
presidents and executive committee members


 


1. Purpose.
The purpose of this Jasper Therapeutics, Inc. Employee Severance Plan (the “Plan”) is to encourage employees
of Jasper Therapeutics, Inc. (the “Company”) to remain in the employ of the Company and its Affiliates through
a potential Change in Control by providing severance protections to such employees in the event that their employment is terminated under
the circumstances described in this Plan. Nothing in this Plan shall be construed as creating an express or implied contract of employment
and nothing shall alter the “at will” nature of the Participants’ employment with the Company or its Affiliates.


 


2. Definitions.
The following terms shall be defined as set forth below:


 


(a) “Administrator”
means the Company’s board of directors or such committee of the Company’s board of directors that has been delegated administrative
authority with respect to this Plan by the Company’s board of directors.


 


(b) “Affiliate”
means, with respect to any person or entity, any other person or entity that, directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such person or entity. For purposes of this definition, “control,”
when used with respect to any person or entity, means the power to direct the management and policies of such person or entity, directly
or indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.


 


(c) “Cause”
shall mean a Participant (i) has engaged in willful misconduct or been grossly negligent in connection with the performance of services
to the Company or one of its Affiliates; (ii) has refused to perform stated or assigned, lawful duties; (iii) has been dishonest or committed
or engaged in an act of theft, embezzlement or fraud with respect to the Company or any of its Affiliates; (iv) has willfully violated
any duty (including, without limitation, a fiduciary duty), law, regulation or rule applicable to the Company or any of its Affiliates
or has been convicted of, or pled guilty or nolo contendere to, any misdemeanor involving moral turpitude or any felony; (v) has willfully
violated any policy of the Company or any of its Affiliates; or (vi) has materially breached any written agreement with the Company or
any of its Affiliates, which such breach, if capable of cure, is not cured within 30 days of written notice of the breach from the Company.


 


(d) “Change
in Control” will have the meaning ascribed to such term in the Company’s 2019 Equity Incentive Plan, as may be amended
or restated from time to time; provided that a Change in Control shall not include any reverse merger or similar transaction, including
a “de-SPAC” transaction, in any case in which the shares of capital stock of the Company outstanding immediately prior to
such merger or consolidation continue to represent, or are converted into or exchanged for, shares of capital stock that represent, immediately
following such merger or consolidation, at least 40%, by voting power, of the capital stock of (1) the surviving or resulting
corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following
such merger or consolidation, the parent corporation of such surviving or resulting corporation.


 


(e) “Change
in Control Period” means that period commencing on a Change in Control and ending (i) 24 months thereafter for a Participant
who, as of immediately prior to the Change in Control, was an Executive Committee Member, and (ii) 12 months thereafter for a Participant
who, as of immediately prior to the Change in Control, was a Vice President.


 






     


     


    

 


(f) “Code”
shall mean the Internal Revenue Code of 1986, as amended.


 


(g) “Date
of Termination” shall mean the date that a Participant’s employment with the Company (or any successor) or any of
its Affiliates ends. Notwithstanding the foregoing, a Participant’s employment shall not be deemed to have been terminated solely
as a result of (i) the Participant becoming an employee of any direct or indirect successor to the business or assets of the Company,
or (ii) the sale by the Company or one of its Affiliates of the employing Affiliate of the Participant.


 


(h) “Disability”
shall mean a physical or mental condition under which the Participant is receiving benefits under the long-term disability plan of the
Company or its Affiliates applicable to such Participant, and in the absence of such a plan, that the Participant is unable to perform
the essential duties of Participant’s position with the Company or its Affiliates for a period of 180 days (whether or not consecutive)
in any consecutive 365-day period as determined by a physician acceptable to the Company.


 


(i) “Equity
Awards” shall mean a Participant’s outstanding stock options, stock appreciation rights, restricted stock units, performance
shares and performance stock units of the Company and any other Company equity compensation awards. For purposes of this “Equity
Award” definition, the term “Company” will be interpreted to include any Company Affiliate and any successor to the
Company or any Company Affiliate.


 


(j) “Executive
Committee Member” shall mean, as of the applicable measurement date, the Company’s Executive Chairperson of the Board,
Chief Executive Officer, Chief Financial Officer and Executive Vice President of Research and Development, and any other Participant expressly
designated by the Administrator as an “Executive Committee Member” for purposes of this Plan.


 


(k) “Good
Reason” shall mean, with respect to any Participant, (i) a material reduction in the Participant’s title, duties,
authority, or responsibilities relative to the Participant’s title, duties, authority, or responsibilities as in effect immediately
prior to such reduction; provided, however, that continued employment following a Change in Control with substantially the same responsibility
with respect to the Company’s business and operations will not constitute a material reduction in title, duties, authority, or responsibilities,
(ii) a reduction in the Participant’s annual base salary as in effect immediately prior to a Change in Control, (iii) a relocation
of the Participant’s principal workplace by more than 50 miles, or (iv) the Company’s material breach of any written agreement
as to which both the Company (or a Company Affiliate) are parties; provided, however, that the Participant must provide 90 days’
notice of the Participant’s intent to resign for Good Reason within 30 days after the Participant learns of a potential Good Reason
trigger, and the resignation shall be for Good Reason only if the potential Good Reason trigger remains uncured as of the specified date
of resignation.


 


(l) “Participants”
shall mean (i) all employees of the Company and (ii) all employees of any Company Affiliate that the Administrator has designated as a
participating employer under this Plan, in either case to the extent the employee has satisfied all conditions of participation specified
in this Plan.


 


(m) “Participation
Agreement” shall mean an agreement between a Participant and the Company that acknowledges the Participant’s participation
in the Plan.


 


(n) “Qualified
Termination” shall mean a termination of the Participant’s employment by the Participant for Good Reason during the
Change in Control Period or by the Company or one of its Affiliates (or any successor to the Company or one of its Affiliates) without
Cause during the Change in Control Period. A Participant’s employment will not be deemed to have terminated in the event of a transfer
between or among Company Affiliates.


 






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(o)
“Severance Period” shall mean the period beginning on the Participant’s Date of Termination and ending
(i) 12 months thereafter for a Participant who, as of immediately prior to the Change in Control, was an Executive Committee Member, and
(ii) 6 months thereafter for any other Participant who, as of the immediately prior to the Change in Control, was a Vice President.


 


(p) “Vice
President” shall mean, as of the applicable measurement date, any Participant with a title of Vice President or higher but
who is not an Executive Committee Member, and any other Participant expressly designated by the Administrator as a “Vice President”
for purposes of this Plan.


 


3. Administration
of the Plan.


 


(a) Administrator.
The Plan shall be administered by the Administrator.


 


(b) Powers
of Administrator. Subject to the provisions of Section 17, the Administrator shall have all powers necessary to enable it properly
to carry out its duties with respect to the complete control of the administration of the Plan. Not in limitation, but in amplification
of the foregoing, the Administrator shall have the power and authority in its discretion to:


 


(i) construe
the Plan to determine all questions that shall arise as to interpretations of the Plan’s provisions;


 


(ii) determine
which individuals are and are not Participants, the benefits to which any Participants may be entitled, the eligibility requirements for
participation in the Plan and all other matters pertaining to the Plan;


 


(iii) adopt
amendments to the Plan which are deemed necessary or desirable to comply with all applicable laws and regulations, including but not limited
to Section 409A of the Code and the guidance thereunder;


 


(iv) make
all determinations it deems advisable for the administration of the Plan, including the authority and ability to delegate administrative
functions to a third party;


 


(v) decide
all disputes arising in connection with the Plan; and


 


(vi) otherwise
supervise the administration of the Plan.


 


(c) All
decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Participants.


 


4. Eligibility.
All Participants who have executed and timely submitted to the Company a Participation Agreement are eligible to participate in the Plan.
A Participation Agreement shall be timely submitted if returned to the Company by the deadline specified by the Administrator.


 


5. Termination
Benefits Generally. In the event that a Participant’s employment with the Company or one of its Affiliates is terminated for
any reason, the Company shall cause the employing Affiliate to pay or provide to the Participant any earned but unpaid salary, unpaid
expense reimbursements in accordance with Company/Affiliate policy, accrued but unused vacation, if any, and any vested benefits the
Participant may have under any employee benefit plan of the Company or its Affiliates in accordance with the terms and conditions of
such employee benefit plan (collectively, the “Accrued Benefits”), within the time required by law but in no
event more than 60 days after the Date of Termination.


 






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6. Qualified
Termination.


 


(a) If
a Qualified Termination occurs at any time with respect to a Participant, in addition to the Accrued Benefits, subject to his or her execution
of a separation agreement in a form satisfactory to the Company containing, among other provisions, a general release of claims in favor
of the Company and related persons and entities, confidentiality, return of property, non-disparagement and reaffirmation of the Participant’s
post-termination restrictive covenants pursuant to any agreement entered into between the Participant and any Company Affiliate (the “Separation
Agreement”) and the Separation Agreement becoming effective and irrevocable, all within the time period set forth in the
Separation Agreement but in no event more than 60 days after the Date of Termination, and subject to the Participant complying with
the Separation Agreement, (i) the Company shall cause the employing Affiliate to pay the Participant his or her base salary in effect
immediately prior to the Qualified Termination for the duration of the Participant’s Severance Period and (ii) all of such Participant’s
outstanding (as of immediately prior to the Qualified Termination, but subject to any maximum term) Equity Awards shall vest in full;
provided, however, if vesting is otherwise based on satisfaction of performance objectives, such objectives shall be deemed satisfied
at 100% of target.


 


(b) The
cash severance payable pursuant to Section 6(a) shall be paid out in substantially equal installments in accordance with the applicable
Company Affiliate’s payroll practices over the Severance Period, commencing within 60 days after the Date of Termination following
the date on which the Separation Agreement becomes effective and irrevocable; provided, however, if Section 409A applies to such
payment and the 60-day period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in
the second calendar year by the last day of such 60-day period; and provided further, that the initial payment shall include a catch-up
payment to cover amounts retroactive to the day immediately following the Date of Termination.


 


(c) If
a Participant’s employment is terminated in any circumstance other than a Qualified Termination (including as a result of the Participant’s
death or Disability prior to the occurrence of a Qualified Termination), the Participant will not be entitled to any compensation or benefits
under this Plan other than the Accrued Benefits.


 


7. Withholding.
All payments made pursuant to this Plan shall be subject to any tax or other amounts required to be withheld by the Company under applicable
law.


 


8. Section
409A.


 


(a) The
payments under this Plan are intended to comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent
permitted, this Plan shall be interpreted to be in compliance therewith. Notwithstanding any provision of this Plan to the contrary, in
the event that the Administrator determines that any amounts payable hereunder will be subject to Section 409A of the Code, the Administrator
may (without any obligation to do so or to indemnify the Participant for failure to do so) (i) adopt such amendments to this Plan or adopt
such other policies and procedures (including amendments, policies and procedures with retroactive effect) that it determines to be necessary
or appropriate to preserve the intended tax treatment of the benefits provided by this Plan, to preserve the economic benefits of this
Plan and/or (ii) take such other actions it determines to be necessary or appropriate to exempt the amounts payable hereunder from Section
409A or to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. Each payment pursuant
to this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).


 






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(b) To
the extent that any payment or benefit described in this Plan constitutes “non-qualified deferred compensation” under Section 409A
of the Code, and to the extent that such payment or benefit is payable upon the Participant’s termination of employment, then such
payments or benefits shall be payable only upon the Participant’s “separation from service” within the meaning of Section
409A of the Code. The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).


 


(c) The
Company makes no representation or warranty and shall have no liability to the Participant or any other person if any provisions of this
Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from,
or the conditions of, such Section.


 


9. Limitation
on Payments. In the event that the severance and other benefits provided for under this Plan or otherwise payable to a Participant
(i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section
9, would be subject to the excise tax imposed by Section 4999 of the Code, then the Participant’s benefits under Section 6 will
be either:


 


(a) delivered
in full, or


 


(b) delivered
as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by the Participant on an after-tax basis of the greatest amount of benefits, notwithstanding that
all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting
“parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following
order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or control”
(within the meaning of Code Section 280G); (iii) cancellation of accelerated vesting of Equity Awards; and (iv) reduction of
employee benefits. In the event that acceleration of vesting of Equity 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 Equity Awards.


 


Any determination required
under this Section 9 will be made in writing by the Company’s independent public accountants immediately prior to a Change in Control,
the Company’s legal advisors immediately prior to a Change in Control or such other person or entity to which the parties mutually
agree (the “Firm”), whose determination will be conclusive and binding upon the Participant and the Company.
For purposes of making the calculations required by this Section 9, the Firm may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.
The Company and the Participant will furnish to the Firm such information and documents as the Firm may reasonably request in order to
make a determination under this Section 9. The Company will bear all costs the Firm may incur in connection with any calculations contemplated
by this Section 9.


 


10. Notice
and Date of Termination. Any notices, requests, demands, and other communications provided for by this Plan shall be sufficient if
in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Participant at the last known address
as set forth in the Company’s records, or to the Company as follows:


 


Jasper Therapeutics,
Inc.

2200 Bridge Pkwy Suite #102

Redwood City, CA 94065


 






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11. No
Mitigation. The Participant is not required to seek other employment or to attempt in any way to reduce any amounts payable to the
Participant by the Company under this Plan.


 


12. Successors
and Assigns. This Plan shall inure to the benefit of and be binding upon the Company and the Participants, their respective successors,
executors, administrators, heirs and permitted assigns. In the event of a Participant’s death or Disability after a termination
of employment but prior to the completion by the Company of all payments due to him or her under this Plan, the Company shall continue
such payments to the Participant’s beneficiary designated in writing to the Company prior to his or her death (or to his or her
estate, if the Participant fails to make such designation).


 


13. Enforceability.
If any portion or provision of this Plan shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Plan, or the application of such portion or provision in circumstances other than those as to which it is
so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Plan shall be valid and enforceable
to the fullest extent permitted by law.


 


14. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.


 


15. Non-Duplication
of Benefits and Effect on Other Plans. Notwithstanding any other provision in the Plan to the contrary, the benefits provided hereunder
are not intended to be paid in addition to other severance-type benefits provided by the Company or any affiliate of the Company (such
as statutory termination entitlements, employment contract termination benefits, or any severance benefits provided in an offer letter
or otherwise) or any amounts due under any law that requires notice of termination of employment. To the extent that a Participant becomes
eligible for such other pay or benefits, and to the extent permitted by applicable law, the benefits provided pursuant to the Plan will
be offset and reduced by the amount of such category of other pay or benefits or, alternatively, Plan benefits previously paid or provided
to the Participant will be treated as having been paid or provided to satisfy such category of other pay or benefit obligations, in all
cases as administered by the Administrator; provided, however, that the Participant shall receive at least 10 days’ written notice
of any proposed offset.


 


16. No
Contract of Employment. Nothing in this Plan shall be construed as giving any Participant any right to be retained in the employ
of the Company or any of its Affiliates or shall affect the terms and conditions of a Participant’s employment with the Company
or any of its Affiliates.


 


17. Amendment
or Termination of Plan. The Company may amend or terminate this Plan at any time or from time to time, but no such action shall adversely
affect the rights of any Participant without the Participant’s written consent (which the Participant may withhold for any or no
reason). This provision shall survive any purported amendment or termination of the Plan which would adversely affect the rights of the
Participant and to which the Participant has not consented.


 


18. Governing
Law. This Plan shall be construed under and be governed in all respects by the laws of the State of Delaware, without giving effect
to the conflict of laws principles.


 






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19. Obligations
of Successors. In addition to any obligations imposed by law or contract upon any successor to the Company, any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company
shall expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.


 


20. Payment
Obligations. Notwithstanding any contrary provision herein, the Company may cause the employing Company Affiliate to satisfy any
Company obligation to pay cash amounts hereunder.


 


21. Effective
Date. This Plan is effective as of February 18, 2021.


 


 


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