Exhibit 10.14


 


	 	P3 HEALTH PARTNERS INC.
 

                                                                          

                                                                         2021 INCENTIVE AWARD PLAN





 


STOCK
OPTION GRANT NOTICE


 


P3 Health Partners Inc., a
Delaware corporation (the “Company”) has granted to the participant listed below (“Participant”)
the stock option (the “Option”) described in this Stock Option Grant Notice (the “Grant Notice”),
subject to the terms and conditions of the P3 Health Partners Inc. 2021 Incentive Award Plan (as amended from time to time, the “Plan”)
and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated
into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings
given to them in the Plan.


 


	Participant:	[To be specified]
	Grant Date:	[To be specified]
	Exercise Price per Share:	[To be specified]
	Shares Subject to the Option:	[To be specified]
	Final Expiration Date:	[To be specified]
	Vesting Commencement Date:	[To be specified]
	Vesting Schedule:	[To be specified]
	Type of Option	[Incentive Stock Option]/[Non-Qualified Stock Option]


 


By accepting (whether in writing,
electronically or otherwise) the Option, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.
Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice
of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan, this Grant Notice or the Agreement.


 


	P3 HEALTH PARTNERS INC.	 	PARTICIPANT
	 	 	 
	By:		 	
	Name:		 	[Participant Name]
	Title:		 	 


 






     


     


    

 


Exhibit A


 


STOCK OPTION AGREEMENT


 


Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.


 


ARTICLE
I.

GENERAL


 


1.1           Grant
of Option. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant
Date”).


 


1.2           Incorporation
of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.


 


ARTICLE
II.

PERIOD OF EXERCISABILITY


 


2.1           Commencement
of Exercisability. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting
Schedule”) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated
and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan
or this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately expire and be forfeited
as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason (after taking into
consideration any accelerated vesting and exercisability which may occur in connection with such Termination of Service).


 


2.2          
Duration of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable
will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.


 


2.3           Expiration of Option. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the
following to occur:


 


(a)            The
final expiration date in the Grant Notice; provided, however, such final expiration date may be extended pursuant to Section 5.3
of the Plan;


 


(b)            Except as the Administrator may otherwise approve, the expiration of three months from the date of Participant’s Termination
of Service, unless Participant’s Termination of Service is for Cause (as defined below) or by reason of Participant’s death
or Disability (as defined below);


 


(c)            Except
as the Administrator may otherwise approve, the expiration of one year from the date of Participant’s Termination of Service by
reason of Participant’s death or Disability; and


 


(d)            Except as the Administrator may otherwise approve, Participant’s Termination of Service for Cause.


 






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2.4          
Certain Definitions.


 


(a)            “Cause”
shall mean with respect to a Participant, except as may otherwise be provided in Participant’s employment or service agreement
with the Company or an Affiliate thereof to the extent such agreement is in effect at the relevant time and contains a definition of
Cause, the occurrence of any one or more of the following events:


 


(i)              Participant’s
unauthorized use or disclosure of confidential information or trade secrets of the Company or an Affiliate thereof or any material breach
of a written agreement between Participant and the Company or an Affiliate thereof, including, without limitation, a material breach
of any employment, confidentiality, non-compete, non-solicit or similar agreement;


 


(ii)             Participant’s
commission of, indictment for or the entry of a plea of guilty or nolo contendere by Participant to, a felony under the laws of
the United States or any state thereof or any crime involving dishonesty or moral turpitude (or any similar crime in any jurisdiction
outside the United States);


 


(iii)            Participant’s negligence or willful misconduct in the performance of Participant’s duties or Participant’s willful
or repeated failure or refusal to substantially perform Participant’s assigned duties;


 


(iv)            any act of fraud, embezzlement, material misappropriation or dishonesty committed by Participant against the Company or an Affiliate
thereof; or


 


(v)             any
acts, omissions or statements by Participant which the Company or an Affiliate thereof determines to be materially detrimental or damaging
to the reputation, operations, prospects or business relations of the Company or an Affiliate thereof.


 


(b)            
“Disability” shall mean a permanent and total disability under Section 22(e)(3) of the Code.


 


ARTICLE
III.

EXERCISE OF OPTION


 


3.1           Person Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option. After Participant’s
death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s Designated
Beneficiary as provided in the Plan.


 


3.2           Partial
Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in
part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option
may only be exercised for whole Shares.


 


3.3           Tax
Withholding; Exercise Price.


 


(a)            Subject
to Section 3.3(b) of this Agreement, payment of the exercise price and withholding tax obligations with respect to the Option may be
by any of the following, or a combination thereof, as determined by [the Company in its sole discretion / the Administrator]1:


 


(i)                
Cash or check;


 


(ii)              
In whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Option creating
the tax obligation, valued at their Fair Market Value on the date of delivery; or


 





 






1 “the Administrator”
for Section 16 individuals. “The Company” for non-Section 16 individuals.


 






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(iii)            
In whole or in part by the Company withholding of Shares otherwise issuable upon exercise of this Option.


 


(b)            Unless
[the Company / the Administrator] otherwise determines, and subject to Section 9.10 of the Plan, payment of the exercise price and withholding
tax obligations with respect to the Option shall be by [delivery (including electronically or telephonically to the extent permitted
by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company
or an Affiliate sufficient funds to satisfy the applicable exercise price and tax withholding obligations] / [delivery (including electronically
or telephonically to the extent permitted by the Company) by Participant to the Company of a copy of irrevocable and unconditional instructions
to a broker acceptable to the Company that Participant has placed a market sell order with such broker with respect to Shares then-issuable
upon exercise of the Option, and that the broker has been directed to deliver promptly to the Company or an Affiliate funds sufficient
to satisfy the applicable exercise price and tax withholding obligations; provided, that payment of such proceeds is then made to the
Company or an Affiliate at such time as may be required by the Administrator]2.


 


(c)            Subject to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on Participant’s
Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean (i) if Participant
is subject to Section 16 of the Exchange Act, the greater of (A) the minimum applicable statutory tax withholding rate or (B) with Participant’s
consent, the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding
attributable to the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable
statutory tax withholding rate or such other higher rate approved by the Company; provided, however, that (i) in no event
shall Participant’s Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction
at the time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under
generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable,
shall be rounded up to the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up
to the nearest whole Share does not result in the liability classification of the Option under generally accepted accounting principles.


 


(d)            Participant
acknowledges that Participant is ultimately liable and responsible for the exercise price and all taxes owed in connection with the Option
(and, with respect to taxes, regardless of any action the Company or any Affiliate takes with respect to any tax withholding obligations
that arise in connection with the Option). Neither the Company nor any Affiliate makes any representation or undertaking regarding the
treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares.
The Company and the Affiliates do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s
tax liability.


 





 






2
Use second bracketed language for Section 16 individuals.


 






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ARTICLE
IV.


OTHER PROVISIONS


 


4.1           Adjustments. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain
events as provided in this Agreement and the Plan, provided that (except in connection with certain corporate transactions involving the
Company) the exercise price per Share issuable hereunder may not be reduced and the Option may not be cancelled in exchange for cash or
for other awards where such other award has an exercise price per Share that is less than the exercise price per share of the Option,
without approval of the stockholders of the Company.


 


4.2           Clawback. The Option and the Shares issuable hereunder shall be subject to any clawback or recoupment policy in effect on
the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform
and Consumer Protection Act and any rules or regulations promulgated thereunder.


 


4.3           Notices.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company’s General Counsel at the Company’s principal office or the General Counsel’s then-current email address or
facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
(or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address
or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a
different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email,
when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly
maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of
a facsimile transmission confirmation.


 


4.4           Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.


 


4.5           Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary
to conform to Applicable Laws.


 


4.6           Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and
this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.


 


4.7           Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule.


 


4.8           Entire
Agreement; Amendment. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with
respect to the subject matter hereof. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or
otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however,
that except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall
materially and adversely affect the Option without the prior written consent of Participant.


 






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4.9           Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.


 


4.10         Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater
than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the
terms hereof.


 


4.11         Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Affiliate or interferes with or restricts in any way the rights of the Company
and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for
any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company
or an Affiliate and Participant.


 


4.12         Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.


 


4.13         Incentive
Stock Options. If the Option is designated as an Incentive Stock Option:


 


(a)            Participant acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option
with respect to the shares is granted) with respect to which stock options intended to qualify as “incentive stock options”
under Section 422 of the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds
$100,000 or if for any other reason such stock options do not qualify or cease to qualify for treatment as “incentive stock options”
under Section 422 of the Code, such stock options (including the Option) will be treated as non-qualified stock options. Participant
further acknowledges that the rule set forth in the preceding sentence will be applied by taking the Option and other stock options into
account in the order in which they were granted, as determined under Section 422(d) of the Code. Participant also acknowledges that
if the Option is exercised more than three months after Participant’s Termination of Service, other than by reason of death or Disability,
the Option will be taxed as a Non-Qualified Stock Option.


 


(b)            Participant will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under
this Agreement if such disposition or other transfer is made (i) within two years from the Grant Date or (ii) within one year after the
transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized,
in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.


 


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