EX-10.7





 Exhibit 10.7 

PRIVIA HEALTH GROUP, INC. EMPLOYEE STOCK PURCHASE PLAN 

Section 1.    Purpose. This Privia Health Group, Inc. Employee Stock Purchase Plan is intended to provide
employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of Shares. The Company intends that the Plan qualify as an “employee stock purchase plan”
under Section 423 of the Code and the Plan shall be interpreted in a manner that is consistent with that intent. 

Section 2.    Definitions. 

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

(b)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules,
regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 

(c)    “Committee” means the compensation committee of the Board unless another committee is designated
by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the “Committee” shall refer to the Board. 

(d)    “Company” means Privia Health Group, Inc., a Delaware corporation, including any successor
thereto. 
 (e)    “Compensation” means base salary, wages, annual bonuses and commissions paid to an
Eligible Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay, parental leave pay, jury duty pay and funeral leave pay, but excluding education or tuition reimbursements,
imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, and income received in connection with stock options or other equity-based awards. 

(f)    “Corporate Transaction” means a merger, amalgamation, consolidation, acquisition of property or
stock, separation, reorganization or other corporate event described in Section 424 of the Code. 

(g)    “Designated Broker” means the financial services firm or other agent designated by the Company to
maintain ESPP Share Accounts on behalf of Participants who have purchased Shares under the Plan. 

(h)    “Effective Date” has the meaning provided in Section 18(h). 

(i)    “Employee” means any person who renders services to the Company or a Participating Subsidiary as
an employee pursuant to an employment relationship with 












 
such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved
by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time
specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed by statute or contract, the employment
relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2). 

(j)    “Eligible Employee” means an Employee who (i) has been employed by the Company or a
Participating Subsidiary for at least six (6) months and (ii) is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year; provided that Employees with the title of
senior vice president and above who are “highly compensated employees” of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code), shall not constitute “Eligible Employees.”
Notwithstanding the foregoing, the Committee (i) may exclude from participation in the Plan or any Offering any other Employees who are “highly compensated employees” or any sub-set of such
“highly compensated employees” and (ii) shall exclude any Employees located outside of the United States to the extent permitted under Section 423 of the Code. 

(k)    “Enrollment Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in
the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period. 

(l)    “ESPP Share Account” means an account into which Shares purchased with accumulated payroll
deductions at the end of an Offering Period are held on behalf of a Participant. 
 (m)    “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(n)    “Fair Market Value” means, as of any date, the closing price of a Share on the trading day
immediately preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market or exchange on which Shares are quoted or traded, or if
Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee and such determination shall be conclusive and binding on all persons. 

(o)    “Offering Date” means the first Trading Day of each Offering Period as designated by the
Committee. 












 (p)    “Offering or Offering Period” means a period of
six (6) months selected by the Committee; provided that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months) and/or the
start and end dates of future Offering Periods. 
 (q)    “Participant” means an Eligible Employee who
is actively participating in the Plan. 
 (r)    “Participating Subsidiaries” means the Subsidiaries
that have been designated as eligible to participate in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. 

(s)    “Plan” means this Privia Health Group, Inc. Employee Stock Purchase Plan, as set forth herein, and
as amended from time to time. 
 (t)    “Purchase Date” means the last Trading Day of each
Offering Period. 
 (u)    “Purchase Price” means an amount equal to eighty-five percent (85%) (or such
greater percentage as designated by the Committee) of the Fair Market Value of a Share on the Offering Date or the Purchase Date, whichever is less; provided that the Purchase Price per Share will in no event be less than the par value of the
Shares. 
 (v)    “Registration Date” means the date upon which the registration statement on Form S-1 that is filed by the Company with respect to its initial public offering is declared effective by the U.S. Securities and Exchange Commission. 

(w)    “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules,
regulations and guidance thereunder. Any reference to a provision in the Securities Act shall include any successor provision thereto. 

(x)    “Share” means a share of the Company’s common stock, $0.01 par value. 

(y)     “Subsidiary” means any corporation, domestic or foreign, of which not less than fifty percent
(50%) of the combined voting power is held by the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination of whether an entity is a
Subsidiary shall be made in accordance with Section 424(f) of the Code. 
 (z)    “Trading Day”
means any day on which the national stock exchange upon which the Shares are listed is open for trading or, if the Shares are not listed on an established stock exchange or national market system, a business day, as determined by the Committee in
good faith. 
 Section 3.     Administration. 

(a)    Administration of Plan. The Plan shall be administered by the Committee which shall have the authority to
construe and interpret the Plan, prescribe, amend and 












 
rescind rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the Plan including, without limitation, adopting sub-plans
applicable to particular Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The Committee may correct any defect or supply any omission or reconcile any inconsistency or
ambiguity in the Plan. The decisions of the Committee shall be final and binding on all persons. All expenses of administering the Plan shall be borne by the Company. 

(b)    Delegation of Authority. To the extent permitted by applicable law, including under Section 157(c) of
the Delaware General Corporation Law, the Committee may delegate to (i) one or more officers of the Company some or all of its authority under the Plan and (ii) one or more committees of the Board some or all of its authority under the
Plan. 
 Section 4.     Eligibility. In order to participate in an Offering, an Eligible Employee must
deliver a completed Enrollment Form to the Company at least five (5) business days prior to the Offering Date (unless a different time is set by the Company for all Eligible Employees with respect to such Offering) and must elect his or her
payroll deduction rate as described in Section 6. Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an option under the Plan if (i) immediately after the grant of the option, such Eligible
Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or hold outstanding options to purchase stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit his or her rights to purchase stock under all employee stock purchase plans (described in
Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 based on the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such option is
outstanding at any time. 
 Section 5.     Offering Periods. The Plan shall be implemented by a series of
Offering Periods. The Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods. 

Section 6.     Participation. 

(a)    Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly
completing an Enrollment Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form,
which may be electronic, the Eligible Employee authorizes payroll deductions from his or her pay check in an amount equal to at least one percent (1%), but not more than ten percent (10%) of his or her Compensation on each pay day occurring during
an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins). Payroll 












 
deductions shall commence as soon as practicable following the Offering Date and end on the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of
all payroll deductions but shall have no obligation to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate
contributions or payments to the Plan. 
 (b)    Election Changes. During an Offering Period, a Participant may
decrease his or her rate of payroll deductions applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days
before the Purchase Date. A Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the
start of the next Offering Period. 
 (c)    Automatic Re-enrollment. The
deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b),
(ii) withdraws from the Plan in accordance with Section 10, or (iii) terminates employment or otherwise becomes ineligible to participate in the Plan. 

Section 7.    Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall
be granted an option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant’s accumulated payroll deductions by the applicable Purchase Price; provided that in no event shall any Participant purchase
more than 3,000 Shares during an Offering Period (subject to adjustment in accordance with Section 17 and the limitations set forth in Section 13 of the Plan). 

Section 8.    Exercise of Option/Purchase of Shares. A Participant’s option to purchase
Shares will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be purchased with the amounts in the
Participant’s notional account. No fractional Shares may be purchased, but contributions unused in a given Offering Period due to being less than the cost of a Share will be carried forward to the next Offering Period, subject to earlier
withdrawal by the Participant in accordance with Section 10 or termination of employment in accordance with Section 11. 

Section 9.    Transfer of Shares; Holding Period. As soon as reasonably practicable after each Purchase Date,
the Company will arrange for the delivery to each Participant of the Shares purchased upon exercise of his or her option. The Committee may permit or require that the Shares be deposited directly into an ESPP Share Account established in the name of
the Participant with a Designated Broker. Unless otherwise determined by the Committee, Shares purchased upon exercise of an option pursuant to the Plan are subject to a minimum holding period of twelve (12) months following the













 
Purchase Date before sale of such Shares shall be permitted. All certificated Shares issued pursuant to a purchase under the Plan shall bear a legend stating this minimum holding period.
Participants will not have any voting, dividend or other rights of a shareholder with respect to the Shares subject to any option granted hereunder until such Shares have been delivered pursuant to this Section 9. 

Section 10.    Withdrawal. 

(a)    Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised
Enrollment Form indicating his or her election to withdraw at least fifteen days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase Shares)
shall be paid to the Participant promptly following receipt of the Participant’s Enrollment Form indicating his or her election to withdraw and the Participant’s option shall be automatically terminated. If a Participant withdraws from an
Offering Period, no payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan. 

(b)    Effect on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period
will not have any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws. 

Section 11.    Termination of Employment; Change in Employment Status. Notwithstanding Section 10, upon
termination of a Participant’s employment for any reason, including death, disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible Employee, which in either case
occurs at least ten (10) days before the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant’s notional account (that have not been used to purchase Shares) shall be
returned to the Participant, or in the case of the Participant’s death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the Participant’s option shall be automatically terminated. If the
Participant’s termination of employment or change in status occurs within ten days before a Purchase Date, the accumulated payroll deductions shall be used to purchase Shares on the Purchase Date. 

Section 12.    Interest. No interest shall accrue on or be payable with respect to the payroll deductions of a
Participant in the Plan. 
 Section 13.    Shares Reserved for Plan. 

(a)    Number of Shares. A total of [●] Shares (subject to adjustment in accordance with Section 17)
have been reserved as authorized for the grant of options 












 
under the Plan. The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. The Committee may elect to increase the total number of Shares available for purchase
under the Plan as of the first day of each Company fiscal year following the Effective Date in an amount equal to up to one percent (1%) of the Shares issued and outstanding on the immediately preceding December 31; provided that the maximum number
of Shares that may be issued under the Plan in any event shall be [●] Shares (subject to any adjustment in accordance with Section 17). 

(b)    Over-subscribed Offerings. The number of Shares which a Participant may purchase in an Offering under the
Plan may be reduced if the Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total number of Shares purchased by all other Participants in such Offering
would exceed the total number of Shares remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of Shares with respect to which options are to be exercised exceeds the number of Shares then
available under the Plan, the Company shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable. 

Section 14.    Transferability. No payroll deductions credited to a Participant, nor any rights with respect
to the exercise of an option or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution) by the Participant. Any attempt to assign,
transfer, pledge or otherwise dispose of such rights or amounts shall be without effect. 

Section 15.    Application of Funds. All payroll deductions received or held by the Company under the Plan may
be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions. 

Section 16.    Statements. Participants will be provided with statements at least annually which shall set
forth the contributions made by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and any payroll deduction amounts remaining in the Participant’s notional account.

 Section 17.    Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate
Transactions. 
 (a)    Adjustments. In the event that any dividend or other distribution (whether in the
form of cash, Shares, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, split-up, spin-off,













 
combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the Company’s structure affecting the Shares occurs, then in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the
Purchase Price per Share and the number of Shares covered by each outstanding option under the Plan, and the numerical limits of Section 7 and Section 13. 

(b)    Dissolution or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed
dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or liquidation. The new Purchase Date
will be before the date of the Company’s proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the
Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10. 

(c)    Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or
an equivalent option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or substitute the option, the Offering Period with respect to which the option
relates will be shortened by setting a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each
Participant with written notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in
accordance with Section 10. Notwithstanding the foregoing, in the event of a Corporate Transaction, the Committee may also elect to terminate all outstanding Offering Periods in accordance with Section 18(i). 

Section 18.    General Provisions. 

(a)    Equal Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance
with Section 423 of the Code, all Eligible Employees who are granted options under the Plan shall have the same rights and privileges. 

(b)    No Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any
Participant the right to continue as an Employee or in any other capacity. 
 (c)    Rights as Shareholder. A
Participant will become a shareholder with respect to the Shares that are purchased pursuant to options granted under the Plan when the Shares are transferred to the Participant’s ESPP Share Account. A Participant will have no rights as a
shareholder with respect to Shares for which an election to participate in an Offering Period has been made until such Participant becomes a shareholder as provided above. 












 (d)    Successors and Assigns. The Plan shall be binding on the
Company and its successors and assigns. 
 (e)    Entire Plan. The Plan constitutes the entire plan with respect
to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof. 

(f)    Compliance with Law. The obligations of the Company with respect to payments under the Plan are subject to
compliance with all applicable laws and regulations. Shares shall not be issued with respect to an option granted under the Plan unless the exercise of such option and the issuance and delivery of the Shares pursuant thereto shall comply with all
applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the Shares may then be listed. 

(g)    Disqualifying Dispositions. Each Participant shall give the Company prompt written notice of any disposition
or other transfer of Shares acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made within two (2) years after the Offering Date or within one (1) year after the Purchase Date.
Notwithstanding the foregoing, Participants shall not transfer Shares acquired pursuant to the exercise of an option acquired under the Plan to a broker other than the Designated Broker within two (2) years after the Offering Date or within one
(1) year after the Purchase Date. 
 (h)    Effective Date; Term of Plan. The Plan shall, subject to
shareholder approval in accordance with applicable law, take effect upon the date immediately preceding the Registration Date (the “Effective Date”) and, unless terminated earlier pursuant to Section 18(i), shall have a term of
ten (10) years. 
 (i)    Amendment or Termination. The Committee may, in its sole discretion, amend,
suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date (which
may, in the discretion of the Committee, be accelerated) or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 17). If any Offering Period is terminated before its
scheduled expiration, all amounts that have not been used to purchase Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

(j)    Applicable Law. The laws of the State of Delaware shall govern all questions concerning the construction,
validity and interpretation of the Plan, without regard to such state’s conflict of law rules. 
 (k)    Section
423. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Any provision of the Plan that is inconsistent with Section 423 of the Code shall be reformed to comply with
Section 423 of the Code. 












 (l)    Withholding. To the extent required by applicable Federal,
state or local law, a Participant must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan. 

(m)    Severability. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted. 

(n)    Headings. The headings of sections herein are included solely for convenience and shall not affect the
meaning of any of the provisions of the Plan.