Document:

Exhibit 10.33

 

 

July 11, 2019

 

Dennis Donohoe

[Omitted pursuant to Item 601(a)(6)]

[Omitted pursuant to Item 601(a)(6)]

[Omitted pursuant to Item 601(a)(6)]

[Omitted pursuant to Item 601(a)(6)]

 

Offer of Employment

 

Dear Dr. Donohoe,

 

We are pleased to offer you the position of Chief Medical Officer at
Orchestra BioMed, Inc. (OBIO) and are excited about the prospect of having you join us as an employee. You will be reporting to Darren
Sherman (President and COO of OBIO). The starting date for your employment is July 15th, 2019.

 

The following are the terms and conditions of our offer of employment:

 

		1.	Your base salary will be $300,000 per year, paid in accordance with the payroll practices of Orchestra BioMed in effect (currently
24 pay periods per year).

 

		2.	Your position with OBIO is an “exempt” position for purposes of the Federal Fair Labor Standards Act.

 

		3.	You will be eligible for an annual incentive based bonus. The bonus will be awarded based on the achievement of milestones determined
by the board of directors of OBIO and will be paid in accordance with, and subject to the terms of, OBIO’s annual bonus payment
practices as may be in effect from time to time.

 

		4.	In addition to your base salary and bonus compensation, you will be eligible to participate in OBIO’s health benefit plans with
a monthly contribution by you of 25% of the premium cost. You will also be eligible to participate in a company sponsored (non-matching)
401k plan, subject to the eligibility, vesting and other terms of these plans. Please be aware that OBIO may change its benefits (and
any required employee contribution) as it may determine from time to time.

 

		5.	Your will be eligible to receive equity compensation of 60,000 shares (inclusive of options in consulting agreement of 32,500 options
post split) of OBIO common stock through participation in OBIO’s incentive stock option plan that will vest based on milestones
determined by the OBIO board of directors and as set forth in the OBIO Stock Plan. All grants of equity compensation are subject to approval
by the OBIO board of directors.

 

     

     

    

 

		6.	You will also receive four weeks (20 days) of paid vacation annually, which will be accrued based on your start date.

 

		7.	As OBIO’s proprietary information is extremely important, this offer of employment is expressly subject to your signing the
attached Confidential Information and Invention Assignment and Arbitration Agreement.

 

		8.	In accordance with the Federal Immigration Reform and Control Act, this offer is contingent upon your satisfactorily providing documents
proving your identity and demonstrating that you are authorized to work in the United States. You must complete an “I-9 form”
no later than three days after your employment commences.

 

		9.	OBIO reserves the right to make this offer contingent upon completion of a satisfactory background investigation, including, but not
limited to, verification of former employment, professional certifications, criminal record, designations or licenses, and general financial
information (including, without limitation, academic, business, and other references). If we elect to conduct a background investigation,
you will be asked to sign a separate background investigation authorization form.

 

		10.	If you are not legally able to work in the United States, if you fail to consent to a background investigation or any part of the
background investigation proves unsatisfactory to OBIO, we reserve the right to rescind this offer of employment or terminate your employment
immediately without any prior notice to you.

 

		11.	This Offer Letter does not constitute a guarantee of employment. Your employment is “at-will.” This means that OBIO has
the right to terminate your employment at any time, with or without cause, and without further obligation to you other than payment of
amounts that are required under applicable law.

 

		12.	Payments to you hereunder are subject to applicable federal, state and local wage withholding requirements.

 

* * * *

 

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We look forward to a successful and rewarding working relationship.
If you have any questions regarding the above, please feel free to call Darren Sherman at [Omitted pursuant to Item 601(a)(6)]. This offer
is contingent upon your written acceptance prior to 8pm ET on Friday, July 12, 2019.

 

Orchestra BioMed, Inc.

 

	By:	/s/ Darren Sherman	 
	 	Darren Sherman	 
	 	President and COO	 

 

Accepted and Agreed:

 

This 15th day of July, 2019

 

	/s/ Dennis Donohoe	 
	Dennis Donohoe	 

 

 

3Exhibit 10.34

 

 

January 9, 2021

 

Michael D. Kaswan

[Omitted pursuant to Item 601(a)(6)]

[Omitted pursuant to Item 601(a)(6)]

[Omitted pursuant to Item 601(a)(6)]

 

Re: Offer of Employment

 

Dear Mike,

 

We are pleased to offer you the position of Chief
Financial Officer at Orchestra BioMed, Inc. (“OBIO” or the “Company”) and we are excited about the
prospect of having you join our team. You will be reporting to the David Hochman, Chairman & CEO at OBIO. The starting date for your
employment will be January 10, 2022.

 

The following are the terms and conditions of
our Offer of Employment:

 

	1.	You will serve as the Chief Financial Officer of the Company and shall have the duties, responsibilities, functions and authority
as set forth in the Company’s by-laws (as currently in effect). The principal location of your employment with the Company shall
be at the Company’s offices in New Hope, PA and New York, NY.

 

	2.	You will be paid an annual base salary in 24 semi-monthly installments equal to a gross amount of $15,625.00 each, which is equivalent
to $375,000 on an annual basis, subject to deductions for applicable taxes and withholdings, in accordance with Company’s regular
payroll practices.

 

	3.	Your position with OBIO is an “exempt” position for purposes of the Federal Fair Labor Standards Act.

 

	4.	You will be eligible for an annual incentive based bonus with a target of 50% of your base salary starting with the 2022 calendar
year (the “Annual Bonus”). The Annual Bonus will be awarded based on the achievement of milestones determined by the Company’s
Board of Directors and, if awarded, will be paid in accordance with, and subject to the terms of, OBIO’s annual bonus payment practices
as may be in effect from time to time.

 

	5.	You will receive a one-time bonus payment in the amount of $50,000 (the “Funding Bonus”) within fifteen (15) business
days following the closing (the “Closing”) of the Company’s planned Series D private placement offering of at least
$100 million in gross proceeds (this offering will constitute the Follow-On Offering, as defined in the Confidential Private Placement
Memorandum originally dated January 22, 2018). You will also receive a one-time bonus payment of $50,000 (the “Anniversary Bonus”)
within fifteen (15) business days following the date which is eighteen (18) months from your employment start date (“One Year Anniversary”).

 

	6.	In addition to your base salary and bonus compensation, you will be eligible to participate in all benefit plans made available to
the Company’s executive officers, including, without limitation, OBIO’s health benefit plans (with a monthly contribution
by you of 10-20% of the premium cost depending on the plan you choose) and a Company-sponsored (non-matching) 401k plan, subject to the
eligibility, vesting and other terms of these plans. Please be aware that OBIO may change its benefits plans (and any required employee
contribution) as determined from time to time.

 

     

     

    

 

150 Union Square
Drive – New Hope, PA 18938 | T.254.4900 | www.orchestrabiomed.com

 

	7.	You will receive an initial grant of ten-year options to purchase 251,413 of shares of OBIO common stock (“Initial Grant”) pursuant to OBIO’s Incentive Stock Option plan (the “Equity Incentive Plan”) no later than February 10, 2022, and the Company shall give you at least five business days’ notice before the Initial Grant is made. The exercise price of each such option shall be the fair market value of common stock at time of grant as determined by OBIO’s Board of Directors based on a 409A valuation completed by a qualified independent firm. You may elect to receive up to 100% of the Initial Grant in Restricted Shares rather than stock options. You must make such election within five (5) business days of the date of the Initial Grant. You will be granted additional ten-year options to acquire common stock of the Company representing 1.25% of the fully diluted common shares outstanding as of the Closing (“Additional Grant”). Such award shall be made pursuant to the Equity Incentive Plan at an exercise price equal to the fair market value of the Company’s common stock at the date of issuance. The Initial Grant (for clarity, including any Restricted Shares) will vest as follows: (a) one third (1/3) will vest on the date which is twelve (12) months from your employment starting date; and (b) the remainder in equal quarterly installments over a 2-year period from the date which is twelve (12) months from your employment starting date. The Additional Grant will vest in equal quarterly installments over a 3-year period from the date of grant.

 

	8.	You will also receive paid time off consistent with the Company’s other executives, currently four weeks (20 business days)
of paid vacation annually, which will be accrued based on your start date. In case of an illness, the Company also offers empoyees five
(5) paid sick days annually.

 

	9.	The Company shall reimburse you for any expenses reasonably incurred by you during your employment in furtherance of your duties hereunder,
including business travel, meals and accommodations, in compliance with such rules and policies relating thereto as the Company may from
time to time adopt.

 

	10.	Upon any termination of your employment with the Company, the Company shall pay you (or in the event of your death, your devisee,
legatee, or other designee or, if there be no such designee, your estate) the following: (i) any earned but unpaid base salary; (ii) reimbursement
for reimbursable expenses incurred by you prior to the date of termination in accordance with Section 9; (iii) vested and accrued benefits,
if any, to which you may be entitled hereunder or under the Company’s employee benefit plans as of the date of termination; and
(iv) any additional amounts or benefits due under any applicable plan, program, agreement or arrangement of the Company, including the
Equity Incentive Plan, subject to the terms of such plan, program, agreement or arrangement (the amounts and benefits described in clauses
(i) through (iv) above, collectively, the “Accrued Benefits”).

 

	11.	If your employment is terminated without Cause or for Good Reason (as defined on Exhibit A), then, in addition to the Accrued Benefits:
(a) conditioned on your execution in favor of the Company (including its subsidiaries and affiliates and its and their officers, directors
and employees) of a general release of all claims in substantially the form attached hereto as Exhibit B (the “Release”) becoming
irrevocably effective and subject to your compliance with your obligations under the Restricted Covenant Agreement (as defined in Section
15), the Company shall (i) continue to pay to you, as severance, your base salary for six (6) months (subject to extension as provided
below, the “Severance Period”) subject to deductions and withholdings and, subject to Section 12, paid in accordance with
the Company’s normal payroll practices as described in paragraph 1 (the “Severance Payments”), (ii) pay you the Anniversary
Bonus if such termination occurs after the initial 12 months of the commencement of your employment with the Company and any earned but
unpaid Annual Bonus for the year prior to such termination, each within 10 days after such termination, (iii) pay you the Funding Bonus
if earned but unpaid on or prior to such termination, or if the Closing occurs following such termination but prior to the end of the
Severance Period, and (iv) reimburse you for the premiums you pay to continue medical benefits for you and your eligible dependents under
applicable law (COBRA) for the Severance Period or, if earlier, until you become eligible for benefits for a subsequent employer, (b)
you will vest in the unvested options or shares that were scheduled to vest during the Severance Period (subject to acceleration as provided
below), and (c) you will be able to exercise vested options during the Severance Period. If such a termination occurs within the period
beginning 3 months prior to a Change of Control (as defined in Exhibit A) and ending 12 months following a Change of Control (the “Change
of Control Period”), and conditioned upon your execution of the Release, there will be full acceleration of equity vesting. The
Severance Period shall be nine (9) months if your termination occurs on or after the One Year Anniversary and twelve (12) months if your
termination occurs during the Change of Control Period.

 

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	12.	If the conditions set forth in Section 11(a) are satisfied, then the Severance Payments shall be made in accordance with the applicable
provisions of Section 11 commencing on the sixtieth (60th) day following the effective date of such termination. The first
Severance Payment shall include payment of all Severance Payments that otherwise would have been due prior thereto under the terms of
this agreement had such payments commenced immediately on the effective date of such termination, and any Severance Payments made thereafter
shall continue as provided herein.

 

	13.	The terms herein are intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, (“Section
409A”) and will be interpreted and construed consistent with that intent. Any provision of this agreement to the contrary notwithstanding,
if the Company determines that any compensation or benefits payable under this agreement may be subject to Section 409A, the Company shall
work in good faith with you to adopt such amendments to this agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions that the Company and you determine are necessary or appropriate to
avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (1) exempt the compensation and benefits
payable under this agreement from Section 409A, or (2) comply with the requirements of Section 409A; provided, however, this Section shall
not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor
shall the Company have any liability for failing to do so. The decision to adopt any such amendment, policy or procedure shall rest solely
with the discretion of the Company which it may elect not to exercise. For purposes of this agreement, the terms “terminate,”
“terminated” and “termination” mean a termination of your employment that constitutes a “separation from service”
within the meaning of the default rules of Section 409A. For purposes of Section 409A, your right to receive any installment payments
pursuant to this agreement shall be treated as a right to receive a series of separate and distinct payments. Notwithstanding any contrary
provision herein, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the “deferral
of compensation” within the meaning of Section 409A, the payment will be paid (or provided) in accordance with the following:

 

		●	If you are a “Specified Employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of your termination
of employment, then no such payment shall be made or commence during the period beginning on the date of termination and ending on the
date that is six (6) months following the date of termination or, if earlier, on the date of your death. The amount of any payment that
would otherwise be paid to you during this period will instead be paid on the fifteenth (15th) day of the first calendar month
following the end of the period.

 

		●	Payments with respect to reimbursements of expenses, business club memberships, financial planning expenses, relocation expenses or
legal fees shall be made on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred.
The amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any
other calendar year.

 

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	14.	Provided that it will not interfere with you duties as Chief Financial Officer of OBIO, we understand and acknowledge that you will
wind down your current role and assignments with Burkland Associates prior to March 31, 2022 and that you will be compensated for completion
of such work through this date. Following such date or completion of outstanding duties related to Burkland Associates, you will work
full-time for OBIO and will not take on outside work in any capacity unless agreed in advance by the Chief Executive Officer of OBIO.
The foregoing notwithstanding, you may (i) participate in trade associations or industry organizations which are related to the business
of the Company or engaging in charitable, civic, religious or political activities, (ii) engage in personal and family investment activities
that do not give rise to any conflict of interests with the Company, (iii) subject to the prior written approval of the OBIO CEO, which
the CEO will exercise in his reasonable discretion, accept directorships or advisory/consulting roles unrelated to the Company that do
not give rise to any conflict of interests with the Company, (iv) act as a director or advisor/consultant to Sword Performance, Inc. and
Thrive Senior Solutions, Inc., (v) serve as a paid referral source to Burkland Associates, LLC, and (vi) provide services to Rockwell
Development Group, LLC pursuant to a SPAC finders agreement, in each case so long as the interests in (i) through (vi) above do not interfere,
individually or in the aggregate, with the performance of your duties hereunder, including the restrictive covenants set forth in the
Restricted Covenant Agreement.

 

	15.	As OBIO’s proprietary information is extremely important, this Offer of Employment is expressly subject to your signing the
attached Confidentiality, Non-Competition, Non-Solicitation and and Intellectual Property Assignment Agreement (the “Restricted
Covenant Agreement”).

 

	16.	During the term of your employment, the Company will continue to maintain the officer and director liability insurance policy currently
in effect (which, upon the commencement of your employment, will cover you), and the Company, in its sole discretion, will determine the
appropriate limits, level and coverage of officer and director liability insurance from time to time. In addition, Executive will be provided
indemnification to the fullest extent permitted by the Company’s Certificate of Incorporation or Bylaws

 

	17.	In accordance with the Federal Immigration Reform and Control Act, this offer is contingent upon your satisfactorily providing documents
proving your identity and demonstrating that you are authorized to work in the United States. You must complete an “I-9 form”
no later than three days after your employment commences.

 

	18.	OBIO makes this offer contingent upon completion of a satisfactory background investigation, including, but not limited to, verification
of former employment, professional certifications, criminal record, designations or licenses, and general financial information (including,
without limitation, academic, business, and other references).

 

	19.	If you are not legally able to work in the United States, if you fail to consent to a background investigation or any part of the
background investigation proves unsatisfactory to OBIO, we reserve the right to rescind this Offer of Employment or terminate your employment
immediately without any prior notice to you.

 

	20.	This letter supersedes any prior verbal or written representations and does not constitute a guarantee of employment. Your employment
with OBIO will be “at-will.” This means that both you and OBIO have the right to terminate your employment at any time, with
or without cause, and without further obligation to you other than payment of amounts that are required under applicable law and as described
in this agreement.

 

	21.	Payments to you hereunder are subject to applicable federal, state and local wage withholding requirements.

 

	22.	The terms herein shall be interpreted in accordance with the laws of the State of New York, without regard to the conflicts of laws
principles that might direct application of the laws of any other jurisdiction. By accepting employment, you consent to the exclusive
jurisdiction of the appropriate state or federal court located in New York, New York as the venue for any claims arising out of or relating
to this Offer of Employment or your employment with OBIO (or any of its subsidiaries, affiliates, parents, successors or assigns). You
acknowledge that you are subject to the jurisdiction of such courts and waive any objection to such courts as being inconvenient forums.
Both you and OBIO knowingly and voluntarily waive any right to trial by jury in any action arising out of or relating to this offer letter
or your employment with OBIO or any of its subsidiaries, affiliates, parents, successors or assigns.

 

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	23.	The Company expects you to comply with any continuing legal or contractual obligations you may have to your former employer. Accordingly,
you agree that you will, in all respects while employed by the Company, comply with such obligations to your former employer. Without
limiting the foregoing, in accepting employment with OBIO and signing below, you represent that (i) you have not taken or downloaded to
your computer, to any USB or to any other electronic device, and/or will return without retaining copies, all trade secret, proprietary,
or other confidential information and any other materials which belong to any of your former employer(s); (ii) in connection with your
OBIO employment, you will not use or disclose any trade secret, proprietary or other confidential information which belongs to your former
employer(s) and if any OBIO employee asks you to use or disclose any trade secret, proprietary or other confidential information belonging
to a former employer you shall promptly notify Darren Sherman; (iii) you are not party to any agreement or subject to any policy that
would prevent or restrict you from engaging in activities competitive with the activities of your former employer(s) or, if you are subject
to such an agreement or policy, you have complied and will comply with it; (iv) you have not solicited or encouraged, and will not request,
solicit or encourage, any employees or customers/clients of your former employer(s) to join OBIO in violation of any contractul or common-law
obligation or duty to your past employer(s); and (v) you are not subject to any agreement or policy that requires you to provide notice
of your resignation to your prior employer(s) in order for such resignation to become effective (or if you are subject to such agreement
or policy, you have provided notice, and the notice will have elapsed before your scheduled start date with OBIO).

 

	24.	This agreement shall be binding upon the successors and assigns of the Company, and shall inure to the benefit of and be enforceable
by and against its successors and assigns. This agreement shall inure to the benefit of and be enforceable by your personal or legal representatives,
executors, administrators, heirs, distributees, devisees and legatees.

 

* * * *

We look forward to a successful and mutually rewarding
working relationship. If you have any questions regarding the above, please feel free to call David Hochman at [Omitted pursuant to Item
601(a)(6)]. This offer is contingent upon your written acceptance prior to 5:00 pm EDT on January 10, 2022.

 

My signature below indicates that I accept this
offer of employment upon the terms discussed above. I understand the terms of this offer letter supersede any prior representations or
terms made by the Company or any representative of the Company, whether expressed orally or in writing.

 

	Orchestra BioMed, Inc.	 	Accepted and Agreed:
	 	 	 	 	 
	By:	/s/ David Hochman	 	/s/ Michael D. Kaswan	 
	 	David Hochman	 	Michael D. Kaswan	 
	 	Chairman and CEO	 	January 9, 2022	 

 

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EXHIBIT A

 

For purposes of this letter, “Cause”
shall mean the following (for the avoidance of doubt, “poor performance” will not constitute Cause) and shall be communicated
in writing by the Company’s Board of Directors:

 

		i.	Employee’s willful engagement in dishonesty, breach of trust, unethical business conduct, illegal conduct or gross misconduct
with respect to the Company;

 

		ii.	Employee’s embezzlement, misappropriation or fraud, whether or not related to Employee’s employment with the Company;

 

		iii.	Employee’s arrest or conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
or a crime that constitutes a misdemeanor involving moral turpitude, fraud or misrepresentation (whether or not related to Employee’s
employment with the Company);

 

		iv.	Employee’s commission of any willful or intentional act that would reasonably be expected to injure the reputation, business,
or business relationships of the Company, notice of which shall have been delivered to Employee by the Board, and which identifies the
manner in which the Company believes Employee has engaged in such acts;

 

		v.	Employee’s violation of a material policy of the Company, notice of which shall have been delivered to Employee by the Board,
and which identifies the manner in which the Company believes Employee has engaged in intentional commission of any such policy violation,
and Employee has failed to remedy such failure within the fifteen (15) day period immediately following receipt of the notice of such
failure (unless the policy breach is one that, in the Company’s determination, cannot be remedied after-the-fact, e.g., intentional
discrimination, sexual harassment, workplace violence, etc.);

 

		vi.	Employee’s use, possession, or being under the influence of illegal drugs (or abuse of prescription drugs) on the Company premises
or at a Company-related event;

 

		vii.	Any reasonably substantiated allegation(s) of child abuse or neglect made against Employee;
	 	 	 

		viii.	Employee’s willful unauthorized disclosure of Confidential Information;
	 	 	 

		ix.	Failure to cooperate in an internal investigation by the Company;
	 	 	 

		x.	Employee’s material breach of any obligations to the Company (other than due to sickness, injury
or death), which Employee has failed to remedy within the fifteen (15) day period immediately following receipt of notice of such breach;
and

 

		xi.	Continued or excessive absences or tardiness, after an official warning has been issued to Employee and
failure to cure (not including authorized leaves of absence, FMLA leave, or absences that are a result of an accommodation under the Americans
with Disabilities Act);

 

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150 Union Square
Drive – New Hope, PA 18938 | T.254.4900 | www.orchestrabiomed.com

 

“Good Reason” means (i) the
Company’s failure to pay or provide when due (or, with respect to the Employee’s salary, there is a reduction in) the
Employee’s salary, (ii) a material reduction in the benefits provided to Employee under this letter unless such reduction is
reasonably commensurate with a reduction in benefits made available to all employees of the Company in general or the Company
separately compensates Employee for the reasonable cost of obtaining similar benefits elsewhere, (iii) a material reduction in
Employee’s level of responsibility, title or authority with or in the Company, (iv) any material breach, non-performance or
nonobservance by the Company of any of the terms of this agreement, or (v) any relocation of the Employee’s principal work
location to a location more than seventy-five (75) miles from Princeton, NJ, or requiring the Employee to relocate his permanent
home residence, and in the case of clause (i), (ii), (iii) and (iv) above, which failure, reduction breach is not cured (or
corrected) within ten (10) days after the receipt by theCompany’s CEO from the Employee of his written notice.

 

“Change of Control” means the
occurrence of any of the following events: (i) an acquisition of the Company by another entity by means of any transaction or series of
related transactions (including, without limitation, any reorganization, merger or consolidation but excluding any merger effected exclusively
for the purpose of changing the domicile of the Company), or (ii) a sale of all or substantially all of the assets of the Company (collectively,
a “Merger”), so long as in either case the Company’s stockholders of record immediately prior to such Merger will, immediately
after such Merger, hold less than fifty percent (50%) of the voting power of the surviving or acquiring entity.

 

 

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