Document:

EX-10.53

 Exhibit 10.53 

SAVARA, INC. 

STOCK OPTION PLAN 

Effective Date: February 15, 2008 

Approved by Stockholders: July 31, 2008 

 SAVARA, INC. STOCK OPTION
PLAN 
 TABLE OF CONTENTS 

 

					
	ARTICLE 1. DEFINITIONS	  	1
	1.1	  	Award	  	1
	1.2	  	Award Agreement	  	1
	1.3	  	Board of Directors	  	1
	1.4	  	Capitalization Adjustment	  	1
	1.5	  	Cause	  	1
	1.6	  	Change in Control	  	2
	1.7	  	Code	  	2
	1.8	  	Common Stock or Stock	  	2
	1.9	  	Company	  	2
	1.10	  	Consultant	  	2
	1.11	  	Continuous Service	  	3
	1.12	  	Director	  	3
	1.13	  	Disability	  	3
	1.14	  	Effective Date	  	3
	1.15	  	Employee	  	3
	1.16	  	Exchange Act	  	3
	1.17	  	Fair Market Value	  	3
	1.18	  	Incentive Stock Option	  	4
	1.19	  	Nonqualified Stock Option	  	4
	1.20	  	Option	  	4
	1.21	  	Participant	  	4
	1.22	  	Plan Administrator	  	4
	1.23	  	Reorganization	  	4
	1.24	  	Rule 16b-3	  	5
	1.25	  	Stock Restriction Agreement	  	5
		
	ARTICLE 2. ADMINISTRATION	  	5
	2.1	  	Plan Administrator	  	5
	2.2	  	Meetings and Actions	  	6
	2.3	  	Powers of Plan Administrator	  	6
	2.4	  	Interpretation of Plan	  	6
	2.5	  	Indemnification	  	6
		
	ARTICLE 3. STOCK SUBJECT TO THE PLAN	  	7
	3.1	  	Plan Limit	  	7
	3.2	  	Unused Stock	  	7
	3.3	  	Adjustment for Change in Outstanding Shares	  	7
	3.4	  	Retention of Rights	  	8
	3.5	  	No Repricing of Options	  	8

  

			
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	ARTICLE 4. ELIGIBILITY	  	 	8	  
		
	ARTICLE 5. STOCK OPTIONS	  	 	8	  
	5.1	  	Grant of Options	  	 	8	  
	5.2	  	Award Agreement	  	 	9	  
	5.3	  	Manner of Exercise	  	 	10	  
	5.4	  	Payment of Option Price	  	 	10	  
		
	ARTICLE 6. OTHER AWARDS	  	 	11	  
		
	ARTICLE 7. NONTRANSFERABILITY	  	 	11	  
		
	ARTICLE 8. TERMINATION OF CONTINUOUS SERVICE	  	 	11	  
	8.1	  	Cessation of Vesting	  	 	11	  
	8.2	  	Exercise of Award	  	 	11	  
		
	ARTICLE 9. CHANGE IN CONTROL; REORGANIZATION	  	 	12	  
	9.1	  	Acceleration of Vesting; Substitution of Awards	  	 	12	  
	9.2	  	Termination of Award	  	 	13	  
		
	ARTICLE 10. ISSUANCE OF SHARES	  	 	13	  
	10.1	  	Transfer of Shares to Participant	  	 	13	  
	10.2	  	Legend	  	 	13	  
	10.3	  	Compliance with Laws	  	 	13	  
	10.4	  	Investment Representation	  	 	14	  
	10.5	  	Lock-Up Agreement	  	 	14	  
	10.6	  	Stock Restriction Agreement	  	 	14	  
		
	ARTICLE 11. AMENDMENT AND TERMINATION	  	 	15	  
	11.1	  	Amendment of the Plan	  	 	15	  
	11.2	  	Termination of the Plan	  	 	15	  
		
	ARTICLE 12. GENERAL PROVISIONS	  	 	15	  
	12.1	  	Withholding Obligations	  	 	15	  
	12.2	  	No Employment Rights	  	 	16	  
	12.3	  	Other Employee Benefits	  	 	16	  
	12.4	  	Confidentiality of Information	  	 	16	  
	12.5	  	Severability	  	 	16	  
	12.6	  	Governing Law and Venue	  	 	16	  
	12.7	  	Use of Proceeds	  	 	17	  

  

			
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 SAVARA, INC. STOCK OPTION
PLAN 
 INTRODUCTION 

The purpose of the Savara, Inc. Stock Option Plan (the “Plan”) is to further the growth and development of Savara, Inc., a Delaware
corporation, by affording an opportunity for stock ownership to selected Employees, Consultants and Directors of the Company who are responsible for the conduct and management of its business or who are involved in endeavors significant to its
success. The Plan is also intended to (a) assist the Company in attracting new Employees, Consultants and Directors and retaining individuals; (b) optimize the profitability and growth of the Company through incentives that are consistent
with the Company’s goals; (c) provide incentives for excellence in individual performance; and (d) promote teamwork. 

ARTICLE 1. 

DEFINITIONS 
 When used in
this Plan, the following capitalized terms shall have the meanings set forth below unless a different meaning is plainly required by the context: 
  

	1.1	Award means the grant of Nonqualified Stock Options, Incentive Stock Options or other grant under the Plan. More than one Award may be granted to an eligible Employee, Consultant or Directors.

  

	1.2	Award Agreement means either (a) an agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award granted under the Plan, or (b) a written
or electronic statement issued by the Company to a Participant setting forth the terms and provisions applicable to such Award. The terms of any Award Agreement need not be identical to the terms of any other Award Agreement applicable to other
grants under the Plan to the same or other Participants. No Award shall be issued under the Plan until the Participant satisfies the conditions, if any, described in that Award Agreement for acceptance of the Award. 

 

	1.3	Board of Directors means the Board of Directors of the Company. 

  

	1.4	Capitalization Adjustment has the meaning ascribed to that term in Section 3.3. 

  

	1.5	Cause means “Cause,” as defined in the Participant’s employment agreement, if applicable, or if the Participant has not entered into an employment agreement with the Company, as determined
in the sole and absolute discretion of the Company, a termination on account of dishonesty, fraud, misconduct, unauthorized use or disclosure of confidential information or trade secrets or conviction or confession of a crime punishable by law
(except minor violations), in each such case as determined by the Plan Administrator, and its determination shall be conclusive and binding. A Participant who agrees to resign from his or her affiliation with the Company in lieu of being terminated
for Cause may be deemed to have been terminated for Cause for purposes of the Plan. 

  

			
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	1.6	Change in Control means the date on which one of the following, each referred to as a “Change in Control Event,” shall have occurred with respect to the Employer; provided that a Change in
Control shall not include (i) any consolidation or merger effected exclusively to change the domicile or form of entity of the Company, or (ii) any transaction or series of transactions in which voting securities of the Company are issued
principally for bona fide financing purposes in which cash is received by the Company or any successor or indebtedness or equity securities of the Company are canceled or converted or a combination thereof: 

 

	 	(a)	a third person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, becomes the beneficial owner of shares of Employer having 50% or more of the total
number of votes that may be cast for the election of members of the Board; or 

  

	 	(b)	the stockholder(s) of Employer approve: (i) any agreement for a merger or consolidation of Employer with another entity, provided that there shall be no change of control if the persons and entities who were the
stockholders of Employer immediately before such merger or consolidation continue to own, directly or indirectly, at least a majority of the outstanding voting securities of the corporation resulting from such merger or consolidation in
substantially the same proportion as their ownership of the voting securities of Employer outstanding immediately before such merger or consolidation; or (ii) any sale, exchange or other disposition of all or substantially all of
Employer’s assets; or 

  

	 	(c)	any sale, exchange or other disposition of greater than substantially all of Employer’ s assets, other than in the ordinary course of business, whether in a single transaction or a series of related transactions.

 Employer’s reasonable determination as to whether any such event under this section a. has occurred shall be final and
conclusive. A Change in Control shall not occur with respect to Participant if, in advance of such event, the Participant agrees in writing that such event shall not constitute a Change in Control. 

 

	1.7	Code means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 

 

	1.8	Common Stock or Stock means the Company’s common stock (par value $.001 per share) and any share or shares of the Company’s capital stock hereafter issued or issuable in substitution for such
shares. 

  

	1.9	Company means Savara, Inc. 

  

	1.10	Consultant means a consultant, agent, advisor or independent contractor who provides service to the Company and who does not receive wages subject to income tax federal withholding under Code
Section 3401; provided, however, that such person renders bona fide services that are not in connection with the offer and sale of the Company’s securities in a capital raising transaction and does not directly or indirectly promote or
maintain a market for the Company’s securities. Consultant does not include Directors who are not compensated by the Company for services as Directors, and the payment of a Director’s fee by the Company for services as a
Director shall not cause a Director to be considered a Consultant for purposes of the Plan. 

  

			
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	1.11	Continuous Service means that the Participant’s service with the Company is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have been interrupted or
terminated because of a change in the capacity in which the Participant renders service to the Company from an Employee to an independent contractor or a member of the Company’s board of directors. The Plan Administrator, in its sole
discretion, may determine whether Continuous Service shall be considered interrupted in any circumstance, including (but not limited to) in the case of any leave of absence, including sick leave, military leave or any other personal leave; provided
that any leave that exceeds six months shall be deemed to be a termination of Continuous Service. 

  

	1.12	Director means a member of the Board of Directors. 

  

	1.13	Disability means the earliest date that a Participant is determined to be disabled pursuant to (a) the long-term disability policy maintained by the Company; (b) a determination by the Social
Security Administration, or (c) within the meaning of Code Section 22(e)(3). 

  

	1.14	Effective Date means the effective date of the Plan as set forth on the title page. 

  

	1.15	Employee means a common law employee of the Company and any person who has accepted a binding offer of employment from the Company, but excludes any individual classified by the Company as an independent
contractor or leased employee. 

  

	1.16	Exchange Act means the Securities Exchange Act of 1934, as amended from time to time. 

  

	1.17	Fair Market Value means the value of the Common Stock, determined in accordance with the following: 

  

	 	(a)	Publicly Traded. If the Common Stock is readily tradable on any established stock exchange (including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital
Market), the OTC Bulletin Board or otherwise over-the-counter (including without limitation the Pink Sheets), then the Fair Market Value per share shall be deemed to be the average of the “high” and “low” sales prices (or bid and
ask prices, if sales prices are not reported) for the Common Stock for the preceding five trading days as reported for the principal trading market for the Common Stock. If there is no volume in the Common Stock in any of such five trading days,
then the sales prices (or bids) shall be those sales prices (or bids) on the preceding trading day in which there was volume in the Common Stock. 

  

			
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	 	(b)	Not Publicly Traded. If the Common Stock is not readily tradable on an established stock exchange as determined in accordance with subsection (a), the Fair Market Value per share shall be deemed to be an
amount as determined in good faith by the Plan Administrator by applying any reasonable valuation method, which may be an independent third party evaluation; provided, that any such determination shall be made in compliance with the regulations
under Code Section 409A. Factors to be considered in establishing Fair Market Value shall include as applicable: the value of tangible and intangible assets of the corporation, the present value of anticipated future cash flows of the
corporation, the market value of stock or equity interests in similar corporations and other entities engaged in trades or businesses substantially similar to those engaged in by the corporation the stock of which is to be valued, the value of which
can be readily determined through nondiscretionary, objective means (such as through trading prices on an established securities market or an amount paid in an arm’s length private transaction), recent arm’s length transactions involving
the sale or transfer of such stock or equity interests, and other relevant factors such as control premiums or discounts for lack of marketability and whether the valuation method is used for other purposes that have a material economic effect on
the service recipient, its stockholders, or its creditors. The use of a valuation method shall take into consideration all available information material to the value of the Company at the time of the grant of the Award and the Fair Market Value
shall be established not longer than 12 months prior to the date of the grant of the Award. In making its determination regarding Fair Market Value, to the extent that the Company is considered a “start-up corporation” under Code
Section 409A, the Plan Administrator may rely on a written report that takes into account the above factors and is produced by a person that the Plan Administrator reasonably determines is qualified to perform the valuation based on such
person’s significant knowledge, experience, education or training. 

  

	1.18	Incentive Stock Option means any option granted to an eligible Employee under the Plan, which the Company intends at the time the option is granted to be an Incentive Stock Option within the meaning of
Code Section 422. Incentive Stock Options may not be granted to non-Employee Consultants and Directors. 

  

	1.19	Nonqualified Stock Option means any option granted to an eligible Employee, Consultant or Director under the Plan that is not an Incentive Stock Option. 

 

	1.20	Option means and refers collectively to Incentive Stock Options and Nonqualified Stock Options. 

  

	1.21	Participant means any Employee, Consultant or Director who is granted an Award under the Plan and any such individual whose Award remains outstanding following the cessation of that relationship with the
Company. Participant also means the personal representative of a Participant and any other person who acquires the right to exercise or receive payment pursuant to an Award by bequest or inheritance. 

 

	1.22	Plan Administrator means the body that is responsible for the administration of the Plan, as determined pursuant to Section 2.1. 

 

	1.23	Reorganization means any one of the following events: 

  

			
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	 	(a)	the merger or consolidation of the Company (but only if the Company is not the surviving corporation or if the Company becomes a subsidiary of another corporation) or the acquisition of its assets or stock pursuant to a
non-taxable reorganization; 

  

	 	(b)	the dissolution or liquidation of the Company; 

  

	 	(c)	the appointment of a receiver for all or substantially all of the Company’s assets or business; 

  

	 	(d)	the appointment of a trustee for the Company after a petition has been filed for the Company’s reorganization under applicable statutes; or 

 

	 	(e)	the sale, lease, or exchange of all or substantially all of the Company’s assets and business. 

  

	1.24	Rule 16b-3 means Rule 16b-3 promulgated by the Securities Exchange Commission under the Exchange Act, together with any successor rule, as in effect from time to time. 

 

	1.25	Stock Restriction Agreement means an agreement placing certain restrictions upon the Participant’s right to transfer shares, including without limitation the creation of an irrevocable right of first
refusal upon the transfer of shares in favor of the Company and its designees and provisions requiring the Participant to transfer the shares to the Company or the Company’s designees upon a termination of employment, as described in
Section Error! Reference source not found.. 

 ARTICLE 2. 

ADMINISTRATION 
  

	2.1	PLAN ADMINISTRATOR. The Plan shall be administered by the Board of Directors, unless and until such time as the Board of Directors delegates the
administration of the Plan to a committee, which shall be appointed by and shall serve at the pleasure of the Board of Directors. The powers, duties and procedures of any appointed committee shall be governed by its adopted charter, or in the
absence of such charter, by this Article 2 Any committee member shall be deemed to have resigned automatically from the committee upon his or her termination of service with the Company. To the extent the Board considers it desirable for
transactions relating to a grant of Options to be eligible to qualify for an exemption under Rule 16b-3, the Plan Administrator shall consist of the Board of Directors or a committee of two or more Directors of the Company, all of whom qualify as
“non-employee directors” within the meaning of Rule 16b-3. To the extent the Board considers it desirable for compensation delivered pursuant to a grant of Options to be eligible to qualify for an exemption under Code Section 162(m),
the Plan Administrator shall consist of a committee of two or more Directors of the Company, all of whom qualify as “outside directors” within the meaning of Code Section 162(m). The Board may from time to time remove members from or
add members to any such committee; fill vacancies on the committee, howsoever caused; and otherwise increase or decrease the number of members of such committee. 

  

			
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	2.2	MEETINGS AND ACTION. The Plan Administrator shall hold meetings at such times and places as it may determine. A majority of the
members of the Plan Administrator shall constitute a quorum, and the acts of the majority of the members present at a meeting or a consent in writing signed by all members of the Plan Administrator shall be the acts of the Plan Administrator and
shall be final, binding and conclusive upon all persons, including the Company, its stockholders, and all persons having any interest in Awards that may be or have been granted pursuant to the Plan. 

 

	2.3	POWERS OF PLAN ADMINISTRATION. The Plan Administrator shall have the full and exclusive right to grant and
determine terms and conditions of all Awards granted under the Plan, to determine satisfaction of any conditions applicable to Awards, to amend or waive the provisions of any Award, and to prescribe, amend and rescind rules and regulations for
administration of the Plan. In selecting Participants and granting Awards, the Plan Administrator shall take into consideration the contribution the Participant has made or may make to the success of the Company and such other factors as the Plan
Administrator shall determine. 

  

	2.4	INTERPRETATION OF PLAN. The Plan Administrator may correct any defect, supply any omission, or reconcile any inconsistency in the
Plan or in any agreement entered into hereunder. The determination of the Plan Administrator as to any disputed question arising under the Plan, including questions of construction and interpretation, shall be final, binding and conclusive upon all
persons, including the Company, its stockholders, and all persons having any interest in Awards that may be or have been granted pursuant to the Plan. 

  

	2.5	INDEMNIFICATION. Each person who is or shall have been a member of the Plan Administrator or of the Board of Directors shall be indemnified and held harmless by
the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred in connection with or resulting from any claim, action, suit or proceeding to which such person may be a party or in which such person
may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid in settlement thereof, provided that the Company approved such settlement (which approval shall not be unreasonably
withheld), or paid in satisfaction of a judgment in any such action, suit or proceeding. The foregoing right of indemnification shall not be exclusive of, and is in addition to, any other rights of indemnification to which any person may be entitled
under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. The foregoing right of indemnification shall not apply to any person
in his or her capacity as a Participant under the Plan. The Company shall also pay for or reimburse the reasonable expenses incurred by any such member in connection with any such claim, action, suit or proceeding as provided in
the Company’s articles of incorporation, bylaws or an indemnification or other agreement. 

  

			
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 ARTICLE 3. 

STOCK SUBJECT TO THE PLAN 
  

	3.1	PLAN LIMIT. Subject to the provisions of Section 3.3, the aggregate number of shares of Common Stock that may be issued under Awards
granted pursuant to the Plan shall not exceed 307,344 shares, subject to the approval by the stockholders of the Company within 12 months of the Effective Date of the Plan with respect to Incentive Stock Options. Shares that may be issued under
Awards may consist, in whole or in part, of authorized but unissued stock or treasury stock of the Company not reserved for any other purpose. In addition, if applicable, the Company may use the proceeds received from a Participant upon the exercise
of an Option to repurchase shares of Stock in the open market, which shall be available for grant of Awards under the Plan. 

  

	3.2	UNUSED STOCK. If any outstanding Award under the Plan expires or for any other reason ceases to be exercisable, is forfeited or repurchased by
the Company, in whole or in part (other than upon exercise of an Option), the shares that were subject to such Award (and as to which the Award had not been exercised) shall continue to be available under the Plan or revert to the Plan to again be
available for issuance under the Plan. 

  

	3.3	ADJUSTMENT FOR CHANGE IN OUTSTANDING SHARES. 

 

	 	(a)	In General. If there is any change, increase or decrease, in the outstanding shares of Common Stock that is effected without receipt of additional consideration by the Company, by reason of a stock
dividend, subdivision, reclassification, recapitalization, merger, consolidation, stock split, combination or exchange of stock, or other similar circumstances not involving the receipt of consideration by the Company (each a Capitalization Event),
then in each such event, the Plan Administrator shall make an appropriate adjustment in the aggregate number and/or kind of shares of Common Stock available under the Plan, the number and/or kind of shares of Common Stock subject to each outstanding
Award and/or the Option price in order to prevent the dilution or enlargement of any Participant’s rights. In the event of any adjustment in the number or kind of shares of Stock covered by any Award, including those provided in subsection (b),
each such Award shall cover only the number of full shares resulting from such adjustment. The Plan Administrator’s determinations in making any adjustment shall be final and conclusive. 

Subject to the provisions of Article 11, without affecting the number of shares reserved or available hereunder, the Committee may
authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with
the rules under Code Section 422 in the case of Incentive Stock Options. 

  

			
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	 	(b)	Adjustments for Certain Distributions of Property. If the Company at any time distributes with respect to its Common Stock securities or other property (except cash or Common Stock), a proportionate part
of those securities or other property shall be set aside and delivered to the Participant when he exercises an Option. The securities or other property shall be in the same ratio to the total securities and property set aside for the Participant as
the number of shares of Common Stock with respect to which the Option is then exercised is to the total shares of Common Stock subject to the Award. 

  

	 	(c)	Exceptions to Adjustment. Except as expressly provided herein, the issue by the Company of shares of Common Stock of any class, or securities convertible into or exchangeable for shares of Common Stock of
any class, for cash or property or for labor or services, upon either sale of exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into or exchangeable for shares of Common
Stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to any Award granted under the Plan. 

 

	3.4	RETENTION OF RIGHTS The existence of this Plan and any Award granted pursuant to the Plan shall not affect the right or power of
the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, Reorganization or other change in the Company’s capital structure or its business, or a merger or consolidation of the Company, or any issue of
bonds, debentures, or preferred or preference stock ranking before or affecting the Common Stock, or the dissolution of the Company or any sale or transfer of all or any part of the Company’s assets or business, or any other corporate act or
proceeding, whether similar or not. 

  

	3.5	NO REPRICING OF OPTIONS. No modifications to reduce the exercise price (repricing) of previously fixed stock option
Awards issued under the Plan may be made pursuant to the Plan. 

 ARTICLE 4. 

ELIGIBILITY 
 All
Employees, Consultants and Directors who are responsible for the conduct and management of the business of the Company or who are involved in endeavors significant to the success of the Company, as determined by the Plan Administrator in its sole
discretion, shall be eligible to receive an Award under the Plan. 
 ARTICLE 5. 

STOCK OPTIONS 
  

	5.1	 GRANT OF OPTIONS. The
Plan Administrator may from time to time in its discretion determine which of the eligible Employees, Consultants and Directors of the Company will receive Options, the type of Options to be granted (whether Incentive Stock Options or Nonqualified
Stock Options) the number of shares subject to such Options, and the dates on which such Options are to be granted. No Employee may be granted Incentive Stock Options to the extent that the aggregate Fair Market Value (determined as of the time each
Option is granted) of the Common Stock with respect to which any such Options are exercisable for the first time during a calendar year (under all incentive stock option plans of the Company) would exceed

  

			
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$100,000. To the extent that the limitation set forth in the preceding sentence has been exceeded, the Options that exceed the annual limitation shall be deemed to be Nonqualified Stock Options
rather than Incentive Stock Options in accordance with Code Section 422. 

  

	5.2	AWARD AGREEMENT. Each Option granted under the Plan shall be evidenced by a written Award Agreement setting forth the terms upon which the Option
is granted. Each Award Agreement shall designate the type of Options being granted (whether Incentive Stock Options or Nonqualified Stock Options), and shall state the number of shares of Common Stock, as designated by the Plan Administrator, to
which that Option pertains. More than one Option, and any combination of Options may be granted to an eligible Employee, Consultant or Director. 

  

	 	(a)	Option Price. The Option price per share of Common Stock under each Option shall be determined by the Plan Administrator and stated in the Award Agreement. The Option price for all Options granted under
the Plan shall not be less than 100% of the Fair Market Value (determined as of the day the Option is granted) of the shares subject to the Option. 

  

	 	(b)	Duration of Options. Each Option shall be of a duration as specified in the Award Agreement but in no case shall exceed a period of ten (10) years. 

 

	 	(c)	Vesting. Options shall be subject to the vesting conditions outlined in each individual Award Agreement, which may be waived or accelerated by the Plan Administrator at any time. If no vesting conditions
are specified in the Award Agreement, the Option shall vest in accordance with the following schedule: 

  

					
	 	 	 Period of Participant’s Continuous Service from the Grant Date
	  	 Percentage of Shares Vested and Exercisable

		 	1 year	  	25%
		 	2 years	  	50%
		 	3 years	  	75%
		 	4 years	  	100%

  

	 	(d)	Additional Limitations on Grant for 10% Stockholders. No Incentive Stock Option shall be granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock (as determined in
accordance with Code Section 424(d)) representing more than 10% of the total combined voting power of all classes of stock of the Company, unless the option price of such Incentive Stock Option is at least 110% of the Fair Market Value
(determined as of the day the Incentive Stock Option is granted) of the stock subject to the Incentive Stock Option and the Incentive Stock Option by its terms is not exercisable more than five years from the date it is granted. 

 

	 	(e)	Rights as Stockholder. A Participant shall have no rights as a stockholder of the Company with respect to any shares of Common Stock covered by an Option until the date of the issuance of the stock
certificate for such shares. 

  

			
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	 	(f)	Other Terms and Conditions. The Award Agreement may contain such other provisions, which shall not be inconsistent with the Plan, as the Plan Administrator shall deem appropriate, including, without
limitation, provisions that relate to the Participant’s ability to exercise an Option in whole or in part to the passage of time or the achievement of specific goals or the occurrence of certain events, as specified by the Plan Administrator.

  

	5.3	MANNER OF EXERCISE. Subject to the limitations and conditions of the Plan or the Award Agreement, an Option shall be exercisable,
in whole or in part, from time to time, by giving written notice of exercise to the Secretary of the Company, which notice shall specify the number of shares of Common Stock to be purchased and shall be accompanied by (a) payment in full to the
Company of the purchase price of the shares to be purchased; plus (b) payment in full of such amount as the Company shall determine to be sufficient to satisfy any liability it may have for any withholding of federal, state or local income or
other taxes incurred by reason of the exercise of the Option; (c) representations meeting the requirements of Sections 10.4 and/or 10.5 if requested by the Company; and (d) a Stock Restriction Agreement meeting the
requirements of Section 10.6 if requested by the Company. Except as provided in Section 5.4, the conditions of this section shall be satisfied at the time that the Option or any part thereof is exercised, and no shares of
Common Stock shall be issued or delivered until such conditions have been satisfied by the Participant. 

  

	5.4	PAYMENT OF OPTION PRICE. Payment for shares and withholding taxes shall be in the form of either: (a) cash;
(b) a certified or Company cashier’s check to the order of the Company; (c) shares of the Common Stock, properly endorsed to the Company, in an amount the Fair Market Value of which on the date of receipt by the Company equals or
exceeds the aggregate option price of the shares with respect to which the Option is being exercised, provided that such shares have been held outright by the Participant for at least six months; (d) authorization for the Company to retain from
the total number of Shares as to which the Option is exercised that number of shares of Common Stock having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is exercised;
(e) any other form of legal consideration that may be acceptable to the Plan Administrator; or (f) in any combination thereof. However, no payment may be made in shares of Common Stock under clauses (c), (d) or (f) unless the
Plan Administrator has approved of payment in such form by such Participant with respect to the Option exercise in question. Should the Common Stock be registered under Section 12 of the Exchange Act at the time an Option is exercised, and to
the extent the option is exercised for vested shares, then payment may also be made through a special sale and remittance procedure pursuant to which the Participant shall concurrently provide irrevocable written instructions (1) to a brokerage
firm designated by the Company to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased
shares plus all applicable withholding taxes, and (2) to the Company to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete the sale. Upon the exercise of any Option, the Company, in its sole
discretion, may permit the deferred payment of the purchase price on such terms and conditions as the Company shall specify. 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    10

 ARTICLE 6. 

OTHER AWARDS 
 With advance
Board approval and to the extent consistent with the Company’s by-laws, the Plan Administrator may from time to time determine which of the eligible Employees of the Company should receive grants of Common Stock and/or other Awards that are
valued in whole or in part by reference to, or are otherwise based upon, Common Stock, including without limitation restricted stock, dividend equivalents, stock appreciation rights, phantom stock, restricted stock units and performance units. Such
Awards may be issued alone or in conjunction with other Awards under the Plan. In addition, the Plan Administrator may, from time to time, if consistent with the Company’s by-laws and with applicable law that would prohibit the imposition of
the constructive receipt of income under Code Section 451, afford a Participant the opportunity to convert the form of Award currently held by the Participant prior to the time such Participant would become vested in such Award. The Plan
Administrator, in its sole discretion, may include in any Award any provisions necessary to avoid adverse tax consequences to the Participant under Code Section 409A. 

ARTICLE 7. 

NONTRANSFERABILITY 

Options and other Awards are not transferable by the Participant other than by will or the laws of descent and distribution and shall be
exercisable during the Participant’s lifetime only by the Participant. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Awards contrary to the provisions hereof, or upon the levy of any attachment or similar
process upon the Award, the Award shall immediately become null and void. 
 ARTICLE 8. 

TERMINATION OF CONTINUOUS SERVICE 
  

	8.1	CESSATION OF VESTING. The vesting of any Option shall cease upon termination of the Participant’s Continuous Service, and any
Option shall be exercisable only to the extent that it was exercisable on the date of such termination of Continuous Service. Any Option not exercisable as of the date of termination, and any Option or portions thereof not exercised within the
period specified herein, shall terminate. 

  

	8.2	EXERCISE OF AWARD. 

  

	 	(a)	Termination by Death or Disability. Subject to any limitations set forth in the Award Agreement, and provided that the notice of exercise is provided as required by the Plan prior to the expiration of the
Option, the Participant (or in the case of the Participant’s death, the personal representatives of the Participant’s estate or the person or persons who shall have acquired the Option from the Participant by bequest or inheritance) shall
be entitled to exercise the vested portion of an Option until the earlier of the date that is twelve (12) months after the date of the Participant’s death or the expiration date of the Award. 

  

			
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	 	(b)	Termination Other than for Cause but not by reason of Death or Disability. Subject to any limitations set forth in the Award Agreement, and provided that the notice of exercise is provided as required by
the Plan prior to the expiration of the Option, the Participant (or in the case of the Participant’s death, the personal representatives of the Participant’s estate or the person or persons who shall have acquired the Option from the
Participant by bequest or inheritance) shall be entitled to exercise the vested portion of an Option until the earlier of the date that is three (3) months after the date of the Participant’s termination of Continuous Service or the
expiration date of the Award. 

  

	 	(c)	Termination for Cause; Breach of Covenant Not to Compete or Nondisclosure Agreement. Notwithstanding anything herein to the contrary, and unless otherwise provided by the Award Agreement, all unexercised Options
(whether or not vested) granted to the Participant shall terminate immediately if the Participant is terminated for Cause, breaches any obligation under a covenant not to compete with the Company, or breaches any obligation under an agreement not to
use or disclose proprietary information obtained from or through the Company, upon such occurrence. 

  

	 	(d)	Extension of Option Termination Date. The Plan Administrator, in its sole discretion, may extend the termination date of an Option granted under the Plan without regard to the preceding provisions of this
section. Such extension may be made in the Award Agreement as originally executed or by amendment to the Award Agreement, either prior to or following termination of a Participant’s Continuous Service. However, the Plan Administrator shall have
no power to extend the termination date of an Incentive Stock Option beyond the periods provided in this Section 8.2 prior to the termination of the Participant’s Continuous Service or without the approval of the Participant, which
may be granted or withheld in the Participant’s sole discretion. Any extension of the termination date of an Incentive Stock Option may be deemed to be the grant of a new Option for purposes of the Code. 

ARTICLE 9. 
 CHANGE
IN CONTROL; REORGANIZATION 
  

	9.1	ACCELERATION OF VESTING, SUBSTITUTION OF AWARDS. Upon the occurrence of a Change in
Control or Reorganization, any surviving corporation or acquiring corporation may assume any outstanding Award under the Plan or shall substitute similar stock awards on an equitable basis of appropriate stock of the Company, or of the surviving
corporation or acquiring corporation, which will be issuable in respect of the Common Stock (including an award to acquire the same consideration paid to the stockholders in the Change in Control) for those Awards outstanding under the Plan;
provided, however, that if the Awards are not assumed, all outstanding Awards shall become exercisable in full. 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    12

	9.2	TERMINATION OF AWARD. In the event of a Change in Control or Reorganization, if any surviving corporation or acquiring corporation
refuses to assume the outstanding Awards or to substitute similar stock awards for those outstanding under the Plan as otherwise provided in this Article 9, then with respect to any Awards held by Participants, the Plan Administrator
may, in its sole discretion, (a) provide for their cancellation, forfeiture or purchase of any Award in the plan or agreement governing the Change in Control or Reorganization, such as by the exchange of any unexercised Awards for consideration
similar to that received by stockholders of Stock of the Company in the Change in Control or Reorganization, less the exercise price required under such Awards; and/or (b) provide, upon written notice to all Participants holding Awards, that
all unexercised Awards must be exercised within a specified number of days of the date of such notice or such Options will terminate. In response to such a notice, a Participant may make an irrevocable election to exercise the Participant’s
Awards contingent upon and effective as of the effective date of the Change in Control or Reorganization. 

ARTICLE 10. 

ISSUANCE OF SHARES 
  

	10.1	TRANSFER OF SHARES TO PARTICIPANT. As soon as practicable after a Participant has given the Company
written notice of exercise of an Award and has otherwise met the requirements of the applicable Award Agreement, the Company shall register a certificate in such Participant’s name for the number of shares of Common Stock as to which the Option
has been exercised and shall, upon the Participant’s request, deliver such certificate to the Participant. In no event shall the Company be required to transfer fractional shares to the Participant, and in lieu thereof, the Company may pay an
amount in cash equal to the Fair Market Value of such fractional shares on the date of exercise. 

  

	10.2	LEGEND. All certificates evidencing shares of Common Stock originally issued pursuant to this Plan or subsequently transferred to any person or entity, and any
shares of capital stock received in respect thereof, may bear such legends and transfer restrictions as the Company shall deem reasonably necessary or desirable, including, without limitation, legends restricting transfer of the Common Stock until
there has been compliance with federal and state securities laws and until the Participant or any other holder of the Common Stock has paid the Company such amounts as may be necessary in order to satisfy any withholding tax liability of the
Company. 

  

	10.3	 COMPLIANCE WITH LAWS. If
the issuance or transfer of shares, or the removal of restrictions from shares of Common Stock previously delivered pursuant to the Plan, by the Company would for any reason, in the opinion of counsel for the Company, violate any applicable federal,
state or local laws or regulations, the Company may delay issuance or transfer of such shares to the Participant or removal of such restrictions until compliance with such laws can reasonably be obtained. Similarly, the Company will not be obligated
to deliver shares of Common Stock pursuant to the Plan, or to remove any restrictions from shares of Common Stock previously delivered pursuant to the Plan, if the outstanding Common Stock is at the time of delivery listed on any stock exchange or
established trading market until the shares to be delivered have been listed or authorized to be listed on such exchange or 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    13

	 	
trading market upon official notice of issuance. In no event shall the Company be obligated to effect or obtain any listing, registration, qualification, consent or approval under any applicable
federal or state laws or regulations or any contract or agreement to which the Company is a party with respect to the issuance of any such shares. If, after reasonable efforts, the Company is unable to obtain the authority that counsel for the
Company deems necessary for the lawful issuance and sale of shares upon exercise or vesting of an Option or Award under the Plan, the Company shall be relieved from any liability for failure to issue and sell shares upon exercise or vesting of an
Option or Award unless and until such authority is obtained. 

  

	10.4	INVESTMENT REPRESENTATION. The Company may require any Participant, as a condition precedent to exercising any Option or otherwise acquiring
Common Stock under the Plan, to provide a written representation providing assurances satisfactory to the Company (a) as to the Participant’s knowledge and experience in financial and business matters and/or that the Participant has
engaged a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters; (b) that the Participant is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of acquiring the Common Stock; and (c) that the Participant is acquiring the stock subject to the Award for such person’s own account and not with any present intention of selling or otherwise
distributing the stock. Such a representation shall not be required if (1) the issuance of the shares pursuant to an Award has been registered under a then currently effective registration statement under the Securities Act, or (2) as to
any particular requirement, a determination is made by counsel for the Company that such representation is not required. 

  

	10.5	LOCK-UP AGREEMENT. Upon demand by the Company, the Participant shall execute and deliver to the Company a representation that, in
connection with the first underwritten registered offering of any securities of the Company under the Securities Act of 1933, as amended, the Participant will not sell or otherwise transfer or dispose of any shares of Common Stock held by the
Participant (other than those included in the registration) for the 180-day period or such other period specified by the representative of the underwriters prior to and following the effective date of the registration statement of the Company filed
under the Act; provided, however, that such agreement shall apply only if all executive officers and Directors of the Company at the time of such initial public offering agree with the representative of the underwriters not to transfer shares of
Common Stock owned by them for the same or greater period. 

 The obligations described in this section shall not apply to a
registration solely to employee benefit plans on Form S-8 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of said 180-day period. 
  

	10.6	 STOCK RESTRICTION
AGREEMENT. Upon demand by the Company, the Participant shall execute and deliver to the Company a Stock Restriction Agreement in such form as the Company may provide at the time of exercise of the
Option or any other acquisition of Common Stock under the Plan. Such Agreement may include, without limitation, restrictions upon the Participant’s right to transfer shares, 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    14

	 	
including the creation of an irrevocable right of first refusal in the Company and its designees, and provisions requiring the Participant to transfer the shares to the Company or the
Company’s designees upon or following a termination of Continuous Service. Upon such demand, execution of the Stock Restriction Agreement by the Participant prior to the transfer or delivery of any shares and prior to the expiration of the
Option or other Award period shall be a condition precedent to the right to purchase or acquire such shares, unless such condition is expressly waived in writing by the Company. 

ARTICLE 11. 

AMENDMENT AND TERMINATION 
  

	11.1	AMENDMENT OF THE PLAN. The Board of Directors may at any time and from time to time alter, amend, suspend or
terminate the Plan or any part thereof as it may deem proper, except that no such action shall diminish or impair the rights under an Award previously granted. Subject to the terms and conditions of the Plan, the Board of Directors may modify,
extend or renew outstanding Awards granted under the Plan, or accept the surrender of outstanding Awards in substitution therefor, except that no such action shall diminish or impair the rights under an Award previously granted without the consent
of the Participant. 

  

	11.2	TERMINATION OF THE PLAN. The Plan shall not have any fixed termination date. The Board of Directors may at any time
suspend or terminate the Plan. No such suspension or termination shall diminish or impair the rights under an Award previously granted without the consent of the Participant. Notwithstanding the foregoing, no Incentive Stock Options may be granted
any time after ten years after the adoption by the Board of any amendment to the Plan that constitutes the adoption of a new plan for purposes of Code Section 422. 

ARTICLE 12. 

GENERAL PROVISIONS 
  

	12.1	WITHHOLDING OBLIGATIONS. 

  

	 	(a)	General. To the extent provided by the terms of an Award Agreement, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common
Stock under an Award by any of the following means (in addition to the right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) if and only if
permitted by the Plan Administrator, authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award;
provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid variable award accounting); or (iii) if and only
if permitted by the Plan Administrator, delivering to the Company owned and unencumbered shares of Common Stock. 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    15

	 	(b)	Code Section 409A. To the extent required to avoid penalties under Code Section 409A, the Plan Administrator intends any Award issued under the Plan to comply in all respects with Code
Section 409A and related regulations and intends to interpret and administer any Award issued under the Plan in accordance with Code Section 409A. Notwithstanding any provision to the contrary, all taxes associated with participation in
the Plan, including any liability imposed under Code Section 409A, shall be borne by the Participant. 

  

	 	(c)	Notice of Disqualifying Disposition of ISO Shares. If a Participant or a Participant’s beneficiary sells or otherwise disposes of any of the Common Stock acquired pursuant to the exercise of an
Incentive Stock Option on or before the later of (i) the date two years after the date of grant, or (ii) the date one year after the date of exercise, the Participant (or beneficiary) shall immediately notify the Company in writing of such
disposition and may be subject to income tax withholding by the Company on the compensation income. 

  

	12.2	NO EMPLOYMENT RIGHTS. Nothing contained in this Plan or in any Award granted under the Plan shall confer upon any Participant any
right with respect to the continuation of such Participant’s Continuous Service by the Company or interfere in any way with the right of the Company, subject to the terms of any separate employment agreement to the contrary, at any time to
terminate such Continuous Service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of the Award. 

 

	12.3	OTHER EMPLOYEE BENEFITS. Unless so provided by the applicable plan, the amount of compensation deemed to be received by a
Participant as a result of the exercise of an Award shall not constitute earnings with respect to which any other employee benefits of the person are determined, including without limitation benefits under any pension, profit sharing, life
insurance, or disability or other salary continuation plan. 

  

	12.4	CONFIDENTIALITY OF INFORMATION. Information obtained pursuant to participation in this Plan is confidential and may not be shared
by the Participant with anyone other than the Participant’s immediate family and personal financial advisor and other person(s) designated by Participant by power of attorney or assignment. 

 

	12.5	SEVERABILITY. If any provision of this Plan is held by any court or governmental authority to be illegal or invalid for any reason, such illegality or
invalidity shall not affect the remaining provisions. Instead, each provision held to be illegal or invalid shall, if possible, be construed and enforced in a manner that will give effect to the terms of such provision to the fullest extent possible
while remaining legal and valid. 

  

	12.6	 GOVERNING LAW AND
VENUE. This Agreement and the rights and obligations of the parties shall be governed by and construed in accordance with the laws of the State of Kansas, except with respect to matters of law
concerning the internal corporate affairs of the Company, to which matters the General Corporation Law of the State 

  

			
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of Delaware shall govern. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement or of the Plan shall be brought in, and each party
agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 

 

	12.7	USE OF PROCEEDS. Any cash proceeds received by the Company from the sale of shares of Common Stock under the Plan shall be used
for general corporate purposes. 

  

			
	Savara, Inc. Stock Option Plan	  	2/2008    17EX-10.54

 Exhibit 10.54 

SAVARA INC. STOCK OPTION PLAN 

INCENTIVE STOCK OPTION AGREEMENT 

OPTIONEE: 
 DATE OF GRANT: 

AGREEMENT between Savara Inc. (the “Company”), and the above named Optionee (“Optionee”), an employee, consultant or
director of the Company. 
 The Company and Optionee agree as follows: 

 

	1.	Precedence of Plan. This Agreement is subject to and shall be construed in accordance with the terms and conditions of the Savara Inc. Stock Option Plan (the “Plan”), as now or hereinafter in
effect. Any capitalized terms that are used in this Agreement without being defined and that are defined in the Plan shall have the meaning specified in the Plan. 

 

	2.	Grant of Option. Optionee is hereby granted an Incentive Stock Option (the “Option”) to purchase Common Stock of the Company pursuant to the Plan. In the event that Incentive Stock Option
treatment is not available, this Option will be taxed as a Nonqualified Stock Option upon exercise. The number of shares as to which the Option is granted, the purchase price per share, and the expiration date of such Option are set forth below:

  

			
		 	 Number of Shares Subject to Option:
  

		 	 Purchase Price per Share:
  

Expiration Date:*
  

		 	 Vesting Date**:
  

		 	Exercisability:

  

	*	Unless sooner terminated as provided in the Plan, the Option shall expire and terminate on the expiration date, and in no event shall the Option be exercisable after that date. 

	**	Unless vesting is accelerated as provided in the Plan or pursuant to an Addendum approved by the Board of Directors of the Company, the Option shall vest according to this schedule. 

 

	3.	Manner of Exercise. Except as provided in this Agreement, the Option shall be exercisable, in whole or in part, in the manner provided in the Plan. 

 

	4.	Time of Exercise. The Option granted hereby shall be immediately exercisable on the Date of Grant. The Option granted hereby shall become vested in Optionee subject to the vesting schedule above; provided,
however, that Optionee must have been in Continuous Service from the date of grant of the Option until the date specified in the vesting schedule or until the conditions specified in the vesting schedule have been satisfied. 

	5.	[Reserved].  

  

	6.	[Reserved]. 

  

	7.	Stock Restriction Agreement. Upon exercise of the Option, Optionee shall execute and deliver to the Company a Stock Restriction Agreement in substantially the form attached below as Exhibit A. Execution
and delivery of the Stock Restriction Agreement prior to the transfer or delivery of any shares and prior to the expiration of the Option period shall be a condition precedent to the right to purchase such shares. 

 

	8.	Lock-Up. If requested by the Company and the managing underwriter of the Company’s initial public offering, Optionee, and all subsequent holders of the shares received under the Option from Optionee,
shall not sell or otherwise transfer or dispose of any shares received under the Option or other securities of the Company (excluding securities acquired in the initial public offering or in the public market after such offering) held by Optionee
for a period of 180 days following the effective date of the registration statement for the initial public offering or, if required by such managing underwriters, such longer period of time as is necessary to enable such underwriters to issue a
research report or make a public appearance that relates to an earnings release or announcement by the Company within eighteen (18) days before or after the date that is one hundred eighty (180) days after the effective date of the
registration statement relating to the initial public offering, but in any event not to exceed 210 days following the effective date of the registration statement relating to such offering, and the this provision shall in no event be applicable to
any underwritten public offering effected more than two (2) years after the effective date of the Company’s initial public offering; provided, that all shareholders of the Company then holding at least 1% of the outstanding Common Stock
(on an as-converted basis) and all officers and directors of the Company enter into similar agreements. The Company may impose stop-transfer instructions with respect to the shares received under the Option or other securities subject to the
foregoing restriction until the end of such 180-day period. Optionee shall treat any written notice from the Company regarding the Company’s plans to file a registration statement confidentially and shall not disclose such information to any
person. Any new, substituted or additional securities which are by reason of any Recapitalization or Reorganization distributed with respect to the shares received under this Option shall be immediately subject to this provision, to the same extent
the shares received under this Option is at such time covered by such provisions. “Recapitalization” shall mean any of the following transactions affecting the Company’s outstanding Common Stock as a class without the Company’s
receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction
affecting the Common Stock without the Company’s receipt of consideration. 

  

	9.	Incentive Stock Option Provisions. 

 (a) The Option shall cease to qualify for
favorable tax treatment as an Incentive Stock Option if (and to the extent) the Option is exercised for one or more Option shares (i) more than three (3) months after the date Optionee ceases to be an employee for any reason other than
death or permanent disability; or (ii) more than twelve (12) months after the date Optionee ceases to be an employee by reason of permanent disability. 

 (b) No installment under this Option shall qualify for favorable tax treatment as an Incentive
Stock Option if (and to the extent) the aggregate Fair Market Value (determined at the date of grant) of the Common Stock for which such installment first becomes exercisable hereunder would, when added to the aggregate value (determined as of the
respective date or dates of grant) of any earlier installments of the Common Stock and any other securities for which this Option or any other Incentive Stock Options granted to Optionee prior to the date of grant (whether under the Plan or any
other option plan of the Company or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One Hundred Thousand Dollar ($100,000) limitation be
exceeded in any calendar year, this Option shall nevertheless become exercisable for the excess shares in such calendar year as a Nonqualified Stock Option. 

(c) Should Optionee hold, in addition to this Option, one or more other options to purchase Common Stock which become exercisable for the first
time in the same calendar year as this Option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Stock Options, this Option and each of those other options shall be deemed to become first exercisable
in that calendar year on the basis of the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation. 

10. General Provisions. 
 (a)
Withholding. Optionee shall satisfy its obligation for any federal, state or local taxes required by law to be withheld with respect to the exercise of the Option pursuant to the Plan. The Company’s obligation to deliver a
certificate representing the Common Stock acquired upon exercise of the Option is subject to the payment by Optionee of any applicable federal, state and local withholding tax. 

(b) Amendment. Subject to the terms and conditions of the Plan, the Plan Administrator may modify, extend or renew the Option, or
accept the surrender of the Option to the extent not theretofore exercised and authorize the granting of new Options in substitution therefore, except that no such action shall diminish or impair the rights under the Option without the consent of
Optionee. 
 (c) Receipt of Plan. By entering into this Agreement, Optionee acknowledges (i) that he or she has received
and read a copy of the Plan and (ii) that this Agreement is subject to and shall be construed in accordance with the terms and conditions of the Plan, as now or hereinafter in effect. 

(d) Legends. Certificates representing Common Stock acquired upon exercise of this Option may contain such legends and transfer
restrictions as the Company shall deem reasonably necessary or desirable, including, without limitation, legends restricting transfer of the Common Stock until there has been compliance with federal and state securities laws. 

(e) Not an Employment Contract. This Agreement is not an employment contract and nothing in this Agreement shall be deemed to
create in any way whatsoever any obligation on the part of Optionee to remain in the Continuous Service of the Company, or of the Company to continue Optionee in the Continuous Service of the Company. 

(f) Effect on Employee Benefits. Optionee agrees that the Option will constitute special incentive compensation that will not be
taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement, profit sharing or other remuneration plan of the Company unless so provided in such
plan. 

 (g) Confidentiality of Information. By entering into this Agreement, Optionee
acknowledges that the information regarding the grant of Options contained herein is confidential and may not be shared with anyone other than Optionee’s immediate family and personal financial advisor. 

(h) Specific Enforcement. Because of the unique value of the Common Stock, in addition to any other remedies that the Company may
have upon the breach of the agreements contained herein, the obligations of Optionee shall be specifically enforceable. 
 (i) Costs of
Enforcement. In any action at law or in equity to enforce any of the provisions or rights under this Agreement, the unsuccessful party of such litigation, as determined by any court of competent jurisdiction in a final judgment or decree,
shall pay the successful party or parties all costs, expenses and reasonable attorneys’ fees incurred therein by such party or parties (including without limitation such costs, expenses and fees on any appeals), and if such successful party
shall recover judgment in any action or proceeding, such costs, expenses and attorneys’ fees shall be included as part of the judgment. 

(j) Further Action. The parties agree to execute such further instruments and to take such further action as reasonably may be
necessary to carry out the intent of this Agreement. 
 (k) Interpretation. The interpretations and constructions of any
provision of and determinations on any question arising under the Plan or this Agreement shall be made by the Plan Administrator, and all such interpretations, constructions and determinations shall be final and conclusive as to all parties. This
Agreement, as issued pursuant to the Plan, constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations and understandings. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof. This Agreement may be executed in counterparts, all of which shall be deemed to be one and the same instrument, and it
shall be sufficient for each party to have executed at least one, but not necessarily the same, counterpart. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement in any way. 
 (l) Assignment. This Agreement shall be binding upon the parties and their respective legal
representatives, beneficiaries, successors and assigns. 
 (m) Notices. All notices or other communications that are required
to be given or may be given to either party pursuant to the terms of this Agreement shall be in writing and shall be delivered personally or by registered or certified mail, postage prepaid, to the address of the parties as set forth following the
signature of such party. Notice shall be deemed given on the date of delivery in the case of personal delivery or on the delivery or refusal date as specified on the return receipt in the case of registered or certified mail. Either party may change
its address for such communications by giving notice thereof to the other party in conformity with this section. 

 (n) Code Section 409A Waiver and Release. Optionee further agrees to be bound
by the terms of the Code Section 409A Waiver and Release attached hereto as Exhibit A. 
 (o) Governing Law. This
Agreement and the rights and obligations of the parties shall be governed by and construed in accordance with the laws of the State of Texas, except with respect to matters of law concerning the internal corporate affairs of the Company, to which
matters the General Corporation Law of the State of Delaware shall govern. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement or of the Plan shall be brought in, and each party agrees
to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 

IN WITNESS WHEREOF, the Company by a duly authorized officer of the Company and Optionee have executed this Agreement on
            , effective as of the date of grant. 
  

			
	SAVARA INC.	  	OPTIONEE
		  	
	By:                                     
                                         
                                         
  	  	  
 Signature

		  	
	Title:                                     
                                         
                                        	  	  
 Name

		
	900 S. Capital of Texas Hwy. Ste. 150
Austin, Texas 78746	  	Address:                                     
                                         
                            
		
		  	  

  

 Attachments: 

Exhibit A - Code Section 409A Waiver and Release 
 Exhibit B
- Notice of Exercise 
 Exhibit C - Stock Restriction Agreement 

Exhibit D - Questions and Answers about Option Grants 
 Exhibit E
- Savara Inc. Stock Option Plan 

 EXHIBIT A 

CODE SECTION 409A WAIVER AND RELEASE 

 SAVARA INC. 

CODE SECTION 409A WAIVER AND RELEASE 

THIS WAIVER AND RELEASE (this “Waiver”) made as of the day and year set forth below by the undersigned holder of a
stock option under the Company’s Stock Option Plan. 
 All capitalized terms in this Waiver not defined herein shall have the meaning
assigned to them in the Notice of Grant to which this Waiver is attached or in the Plan. 
 Optionee hereby agrees and acknowledges that the
Company’s Board has taken reasonable steps to value the Common Stock and to set the Exercise Price at the Fair Market Value per share of Common Stock on the Grant Date so that the Option will not be treated as an item of deferred compensation
subject to Code Section 409A. However, because the Common Stock is not readily tradable on an established securities market, there can be no assurance that the Exercise Price is at least equal to the Fair Market Value per share of Common Stock
on the Grant Date. Were the Internal Revenue Service to conclude that the Exercise Price is in fact less than such Fair Market Value and that the Option is accordingly subject to Code Section 409A, then Optionee would be subject the following
adverse tax consequences: 
 (1) As the Option vests in accordance with the Vesting Schedule, Optionee would immediately recognize taxable
income for federal income tax purposes equal to the amount by which the Fair Market Value of the Option Shares which vest at that time exceeds the Exercise Price payable for those shares. The Company would also have to collect from Optionee the
federal income and employment taxes which must be withheld on that income. Taxation would occur in this manner even though the Option remains unexercised. 

(2) Optionee may also be subject to additional income taxation and withholding taxes on any subsequent increases to the Fair Market Value of
the Option Shares purchasable under the vested Option until the Option is exercised or cancelled as to those Option Shares. 
 (3) In
addition to normal income taxes payable as the Option vests, Optionee would also be subject to an additional tax penalty equal to 20% of the amount of income Optionee recognizes under Code Section 409A when the Option vests and may also be
subject to such penalty as the underlying Option Shares subsequently increase in Fair Market Value over the period the Option continues to remain outstanding. 

(4) There will also be interest penalties if the resulting taxes are not paid on a timely basis. 

Optionee hereby further agrees and acknowledges that Optionee will incur the same tax consequences, including (without limitation) a second
20% penalty tax, under California income tax laws if Optionee is a resident of the State of California or is otherwise subject to California income taxation. If the Optionee is a resident of any other state, he or she accepts the risk of any
unfavorable tax consequences under the laws of that state applicable to options granted with an Exercise Price less than the Fair Market Value of the Option Shares on the Grant Date. 

  

			
	Notice of Exercise	  	1

 Optionee hereby agrees to bear the entire risk of such adverse federal and state tax consequences
in the event the Option is deemed to be subject to Code Section 409A and hereby knowingly and voluntarily, in consideration for the grant of the Option, waives and releases any and all claims or causes of action that Optionee might otherwise
have against the Company and/or the Board, officers, employees or stockholders arising from or relating to the tax treatment of the Option under Code Section 409A and the corresponding provisions of any applicable state income tax laws
(including, without limitation, California income tax laws) and shall not seek any indemnification or other recovery of damages against the Company and/or the Board, officers, employees or stockholders with respect to any adverse federal and state
tax consequences or other related costs and expenses Optionee may in fact incur under Code Section 409A (or the corresponding provisions of state income tax laws) as a result of the Option. 

IN WITNESS WHEREOF, the undersigned Optionee has executed this Waiver on the date and year set forth below. 

 

			
		  	OPTIONEE
		  	
	Date:                                     
                                         
                                        	  	Signature:                                    
                                         
                          
		
		  	Print
Name:                                        
                                         
                  
		
		  	Address:                                     
                                         
                            
		
		  	  

  

  

			
	Notice of Exercise	  	2

 EXHIBIT B 

SAVARA INC. STOCK OPTION PLAN 

NOTICE OF EXERCISE 

 

			
	Savara Inc.	  	Date of
Exercise:                                       
      

 Dear Sir or Madam: 

This constitutes notice under my stock option award agreement that I elect to purchase the number of shares for the price set forth below. 

 

									
	 	 	Type of Option (check one):	  	Incentive ☐	  	Nonqualified ☐	 
				
		 	 Stock Option dated:
	  	                    	  	 	                    	  
				
		 	 Number of shares as to which Option is exercised:
	  	                    	  	 	                    	  
				
		 	 Certificates to be issued in name of
                    *:

*(if entity other than Optionee, provide proof of transfer)
	  	                    	  	 	                    	  
				
		 	 Total exercise price:
	  	$                    	  	 	                    	  
				
		 	 Cash payment delivered herewith:
	  	$                    	  	 	                    	  
		 	 Withheld Shares:
	  	                    	  	 	                    	  

 By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the
terms of the Savara Inc. Stock Option Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this Option, and (iii) if this exercise relates
to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any shares of Common Stock issued upon exercise of this Option that occurs within two (2) years after the date of grant of
this Option or within one (1) year after such shares of Common Stock are issued upon exercise of this Option. 
 I hereby make the
following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the “Shares”), which are being acquired by me for my own account upon exercise of the Option as set forth above:

  

			
	Notice of Exercise	  	3

 I acknowledge that the Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”), and are deemed to constitute “restricted securities” under Rule 701 and “control securities” under Rule 144 promulgated under the Act. I warrant and represent to the Company that I have no present
intention of distributing or selling said Shares, except as permitted under the Act and any applicable state securities laws; 
 I further
acknowledge that I will not be able to resell the Shares for at least ninety days after the stock of the Company becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934)
under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144; 
 I further acknowledge that all
certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s
then current Certificate of Incorporation, Bylaws and/or applicable securities laws; 
 I further agree that, if requested by the Company or
a representative of the underwriters in connection with the first underwritten registered offering of any securities of the Company under the Act, I will not sell or otherwise transfer or dispose of (a “transfer”) any shares of Common
Stock during such period following the effective date of the registration statement of the Company filed under the Act (the “Effective Date”) as may be requested by the Company or the representative of the underwriters; provided, however,
that such restriction shall apply only if, on the Effective Date, the officers and directors of the Company agree with the Company or a representative of the underwriters not to transfer securities of the Company owned by them for the same or
greater period. I further agree that the Company may impose stop transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 

 

	
	Very truly yours,
	
	  

	
	                                     
                                         
     , Optionee
	
	Address:                                     
                                         
        
	
	  

	
	  

  

			
	Notice of Exercise	  	4

 EXHIBIT C 

SAVARA INC. STOCK OPTION PLAN 

STOCK RESTRICTION AGREEMENT 

This Stock Restriction Agreement (the “Agreement”) is entered into as of
            , 20    , by and between Savara Inc., a Delaware corporation (the “Company”), and
            (the “Awardee”). 
 RECITALS: 

The Company has previously granted the Awardee an Award (the “Award”) of options to purchase shares of its Common Stock pursuant to
the Savara Inc. Stock Option Plan, as amended, restated, supplemented or modified from time to time (the “Plan”), and the Awardee has exercised the option to purchase shares of Common Stock pursuant thereto. 

The Company desires to impose restrictions in connection with the shares of Common Stock of the Company acquired by the Awardee pursuant to
the Plan (collectively the “Shares”), and the Awardee agrees to accept these restrictions. The Awardee and any transferees of Awardee who acquire the Shares are referred to herein as “Shareholder.” 

AGREEMENT: 
 Now, therefore, the parties
hereto agree as follows: 
 1. Precedence of Plan. This Agreement is subject to and shall be construed in accordance with the terms and
conditions of the Plan, as now or hereinafter in effect, and any Option Agreement to which the Award relates. Any capitalized terms that are used in this Agreement without being defined and that are defined in the Plan shall have the meaning
specified in the Plan. 
 2. Issuance of Certificates. The stock certificate or certificates representing the Shares shall be registered in the
name of Shareholder, but shall remain in the custody of the Company. Shareholder shall deposit with the Company a Stock Assignment separate from Certificate, in substantially the form attached hereto as Exhibit B and endorsed in blank, as shall be
required to permit retransfer to the Company of all or a portion of the Shares in accordance with this Agreement. 
 3. Restriction on Transfer of
Shares. Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Shares, contrary to the provisions hereof, and levy of any attachment or similar process upon the Shares, shall be null and void. Furthermore, the
Company shall not recognize or give effect to such transfer on its books and records or recognize the person or persons to whom such purported transfer has been made as the legal or beneficial owner of the Shares. 

4. Acceptance of Restrictions on Transfer. No transfer or attempted transfer of any Shares shall be effective unless such Shares shall remain
subject to the terms and conditions of this Agreement and unless and until the proposed transferee shall accept the terms and conditions of this Agreement by executing and delivering to the Company a Statement of Acceptance of Stock Restriction
Agreement in substantially the form attached hereto as Attachment I. Upon the execution and delivery of the Statement of Acceptance of Stock Restriction Agreement, the transferee shall thereafter be deemed to be a signatory party to this
Agreement in the position of a Shareholder. 

  

			
	Stock Restriction Agreement	  	1

 5. Company’s Right of First Refusal. The Company shall have the right of first refusal, as
hereinafter provided, with respect to any proposed transfer of Shares. 
 (a) Stockholder shall, 60 days prior to a proposed transfer of
Shares, deliver written notice to the Company stating the number of shares and the interest therein proposed to be transferred (the “Offered Shares”), the name of the proposed transferee(s) and the manner, time, terms and conditions of the
proposed transfer. The Company shall, for a period of 60 days following such notice, have an irrevocable option to purchase all or part of the Offered Shares in accordance with the manner, time, terms and conditions specified in the notice of
proposed transfer. 
 (b) The Company may elect to exercise its option to purchase all or part of the Offered Shares by giving written notice
to Stockholder of such intention within the 60 day period following the Company’s receipt of Stockholder’s notice of proposed transfer. Upon receipt of such notice, Stockholder shall be bound to transfer the Offered Shares subject to such
notice to the Company, free and clear of all liens and encumbrances, and in accordance with the terms set forth in the notice of proposed transfer. 

(c) If the Company elects not to exercise its option to purchase all of the Offered Shares during the 60-day period, Stockholder may, within 30
days of the last day of such 60 day period, transfer to the proposed transferee(s) the part of the Offered Shares that the Company elected not to purchase, but only in accordance with the terms set forth in the notice of proposed transfer.
Notwithstanding any provision herein to the contrary, all Shares transferred to such transferees in accordance with the provisions of this section shall remain subject to the provisions and restrictions of this Agreement and all such
transferees shall execute and deliver to the Company a Statement of Acceptance as provided above. If Stockholder does not make the transfer to the proposed transferee(s) within the 30-day period provided in this section, Stockholder shall be
required again to comply with the provisions of this Agreement before Stockholder may make any subsequent transfer of any part of the Offered Shares or of any other Shares. 

(d) Notwithstanding any provision herein to the contrary, if the notice of proposed transfer specifies a consideration in other than United
States money, the Company shall have the right to acquire the Offered Shares for the United States money equivalent of the specified consideration. If the notice of proposed transfer specifies any other manner, time, term or condition that cannot be
complied with without unreasonable effort, the Company shall have the right to acquire the Offered Shares by complying with the reasonable equivalent of the specified manner, time, terms or conditions. 

(e) If the notice of proposed transfer specifies that the Offered Shares are to be transferred without full consideration as a gift, the
Company shall have the right to acquire the Offered Shares at a price per share equal to their then current value as determined below. The manner and time at which the purchase and sale of the Offered Shares shall take place shall be determined
below. 
 6. Company’s Designee. The Company shall have the right to designate one or more persons or entities, or a combination of both
(the “Company’s Designee”), to exercise all or any part of the Company’s rights, assume all or any part of the Company’s benefits, and bear all or any part of the 

  

			
	Stock Restriction Agreement	  	2

 
Company’s burdens pursuant to this Agreement, and a reference to the Company shall mean the Company and/or the Company’s Designee, as applicable. Notwithstanding any provision herein to
the contrary, a designation by the Company shall not relieve the Company of the responsibility to pay any part of the purchase price for the Shares that is not paid by the Company’s Designee. 

7. Adjustments to Stock. If there is any change, increase or decrease, in the outstanding shares of the Company’s Common Stock which is
effected without receipt of additional consideration by the Company, by reason of a stock dividend, stock split, recapitalization, merger, consolidation, combination or exchange of stock, or other similar circumstances, or if there is a spin-off or
other distribution of assets to the Company’s shareholders, the Company shall make an appropriate adjustment in the aggregate number of the Shares. Such adjustment shall be identical to the adjustment made generally with respect to other
outstanding shares of the Company’s Common Stock. Any additional securities or other property issued to Shareholder as a result of any of the foregoing events shall continue to be subject to the terms of this Agreement to the same extent as the
Shares giving rise to the right to receive such additional securities or other property. 
 8. Indemnification. Shareholder shall indemnify and
hold harmless the Company and its officers, directors, shareholders and agents from and against all losses, claims, damages, liabilities, costs and expenses arising out of or related to any sale or transfer of the Shares by such person, whether or
not permitted under this Agreement. 
 9. Notices. All notices or other communications required under this Agreement or given in connection
herewith shall be in writing and shall either be delivered personally, in which event the effective date shall be the date of delivery, or shall be sent by United States mail addressed as hereinafter set forth, postage pre-paid, registered or
certified, return receipt requested, in which event the effective date shall be the delivery date as specified on the return receipt. Unless otherwise directed by notice in writing, all notices shall be addressed as follows: 

(a) To the Company at: 
 Savara
Inc. 
 900 S. Capital of Texas Hwy. Ste. 150 

Austin, Texas 78746 
 (b) To
Shareholder, at the address of Shareholder set forth in the transfer records of the Company. 
 Shareholder generally consents to the
delivery of any notice pursuant to the Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (“Electronic Notice”) at the
electronic mail address or the facsimile number as set forth in the books of the Company. To the extent that any notice given via electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been
revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Shareholder agrees to promptly notify the Company of any change in
Shareholder’s electronic mail address, but failure to do so shall not affect the foregoing. 

  

			
	Stock Restriction Agreement	  	3

	10.	Legends on Stock.  

 (a) All certificates evidencing the Shares shall bear
a legend that reads substantially as follows: 
 THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF
AN AGREEMENT BETWEEN THE ISSUER AND THE REGISTERED HOLDER WHEREBY SUCH SHARES MAY BE REPURCHASED BY THE ISSUER UNDER CERTAIN CIRCUMSTANCES. A COPY OF THE AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER. 

(b) Certificates representing the Shares may contain such further legends and transfer restrictions as the Company shall deem reasonably
necessary or desirable, including, without limitation, legends restricting transfer until there has been compliance with federal and state securities laws. 

11. Investment Representations. Shareholder acknowledges that the Shares to be issued by the Company pursuant to this Agreement has not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws, and is being offered and sold pursuant to exemptions from such registration requirements based in part upon
Shareholder’s representations and acknowledgments contained in this Agreement, including the following: 
 (a) Shareholder warrants and
represents to the Company that Shareholder is acquiring the Shares on Shareholder’s own account for investment and not with a view to or for sale in connection with any distribution of the Shares or with any present intention of distributing or
selling the Shares and Shareholder does not presently have reason to anticipate any change in circumstances or any particular occasion or event which would cause Shareholder to sell the Shares; 

(b) Shareholder acknowledges that Shareholder must bear the economic risk of this investment indefinitely unless the Shares is registered
pursuant to the Securities Act and applicable state securities laws or an exemption from such registration is available; 
 (c) Shareholder
acknowledges and understands that the Company has no present intention of registering the Shares, and understands there is no assurance that any exemption from registration under the Securities Act and applicable state securities laws will be
available in the future; and 
 (d) Shareholder represents that, by reason of Awardee’s relationship with the Company and
Shareholder’s business and financial expertise, Shareholder has the capacity to protect Shareholder’s own interests in connection with the transactions contemplated by this Agreement. 

12. Withholding. Shareholder shall reimburse the Company, in cash or by certified or bank cashier’s check, or by any other method approved
of by the Company, for any federal, state or local taxes required by law to be withheld with respect to the receipt or subsequent sale of the Shares. The Company shall have the right to deduct from any salary, severance or other payments to be made
to Awardee any federal, state or local taxes required by law to be so withheld. 
 13. Rights of Shareholder. Subject to the terms and
provisions of this Agreement, Shareholder shall have all the rights of a shareholder of the Company with respect to the Shares, including the right to vote the Shares and to receive all cash dividends or other distributions paid or made with respect
to the Shares. 

  

			
	Stock Restriction Agreement	  	4

 14. General Provisions. 

(a) Effect on Employee Benefits. Awardee agrees that the Shares will constitute special incentive compensation that will not be
taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement, profit sharing or other remuneration plan of the Company unless so provided in such
plan. 
 (b) Specific Enforcement. Because of the unique value of the Shares, in addition to any other remedies that the
Company may have upon the breach of the agreements contained herein, the obligations of Shareholder shall be specifically enforceable. 
 (c)
Modification. This Agreement may only be altered or amended by a written instrument signed by the Company and Shareholder, setting forth such changes. 

(d) Costs of Enforcement. In any action at law or in equity to enforce any of the provisions or rights under this Agreement, the
unsuccessful party of such litigation, as determined by any court of competent jurisdiction in a final judgment or decree, shall pay the successful party or parties all costs, expenses and reasonable attorneys’ fees incurred therein by such
party or parties (including without limitation such costs, expenses and fees on any appeals), and if such successful party shall recover judgment in any action or proceeding, such costs, expenses and attorneys’ fees shall be included as part of
the judgment. 
 (e) Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the
validity or enforceability of any other provision hereof. 
 (f) No Transfer Required. The Company shall not be required
(i) to transfer on its books any Shares that shall have been sold or transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote as such owner or to
pay dividends to any transferee to whom such shares shall have been so transferred. 
 (g) Further Action. The parties agree to
execute such further instruments and to take such further action as reasonably may be necessary to carry out the intent of this Agreement. 

(h) Not an Employment Contract. This Agreement is not an employment contract and nothing in this Agreement shall be deemed to
create in any way whatsoever any obligation on the part of Awardee to continue in the Continuous Service of the Company, or of the Company to continue Awardee in the Continuous Service of the Company. 

(i) Interpretation. This Agreement constitute the entire agreement between the parties pertaining to the subject matter hereof
and supersede all prior and contemporaneous agreements, representations and understandings. This Agreement may be executed in counterparts, all of which shall be deemed to be one and the same instrument, and it shall be sufficient for each party to
have executed at least one, but not necessarily the same, counterpart. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement in any way. 

  

			
	Stock Restriction Agreement	  	5

 (j) Assignment. This Agreement shall be binding upon the parties and their
respective legal representatives, beneficiaries, successors and assigns. 
 (k) Governing Law. This Agreement and the rights
and obligations of the parties shall be governed by and construed in accordance with the laws of the State of Texas, except with respect to matters of law concerning the internal corporate affairs of the Company, to which matters the General
Corporation Law of the State of Delaware shall govern. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement or of the Plan shall be brought in, and each party agrees to, and does hereby,
submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 

IN WITNESS WHEREOF, the Company by a duly authorized officer of the Company and Awardee have executed this Agreement
            ,             , effective as of such date. 
  

									
	Savara Inc.	  		  	AWARDEE
				
	By:	 	  
	  		  	  

		 		  		  	Signature
	Title:	 	  
	  		  	  

		 		  		  	Name
					
		 		  		  	Address:	  	  

	 900 S. Capital of Texas Hwy. Ste. 150

Austin, Texas 78746
	  		  		  	  

 SPOUSAL ACKNOWLEDGMENT 

The undersigned spouse of Awardee has read and hereby approves the foregoing Stock Restriction Agreement and the Plan and Award Agreement to which it relates.
In consideration of the Company’s granting Awardee the right to acquire the Shares in accordance with the terms of such Agreement, the undersigned hereby agrees to be irrevocably bound by all the terms of such Agreement. 

 

	
	  

	OPTIONEE’S SPOUSE
	
	Address:                                   
                                         
          
	                                     
                                       

 ATTACHMENTS: 

Attachment I:         Statement of Acceptance of Stock Restriction Agreement 

  

			
	Stock Restriction Agreement	  	6

 Attachment I 

Statement Of Acceptance Of Stock Restriction Agreement 

Reference is made to that certain Stock Restriction Agreement effective as of
            , 20            , by and between Savara Inc., a Delaware corporation (the “Company”), and
            . As a proposed recipient of certain shares covered by said Agreement, the undersigned hereby agrees that such shares, upon receipt, shall remain subject to all of the terms and
conditions of said Agreement and all rights and obligations thereunder arising prior to such receipt, and that upon such receipt the undersigned shall be deemed automatically to have accepted all of the terms and conditions of said Agreement as
therein provided, and that the undersigned shall thereafter be deemed to be a signatory party to said Agreement in the position of Shareholder. It is understood that upon execution of the Statement of Acceptance, the same shall be attached to said
Agreement and shall thereupon form a part thereof without any further action. 
 By executing this Statement of Acceptance, the undersigned
certifies to having been provided a copy of the Stock Restriction Agreement. 
  

					
	Dated:                                    
	 		  	  

		 		  	Signature
			
		 		  	  

		 		  	Print Name
	
	
	Statement of Acceptance of Stock Restriction Agreement

 EXHIBIT D 

QUESTIONS AND ANSWERS ABOUT OPTION GRANTS 

 EXHIBIT E 

SAVARA INC. STOCK OPTION PLAN

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