Document:

EX-10.22

 Exhibit 10.22 

FORM OF INCENTIVE STOCK OPTION AGREEMENT 
  

			
	Name:	  	[__________]
	Number of Shares of Stock subject to the Stock Option:	  	[__________]
	Exercise Price Per Share:	  	$[__________]
	Date of Grant:	  	[__________]
	[Vesting Commencement Date:	  	[__________]]

 VAPOTHERM, INC. 

2018 EQUITY INCENTIVE PLAN 

INCENTIVE STOCK OPTION AGREEMENT 

This agreement (this “Agreement”) evidences a stock option granted by the Company to the individual named above (the
“Participant”), pursuant to and subject to the terms of the Vapotherm, Inc. 2018 Equity Incentive Plan (as from time to time amended and in effect, the “Plan”). Except as otherwise defined herein, all capitalized
terms used herein have the same meaning as in the Plan. 
 1. Grant of Stock Option. The Company grants to the Participant on
the date set forth above (the “Date of Grant”) an option (the “Stock Option”) to purchase, pursuant to and subject to the terms set forth in this Agreement and in the Plan, up to the number of shares of Stock set
forth above (the “Shares”), with an exercise price per Share as set forth above, in each case, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof. 

The Stock Option evidenced by this Agreement is intended to be treated as an ISO to the maximum extent provided under the Code. To the extent
the Stock Option does not qualify as an ISO, the Stock Option will be treated as an NSO. The Participant acknowledges and agrees that the Administrator may take any action permitted under the Plan without regard to the effect such action or actions
may have on the status of the Stock Option as an ISO and that such action or actions may cause the Stock Option to fail to be treated as an ISO. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value (determined at the
time of grant) of the Shares subject to the Stock Option and all other ISOs the Participant holds that are exercisable for the first time during any calendar year (under all plans of the Company and its subsidiaries) exceeds $100,000, the stock
options held by the Participant or portions thereof that exceed such limit (according to the order in which they were granted in accordance with Section 422) will be treated as NSOs. 

2. Vesting. The term “vest” as used herein with respect to the Stock Option (or any portion thereof) means to
become exercisable and the term “vested” with respect to the Stock Option (or any portion) means that the Stock Option (or portion) is then exercisable. Unless earlier terminated, forfeited, relinquished or expired, the Stock Option
will vest as will vest as to [•], subject, in each case, to the Participant remaining in continuous Employment from the Date of Grant through such vesting date. 

 3. Exercise of the Stock Option. No portion of the Stock Option may be exercised
until such portion vests. Each election to exercise any vested portion of the Stock Option will be subject to the terms and conditions of the Plan and must be in written or electronic form acceptable to the Administrator, signed (including by
electronic signature) by the Participant or, if at the relevant time the Stock Option has passed to a Beneficiary or permitted transferee, the Beneficiary or permitted transferee. Each such written or electronic exercise election must be received by
the Company at its principal office or by such other party as the Administrator may prescribe and be accompanied by payment in full of the exercise price by cash or check or as otherwise provided in the Plan consistent with the regulations
promulgated under Section 424 of the Code. The latest date on which the Stock Option or any portion thereof may be exercised is the tenth (10th) anniversary (or the fifth (5th) anniversary, in the case of a 10-percent stockholder within the meaning of Section 422(b)(6) of the Code) of the Date of Grant (the “Final
Exercise Date”) and, if not exercised by such date, the Stock Option or any remaining portion thereof will thereupon immediately terminate. 

4. Cessation of Employment. Except as expressly provided for in an employment agreement between the Participant and the Company
that is in effect at the time of the Participant’s termination of Employment, if the Participant’s Employment ceases, the Stock Option, to the extent not then vested, will be immediately forfeited for no consideration, and any vested
portion of the Stock Option that is then outstanding will remain exercisable for the applicable period described in Section 6(a)(4) of the Plan. The Participant acknowledges and agrees that in the event any portion of the Stock Option is
exercised after the date that is three (3) months after the date of the cessation of the Participant’s Employment, the Participant will lose the tax treatment afforded to ISOs under the Code with respect to any portion of the Stock Option
so exercised. 
 5. Restrictions on Transfer; Disqualifying Dispositions. The Stock Option may not be transferred except as
expressly permitted under Section 6(a)(3) of the Plan. If the Participant transfers or otherwise disposes of any Shares acquired upon exercise of the Stock Option within two years from the Date of Grant or within one year after such Shares were
acquired pursuant to the exercise of the Stock Option, within fifteen (15) days following such transfer or disposition, the Participant will notify the Company in writing of such transfer or disposition. 

6. Forfeiture; Recovery of Compensation. By accepting the Stock Option, the Participant expressly acknowledges and agrees that the
Participant’s rights, and those of any permitted transferee, with respect to the Stock Option, including the right to any Shares acquired under the Stock Option or proceeds from the disposition thereof, are subject to Section 6(a)(5) of
the Plan (including any successor provision). Nothing in the preceding sentence will be construed as limiting the general application of Section 8 of this Agreement. 

7. Withholding. The Participant expressly acknowledges and agrees that the Participant’s rights hereunder, including the
right to be issued Shares upon exercise of the Stock Option, are subject to the Participant promptly paying to the Company in cash or by check (or by such other means as may be acceptable to the Administrator) all taxes required to be withheld, if
any. No Shares will be issued pursuant to the exercise of the Stock Option unless and until the person exercising the Stock Option has remitted to the Company an amount in cash sufficient to satisfy any federal, state, or local withholding tax
requirements (if any), or has made other arrangements satisfactory to the Company with respect to such taxes. The Participant authorizes the Company and its subsidiaries to withhold such amount from any amounts otherwise owed to the Participant, but
nothing in this sentence will be construed as relieving the Participant of any liability for satisfying his or her obligation under the preceding provisions of this Section 7. 

  
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 8. Provisions of the Plan. This Agreement is subject in its entirety to the
provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the Date of Grant has been made available to the Participant. By accepting the Stock Option, the Participant agrees to be bound by the terms of
the Plan and this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control. 
 9.
Acknowledgements. The Participant acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which will be an original and all of which together will constitute one and the same
instrument; (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for all purposes hereunder; and (iii) such
signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Participant. 

[Signature page follows.] 

  
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 The Company, by its duly authorized officer, and the Participant have executed this
Agreement as of the Date of Grant. 
  

			
	VAPOTHERM, INC.

 
			
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title: 	 	 

  

			
	Agreed and Accepted:
		
	By	 	 
		 	[Participant’s Name]

 [Signature Page to Incentive Stock Option Agreement]EX-10.23

 Exhibit 10.23 

PROPRIETARY RIGHTS AGREEMENT 

This PROPRIETARY RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of July 30, 2012 (the
“Effective Date”), by and between Vapotherm, Inc., a Maryland corporation with principal offices at 198 Log Canoe Circle, Stevensville, MD 21666 (the “Company”) and Joseph Army (the “Employee”).

 Whereas the Company intends to retain the services of Employee as a full-time employee of the Company, and in such capacity Employee will
have access to information and materials regarding the Company’s technology and business activities (the “Subject Matter”), the parties specifically agree as follows: 

 

	1.	 Confidentiality of Information 

1.1 Employee understands that his or her employment creates a relationship of confidence and trust between Employee and the Company with
respect to any written or oral information, drawings, or information observed (collectively referred to as “Confidential Information”) on the Subject Matter possessed by the Company which the Company desires to or is obligated to
keep in confidence or which has commercial value to the Company. Employee understands that such Confidential Information includes, without limitation, formulas, processes, techniques, test data, research, strategies, inventions, contracts, products,
customer lists, customers, marketing and financial data, and includes information which Employee may develop in the course of employment. At all times during such employment and thereafter Employee will keep in confidence all Confidential
Information, and will not use, except for the benefit of the Company, nor disclose, nor transfer to any third party any Confidential Information without the Company’s prior written consent. 

1.2 Employee agrees that Employee will not, during his or her employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other person or entity and that Employee will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such employer, person
or entity unless consented to in writing by such employer, person or entity. 
 1.3 Employee recognizes that the Company has received and in
the future will receive from third parties information deemed to be confidential subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purpose. Employee agrees to hold
all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out his or her work for the Company consistent with the
Company’s agreement with such third party. 
 1.4 Employee agrees that it will secure and safeguard any and all materials, documents,
work in process and work product that embodies Confidential Information in areas reasonably restricting access and preventing unauthorized use and/or disclosure. Employee further agrees that it will undertake reasonable measures to prevent
accidental or other loss of Confidential Information. In the event Employee becomes aware of any loss, disclosure or use of Confidential Information in violation of this Agreement, Employee shall immediately notify Company in writing. 

	2.	 Invention Assignment 

2.1 Employee has attached hereto, as Exhibit A, a list describing all inventions, original works of authorship, developments,
improvements, and trade secrets which were made by him or her prior to his or her employment with the Company (collectively referred to as “Prior Inventions”), which belong to him or her, which relate to the Company hereunder; or,
if no such list is attached, Employee represents that there are no such Prior Inventions. If in the course of his or her employment with the Company, Employee incorporates into a Company product or process a Prior Invention owned by him or her in
which Employee has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such
product or process, subject to the rights of any prior third party obligations as listed in Exhibit A. 
 2.2 Employee will promptly
disclose to the Company in writing all formulas, processes, techniques, tests data, improvements and inventions, original works of authorship, developments, concepts, trade secrets, whether or not patentable or registrable under copyright or similar
laws, which Employee makes, conceives, learns or reduces to practice, either alone or jointly with others, during the period of employment and which are related to or useful in the Company’s business, and which result from tasks assigned by the
Company or from use of Company Confidential Information or facilities (collectively referred to as “Inventions”). 
 2.3
Employee further acknowledges that all original works of authorship which are made by him or her (solely or jointly with others) within the scope of and during the period of his or her employment with the Company and which are protectible by
copyright are “works made for hire,” as that term is defined in the United States Copyright Act and are subject to assignment as set forth above. 

2.4 Employee agrees that all Confidential Information, all Inventions and all patent and other rights related thereto are the sole property of
the Company, and Employee hereby assigns to the Company any rights Employee may have or acquire in such Confidential Information or Inventions. Employee further agrees to assist the Company (at its expense) in every proper way (including execution
of patent applications and other documents) to obtain and enforce patents on and otherwise secure the Company’s rights in any Inventions. Employee agrees that Employee’s obligation to assist the Company in obtaining and enforcing any
copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries will continue beyond the termination of Employee’s employment, but the Company will compensate Employee at reasonable rates
for the assistance Employee actually provides at the Company’s request after such termination. Employee hereby irrevocably appoints the Company and its duly authorized officers and agents as Employee’s agents and attorneys-in-fact to execute and file all documents and perform all other lawful acts related to the foregoing. 

  
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 2.5 Employee agrees that all Confidential Information, documents, equipment and other
physical property furnished to or produced by Employee in connection with Employee’s employment are the sole property of the Company, and Employee will promptly deliver all such property to the Company at its request and (whether or not the
Company so requests) upon the termination of employment with Company. 
  

	3.	 Miscellaneous 

3.1 Employee agrees to diligently adhere to the Conflict of Interest Guidelines attached hereto as Exhibit B. 

3.2 Employee represents that Employee’s performance of this Agreement will not breach any other agreement or obligation, written or oral,
by which Employee may be bound. 
 3.3 This Agreement shall be governed by the laws of the State of Maryland, without reference to conflicts
of laws principles. Employee hereby agrees and consents that the exclusive jurisdiction and venue for any dispute arising under this Agreement or in connection with any breach thereof shall be in federal or state courts for Montgomery County,
Maryland. 
 3.4 This Agreement is binding upon Employee, Employee’s heirs, executors, administrators and assigns and shall inure to
the benefit of the Company, its successors and assigns. 
 3.5 This Agreement supersedes all prior agreements, written or oral, between the
parties hereto relating to the subject matter hereof; provided that, if there is a conflict between this Agreement and the Employment Agreement dated July 30, 2012 (the “Employment Agreement”), between Employee and the Company,
then the Employment Agreement shall control. This Agreement may not be modified, changed or discharged, in whole or in part, except by a written agreement signed by both parties. 

3.6 The provisions of this Agreement are necessary for the protection of the business and good will of Company and are considered by the
parties to be reasonable for such purpose. In the event of breach, in addition to other remedies which may be available, Company shall have the right to seek specific performance and other injunctive and equitable relief. 

  
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 ACCEPTED AND AGREED TO BY: 
  

							
	EMPLOYEE	 		 	VAPOTHERM, INC.
				
	/s/ Joseph Army	 		 	By:	 	/s/ Larry Grant
	Joseph Army	 		 		 	Name: Larry Grant

									
	Social Security Number:	 	 	 		 		 	  Title: Chief Financial Officer

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