Document:

EX-10.5

 Exhibit 10.5 

ACUMEN PHARMACEUTICALS, INC. 

AMENDED AND RESTATED STOCK PERFORMANCE PLAN 

Section 1. Purposes of the Plan. The purposes of this Plan are to promote the interests of the Company and its stockholders by using
equity interests in the Company to attract, retain and motive its management and other persons and to encourage and reward their contributions to the performance of the Company. Certain capitalized terms that are not otherwise defined herein have
the meaning set forth in the Company’s Amended and Restated Certificate of Incorporation which was filed with the Secretary of State of Delaware on or about April 11, 2013 (the “Restated Charter”). 

Section 2. Definitions. The following capitalized terms shall have the following respective meanings when used in this Plan (subject
to Section 1 above): 
 (a) “Administrator” means the Board or any of its Committees as shall be
administering the Plan, in accordance with Section 4 of the Plan. 
 (b) “Affiliate” means the Company
or any Subsidiary of the Company. 
 (c) “Applicable Laws” means the legal requirements relating to the
administration of plans providing one or more of the types of Awards described in this Plan and the issuance of Shares thereunder pursuant to U.S. state corporate laws, U.S. federal and state securities laws, the Code and the applicable laws of any
foreign country or jurisdiction where Options, Stock Purchase Rights or other Awards are, or will be, granted under the Plan. 
 (d)
“Award” includes, without limitation, Incentive Stock Options, Non-statutory Stock Options, Stock Purchase Rights, stock appreciation rights, performance share or unit awards, dividend
or equivalent rights, stock awards, restricted share or unit awards, or other awards that are valued in whole or in part by reference to, or are otherwise based on, the Common Stock (“other Common Stock-based Awards), all on a standalone,
combination or tandem basis, as described in or granted under the Plan. 
 (e) “Award Agreement” means a
written agreement between the Company and a Participant evidencing the terms and conditions of an individual Award grant. The Award Agreement is subject to the terms and conditions of the Plan. 

(f) “Awarded Stock” means the Common Stock subject to an Award. 

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

(h) “Cause” means the occurrence at any time of any one or more of the following events or circumstances,
provided however, that if any such event or circumstance is susceptible to cure by the Recipient without damage to the Company, such event or circumstance will not constitute Cause unless Recipient has failed to cure such event or
circumstance within fifteen (15) days after receipt by Recipient of written notice thereof: (i) Recipient engages in any wrongful conduct or knowingly violates any reasonable rule or regulation of the Board that results in material
damage or risk of legal 

  
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liability to an Affiliate; (ii) any willful misconduct or gross negligence by Recipient in the responsibilities assigned to Recipient; (iii) any willful and material failure to perform
Recipient’s job as required to meet the lawful objectives of an Affiliate or any repeated failure to achieve reasonable performance standards that have been described by the Company in writing and communicated to Recipient in reasonable detail;
(iv) Recipient fails to comply with all material applicable laws and regulations in performing Recipient’s duties and responsibilities to the Company; (v) any criminal conduct by Recipient (other than misdemeanors that do not meet the
criteria set forth in subsection (vi)); (vi) any actions by Recipient involving moral turpitude or injurious to the business or reputation of an Affiliate; (vii) any legal action by Recipient or Recipient’s representatives or successors
against an Affiliate or any person or entity that an Affiliate would be obligated to indemnify or defend in connection with such action; or (viii) Recipient does any of the things described in (1)-(3) below. 

(1) The Recipient renders services for any organization or engages directly or indirectly in any business that, in the
reasonable judgment of the Chief Executive Officer of the Company or other senior officer designated by the Chief Executive Officer, is or becomes competitive with an Affiliate, or which organization or business, or the rendering of services to such
organization or business, is or becomes otherwise prejudicial to or in conflict with the business or interests of an Affiliate. 

(2) The Recipient fails to comply with any confidentiality agreement with the Affiliate which employs Recipient or with
the lawful policies of any Affiliate regarding nondisclosure of confidential information, or without prior written authorization from any Affiliate discloses to anyone outside any Affiliate or uses for any purpose or in any context other than in
performance of the Recipient’s duties to any Affiliate any confidential or trade secret information of any Affiliate. 

(3) The Recipient breaches in any material respect any agreement with or legal duty to any Affiliate. 

(i) “Code” means the Internal Revenue Code of 1986, as amended or replaced from time to time. 

(j) “Committee” means a Committee appointed by the Board in accordance with Section 4 of the Plan. 

(k) “Common Stock” means the common stock of the Company. 

(l) “Company” means Acumen Pharmaceuticals, Inc., a Delaware corporation. 

(m) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to
render services and who is compensated for such services. The term “Consultant” shall not include Directors who are paid only a director’s fee by the Company or who are not compensated by the Company for their services as Directors.

 (n) “Director” means a member of the Board. 

  
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 (o) “Disability” means permanent and total disability as that
term is described in Section 22(e)(3) of the Code. 
 (p) “Employee” means any person, including
Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company, without more, shall constitute “employment” by the Company. 

(q) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(r) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(1) If the Common Stock is listed on any established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the mean of the highest and lowest sale prices of the stock on the day of determination, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; 
 (2) If the Common Stock is regularly quoted
by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; 
 (3) In the absence of an
established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator. 
 (s)
“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 

(t) “Non-statutory Stock Option” means an Option not intended to
qualify as an Incentive Stock Option. 
 (u) “Notice of Grant” means a written notice evidencing certain
terms and conditions of an Award. The Notice of Grant is part of the Award Agreement. 
 (v) “Officer,”
unless otherwise noted herein, means a person who is an officer of the Company, a Parent or Subsidiary within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(w) “Option” means a stock option granted pursuant to the Plan. 

(x) “Option Exchange Program” means a program whereby outstanding options are surrendered in exchange for
options with a lower exercise price. 

  
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 (y) “Parent” means a “parent corporation,” whether
now or hereafter existing, as defined in Section 424(e) of the Code. 
 (z) “Participant” means an
Employee, Director or a Consultant who holds an outstanding Award. 
 (aa) “Plan” means this Stock
Performance Plan as amended from time to time. 
 (bb) “Recipient” means a Service Provider who holds an
outstanding Award. 
 (cc) “Restricted Stock” means shares of Common Stock acquired pursuant to a grant of
Stock Purchase Rights under Section 11 below. 
 (dd) “Restricted Stock Purchase Agreement” means a
written agreement between the Company and the Recipient evidencing the terms and restrictions applying to stock purchased under a Stock Purchase Right. The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and
the Notice of Grant 
 (ee) “Retirement” means the termination of a Service Provider’s relationship with
the Company, other than for Cause, on or after the Service Provider’s attainment of age 65. 
 (ff) “Service
Provider” means an Employee, Director, Officer or a Consultant. A Service Provider who is an Employee or Consultant shall not cease such status (i) during any leave of absence approved by the Company; provided that, for
purposes of Incentive Stock Options, no such leave may exceed ninety days, unless reemployment upon expiration of such leave is guaranteed by statute or contract; or (ii) as a result of transfers between locations of the Company or between the
Company, its Parent, any Subsidiary, or any successor. If reemployment upon expiration of a leave of absence approved by the Company is not guaranteed by statute or contract, on the 181,\ day of such leave any Incentive Stock Option held by the
Recipient shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-statutory Stock Option. 

(gg) “Share” means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.

 (hh) “Stock Purchase Right” means the right to purchase Common Stock pursuant to Section 11 of the
Plan, as evidenced by a Notice of Grant. 
 (ii) “Subsidiary” means a “subsidiary corporation,”
whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 Section 3. Stock Subject to the Plan.
Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares available for grants of Awards under the Plan is 6,227,011 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. 

  
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 (a) If an Award expires or becomes unexercisable without having been exercised in full, or is surrendered
pursuant to an Option Exchange Program, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated); provided, however, that Shares that have actually been issued
under the Plan, whether upon exercise of an Option, Stock Purchase Right or other Award, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if Shares of Restricted Stock are
repurchased by the Company at their original purchase price, and the original Recipient of such Shares did not receive any benefits of ownership of such Shares, such Shares shall become available for future grant under the Plan. For purposes of the
preceding sentence, voting rights shall not be considered a benefit of Share ownership. 
 Section 4. Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be
constituted to comply with Applicable Laws. Committee members shall serve for such term as the Board may determine, subject to removal by the Board at any time. Any such Committee shall act by a majority of its members, or if there are only two
members of such Committee, by unanimous consent of both members. 
 (b) Powers of the Administrator. Except for the terms and
conditions explicitly set forth in the Plan, the Administrator shall have exclusive authority, in its discretion, to determine the Fair Market Value of the Common Stock, in accordance with Section 2(r) of the Plan and to determine all
matters relating to Awards under the Plan, including the selection of individuals to be granted an Award, the type of Award, the number of shares of Common Stock subject to an Award, all terms, conditions, restrictions and limitations, if any, of an
Award and the terms of any instrument that evidences the Award. The Administrator shall also have authority, in its discretion, to reduce the exercise price of any Option, Stock Purchase Right or other Award to the then current Fair Market Value if
the Fair Market Value of the Common Stock covered by such Option, Stock Purchase Right or other Award shall have declined since the date the Option, the Stock Purchase Right or other Award was granted; to modify or amend each Option, Stock Purchase
Right or other Award, subject to Section 17(c) of the Plan; and to institute an Option Exchange Program. The Administrator shall also have exclusive authority to interpret the Plan and its rules and regulations, and to make all other
determinations deemed necessary or advisable under or for administering the Plan. All actions taken and determinations made by the Administrator pursuant to the Plan shall be conclusive and binding on all parties involved or affected. The
Administrator may delegate administrative duties to such of the Company’s officers as it so determines. 
 Section 5. Eligibility
for Awards. Non-statutory Stock Options, Stock Purchase Rights, and other Awards may be granted to any Service Provider. Incentive Stock Options may be granted only to Employees. In addition, an Award may
also be granted to a person who is offered employment by the Company, its Parent or a Subsidiary, provided that such Award shall be immediately forfeited if such person does not accept such offer of employment within such time period as the
Company, Parent or Subsidiary may establish. If otherwise eligible, a Service Provider who has been granted an Option, Stock Purchase Right or other Award may be granted additional Options, Stock Purchase Rights or Awards. 

  
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 Section 6. Limitations on Options. Each Option shall be designated in the Notice
of Grant as either an Incentive Stock Option or a Non-statutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which
Incentive Stock Options are exercisable for the first time by the Recipient during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as
Non-statutory Stock Options. For purposes of this Section 6, Incentive Stock Options shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be
determined as of the time the Option with respect to such Shares is granted. If an Option is granted hereunder that is part Incentive Stock Option and part Non-statutory Stock Option due to becoming first
exercisable in any calendar year in excess of $100,000, the Incentive Stock Option portion of such Option shall become exercisable first in such calendar year, and the Non-statutory Stock Option portion shall
commence becoming exercisable once the $100,000 limit has been reached. 
 Section 7. Term of Plan. The Plan shall become
effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company as described in Section 21 of the Plan. It shall continue in effect for a term of ten (10) years unless terminated earlier
under Section 17 of the Plan. 
 Section 8. Term of Option. The term of each Option shall be stated in the Notice of
Grant but shall be no later than ten (10) years from the date of grant or such shorter term as may be provided in the Notice of Grant. Moreover, in the case of an Incentive Stock Option granted to a Recipient who, at the time the Incentive
Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5) years from the date of
grant or such shorter term as may be provided in the Notice of Grant. 
 Section 9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per share exercise price for the Shares to be issued pursuant (0 exercise of an Option shall be
determined by the Administrator, subject to the following: 
 (1) In the case of an Incentive Stock Option, 

(i) granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(ii) granted to any Employee other than an Employee described in paragraph (i) immediately above, the per Share
exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant. 

  
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 (2) In the case of a
Non-statutory Stock Option, the per Share exercise price shall be no less than the Fair Market Value per Share on the date of grant. 

(b) Waiting Period and Exercise Dates. A Recipient shall become vested in his or her Option on such terms as are set forth in
the Award Agreement. 
 (c) Form of Consideration. The Administrator shall determine the acceptable form of consideration for
exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: 

(1) cash; 

(2) check; 

(3) other Shares which (A) in the case of Shares acquired upon exercise of an option, have been owned by the
Recipient for more than six months on the date of surrender, 
 and (B) have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which said Option shall be exercised; 
 (4) delivery of a properly
executed exercise notice together with such other documentation as the Administrator and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the
exercise price; 
 (5) a reduction in the amount of any Company liability to the Recipient; 

(6) any combination of the foregoing methods of payment; or 

(7) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable
Laws. 
 (d) Early Exercise. The Administrator may permit a Recipient to exercise an Option, on terms acceptable to the
Administrator, prior to vesting of the Option and/or prior to the lapse of restrictions on the exercisability of the Option; provided, however, the stock so issuable in respect thereof shall remain subject to such vesting requirements
and/or restrictions and shall be forfeited if the stock does not vest or if the restrictions do not lapse; further provided, that such early exercise of Options will generally only be permitted by the Administrator (a) at the time of the
grant of the Option or if the Company will not otherwise be required to recognize a compensation expense for financial reporting purposes as a result of such early exercise and (b) the Recipient commits to make an election under
Section 83(b) of the Code within 30 days of exercise of the Option. 

  
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 Section 10. Exercise of Option. 

(a) Procedure for Exercise: Rights as a Stockholder. Any Option granted hereunder shall be exercisable according to the terms of
the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. 
 An Option
shall be deemed exercised when the Company receives: (i) written notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the
Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the
Recipient or, if requested by the Recipient, in the name of the Recipient and his or her spouse. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the optioned Stock, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued)
such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 15 of the
Plan. 
 Exercising an Option in any manner shall decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised. 
 (b) Termination Of Relationship as Employee. Director
or Consultant. If a Recipient ceases to be a Service Provider, other than for Cause or upon the Recipient’s death or Disability, the Recipient, subject to the restrictions of Section 10(b), may exercise his or her Option within such period
of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a
specified time in the Award Agreement, the Option shall remain exercisable for three (3) months following the Recipient’s termination of his relationship as a Service Provider (but in no event later than the expiration of the term of such
Option as set forth in the Award Agreement). If, on the date of termination, the Recipient is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If a Recipient ceases to be a
Service Provider for Cause, the Option shall immediately terminate, and the Shares covered by such Option shall revert to the Plan. 
 Notwithstanding the
above, in the event of a Recipient’s change in status from such Recipient’s current status to an Employee, Director or Consultant, the Recipient shall not automatically be treated as if the Recipient terminated his relationship as a
Service Provider, nor shall the Recipient be treated as ceasing to provide services to the Company solely as a result of such change in status. In the event a Recipient’s status changes from Employee to Director or Consultant, an Incentive
Stock Option held by the Recipient shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-statutory Stock Option three months and one day following such change of
status. 
 (c) Disability of Recipient. If, as a result of the Recipient’s Disability, a Recipient ceases to be a Service
Provider, the Recipient may exercise his or her Option subject to the 

  
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restrictions of Section 10(b) and within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Recipient’s termination
(but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). If, on the date of termination, the Recipient is not vested as to his or her entire Option, the Shares covered by the unvested portion of the
Option shall revert to the Plan. If, after termination, the Recipient does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(d) Death of Recipient. If a Recipient dies while a Service Provider, the Option may be exercised subject to the restrictions of
Section 10(b) and within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant), by the Recipient’s estate or by a person who
acquires the right to exercise the Option by bequest or inheritance, but only to the extent that the Option is vested on the date of death. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve
(12) months following the Recipient’s termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). If, at the time of death, the Recipient is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. The Option may be exercised by the executor or administrator of the Recipient’s estate or, if none, by the person(s) entitled to exercise the
Option under the Recipient’s will or the laws of descent or distribution. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(e) Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash, an Option previously granted
based on such terms and conditions as the Administrator shall establish and communicate to the Recipient at the time that such offer is made. 

Section 11. Stock Purchase Rights. 

(a) Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other Awards granted
under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing, by means of a Notice of Grant, of the terms, conditions
and restrictions related to the offer, including the number of Shares that the offeree shall be entitled to purchase, the price to be paid, and the time within which the offeree must accept such offer, which shall in no event exceed six
(6) months from the date upon which the Administrator made the determination to grant the Stock Purchase Right. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. The
terms of the offer of Stock Purchase Rights under the Plan shall comply in all respects with Applicable Law. 

  
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 (b) Repurchase Option. Unless the Administrator determines otherwise, the
Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s relationship with the Company as a Service Provider for any reason (including death or
Disability). The purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the Recipient and may be paid by cancellation of any indebtedness of the purchaser to the Company. The
repurchase option shall lapse at a rate determined by the Administrator. 
 (c) Other Provisions. The Restricted Stock
Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need
not be the same with respect to each purchaser. 
 (d) Rights as a Stockholder. Once the Stock Purchase Right is exercised,
the purchaser shall have the rights equivalent to those of a stockholder, and shall be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in Section 15 of the Plan. 

Section 12. Other Awards. The Administrator, in its sole discretion, but subject to the terms of the Plan, may grant the following
types of Awards (in addition to the Awards of Options and Stock Purchase Rights described above) under this Plan on a standalone, combination or tandem basis: 

(a) Stock Appreciation Right. A right to receive the excess of the Fair Market Value of a share of Common Stock on the date the
stock appreciation right is exercised over the Fair Market Value of a share of Common Stock on the date the stock appreciation right was granted. 

(b) Restricted and Performance Shares. A transfer of Common Stock to a Participant, subject to such restrictions on transfer or
other incidents of ownership, or subject to specified performance standards, for such periods of time as the Administrator may determine. 

(c) Restricted and Performance Share Unit. A fixed or variable share or dollar denominated unit subject to such conditions of
vesting, performance and time of payment as the Administrator may determine. 
 (d) Other Stock-Based Awards. Other Common
Stock-based Awards which are related to or serve a similar function to those Awards set forth in this Section 12. 
 Section 13. Non-Transferability of Awards. Unless otherwise specified by the Administrator (provided, however, that such determination shall occur, other than with respect to Permitted Transferees, as
hereinafter defined in Section 14, only on or after the date the Common Stock is listed on any established stock exchange or a national market system) in the Notice of Grant, an Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such

  
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Award shall contain such additional terms and conditions as the Administrator deems appropriate. Any attempt to assign, pledge or otherwise transfer any Award or of any right or privileges
conferred thereby, contrary to this Plan, or the sale or levy or similar process upon the rights and privileges conferred hereby, shall be void. 

Section 14. Effect of Change in Control. Notwithstanding anything contained herein to the contrary, in the event of a Change in
Control (as defined below), a Recipient shall become 100% vested in his or her Award unless otherwise provided in the Award Agreement. For purposes of this Agreement, Change in Control shall occur if (i) more than 50% of the Common Stock is
acquired within a period of six months by persons other than (A) the current owners of Common Stock (as listed in Exhibit A hereto) or their Permitted Transferees (as hereinafter defined); (B) persons who would be considered owners of the
Common Stock by virtue of Section 3J8(a) of the Code on the dale that such percentage is exceeded; (C) persons who acquire the Common Stock of any such current owner following the death of such current owner if the persons acquiring such
Common Stock would have been considered owners of the Common Stock by virtue of Section 3 I 8(a) of the Code immediately prior 10 such death; or (D) trusts under which persons included under clauses (A) (B) or (C) are the primary
beneficiaries; (ii) the Company is a party to a sale of all or substantially all of its assets; (iii) the Company is dissolved or liquidated; or (iv) a merger or consolidation of the Company occurs in which the Company is not the
surviving corporation. A “Permitted Transferee” is any person to whom shares of Common Stock are transferred pursuant to applicable laws of descent and distribution or an owner’s parents, siblings, spouse and descendants
(Whether natural or adopted) and any trust solely for the benefit of the owner and/or the owner’s parents, siblings, spouse and/or descendants (whether natural or adopted) who agrees in writing to be bound by any restrictions or agreements to
which such owner is subject by virtue of his ownership of Common Stock. The foregoing notwithstanding, in no event shall the issuance of shares of the Company’s Series A-1 Preferred Stock, Series A-2 Preferred Stock and/or Series A-3 Preferred Stock (or the issuances of Common Stock upon the conversion thereof) be deemed to constitute a Change in Control. 

Section 15. Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders of the Company, the
number of shares of Common Stock covered by each outstanding Award, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the
Plan upon cancellation or expiration of an Award, as well as the price per share of Common Stock covered by each such outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock
resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the
Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board in its sole
discretion, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Award. 

  
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 Section 16. Date of Grant. The date of grant of an Award shall be, for all
purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination shall be provided to each Participant within a reasonable time
after the date of such grant. 
 Section 17. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Company shall obtain stockholder approval of any Plan amendment to the extent necessary and
desirable to comply with Section 422 of the Code (or any successor rule or statute or other applicable law, rule or regulation, including the requirements of any exchange or quotation system on which the Common Stock is listed or quoted). Such
stockholder approval, if required, shall be obtained in such a manner and to such a degree as is required by the applicable law, rule or regulation. 

(c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan shall impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. 

Section 18. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the
issuance and delivery of such Shares shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, Applicable Laws, and
the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required. 
 (c) Withholding Obligations. No later than the date as of which an amount first becomes
includible in the gross income of the Recipient for Federal income tax purposes with respect to any Award under the Plan, the Recipient shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any Federal,
state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Administrator, withholding obligations may be settled with Common Stock, including Common Stock that is part of
the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditioned on such payment or arrangements, 

  
 12 

 
and the Company, its Subsidiaries and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Recipient. The
Administrator may establish such procedures as it deems appropriate, including the making of irrevocable elections, for the settlement of withholding obligations with Common Stock. 

Section 19. Liability of Company. 

(a) Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to
which such requisite authority shall not have been obtained. 
 (b) Grants Exceeding Allotted Shares. If the Awarded Stock
covered by an Award exceeds, as of the date of grant, the number of Shares which may be issued under the Plan without additional stockholder approval, such Award shall be void with respect to such excess Awarded Stock, unless stockholder approval of
an amendment sufficiently increasing the number of Shares subject to the Plan is timely obtained in accordance with Section l7(b) of the Plan. 

Section 20. Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such
number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 Section 21. Stockholder Approval. Continuance
of the Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the date the Plan is adopted. Such stockholder approval shall be obtained in the manner and to the degree required under
Applicable Laws and the rules of any stock exchange upon which the Common Stock is listed. 
 Section 22. No Contract of Employment.
Neither the Plan nor any Award hereunder shall confer upon any individual any right with respect to continuing such individual’s employment or consulting relationship with the Company, nor shall they interfere in any way with such
individual’s right or the Company’s right to terminate such employment or consulting relationship at any time, with or without cause. 

Section 23. Severability. In the event that any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

Section 24. Governing Law. The Plan and all Awards made and actions thereon thereunder shall be governed by and construed in
accordance with the laws of the state of California. 
 Section 25. No Right, Title, or Interest in Company Assets. No Participant
shall have any right in any fund or in any specific asset of the Company by reason of being a Participant under this Plan, nor any rights as a shareholder as a result of participation in the Plan until the date of issuance of a stock certificate in
his name. To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company. 

  
 13Exhibit 10.7

 

AEROVATE. INC.

c/o RA Capital Management

200 Berkeley Street, Boston,
MA 02116

 

November 4, 2019

 

BY EMAIL

Ben Dake

 

Dear Ben:

 

We are pleased
to extend you this offer of employment to serve as the President of Aerovate, Inc. (the "Company") on the terms set forth
herein. This offer may be accepted by countersigning where indicated at the end of this letter agreement. For purposes of this letter
agreement, we have agreed that your start date is January 1, 2020 (the "Start Date").

 

Duties and Extent of Senrice

 

As President
of the Company, you will report directly to the Board of Directors of the Company (the "Board") and will have responsibility
for performing those duties as are customary for, and are consistent with, your position with the Company, as well as those duties as
the Board may from time to time designate. You will resign your current seat on the Company's Board. You agree to abide by the rules,
regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time
by the Company. Except for vacations and absences due to temporary illness, you will devote substantially all of your work time, attention
and ability to the business and affairs of the Company. Notwithstanding the foregoing, you may manage your personal and family investments
and engage in religious, charitable and other community activities so long as such activities do not interfere with your obligations to
the Company.

 

Employment at Will

 

You and the
Company understand and agree that you are an employee at-will, and that you may resign, or the Company may terminate your employment,
at any time and for any or for no reason in accordance with the termination provisions set forth further below in this letter agreement.
Nothing in this letter agreement shall be construed to alter the at-will nature of your employment, nor shall anything in this letter
agreement be construed as providing you with a definite term of employment.

 

Compensation

 

Until the termination of your employment
hereunder, in consideration for your services hereunder, we will compensate you as follows:

 

•                     
Base Salary. We will pay you, in accordance with the Company's then current payroll practices,
a base salary (the "Base Salary") at an annual rate of $200,000.

 

•                     Annual
Bonus. You will be eligible to receive an annual discretionary bonus in an amount up to 30% of
your Base Salary for the relevant year, pro-rated for any partial years. The
determination of whether you will receive a discretionary bonus with respect to any given fiscal year of the Company, and the amount
of any such discretionary bonus, shall be determined by the Board, in its discretion, after considering your performance and the
Company's performance for such fiscal year. If you are awarded a
discretionary bonus with respect to a given fiscal year of the Company, the Company will make payment of such discretionary bonus no
later than March 31 of the next fiscal year of the Company. If you
cease being an employee of the Company for any reason prior to the last day of a fiscal year of the Company, you shall forfeit your
right to receive a discretionary bonus for such fiscal year.

 

     

     

    

 

•                     
Equity Incentives. Subject to the approval of the Company's Board of Directors, the Company
will grant you either a restricted stock or an option award (as you prefer) of shares of the Company's common stock representing 3% of
the Company's current fully-diluted capitalization (the "Granted Shares") at the then-current fair market value. You
will own 10% of the Granted Shares outright; the remaining 90% shall be subject to standard vesting terms (25% cliff at first anniversary
of your Start Date and the balance monthly thereafter over the following thirty-six months, with double-trigger acceleration). This equity
grant will be the subject of further agreements between you and the Company delineating in detail the applicable restrictions.

 

•                    
Vacation. You will be entitled to vacation in accordance with the Company's vacation policy
in effect from time to time. Any vacation shall be taken at the reasonable and mutual convenience of the Company and you.

 

•                     
Benefits. You will also be entitled to participate in such benefits (including group medical
insurance), if any, as the Company shall make generally available from time to time to executive-level employees and in such employee
benefit plans and fringe benefits as may be offered or made available by the Company from time to time to its employees. The Board reserves
the right from time to time to change or terminate the Company's employee benefit plans and fringe benefits. Your participation in such
employee benefit plans and fringe benefits, and the amount and nature of the benefits to which you shall be entitled thereunder or in
connection therewith, shall be subject to the terms and conditions of such employee benefit plans and fringe benefits.

 

•                     
Expenses. Upon delivery of reasonable documentation, you will be entitled to reimbursement
by the Company during the term of your employment for reasonable travel, entertainment and other business expenses incurred by you in
the performance of your duties hereunder in accordance with the policies and practices as the Company may from time to time have in effect.
In addition, the Company shall reimburse you (or pay directly) within 30 days following receipt of an invoice all legal fees reasonably
incurred in connection with the negotiation of this Agreement, up to a cap of $1,500.00.

 

Severance

 

We
appreciate that you are taking a risk by leaving your current employment to work for a start up. To that end, your Base Salary will
be guaranteed for a period of twelve months from your Start Date (the "Severance Period") under all circumstances except
termination for Cause. Should your employment be terminated (other than for Cause) prior to the end of the Severance Period, the
only condition precedent to your receiving in a lump sum the remainder of your Base Salary that would have been payable through the
end of the Severance Period will be your execution and delivery of a standard separation agreement including a general release. "Cause"
shall mean any one or more of the following: (i) your intentional commission of an act, or intentional failure to act, that
materially injures the business of the Company; provided, however, that in no event
shall any business judgment made in good faith by you and constitute a basis for termination for Cause under this Agreement; (ii)
your intentional refusal or intentional failure to act in accordance with any lawful and proper direction or order of the Board;
(iii) your intentional and material breach of your fiduciary, statutory, contractual, or common law duties to the Company (including
any material breach of this Agreement, the Proprietary Rights Agreement (as defined below), or the Company's written policies); (iv)
your conviction, or the entry of a guilty plea or no contest by you, of any felony; or (v) your participation in any fraud against
the Company; provided, however, that in the event that any of the foregoing events
(identified in (i)-(v)) is reasonably capable of being cured, the Company shall provide written notice to you describing the nature
of such event and you shall thereafter have ten (10) business days to cure such event.

 

     

     

    

 

Withholding Taxes

 

All payments
and benefits described in this letter agreement or that you may otherwise be entitled or eligible to receive as a result of your employment
with the Company will be subject to applicable federal, state and local tax withholdings.

 

409A Compliance

 

It is intended
that all of the severance benefits and other payments payable under this letter agreement satisfy, to the greatest extent possible, the
exemptions from the application of Section 409A of the Code (the "Section 409A"), provided under Treasury Regulations
1.409A l(b)(4), 1.409A l(b)(S) and 1.409A 1(b)(9), and this letter agreement will be construed to the greatest extent possible as consistent
with those provisions, and to the extent no so exempt, this letter agreement (and any definitions hereunder) will be construed in a manner
that complies with Section 409A. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section
1.409A 2(b)(2)(iii)), your right to receive any installment payments under this letter agreement (whether severance payments, reimbursements
or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder
shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this letter agreement,
if you are deemed by the Company at the time of your "separation from service" under Section 409A to be a "specified employee"
for purposes of Section 409A(a)(2)(B)(i), and if any of the payments upon separation from service set forth herein and/or under any other
agreement with the Company are deemed to be "deferred compensation", then to the extent delayed commencement of any portion
of such payments is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) and the related adverse taxation
under Section 409A, such payments shall not be provided to you prior to the earliest of (i) the expiration of the six-month and one day
period measured from the date of your separation from service with the Company, or (ii)
such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following
the expiration of such applicable Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a
lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest
shall be due on any amounts so deferred. If the Company determines that any severance benefits provided under this letter agreement constitutes
 "deferred compensation" under Section 409A, for purposes of determining the schedule for payment of the severance benefits,
the effective date of the release will not be deemed to have occurred any earlier than the sixtieth (60th) date following the separation
from service, regardless of when the release actually becomes effective. In addition to the above, to the extent required to comply with
Section 409A and the applicable regulations and guidance issued thereunder, if the applicable deadline for you to execute (and not revoke)
the applicable release spans two calendar years, payment of the applicable severance benefits shall not commence until the beginning of
the second calendar year. To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable
to you under this letter agreement shall be paid to you on or before the last day of the year following the year in which the expense
was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to you) during any one year may not
effect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described
in this letter agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying
to any such payment.

 

     

     

    

 

Nondisclosure, Developments, Non-Compete and Non-Solicitation

 

Prior to
commencing your employment with the Company, you agree to sign a copy of the Company's standard Employee Confidential Information, Invention
Assignment, Non-Compete and Non Solicitation Agreement, attached as Exhibit A hereto (the "Proprietary Rights Agreement").

 

No Conflicting Obligation

 

You hereby
represent and warrant that the execution and delivery of this letter agreement, the performance by you of any or all of the terms of this
letter agreement and the performance by you of your duties as an employee of the Company do not and will not breach or contravene (i)
any agreement or contract (including, without limitation, any employment or consulting agreement, any agreement not to compete or any
confidentiality or nondisclosure agreement) to which you are or may become a party on or at any time after the Start Date or (ii) any
obligation you may otherwise have under applicable law to any former employer or to any person to whom you have provided, provide or will
provide consulting services. You hereby further represent and warrant to the Company that, prior to the date of this letter agreement,
you have provided to the Company a copy of any and all potentially conflicting agreements for the Company's review.

 

Termination

 

You acknowledge
that the employment relationship between the Company and you is at-will, meaning that the employment relationship may be terminated by
the Company or you for any reason or for no reason. Either party may terminate your employment with the Company at any time and for any
or no reason upon thirty (30) days prior written notice; provided that the Company may terminate you for Cause at any time upon
written notice.

 

Regardless
of the reason your employment with the Company terminates, you will continue to comply with the Proprietary Rights Agreement contemplated
hereby.

 

Work Eligibility

 

You have
provided to the Company sufficient documentation to demonstrate your eligibility to work in the United States and, at the request of the
Company, shall provide any additional documentation requested by the Company to demonstrate your eligibility to work in the United States.

 

Governing Law

 

This letter agreement shall be governed
by and construed in accordance with the internal substantive laws of the Commonwealth of Massachusetts.

 

     

     

    

 

Dispute Resolution

 

To
ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and
the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory
claims, arising from or relating to the enforcement, breach, performance, or interpretation of this letter agreement, your
employment with the Company, or the termination of your employment from the Company, will be resolved pursuant to the Federal
Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration
conducted in Boston, Massachusetts by JAMS, Inc. ("JAMS") or its successors, under JAMS' then applicable rules and
procedures for employment disputes (which can be found at http://www.jamsadr.com/rules-clauses/, and which will be provided to you
on request); provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of
the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including
the arbitrator's essential findings and conclusions and a statement of the award. You and the Company shall be entitled to all
rights and remedies that either would be entitled to pursue in a court of law. Both you and the Company acknowledge that by agreeing
to this arbitration procedure, you and the Company waive the right to resolve any such dispute through a trial by jury or judge or
administrative proceeding. The Company shall pay all filing fees in excess of those which would be required if the dispute were
decided in a court of law, and shall pay the arbitrator's fee. Nothing in this letter agreement is intended to prevent either the
Company or you from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such
arbitration.

 

Entire Agreement; Amendment

 

This letter
agreement (together with the Proprietary Rights Agreement contemplated hereby) sets forth the sole and entire agreement and understanding
between the Company and you with respect to the specific matters contemplated and addressed hereby and thereby. No prior agreement, whether
written or oral, shall be construed to change or affect the operation of this letter agreement in accordance with its terms, and any provision
of any such prior agreement, which conflicts with or contradicts any provision of this letter agreement, is hereby revoked and superseded.
Any prior agreement, if any, you may have with the Company regarding your employment, whether written or oral, is hereby, and without
any further action on your part or the Company's, terminated, revoked and superseded by this letter agreement. This letter agreement may
be amended or terminated only by a written instrument executed both by you and the Company.

 

     

     

    

 

We are excited to have you on board
as the Company's President. Please acknowledge your acceptance of this offer and the terms of this letter agreement by signing below and
returning a copy to me.

 

	 	Sincerely,
	 	 
	 	AEROVATE, INC.
	 	 
	 	 
	 	By: 	Joshua Resnick

 

	 	Name: 	/s/ Joshua Resnick
	 	 
	 	Title: 	Chairman
	 	 

 

	Accepted and Agreed:	 
	 	 
	I hereby acknowledge that I have had a full and adequate opportunity to read, understand and discuss the terms and conditions contained in this letter agreement prior to signing hereunder.	 
	 	 
	 	 
	/s/ Benjamin T. Dake  	 
	Benjamin T. Dake	 
	 	 
	Date: December 5, 2019

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