Document:

EX-10.4

 Exhibit 10.4 

PARAGON 28, INC. 

OMNIBUS STOCK OPTION AND AWARD PLAN 

ARTICLE I — PREAMBLE 

1.1 The Paragon 28, Inc. Omnibus Stock Option and Award Plan is intended to secure for the Corporation, its Subsidiaries and its shareholders
the benefits arising from ownership of the Corporation’s Common Stock by the employees of the Corporation and its Subsidiaries and by the directors of the Corporation, all of whom are and will be responsible for the Corporation’s future
growth. The Plan is designed to help attract and retain for the Corporation and its Subsidiaries personnel of superior ability for positions of exceptional responsibility, to reward employees and directors for past services and to motivate such
individuals through added incentives to further contribute to the success of the Corporation. With respect to persons subject to Section 16 of the Exchange Act, transactions under this Plan are intended to satisfy the requirements of Rule 16b-3
of the Exchange Act. 
 1.2 Awards under the Plan may be made to Eligible Persons in the form of (i) Incentive Stock Options (to Eligible
Employees only); (ii) Nonqualified Stock Options; (iii) Restricted Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of the foregoing. 

1.3 The Plan shall be effective March 15, 2011 (the “Effective Date”), subject to approval by the shareholders of the
Corporation to the extent necessary to satisfy the requirements of the Code, any stock exchange upon which the Common Stock may be listed, or other applicable federal or state law. 

ARTICLE II — DEFINITIONS 

Except where the context otherwise indicates, the following definitions apply: 

2.1 “Award” means an award granted to a Participant in accordance with the provisions of the Plan, including, but not limited to,
Stock Options, Restricted Stock, Stock Awards, Performance Shares, or any combination of the foregoing. 
 2.2 “Award Agreement”
means the separate written agreement evidencing each Award granted to a Participant under the Plan. 
 2.3 “Board of Directors”
means the Board of Directors of the Corporation. 
 2.4 “Change of Control” means (i) the sale to a third party that is
unaffiliated with the Corporation of more than fifty percent (50%) of the issued and outstanding shares of Common Stock; or (ii) the adoption of a plan of merger, share exchange or consolidation of the Corporation with or into any other
entity, or any other corporate reorganization, in which the stockholders of the Corporation immediately prior to such merger, share exchange, consolidation or reorganization own less than a majority of the voting power of the surviving or acquiring
entity immediately after such merger, share exchange, consolidation or reorganization, or any transaction or series of related transactions in which 50% or more of the Corporation’s voting power is transferred, or (iii) the sale, lease or
other disposition of all or substantially all the assets of the Corporation. 

 2.5 “Code” means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended. (All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered.) 

2.6 “Committee” means a committee of the Board of Directors established for the administration of the Plan pursuant to Article III
and consisting of two or more Directors. 
 2.7 “Common Stock” means the common stock of the Corporation to be issued pursuant to
the Plan. 
 2.8 “Corporation” means Paragon 28, Inc., a Colorado corporation, and its successors and assigns. 

2.9 “Director” means a member of the Board of Directors of the Corporation. 

2.10 “Disability” means disability as determined under procedures established by the Committee or in any Award, as set forth in a
Participant’s Award Agreement. 
 2.11 “Effective Date” shall be the date set forth in Section 1.3 of the Plan. 

2.12 “Eligible Employee” means an Eligible Person who is an employee of the Corporation or any Subsidiary. 

2.13 “Eligible Person” means any employee of the Corporation or any Subsidiary or any Director, as well as any other person whose
participation the Committee determines is in the best interest of the Corporation, subject to limitations as may be provided by the Code, the Exchange Act or the Committee. 

2.14 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. 

2.15 “Fair Market Value” means, as of a given date and for so long as shares of the Common Stock are listed on a national securities
exchange or reported on The Nasdaq Stock Market as a Nasdaq National Market security, the mean between the high and low sales prices for the Common Stock on such date, or, if no such shares were sold on such date, the most recent date on which
shares of such Common Stock were sold, as reported in The Wall Street Journal. If the Common Stock is not listed on a national securities exchange or reported on The Nasdaq Stock Market as a Nasdaq National Market security, Fair Market Value
shall mean the average of the closing bid and asked prices for such stock in the over-the-counter market as reported by The Nasdaq Stock Market. If the Common Stock is not listed on a national securities exchange or reported on The Nasdaq Stock
Market as a Nasdaq National Market security, or the over-the-counter market, Fair Market Value shall be the fair value thereof determined in good faith by the Board of Directors. 

  
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 2.16 “Grant Date” means, as to any Award, the latest of: 

(a) the date on which the Committee authorizes the grant of the Award; or 

(b) the date the Participant receiving the Award becomes an employee or a director of the Corporation or its Subsidiaries, to
the extent employment status is a condition of the grant or a requirement of the Code or the Exchange Act; or 
 (c) such
other date (later than the dates described in (a) and (b) above) as the Committee may designate and as set forth in the Participant’s Award Agreement. 

2.17 “Incentive Stock Option” means a Stock Option that (i) meets the requirements of Section 422 of the Code, (ii) is
granted under Article IV of the Plan, and (iii) is designated as an Incentive Stock Option in a Participant’s Award Agreement. 

2.18 Initial Public Offering” means the filing with a regulatory agency in preparation of registering the Common Stock under the
Securities Act of 1933, as now in effect or hereafter amended. 
 2.19 “Mature Shares” means shares of Common Stock that have been
held by the Optionee for at least six (6) months following the exercise of a Stock Option or other acquisition of Common Stock. 
 2.20
“Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the Exchange Act. 
 2.21 “Nonqualified Stock
Option” means a Stock Option that does not meet the requirements of Section 422 of the Code and is granted under Article V of the Plan, or, even if meeting the requirements of Section 422 of the Code, is not intended to be an
Incentive Stock Option and is not so designated in the Participant’s Award Agreement. 
 2.22 “Option Period” means the period
during which a Stock Option may be exercised from time to time, as established by the Committee and set forth in the Award Agreement for each Participant who is granted a Stock Option. 

2.23 “Option Price” means the purchase price for a share of Common Stock subject to purchase pursuant to a Stock Option, as
established by the Committee and set forth in the Award Agreement for each Participant who is granted a Stock Option. 
 2.24
“Participant” means an Eligible Person to whom an Award has been granted and who has entered into an Award Agreement evidencing the Award. 

2.25 “Performance Objectives” shall have the meaning set forth in Article IX of the Plan. 

2.26 “Performance Period” shall have the meaning set forth in Article IX of the Plan. 

  
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 2.27 “Performance Share” means an Award under Article IX of the Plan of a unit
valued by reference to the Common Stock, the payout of which is subject to achievement of such Performance Objectives, measured during one or more Performance Periods, as the Committee, in its sole discretion, shall establish at the time of such
Award and set forth in a Participant’s Award Agreement. 
 2.28 “Plan” means the Paragon 28, Inc. Omnibus Stock Option and
Award Plan, as amended from time to time. 
 2.29 “Restricted Stock” means an Award under Article VII of the Plan of shares of
Common Stock that are at the time of the Award subject to restrictions or limitations as to the Participant’s ability to sell, transfer, pledge or assign such shares, which restrictions or limitations may lapse separately or in combination at
such time or times, in installments or otherwise, as the Committee, in its sole discretion, shall determine at the time of such Award and set forth in a Participant’s Award Agreement. 

2.30 “Restriction Period” means the period commencing on the Grant Date with respect to such shares of Restricted Stock and ending on
such date as the Committee, in its sole discretion, shall establish and set forth in a Participant’s Award Agreement. 
 2.31
“Retirement” means retirement as determined under procedures established by the Committee or in any Award, as set forth in a Participant’s Award Agreement. 

2.32 “Stock Award” means an Award of shares of Common Stock under Article VIII of the Plan. 

2.33 “Stock Option” means an Award under Article IV or Article V of the Plan of an option to purchase Common Stock. A Stock Option
may be either an Incentive Stock Option or a Nonqualified Stock Option. 
 2.34 “Subsidiary” means a subsidiary corporation of the
Corporation as that term is defined in Section 424(f) of the Code. “Subsidiaries” means more than one Subsidiary. 
 2.35
“Termination of Service” means (i) in the case of an Eligible Employee, the discontinuance of employment of such Participant with the Corporation or its Subsidiaries for any reason other than a transfer to another member of the group
consisting of the Corporation and its Subsidiaries; (ii) in the case of a Director who is not an employee of the Corporation or any Subsidiary, the date such Participant ceases to serve as a Director; and (iii) in the case of all other
individuals, the date such Participant ceases to perform services for the Corporation or a Subsidiary. The determination of whether a Participant has discontinued service shall be made by the Committee in its sole discretion. In determining whether
a Termination of Service has occurred, the Committee may provide that service as a consultant or service with a business enterprise in which the Corporation has a significant ownership interest shall be treated as employment with the Corporation.

  
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 ARTICLE III — ADMINISTRATION 

3.1 The Plan shall be administered by the Committee. Except as otherwise required by Rule 16b-3 under the Exchange Act, the Committee, in its
discretion, may delegate to one or more of its members such of its powers as it deems appropriate. The Committee also may limit the power of any member to the extent necessary to comply with Rule 16b-3 under the Exchange Act or any other law, rule
or regulation. The Board of Directors may serve as the Committee, if by the terms of the Plan all members of the Board of Directors are otherwise eligible to serve on the Committee. 

3.2 The Committee shall meet at such times and places as it determines. The Committee shall at all times operate and be governed, and Committee
meetings shall be conducted and action taken, in accordance with the provisions of the Corporation’s bylaws or resolutions or policies adopted by the Board of Directors from time to time regarding the operation of committees of the Corporation.

 3.3 Except as set forth in Section 3.15 regarding grants of Awards by the Board of Directors, the Committee shall have sole authority
in its absolute discretion: (i) to construe and interpret the Plan and Award Agreements; (ii) to define the terms used herein and in the Award Agreements; (iii) to prescribe, amend, and rescind rules and regulations relating to the
Plan and all Award Agreements; (iv) to determine the Eligible Persons to whom Awards shall be granted or made available, and whether an Award to an Eligible Employee shall be an Incentive Stock Option; (v) to determine the time or times
when all Awards shall be granted; (vi) to determine the price or prices at which Stock Options shall be granted; (vii) to determine the Option Period for each Stock Option and the Performance Period for each grant of Performance Shares;
(viii) to determine the number of shares to be subject to each Award; (ix) to determine the rate at which Awards may vest or otherwise become available; (x) to determine the rate at which Stock Options may be exercised within the
Option Period; (xi) to establish any Performance Objectives or other criteria that would affect in any way a Participant’s right to obtain or forfeit shares of Common Stock under the Plan; (xii) to interpret any shareholder agreement
insofar as it affects a Participant’s rights and obligations under the Plan; (xiii) to determine if a Participant has had a Termination of Service; and (xiv) to make any other determinations necessary or advisable for the
administration of the Plan and to do everything necessary or appropriate to administer the Plan. The Committee’s determinations under this Article III need not be uniform and may be made by the Committee selectively among the persons who
receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. The records of the Company as to a Participant’s employment (or other provision of services), termination of employment (or
cessation of the provision of services), leave of absence, compensation and related information shall be conclusive on all persons unless determined by the Committee to be incorrect. All acts, determinations and decisions of the Committee made or
taken pursuant to the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan or any Award Agreement, including the severability of any and all of the provisions thereof, shall be
conclusive, final and binding upon all Participants, Eligible Persons and their beneficiaries. No member of the Committee or member of the Board of Directors shall be liable for any action or determination made in good faith with respect to the Plan
or to any Award granted thereunder. 

  
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 3.4 The Committee may adopt such rules, regulations and procedures of general application
for the administration of this Plan as it deems appropriate. 
 3.5 Without limiting the provisions of this Article III, and subject to the
provisions of Article X, the Committee is authorized to take such action as it determines to be necessary or advisable, and fair and equitable to Participants and to the Corporation, with respect to an outstanding Award in the event of a Change of
Control as described in Article X or other similar event. Such action may include, but shall not be limited to, establishing, amending or waiving the form, terms, conditions and duration of an Award and the related Award Agreement, so as to provide
for earlier, later, extended or additional times for exercise or payments, differing methods for calculating payments, alternate forms and amounts of payment, an accelerated release of restrictions or other modifications. The Committee may take such
actions pursuant to this Section 3.5 by adopting rules and regulations of general applicability to all Participants or to certain categories of Participants, by including, amending or waiving terms and conditions in an Award and the related
Award Agreement, or by taking action with respect to individual Participants from time to time. 
 3.6 Subject to the provisions of
Section 3.11, the aggregate number of shares of Common Stock which may be issued pursuant to Awards under the Plan shall be 1,000,000 shares. Such shares of Common Stock shall be made available from authorized and unissued shares of the
Corporation. 
 (a) For all purposes under the Plan, each Performance Share awarded shall be counted as one share of Common
Stock subject to an Award. 
 (b) If, for any reason, any shares of Common Stock (including shares of Common Stock subject to
Performance Shares) that have been awarded or are subject to issuance or purchase pursuant to Awards outstanding under the Plan are not delivered or purchased, or are reacquired by the Corporation, for any reason, including but not limited to a
forfeiture of Restricted Stock or failure to earn Performance Shares or the termination, expiration or cancellation of a Stock Option, or any other termination of an Award without payment being made in the form of shares of Common Stock (whether or
not Restricted Stock), such shares of Common Stock shall not be charged against the aggregate number of shares of Common Stock available for Award under the Plan and shall again be available for Awards under the Plan. In no event, however, may
Common Stock that is surrendered or withheld to pay the exercise price of a Stock Option or to satisfy tax withholding requirements be available for future grants under the Plan. 

(c) The foregoing subsections (a) and (b) of this Section 3.6 shall be subject to any limitations provided by
the Code or by Rule 16b-3 under the Exchange Act or by any other applicable law, rule or regulation. 
 3.7 Each Award granted under the Plan
shall be evidenced by a written Award Agreement, which shall be subject to and shall incorporate (by reference or otherwise) the applicable terms and conditions of the Plan and shall include any other terms and conditions (not inconsistent with the
Plan) required by the Committee. In addition, the Committee shall require each recipient of an Award to execute a joinder to any shareholder agreement prior to final grant of the Award, which shall make such recipient a shareholder party to such
shareholder agreement and the shares of Common Stock or Stock Option awarded subject to the restrictions therein. 

  
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 3.8 The Corporation shall not be required to issue or deliver any certificates for shares of
Common Stock under the Plan prior to: 
 (a) any required approval of the Plan by the shareholders of the Corporation; and

 (b) the completion of any registration or qualification of such shares of Common Stock under any federal or state law, or
any ruling or regulation of any governmental body that the Corporation shall, in its sole discretion, determine to be necessary or advisable. 

3.9 The Committee may require any Participant acquiring shares of Common Stock pursuant to any Award under the Plan to represent to and agree
with the Corporation in writing that such person is acquiring the shares of Common Stock for investment purposes and without a view to resale or distribution thereof. Shares of Common Stock issued and delivered under the Plan shall also be subject
to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed and
any applicable federal or state laws, and the Committee may cause a legend or legends to be placed on the certificate or certificates representing any such shares to make appropriate reference to any such restrictions. In making such determination,
the Committee may rely upon an opinion of counsel for the Corporation. 
 3.10 Except as otherwise expressly provided in the Plan or in an
Award Agreement with respect to an Award, no Participant shall have any right as a shareholder of the Corporation with respect to any shares of Common Stock subject to such Participant’s Award except to the extent that, and until, one or more
certificates representing such shares of Common Stock shall have been delivered to the Participant. No shares shall be required to be issued, and no certificates shall be required to be delivered, under the Plan unless and until all of the terms and
conditions applicable to such Award shall have, in the sole discretion of the Committee, been satisfied in full and any restrictions shall have lapsed in full, and unless and until all of the requirements of law and of all regulatory bodies having
jurisdiction over the offer and sale, or issuance and delivery, of the shares shall have been fully complied with. 
 3.11 The total amount
of shares with respect to which Awards may be granted under the Plan and rights of outstanding Awards (both as to the number of shares subject to the outstanding Awards and the Option Price(s) or other purchase price(s) of such shares, as
applicable) shall be appropriately adjusted for any increase or decrease in the number of outstanding shares of Common Stock of the Corporation resulting from payment of a stock dividend on the Common Stock, a stock split or subdivision or
combination of shares of the Common Stock, or a reorganization or reclassification of the Common Stock, or any other change in the structure of shares of the Common Stock. The foregoing adjustments and the manner of application of the foregoing
provisions shall be determined by the Committee in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to an Award. All adjustments made as the result of the
foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code. 

  
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 3.12 The members of the Committee shall be entitled to indemnification by the Corporation in
the manner and to the extent set forth in the Corporation’s Bylaws or as otherwise provided from time to time regarding indemnification of Directors. 

3.13 The Committee shall be authorized to make adjustments in any performance based criteria or in the other terms and conditions of
outstanding Awards in recognition of unusual or nonrecurring events affecting the Corporation (or any Subsidiary, if applicable) or its financial statements or changes in applicable laws, regulations or accounting principles. The Committee may
correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem necessary or desirable to reflect any such adjustment. In the event the Corporation (or any
Subsidiary, if applicable) shall assume outstanding employee benefit awards or the right or obligation to make future such awards in connection with the acquisition of another corporation or business entity, the Committee may, in its sole
discretion, make such adjustments in the terms of outstanding Awards under the Plan as it shall deem appropriate. 
 3.14 Subject to the
express provisions of the Plan, the Committee shall have full power and authority to determine whether, to what extent and under what circumstances any outstanding Award shall be terminated, canceled, forfeited or suspended. Notwithstanding the
foregoing or any other provision of the Plan or an Award Agreement, all Awards to any Participant that are subject to any restriction or have not been earned or exercised in full by the Participant shall be terminated and canceled if the Participant
is terminated for cause, as determined by the Committee in its sole discretion. 
 3.15 In addition to, and not in limitation of, the right
of the Committee to grant Awards to Eligible Persons under this Plan, the full Board of Directors may from time to time grant Awards to Eligible Persons pursuant to the terms and conditions of this Plan, subject to the requirements of the Code, Rule
16b-3 under the Exchange Act or any other applicable law, rule or regulation. In connection with any such grants, the Board of Directors shall have all of the power and authority of the Committee to determine the Eligible Persons to whom such Awards
shall be granted and the other terms and conditions of such Awards. 
 3.16 The Committee may specify that any shares of Common Stock
acquired pursuant to an Award may be subject to the Corporation’s right to repurchase such shares, and the Committee may require that the Corporation consent to any transfer of such shares. In no event may any shares of Common Stock acquired
pursuant to an Award be transferred or otherwise sold, except to the estate of the Participant, before such shares are Mature Shares. 
 3.17
In the event that the Corporation has an Initial Public Offering, no participant may offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase, or make any short sale of, or otherwise dispose of any shares of Common Stock or
any rights to acquire such shares of Common Stock for a period of time as may be established by the underwriter for such Initial Public Offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the
effective date of the registration statement filed in connection with such Initial Public Offering. 

  
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 ARTICLE IV — INCENTIVE STOCK OPTIONS 

4.1 The Committee, in its sole discretion, may from time to time on or after the Effective Date grant Incentive Stock Options to Eligible
Employees, subject to the provisions of this Article IV and Articles III and VI and subject to the following conditions: 

(a) Incentive Stock Options shall be granted only to Eligible Employees, each of whom may be granted one or more of such
Incentive Stock Options at such time or times determined by the Committee; provided, however, that Incentive Stock Options shall be granted only to an Eligible Employee who, at the time of the Grant Date, does not own stock possessing more than ten
percent (10%) of the total combined voting power of all classes of stock of the Corporation. 
 (b) The Option Price per
share of Common Stock for an Incentive Stock Option shall be set in the Award Agreement, but shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date. 

(c) An Incentive Stock Option may be exercised in full or in part from time to time within ten (10) years from the Grant
Date, or such shorter period as may be specified by the Committee as the Option Period and set forth in the Award Agreement; provided, however, that, in any event, the Incentive Stock Option shall lapse and cease to be exercisable upon a Termination
of Service or within such period following a Termination of Service as shall have been determined by the Committee and set forth in the related Award Agreement; and provided, further, that such period following a Termination of Service shall not
exceed three (3) months unless employment shall have terminated: 
 (i) as a result of Disability, in which event such
period shall not exceed one year after the date of Disability; or 
 (ii) as a result of death, or if death shall have
occurred following a Termination of Service (other than as a result of Disability) and during the period that the Incentive Stock Option was still exercisable, in which event such period may not exceed one year after the date of death; and 

provided, further, that such period following a Termination of Service shall in no event extend beyond the original Option Period of the
Incentive Stock Option. 
 (d) The aggregate Fair Market Value of the shares of Common Stock with respect to which any
incentive stock options (whether under this Plan or any other plan established by the Corporation) are first exercisable during any calendar year by any Eligible Employee shall not exceed one hundred thousand dollars ($100,000), determined based on
the Fair Market Value(s) of such shares as of their respective grant dates; provided, however, that to the extent permitted under Section 422 of the Code: 

  
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 (i) if the aggregate Fair Market Values of the shares of Common Stock with
respect to which incentive stock options are first exercisable during any calendar year (whether such Incentive Stock Options are granted under this Plan or any other plan established by the Corporation) exceeds one hundred thousand dollars
($100,000), such excess shall be treated as a Nonqualified Stock Option; 
 (ii) if a Participant’s employment is
terminated by reason of death, Disability or Retirement and the portion of any incentive stock option that is otherwise exercisable during the post-termination period applied without regard to the one hundred thousand dollar ($100,000) limitation
contained in Section 422 of the Code is greater than the portion of such option that is immediately exercisable as an Incentive Stock Option during such post-termination period under Section 422, such excess shall be treated as a
Nonqualified Stock Option; and 
 (iii) if the exercise of an Incentive Stock Option is accelerated by reason of a Change of
Control, any portion of such Award that is not exercisable as an incentive stock option by reason of the one hundred thousand dollar ($100,000) limitation contained in Section 422 of the Code shall be treated as a Nonqualified Stock Option.

 (e) No Incentive Stock Options may be granted more than ten (10) years from the Effective Date. 

(f) The Award Agreement for each Incentive Stock Option shall provide that the Participant shall notify the Corporation if such
Participant sells or otherwise transfers any shares of Common Stock acquired upon exercise of the Incentive Stock Option within two (2) years of the Grant Date of such Incentive Stock Option or within one (1) year of the date such shares
were acquired upon the exercise of such Incentive Stock Option. 
 4.2 Subject to the limitations of Section 3.6, the maximum number of
shares of Common Stock subject to Incentive Stock Option Awards shall be the maximum number of shares available for Awards under the Plan. 

4.3 The Committee may provide for any other terms and conditions which it determines should be imposed for an Incentive Stock Option to qualify
under Section 422 of the Code, as well as any other terms and conditions not inconsistent with this Article IV or Articles III or VI, as determined in its sole discretion and set forth in the Award Agreement for such Incentive Stock Option.

 4.4 Each provision of this Article IV and of each Incentive Stock Option granted hereunder shall be construed in accordance with the
provisions of Section 422 of the Code, and any provision hereof that cannot be so construed shall be disregarded. 

  
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 ARTICLE V — NONQUALIFIED STOCK OPTIONS 

5.1 The Committee, in its sole discretion, may from time to time on or after the Effective Date grant Nonqualified Stock Options to Eligible
Persons, subject to the provisions of this Article V and Articles III and VI and subject to the following conditions: 
 (a)
Nonqualified Stock Options may be granted to any Eligible Persons, each of whom may be granted one or more of such Nonqualified Stock Options, at such time or times as may be determined by the Committee. 

(b) The Option Price per share of Common Stock for a Nonqualified Stock Option shall be set in the Award Agreement and may be
less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date. 
 (c) A
Nonqualified Stock Option may be exercised in full or in part from time to time within the Option Period specified by the Committee and set forth in the Award Agreement; provided, however, that, in any event, the Nonqualified Stock Option shall
lapse and cease to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Committee and set forth in the related Award Agreement. 

5.2 The Committee may provide for any other terms and conditions for a Nonqualified Stock Option not inconsistent with this Article V or
Articles III or VI, as determined in its sole discretion and set forth in the Award Agreement for such Nonqualified Stock Option. 

ARTICLE VI — INCIDENTS OF STOCK OPTIONS 

6.1 Each Stock Option shall be granted subject to such terms and conditions, if any, not inconsistent with this Plan, as shall be determined
by the Committee and set forth in the related Award Agreement, including any provisions as to continued employment as consideration for the grant or exercise of such Stock Option and any provisions that may be advisable to comply with applicable
laws, regulations or rulings of any governmental authority. 
 6.2 Except as hereinafter described, a Stock Option shall not be transferable
by the Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant or the Participant’s guardian or legal representative. In the event of the
death of a Participant, any unexercised Stock Options may be exercised to the extent otherwise provided herein or in such Participant’s Award Agreement by the executor or personal representative of such Participant’s estate or by any
person who acquired the right to exercise such Stock Options by bequest under the Participant’s will or by inheritance. 
 6.3 Shares of
Common Stock purchased upon exercise of a Stock Option shall be paid for in such amounts, at such times and upon such terms as shall be determined by the Committee, subject to limitations set forth in the Stock Option Award Agreement. The Committee
may, in its sole discretion, permit the exercise of a Stock Option by payment in full of the Option price of said shares and such payment shall be made at the time of the exercise of the Option (i) in cash

  
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or by check payable to the order of the Corporation, (ii) if authorized by the Committee, by delivery of Mature Shares, and including, if the Optionee elects, Option Shares in an amount
necessary to provide for any income tax withholding (the amount to be withheld shall not exceed the statutory minimum Federal and State income and employment tax liability arising from the Option exercise transaction), (iii) if authorized by
the Committee or if specified in the Stock Option Agreement pursuant to which the Option is being exercised, by a full-recourse promissory note made by the Optionee in favor of the Corporation, upon the terms and conditions determined by the
Committee and secured by the Option Shares issued upon exercise and by the assets of the Optionee, complying with applicable law (including, without limitation, state corporate and federal margin requirements), or any combination thereof.
Furthermore, if the Corporation has an Initial Public Offering and is thereafter listed on a national securities exchange, the Committee may permit an Optionee to pay the exercise price by irrevocably authorizing a third party to sell shares of the
Common Stock (or a sufficient portion of the shares) acquired upon exercise of the Option, and remit to the Corporation a sufficient portion of the sale proceeds to pay the entire exercise price and any withholding resulting from such exercise. As
soon as practicable after said notice and the Option Price have been received by the Corporation, the Corporation shall deliver to the Optionee a stock certificate registered in the Optionee’s name representing the Option Shares. Shares of
Common Stock previously held by the Participant and surrendered in payment of the Option Price of a Stock Option shall be valued for such purpose at the Fair Market Value thereof on the date the Stock Option is exercised. 

6.4 No cash dividends shall be paid on shares of Common Stock subject to unexercised Stock Options. 

6.5 The Committee may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon the
granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such
Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are specified by the Committee at the time the new Stock Option
is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options. 

6.6 The Committee may at any time offer to purchase a Participant’s outstanding Stock Option for a payment equal to the value of such
Stock Option payable in cash, shares of Common Stock or Restricted Stock or other property upon surrender of the Participant’s Stock Option, based on such terms and conditions as the Committee shall establish and communicate to the Participant
at the time that such offer is made. 
 6.7 The Committee shall have the discretion, exercisable either at the time the Award is granted or
at the time the Participant discontinues employment, to establish as a provision applicable to the exercise of one or more Stock Options that, during a limited period of exercisability following a Termination of Service, the Stock Option may be
exercised not only with respect to the number of shares of Common Stock for which it is exercisable at the time of the Termination of Service but also with respect to one or more subsequent installments for which the Stock Option would have become
exercisable had the Termination of Service not occurred. 

  
 12 

 ARTICLE VII — RESTRICTED STOCK 

7.1 The Committee, in its sole discretion, may from time to time on or after the Effective Date award shares of Restricted Stock to Eligible
Persons as a reward for past service and an incentive for the performance of future services that will contribute materially to the successful operation of the Corporation and its Subsidiaries, subject to the terms and conditions set forth in this
Article VII. 
 7.2 The Committee shall determine the terms and conditions of any Award of Restricted Stock, which shall be set forth in the
related Award Agreement, including without limitation: 
 (a) the purchase price, if any, to be paid for such Restricted
Stock, which may be zero, subject to such minimum consideration as may be required by applicable law; 
 (b) the duration of
the Restriction Period or Restriction Periods with respect to such Restricted Stock and whether any events may accelerate or delay the end of such Restriction Period(s); 

(c) the circumstances upon which the restrictions or limitations shall lapse, and whether such restrictions or limitations
shall lapse as to all shares of Restricted Stock at the end of the Restriction Period or as to a portion of the shares of Restricted Stock in installments during the Restriction Period by means of one or more vesting schedules; 

(d) whether such Restricted Stock is subject to repurchase by the Corporation or to a right of first refusal at a predetermined
price or if the Restricted Stock may be forfeited entirely under certain conditions; 
 (e) whether any Performance
Objectives may apply to a Restriction Period to shorten or lengthen such period; and 
 (f) whether dividends and other
distributions with respect to such Restricted Stock are to be paid currently to the Participant or withheld by the Corporation for the account of the Participant. 

7.3 Awards of Restricted Stock must be accepted within a period of thirty (30) days after the Grant Date (or such shorter or longer period
as the Committee may specify at the Grant Date) by executing an Award Agreement with respect to such Restricted Stock and tendering the purchase price, if any. A prospective recipient of an Award of Restricted Stock shall not have any rights with
respect to such Award, unless such recipient has executed an Award Agreement with respect to such Restricted Stock, has delivered a fully executed copy thereof to the Committee and has otherwise complied with the applicable terms and conditions of
such Award. 

  
 13 

 7.4 In the sole discretion of the Committee and as set forth in the Award Agreement for an
Award of Restricted Stock, all shares of Restricted Stock held by a Participant and still subject to restrictions shall be forfeited by the Participant upon the Participant’s Termination of Service and shall be cancelled and retired by the
Corporation. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Restricted Stock, in the event of the death, Disability or Retirement of a Participant during the Restriction Period, or in other
cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily terminated), the Committee may elect to waive in whole or in part any remaining restrictions with respect to all or
any part of such Participant’s Restricted Stock, if it finds that a waiver would be appropriate. 
 7.5 Except as otherwise provided in
this Article VII, no shares of Restricted Stock received by a Participant shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period. 

7.6 Upon an Award of Restricted Stock to a Participant, a certificate or certificates representing the shares of such Restricted Stock will be
issued to and registered in the name of the Participant. Unless otherwise determined by the Committee, such certificate or certificates will be held in custody by the Corporation until (i) the Restriction Period expires and the restrictions or
limitations lapse, in which case one or more certificates representing such shares of Restricted Stock that do not bear a restrictive legend (other than any legend as required under applicable federal or state securities laws) shall be delivered to
the Participant, or (ii) a prior forfeiture by the Participant of the shares of Restricted Stock subject to such Restriction Period, in which case the Corporation shall cause such certificate or certificates to be cancelled and the shares
represented thereby to be retired, all as set forth in the Participant’s Award Agreement. It shall be a condition of an Award of Restricted Stock that the Participant deliver to the Corporation a stock power endorsed in blank relating to the
shares of Restricted Stock to be held in custody by the Corporation. 
 7.7 Except as provided in this Article VII or in the related Award
Agreement, a Participant receiving an Award of shares of Restricted Stock Award shall have, with respect to such shares, all rights of a shareholder of the Corporation, including the right to vote the shares and the right to receive any
distributions, unless and until such shares are otherwise forfeited by such Participant; provided, however, the Committee may require that any cash dividends with respect to such shares of Restricted Stock be automatically reinvested in additional
shares of Restricted Stock subject to the same restrictions as the underlying Award, or may require that cash dividends and other distributions on Restricted Stock be withheld by the Corporation or its Subsidiaries for the account of the
Participant. The Committee shall determine whether interest shall be paid on amounts withheld, the rate of any such interest, and the other terms applicable to such withheld amounts. 

ARTICLE VIII — STOCK AWARDS 

8.1 The Committee, in its sole discretion, may from time to time on or after the Effective Date grant Stock Awards to Eligible Persons in
payment of compensation that has been earned or as compensation to be earned, including without limitation compensation awarded or earned concurrently with or prior to the grant of the Stock Award, subject to the terms and conditions set forth in
this Article VIII. 

  
 14 

 8.2 For the purposes of this Plan, in determining the value of a Stock Award, all shares of
Common Stock subject to such Stock Award shall be valued at not less than one hundred percent (100%) of the Fair Market Value of such shares of Common Stock on the Grant Date of such Stock Award, regardless of when such shares of Common Stock
are issued and certificates representing such shares are delivered to the Participant. 
 8.3 Unless otherwise determined by the Committee
and set forth in the related Award Agreement, shares of Common Stock subject to a Stock Award will be issued, and one or more certificates representing such shares will be delivered, to the Participant as soon as practicable following the Grant Date
of such Stock Award. Upon the issuance of such shares and the delivery of one or more certificates representing such shares to the Participant, such Participant shall be and become a shareholder of the Corporation fully entitled to receive
dividends, to vote and to exercise all other rights of a shareholder of the Corporation. Notwithstanding any other provision of this Plan, unless the Committee expressly provides otherwise with respect to a Stock Award, as set forth in the related
Award Agreement, no Stock Award shall be deemed to be an outstanding Award for purposes of the Plan. 
 ARTICLE IX — PERFORMANCE
SHARES 
 9.1 The Committee, in its sole discretion, may from time to time on or after the Effective Date award Performance Shares to
Eligible Persons as an incentive for the performance of future services that will contribute materially to the successful operation of the Corporation and its Subsidiaries, subject to the terms and conditions set forth in this Article IX. 

9.2 The Committee shall determine the terms and conditions of any Award of Performance Shares, which shall be set forth in the related Award
Agreement, including without limitation: 
 (a) the purchase price, if any, to be paid for such Performance Shares, which may
be zero, subject to such minimum consideration as may be required by applicable law; 
 (b) the Performance Period and/or
Performance Objectives applicable to such Awards; 
 (c) the number of Performance Shares that shall be paid to the
Participant if the applicable Performance Objectives are exceeded or met in whole or in part; and 
 (d) the form of
settlement of a Performance Share. 
 9.3 At any date, each Performance Share shall have a value equal to the Fair Market Value of a share of
Common Stock. 
 9.4 Performance Periods may overlap, and Participants may participate simultaneously with respect to Performance Shares for
which different Performance Periods are prescribed. 

  
 15 

 9.5 Performance Objectives may vary from Participant to Participant and between Awards and
shall be based upon such performance criteria or combination of factors as the Committee may deem appropriate, including, but not limited to, minimum earnings per share or return on equity. If during the course of a Performance Period there shall
occur significant events that which the Committee expects to have a substantial effect on the applicable Performance Objectives during such period, the Committee may revise such Performance Objectives. 

9.6 In the sole discretion of the Committee and as set forth in the Award Agreement for an Award of Performance Shares, all Performance Shares
held by a Participant and not earned shall be forfeited by the Participant upon the Participant’s Termination of Service. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Performance
Shares, in the event of the death, Disability or Retirement of a Participant during the applicable Performance Period, or in other cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is
involuntarily terminated), the Committee may determine to make a payment in settlement of such Performance Shares at the end of the Performance Period, based upon the extent to which the Performance Objectives were satisfied at the end of such
period and pro rated for the portion of the Performance Period during which the Participant was employed by the Corporation or a Subsidiary; provided, however, that the Committee may provide for an earlier payment in settlement of such Performance
Shares in such amount and under such terms and conditions as the Committee deems appropriate or desirable. 
 9.7 The settlement of a
Performance Share shall be made in cash, whole shares of Common Stock or a combination thereof and shall be made as soon as practicable after the end of the applicable Performance Period. Notwithstanding the foregoing, the Committee in its sole
discretion may allow a Participant to defer payment in settlement of Performance Shares on terms and conditions approved by the Committee and set forth in the related Award Agreement entered into in advance of the time of receipt or constructive
receipt of payment by the Participant. 
 9.8 Performance Shares shall not be transferable by the Participant. The Committee shall have the
authority to place additional restrictions on the Performance Shares including, but not limited to, restrictions on transfer of any shares of Common Stock that are delivered to a Participant in settlement of any Performance Shares. 

ARTICLE X — CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES 

10.1 Upon the occurrence of a Change of Control and unless otherwise provided in the Award Agreement with respect to a particular Award: 

(a) all outstanding Stock Options shall become immediately exercisable in full, subject to any appropriate adjustments in the
number of shares subject to the Stock Option and the Option Price, and shall remain exercisable for the remaining term of such Stock Option, regardless of any provision in the related Award Agreement limiting the exercisability of such Stock Option
or any portion thereof for any length of time; 

  
 16 

 (b) all outstanding Performance Shares with respect to which the applicable
Performance Period has not been completed shall be paid out as soon as practicable as follows: 
 (i) all Performance
Objectives applicable to the Award of Performance Shares shall be deemed to have been satisfied to the extent necessary to earn one hundred percent (100%) of the Performance Shares covered by the Award; 

(ii) the applicable Performance Period shall be deemed to have been completed upon the occurrence of the Change of Control;

 (iii) the payment to the Participant in settlement of the Performance Shares shall be the amount determined by the
Committee, in its sole discretion, or in the manner stated in the Award Agreement, as multiplied by a fraction, the numerator of which is the number of full calendar months of the applicable Performance Period that have elapsed prior to occurrence
of the Change of Control, and the denominator of which is the total number of months in the original Performance Period; and 

(iv) upon the making of any such payment, the Award Agreement as to which it relates shall be deemed terminated and of no
further force and effect. 
 (c) all outstanding shares of Restricted Stock with respect to which the restrictions have not
lapsed shall be deemed vested, and all such restrictions shall be deemed lapsed and the Restriction Period ended. 
 10.2 Anything contained
herein to the contrary notwithstanding, upon the dissolution or liquidation of the Corporation, each Award granted under the Plan and then outstanding shall terminate; provided, however, that following the adoption of a plan of dissolution or
liquidation, and in any event prior to the effective date of such dissolution or liquidation, each such outstanding Award granted hereunder shall be exercisable in full and all restrictions shall lapse, to the extent set forth in
Section 10.1(a), (b) and (c) above. 
 10.3 After the merger of one or more corporations into the Corporation or any
Subsidiary, any merger of the Corporation into another corporation, any consolidation of the Corporation or any Subsidiary of the Corporation and one or more corporations, or any other corporate reorganization of any form involving the Corporation
as a party thereto and involving any exchange, conversion, adjustment or other modification of the outstanding shares of the Common Stock, each Participant shall, at no additional cost, be entitled, upon any exercise of such Participant’s Stock
Option, to receive, in lieu of the number of shares as to which such Stock Option shall then be so exercised, the number and class of shares of stock or other securities or such other property to which such Participant would have been entitled to
pursuant to the terms of the agreement of merger or consolidation or reorganization, if at the time of such merger or consolidation or reorganization, such Participant had been a holder of record of a number of shares of Common Stock equal to the
number of shares as to which such Stock Option shall then be so exercised. Comparable rights shall accrue to each Participant in the event of 

  
 17 

 
successive mergers, consolidations or reorganizations of the character described above. The Committee may, in its sole discretion, provide for similar adjustments upon the occurrence of such
events with regard to other outstanding Awards under this Plan. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Committee in its sole discretion. Any such adjustment may provide for the
elimination of any fractional shares that might otherwise become subject to an Award. All adjustments made as the result of the foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to
be an Incentive Stock Option, as defined in Section 422 of the Code. 
 10.4 Notwithstanding any other provision of this Plan or any
Award Agreement provision, the provisions of this Article X may not be terminated, amended, or modified on or after the date of a Change of Control in a manner that will adversely affect any Award theretofore granted under the Plan without the prior
written consent of the Participant with respect to said Participant’s outstanding Awards; provided, however, that the Board of Directors may terminate, amend, or modify this Article X at any time and from time to time prior to the date of a
Change of Control. 
 ARTICLE XI — AMENDMENT AND TERMINATION 

11.1 Subject to the provisions of Section 11.2, the Board of Directors, upon recommendation of the Committee or otherwise, at any time
and from time to time may amend or terminate the Plan as may be necessary or desirable to implement or discontinue the Plan or any provision hereof. To the extent required by the Exchange Act or the Code, however, no amendment, without approval by
the Corporation’s shareholders, shall: 
 (a) materially alter the group of persons eligible to participate in the Plan;

 (b) except as provided in Section 3.6, increase the maximum number of shares of Common Stock that are available for
Awards under the Plan; 
 (c) extend the period during which Incentive Stock Option Awards may be granted beyond the date
that is ten years from the Effective Date; or 
 (d) alter the class of individuals eligible to receive an Incentive Stock
Option or increase the limit on Incentive Stock Options set forth in Section 4.1(d) or the value of shares of Common Stock for which an Eligible Employee may be granted an Incentive Stock Option. 

11.2 Except as provided in Section 10.4, no amendment to or discontinuance of the Plan or any provision thereof by the Board of Directors
or the shareholders of the Corporation shall, without the written consent of the Participant, adversely affect (in the sole discretion of the Committee) any Award theretofore granted to such Participant under this Plan; provided, however, that the
Committee retains the right and power to: 
 (a) annul any Award if the Participant is terminated for cause as determined by
the Committee; and 

  
 18 

 (b) convert any outstanding Incentive Stock Option to a Nonqualified Stock
Option. 
 11.3 If a Change of Control has occurred, no amendment or termination shall impair the rights of any person with respect to an
outstanding Award, as provided in Article X. 
 ARTICLE XII — MISCELLANEOUS PROVISIONS 

12.1 Nothing in the Plan or any Award granted hereunder shall confer upon any Participant any right to continue in the employ of the
Corporation or its Subsidiaries or to serve as a Director or shall interfere in any way with the right of the Corporation or its Subsidiaries or the shareholders of the Corporation, as applicable, to terminate the employment of a Participant or to
release or remove a Director at any time. Unless specifically provided otherwise, no Award granted under the Plan shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of
the Corporation or its Subsidiaries for the benefit of their respective employees. No Participant shall have any claim to an Award until it is actually granted under the Plan and an Award Agreement has been executed and delivered to the Corporation.
To the extent that any person acquires a right to receive payments from the Corporation under the Plan, such right shall, except as otherwise provided by the Committee, be no greater than the right of an unsecured general creditor of the
Corporation. All payments to be made hereunder shall be paid from the general funds of the Corporation, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts, except as
provided in Article VII with respect to Restricted Stock and except as otherwise provided by the Committee. 
 12.2 The Plan and the grant of
Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required. Any provision herein relating to compliance with Rule 16b-3 under the Exchange
Act shall not be applicable with respect to participation in the Plan by Participants who are not subject to Section 16 of the Exchange Act. 

12.3 The terms of the Plan shall be binding upon the Corporation, its successors and assigns. 

12.4 Neither a Stock Option nor any other type of equity-based compensation provided for hereunder shall be transferable. In addition to the
transfer restriction contained herein, additional transfer restrictions shall apply to the extent required by federal or state securities laws. If any Participant makes such a transfer in violation hereof, any obligation hereunder of the Corporation
to such Participant shall terminate immediately. 
 12.5 Each Participant exercising an Award hereunder agrees to give the Committee prompt
written notice of any election made by such Participant under Section 83(b) of the Code, or any similar provision thereof. 
 12.6 If
any provision of this Plan or an Award Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award Agreement under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, it shall be
stricken, and the remainder of the Plan or the Award Agreement shall remain in full force and effect. 

  
 19 

 12.7 The grant of an Award pursuant to this Plan shall not affect in any way the right or
power of the Corporation or any of its Subsidiaries to make adjustments, reclassification, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate or sell, or to transfer all or part of
its business or assets. 
 12.8 The Plan is not subject to the provisions of the Employee Retirement Income Security Act of 1974
(“ERISA”) or qualified under Section 401(a) of the Code. 
 12.9 If a Participant is required to pay to the Corporation an
amount with respect to income and employment tax withholding obligations in connection with (i) the exercise of a Nonqualified Stock Option, (ii) certain dispositions of Common Stock acquired upon the exercise of an Incentive Stock Option,
or (iii) the receipt of Common Stock pursuant to any other Award, then the issuance of Common Stock to such Participant shall not be made (or the transfer of shares by such Participant shall not be required to be effected, as applicable) unless
such withholding tax or other withholding liabilities shall have been satisfied in a manner acceptable to the Corporation. The Committee, in its sole discretion and subject to such rules as it may adopt, may permit the Participant to satisfy such
obligation, in whole or in part, by making an irrevocable election that a portion of the total Fair Market Value of the shares of Common Stock be paid in the form of cash in lieu of the issuance of Common Stock and that such cash payment be applied
to the satisfaction of the withholding obligations. The amount to be withheld shall not exceed the statutory minimum federal and state income and employment tax liability arising from the transfer of the Common Stock to the Participant.
Notwithstanding any other provision of the Plan, any election under this Section 12.10 is required to satisfy the applicable requirements of Rule 16b-3 under the Exchange Act. 

  
 20EX-10.4(a)

 Exhibit 10.4(a) 

Award Agreement 
 For
Nonqualified Stock Options Granted Under the 
 Paragon 28, Inc. Omnibus Stock Option and Award Plan 

[___________, 20__] 
 To
________________________ 
 Paragon 28, Inc. (the “Corporation”) hereby grants you a Nonqualified Stock Option (the
“Option”) to purchase shares of the Common Stock of the Corporation on the terms set forth in this Award Agreement and in the Paragon 28, Inc. Omnibus Stock Option and Award Plan (the “Plan”). The Option is not an
Incentive Stock Option and therefore does not qualify for tax treatment under Section 422 of the Internal Revenue Code. 
 The Option
is granted pursuant to the Plan. The Plan is administered by the Board of Directors of the Corporation (the “Board”). A copy of the Plan is enclosed with this Award Agreement. The definitions, terms and conditions of the Plan are
incorporated herein by reference, and you should refer to the Plan for all defined terms and many conditions not set forth herein. 

A. Option Shares. The Corporation hereby grants you, during the Option Period (as defined below), the Option to purchase from the
Corporation a maximum of XXXXXX shares of the Common Stock of the Corporation at $XX.XX per share (the “Option Price”). The Option remains at all times subject to the terms and provisions of the Plan and this Award Agreement.

 B. Vesting of Option. The Option shall vest as follows: 
  

					
	 Vesting Event
	  	No. of Vested Shares	 
	 December 31, 20[    ]
	  	 	XXXXX	 
	 December 31, 20[    ]
	  	 	XXXXX	 
	 Total
	  	 	XXXXX	 

 Upon your termination of employment with the Corporation, no further shares shall vest. 

C. Option Period. The “Option Period” means the period commencing on the date hereof and terminating on the earlier of (i)
10 years after the date hereof or (ii) three months after your Termination of Service (unless the Corporation’s President agrees in writing to extend the Option Period). You may only exercise the vested portion of this Option. The
vested portion of this Option may be exercised by you at any time prior to the expiration of the Option Period. This Option may not be exercised after the expiration of the Option Period and shall terminate and be of no force or effect upon
the expiration of the Option Period. 
 D. Exercise of Option. 

(1) The vested portion of this Option may be exercised during the Option Period by written notice to the Corporation at its
office at 4B Inverness Ct. E., Suite 280, Englewood, CO 80112, Attention: President, or such other address to which the office may be relocated, which notice shall (i) be on the form provided by the Corporation (which form will contain, among
other things, restrictions on your ability to transfer the shares) and signed by you, (ii) state the number of shares with respect to which the Option is being exercised, and (iii) contain such other representations and covenants as the
Board may require. Payment in full of the Option Price of said shares shall be made at the time of the exercise of the Option in cash or by check payable to the order of the Corporation. As soon as practicable after the notice and the Option Price
have been received by the Corporation, the Corporation shall deliver to you a stock certificate registered in your name representing the Option shares. 

(2) As provided in Article X of the Plan, appropriate adjustments shall be made in the number of shares for which the Option is
exercisable should there be a change in the capital structure of the Corporation or a merger, and the Board may take appropriate actions with respect to the Option in the event of such significant corporate transaction or merger. 

 (3) This Option is not transferable by you except by will or by the laws of
descent and distribution; provided, however, any permitted transferee must agree in writing to be bound by the terms and conditions of this Award Agreement. 

(4) By signing this Award Agreement, you agree to make arrangements satisfactory to the Corporation to comply with any income
and payroll tax withholding requirements that may apply upon the exercise of the Option. 
 E. Incorporation of the Plan into this Award
Agreement. By signing this Award Agreement, you specifically acknowledge that you have read the Plan and agree to be bound by its obligations and responsibilities. Specifically, you acknowledge that you are aware of the provisions providing for
the Option Period, the manner in which the Option may be exercised and the termination of the Option. 
 F. No Rights as a Shareholder
Until Exercise. Under the Plan, you shall not have any rights or privileges of a shareholder of the Corporation with respect to any shares of Common Stock of the Corporation which may be acquired upon the exercise of the Option, in whole or in
part, prior to the date upon which the Option is actually exercised for such shares and the certificates representing such shares are issued. 

G. Notice. Written notice is deemed to have been given to the Corporation upon the actual receipt by the Corporation’s President of
the notice. 
 H. Tax Advice. You should consult with your tax advisors to determine the income tax implications of exercising the
Option and the current holding periods required to obtain capital gains treatment after you receive your shares. 
 [Signatures on following
page] 

  
 2 

 If you agree to the foregoing terms and conditions, please execute both copies of this
Award Agreement and return one copy to the President of the Corporation. 
  

			
	Sincerely,
	
	PARAGON 28, INC.
		
	By:	 	  

	Name:	 	Stephen M. Deitsch
	Title:	 	Chief Financial Officer

  

			
	Agreed to:
		
	Sign Name:	 	  

	Print Name:	 	  

  
 3

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