Document:

Exhibit 4.4

   

  NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUBJECT TO SECTION
      6 BELOW, AND EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT, NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR HOLDER, SATISFACTORY TO COMPANY, THAT SUCH REGISTRATION IS
      NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

   

  WARRANT TO PURCHASE SHARES OF COMMON STOCK

   

  THIS CERTIFIES THAT, for value received,
                                                                                                                                                             (“Holder”) is entitled to subscribe for and purchase                          fully paid and
    nonassessable shares of Common Stock, $0.001 par value, (the “Common Stock”) of Femasys Inc., a Delaware corporation (“Company”), at the Warrant Price (as hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set
    forth. “Warrant Shares” shall mean the shares of Common Stock that Holder may acquire pursuant to this Warrant.

   

  1.            Warrant Price. The “Warrant Price” shall initially be                                per share, subject to adjustment as
    provided in Section 7 below.

   

  2.            Conditions to Exercise. The purchase right represented by this Warrant may be exercised at any time, or from time to time, in
    whole or in part during the term commencing on the date hereof and ending at 5:00 P.M. (New York City time) on the tenth anniversary of the date of this Warrant (the “Expiration Date”).

   

  3.            Method of Exercise or Conversion; Payment; Issuance of Shares; Issuance of New Warrant.

   

  (a)          Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by
    Holder hereof, in whole or in part, by the surrender of the original of this Warrant (together with a duly executed Notice of Exercise in substantially the form attached hereto) at the principal office of Company (as set forth in Section 18 below) and
    by payment to Company, by certified or bank check, or wire transfer of immediately available funds, of an amount equal to the then applicable Warrant Price per share multiplied by the number of Warrant Shares then being purchased. In the event of any
    exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be in the name of, and delivered to, Holder hereof, or as such Holder may direct (subject to the terms of transfer contained herein and upon
    payment by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within 30 days after exercise of this Warrant and at Company’s expense and, unless this Warrant has been fully exercised or expired, a new Warrant having terms
    and conditions substantially identical to this Warrant and representing the portion of the Warrant Shares, if any, with respect to which this Warrant shall not have been exercised, shall also be issued to Holder hereof within 30 days after exercise of
    this Warrant.

   

  
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  (b)          Conversion. In lieu of exercising this Warrant as specified in Section 3(a), Holder may from time to time convert
    this Warrant, in whole or in part, into Warrant Shares by surrender of the original of this Warrant (together with a duly executed Notice of Exercise in substantially the form attached hereto) at the principal office of Company, in which event Company
    shall issue to Holder the number of Warrant Shares computed using the following formula:

   

  X = Y (A-B)

    A

   

  Where:

   

  X = the number of Warrant Shares to be issued to Holder.

   

  Y = the number of Warrant Shares requested to be converted under this Warrant (at the date of such calculation).

   

  A = the Fair Market Value of one share of Company’s Common Stock (at the date of such calculation).

   

  B = Warrant Price (as adjusted to the date of such calculation).

   

  (c)          Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of Company’s Common Stock shall
    mean:

   

  (i)           In the event of an exercise in connection with the initial underwritten public offering of shares of common stock of the
    Company (“Common Stock”) pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Act”), the offering price at which the underwriters initially sell Common Stock to the public multiplied by the number of shares
    of Common Stock into which each share of Common Stock is then convertible; or

   

  (ii)          The average of the closing bid and asked prices of Common Stock quoted in the Over-The-Counter Market Summary, or the
    last reported sale price quoted on the Nasdaq Stock Market or on any other exchange on which the Common Stock is listed, whichever is applicable, as published in the Eastern Edition of the Wall Street Journal for the three (3) trading days
    prior to the date of determination of Fair Market Value, multiplied by the number of shares of Common Stock into which each share of Common Stock is then convertible; or

   

  (iii)         In the event of an exercise in connection with a merger, acquisition or other consolidation in which Company is not the
    surviving entity, the value to be received per share of Common Stock by all holders of the Common Stock in such transaction, including any deferred rights to receive cash (“Deferred Cash”), as determined in the reasonable good faith judgment of
    Company’s Board of Directors; or

   

  (iv)         In any other instance, the value as determined in the reasonable good faith judgment of Company’s Board of Directors.

   

  In the event of Section 3(c)(iii) or 3(c)(iv) above, Company’s Board of Directors shall prepare a certificate, to be signed by an authorized officer of
    Company, setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value of the Common Stock. The Board of Directors will also certify to Holder that this per share Fair Market Value will be applicable to
    all holders of Company’s Common Stock. Such certifications must be made to Holder, in the event of Section 3(c)(iii) above, at least ten (10) business days prior to the proposed effective date of the merger, acquisition or other consolidation, and in
    the event of Section 3(c)(iv), promptly after exercise of this Warrant.

   

  
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  (d)          Automatic Exercise. To the extent this Warrant is not previously exercised, it shall be deemed to have been
    automatically converted in accordance with Sections 3(b) and 3(c) hereof (even if not surrendered) as of immediately before its expiration, involuntary termination or cancellation (including, without limitation, upon an Acquisition pursuant to Section
    3(e)(ii)) if the then-Fair Market Value of a Warrant Share exceeds the then-Warrant Price, unless Holder notifies Company in writing to the contrary prior to such automatic exercise.

   

  (e)          Treatment of Warrant Upon Acquisition of Company.

   

  (i)           Certain Definitions. For the purpose of this Warrant: “Acquisition” means any sale, license, assignment, or other
    disposition of all or substantially all of the assets of Company, or any reorganization, consolidation, or merger of Company, or sale of outstanding Company securities by holders thereof, where the holders of Company’s securities as of immediately
    before the transaction beneficially own less than a majority of the outstanding voting securities of the successor or surviving entity as of immediately after the transaction. For purposes of this Section 3(e), “Affiliate” shall mean any person or
    entity that owns or controls directly or indirectly ten percent (10%) or more of the voting capital stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such
    person’s or entity’s officers, directors, joint venturers or partners, as applicable. Company shall provide Holder with written notice of any proposed Acquisition not later than ten (10) business days prior to the closing thereof setting forth the
    material terms and conditions thereof, and shall provide Holder with copies of the draft transaction agreements and other documents in connection therewith and with such other information respecting such proposed Acquisition as may reasonably be
    requested by Holder.

   

  (ii)          Acquisition for Cash. Holder agrees that, in the event of an Acquisition in which the sole consideration is cash
    and/or Deferred Cash, this Warrant shall be automatically exercised (or terminate) as provided in Section 3(d) on and as of the closing of such Acquisition to the extent not previously exercised.

   

  (iii)         Asset Sale. In the event of an Acquisition that is an arms length sale of all or substantially all of Company’s
    assets (and only its assets) to a third party that is not an Affiliate of Company (a “True Asset Sale”), Holder may either (a) exercise its conversion or purchase right under this Warrant at least two (2) days prior to the consummation of the
    Acquisition and such exercise will be deemed effective immediately prior to the consummation of such Acquisition, or (b) permit the Warrant to continue until the Expiration Date if Company continues as a going concern following the closing of any such
    True Asset Sale.

   

  (iv)         Assumption of Warrant. Upon the closing of any Acquisition other than as particularly described in Section
    3(e)(ii) or 3(e)(iii) above, Company shall, unless Holder requests otherwise, cause the surviving or successor entity to assume this Warrant and the obligations of Company hereunder, and this Warrant shall, from and after such closing, be exercisable
    for the same class, number and kind of securities, cash and other property as would have been paid for or in respect of the shares issuable (as of immediately prior to such closing) upon exercise in full hereof as if such shares had been issued and
    outstanding on and as of such closing, at an aggregate Warrant Price equal to the aggregate Warrant Price in effect as of immediately prior to such closing; and subject to further adjustment thereafter from time to time in accordance with the
    provisions of this Warrant.

   

  
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  4.            Representations and Warranties of Holder and Company.

   

  (a)          Representations and Warranties by Holder. Holder represents and warrants to Company as of the date hereof with
    respect to this Warrant as follows:

   

  (i)           Evaluation. Holder has substantial experience in evaluating and investing in private placement transactions of
    securities of companies similar to Company so that Holder is capable of evaluating the merits and risks of its investment in Company and has the capacity to protect its interests.

   

  (ii)          Resale. Holder is acquiring this Warrant and the Warrant Shares issuable upon exercise of this Warrant
    (collectively the “Securities”) for investment for its own account and not with a view to, or for resale in connection with, any distribution thereof. Holder understands that the Securities have not been registered under Act by reason of a specific
    exemption from the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent as expressed herein.

   

  (iii)         Rule 144. Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under
    the Act or an exemption from such registration is available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

   

  (iv)         Accredited Investor. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
    Act.

   

  (v)          Opportunity To Discuss. Holder, as a Company director and otherwise, has had an opportunity to discuss Company’s
    business, management and financial affairs with its management and an opportunity to review Company’s facilities.

   

  (b)          Representations and Warranties by Company. Company hereby represents and warrants to Holder that the statements in
    the following paragraphs of this Section 4(b) are true and correct as of the date hereof.

   

  (i)           Corporate Organization and Authority. Company (a) is a corporation duly organized, validly existing, and in good
    standing under the laws of the jurisdiction of its organization, (b) has the corporate power and authority to own and operate its properties and to carry on its business as now conducted and as proposed to be conducted; and (c) is qualified as a
    foreign corporation in all jurisdictions where such qualification is required.

   

  (ii)          Corporate Power. Company has all requisite legal and corporate power and authority to execute, issue and deliver
    this Warrant, to issue the Warrant Shares issuable upon exercise or conversion of this Warrant, and to carry out and perform its obligations under this Warrant and any related agreements.

   

  (iii)         Authorization; Enforceability. All corporate action on the part of Company, its officers, directors and
    shareholders necessary for the authorization, execution, delivery and performance of its obligations under this Warrant and for the authorization, issuance and delivery of this Warrant and the Warrant Shares issuable upon exercise of this Warrant has
    been taken and this Warrant constitutes the legally binding and valid obligation of Company enforceable in accordance with its terms.

   

  
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  (iv)      Valid Issuance of Warrant and Warrant Shares. This Warrant has been validly issued and is free of restrictions on
    transfer other than restrictions on transfer set forth herein and under applicable state and federal securities laws. The Warrant Shares issuable upon exercise or conversion of this Warrant, when issued, sold and delivered in accordance with the terms
    of this Warrant for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Warrant and under applicable state and
    federal securities laws. Subject to applicable restrictions on transfer, the issuance and delivery of this Warrant and the Warrant Shares issuable upon exercise or conversion of this Warrant are not subject to any preemptive or other similar rights or
    any liens or encumbrances except as specifically set forth in Company’s Certificate of Incorporation (“Certificate of Incorporation”) or this Warrant. The offer, sale and issuance of the Warrant Shares, as contemplated by this Warrant, are exempt from
    the prospectus and registration requirements of applicable United States federal and state security laws, and neither Company nor any authorized agent acting on its behalf has taken or will take any action hereafter that would cause the loss of such
    exemption.

   

  (v)       No Conflict. The execution, delivery, and performance of this Warrant will not result in (a) any violation of, be in
    conflict with, or constitute a default under, with or without the passage of time or the giving of notice (1) any provision of Company’s Certificate of Incorporation or by-laws; (2) any provision of any judgment, decree, or order to which Company is a
    party, by which it is bound, or to which any of its material assets are subject; (3) any contract, obligation, or commitment to which Company is a party or by which it is bound; or (4) any statute, rule, or governmental regulation applicable to
    Company, or (b) the creation of any lien, charge or encumbrance upon any assets of Company.

   

  5.        Legends.

   

  (a)       Legend. Each certificate representing the Warrant Shares shall be endorsed with substantially the following legend:

   

  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED (UNLESS SUCH TRANSFER IS TO AN AFFILIATE OF
    HOLDER) UNLESS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES ACT OF 1933,
    OR (IF REASONABLY REQUIRED BY COMPANY) AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

   

  Company need not enter into its stock records a transfer of Warrant Shares unless the conditions specified in the foregoing legend are satisfied.
    Company may also instruct its transfer agent not to allow the transfer of any of the Warrant Shares unless the conditions specified in the foregoing legend are satisfied.

   

  
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  (b)          Removal of Legend and Transfer Restrictions. The legend relating to the Act endorsed on a certificate pursuant to
    paragraph 5(a) of this Warrant shall be removed and Company shall issue a certificate without such legend to Holder if (i) the Securities are registered under the Act and a prospectus meeting the requirements of Section 10 of the Act is available or
    (ii) Holder provides to Company an opinion of counsel for Holder reasonably satisfactory to Company, a no-action letter or interpretive opinion of the staff of the Securities and Exchange Commission (“SEC”) reasonably satisfactory to Company, or other
    evidence reasonably satisfactory to Company, to the effect that public sale, transfer or assignment of the Securities may be made without registration and without compliance with any restriction such as Rule 144.

   

  6.            Transfers of Warrant. In connection with any transfer by Holder of this Warrant, Company may require the transferee to provide
    Company with written representations and warranties that transferee is acquiring this Warrant and the shares of Common Stock to be issued upon exercise for investment purposes only and not with a view to any sale or distribution, and may require a
    legal opinion, in form and substance satisfactory to Company and its counsel, stating that such transfer is exempt from the registration and prospectus delivery requirements of the Act. Following any transfer of this Warrant, at the request of either
    Company or the transferee, the transferee shall surrender this Warrant to Company in exchange for a new warrant of like tenor and date, executed by Company. Upon any partial transfer, Company will also execute and deliver to Holder a new
    warrant of like tenor with respect to the portion of this Warrant not so transferred. Subject to the foregoing, this Warrant is transferable on the books of Company at its principal office by the registered Holder hereof upon surrender of this Warrant
    properly endorsed. Holder shall not have any right to transfer any portion of this Warrant to any direct competitor of Company.

   

  7.            Adjustment for Certain Events. The number and kind of securities purchasable upon the exercise of this Warrant and the Warrant
    Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

   

  (a)           Reclassification or Merger. In case of (i) any reclassification or change of securities of the class issuable
    upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any merger of Company with or into another corporation (other
    than a merger with another corporation in which Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or (iii) any sale of
    all or substantially all of the assets of Company, Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to Holder a new Warrant (in form and substance satisfactory to Holder of this Warrant), or
    Company shall make appropriate provision without the issuance of a new Warrant, so that Holder shall have the right to receive, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in
    lieu of the Warrant Shares theretofore issuable upon exercise or conversion of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change, merger or sale by a holder of the
    number of shares of Common Stock then purchasable under this Warrant, or in the case of such a merger or sale in which the consideration paid consists all or in part of assets other than securities of the successor or purchasing corporation, at the
    option of Holder, the securities of the successor or purchasing corporation having a value at the time of the transaction equivalent to the value of the Warrant Shares purchasable upon exercise of this Warrant at the time of the transaction. Any new
    Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 7. The provisions of this subparagraph (a) shall similarly apply to successive reclassifications, changes,
    mergers and transfers.

   

  (b)          Subdivision or Combination of Shares. If Company at any time while this Warrant remains outstanding and unexpired
    shall subdivide or combine its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the number of Warrant Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant
    Price shall be proportionately increased and the number of Warrant Shares issuable hereunder shall be proportionately decreased in the case of a combination.

   

  
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  (c)       Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Warrant Shares purchasable
    hereunder shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Warrant Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the numerator of which shall be the
    Warrant Price immediately prior to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter.

   

  8.        Notice of Adjustments; Redemption. Whenever any Warrant Price or the kind or number of securities issuable under this Warrant shall
    be adjusted pursuant to Section 7 hereof, Company shall prepare a certificate signed by an officer of Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
    calculated, and the Warrant Price and number or kind of shares issuable upon exercise of this Warrant after giving effect to such adjustment, and within thirty (30) days of such adjustment shall cause copies of such certificate to be delivered to
    Holder in accordance with Section 18 hereof.

   

  9.        No Fractional Shares. No fractional share of Common Stock will be issued in connection with any exercise or conversion hereunder,
    but in lieu of such fractional share Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect.

   

  10.      Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise or conversion of this Warrant
    shall be made without charge to Holder for any United States or state of the United States documentary stamp tax or other incidental expense with respect to the issuance of such certificate, all of which taxes and expenses shall be paid by Company, and
    such certificates shall be issued in the name of Holder.

   

  11.      No Shareholder Rights Until Exercise. Except as expressly provided herein, this Warrant does not entitle Holder to any voting rights
    or other rights as a shareholder of Company prior to the exercise hereof.

   

  12.      Registry of Warrant. Company shall maintain a registry showing the name and address of the registered Holder of this Warrant. This
    Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of Company, and Company and Holder shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

   

  13.      Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by Company of evidence reasonably satisfactory to it of the loss,
    theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon surrender and cancellation of this Warrant, Company will execute and deliver a new
    Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof.

   

  14.      Miscellaneous. The provisions of this Warrant shall be construed and shall be given effect in all respect as if it had been issued
    and delivered by Company on the date hereof. This Warrant shall be binding upon any successors or assigns of Company. The headings used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this
    Warrant. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of New York, then such action may be taken or such
    right may be exercised on the next succeeding day not a Saturday, Sunday or a legal holiday.

   

  
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  15.      No Impairment. Company will not, by amendment of its Certificate of Incorporation or any other voluntary action, avoid or seek to
    avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the
    rights of Holder hereof against impairment. Without limiting the breadth of the foregoing, Company will not cause the Common Stock to be converted into Common Stock unless such conversion is effected as part of the conversion of all Company’s
    outstanding series of Common Stock and other senior securities into Common Stock.

   

  16.      Addresses. All notices or other communications given in connection with this Warrant shall be in writing, shall be addressed to the
    parties at their respective addresses set forth below (unless and until a different address may be specified in a written notice to the other party delivered in accordance with this Section 18), and shall be deemed given (a) on the date of receipt if
    delivered by hand, (b) on the next business day after being sent by a nationally-recognized overnight courier, or (c) on the fourth business day after being sent by registered or certified mail, return receipt requested and postage prepaid.

   

  	
          If to Company:

        	
          Femasys, Inc.

        
	
           

        	
          5000 Research Court, Suite 100

        
	
           

        	
          Suwanee, Georgia 30024

        
	
          Attn:

        	
          President & CEO

        
	  	 
	
          If to Holder:

        	
           

        

   

  17.      WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
    HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS WARRANT OR THE WARRANT SHARES.

   

  18.      GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD
    TO THE CONFLICT OF LAW PRINCIPLES OF SUCH STATE).

   

  IN WITNESS WHEREOF, Company has caused this Warrant to be executed by its officer thereunto duly authorized.

   

  FEMASYS INC.

   

  	
          By.

        	
           

        	 
	
           

        	
          Name: Kathy Lee-Sepsick

        	 
	
           

        	
          Title: President & CEO

        	 

  
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  NOTICE OF EXERCISE

   

  To:

    Femasys Inc.

    5000 Research Court

    Suite 100

    Suwanee, GA 30024

    Attn: President & CEO

   

  	
          1.

        	
          The undersigned Warrant holder (“Holder”) elects to acquire shares of the Common Stock (the “Common Stock”) of
            Femasys Inc. (the “Company”), pursuant to the terms of the Stock Purchase Warrant dated (the “Warrant”).

           

        

  	
          2.

        	
          Holder exercises its rights under the Warrant as set forth below:

        

   

  (          )  Holder elects to purchase __________ shares of Common Stock as provided in Section 3(a) and tenders herewith a check in
    the amount of $__________ as payment of the purchase price.

   

  (          )  Holder elects to convert the purchase rights into shares of Common Stock as provided in Section 3(b) of the
    Warrant.

   

  	
          3.

        	
          Holder surrenders the Warrant with this Notice of Exercise.

        

   

  Holder represents that it is acquiring the aforesaid shares of Common Stock for investment and not with a view to or for resale in connection with distribution and it
    has no present intention of distributing or reselling the shares.

   

  Please issue a certificate representing the shares of the Common Stock in the name of Holder or in such other name as is specified below:

   

  	 	
          Name:

        	
           

        	 
	 	 	 	 
	 	
          Address:

        	
           

        	 
	 	 	 	 
	 	
          Taxpayer I.D.:

        	
           

        	 

   

  Name:

   

  

   

  

  9Exhibit 10.1

   

  FEMASYS INC.

  Amended and restated

      2004 Stock Incentive Plan

   

  Section 1.

  Purpose

   

  The purpose of this Stock Incentive Plan (“Plan”) is to promote the interests of Femasys Inc. (the “Company”) by providing the opportunity to
    purchase Shares or to receive compensation which is based upon appreciation in the value of Shares to Employees and Key Persons in order to attract and retain Employees and Key Persons by providing an incentive to work to increase the value of Shares
    and a stake in the future of the Company which corresponds to the stake of each of the Company’s shareholders. The Plan provides for the grant of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards and Stock Appreciation
    Rights to aid the Company in attaining these goals.

   

  Section 2.

    Definitions

   

  Each term set forth in this Section shall have the meaning set forth opposite such term for purposes of this Plan and, for purposes of such
    definitions, the singular shall include the plural and the plural shall include the singular, and reference to one gender shall include the other gender.

   

  2.1  Board means the Board of Directors of the Company.

   

  2.2  Cause shall mean an act or acts by an employee involving (a) the use for profit or disclosure to unauthorized persons of confidential information or trade secrets of the Company, (b) the breach of any contract
      with the Company, (c) the violation of any fiduciary obligation to the Company, (d) the unlawful trading in the securities of the Company or of another corporation based on information gained as a result of the performance of services for the
      Company, (e) a felony conviction or the failure to contest prosecution of a felony, or (f) willful misconduct, dishonesty, embezzlement, fraud, deceit or civil rights violations, or other unlawful acts.

   

  2.3  Change of Control means either of the following:

   

  (a)          any transaction or series of transactions pursuant to which the Company sells, transfers, leases, exchanges or disposes of
    substantially all (i.e., at least eighty-five percent (85%)) of its assets for cash or property, or for a combination of cash and property, or for other consideration; or

   

  (b)          any transaction pursuant to which persons who are not current shareholders of the Company acquire by merger, consolidation,
    reorganization, division or other business combination or transaction, or by a purchase of an interest in the Company, an interest in the Company so that after such transaction, the shareholders of the Company immediately prior to such transaction no
    longer have a controlling (i.e., 50% or more) voting interest in the Company.

   

  2.4  Code means the Internal Revenue Code of 1986, as amended.

   

  
     

    
      
 

  

  
   

  2.5  Committee means any committee appointed by the Board to administer the Plan, as specified in Section 5 hereof. Any such committee shall be comprised entirely of Directors.

   

  2.6  Common Stock means the common stock of the Company.

   

  2.7  Company means Femasys Inc., a Delaware corporation, and any successor to such organization.

   

  2.8  Director means a member of the Board.

   

  2.9  Employee means an employee of the Company, a Subsidiary or a Parent.

   

  2.10  Exchange Act means the Securities Exchange Act of 1934, as amended.

   

  2.11  Exercise Price means the price which shall be paid to purchase one (1) Share upon the exercise of an Option granted under this Plan.

   

  2.12  Fair Market Value of each Share on any date means the price determined below on the last business day immediately preceding the date of valuation:

   

  (a)          If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the
    National Market of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, its Fair Market Value per share shall be the closing sale price for the Common Stock (or the mean of the closing bid and asked prices, if no
    sales were reported), as quoted on such exchange or system on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or

   

  (b)          If the Common Stock is not listed on any established stock exchange or a national market system, its Fair Market Value per share
    shall be the average of the closing dealer “bid” and “ask” prices of a share of the Common Stock as reflected on the NASDAQ interdealer quotation system of the National Association of Securities Dealers, Inc. on the date of such determination; or

   

  (c)          In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the
    Board.

   

  2.13 Insider means an individual who is, on the relevant date, an officer, director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the
      Exchange Act, all as defined under Section 16 of the Exchange Act.

   

  2.14 ISO means an option granted under this Plan to purchase Shares which is intended by the Company to satisfy the requirements of Code §422 as an incentive stock option.

   

  2.15  Key Person means (i) a member of the Board who is not an Employee, (ii) a consultant, distributor or other person who has rendered or committed to render valuable services to the Company, a Subsidiary or a Parent,
      (iii) a person who has incurred, or is willing to incur, financial risk in the form of guaranteeing or acting as co-obligor with respect to debts or other obligations of the Company, or (iv) a person who has extended credit to the Company. Key
      Persons are not limited to individuals and, subject to the preceding definition, may include corporations, partnerships, associations and other entities.

   

  
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  2.16  Non-ISO means an option granted under this Plan to purchase Shares which is not intended by the Company to satisfy the requirements of Code §422.

   

  2.17  Option means an ISO or a Non-ISO.

   

  2.18  Outside Director means a Director who is not an Employee and who qualifies as (1) a “non-employee director” under Rule 16b-3(b)(3) under the 1934 Act, as amended from time to time, and (2) an “outside director” under Code
      §162(m) and the regulations promulgated thereunder.

   

  2.19  Parent means any corporation which is a “parent corporation” of the Company (within the meaning of Code §424(e)).

   

  2.20  Participant means an individual who receives a Stock Incentive hereunder.

   

  2.21  Performance-Based Exception means the performance-based exception from the tax deductibility limitations of Code §162(m).

   

  2.22  Plan means the Femasys Inc. 2004 Stock Incentive Plan, as may be amended from time to time.

   

  2.23  Restricted Stock Award means an award of Common Stock granted to a Participant under this Plan whereby the Participant has immediate rights of ownership in the shares of Common Stock underlying the award, but
      such shares are subject to restrictions in accordance with the terms and provisions of this Plan and the Stock Incentive Agreement pertaining to the award and may be subject to forfeiture by the individual until the earlier of (a) the time such
      restrictions lapse or are satisfied, or (b) the time such shares are forfeited, pursuant to the terms and provisions of the Stock Incentive Agreement pertaining to the award.

   

  2.24 Section 409.A means Code §409A, related Treasury Regulations and other guidance issued thereunder.

   

  2.25 Share means a share of the Common Stock of the Company.

   

  2.26 Stock Appreciation Right means a right granted to a Participant pursuant to the terms and provisions of this Plan whereby the individual, without payment to the Company (except for any applicable withholding or
      other taxes), receives cash, shares of Common Stock, a combination thereof, or such other consideration as the Board may determine, in an amount equal to the excess of the Fair Market Value per share on the date on which the Stock Appreciation Right
      is exercised over the exercise price noted in the Stock Appreciation Right.

   

  2.27 Stock Incentive means an ISO, a Non-ISO, a Restricted Stock Award or a Stock Appreciation Right.

   

  
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  2.28 Stock Incentive Agreement means an agreement between the Company and a Participant evidencing an award of a Stock Incentive.

   

  2.29 Subsidiary means any corporation which is a “subsidiary corporation” of the Company (within the meaning of Code §424(f)).

   

  2.30 Surrendered Shares means the Shares described in Section 8.2 which (in lieu of being purchased) are surrendered for cash or Shares, or for a combination of cash and Shares, in accordance with Section 8.

   

  2.31  Ten Percent Shareholder means a person who owns (after taking into account the attribution rules of Code §424(d)) more than ten percent (10%) of the total combined voting power of all classes of shares of either
      the Company, a Subsidiary or a Parent.

   

  2.32  Vesting Termination shall mean a termination of the employment of an employee where such termination is done by the Company without Cause.

   

  Section 3.

    Shares Subject to Stock Incentives

   

  The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed Seven Hundred Fifty Thousand
    (750,000), as adjusted pursuant to Section 11. Such Shares shall be reserved, to the extent that the Company deems appropriate, from authorized but unissued Shares, and from Shares which have been reacquired by the Company. Furthermore, any Shares
    subject to a Stock Incentive which remain after the cancellation, expiration or exchange of such Stock Incentive thereafter shall again become available for use under this Plan, but any Surrendered Shares which remain after the surrender of an ISO or a
    Non-ISO under Section 8 shall not again become available for use under this Plan. Notwithstanding anything herein to the contrary, no Participant may be granted Options or Stock Appreciation Rights covering an aggregate number of Shares in excess of
    Five Hundred Thousand (500,000) in any calendar year.

   

  Section 4.

    Effective Date

   

  The effective date of this Plan, as documented hereby, shall be the date it is adopted by the Board, as noted in resolutions effectuating such
    adoption, provided the shareholders of the Company approve this Plan within twelve (12) months after such effective date. If such effective date comes before such shareholder approval, any Stock Incentives granted under this Plan before the date of
    such approval automatically shall be granted subject to such approval.

   

  Section 5.

    Administration

   

  5.1  General Administration. This Plan shall be administered by the Board. The Board, acting in its absolute discretion, shall exercise such powers and take such action as expressly called for under this Plan. The
      Board shall have the power to interpret this Plan and, subject to the terms and provisions of this Plan, to take such other action in the administration and operation of the Plan as it deems equitable under the circumstances. The Board’s actions
      shall be binding on the Company, on each affected Employee or Key Person, and on each other person directly or indirectly affected by such actions.

   

  
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  5.2  Authority of the Board. Except as limited by law or by the Certificate of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Board shall have full power to select Employees and Key
      Persons who shall participate in the Plan, to determine the sizes and types of Stock Incentives in a manner consistent with the Plan, to determine the terms and conditions of Stock Incentives in a manner consistent with the Plan, to construe and
      interpret the Plan and any agreement or instrument entered into under the Plan, to establish, amend or waive rules and regulations for the Plan’s administration, and to amend the terms and conditions of any outstanding Stock Incentives as allowed
      under the Plan and such Stock Incentives. Further, the Board may make all other determinations which may be necessary or advisable for the administration of the Plan.

   

  5.3  Delegation of Authority. The Board may delegate its authority under the Plan, in whole or in part, to a Committee appointed by the Board consisting of not less than two (2) directors. The members of the Committee
      shall be appointed from time to time by, and shall serve at the discretion of, the Board. The Committee (if appointed) shall act according to the policies and procedures set forth in the Plan and to those policies and procedures established by the
      Board, and the Committee shall have such powers and responsibilities as are set forth by the Board. Reference to the Board in this Plan shall specifically include reference to the Committee where the Board has delegated its authority to the
      Committee, and any action by the Committee pursuant to a delegation of authority by the Board shall be deemed an action by the Board under the Plan. Notwithstanding the above, the Board may assume the powers and responsibilities granted to the
      Committee at any time, in whole or in part. With respect to Committee appointments and composition, only a Committee (or a sub-committee thereof) comprised solely of two (2) or more Outside Directors may grant Stock Incentives which will meet the
      Performance-Based Exception, and only a Committee comprised solely of Outside Directors may grant Stock Incentives to Insiders that will be exempt from Section 16(b) of the Exchange Act.

   

  5.4  Decisions Binding. All determinations and decisions made by the Board (or its delegate) pursuant to the provisions of this Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on
      all persons, including the Company, its stockholders, Directors, Employees, Key Persons, Participants, and their estates and beneficiaries.

   

  5.5 Indemnification for Decisions. No member of the Board or the Committee (or a sub-committee thereof) shall be liable for any action taken or determination made hereunder in good faith. Service on the
      Committee (or a sub-committee thereof) shall constitute service as a director of the Company so that the members of the Committee (or a sub-committee thereof) shall be entitled to indemnification and reimbursement as directors of the Company pursuant
      to its bylaws and applicable law. In addition, the members of the Board, Committee (or a sub-committee thereof) shall be indemnified by the Company against (a) the reasonable expenses, including attorneys’ fees actually and necessarily incurred in
      connection with the defense of any action, suit or proceeding, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, any Stock Incentive granted hereunder, and (b) against
      all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to
      matters as to which it shall be adjudged in such action, suit or proceeding that such individual is liable for gross negligence or misconduct in the performance or his duties.

   

  
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  Section 6.

    Eligibility

   

  Employees and Key Persons selected by the Board shall be eligible for the grant of Stock Incentives under this Plan, but no Employee or Key Person
    shall have the right to be granted a Stock Incentive under this Plan merely as a result of his or her status as an Employee or Key Person. Only Employees shall be eligible to receive a grant of ISO’s.

   

  Section 7.

    Terms of Stock Incentives

   

  7.1      Terms and Conditions of All Stock Incentives.

   

  (a)       The Board, in its absolute discretion, shall grant Stock Incentives under this Plan from time to time and shall have the right to grant
    new Stock Incentives in exchange for outstanding Stock Incentives. Stock Incentives shall be granted to Employees or Key Persons selected by the Board, and the Board shall be under no obligation whatsoever to grant Stock Incentives to all Employees or
    Key Persons, or to grant all Stock Incentives subject to the same terms and conditions.

   

  (b)       The number of Shares as to which a Stock Incentive shall be granted shall be determined by the Board in its sole discretion, subject to
    the provisions of Section 3 as to the total number of shares available for grants under the Plan.

   

  (c)       Each Stock Incentive shall be evidenced by a Stock Incentive Agreement executed by the Company and the Participant, which shall be in
    such form and contain such terms and conditions as the Board in its discretion may, subject to the provisions of the Plan, from time to time determine.

   

  (d)      The date a Stock Incentive is granted shall be the date on which the Board has approved the terms and conditions of the Stock Incentive
    Agreement and has determined the recipient of the Stock Incentive and the number of Shares covered by the Stock Incentive and has taken all such other action necessary to complete the grant of the Stock Incentive.

   

  7.2  Terms and Conditions of Options. Each grant of an Option shall be evidenced by a Stock Incentive Agreement which shall:

   

  (a)       specify whether the Option is an ISO or Non-ISO; and

   

  (b)       incorporate such other terms and conditions as the Board, acting in its absolute discretion, deems consistent with the terms of this
    Plan, including (without limitation) a restriction on the number of Shares subject to the Option which first become exercisable or subject to surrender during any calendar year.

   

  
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  The Board and/or the Company shall have complete discretion, notwithstanding subsection (a) above, to modify the terms and provisions of an Option in
    accordance with Section 13 of this Plan even though such modification may change the Option from an ISO to Non-ISO.

   

  In determining Employee(s) or Key Person(s) to whom an Option shall be granted and the number of Shares to be covered by such Option, the Board
    may take into account the recommendations of the Chief Executive Officer of the Company and its other officers, the duties of the Employee or Key Person, the present and potential contributions of the Employee or Key Person to the success of the
    Company, the anticipated number of years of service remaining before the attainment by the Employee of retirement age, and other factors deemed relevant by the Board, in its sole discretion, in connection with accomplishing the purpose of this Plan. An
    Employee or Key Person who has been granted an Option to purchase Shares, whether under this Plan or otherwise, may be granted one or more additional Options. If the Board grants an ISO and a Non-ISO to an Employee on the same date, the right of the
    Employee to exercise or surrender one such Option shall not be conditioned on his or her failure to exercise or surrender the other such Option.

   

  (a)          Exercise Price. Subject to adjustment in accordance with Section 11 and the other provisions of this Section, the Exercise
    Price shall be as set forth in the applicable Stock Incentive Agreement. With respect to each grant of an ISO to a Participant who is not a Ten Percent Shareholder, the Exercise Price shall not be less than the Fair Market Value on the date the ISO is
    granted. With respect to each grant of an ISO to a Participant who is a Ten Percent Shareholder, a Ten Percent Shareholder shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date the ISO is granted. If a Stock
    Incentive is a Non-ISO, the Exercise Price for each Share shall be no less than the Fair Market Value on the date the Non-ISO is granted.

   

  (b)          Option Term. Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set forth
    in the related Stock Incentive Agreement, but no Stock Incentive Agreement shall:

   

  (i)           make an Option exercisable before the date such Option is granted; or

   

  (ii)          make an Option exercisable after the earlier of:

   

  (A)         the date such Option is exercised in full, or

   

  (B)         the date which is the tenth (10th) anniversary of the date such Option is granted, if such Option is a Non-ISO or an ISO granted to a
    non-Ten Percent Shareholder, or the date which is the fifth (5th) anniversary of the date such Option is granted, if such Option is an ISO granted to a Ten Percent Shareholder.

   

  A Stock Incentive Agreement may provide for the exercise of an Option after the employment of an Employee has terminated for any reason
    whatsoever, including death or disability. The Employee’s rights, if any, upon termination of employment will be set forth in the applicable Stock Incentive Agreement.

   

  
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  (c)          Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number
    of Shares with respect to which the Option is to be exercised accompanied by full payment for the Shares. Payment for shares of Stock purchased pursuant to exercise of an Option shall be made in cash or, unless the Stock Incentive Agreement provides
    otherwise, by delivery to the Company of a number of Shares which have been owned and completely paid for by the holder for at least six (6) months prior to the date of exercise (i.e., “mature shares” for accounting purposes) having an
    aggregate Fair Market Value equal to the amount to be tendered, or a combination thereof. In addition, unless the Stock Incentive Agreement provides otherwise, the Option may be exercised through a brokerage transaction following registration of the
    Company’s equity securities under Section 12 of the Securities Exchange Act of 1934 as permitted under the provisions of Regulation T applicable to cashless exercises promulgated by the Federal Reserve Board. However, notwithstanding the foregoing,
    with respect to any Option recipient who is an Insider, a tender of shares or a cashless exercise must (1) have met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) be a subsequent transaction the terms of
    which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless the Stock Incentive Agreement provides otherwise, the foregoing exercise payment methods shall be
    subsequent transactions approved by the original grant of an Option. Except as provided in subparagraph (f) below, payment shall be made at the time that the Option or any part thereof is exercised, and no Shares shall be issued or delivered upon
    exercise of an Option until full payment has been made by the Participant. The holder of an Option, as such, shall have none of the rights of a stockholder. Notwithstanding the above, and in the sole discretion of the Board, an Option may be exercised
    as to a portion or all (as determined by the Board) of the number of Shares specified in the Stock Incentive Agreement by delivery to the Company of a promissory note, such promissory note to be executed by the Participant and which shall include, with
    such other terms and conditions as the Board shall determine, provisions in a form approved by the Board under which: (i) the balance of the aggregate purchase price shall be payable in equal installments over such period and shall bear interest at
    such rate (which shall not be less than the prime bank loan rate as determined by the Board) as the Board shall approve, and (ii) the Participant shall be personally liable for payment of the unpaid principal balance and all accrued but unpaid
    interest. Other methods of payment may also be used if approved by the Board in its sole and absolute discretion and not prohibited under the Stock Incentive Agreement.

   

  (d)          Conditions to Exercise of an Option. Each Option granted under the Plan shall vest and shall be exercisable at such time or
    times, or upon the occurrence of such event or events, and in such amounts, as the Board shall specify in the Stock Incentive Agreement; provided, however, that subsequent to the grant of an Option, the Board, at any time before complete termination of
    such Option, may accelerate the time or times at which such Option may vest or be exercised in whole or in part. The Board may impose such restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including,
    without limitation, vesting or performance-based restrictions, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or
    state securities laws applicable to such Shares.

   

  (e)          Nontransferability of Options. An Option shall not be transferable or assignable except by will or by the laws of descent and
    distribution and shall be exercisable, during the Participant’s lifetime, only by the Participant; provided, however, that in the event the Participant is incapacitated and unable to exercise his or her Option, such Option may be exercised by such
    Participant’s legal guardian, legal representative, or other representative whom the Board deems appropriate based on applicable facts and circumstances. The determination of incapacity of a Participant and the determination of the appropriate
    representative of the Participant who shall be able to exercise the Option if the Participant is incapacitated shall be determined by the Board in its sole and absolute discretion.

   

  
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  (f)           Special Provisions for Certain Substitute Options. Notwithstanding anything to the contrary in this Section, any Option in
    substitution for a stock option previously issued by another entity, which substitution occurs in connection with a transaction to which Code §424(a) is applicable, may provide for an exercise price computed in accordance with Code §424(a) and the
    regulations thereunder and may contain such other terms and conditions as the Board may prescribe to cause such substitute Option to contain as nearly as possible the same terms and conditions (including the applicable vesting and termination
    provisions) as those contained in the previously issued stock option being replaced thereby.

   

  7.3  Terms and Conditions of Stock Appreciation
      Rights. A Stock Appreciation Right may be granted in connection with all or any portion of a previously or contemporaneously granted Option or not in connection
      with an Option. A Stock Appreciation Right shall entitle the Participant to receive upon exercise or payment the excess of: (I) the Fair Market Value of a specified number of Shares at the time of exercise, over (II) a specified price which shall be
      not less than the Exercise Price for that number of Shares in the case of a Stock Appreciation Right granted in connection with a previously or contemporaneously granted Option, or in the case of any other Stock Appreciation Right not less than one
      hundred percent (100%) of the Fair Market Value of that number of Shares at the time the Stock Appreciation Right was granted. A Stock Appreciation Right granted in connection with an Option may only be exercised to the extent that the related Option
      has not been exercised. The exercise of a Stock Appreciation Right shall result in a pro rata surrender of the related Option to the extent the Stock Appreciation Right has been exercised.

   

  (a)          Payment. Upon exercise or payment of a Stock Appreciation Right, the Company shall pay to the Participant the appreciation in
    cash or Shares (at the aggregate Fair Market Value on the date of payment or exercise) as provided in the Stock Incentive Agreement or, in the absence of such provision, as the Board may determine.

   

  (b)          Conditions to Exercise. Each Stock Appreciation Right granted under the Plan shall be exercisable at such time or times, or
    upon the occurrence of such event or events, and in such amounts, as the Board shall specify in the Stock Incentive Agreement; provided, however, that subsequent to the grant of a Stock Appreciation Right, the Board, at any time before complete
    termination of such Stock Appreciation Right, may accelerate the time or times at which such Stock Appreciation Right may be exercised in whole or in part.

   

  (c)          Nontransferability of Stock Appreciation Rights. Except as otherwise provided in a Participant’s Stock Incentive Agreement,
    no Stock Appreciation Right granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a
    Participant’s Stock Incentive Agreement, all Stock Appreciation Rights granted to a Participant under the Plan shall be exercisable, during the Participant’s lifetime, only by the Participant; provided, however, that in the event the Participant is
    incapacitated and unable to exercise his or her Stock Appreciation Right, such Stock Appreciation Right may be exercised by such Participant’s legal guardian, legal representative, or other representative whom the Board deems appropriate based on
    applicable facts and circumstances. The determination of incapacity of a Participant and the determination of the appropriate representative of the Participant shall be determined by the Board in its sole and absolute discretion.

   

  
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  7.4  Terms and Conditions of Restricted Stock Awards. Shares awarded pursuant to Restricted Stock Awards shall be subject to such restrictions as determined by the Board for periods determined by the Board. Unless the applicable Stock Incentive Agreement
      provides otherwise, holders of Restricted Stock Awards shall be entitled to vote and receive dividends during the periods of restriction to the same extent as holders of unrestricted Common Stock. The Board shall have the power to permit, in its
      discretion, an acceleration of the expiration of the applicable restriction period with respect to any part or all of the Shares awarded to a Participant. The Board may require a cash payment from the Participant in an amount no greater than the
      aggregate Fair Market Value of the Shares awarded determined at the date of grant in exchange for the grant of a Restricted Stock Award or may grant a Restricted Stock Award without the requirement of a cash payment. Each recipient of a Restricted
      Share Award shall be required to execute a signature page to, and agree to be bound by, the Voting Trust. A Restricted Stock Award may be transferred, except as otherwise provided in the Stock Incentive Agreement, as a bona fide gift (i) to his
      spouse or lineal descendant or lineal ascendant, (ii) to a trust for the benefit of one or more individuals described in clause (i), or (iii) to a partnership of which the only partners are one or more individuals described in clause (i), in which
      case the transferee shall be subject to all provisions of the Plan and the Stock Incentive Agreement. In the event of such a gift, the Optionee shall promptly notify the Board of such transfer and deliver to the Board such written documentation as
      the Board may in its discretion request, including, without limitation, the written acknowledgment of the donee that the donee is subject to the provisions of the Plan and the Stock Incentive Agreement.

   

  Section 8.

    Surrender of Options

   

  8.1  General Rule. The Board, acting in its absolute discretion, may incorporate a provision in a Stock Incentive Agreement to allow an Employee or Key Person to surrender his or her Option in whole or in part in lieu of the
      exercise in whole or in part of that Option on any date that:

   

  (a)       the Fair Market Value of the Shares subject to such Option exceeds the Exercise Price for such Shares, and

   

  (b)       the Option to purchase such Shares is otherwise exercisable.

   

  8.2  Procedure. The surrender of an Option in whole or in part shall be effected by the delivery of the Stock Incentive Agreement to the Board, together with a statement signed by the Participant which specifies the
      number of Shares (“Surrendered Shares”) as to which the Participant surrenders his or her Option and how he or she desires payment be made for such Surrendered Shares.

   

  
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  8.3  Payment. A Participant in exchange for his or her Surrendered Shares shall receive a payment in cash or in Shares, or in a combination of cash and Shares, equal in amount on the date such surrender is effected to
      the excess of the Fair Market Value of the Surrendered Shares on such date over the Exercise Price for the Surrendered Shares. The Board, acting in its absolute discretion, can approve or disapprove a Participant’s request for payment in whole or in
      part in cash and can make that payment in cash or in such combination of cash and Shares as the Board deems appropriate. A request for payment only in Shares shall be approved and made in Shares to the extent payment can be made in whole shares of
      Shares and (at the Board’s discretion) in cash in lieu of any fractional Shares.

   

  8.4  Restrictions. Any Stock Incentive Agreement which incorporates a provision to allow a Participant to surrender his or her Option in whole or in part also shall incorporate such additional restrictions on the exercise or
      surrender of such Option as the Board deems necessary to satisfy the conditions to the exemption under Rule 16b-3 (or any successor exemption) to Section 16(b) of the Exchange Act.

   

  Section 9.

    Securities Regulation

   

  Each Stock Incentive Agreement may provide that, upon the receipt of Shares as a result of the surrender or exercise of a Stock Incentive, the
    Participant shall, if so requested by the Company, hold such Shares for investment and not with a view of resale or distribution to the public and, if so requested by the Company, shall deliver to the Company a written statement satisfactory to the
    Company to that effect. Each Stock Incentive Agreement may also provide that, if so requested by the Company, the Participant shall make a written representation to the Company that he or she will not sell or offer to sell any of such Shares unless a
    registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as amended (“1933 Act”), and any applicable state securities law or, unless he or she shall have furnished to the Company an opinion, in form and
    substance satisfactory to the Company, of legal counsel acceptable to the Company, that such registration is not required. Certificates representing the Shares transferred upon the exercise or surrender of a Stock Incentive granted under this Plan may
    at the discretion of the Company bear a legend to the effect that such Shares have not been registered under the 1933 Act or any applicable state securities law and that such Shares may not be sold or offered for sale in the absence of an effective
    registration statement as to such Shares under the 1933 Act and any applicable state securities law or an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that such registration is not required.

   

  Section 10.

    Life of Plan

   

  No Stock Incentive shall be granted under this Plan on or after the earlier of:

   

  (a)          the tenth (10th) anniversary of the effective date of this Plan (as determined under Section 4 of this Plan), in which event this
    Plan otherwise thereafter shall continue in effect until all outstanding Stock Incentives have been surrendered or exercised in full or no longer are exercisable, or

   

  
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  (b)          the date on which all of the Shares reserved under Section 3 of this Plan have (as a result of the surrender or exercise of Stock
    Incentives granted under this Plan) been issued or no longer are available for use under this Plan, in which event this Plan also shall terminate on such date.

   

  Section 11.

    Adjustment

   

  Notwithstanding anything in Section 13 to the contrary, the number of Shares reserved under Section 3 of this Plan, the limit on the number of
    Shares which may be granted during a calendar year to any individual under Section 3 of this Plan, the number of Shares subject to Stock Incentives granted under this Plan, and the Exercise Price of any Options, shall be adjusted by the Board in an
    equitable manner to reflect any change in the capitalization of the Company, including, but not limited to, such changes as stock dividends or stock splits. Furthermore, the Board shall have the right to adjust (in a manner which satisfies the
    requirements of Code §424(a)) the number of Shares reserved under Section 3, and the number of Shares subject to Stock Incentives granted under this Plan, and the Exercise Price of any Options in the event of any corporate transaction described in Code
    §424(a) which provides for the substitution or assumption of such Stock Incentives. If any adjustment under this Section creates a fractional Share or a right to acquire a fractional Share, such fractional Share shall be disregarded, and the number of
    Shares reserved under this Plan and the number subject to any Stock Incentives granted under this Plan shall be the next lower number of Shares, rounding all fractions downward. An adjustment made under this Section by the Board shall be conclusive and
    binding on all affected persons and, further, shall not constitute an increase in the number of Shares reserved under Section 3.

   

  Section 12.

    Change of Control of the Company

   

  To the extent such action does not conflict with any rights of the optionee as set forth in the applicable Stock Incentive Agreement, if a Change
    of Control occurs and the agreements effectuating such Change of Control do not provide for the assumption or substitution of the Stock Incentives granted under this Plan, each Stock Incentive, at the direction and discretion of the Board (i) may be
    deemed to be fully vested and/or exercisable, or (ii) may be canceled unilaterally by the Company in exchange for (a) whole Shares (or, subject to satisfying the conditions of an exemption under Rule 16b-3 or any successor exemption to Section 16(b) of
    the Exchange Act, for the whole Shares and cash in lieu of any fractional Share) which each Participant otherwise would receive if he or she had the right to surrender or exercise his or her outstanding Stock Incentive in full and he or she exercised
    that right exclusively for Shares on a date fixed by the Board which comes before such sale or other corporate transaction, or (b) cash or other property equivalent in value, as determined by the Board in its sole discretion, to the Shares described in
    clause (a) of this sentence; provided, however, the Board may not act to adversely affect the right; provided further, however, that in exercising its rights hereunder, the Board is not obligated to preserve the status of ISOs as “incentive stock
    options” for purposes of Code §424, and may take such actions it deems appropriate even if such actions cause an ISO to become a Non-ISO.

   

  
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  Section 13.

    Amendment or Termination

   

  This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided, however, no such
    amendment shall be made absent the approval of the shareholders of the Company: (a) to increase the number of Shares reserved under Section 3, except as set forth in Section 11, (b) to extend the maximum life of the Plan under Section 10 or the maximum
    exercise period under Section 7, (c) to decrease the minimum Exercise Price under Section 7, or (d) to change the designation of Employees or Key Persons eligible for Stock Incentives under Section 6. The Board also may suspend the granting of Stock
    Incentives under this Plan at any time and may terminate this Plan at any time. The Company shall not have the right to modify, amend or cancel any Stock Incentive after it has been granted before such unless: (I) the Participant consents in writing to
    such modification, amendment or cancellation, or (II) there is a dissolution or liquidation of the Company or a transaction described in Section 11 or Section 12, or (III) the Company would otherwise have the right to make such modification, amendment
    or cancellation by applicable law.

   

  Section 14.

    MISCELLANEOUS

   

  14.1 Shareholder Rights. No Participant shall have any rights as a shareholder of the Company as a result of the grant of a Stock Incentive to him or to her under this Plan or his or her exercise or surrender of
      such Stock Incentive pending the actual delivery of Shares subject to such Stock Incentive to such Participant.

   

  14.2  No Guarantee of Continued Relationship. The grant of a Stock Incentive to a Participant under this Plan shall not constitute a contract of employment and shall not confer on a Participant any rights upon his
      or her termination of employment or relationship with the Company in addition to those rights, if any, expressly set forth in the Stock Incentive Agreement which evidences his or her Stock Incentive.

   

  14.3   Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company as a condition precedent for the fulfillment of any Stock Incentive, an amount
      sufficient to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. Whenever Shares are to be issued or cash paid to a Participant
      upon exercise of an Option, the Company shall have the right to require the Participant to remit to the Company, as a condition of exercise of the Option, an amount sufficient to satisfy federal, state and local withholding tax requirements at the
      time of exercise. However, notwithstanding the foregoing, to the extent that a Participant is an Insider, satisfaction of withholding requirements by having the Company withhold Shares may only be made to the extent that such withholding of Shares
      (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule
      16b-3 promulgated under the Exchange Act. Unless the Stock Incentive Agreement provides otherwise, the withholding of shares to satisfy federal, state and local withholding tax requirements shall be a subsequent transaction approved by the original
      grant of a Stock Incentive. Notwithstanding the foregoing, in no event shall payment of withholding taxes be made by a retention of Shares by the Company unless the Company retains only Shares with a Fair Market Value equal to the minimum amount of
      taxes required to be withheld.

   

  
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  14.4  Notification of Disqualifying Dispositions of
      ISO Options. If a Participant sells or otherwise disposes of any of the Shares acquired pursuant to an Option which is an ISO on or before the later of (1) the
      date two (2) years after the date of grant of such Option, or (2) the date one (1) year after the exercise of such Option, then the Participant shall immediately notify the Company in writing of such sale or disposition and shall cooperate with the
      Company in providing sufficient information to the Company for the Company to properly report such sale or disposition to the Internal Revenue Service. Participant acknowledges that the Company may condition the exercise of any Option which is an ISO
      on the Participant’s express written agreement with these provisions of this Plan.

   

  14.5  Transfer. The transfer of an Employee between or among the Company, a Subsidiary or a Parent shall not be treated as a termination of his or her employment under this Plan.

   

  14.6  Construction. This Plan shall be construed under the laws of the State of Delaware.

   

  14.7  Compliance with Section 409A. It is the intent of the Company that this Plan comply with the requirements of Section 409A with respect to any Stock Incentive that constitutes non-qualified deferred
      compensation under Section 409A, and the Company intends to operate the Plan in compliance with Section 409A. If the Board or the Committee grants any Stock Incentive or takes any other action that would, either immediately or upon vesting or payment
      of the Stock Incentive, inadvertently result in the imposition of a penalty on a Participant under Section 409A, then the Company, in its discretion, may, to the maximum extent permitted by law, unilaterally rescind ab initio, sever, amend or otherwise modify the grant or action (or any provision of the Stock Incentive) in such manner necessary for the penalty to be inapplicable or reduced.

   

  
    14 

    
      
 

  

  
  2010 DECLARATION OF AMENDMENT TO THE

      FEMASYS INC.

      AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN

   

  THIS 2010 DECLARATION OF AMENDMENT, is made effective as of the 29th
    day of January, 2010, by FEMASYS INC. (the “Company”), to the Company’s Amended and Restated 2004 Stock Incentive Plan (the “Plan”).

   

  R E C I T A L S:

   

  WHEREAS, pursuant to Section 13 of the Plan, the Board of Directors of the Company (the “Board of Directors”) has the authority to amend the Plan,
    subject to approval by the stockholders of the Company in certain circumstances;

   

  WHEREAS, as a result of the growth of the Company in recent years and the projected growth in the near future, the Board of Directors has deemed
    it advisable to amend the Plan to increase the number of shares of the Company’s common stock reserved under the Plan;

   

  WHEREAS, the Board of Directors and the stockholders of the Company have approved the amendment set forth herein respectively; and

   

  WHEREAS, the Company desires to evidence such amendment by this 2010 Declaration of Amendment.

   

  NOW, THEREFORE, IT IS DECLARED that, effective as of January 29, 2010, the Plan shall be and hereby is amended as follows:

   

  1.        Amendment. Section 3 (“Shares Subject to Stock Incentives”) shall be deleted in its entirety and replaced with the following:

   

  “The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed One Million Five
    Hundred Thousand (1,500,000), as adjusted pursuant to Section 11. Such Shares shall be reserved, to the extent that the Company deems appropriate, from authorized but unissued Shares, and from Shares which have been reacquired by the Company.
    Furthermore, any Shares subject to a Stock Incentive which remain after the cancellation, expiration or exchange of such Stock Incentive thereafter shall again become available for use under this Plan, but any Surrendered Shares which remain after the
    surrender of an ISO or a Non-ISO under Section 8 shall not again become available for use under this Plan. Notwithstanding anything herein to the contrary, no Participant may be granted Options or Stock Appreciation Rights covering an aggregate number
    of Shares in excess of Five Hundred Thousand (500,000) in any calendar year.”

   

  2.        Continued Effect. Except as set forth herein, the Plan shall be unchanged and shall remain in full force and effect.

   

  

  
    1 

    
      
 

  

   

  IN WITNESS WHEREOF, this 2010 Declaration of Amendment is executed on behalf of FEMASYS INC. effective as of the day and year first above written.

   

  	
           

        	
           

        	
          FEMASYS INC.

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
          /s/ Kathy Lee-Sepsick

        
	
           

        	
           

        	
          Kathy Lee-Sepsick, President and CEO

        

   

  	
          ATTEST:

        	
           

        
	
           

        	
           

        
	
           

        	
           

        
	
          /s/ Daniel S. Currie

        	
           

        
	
          Daniel S. Currie, Secretary

        	
           

        
	
           

        	
           

        
	
          [Corporate Seal]

        	
           

        

   

  

   2

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