Document:

EX-10.24

 Exhibit 10.24 

CONFIDENTIALITY AND NON-DISCLOSURE AGREEMENT 

This agreement, made as of January 28, 2014 (the “Effective date”), between Vapotherm, Inc. (“Vapotherm”), a
corporation located at 22 Industrial Drive, Exeter, NH 03833 and organized under the laws of Delaware, and John Coolidge, located at xxx (the “Receiving Party”). 

WHEREAS Vapotherm is in the business of developing medical device technology (the “Technology”), and Vapotherm wishes to preserve
the secrecy of that Technology. 
 WHEREAS Vapotherm desires to provide Confidential Information to Receiving Party for the specific
purposes identified herein, and Receiving Party desires to obtain and evaluate such Confidential Information from Vapotherm for the specific purposes identified herein. 

NOW THEREFORE, in consideration of mutual covenants and mutual promises set forth herein, the parties hereto agree as follows: 

 

	1.	 Definition. “Confidential Information” shall, mean all intellectual property, business plans,
financial records and strategies, marketing plans, contacts, trade secrets, information, materials, documentation and software, as well as copies of all such materials made thereof as authorized by this Agreement, including written, oral, or verbal
disclosures. “Confidential Information” shall not include: 

  

	 	a.	 Information that was in the public domain, in its entirety in a unified form, at the time of disclosure to
Receiving Party by Vapotherm; 

  

	 	b.	 Information known to Receiving Party prior to its disclosure by Vapotherm, such prior knowledge to be
demonstrated by Receiving Party’s records prepared before the date the Confidential Information is disclosed by Vapotherm; 

  

	 	c.	 Information that becomes part of the public domain after the date of disclosure by Vapotherm through no fault
of Receiving Party; 

  

	 	d.	 Information that is disclosed by a third party to Receiving Party after the date of disclosure by Vapotherm,
where the third party did not require Receiving Party to hold such information in confidence and did not acquire such information directly or indirectly from Vapotherm. 

 

	2.	 Purpose. Vapotherm agrees to disclose the Confidential Information only for the following specific
purpose (‘Permitted Purpose”): 

________________________________________________________________________________________________ 

________________________________________________________________________________________________ 

	3.	 Nondisclosure. The Receiving Party agrees that, in consideration of access to the Confidential
Information, it shall hold such Confidential Information in strict confidence and shall take all measures necessary to prevent the Confidential Information from falling into the public domain or into the possession of the persons not bound to this
Agreement. The Receiving Party further agrees: 

  

	 	a.	 To use Confidential Information for the Permitted Purpose; 

 

	 	b.	 Not to disclose Confidential Information to any other entity, except as expressly authorized in writing by
Vapotherm; 

  

	 	c.	 Not to use Confidential Information in such a way as to hinder, interfere with, or in any way circumvent
Vapotherm’s interest in the Technology, or consulting or business relations between and among Vapotherm and third parties; 

  

	 	d.	 Not to copy Confidential Information in whole or in part, without the express written permission of Vapotherm;

  

	 	e.	 To return Confidential Information, including all copies and records thereof, to Vapotherm, at the Receiving
Party’s expense, within five (5) business days after: (i) receipt of a written request from Vapotherm; (ii) a decision by Receiving Party not to enter into any consulting relationship with Vapotherm; or, (iii) within thirty
(30) days following the termination of this Agreement. 

  

	4.	 Receiving Party’s Procedures. Receiving Party shall disclose Confidential Information only to those
of its employees, agents and independent contractors who have a need to know such information for the Permitted Purpose. Receiving Party shall require all employees, agents and independent contractors who have access to Confidential Information to
execute a confidentiality agreement limiting their use of such information to the Permitted Purpose and prohibiting them from disclosing such information to third parties. 

 

	5.	 Injunctive Relief. Because of the unique nature of the Confidential information, the Receiving Party
understands and agrees that Vapotherm will suffer irreparable harm in the event that any party hereto fails to comply with any of the terms of the Agreement, and monetary damages may be inadequate to compensate such breach. Accordingly, the
Receiving Party agrees that Vapotherm will, in addition to any other remedies available to it at law or in equity, be entitled to injunctive relief to enforce the terms of this Agreement. 

 

	6.	 Misuse of Confidential Information. The Receiving Party shall promptly advise Vapotherm, in writing, of
any misappropriation or misuse of the Confidential Information, by any entity, which may come to its attention. 

  

	7.	 Inventions. Inventions means all discoveries, improvements, modifications and enhancements relating to
the Technology that are conceived, developed or reduced to practice by Receiving Party during die Term, either solely or jointly with others: (i) during the course of or as a result of performing the Permitted Purpose, or (ii) that
are 

  
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related to or attributable to Vapotherm’s products, or later modifications thereof, whether patentable or not, and all Intellectual Property rights therein. All Inventions will be
immediately reported to Vapotherm and shall be the exclusive property of Vapotherm. The Receiving Party will perform, at Vapotherm’s request and expense, any act which it can reasonably perform that Vapotherm deems necessary to vest title to
such inventions and ideas in Vapotherm and to execute any and all patent applications in connection therewith. 

  

	8.	 Government Order. In the event that the Receiving Party is ordered to disclose the Confidential
Information pursuant to a judicial or governmental request, requirement or order, Receiving Party shall immediately notify Vapotherm and take reasonable steps to assist Vapotherm in contesting such request, requirement or order or otherwise
protecting Vapotherm’s rights. 

  

	9.	 Compliance With Export Restrictions. The Receiving Party will not export, directly or indirectly, any
technical data acquired from Vapotherm under this Agreement or any product utilizing any such data to any country for which the U.S. Government or any agency thereof at the time of export requires an export license or other governmental approval
without first obtaining such license or approval. 

  

	10.	 No Warranties. The Receiving Party acknowledges that Confidential Information may still be under
development, or may be incomplete, and that such information may relate to products that are under development or are planned for development. VAPOTHERM MAKES NO WARRANTIES REGARDING THE ACCURACY OF THIS CONFIDENTIAL INFORMATION. Vapotherm accepts
no responsibility for any expenses, losses or action incurred or undertaken by Receiving Party as a result of Receiving Party’s receipt or use of Confidential Information. VAPOTHERM MAKES NO WARRANTIES OR REPRESENTATIONS THAT IT WILL INTRODUCE
ANY PRODUCT RELATING TO CONFIDENTIAL INFORMATION. 

  

	11.	 Survival. The restrictions and obligations of this Agreement shall continue and shall survive the
termination of the Purpose of the disclosure for a period of five (5) years. 

  

	12.	 Interpretation; Venue. This Agreement shall be interpreted and enforced in accordance with the laws of
the State of Delaware, without reference to its choice of law provisions. The parties agree that any legal action or proceedings brought by or against them with respect to this Agreement shall be brought in the state or federal courts located in
Delaware, USA and, by execution and delivery hereof, the parties hereby irrevocably submit to each such jurisdiction and hereby irrevocably waive any and all objections which they may have with respect to venue in any of the above courts.

  

	13.	 Division/Separation. This Agreement is divisible and separable so that if any provision(s) hereof shall
be held to be invalid, such holdings shall not impair enforcement or validity of the remaining provisions hereof. If any provision is held to be too broad to be enforced, such provision shall be construed to create an obligation to the full extent
allowable by law. 

  
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	14.	 Entire Understanding. This Agreement constitutes the entire understanding of the parties with respect to
the specific subject matter of this Agreement and supersedes and replaces any and all prior understandings, arrangements and/or agreements, whether written or oral, relating to the Technology. 

 

	15.	 Waiver. Waiver of any breach of this Agreement shall not be construed as a waiver of the underlying
obligations of this Agreement. 

  

	16.	 Right in Confidential Information. No license or other right is created or granted hereby, except the
specific right to receive the Confidential Information and evaluate it as set forth herein, nor shall any license or any other right with respect to the subject matter hereof be created or granted except by written agreement signed by the duly
authorized representative of each of the parties hereto. 

  

	17.	 Modification. No addition to, deletion from, or modification of the provisions of this Agreement shall
be permitted or shall be binding upon a party hereto unless made in writing and signed by each party. 

  

	18.	 Assignment. The rights and obligations herein shall bind the parties, their legal representatives,
successors, heirs, and assigns. 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement on the date first above
written. 
  

									
	RECEIVING PARTY:	 		 	VAPOTHERM, INC.:

									
					
	Signed:	 	 /s/ John Coolidge
	 		 	Signed:	 	 /s/ John
Landry

									
					
	 Name:
	 	John Coolidge	 		 	 Name:
	 	John Landry

									
					
	 Title:
	 	Consultant	 		 	 Title:
	 	VP + CFO

									
					
	 Email
	 	xxx@xxx.com	 		 	   Email:
	 	jlandry@vtherm.com

							
				
	Address:	  	xxx	 		 	  Address:            22 Industrial Drive
				
		  	xxx	 		 	                            Exeter, NH 03833
				
		  	xxx	 		 	                            603.658.0411

									
					
	Phone:	 	            xxx-xxx-xxxx	 		 		 	
					
	 Date:
	 	            Jan 28th 2014	 		 	 Date:
	 	 1/28/14

  
 -4-EX-10.25

 Exhibit 10.25 

CONFIDENTIALITY, NON-COMPETE AND 

ASSIGNMENT OF INVENTIONS AGREEMENT 

This CONFIDENTIALITY, NON-COMPETE AND ASSIGNMENT OF INVENTIONS AGREEMENT (“Agreement’’)
is dated as of the ____ day of __________, 20__, by and between __________ (the “Employee”) and Vapotherm, Inc., a Maryland corporation. 

In exchange for being retained as a Employee to perform services for the Company (hereinafter referred to as the “engagement”) by
Vapotherm, Inc. (the “Company”). Employee hereby agrees effective as of _________, ____ as follows: 
 1. Assignment of
Inventions. Without further compensation, Employee hereby agrees promptly to disclose to the Company, and Employee hereby assigns and agrees to assign to the Company or its designee, Employee’s entire right, title, and interest in and to
all Inventions (as defined herein) which: (a) pertain to any line of business activity of the Company, (b) are aided by the use of time, equipment, supplies, materials, facilities, services, or trade secrets of the Company, or
(c) relate to any of Employee’s work during engagement. Employee hereby waives and quitclaims to the Company any and all claims of any nature whatsoever that Employee now or hereafter may have for infringement for any Inventions so
assigned to the Company. If in the course of engagement, Employee uses in or incorporates into or permits the Company to use in or incorporate into a released or unreleased Company product, program, process, or machine, an invention owned by
Employee or in which Employee has an interest, the Company is hereby granted and shall have an exclusive royalty-free, irrevocable, worldwide license to make, have made, use, and sell that invention without restriction as to the extent of
Employee’s ownership or interest. No rights are hereby conveyed in Inventions, if any, made by Employee prior to engagement which are identified on Schedule A hereto or in Inventions to which the Company enjoys no claim under applicable law.

 2. Obtaining and Enforcing Inventions. Employee agrees to perform, at Company expense, during and after engagement, all acts
deemed necessary or desirable by the Company to permit and assist Company, in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Inventions hereby assigned to the Company. If Employee does not
cooperate fully in signing documents, Employee hereby authorizes Company to execute on Employee’s behalf as Employee’s attorney in fact for the limited purpose of perfecting Company’s rights in such Inventions, as if Employee had
signed the same myself, any and all documents which are reasonably necessary to perfect Company’s rights in such Inventions. 
 3.
Additional Covenants of Employee: Employee agrees as follows: 
 (a) Non-Disclosure. To
hold in confidence and not directly or indirectly to use or disclose, either during or after termination of engagement, any Confidential Information (as defined herein) Employee obtains or creates during engagement, except to the extent authorized
by the Company. Employee further agrees to not disclose any Confidential Information to anyone inside the Company except on a “need-to-know” basis. Employee
agrees not to make copies of such Confidential Information except as authorized by the Company. Upon termination of engagement or upon an earlier request of the Company, Employee will return or deliver to the Company all tangible forms of such
Confidential Information in Employee’s possession or control. 

 (b) Non-Solicitation of Employees. That
during the period of engagement and for a period of one year thereafter, Employee will not solicit or encourage any employee of the Company to terminate his or her employment with the Company or to accept employment with any subsequent employer with
whom Employee is affiliated in any way. 
 (c) Non-Competition. That during the period of
engagement and for a period of one year thereafter, Employee will not accept another engagement or engage in activities directly or indirectly competitive with products (including actual or demonstrably anticipated research or development) on which
Employee worked or about which Employee learned proprietary or confidential or trade secret information during engagement. Employee shall not use at any time during the period of engagement or for any time afterwards, any proprietary or confidential
or trade secret information which Employee learned during engagement, in a manner which would be injurious to Company. 
 4. Inventions
and Confidential Information. As used in this Agreement, the term “Inventions” includes, without limitation, electronic designs, hardware and software creations, discoveries, formulae, processes, manufacturing techniques, trade
secrets, inventions, improvements, concepts, techniques, methods, systems, designs, circuits, cost data, computer programs, development or experimental work, work in progress, ideas and copyrightable or patentable works, including all rights to
obtain, register, perfect and enforce these proprietary interests. The term “Confidential Information” means (a) information pertaining to any aspect of the Company’s business which is not known by actual or potential
competitors of the Company or (b) proprietary information of the Company or its customers or suppliers, whether of a technical nature or otherwise, which the Company (or its suppliers or vendors) takes reasonable measures to protect against
unauthorized disclosure to or use by third parties, including, without limitation, technical, financial, marketing, manufacturing, or distribution information, customer or client lists and names; addresses and phone numbers of Company’s
customers, clients, and employees; or other technical or business information or trade secrets of the Company. 
 5. Equitable Relief.
Employee acknowledges that any violation of this Agreement by Employee will cause irreparable injury to the Company, and the Company shall be entitled to extraordinary relief in court. Employee agrees that if court proceedings are required to
enforce any provision of this Agreement, the prevailing party shall be entitled to an award of reasonable and necessary expenses of litigation. 

6. Modifications. This Agreement may be amended, modified and supplemented only by written agreement of the parties hereto. 

7. No Waiver. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. 

  
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 8. Validity. In the event that any provision hereof would, under applicable law, be
invalid or unenforceable, such provision shall, to the extent permitted under applicable law, be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent possible under applicable law. The provisions of this
Agreement are severable, and in the event that any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

9. Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company. The Company may
assign its rights under this Agreement in connection with any sale, transfer of other disposition of all or a substantial portion of the stock or assets of the Company. Employee may not assign Employee’s duties or obligations hereunder. 

10. Miscellaneous. This Agreement and the rights and obligations of the parties relating to the subject matter of this Agreement, shall
be governed by and construed in accordance with the internal laws of the State of Maryland, without regard to the principles of conflicts of laws thereof. This Agreement constitutes the entire agreement among the parties with respect to the subject
matter hereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same agreement. The descriptive headings herein are inserted for convenience of reference only. 

  
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 IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as of the
date and year first above written. 
  

			
	Vapotherm, Inc.
		
	By:	 	 
		 	Name:
		 	Title: President
	
	 EMPLOYEE

	
	 
	 [Name]

 EMPLOYEE HEREBY CERTIFIES AND ACKNOWLEDGES THAT EMPLOYEE HAS CAREFULLY READ ALL OF THE PROVISIONS OF THIS AGREEMENT AND
THAT EMPLOYEE UNDERSTANDS AND WILL FULLY AND FAITHFULLY COMPLIES WITH SUCH PROVISIONS. 
  

	
	EMPLOYEE
	
	   

	[Name]

 Schedule A 

The following “Inventions,’’ as that term is defined in the Agreement to which this Attachment affixed, if any, are claimed by Employee:

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