Document:

Exhibit 4.13

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND
UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER,
SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

Company: Orchestra BioMed, Inc., a Delaware corporation

Number of Shares: As set forth in Paragraph A below

Type/Series of Stock: Common Stock, $0.0001 par value per share

Warrant Price: $0.62 per Share, subject to adjustment

Issue Date: December 10, 2019

Expiration Date: December 9, 2029 See also Section
5.1(b).

Credit Facility: This Warrant to
Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date
herewith among Silicon Valley Bank, the Company, Backbeat Medical, Inc. and Caliber Therapeutics, Inc. (as amended and/or modified and
in effect from time to time, the “Loan Agreement”).

 

THIS WARRANT CERTIFIES THAT,
for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant
or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase up to the number of fully paid
and non-assessable shares of the above-stated Type/Series of Stock (the “Class”) of the above-named company
(the “Company”) determined pursuant to Paragraph A below, at the above-stated Warrant Price, all as set forth
above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in
this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company,
SVB Financial Group.

 

 A. Number of Shares. Upon the
making (if any) of each Growth Capital Advance (as defined in the Loan Agreement) to Borrower (as defined in the Loan Agreement), this
Warrant automatically shall become exercisable for such number of shares of the Class (cumulatively and collectively, and as may be adjusted
from time to time in accordance with the provisions of this Warrant, the “Shares”) as shall equal (i)(a) 0.02,
multiplied by (b) the amount of such Growth Capital Advance, divided by (ii) the Warrant Price in effect on and as of the date of such
Growth Capital Advance, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant.

 

SECTION 1. EXERCISE.

 

1.1 Method
of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company
the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix
1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of
same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant
Price for the Shares being purchased.

 

     

     

    

 

1.2 Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section
1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of
this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number
of fully paid and non-assessable Shares as are computed using the following formula:

 

		X =	 Y(A-B)/A

 

where:

 

		X =	 the number of Shares to be issued to the Holder;

 

		Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered
to the Company in payment of the aggregate Warrant Price);

 

		A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

 

		B =	the Warrant Price.

 

1.3 Fair
Market Value. If shares of the Class are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing
price or last sale price of a share of the Class reported for the Business Day immediately before the date on which Holder delivers this
Warrant together with its Notice of Exercise to the Company. If shares of the Class are not then traded in a Trading Market, the Board
of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4 Delivery
of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1
or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this
Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.

 

1.5 Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount
to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within
a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6 Treatment
of Warrant Upon Acquisition of Company.

 

(a) Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving:
(i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change
the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such
immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or
successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company
stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after
such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer
by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting
power.

 

    2

     

    

 

(b) Treatment
of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders
consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater
than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant
pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2
above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection
with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the
Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued
upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3
above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire
immediately prior to the consummation of such Cash/Public Acquisition.

 

(c)  Upon
the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume the obligations
of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid
for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing
of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

 

(d)  As
used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i)
the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information
under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder
in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading
Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s
shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or
prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT
PRICE.

 

2.1 Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable
in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant, for each Share
acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would
have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the
outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder
shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are
combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately
increased and the number of Shares shall be proportionately decreased.

 

    3

     

    

 

2.2 Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged,
combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the
consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would
have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter
from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

 

2.3 No
Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall
be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall
eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the
fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.

 

2.4 Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense,
shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares
and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate
of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect
upon the date of such adjustment.

 

SECTION 3. REPRESENTATIONS AND COVENANTS OF
THE COMPANY.

 

3.1 Representations
and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a) The
initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of a share of the Class as
determined by the most recently completed valuation, approved or accepted by the Company’s Board of Directors, of a share of the
Class for purposes of the Company’s compliance with Section 409A of the Internal Revenue Code of 1986, as amended (or the corresponding
section of any successor statute) (a “409A Valuation”).

 

(b) All
Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and
non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal
and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized
and unissued capital stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full
of this Warrant.

 

(c) The
Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue
Date.

 

    4

     

    

 

3.2 Notice
of Certain Events. If the Company proposes at any time to:

 

(a) declare any dividend
or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities and whether or not a regular
cash dividend;

 

(b) offer for subscription
or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series of the Company’s
stock (other than pursuant to contractual pre-emptive rights);

 

(c) effect any reclassification,
exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class;

 

(d) effect an Acquisition
or to liquidate, dissolve or wind up; or

 

(e) effect its initial,
underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the Act (the “IPO”);

 

then, in connection with each such event, the
Company shall give Holder:

 

(1) in the case of
the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective
date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date
on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any;

 

(2) in the case of
the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take
place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the
securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require
regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

 

(3) with respect
to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file its registration
statement in connection therewith.

 

The Company will also provide information requested
by Holder from time to time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply
with Holder’s accounting or reporting requirements. Prior to the IPO, such information may include, but shall not be limited to,
the Company’s then-current summary capitalization table, the price per share for which the Company most recently prior thereto sold
or issued shares of its convertible preferred stock to investors for cash in a bona fide equity financing of the Company, and the Company’s
most recent 409A Valuation. Holder agrees to treat and hold all information provided by the Company pursuant to this Warrant in confidence
in accordance with the provisions of Section 12.9 of the Loan Agreement (regardless of whether the Loan Agreement shall then be in effect).

 

    5

     

    

 

SECTION 4. REPRESENTATIONS, WARRANTIES OF THE
HOLDER.

 

The Holder represents and warrants to the Company
as follows:

 

 4.1 Purchase for Own Account. This
Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account,
not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents
that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

 4.2 Disclosure of Information. Holder
is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information
it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its
underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms
and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to
Holder or to which Holder has access.

 

 4.3 Investment Experience. Holder
understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor
in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment
in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable
of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or
business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables
Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

 4.4 Accredited Investor Status.
Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

 4.5 The Act. Holder understands
that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed
herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently
registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification
are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6 No
Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

SECTION 5. MISCELLANEOUS.

 

5.1 Term;
Automatic Cashless Exercise Upon Expiration.

 

(a)  Term.
Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or
before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

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(b) Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as determined
in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically
be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares for which it shall not previously
have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares issued upon such
exercise to Holder.

 

 5.2 Legends. Each certificate
evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED DECEMBER
10, 2019, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION
OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3 Compliance
with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be transferred or assigned
in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including,
without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group
(Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel
if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

5.4 Transfer
Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to
its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the
representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant
as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial
Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee,
provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of
the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee
and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further,
that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms
and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without
the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof,
to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct
competitor.

 

    7

     

    

 

5.5 Notices.
All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective
(i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail,
postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient,
or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to
time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives
notice of a change of address in connection with a transfer or otherwise:

 

SVB Financial Group

Attn: Treasury Department

[Omitted pursuant to Item 601(a)(6)]

Telephone: [Omitted pursuant to Item 601(a)(6)]

Facsimile: [Omitted pursuant to Item 601(a)(6)]

Email address: [Omitted pursuant to
Item 601(a)(6)]

 

Notice to the Company shall
be addressed as follows until Holder receives notice of a change in address:

 

Orchestra BioMed, Inc.

Attn: Chief Executive Officer

405 Lexington Avenue, Floor
26

New York, NY 10174

Telephone: [Omitted pursuant
to Item 601(a)(6)]

Email: [Omitted pursuant to Item 601(a)(6)]

 

With a copy (which shall not constitute
notice) to:

 

Paul Hastings LLP

Attn: Samuel A. Waxman

200 Park Avenue

New York, NY 10166

Telephone: [Omitted pursuant
to Item 601(a)(6)]

Email: [Omitted pursuant to Item 601(a)(6)]

 

5.6 Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either
retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver,
discharge or termination is sought.

 

5.7 Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

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5.8 Counterparts;
Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and the
same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature
page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9 Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to
its principles regarding conflicts of law.

 

5.10 Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

 

5.11 Business
Days. “Business Day” is any day that is not a Saturday,
Sunday or a day on which Silicon Valley Bank is closed.

 

[Remainder of page left blank intentionally]

[Signature page follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 
	ORCHESTRA BIOMED, INC.	 
	 	 
	By:	 /s/ David Hochman	 
	Name: 	 David Hochman	 
		(Print)	 
	Title:	Chief Executive Officer	 
	 	 
	“HOLDER”	 
	 	 
	SILICON VALLEY BANK	 
	 	 
	By:	/s/ Sam Subilia	 
	Name:	Sam Subilia	 
	 	(Print)	 
	Title:	 Director	 

 

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APPENDIX 1

 

NOTICE OF EXERCISE

 

1. The
undersigned Holder hereby exercises its right to purchase ___________ shares of the Common/Series ______ Preferred [circle one] Stock
of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders
payment of the aggregate Warrant Price for such shares as follows:

 

		[    ]	 check in the amount of $________ payable to order of the
Company enclosed herewith

 

		[    ]	 Wire transfer of immediately available funds to the Company’s
account

 

		[    ]	Cashless Exercise pursuant to Section 1.2 of the Warrant

 

		[    ]	Other [Describe] __________________________________________

 

2. Please
issue a certificate or certificates representing the Shares in the name specified below:

___________________________________________

Holder’s Name

 

___________________________________________

 

___________________________________________

(Address)

 

3. By its execution below
and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase
Stock as of the date hereof.

 

	 	HOLDER:
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	(Date):	

 

     

     

    

 

SCHEDULE 1

 

Company Capitalization Table

 

See attachedExhibit
10.19

 

Orchestra
BioMed, Inc.

2018
Stock Incentive Plan

————————————————

Plan
Document

————————————————

Adopted by the Board of Directors: [•], [Year of Plan Adoption]

Adopted by the Stockholders: [•], [Year of Plan Adoption]
 

		1.	General.

 

(a)
Purpose. Orchestra BioMed, Inc. hereby establishes this 2018 Stock Incentive Plan. This Plan is intended (i) to attract and retain
the best available personnel to ensure the Company’s success and accomplish the Company’s goals; (ii) to incentivize Employees,
Directors, and Consultants with long-term, equity-based compensation to align their interests with the interests of the Company’s
stockholders; and (iii) to promote the success of the Company’s business.

 

(b)
Eligible Award Recipients. Employees, Consultants, Directors, or individuals or Persons to whom an offer of a service relationship
as an Employee, Consultant, or Director has been or is being extended (together, “Eligible Persons”) may receive Awards
of Options, Restricted and Unrestricted Shares, and RSUs, subject to the terms of this Plan.

 

(c)
Definitions. Capitalized terms in this Plan are defined in Section 22.

 

(d)
Effective Date. This Plan shall become effective on the date it is approved by a majority of votes cast at a duly held meeting
of the Company’s stockholders (or by such other stockholder vote that the Committee determines to be sufficient for the issuance
of Shares and Awards according to the Company’s governing documents and Applicable Law).

 

(e)
Effect on Other Plans, Awards, and Arrangements. No payment pursuant to this Plan shall be taken into account in determining any
benefits under any Company or any Affiliate benefit plan, except to the extent otherwise expressly provided in writing in such other
plan.

 

		2.	Shares
                                            Available for Awards.

 

(a)
Share Reserve; In General. A total of [16.6% of fully diluted] Shares may be issued under this Plan, subject to Section 9
below; provided, however, that upon the first subsequent equity offering after the Effective Date resulting in proceeds to the Company
of at least $16,000,000, the number of Shares that may be issued under this Plan (accounting for previously issued Awards) shall, upon
the closing of such equity offering, automatically be increased to 16.6% of the fully diluted Shares, subject to Section 9 below
(such Shares, collectively, the “Share Reserve”). The Shares deliverable pursuant to Awards shall be authorized but
unissued or reacquired Shares, including Shares that the Company repurchased on the open market or otherwise, or that the Company otherwise
holds in treasury or trust.

 

(b)
Replenishment; Counting of Shares. Any Shares reserved for a given Award will again be available for future Awards if the Shares
for any reason will never be issued to a Participant or Beneficiary (e.g., due to the Award’s forfeiture, cancellation,
or expiration, or pursuant to an Award providing for settlement solely in cash rather than in Shares). Furthermore, (i) Shares withheld
in connection with any exercise price or Withholding Taxes relating to an Award shall not constitute shares delivered to the Participant
and shall again be available for Awards under the Plan, and (ii) Shares tendered by a Participant in satisfaction of Withholding Taxes
or payment of exercise price shall be available for future Awards under the Plan.

 

(c)
ISO Share Reserve. The number of Shares that are available for ISO Awards shall not exceed [16.6% of fully diluted] Shares (as
adjusted under Section 9, and to the full extent allowable under Treas. Reg. § 1.422-2(b)(3)(iii) as in effect on the Effective
Date).

 

		3.	Eligibility.

 

(a)
General Rule. The Committee shall determine which Eligible Persons may receive Awards. Each Award shall be evidenced by an Award
Agreement that: sets forth the Grant Date and all other terms and conditions of the Award; is signed on behalf of the Company; and (unless
waived by the Committee) is signed by the Eligible Person in acceptance of the Award. The grant of an Award shall not obligate the Company
or any Affiliate to continue the employment or service of any Eligible Person, or to provide any future Awards or other remuneration
at any time thereafter.

 

     

     

    

 

(b)
Consultants. A Consultant is eligible for an Award only if, at grant, the offer and/or sale of Company securities to the Consultant
is exempt under Rule 701 or satisfies another exemption under the Securities Act of 1933, as amended, and complies with all other Applicable
Law.

 

		4.	Stock
                                            Options.

 

(a)
Grants. For U.S. Taxpayers, Options only may be granted if the Eligible Person is providing services to the Company or any of
its subsidiaries such as to qualify the Company as an eligible issuer of service recipient stock within the meaning of Code Section 409A
unless the Award is an ISO. Subject to the special rules for ISOs set forth in Section 4(b) below, the Committee may grant Options
to Eligible Persons pursuant to Award Agreements setting forth the type of Option (ISO or Non-ISO) and terms and conditions for exercisability,
vesting, and other requirements consistent with this Plan, as the Committee deems appropriate, and that may differ for any reason between
Eligible Persons, provided in all instances that, for U.S. Taxpayers:

 

		(i)	the
                                            exercise price of each Option shall be at least 100% of the Fair Market Value of the underlying
                                            Shares on the Grant Date (except the exercise price may be lower than 100% of such Fair Market
                                            Value if the Award replaces a previously issued Option or the Award is designated as a “Section
                                            409A Award” and has a fixed exercise date or otherwise designed to comply with
                                            Code Section 409A); and

 

		(ii)	no
                                            Option can be exercised beyond 10 years after its Grant Date (or any such shorter period
                                            specified in the Award Agreement).

 

(b)
Special ISO Provisions. The following provisions control any ISO grants:

 

		(i)	Eligibility.
                                            The Committee may grant ISOs only to Employees (including officers who are Employees) of
                                            the Company or an Affiliate that is a “parent corporation” or “subsidiary
                                            corporation” within the meaning of Code Section 424.

 

		(ii)	Documentation.
                                            Each Option intended to be an ISO must be specifically designated as an ISO in the Award
                                            Agreement; provided that any Option designated as an ISO will be a Non-ISO
                                            to the extent the Option does not meet the requirements of Code Section 422 or the provisions
                                            of this Section 4(b). In the case of an ISO, the Committee shall determine on the
                                            Grant Date the acceptable methods of paying the exercise price for Shares, and it shall be
                                            included in the Award Agreement.

 

		(iii)	$100,000
                                            Limit. To the extent that the aggregate Fair Market Value (determined at the Grant Date)
                                            of Shares with respect to which ISOs are exercisable for the first time by a Participant
                                            during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000
                                            (or other limit established in the Code), the excess Options or part thereof shall be treated
                                            as Non-ISOs (starting with the most recently granted Options), notwithstanding anything to
                                            the contrary in an Award Agreement. If the limitations of Code Section 422 are amended, the
                                            limitations of this subsection automatically shall be adjusted accordingly.

 

		(iv)	Grants
                                            to Ten Percent Holders. An ISO may be granted to an Employee who on the Grant Date owns
                                            (within the meaning of Code Section 422) stock representing more than 10% of the combined
                                            voting power of all classes of stock of the Company only if (A) the term of the ISO is no
                                            more than five years from the Grant Date, and (B) the exercise price is at least 110% of
                                            the Fair Market Value of the underlying Shares on the Grant Date. If the limitations in Code
                                            Section 422 are amended, the limitations of this subsection automatically shall be adjusted
                                            accordingly.

 

    2

     

    

 

		(v)	Substitution
                                            of Options. If the Company or an Affiliate acquires (whether by purchase, merger, or
                                            otherwise) all or substantially all outstanding capital stock or assets of another corporation,
                                            or in the event of any reorganization or other transaction qualifying under Code Section
                                            424, the Committee may, in accordance with the provisions of that Code Section, substitute
                                            ISOs for ISOs previously granted under the plan of the acquired company or its affiliate,
                                            provided (A) the excess of the aggregate Fair Market Value of the Shares subject
                                            to an ISO immediately after the substitution over the aggregate exercise price of such shares
                                            is not more than the similar excess immediately before the substitution, and (B) the new
                                            ISO does not give additional benefits to the Participant, including any extension of the
                                            exercise period.

 

		(vi)	Notice
                                            of Disqualifying Dispositions. By executing an ISO Award Agreement, a Participant agrees
                                            to notify the Company in writing immediately after the Participant sells, transfers or otherwise
                                            disposes of any Shares acquired through exercise of the ISO, if such disposition occurs within
                                            either (A) two years of the Grant Date, or (B) one year after the exercise of the ISO being
                                            exercised. Each Participant further agrees to provide any information about a disposition
                                            of Shares as may be requested by the Company to assist it in complying with any Applicable
                                            Laws.

 

(c)
Method of Exercise. Unless otherwise provided in an Award Agreement, each Option may be exercised in whole or in part (provided
that the Company shall not be required to issue fractional shares) before it expires, but only pursuant to the applicable Award
Agreement, and not during any exercise blackout periods the Committee implements from time to time in its sole discretion. Exercise shall
occur by delivery of both (A) written or electronic notice of exercise to the secretary of the Company, and (B) payment of the full exercise
price for the Shares being purchased. The methods of payment that the Committee may in its discretion accept or commit to accept in an
Award Agreement include:

 

		(i)	cash
                                            or check payable to the Company (in U.S. dollars);

 

		(ii)	other
                                            Shares that (A) are owned by the Participant, (B) have a Fair Market Value on the date of
                                            surrender equal to the aggregate exercise price of the Shares as to which the Option is being
                                            exercised, (C) at the time of the surrender are free and clear of any and all claims, pledges,
                                            liens and encumbrances, or any restrictions on the transfer of such shares to or by the Company
                                            (other than such restrictions as may have existed prior to an issuance of such Shares by
                                            the Company to the Participant), and (D) are duly endorsed for transfer to the Company; provided
                                            that doing so would not violate the provisions of any Applicable Law or agreement
                                            restricting the redemption of the Company’s stock;

 

		(iii)	a
                                            net exercise by surrendering to the Company Shares otherwise receivable on exercise of the
                                            Option (e.g., the Company will reduce the number of Shares issued on exercise of the
                                            Option by the largest whole number of Shares with a Fair Market Value that does not exceed
                                            the aggregate exercise price); provided that the Company consents at the time
                                            of exercise, the Option is a Non-ISO, the Participant pays any remaining balance of the aggregate
                                            exercise price not satisfied by the “net exercise” in cash or other permitted
                                            form of payment, and Shares will no longer be outstanding under the Option and will not be
                                            exercisable thereafter if those Shares (A) are used to pay the exercise price pursuant to
                                            the “net exercise,” (B) are delivered to the Participant as a result of such
                                            exercise, or (C) are withheld to satisfy the Participant’s Withholding Taxes;

 

		(iv)	a
                                            cashless exercise program that the Committee may approve, from time to time in its discretion,
                                            pursuant to which a Participant may elect to concurrently provide irrevocable instructions
                                            (A) to the Participant’s broker or dealer to effect the immediate sale of the purchased
                                            Shares and remit to the Company, out of the sale proceeds available on the settlement date,
                                            sufficient funds to cover the exercise price of the Option plus all applicable Withholding
                                            Taxes, and (B) to the Company to deliver the certificates for the purchased Shares directly
                                            to the broker or dealer in order to complete the sale;

 

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

 

		(vi)	any
                                            other form of legal consideration acceptable to the Committee in its sole discretion.

 

    3

     

    

 

The
Company shall not be required to deliver Shares pursuant to the exercise of an Option and an Option will not be deemed exercised until
the Company has received sufficient funds or value to cover the full exercise price due and all applicable Withholding Taxes.

 

(d)
Exercise of Unvested Non-ISO Options. The Committee may in its sole discretion set forth in an Award Agreement that a Participant
may exercise an unvested Non-ISO Option, in which case the Shares then issued shall be Restricted Shares having the same vesting restrictions
as the unvested Option.

 

(e)
Termination of Continuous Service. The Committee may set forth in the applicable Award Agreement the terms and conditions by which
an Option is exercisable, if at all, after the date of a Participant’s termination of Continuous Service. The Committee may waive
or modify these provisions at any time. To the extent that a Participant is not entitled to exercise an Option on the date of a Participant’s
termination of Continuous Service, or if the Participant (or other Person entitled to exercise the Option) does not exercise the Option
within the time specified in the Award Agreement or below (as applicable), the Option shall terminate. Notwithstanding the foregoing,
if the Company has a contingent contractual obligation to provide for accelerated vesting or extended exercisability of a Participant’s
Options after termination of the Participant’s Continuous Service, such Options shall remain outstanding until the maximum contractual
time for determining whether such contingency will occur, and terminate at such time if the contingency has not then occurred; provided
that for Options held by U.S. Taxpayers the foregoing shall not cause an Option to be exercisable after the 10-year anniversary
of its Grant Date or the date such Option otherwise would have terminated had the Participant remained in Continuous Service.

 

Subject
to the preceding paragraph and Section 4(g) and to the extent an Award Agreement does not otherwise specify the terms and conditions
upon which an Option shall terminate when a Participant terminates Continuous Service, the following provisions apply:

 

	Reason
                                            for Terminating Continuous Service
	Option
    Termination Date
	(I)
    For Cause.	All
    Options, whether or not vested, shall immediately expire effective on the date of termination of the Participant’s Continuous
    Service, or when Cause first existed if earlier.
	(II)
    The Participant dies or becomes Disabled during Continuous Service (in either case unless Reason I applies).	All
    unvested Options shall immediately expire effective as of the date of termination of the Participant’s Continuous Service,
    and all vested and unexercised Options shall expire 12 months after such termination.
	(III)
    Any other reason.	All
    unvested Options shall immediately expire effective on the date of termination of the Participant’s Continuous Service. All
    vested and unexercised Options shall expire 90 days after the date of termination of the Participant’s Continuous Service.

 

(f)
Blackout Periods. If there is a blackout period (whether under the Company’s insider trading policy, Applicable Law, or
a Committee-imposed blackout period) that prohibits buying or selling Shares during any part of the 10-day period before an Option expires
due to a Participant’s termination of Continuous Service, the Option exercise period shall be extended until 10 days after the
end of the blackout period. Notwithstanding anything to the contrary in this Plan or any Award Agreement, no Option can be exercised
beyond the date its original term expires as set forth in the Award Agreement or the date on which the Option otherwise would become
unexercisable absent termination of Continuous Service.

 

(g)
Company Cancellation Right. Subject to Applicable Law, if the Fair Market Value for Shares subject to any Option is more than
33% below their exercise price for more than 90 consecutive business days, the Committee unilaterally may declare the Option terminated,
effective on the date the Committee provides written notice to the Option holder. The Committee may take such action with respect to
any or all Options granted under the Plan or with respect to any individual Option holder or class(es) of Option holders.

 

(h)
Exchange Program. The Committee may at any time offer to buy out an Option, in exchange for a payment in cash or Shares, based
on such terms and conditions as the Committee shall establish and communicate to the Participant at the time that such offer is made.

 

    4

     

    

 

(i)
Non-Exempt Employees. An Option granted to an Employee who is non-exempt for purposes of the Fair Labor Standards Act of 1938,
as amended, will not be first exercisable for any Shares until at least six months after the Grant Date of the Option (although the Award
may vest prior to such date). Notwithstanding the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, the
vested portion of any Option may be exercised earlier than six months after the Grant Date: (i) if the non-exempt Employee dies or becomes
Disabled, (ii) upon a corporate transaction in which the Option is not assumed, continued, or substituted, (iii) upon a Change in Control,
or (iv) upon the Participant’s retirement (as may be defined in the Participant’s Award Agreement or other agreement with
the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines). The
foregoing provision is intended to operate so that any income derived by a non-exempt Employee in connection with the exercise or vesting
of an Option will be exempt from his or her regular rate of pay. Notwithstanding Section 4(e), to the extent necessary to accomplish
the foregoing, a vested Option will not terminate until six months after the Grant Date.

 

		5.	Restricted
                                            Shares, RSUs, and Unrestricted Shares.

 

(a)
Grant. The Committee may grant Restricted Shares, RSUs, or Unrestricted Shares to Eligible Persons, in all cases pursuant to Award
Agreements setting forth terms and conditions consistent with this Plan. As to each Restricted Share or RSU Award, the Committee shall
establish the number of Shares deliverable or subject to the Award (which may be determined by a written formula), and the period(s)
of time at the end of which all or some restrictions specified in an Award Agreement shall lapse, and the Participant shall receive vested
Shares (or cash to the extent provided in the Award Agreement) in settlement of the Award. Such conditions may include restrictions concerning
voting rights and transferability, and may lapse separately or in combination at such times and pursuant to such circumstances or based
on such criteria as selected by the Committee, including, without limitation, criteria based on the Participant’s duration of Continuous
Service; individual, group, or divisional performance criteria; or Company performance. Subject to applicable law, the Committee may
make Restricted Share and RSU Awards with or without the requirement for payment of consideration. In addition, the Committee may grant
Awards hereunder in the form of Unrestricted Shares which shall be vested on the Grant Date or which the Committee may issue pursuant
to any program under which one or more Eligible Persons (selected by the Committee in its sole discretion) elect to pay for such Shares
or to receive Unrestricted Shares in lieu of compensation that otherwise would be paid.

 

(b)
Vesting and Forfeiture. In an Award Agreement granting Restricted Shares or RSUs, the Committee shall set forth the terms and
conditions that establish a “substantial risk of forfeiture” under Code Section 83, and when the Participant’s interest
in the Restricted Shares or Shares subject to RSUs become vested and non-forfeitable. Except as set forth in the Award Agreement or as
the Committee otherwise determines, the Participant shall forfeit his or her non-vested Restricted Shares and RSUs upon termination of
his or her Continuous Service for any reason; provided that if the Participant purchases Restricted Shares and forfeits
them for any reason, the Company shall repurchase such Shares for the consideration described in Section 6(c). Notwithstanding
the foregoing, if the Company has a contingent contractual obligation to provide for accelerated vesting of Restricted Shares or RSUs
after termination of a Participant’s Continuous Service, such Restricted Shares or RSUs shall remain outstanding until the maximum
contractual time for determining whether such contingency will occur, and terminate or be forfeited, as applicable, at such time if the
contingency has not then occurred.

 

(c)
Certificates for Restricted Shares. Unless otherwise provided in an Award Agreement, the Company shall hold certificates or, if
not certificated, other indicia representing Restricted Shares until the restrictions lapse, and, if Restricted Shares are certificated,
the Participant shall provide the Company with appropriate stock powers endorsed in blank. The Participant’s failure to provide
such stock powers within 10 days after a written request from the Company shall entitle the Committee to unilaterally declare all or
some of the Participant’s Restricted Shares forfeited.

 

(d)
Section 83(b) Elections. A Participant may make an election under Code Section 83(b) with respect to Restricted Shares.

 

    5

     

    

 

(e)
Issuance of Shares upon Vesting. As soon as practicable after a Participant’s Restricted Shares vest (or the right to receive
Shares underlying RSUs vests) and unless a deferral election has been validly made, if so permitted by the Committee, the Company shall
deliver to the Participant, free from vesting restrictions, one Share for each surrendered and vested Restricted Share (or deliver one
Share free of the vesting restriction for each vested RSU), unless an Award Agreement provides otherwise and subject to Section 7
regarding Withholding Taxes. No fractional Shares shall be distributed, and cash shall be paid in lieu thereof; provided, however,
the Committee may provide that fractional Shares shall accumulate. Subject to any deferral election, if there is a blackout period (whether
under the Company’s insider trading policy, Applicable Law, or a Committee-imposed blackout period) that prohibits a Participant
from buying or selling Shares, the settlement of RSUs held by such Participant shall be automatically deferred to the first to occur
of (1) the first trading day after the expiration of the blackout period, or (2) March 1 of the year following the year when vesting
occurs.

 

		6.	Right
                                            of First Refusal; Right of Repurchase.

 

(a)
Right of Repurchase. Subject to the “Repurchase Limitation” in Section 6(c), the Award Agreement for
an Option, Restricted Shares, RSUs, or Unrestricted Shares may include a provision whereby the Company or its designee may elect to repurchase
all or any part of the vested Shares acquired by the Participant pursuant to an Award.

 

(b)
Right of First Refusal. The Award Agreement for an Option, Restricted Shares, RSUs, or Unrestricted Shares, may include a provision
whereby the Company or its designee may elect to exercise a right of first refusal following receipt of notice from the Participant of
the intent to transfer all or any part of the Shares received upon the exercise of the Award. Such right of first refusal shall be subject
to the “Repurchase Limitation” in Section 6(c). The Shares also shall be subject to whatever right of first refusal
and other limitations that may exist in the Bylaws or other organizational documents of the Company.

 

(c)
Repurchase Limitation. Unless otherwise determined by the Committee and set forth in the applicable Award Agreement, the repurchase
price for vested Shares shall be the Fair Market Value of the Shares on the date of repurchase, except that, if the Participant’s
service relationship with the Company or its Affiliates was terminated by the Company for Cause, then the repurchase price shall be the
lower of (i) the Fair Market Value of the Shares on the date of repurchase, or (ii) their original purchase price. The repurchase price
for Restricted Shares shall be the lower of (i) the Fair Market Value of the Shares on the date of repurchase, or (ii) their original
purchase price. However, the Company shall not exercise its repurchase right until at least six months (or such longer or shorter period
of time necessary to avoid classification of the Award as a liability for financial accounting purposes) have elapsed following delivery
of the Shares subject to the Award, unless otherwise specifically provided by the Committee.

 

		7.	Taxes;
                                            Withholding; Code §409A.

 

(a)
General Rule. Notwithstanding any provision of this Plan or an Award Agreement to the contrary, Participants are solely responsible
and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards, and neither the Company, nor the
Committee, nor any Affiliate, nor any of their employees, directors, or agents shall have any duty or obligation to mitigate, minimize,
indemnify, or to otherwise hold any Participant harmless from any such consequences.

 

(b)
Withholding. The Company’s obligation to deliver Shares (or to pay cash) to Participants pursuant to Awards is at all times
subject to their prior or coincident satisfaction of all Withholding Taxes. Except as otherwise provided under the Plan or in an Award
Agreement, no later than the date as of which an amount first becomes includible in a Participant’s taxable income for U.S. federal,
state, local or non-U.S. income or social insurance tax purposes with respect to an Award, the Participant shall pay to the Company (or
to the Affiliate employing the Participant), or make arrangements satisfactory to the Company (or such Affiliate) for the payment of,
any such Withholding Taxes (which normally will not apply to non-Employees). Notwithstanding the foregoing, the Company and its Affiliates
may, in each of their sole discretion, withhold a sufficient number of Shares that are otherwise issuable to the Participant pursuant
to the Award (and/or cash that is otherwise payable to the Participant) in order to satisfy all or part of Withholding Taxes.

 

    6

     

    

 

(c)
U.S. Code Section 409A. To the extent that the Committee determines that any Award granted under this Plan is subject to Code
Section 409A, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Code Section 409A. To
the extent applicable, this Plan and Award Agreements shall be interpreted in accordance with Code Section 409A and Department of Treasury
regulations and other interpretive guidance issued thereunder. The Committee may adopt such amendments to the Plan and the applicable
Award Agreement or adopt other policies and procedures (including amendments, policies and procedures or cancelling all or some Awards
with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate (i) to exempt an Award
from Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) to comply
with the requirements of Code Section 409A and related Department of Treasury guidance and thereby avoid the application of any penalty
taxes under such Section.

 

(d)
U.S. Code Sections 280G and 4999. Notwithstanding anything else contained in the Plan or any other document to the contrary, in
no event shall the vesting of any Award or payment be accelerated to an extent or in a manner so that such Award or payment, together
with any other compensation and benefits provided to, or for the benefit of, a Participant under any other plan or agreement of the Company
or its Affiliates, would not be fully deductible by the Company or one of its Affiliates for U.S. federal income tax purposes because
of Section 280G of the Code. If a holder of an Award would be entitled to benefits or payments hereunder and under any other plan or
program that would constitute “parachute payments” as defined in Section 280G of the Code, then the Company shall reduce
or eliminate such parachute payments in the following order so that the Company or one of its Affiliates is not denied federal income
tax deductions because of Section 280G of the Code: cash severance benefits shall be reduced or eliminated first, then any accelerated
vesting of Options shall be reduced or eliminated, then accelerated vesting of Restricted Shares and then RSUs shall be reduced or eliminated,
and finally any other benefits to which the Participant is or may be entitled shall be reduced or eliminated. Notwithstanding the foregoing,
if a Participant is a party to a written agreement with the Company or one of its Affiliates, or is a participant in a severance program
sponsored by the Company or one of its Affiliates that contains express provisions regarding Section 280G and/or Section 4999 of the
Code (or any similar successor provision), or the applicable Award Agreement includes such provisions, the Section 280G and/or Section
4999 provisions of such other agreement or plan, as applicable, shall control as to the Awards held by that Participant.

 

(e)
Unfunded Tax Status. This Plan is an “unfunded” plan for incentive compensation. With respect to any payments not
yet made to a Person pursuant to an Award, nothing in this Plan or any Award Agreement shall give the Person any rights greater than
those of a general creditor of the Company or any Affiliate, and a Participant’s rights under this Plan at all times constitute
an unsecured claim against the Company’s general assets for the collection of benefits as they come due. Neither the Participant
nor his or her duly-authorized transferee or Beneficiaries shall have any claim against or rights in any specific assets, Shares, or
other funds of the Company, except as may be the case with respect to Restricted Shares.

 

		8.	Non-Transferability
                                            of Awards.

 

(a)
General. Except as set forth in this Section, or as otherwise approved by the Committee and subject to restrictions on transfer
contained in the Bylaws or other organizational documents of the Company, Awards may not be sold, pledged, assigned, hypothecated, transferred
or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a death Beneficiary by
a Participant will not constitute a transfer. An Award may be exercised, during the lifetime of the holder of an Award, only by such
holder, by the duly-authorized legal representative of a holder who is Disabled, or by a transferee permitted by this Section.

 

(b)
Limited Transferability Rights. Subject to restrictions on transfer contained in the Bylaws or other organizational documents
of the Company, the Committee may in its discretion provide in an Award Agreement that an Award in the form of a Non-ISO, Restricted
Shares, or RSUs may be transferred, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to the
Participant’s Immediate Family, (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award
is to be passed to the Participant’s designated Beneficiaries, (iii) even in the case of an ISO, pursuant to a domestic relations
order (provided, however, that if an Option is an ISO, such Option may be deemed a non-ISO as a result of such transfer),
or (iv) by gift to charitable institutions. Any transferee of the Participant’s rights shall succeed and be subject to all of the
terms of the applicable Award Agreement and this Plan.

 

    7

     

    

 

(c)
Death. In the event of the death of a Participant, any outstanding vested Awards issued to the Participant shall automatically
be transferred to the Participant’s Beneficiary (or, if no Beneficiary is designated or surviving, to the person or persons to
whom the Participant’s rights under the Award pass by will or the laws of descent and distribution in the state in which the Participant
was domiciled at the time of his or her death).

 

		9.	Change
                                            in Capital Structure; Change in Control; Etc.

 

(a)
Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each outstanding Award, and the
number of Shares that have been authorized for issuance under this Plan but as to which no Awards have yet been granted or that have
been returned to this Plan upon cancellation, forfeiture, or expiration of an Award, or any other Plan limits, as well as the exercise
or other price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting
from a stock-split, reverse stock-split, stock dividend, combination, recapitalization or reclassification of the Shares, merger, consolidation,
change in organization form, or any other increase or decrease in the number of issued Shares effected without receipt or payment of
consideration by the Company. In the event of any such transaction or event, the Committee may provide in substitution for any or all
outstanding Awards, or as an alternative to an adjustment, such alternative consideration (including cash or securities of any surviving
entity) as it may in good faith determine to be equitable under the circumstances and may, if substitute consideration is provided, require
in connection therewith the surrender of all Awards so substituted. In any case, such substitution of consideration shall not require
the consent of any Participant.

 

(b)
Dissolution or Liquidation. Except as otherwise provided in an Award Agreement, in the event of the dissolution or liquidation
of the Company other than as part of a Change in Control, each Award will terminate immediately prior to the consummation of such dissolution
or liquidation, subject to the ability of the Committee to exercise any discretion authorized in the case of a Change in Control.

 

(c)
Change in Control. In the event of a Change in Control but subject to the terms of any Award Agreements or employment-related
agreements between the Company or any Affiliates and any Participant, each outstanding Award may be assumed or a substantially equivalent
award may be substituted by the surviving or successor company or a parent or subsidiary of such successor company (in each case, the
“Successor Company”) upon consummation of the transaction. Notwithstanding the foregoing, instead of having outstanding
Awards be assumed or substituted with equivalent awards by the Successor Company, the Committee may in its sole and absolute discretion
and authority, without obtaining the approval or consent of the Company’s stockholders or any Participant, take one or more of
the following actions:

 

		(i)	accelerate
                                            the vesting of Awards so that some or all Awards shall vest (and, to the extent applicable,
                                            become exercisable) as to some or all of the Shares that otherwise would have been unvested,
                                            and/or provide that repurchase rights of the Company, if any, with respect to Shares issued
                                            pursuant to an Award shall lapse;

 

		(ii)	arrange
                                            or otherwise provide for the payment of cash or other consideration to Participants in exchange
                                            for the satisfaction and cancellation of all or some outstanding Awards (based on the Fair
                                            Market Value, on the date of the Change in Control, of the Award being cancelled, based on
                                            any reasonable valuation method selected by the Committee; provided that the
                                            Committee shall have full discretion to unilaterally cancel (A) either all Awards or only
                                            select Awards (such as only those that have vested on or before the Change in Control), and
                                            (B) any Options whose exercise price is equal to or greater than the Fair Market Value of
                                            the Shares, as of the date of the Change in Control, with such cancellation being without
                                            the payment of any consideration whatsoever to those Participants whose Options are being
                                            cancelled;

 

		(iii)	terminate
                                            all or some Awards upon the consummation of the transaction; or

 

		(iv)	make
                                            such other modifications, adjustments or amendments to outstanding Awards or this Plan as
                                            the Committee deems necessary or appropriate.

 

    8

     

    

 

		10.	Termination,
                                            Rescission, and Recapture of Awards.

 

(a)
Each Award under this Plan is intended to align the Participant’s long-term interests with those of the Company. Accordingly, unless
otherwise expressly provided in an Award Agreement, the Committee may terminate any outstanding, unexercised, unexpired, unpaid, or deferred
Awards (“Termination”), rescind any exercise, payment or delivery pursuant to the Award (“Rescission”),
or recapture any Shares or proceeds from the Participant’s sale of Shares issued pursuant to the Award (“Recapture”),
if the Participant does not comply with the conditions of subsections 10(b), 10(c), and 10(e) (collectively, the
“Conditions”) at all times from the date of an Award through the later of its vesting or exercise.

 

(b)
A Participant shall not, without the Company’s prior written authorization, disclose to anyone outside the Company, or use in other
than the Company’s business, any proprietary or confidential information or material, as those or other similar terms are used
in any applicable patent, confidentiality, inventions, secrecy, or other agreement between the Participant and the Company or one of
its Affiliates (or policy applicable to the Participant), including but not limited to those with regard to proprietary or confidential
information or intellectual property (including but not limited to patents, trademarks, copyrights, trade secrets, inventions, developments,
improvements, proprietary information, confidential business and personnel information) (each a “Confidentiality Agreement”),
and a Participant shall promptly disclose and assign to the Company or its designee all right, title, and interest in such intellectual
property, and shall take all reasonable steps necessary to enable the Company to secure all right, title and interest in such intellectual
property in the United States and in any foreign country. Notwithstanding the Participant’s confidentiality obligations set forth
in this Plan or any Confidentiality Agreements, pursuant to the Defend Trade Secrets Act of 2016, the Participant will not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of
reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. If the Participant files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, he or she may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding,
if he or she (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant
to court order. In the event it is determined that disclosure of Company trade secrets was not done in good faith pursuant to the above,
the Participant may be subject to substantial damages under federal criminal and civil law, including punitive damages and attorneys’
fees.

 

(c)
Upon exercise, payment, or delivery of cash or Shares pursuant to an Award, the Participant shall, if requested in writing by the Committee
(or the Company), certify on a form acceptable to the Committee (or, if applicable, the Company) that he or she is in compliance with
the terms and conditions of this Plan.

 

(d)
The Committee may, in its sole and absolute discretion, impose a Termination, Rescission, and/or Recapture with respect to any or all
of a Participant’s relevant Awards or restricted Shares if the Committee determines, in its sole and absolute discretion, that
(i) the Participant has materially violated any agreement between the Participant and the Company or one of its Affiliates, (ii) within
six months after the termination of the Participant’s Continuous Service, the Participant has solicited any non-administrative
employee of the Company to terminate employment with the Company, or (iii) during his or her Continuous Service, a Participant (A) has
rendered services to or otherwise directly or indirectly engaged in or assisted, any organization or business that, in the judgment of
the Committee in its sole and absolute discretion, is or is working to become competitive with the Company or one of its Affiliates;
(B) has solicited any non-administrative employee of the Company to terminate employment with the Company; or (C) has engaged in activities
which are materially prejudicial to or in conflict with the interests of the Company, including any breaches of fiduciary duty or the
duty of loyalty.

 

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(e)
Within ten (10) days after receiving notice from the Committee of any such activity described in Section 10(d) above, the Participant
shall deliver to the Company the Shares acquired pursuant to the Award, or, if Participant has sold the Shares, the gain realized, or
payment received as a result of the rescinded exercise, payment, or delivery; provided, that if the Participant returns
Shares that the Participant purchased pursuant to the exercise of an Option (or the gains realized from the sale of such Shares), the
Company shall promptly refund the exercise price, without earnings, that the Participant paid for the Shares or, if Fair Market Value
of the Shares is less than the exercise price, promptly pay to the Participant Fair Market Value of the returned Shares. Any payment
by the Participant to the Company pursuant to this Section 10 shall be made either in cash or by returning to the Company the
number of Shares that the Participant received in connection with the rescinded exercise, payment, or delivery.

 

(f)
Notwithstanding the foregoing provisions of this Section 10, the Committee has sole and absolute discretion not to require Termination,
Rescission and/or Recapture, and its determination not to require Termination, Rescission and/or Recapture with respect to any particular
act by a particular Participant or Award shall not in any way reduce or eliminate the Committee’s authority to require Termination,
Rescission and/or Recapture with respect to any other act or Participant or Award. Nothing in this Section 10 shall be construed
to impose obligations on the Participant to refrain from engaging in lawful competition with the Company after the termination of Continuous
Service that does not violate the Conditions, other than any obligations that are part of any separate agreement between the Company
and the Participant or that arise under Applicable Law.

 

(g)
If any provision within this Section 10 is determined to be unenforceable or invalid under any Applicable Law, such provision
will be applied to the maximum extent permitted by Applicable Law, and shall automatically be deemed amended in a manner consistent with
its objectives and any limitations required under Applicable Law.

 

(h)
This Section 10 shall is supplemental to, and does not supersede, any other agreement between the Participant and the Company
or any of its Affiliates.

 

		11.	Recoupment
                                            of Awards.

 

(a)
Unless otherwise specifically provided in an Award Agreement, and to the extent permitted by Applicable Law, the Committee may in its
sole and absolute discretion, without obtaining the approval or consent of the Company’s stockholders or of any Participant, require
that any Participant reimburse the Company for all or any portion of any Awards granted under this Plan (“Reimbursement”),
or the Committee may require the Termination or Rescission of, or the Recapture relating to, any Award held by the Participant, if and
to the extent—

 

		(i)	the
                                            granting, vesting, or payment of an Award was predicated upon the achievement of certain
                                            financial results that were subsequently the subject of a material financial restatement;

 

		(ii)	in
                                            the Committee’s view the Participant either benefited from a calculation that later
                                            proves to be materially inaccurate, or engaged in fraud or misconduct that caused or partially
                                            caused the need for a material financial restatement by the Company or any Affiliate; or

 

		(iii)	a
                                            lower granting, vesting, or payment of an Award would have occurred based on the conduct
                                            described in Section 10(b) above.

 

In
each instance, the Committee may, to the extent practicable and allowable or required under Applicable Laws, require Reimbursement, Termination
or Rescission of, or Recapture relating to, any such Award granted to a Participant; provided that the Committee will not seek,
under this Section 11, Reimbursement, Termination or Rescission of, or Recapture relating to, any such Awards that were paid or
vested more than three years prior to the first date of the applicable restatement period; provided, however, notwithstanding any other
provision of the Plan, all Awards shall be subject to Reimbursement, Termination, Rescission, and/or Recapture to the extent required
by Applicable Law, including but not limited to Section 10D of the Exchange Act.

 

    10

     

    

 

		12.	Administration
                                            of this Plan.

 

(a)
In General. The Committee shall administer this Plan in accordance with its terms, provided that the Board may act in lieu
of the Committee on any matter. The Committee shall hold meetings at such times and places as it may determine and may prescribe, amend,
and rescind such rules and regulations, and procedures for the conduct of its business as it deems advisable. In the absence of a Committee,
the Board shall function as the Committee for all purposes of this Plan. 

 

(b) Committee
Composition. The Board shall appoint the members of the Committee. Subject to Applicable Law and the restrictions set forth in this
Plan, the Committee may delegate administrative functions to individuals who are Directors or Employees, and may authorize one or more
executive officers to make Awards to Eligible Persons other than themselves. The Board may at any time appoint additional members to
the Committee, remove and replace members of the Committee with or without Cause, and fill vacancies on the Committee however caused.
The Committee shall have the power to delegate to a subcommittee of the Board any of the administrative powers the Committee is authorized
to exercise, subject to such resolutions, consistent with this Plan, as the Board may adopt from time to time.

 

(c) Powers
of the Committee. Subject to the provisions of this Plan, the Committee shall have the authority, in its sole discretion:

 

		(i)	to
                                            grant Awards and to determine Eligible Persons to whom Awards shall be granted from time
                                            to time, and the number of Shares, units, or dollars to be covered by each Award;

 

		(ii)	to
                                            determine, from time to time, the Fair Market Value of Shares;

 

		(iii)	to
                                            determine, and to set forth in Award Agreements, the terms and conditions of all Awards,
                                            including what type or combination of types of Awards shall be granted; any applicable exercise
                                            or purchase price; the installments and conditions under which an Award shall become vested
                                            (which may be based on performance), terminated, expired, cancelled, or replaced; the circumstances
                                            for vesting acceleration or waiver of forfeiture restrictions; and other restrictions and
                                            limitations;

 

		(iv)	to
                                            approve the forms of Award Agreements and all other documents, notices and certificates in
                                            connection therewith, which need not be identical either as to type of Award or among Participants;

 

		(v)	to
                                            construe and interpret the terms of this Plan and any Award Agreement, to determine the meaning
                                            of their terms, to correct any defect, omission or inconsistency in this Plan or any Award
                                            Agreement, in a manner and to the extent it shall deem necessary or expedient to make this
                                            Plan or an Award fully effective, and to prescribe, amend, and rescind rules and procedures
                                            relating to this Plan and its administration;

 

		(vi)	to
                                            the extent consistent with the purposes of this Plan and without amending this Plan, to modify,
                                            to cancel, or to waive the Company’s rights with respect to any Awards, to adjust or
                                            to modify Award Agreements for changes in Applicable Law, and to recognize differences in
                                            foreign law, tax policies, or customs;

 

		(vii)	to
                                            require, as a condition precedent to the grant, vesting, exercise, settlement, and/or issuance
                                            of Shares pursuant to any Award, that a Participant agree to execute a general release of
                                            claims (in any form that the Committee may require, in its sole discretion, which form may
                                            include any other provisions, e.g., confidentiality and restrictions on competition,
                                            that are found in general claims release agreements that the Company utilizes or expects
                                            to utilize);

 

		(viii)	in
                                            the event that the Company establishes, for itself or using the services of a third party,
                                            an automated system for the documentation, granting, settlement, or exercise of Awards, such
                                            as a system using an Internet website or interactive voice response, to implement paperless
                                            documentation, granting, settlement, or exercise of Awards by a Participant through the use
                                            of such an automated system; and

 

    11

     

    

 

		(ix)	to
                                            make all determinations and to take all other actions that the Committee may consider necessary
                                            or desirable to administer the Plan or to effectuate its purposes.

 

(d) Powers
of the Company. Unless applicable law requires otherwise, all administrative and discretionary authority given to the Company under
this Plan shall be exercised by the most senior human resources executive of the Company, or such other person or committee (including
without limitation the Committee) as the Committee may designate from time to time.

 

(e) Local
Law Adjustments and Sub-plans.

 

		(i)	To
                                            facilitate the making of any grant of an Award under this Plan, the Committee may adopt rules
                                            and provide for such special terms for Awards to Participants who are located within the
                                            United States, foreign nationals, or employed by the Company or any Affiliate outside of
                                            the United States of America as the Committee may consider necessary or appropriate to accommodate
                                            differences in local law, tax policy or custom. Without limiting the foregoing, the Committee
                                            is specifically authorized to adopt rules and procedures regarding the conversion of local
                                            currency, taxes, withholding procedures and handling of stock certificates which vary with
                                            the customs and requirements of particular countries. The Committee may adopt procedures
                                            or sub-plans and establish escrow accounts and trusts, and settle Awards in cash in lieu
                                            of shares, as may be appropriate, required or applicable to particular locations and countries.

 

		(ii)	Action
                                            by Committee (e.g., to permit participation in this Plan by Eligible Persons who
                                            are non-United States nationals or are primarily employed or providing services outside the
                                            United States). The Committee may modify the terms of any Award under this Plan made to or
                                            held by a Participant who is then a resident, or is primarily employed or providing services,
                                            outside of the United States, in any manner deemed by the Committee to be necessary or appropriate
                                            in order that such Award shall conform to laws, regulations, and customs of the country in
                                            which the Participant is then a resident or primarily employed or providing services, or
                                            so that the value and other benefits of the Award to the Participant, as affected by non-United
                                            States tax laws and other restrictions applicable as a result of the Participant’s
                                            residence, employment, or providing services abroad, shall be comparable to the value of
                                            such Award to a Participant who is a resident, or is primarily employed or providing services,
                                            in the United States. An Award may be modified under this subsection in a manner that is
                                            inconsistent with the express terms of this Plan, so long as such modifications will not
                                            contravene any Applicable Law or regulation or result in actual liability under Section 16(b)
                                            of the Exchange Act for the Participant whose Award is modified. Each member of the Committee
                                            is entitled to, in good faith, rely or act upon any report or other information furnished
                                            to that member by an officer or other Employee of the Company or any Affiliate, the Company’s
                                            independent certified public accountants, or any executive compensation Consultant or other
                                            professional retained by the Company or the Committee to assist in the administration of
                                            this Plan, or by any Participant or Beneficiary.

 

(f) Deference
to Committee Determinations. The Committee shall have the discretion to interpret or construe ambiguous, unclear, or implied (but
omitted) terms as it deems to be appropriate in its sole discretion, and to make any findings of fact needed in the administration of
this Plan or Award Agreements. The Committee’s prior exercise of its discretionary authority shall not obligate it to exercise
its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of this Plan, or of
any Award or Award Agreement, and all determinations the Committee makes pursuant to this Plan shall be final, binding, and conclusive
(subject only to the Committee’s inherent authority to change its determinations). The validity of any such interpretation, construction,
decision or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall
be upheld unless clearly made in bad faith or materially affected by fraud.

 

(g) Any
determination made by the Committee with respect to any provisions of this Plan may be made on an Award-by-Award basis; the Committee
has no obligation to be uniform, consistent, or nondiscriminatory between classes of similarly-situated Awards, except as required by
Applicable Law.

 

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(h) Claims
Limitations Period. Any Participant who believes he or she is being denied any benefit or right under this Plan or under any Award
may file a written claim with the Committee. Any claim must be delivered to the Committee within 45 days of the specific event giving
rise to the claim. Untimely claims will not be processed and shall be deemed denied. The Committee, or its designee, will notify the
Participant of its decision in writing as soon as administratively practicable. Claims shall be deemed denied if the Committee does not
respond in writing within 120 days of the date the written claim is delivered to the Committee. The Committee’s decision is final
and conclusive and binding on all persons. No lawsuit relating to this Plan may be filed before a written claim is filed with the Committee
and is denied or deemed denied, and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred.

 

(i) No
Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the
Committee, shall be liable for any act, omission, interpretation, construction, or determination made in good faith with respect to this
Plan, any Award, or any Award Agreement. The Company shall pay or reimburse any Director, Employee, or Consultant who in good faith takes
action on behalf of this Plan, for all expenses incurred with respect to this Plan, and to the full extent allowable under Applicable
Law shall indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising
out of their good faith performance of duties on behalf of this Plan. The Company and its Affiliates may, but shall not be required to,
obtain liability insurance for this purpose.

 

(j) Expenses.
The Company shall bear the expenses of administering this Plan.

 

		13.	Modification
                                            of Awards and Substitution of Options.

 

Within
the limitations of this Plan, the Committee may modify an Award to accelerate the rate at which an Option may be exercised, to accelerate
the vesting of any Award, to extend or renew outstanding Awards, to accept the cancellation of outstanding Awards to the extent not previously
exercised, or to make any change that this Plan would permit for a new Award. Notwithstanding the foregoing, no modification of an outstanding
Award may materially and adversely affect a Participant’s rights thereunder unless (a) the Participant provides written consent
to the modification, (b) before a Change in Control, the Committee determines in good faith that the modification is not materially adverse
to the Participant, or (c) such modification is permitted by another Section of this Plan. Notwithstanding the foregoing, subject to
the limitations of Applicable Law, if any, and without the affected Participant’s consent, the Board may amend the terms of any
one or more Awards if necessary to maintain the qualified status of the Award as an ISO or to bring the Award into compliance with Section
409A of the Code.

 

		14.	Plan
                                            Amendment and Termination.

 

The
Board may amend or terminate this Plan as it shall deem advisable; provided that no change shall be made that increases the total
number of Shares reserved for issuance pursuant to Awards (except pursuant to Section 9 above) unless such change is authorized
by the stockholders of the Company to the extent required by Applicable Law. A termination or amendment of this Plan shall not materially
and adversely affect a Participant’s vested rights under an Award previously granted to him or her, unless the Participant consents
in writing to such termination or amendment. Notwithstanding the foregoing, the Committee may amend this Plan to comply with changes
in tax or securities laws or regulations, or in the interpretation thereof.

 

		15.	Term
                                            of Plan.

 

If
not sooner terminated by the Board, this Plan shall terminate at the close of business on the date 10 years after the earlier of Board
approval of this Plan and its Effective Date. No Awards shall be made under this Plan after its termination.

 

		16.	Governing
                                            Law.

 

The
terms of this Plan and all agreements hereunder shall be governed by the laws of the State of Delaware, without regard to the State’s
conflict of laws rules.

 

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		17.	Laws
                                            and Regulations.

 

(a) General
Rules. This Plan, the granting of Awards, the exercise of Options, and the obligations of the Company and Committee hereunder (including
those to pay cash or to deliver, sell or accept the surrender of any of its Shares or other securities) shall be subject to all Applicable
Law. In the event that any Shares are not registered under any Applicable Law prior to the required delivery of them pursuant to Awards,
the Committee may require, as a condition to their issuance or delivery, that the persons to whom the Shares are to be issued or delivered
make any written representations and warranties (such as that such Shares are being acquired by the Participant for investment for the
Participant’s own account and not with a view to, for resale in connection with, or with an intent of participating directly or
indirectly in, any distribution of such Shares) that the Committee may reasonably require, and the Committee may in its sole discretion
include a legend to such effect on the certificates representing any Shares issued or delivered pursuant to this Plan.

 

(b) Blackout
Periods. Notwithstanding any contrary terms within this Plan or any Award Agreement, the Committee shall have the absolute discretion
to impose a “blackout” period on the exercise of any Option, as well as the settlement of any Award, with respect to any
or all Participants (including those whose Continuous Service has ended) to the extent the Committee determines that doing so is desirable
or required to comply with applicable securities laws.

 

(c) Data
Privacy. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and
transfer, in electronic or other form, of personal data as described in this Section by and among, as applicable, the Company and
its Affiliates for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant’s
participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may
hold certain personal information about a Participant with respect to one or more Awards under the Plan, including, but not limited to,
the Participant’s name, home address, telephone number, date of birth, social security or insurance number or other identification
number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details
of all Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary for the purpose of
implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, the Company
and its Affiliates each may transfer the Data to any third parties assisting the Company (including the Committee) in the implementation,
administration, and management of this Plan and Awards and the Participant’s participation in this Plan. Recipients of the Data
may be located in the Participant’s country or elsewhere, and the Participant’s country and any given recipient’s country
may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive,
possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company (including the Committee)
in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan,
including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant
may elect to deposit any Shares. A Participant may, at any time, view the Data held by the Company with respect to such Participant,
request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary
corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost,
by contacting such Participant’s local human resources representative. The Company or the Committee may cancel the Participant’s
eligibility to participate in this Plan, and in the Committee’s discretion, the Participant may forfeit any outstanding Awards
if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent
or withdrawal of consent, Participants may contact their local human resources representative.1

 

(d) Severability;
Blue Pencil. In the event that any provision(s) of this Plan shall be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions shall not be affected thereby. If in the opinion of any court of
competent jurisdiction such covenants are not reasonable in any respect, such court shall have the right, power, and authority to excise
or modify such provision or provisions of these covenants as to the court shall appear not reasonable and to enforce the remainder of
these covenants as so amended. Any arbitrator shall have the same rights, powers, and authority.

 

	1	NTD:
                                            To be revised as necessary.

 

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		18.	No
                                            Stockholder Rights.

 

Neither
a Participant nor any transferee or Beneficiary of a Participant shall have any rights as a stockholder of the Company with respect to
any Shares underlying any Award until the date of issuance of a share certificate to such Participant, transferee, or Beneficiary for
such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance of Shares or Restricted
Shares pursuant to an Award, a Participant shall not have the right to vote or to receive dividends or any other rights as a stockholder
with respect to the Shares underlying the Award (unless otherwise provided in the Award Agreement for Restricted Shares), notwithstanding
its exercise in the case of Options. No adjustment will be made for a dividend or other right that is determined based on a record date
prior to the date the stock certificate is issued, except as otherwise specifically provided for in this Plan or an Award Agreement.

 

		19.	No
                                            Obligation to Notify.

 

The
Company and the Committee shall have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising
an Award. Furthermore, the Company and the Committee shall have no duty or obligation to warn or otherwise advise such holder of a pending
termination or expiration of an Award or a possible period in which the Award may not be exercised.

 

		20.	Miscellaneous.

 

(a) Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of Shares pursuant to Awards shall constitute general funds of the
Company.

 

(b) Corporate
Action Constituting Grant of Awards. Unless otherwise determined by the Board, corporate action constituting a grant by the Company
of an Award to any Participant shall be deemed completed as of the date of such corporate action, regardless of when the instrument,
certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.

 

(c) Share
Replacement. Unless prohibited by Applicable Law, the Company may substitute any consideration in lieu of settlement of an RSU, to
the extent such consideration is equal to the Fair Market Value of the Shares the Participant otherwise would receive.

 

		21.	Pre-IPO
                                            Provisions.

 

Subject
to any contrary terms set forth in any Award Agreement, for any period preceding the date of an initial public offering, this Section
shall be applicable to any Shares subject to or issued pursuant to Awards. The provisions set forth below shall become null and void
upon the occurrence of an initial public offering.

 

(a) Voting
Agreement. As a condition for the delivery of any Shares pursuant to any Award, the Committee may require the Participant to execute
and be bound by the Company’s Voting Agreement or any other agreement that generally exists between the Company and similarly-situated
stockholders.

 

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(b) Market
Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration
statement filed under the federal securities laws, including the Company’s initial public offering, Participants shall not directly
or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase
of, purchase any option or other contract for the sale of, or otherwise dispose or transfer, or agree to engage in any of the foregoing
transactions with respect to, any Shares acquired pursuant to Awards without the prior written consent of the Company or its underwriters.
Such restriction (the “Market Stand-Off”) shall be in effect for such period of time, not exceeding 180 days, following
the date of the final prospectus for the offering as may be requested by the Company or such underwriters. In the event of the declaration
of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting
the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are
by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby
become convertible, shall immediately be subject to such Market Stand-Off. In order to enforce the Market Stand-Off, the Company may
impose stop-transfer instructions with respect to the Shares acquired pursuant to Awards until the end of the applicable stand-off period.
The Company and its underwriters shall be beneficiaries of the agreement in this Section. Participants who are not Directors or officers
shall be subject to this Section only if Directors and officers are subject to it.

 

(c) California
Law Provisions. In order to conform with Applicable Laws for Awards to California residents, to the extent required by Section 260.140.8
of Title 10 of the California Code of Regulations and to the extent compliance with such section is required for the Shares subject to
the Award to be exempt from registration in California, any repurchase right granted prior to the date on which the Shares become publicly-traded
to a person who is not an officer, Director or Consultant shall be upon the following terms:

 

		(i)	if
                                            the repurchase option gives the Company the right to repurchase the Shares upon termination
                                            of Continuous Service at not less than the Fair Market Value of the Shares to be purchased
                                            on the date of termination of Continuous Service, then

 

		(A)	the
                                            right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness
                                            for the Shares within six months of termination of Continuous Service (or in the case of
                                            Shares issued upon exercise of Options after such date of termination, within six months
                                            after the date of the exercise), and

 

		(B)	the
                                            right terminates when the Shares become publicly traded; or

 

		(ii)	if
                                            the repurchase option gives the Company the right to repurchase the Shares upon termination
                                            of the Participant’s Continuous Service at the original purchase price for such Shares,
                                            then

 

		(A)	the
                                            right to repurchase at the original purchase price shall lapse at the rate of at least 20%
                                            of the Shares per year over five years from the Date of Grant (without respect to the date
                                            the Option was exercised or became exercisable), and

 

		(B)	the
                                            right to repurchase must be exercised for cash or cancellation of purchase money indebtedness
                                            for the Shares within six months of termination of Continuous Service (or, in the case of
                                            Shares issued upon exercise of Options, after such date of termination, within six months
                                            after the date of the exercise) or such longer period as may be agreed to by the Company
                                            and the Participant.

 

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Furthermore,
at no time while there is any Option outstanding and held by a Participant who was a resident of the State of California on the date
of grant of such Option, shall the total number of Shares issuable upon exercise of all outstanding stock options and the total number
of Shares provided for under any stock bonus or similar plan or agreement of the Company (in each case whether the grants occur as Awards
or under another plan of the Company or any Affiliate) exceed the applicable percentage as calculated in accordance with the conditions
and exclusions of Section 260.140.45 of the California Code of Regulations, based on the Shares that are outstanding at the time the
calculation is made.

 

		22.	Definitions.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control
with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of such Person or the power to elect
directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Applicable
Law” means the legal requirements as shall be in place from time to time under any statute, law, ordinance, regulation, rule,
code, executive order, injunction, judgment, decree or order of any governmental authority, whether of the United States, any other country,
and any provincial, state, or local subdivision, that relate to the administration of equity plans or equity awards, as well as any applicable
stock exchange or automated quotation system rules or regulations.

 

“Award”
means any award made, in writing or by an electronic medium, pursuant to this Plan, including awards made in the form of an Option, a
Restricted Share, a RSU, an Unrestricted Share, or any combination thereof, whether alternative or cumulative.

 

“Award
Agreement” means any written document (including in any electronic medium) setting forth the terms of an Award that has been
authorized by the Committee. The Committee shall determine the form or forms of documents to be used, and may change them from time to
time for any reason.

 

“Beneficiary”
means the person or entity designated by the Participant, in a form approved by the Company, to exercise the Participant’s rights
with respect to an Award or receive payment or settlement under an Award after the Participant’s death.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
has the same meaning as set forth in any unexpired employment agreement or independent contractor agreement between the Company and the
Participant for purposes of providing severance upon a termination without “Cause” or, in the absence of such agreement,
as set forth in the Participant’s Award Agreement. If no such alternative definitions for “Cause” exist, “Cause”
means that the Company determines in its reasonable discretion that any of the following situations gave rise to a Participant’s
termination from Continuous Service: (a) the Participant committed, was convicted, or pled no contest or any similar plea to a misdemeanor
involving acts of dishonesty or breach of fiduciary duty or any felony; (b) the Participant willfully or negligently failed to substantially
perform his or her duties and responsibilities to the Company or deliberately violated a Company policy; (c) the Participant committed
any act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (d) without authorization, the Participant used or disclosed
any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure
as a result of his or her relationship with the Company; or (e) the Participant breached any of his or her material obligations under
any written agreement with the Company. The foregoing definition does not in any way limit the Company’s ability to terminate a
Participant’s employment or other service relationship at any time, and the term “Company” will be interpreted herein
to include any Affiliate or successor thereto, if appropriate. Furthermore, a Participant’s Continuous Service shall be deemed
to have terminated for Cause within the meaning hereof if, at any time (whether before, on, or after termination of the Participant’s
Continuous Service), facts or circumstances are discovered that would have justified a termination for Cause, regardless of whether the
Participant initiated the termination of the Participant’s Continuous Service.

 

    17

     

    

 

“Change
in Control” means, unless another definition is set forth in an Award Agreement, the first of the following to occur after
the Effective Date:

 

		(i)	Acquisition
                                            of Controlling Interest. Any Person (other than Persons who are Employees or service
                                            providers at any time more than one year before a transaction) becomes the Beneficial Owner
                                            (within the meaning of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly,
                                            of securities of the Company representing more than 50% of the combined voting power of the
                                            Company’s then outstanding securities. In applying the preceding sentence, an agreement
                                            to vote securities shall be disregarded unless its ultimate purpose is to cause what would
                                            otherwise be a Change in Control, as reasonably determined by the Board.

 

		(ii)	Change
                                            in Board Control. During any consecutive one-year period commencing after the date of
                                            adoption of this Plan, individuals who constituted the Board at the beginning of the period
                                            (or their approved replacements, as defined in the next sentence) cease for any reason to
                                            constitute a majority of the Board. A new Director shall be considered an “approved
                                            replacement” Director if his or her election (or nomination for election) was approved
                                            by a vote of at least a majority of the Directors then still in office who either were Directors
                                            at the beginning of the period or were themselves approved replacement Directors, but in
                                            either case excluding any Director whose initial assumption of office occurred as a result
                                            of an actual or threatened solicitation of proxies or consents by or on behalf of any Person
                                            other than the Board.

 

		(iii)	Merger.
                                            The Company consummates a merger or consolidation of the Company with any other corporation
                                            unless: (a) the voting securities of the Company outstanding immediately before the merger
                                            or consolidation would continue to represent (either by remaining outstanding or by being
                                            converted into voting securities of the surviving entity) at least 50% of the combined voting
                                            power of the voting securities of the Company or such surviving entity outstanding immediately
                                            after such merger or consolidation; and (b) no Person (other than Persons who are Employees
                                            or service providers at any time more than one year before the transaction) becomes, as a
                                            result of such transaction, the Beneficial Owner, directly or indirectly, of securities of
                                            the Company representing more than 50% of the combined voting power of the Company’s
                                            then outstanding securities.

 

		(iv)	Sale
                                            of Assets. The Company sells or disposes of all, or substantially all, of the Company’s
                                            assets.

 

		(v)	Liquidation
                                            or Dissolution. The stockholders of the Company approve a plan or proposal for liquidation
                                            or dissolution of the Company.

 

Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction
or series of integrated transactions immediately following which (I) the record holders of the common stock of the Company immediately
prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which
owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, or (II)
any Person who was a Beneficial Owner, directly or indirectly, of securities in the Company representing more than 50% acquires additional
securities in the Company, or (III) the Company converting from an incorporated entity to an unincorporated entity.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
means the Compensation Committee of the Board or its successor; provided that the term “Committee” means (a)
the Board when acting at any time in lieu of the Committee, (b) with respect to any decision involving an Award intended to satisfy the
requirements of Code Section 162(m), a committee consisting of two or more Directors of the Company who are “outside directors”
within the meaning of Code Section 162(m), and (c) with respect to any decision relating to a Reporting Person, a committee consisting
solely of two or more Directors who are disinterested within the meaning of Rule 16b-3 promulgated under the Exchange Act, as amended
from time to time, or any successor provision. The mere fact that a Committee member shall fail to qualify as an “outside director”
or as a “disinterested director” within the meaning of Code Section 162(m) and Rule 16b-3, respectively, shall not invalidate
any Award made by the Committee which Award is otherwise validly made under this Plan.

 

    18

     

    

 

“Common
Stock” means the common stock, $[__] per value per share, of the Company. In the event of a change in the capital structure
of the Company affecting the common stock (as provided in Section 9), the Shares resulting from such a change in the common stock
shall be deemed to be Common Stock within the meaning of this Plan.

 

“Company”
means Orchestra BioMed, Inc., a Delaware corporation; provided that in the event the Company reincorporates to another
jurisdiction, all references to the term “Company” shall refer to the Company in such new jurisdiction.

 

“Conditions”
has the meaninging set forth in Section 10(a).

 

“Confidentiality
Agreement” has the meaning set forth in Section 10(a).

 

“Consultant”
means any natural person (other than an Employee or Director), including an advisor, who provides bona fide services to the Company,
its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the Company’s parent, if such services are not in
connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain
a market for the Company’s securities.

 

“Continuous
Service” means a Participant’s period of service in the absence of any interruption or termination as an Employee, Director,
or Consultant. Continuous Service shall not be considered interrupted in the case of: (a) sick leave; (b) military leave; (c) any other
leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment
upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted
from time to time; (d) changes in status from Director to advisory director or emeritus status; or (e) transfers between locations of
the Company or between the Company and its Affiliates. Changes in status between service as an Employee, Director, and a Consultant will
not constitute an interruption of Continuous Service if the individual continues to perform bona fide services for the Company. The Committee
shall have the discretion to determine whether and to what extent the vesting of any Awards shall be tolled during any paid or unpaid
leave of absence; provided, however, that in the absence of such determination, vesting for all Awards shall be tolled
during any such unpaid leave (but not for a paid leave).

 

“Data”
has the meaning set forth in Section 17(c) of the Plan.

 

“Director”
means a member of the Board, or a member of the board of directors of an Affiliate.

 

“Disabled”
means (a) for an ISO, that the Participant is disabled within the meaning of Code section 22(e)(3), and (b) for other Awards, a physical
or mental condition under which the Participant is receiving benefits under the Company’s long-term disability plan applicable
to such Participant, and in the absence of such a plan that the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which is expected to result in death or is expected to last for a
continuous period of not less than 12 months.

 

“Effective
Date” means the date determined in accordance with Section 1(d) of this Plan.

 

“Eligible
Persons” has the meaning set forth in Section 1(b).

 

    19

     

    

 

“Employee”
means any person whom the Company or any Affiliate classifies as an employee (including an officer) for employment tax purposes or, if
in a jurisdiction that does not have employment taxes, any person whom the Company or any Affiliate classifies as an employee (including
an officer), in either case whether or not that classification is correct. The payment by the Company of a director’s fee to a
Director shall not be sufficient to constitute “employment” of such Director by the Company.

 

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

 

“Fair
Market Value” means, for purposes of this Plan and unless otherwise determined or provided by the Committee in the circumstances:

 

		(i)	If
                                            the Shares are listed or admitted to trade on the New York Stock Exchange or other national
                                            securities exchange (the “Exchange”), the Fair Market Value shall equal the closing
                                            price of Shares as reported on the composite tape for securities on the Exchange for the
                                            date in question, or, if no sales of Shares were made on the Exchange on that date, the closing
                                            price of Shares as reported on said composite tape for the next preceding day on which sales
                                            of Shares were made on the Exchange. The Committee may, however, provide with respect to
                                            one or more Awards that the Fair Market Value shall equal the closing price of Shares as
                                            reported on the composite tape for securities listed on the Exchange on the last trading
                                            day preceding the date in question or the average of the high and low trading prices of Shares
                                            as reported on the composite tape for securities listed on the Exchange for the date in question
                                            or the most recent trading day.

 

		(ii)	If
                                            Shares are not listed or admitted to trade on an Exchange, the Fair Market Value shall be
                                            the value as reasonably determined by the Committee for purposes of the Award in the circumstances;
                                            provided that Fair Market Value shall be determined pursuant to a valuation of the Company
                                            by an independent appraisal that meets the requirements of Section 401(a)(28)(C) of the Code
                                            as of a date that is no more than 12 months before the date of grant of the Award or another
                                            methodology for determining fair market value that complies with Section 409A of the Code.

 

The
Committee also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different
methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Awards (for example,
and without limitation, the Committee may provide that Fair Market Value for purposes of one or more Awards will be based on an average
of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). Any determination
as to Fair Market Value made pursuant to this Plan shall be made without regard to any restriction other than a restriction which, by
its terms, will never lapse, and shall be final, binding and conclusive on all persons with respect to Awards granted under this Plan.

 

“Good
Reason” has the same meaning as set forth in any unexpired employment agreement or independent contractor agreement between
the Company and the Participant for purposes of providing severance upon a resignation for Good Reason or, in the absence of such agreement,
as set forth in the Participant’s Award Agreement. If no such alternative definitions for “Good Reason” exist, “Good
Reason” means, with respect to a Participant, (A) a material reduction in the Participant’s authority, duties, and responsibilities,
provided that a mere change in the Participant’s title shall not trigger Good Reason and Participant continuing in
the same role on a divisional or business unit basis following the acquisition of the Company by a larger entity shall not trigger Good
Reason, (B) the Participant being required to relocate his place of employment, other than a relocation within 50 miles of the Participant’s
prior principal work site, or (C) a material reduction in the Participant’s Base Salary other than any such reduction consistent
with a general reduction of pay for similarly-situated Participants; provided, however, that Good Reason shall exist only if the Participant
provides the Company with written notice of the existence of one of the events, arising without the Participant’s consent, listed
in the foregoing clauses (A) through (C) below within 30 days of the initial existence of such event; (2) the Company fails to cure such
event within 30 days following the date such notice is given; and (3) the Participant elects to voluntarily terminate employment within
the 90 day period immediately following such event.

 

    20

     

    

 

“Grant
Date” means the later of (a) the date designated as the “Grant Date” within an Award Agreement, and (b) the date
on which the Committee determines the key terms of an Award, provided that as soon as reasonably practical thereafter the
Committee both notifies the Eligible Person of the Award and enters into an Award Agreement with the Eligible Person.

 

“Immediate
Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.
“Immediate Family” also shall include a trust in which these persons have more than 50% of the beneficial interest, a foundation
in which these persons (or the employee) control the management of assets, any other entity in which these persons (or the employee)
own more than 50% of the voting interests, and any person sharing the employee’s household (other than a tenant or employee).

 

“ISO”
means an Option that qualifies for favorable income tax treatment under Code Section 422 and is specifically designated as an incentive
stock option in an Award Agreement.

 

“Market
Stand-Off” has the meaning set forth in Section 21(b).

 

“Non-ISO”
means an Option not specifically designated as an ISO in an Award Agreement or not otherwise qualifying as an ISO.

 

“Option”
means any right to buy Shares that is granted to a Participant pursuant to Section 4.

 

“Person”
means any natural person, association, trust, business trust, cooperative, corporation, general partnership, joint venture, joint-stock
company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality,
unincorporated organization or organizational entity.

 

“Plan”
means this Orechestra BioMed, Inc. 2018 Share Incentive Plan.

 

“Recapture”
has the meaning set forth in Section 10(a).

 

“Rescission”
has the meaning set forth in Section 10(a).

 

“Reimbursement”
has the meaning set forth in Section 11(a) of this Plan.

 

“Reporting
Person” means an Employee, Director, or Consultant who is required to file reports with the Securities and Exchange Commission
pursuant to Section 16(a) of the Exchange Act and the rules promulgated thereunder.

 

“Restricted
Share” means a Share awarded with restrictions imposed under Section 5.

 

“Restricted
Share Unit” or “RSU” means a right granted to a Participant to receive Shares or cash upon the lapse of
restrictions imposed under Section 5.

 

“Section
409A Award” has the meaning set forth in Section 4(a)(i) of this Plan.

 

“Share”
means a share of Common Stock of the Company, as adjusted in accordance with Section 9 of this Plan.

 

“Share
Reserve” has the meaning set forth in Section 2(a).

 

“Termination”
has the meaning set forth in Section 10(a) of this Plan.

 

“Successor
Company” has the meanining set forth in Section 9(c).

 

“Unrestricted
Shares” mean Shares that are both awarded to Participants pursuant to Section 5 of this Plan, and not subject to a “substantial
risk of forfeiture” within the meaning of Code Section 83.

 

“U.S.
Taxpayer” means an Eligible Person who is subject to U.S. taxation.

 

“Withholding
Taxes” means the aggregate amount of federal, state, local and foreign income, social insurance, payroll, and other taxes that
the Company and any Affiliates are required or permitted to withhold in connection with any Award.

 

    21

     

    

 

 

 

 

 

 

 

 

 

 

 

FORM DESIGNATION OF DEATH BENEFICIARY

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

 

————————————————

 

Designation of Death Beneficiary

 

————————————————

 

In connection with the Awards
designated below that I have received pursuant to the Plan, I hereby designate the person specified below as the beneficiary upon my death
of my interest in such Awards. This designation shall remain in effect until revoked in writing by me.

 

	 	Name of Beneficiary:	________________________________________________	 
	 	 	 	 
	 	Address:	________________________________________________	 
	 	 	 	 
	 	 	________________________________________________	 
	 	 	 	 
	 	 	________________________________________________	 
	 	 	 	 
	 	Social Security No.:	________________________________________________	 

 

This beneficiary designation
relates to any and all of my rights under the following Award or Awards:

 	 	☐ any Award that I have received or ever receive under the Plan.
	 	 
	 	☐ the
    ________________ Award that I received pursuant to an award agreement dated _________ __, ___ between myself and the Company.

 

I understand that this designation
operates to entitle the above named beneficiary, in the event of my death, to any and all of my rights under the Award(s) designated above
from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery
to the Company of a written designation of beneficiary executed by me on a later date.

 

	 	Date:	
	 	By:	
	 		Name of Participant

 

	Sworn to before me this	 
	____ day of ____________, 20__	 
	__________________________	 
	Notary Public	 
	County of	__________________	 
	State of	__________________	 

 

     

     

    

 

 

 

 

 

 

 

 

 

 

 

FORM NOTICE OF STOCK OPTION GRANT

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

 

————————————————

 

Notice
of Stock Option Grant

 

————————————————

 

Orchestra BioMed, Inc. (“Company”),
pursuant to the 2018 Stock Incentive Plan (“Plan”), hereby grants you the opportunity under the Plan to purchase all
or any part of the “Number of Shares Subject to the Option” and effective as of the “Grant Date”
set forth below.

 

	Optionholder

Name:	 
	Grant Date:	 
	Type of Option:	
    [☐
    An Incentive Stock Option (“ISO”)]

    ☐  A Non-Incentive
    Stock Option (“Non-ISO”)

	Number of Shares Subject to the Option:	 
	Vesting Schedule:	[Insert Vesting Schedule] subject to your Continuous Service as of each such date.]
	Vesting Commencement Date:	
    ☐
    Same as Grant Date

    ☐
Date: ____________________

	Exercise Price per Share:	$[insert]
	Exercise Schedule (subject to Section 3 of the Option Agreement):	
    ☐
    Same as Vesting Schedule

    ☐
    Early exercise permitted

	Expiration Date:	
    ☐
    The ten-year anniversary of the Grant Date.

    [☐ The
    five-year anniversary of the Grant Date. (Select if the Participant is a Ten Percent Holder receiving an ISO.)]

	Payment:	
    By one or a combination of the following items:

    ☐ By
    cash or check payable to the Company

    ☐
    By delivery of already-owned Shares as described in the Plan

    ☐
    By a “net exercise” arrangement (only if this is a Non-ISO), as described in the Plan

    ☐
    By cashless exercise, as described in the Plan

 

This Option is subject to all terms and conditions
set forth herein and in the Stock Option Award Agreement (Attachment I) and the Plan (Attachment II), all of which are incorporated
herein in their entirety. This Option can only be exercised in conjunction with the Notice of Exercise in the form prescribed by the Committee
at the time of exercise. The current Notice of Exercise form is attached as Attachment III for reference. Capitalized terms not
explicitly defined herein are defined in the Plan. If this Notice of Stock Option Grant, Stock Option Award Agreement, or Notice of Exercise
conflict with the Plan, the Plan will control.

 

	 	 	OPTIONHOLDER:
	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	 	 	
    Name (Please Print) 

 

     

     

    

 

Attachment
I

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Stock Option Agreement

————————————————

 

    1

     

    

 

Attachment
II

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Plan Document

————————————————

 

    2

     

    

 

ATTACHMENT III

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Stock Option Notice of Exercise

————————————————

 

    3

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM NOTICE OF GRANT OF RESTRICTED SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Notice of Grant of Restricted Shares

————————————————

 

Orchestra BioMed, Inc. (“Company”),
pursuant to the 2018 Stock Incentive Plan (“Plan”), hereby awards you Restricted Shares as set forth below:

 

	Participant Name:	 
	Grant Date:	 
	Number of Restricted Shares Awarded:	 
	Vesting Schedule:	[Insert vesting schedule] subject to your Continuous Service as of each such date.
	Vesting Commencement Date:	
    ☐ Same as Grant Date

    ☐ Date: ____________________

	Purchase Price per Share (if applicable):	 
	§ 83(b) Elections	Allowed using the Election attached as Attachment III

 

This award of Restricted Shares
is subject to all terms and conditions set forth herein and in the Restricted Share Award Agreement (Attachment I), the Plan (Attachment
II), the Section 83(b) Election: Restricted Stock (Attachment III), and Designation of Death Beneficiary (Attachment IV), all of
which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein are defined in the Plan. If this Notice
of Grant of Restricted Shares or Restricted Share Award Agreement conflict with the Plan, the Plan will control.

 

	 		PARTICIPANT:
	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	 	 	
    Name (Please Print) 

 

    1

     

    

 

Attachment
I

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Restricted Share Award Agreement

————————————————

 

    1

     

    

 

Attachment
II

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Plan Document

————————————————

 

    2

     

    

 

Attachment
III

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Section 83(b) Election: Restricted Stock

————————————————

 

    3

     

    

 

Attachment
IV

 

Orchestra BioMed, Inc.

2018 Stock Incentive Plan

————————————————

Designation of Death Beneficiary

————————————————

 

    4

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM 83(b) ELECTION

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

The undersigned taxpayer hereby elects, pursuant
to Sections 55 and 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income or alternative
minimum taxable income, as the case may be, for the current taxable year the amount of any compensation taxable to taxpayer in connection
with taxpayer’s receipt of the property described below

 

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

 

	 	NAME:	TAXPAYER:	SPOUSE:
	 	 	 	 
	 	ADDRESS:	 	 
	 	 	 	 
	 	IDENTIFICATION NO.:	TAXPAYER:	SPOUSE:
	 	 	 	 
	 	TAXABLE YEAR:	 	 
	 	 	 	 

	2.	The property with respect to which the election is made is described as follows: _______.

 

	3.	The date on which the property was transferred is: _________, _______.

 

	4.	The property is subject to the following restrictions:

The Shares may not be transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and the Company.
These restrictions lapse upon the satisfaction of certain conditions contained in the agreement.

 

	5.	The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its
terms will never lapse, of such property is: $_____________.

 

	6.	The amount (if any) paid for such property is: $____________.

 

The undersigned has submitted a copy of this statement
to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property.
The transferee of such property is the person performing the services in connection with the transfer of said property.

 

The undersigned understands that the foregoing
election may not be revoked except with the consent of the Commissioner of the United States Internal Revenue Service.

 

	Dated:
    _______________, _______	 	_________________________________________
	 	 	Taxpayer

 

	The undersigned spouse of taxpayer joins in this election.

 

	Dated:
    _______________, _______	_________________________________________
	 	Spouse of Taxpayer

 

     

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM RESTRICTED
SHARE AWARD AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra
BioMed, Inc.

2018 Stock Incentive Plan

 

————————————————

 

Restricted
Share Award Agreement

 

————————————————

 

By
this Restricted Share Award Agreement (“Award Agreement”), Orchestra BioMed, Inc. (“Company”)
has granted you an award of Restricted Shares (“Award”) under its 2018 Stock Incentive Plan (“Plan”),
as set forth in the attached Notice of Grant of Restricted Shares (“Grant Notice”). Capitalized terms not explicitly
defined herein are defined in the Plan.

 

1. Vesting.
Your Award will vest as provided in your Grant Notice.

 

2. Termination
of Continuous Service. Subject to the terms of any employment agreement between you and the Company and/or its
subsidiaries then in effect (“Employment Agreement”), this Award shall be canceled and become
automatically null and void (and you will forfeit all rights to and regarding any unvested Restricted Shares without any payment
whatsoever to you) immediately after termination of your Continuous Service for any reason, but only to the extent you have not
become vested in your Restricted Shares on or at the time your Continuous Service ends.

 

3.
Voting Rights. As the owner of record of any Restricted Shares you qualify to receive pursuant to this Award Agreement,
you will be entitled to vote such Restricted Shares, provided you hold them on the particular record date for determining
stockholders of record entitled to vote.

 

4. Dividend
Rights. You shall receive any dividends paid between the Grant Date and the date you are issued unrestricted Shares at
the same time you receive the unrestricted Shares to which such dividends relate. To the extent that your Continuous Service ends
before full vesting of your Restricted Shares, you will forfeit all cash and Share-based dividends that are attributable to all of
your non-vested Restricted Shares.

 

5. Settlement
Through Issuance of Unrestricted Shares. No unrestricted Shares will be issued before you complete the requirements that
are necessary for you to vest in your Restricted Shares. The Company will issue to you or your duly-authorized transferee, free from
vesting restrictions (but subject to such legends as the Company determines to be appropriate), one unrestricted Share for each
vested Restricted Share, as soon as practicable after the date on which your Restricted Shares vest in whole or in part; provided
that the number of Shares issued to you shall be reduced by a number of Shares having a Fair Market Value equal to the sum of
(I) the par value per Share issued, if any, that has not already been paid by cash or check payable to the Company, or
otherwise (as payment thereof), plus, if the Company so determines in its sole and absolute discretion, (II) the minimum
statutory Withholding Taxes required in connection with the settlement of your Restricted Shares, and with cash being withheld from
your pay for any additional withholding and employment taxes that Applicable Laws may require. Certificates shall not be delivered
to you unless and until all applicable conditions of this Award have been satisfied, including all employment and tax-withholding
obligations.

 

     

     

    

 

6. Conditions on Issuance of Shares. Notwithstanding any other provision of the Plan
or of this Award Agreement, your receipt of Shares pursuant to this Award shall be contingent on your becoming a party to the Company’s
Voting Agreement, as is then in effect.

 

7. Designation
of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this
Award Agreement, you may expressly designate a death beneficiary (the “Beneficiary”) to your interest, if
any, in this Award and any underlying Shares. You shall designate the Beneficiary by completing and executing a designation of
beneficiary agreement substantially in the form attached to your Grant Notice as Attachment IV (the “Designation of
Death Beneficiary”) and delivering an executed copy of the Designation of Death Beneficiary to the Company. To the
extent you do not duly designate a beneficiary who survives you, your estate will automatically be your beneficiary.

 

8. Investment
Purposes. By executing this Award, you represent and warrant to the Company that any Restricted Shares issued to you will
be for investment for your own account and not with a view to, for resale in connection with, or with an intent of participating
directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended.

 

9.
Right of First Refusal. Unrestricted Shares you acquire under this Award are subject to any right of first refusal
that may be described in the Company’s bylaws in effect at such time the Company elects to exercise its right; provided,
however, that if there is no right of first refusal described in the Company’s bylaws at such time, the right of first refusal
described below will apply. The Company’s right of first refusal will expire on the first date upon which any security of the Company
is listed on a national securities exchange or quotation system (the “Listing Date”).

 

		(a)	Prior
                                            to the Listing Date, you may not validly Transfer (as defined below) any Shares acquired
                                            pursuant to this Award, or any interest in such Shares, unless such Transfer is made in compliance
                                            with the following provisions:

 

		(i)	Before
                                            there can be a valid Transfer of any Shares or any interest therein, the record holder of
                                            the Shares to be transferred (the “Offered Shares”) will give written
                                            notice (by registered or certified mail) to the Company. Such notice will specify the identity
                                            of the proposed transferee, the cash price offered for the Offered Shares by the proposed
                                            transferee (or, if the proposed Transfer is one in which the holder will not receive cash,
                                            such as an involuntary transfer, gift, donation or pledge, the holder will state that no
                                            purchase price is being proposed), and the other terms and conditions of the proposed Transfer.
                                            The date such notice is mailed will be hereinafter referred to as the “Notice
                                            Date” and the record holder of the Offered Shares will be hereinafter referred
                                            to as the “Offeror.” If, from time to time, there is any stock
                                            dividend, stock split or other change in the character or amount of any of the outstanding
                                            Common Stock which is subject to the provisions of your Restricted Shares, then in such event
                                            any and all new, substituted or additional securities to which you are entitled by reason
                                            of your ownership of the Shares acquired pursuant to this Award will be immediately subject to
the Company’s Right of First Refusal (as defined below) with the same force and effect as the Shares subject to the Right of First
Refusal immediately before such event.

 

    2

     

    

 

		(ii)	For
                                            a period of 30 calendar days after the Notice Date, or such longer period as may be required
                                            to avoid the classification of your Award as a liability for financial accounting purposes,
                                            the Company will have the option to purchase all (but not less than all) of the Offered Shares
                                            at the purchase price and on the terms set forth in Section 9(a)(iii) (the Company’s
                                            “Right of First Refusal”). In the event that the proposed Transfer
                                            is one involving no payment of a purchase price, the purchase price will be deemed to be
                                            the Fair Market Value of the Offered Shares as determined in good faith by the Board in its
                                            discretion. The Company may exercise its Right of First Refusal by mailing (by registered
                                            or certified mail) written notice of exercise of its Right of First Refusal to the Offeror
                                            prior to the end of said 30 days (including any extension required to avoid classification
                                            of the Award as a liability for financial accounting purposes).

 

		(iii)	The
                                            price at which the Company may purchase the Offered Shares pursuant to the exercise of its
                                            Right of First Refusal will be the cash price offered for the Offered Shares by the proposed
                                            transferee (as set forth in the notice required under Section 9(a)(i)), or the Fair
                                            Market Value as determined by the Board in the event no purchase price is involved. To the
                                            extent consideration other than cash is offered by the proposed transferee, the Company will
                                            not be required to pay any additional amounts to the Offeror other than the cash price offered
                                            (or the Fair Market Value, if applicable). The Company’s notice of exercise of its
                                            Right of First Refusal will be accompanied by full payment for the Offered Shares and, upon
                                            such payment by the Company, the Company will acquire full right, title and interest to all
                                            of the Offered Shares.

 

		(iv)	If,
                                            and only if, the option given pursuant to Section 9(a)(ii) is not exercised, the Transfer
                                            proposed in the notice given pursuant to Section 9(a)(i) may take place; provided,
                                            however, that such Transfer must, in all respects, be exactly as proposed in said notice
                                            except that such Transfer may not take place either before the 10th calendar day after the
                                            expiration of the 30 day option exercise period or after the 90th calendar day after
                                            the expiration of the 30 day option exercise period, and if such Transfer has not taken
                                            place prior to said 90th day, such Transfer may not take place without once again complying
                                            with this Section 9(a). The option exercise periods in this Section 9(a)(iv) will
                                            be adjusted to include any extension required to avoid the classification of your Award as
                                            a liability for financial accounting purposes.

 

		(b)	As
                                            used in this Section 9, the term “Transfer” means any sale,
                                            encumbrance, pledge, gift or other form of disposition or transfer of Shares or any legal
                                            or equitable interest therein; provided, however, that the term Transfer does
                                            not include
a transfer of such Shares or interests by will or intestacy to your Immediate Family. In such case, the transferee or other recipient
will receive and hold the Shares so transferred subject to the provisions of this Section, and there will be no further transfer of such
Shares except in accordance with the terms of this Section 9.

 

    3

     

    

 

		(c)	No
                                            Shares acquired pursuant to this Award will be transferred on the Company’s books nor
                                            will the Company recognize any such Transfer of any such Shares or any interest therein unless
                                            and until all applicable provisions of this Section 9 have been complied with in all
                                            respects. The certificates of stock evidencing Shares underlying this Award will bear an
                                            appropriate legend referring to the transfer restrictions imposed by this Section 9.

 

		(d)	To
                                            ensure that the Shares subject to the Company’s Right of First Refusal will be available
                                            for repurchase by the Company, the Company may deposit unrestricted Shares that you otherwise
                                            would receive under this Award with an escrow agent designated by the Company under the terms
                                            and conditions of an escrow agreement approved by the Company. If the Company does not require
                                            such deposit, the Company reserves the right at any time to require you to so deposit the
                                            certificates in escrow. As soon as practicable after the expiration of the Company’s
                                            Right of First Refusal, the agent will deliver to you the Shares and any other property no
                                            longer subject to such restriction. In the event the Shares and any other property held in
                                            escrow are subject to the Company’s exercise of its Right of First Refusal, the notices
                                            required to be given to you will be given to the escrow agent, and any payment required to
                                            be given to you will be given to the escrow agent. Within 30 days after payment by the
                                            Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the
                                            Company has repurchased to the Company and will deliver the payment received from the Company
                                            to you.

 

10.
Securities Law Restrictions. Regardless of whether the offering and sale of Shares
under the Plan have been registered under the Exchange Act, or have been registered or qualified under the securities laws of any state,
the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement
of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such
restrictions are necessary or desirable in order to achieve compliance with the Exchange Act or the securities laws of any state or any
other law or to enforce the intent of this Award.

 

11.
Transferability. Except as otherwise provided in Section 8 of the Plan, your
Award is not transferable.

 

12.
Not a Contract of Employment. By executing this Award Agreement you acknowledge
and agree that (i) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting
relationship with the Company, nor shall it affect in any way your right or the Company’s right to terminate your employment, service,
or consulting relationship at any time, with or without Cause; and (ii) the Company would not have granted this Award to you but
for these acknowledgements and agreements.

 

    4

     

    

 

13.
 Headings. Section and other headings contained in this Award Agreement are for reference
purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision
hereof.

 

14.
Severability. Every provision of this Award Agreement and of the Plan is intended
to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity
or legality of the remaining terms of this Award Agreement.

 

15.
Counterparts. This Award Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
one and the same instrument.

 

16.
Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan,
every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 

17.
Modifications. This Award Agreement may be modified or amended at any time, in accordance
with Section 14 of the Plan.

 

18.
Tax Consequences. Section 7 of the Plan is hereby incorporated herein by reference.
You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner
that minimizes your tax liabilities.

 

19.
Notices.

 

		(a)	All
                                            notices required or permitted under your Award or the Plan shall be in writing (including
                                            electronically) and shall be deemed effectively given: (i) upon personal delivery to
                                            the party to be notified, (ii) when sent by confirmed facsimile if sent during normal
                                            business hours of the recipient, and if not during normal business hours of the recipient,
                                            then on the next business day, (iii) five calendar days after having been sent by registered
                                            or certified mail, return receipt requested, postage prepaid, or (iv) one business day
                                            after deposit with a nationally recognized overnight courier, specifying next day delivery,
                                            with written verification of receipt. All communications shall be sent to the other party
                                            hereto at such party’s address hereinafter set forth on the signature page hereof,
                                            addressed to you at the last address you provided to the Company, or at such other address
                                            as such party may designate by ten days advance written notice to the other party hereto.

 

		(b)	The
                                            Company may, in its sole discretion, decide to deliver any documents related to participation
                                            in the Plan and this Award by electronic means or to request your consent to participate
                                            in the Plan by electronic means. By accepting this Award, you consent to receive such documents
                                            by electronic delivery and to participate in the Plan through an on-line or electronic system
                                            established and maintained by the Company or another third party designated by the Company,
                                            though you may opt out of such electronic delivery and electronic system by notifying the
                                            [title] of the Company.

 

    5

     

    

 

20.
 Governing Plan Document. Your Award is subject to all Plan provisions, the provisions
of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations, which
may from time to time be promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award
Agreement and those of the Plan, the provisions of the Plan shall control.

 

21.
Consent For Data Transfer. Section 17(c) of the Plan is hereby incorporated
by reference.

 

22.
Waiver of Statutory Information Rights. You understand and agree that, but for the
waiver made herein, you would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose,
and to make copies and extracts from, the Company’s stock ledger, a list of its stockholders, and its other books and records,
and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220
of the General Corporation Law of Delaware (any and all such rights, and any and all such other rights you may have as may be provided
for in Section 220, the “Inspection Rights”). In light of the foregoing, until the date of an initial
public offering, you hereby unconditionally and irrevocably waive the Inspection Rights, whether such Inspection Rights would be exercised
or pursued directly or indirectly pursuant to Section 220 or otherwise, and covenant and agree never to directly or indirectly commence,
voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding
to pursue or exercise the Inspection Rights. The foregoing waiver shall not affect any rights of a director, in his or her capacity as
such, under Section 220. The foregoing waiver shall not apply to any contractual inspection rights that you may have under any other
written agreement between you and the Company.

 

23.
Governing Law. The laws of the State of Delaware shall govern the validity of this
Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.

 

[Participant’s
signature page follows]

 

    6

     

    

 

	 	 	PARTICIPANT:
	 	 	 
	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	 	 	Name (Please Print)

  

    7

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM NOTICE
OF EXERCISE

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra
BioMed, Inc.

2018 Stock Incentive Plan

 

————————————————

 

Notice
of Exercise

 

————————————————

 

	Orchestra
    BioMed, Inc. 

    [Address] 

    [City and State]	Date
    of Exercise:_________

 

This
constitutes notice to Orchestra BioMed, Inc. (the “Company”) under my stock Option that I elect to purchase the below
number of Shares for the price set forth below. Capitalized terms have the meaning set forth in the Plan and the Option.

 

	Type of option (check one):	 	Incentive (ISO) ☐	 	 	Non-Incentive (Non-ISO) ☐	 
	 	 	 	 	 	 	 
	Stock option dated:	 	 	       	 	 	 	          	 
	 	 	 	 	 	 	 	 	 
	Number of Shares as to which option is exercised:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Certificates to be issued in name of:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total exercise price:	 	$	 	 	 	$	 	 
	 	 	 	 	 	 	 	 	 
	Cash payment delivered herewith:	 	$	 	 	 	$	 	 

 

By
this exercise, I agree (i) to provide such additional documents as the Company may require pursuant to the terms of the 2018 Stock
Incentive Plan, (ii) to provide for the payment by me to the Company (in the manner designated by the Company) of the Company’s
withholding obligation, if any, relating to the exercise of this Option, and (iii) if this exercise relates to an ISO, to notify
the Company in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this Option
that occurs within two years after the date of grant of this Option or within one year after such Shares are issued upon exercise of
this Option.

 

I
further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration
of the offering of any securities of the Company under the Exchange Act, and for such period of time, not exceeding 180 days, following
the date of the final prospectus for the offering as may be requested by the Company or such underwriters, I will not directly or indirectly
sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase
any option or other contract for the sale of, or otherwise dispose or transfer, or agree to engage in any of the foregoing transactions
with respect to, any Shares acquired pursuant to Awards without the prior written consent of the Company or its underwriters. I further
agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent
with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of the applicable Market
Stand-Off period.

 

    1

     

    

 

I
understand that, in order for this exercise to be effective, I must execute the attached “Joinder Agreement,” which will
bind me to the Company’s Voting Agreement.

 

I
hereby (i) unconditionally and irrevocably waive any rights I might otherwise have under Section 220 of the Delaware General
Corporation Law or other applicable law to inspect for any proper purpose and to make copies and extracts from the Company’s stock
ledger, a list of its stockholders and its other books and records and the books and records of any subsidiary of the Company (collectively,
“Inspection Rights”), and (ii) covenant and agree never to directly or indirectly commence, voluntarily aid in
any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise
any Inspection Rights. My obligations under this paragraph will lapse on the first sale of the Company’s common stock to the general
public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities
Act of 1933, as amended.

 

I
hereby unconditionally and irrevocably waive any rights I might otherwise have under Section 262 of the Delaware General Corporation
Law or other applicable law to appraisal rights with respect to all current and future Shares I may own.

 

	 	Very truly yours,
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	Name (Please Print)

 

    2

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM STOCK
OPTION AWARD AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Orchestra
BioMed, Inc.

2018 Stock Incentive Plan

 

————————————————

 

Stock
Option Award Agreement

 

————————————————

 

By
this Stock Option Award Agreement, Orchestra BioMed, Inc. (“Company”) has granted you an Option under its 2018 Stock
Incentive Plan (“Plan”), as set forth in the attached Notice of Stock Option Grant (“Grant Notice”).
Capitalized terms not explicitly defined herein are defined in the Plan. The details of your Option, in addition to those set forth in
the Plan, are as follows:

 

1. Vesting.
Your Option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous
Service.

 

2. Exercise
Prior to Vesting (“Early Exercise”). If the “Exercise
Schedule” in your Grant Notice indicates “Early Exercise Permitted,” you may elect at any time that is both
(i) during the period of your Continuous Service and (ii) during the term of your Option, to exercise all or part of your
Option, including the unvested portion of your Option; provided, however, that:

 

(a)
a partial exercise of your Option will be deemed to cover first vested Shares and then the earliest vesting installment of unvested
Shares;

 

(b)
any Shares so purchased from installments unvested as of the date of exercise will be subject to the Company’s “Repurchase
Option” described in the Company’s form of Early Exercise Stock Purchase Agreement; and

 

(c) you
will enter into the Company’s form of Early Exercise Stock Purchase Agreement with a vesting schedule that will result in the
same vesting as if no early exercise had occurred.

 

3.
Method of Exercise.

 

(a) The
Plan sets forth rules for the exercise of your Option. You must pay the full amount of the exercise price for the Shares you wish to
exercise, in any manner permitted by your Grant Notice or as otherwise permitted by the Committee. You must also execute the then-
current form of written notice approved by the Committee. The current form of exercise is attached as Attachment III to your
Grant Notice.

 

4. Right
of First Refusal. Shares you acquire upon exercise of your Option are subject to any right of first refusal that may be
described in the Company’s bylaws in effect at such time the Company elects to exercise its right; provided,
however, that if there is no right of first refusal described in the Company’s bylaws at such time, the right of first refusal
described below will apply. The Company’s right of first refusal will expire on the first date upon which any security of the
Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (the
“Listing Date”).

 

    1

     

    

 

(a) Prior
to the Listing Date, you may not validly Transfer (as defined below) any Shares acquired upon exercise of your Option, or any
interest in such Shares, unless such Transfer is made in compliance with the following provisions:

 

(i) Before
there can be a valid Transfer of any Shares or any interest therein, the record holder of the Shares to be transferred (the
“Offered Shares”) will give written notice (by registered or certified mail) to the Company. Such notice will
specify the identity of the proposed transferee, the cash price offered for the Offered Shares by the proposed transferee (or, if
the proposed Transfer is one in which the holder will not receive cash, such as an involuntary transfer, gift, donation or pledge,
the holder will state that no purchase price is being proposed), and the other terms and conditions of the proposed Transfer. The
date such notice is mailed will be hereinafter referred to as the “Notice Date” and the record holder of the
Offered Shares will be hereinafter referred to as the “Offeror.” If, from time to time, there is any stock
dividend, stock split or other change in the character or amount of any of the outstanding Common Stock which is subject to the
provisions of your Option, then in such event any and all new, substituted or additional securities to which you are entitled by
reason of your ownership of the Shares acquired upon exercise of your Option will be immediately subject to the Company’s
Right of First Refusal (as defined below) with the same force and effect as the Shares subject to the Right of First Refusal
immediately before such event.

 

(ii)
For a period of 30 calendar days after the Notice Date, or such longer period as may be required to avoid the classification of your
Option as a liability for financial accounting purposes, the Company will have the option to purchase all (but not less than all) of
the Offered Shares at the purchase price and on the terms set forth in Section 4(a)(iii) (the Company’s “Right of
First Refusal”). In the event that the proposed Transfer is one involving no payment of a purchase price, the purchase price
will be deemed to be the Fair Market Value of the Offered Shares as determined in good faith by the Board in its discretion. The Company
may exercise its Right of First Refusal by mailing (by registered or certified mail) written notice of exercise of its Right of First
Refusal to the Offeror prior to the end of said 30 days (including any extension required to avoid classification of the Option
as a liability for financial accounting purposes).

 

(iii)
The price at which the Company may purchase the Offered Shares pursuant to the exercise of its Right of First Refusal will be the
cash price offered for the Offered Shares by the proposed transferee (as set forth in the notice required under Section 4(a)(i)),
or the Fair Market Value as determined by the Board in the event no purchase price is involved. To the extent consideration other than
cash is offered by the proposed transferee, the Company will not be required to pay any additional amounts to the Offeror other than
the cash price offered (or the Fair Market Value, if applicable). The Company’s notice of exercise of its Right of First Refusal
will be accompanied by full payment for the Offered Shares and, upon such payment by the Company, the Company will acquire full right,
title and interest to all of the Offered Shares.

 

(iv) If,
and only if, the option given pursuant to Section 4(a)(ii) is not exercised, the Transfer proposed in the notice given pursuant
to Section 4(a)(ii) may take place; provided, however, that such Transfer must, in all respects, be exactly as
proposed in said notice except that such Transfer may not take place either before the 10th calendar day after the expiration of the
30 day option exercise period or after the 90th calendar day after the expiration of the 30 day option exercise period, and if
such Transfer has not taken place prior to said 90th day, such Transfer may not take place without once again complying with this
Section 4(a). The option exercise periods in this Section 4(a)(iv) will be adjusted to include any extension required to
avoid the classification of your option as a liability for financial accounting purposes.

 

    2

     

    

 

(b)
As used in this Section 4, the term “Transfer” means any sale, encumbrance, pledge, gift or other form of
disposition or transfer of Shares or any legal or equitable interest therein; provided, however, that the term Transfer
does not include a transfer of such Shares or interests by will or intestacy to your Immediate Family. In such case, the transferee or
other recipient will receive and hold the Shares so transferred subject to the provisions of this Section, and there will be no further
transfer of such Shares except in accordance with the terms of this Section 4.

 

(c)
No Shares purchased on exercise of your Option will be transferred on the Company’s books nor will the Company recognize any
such Transfer of any such Shares or any interest therein unless and until all applicable provisions of this Section 4 have been
complied with in all respects. The certificates of stock evidencing Shares purchased on exercise of your Option will bear an appropriate
legend referring to the transfer restrictions imposed by this Section 4.

 

(d)
To ensure that the Shares subject to the Company’s Right of First Refusal will be available for repurchase by the Company,
the Company may require you to deposit the certificates evidencing the Shares that you purchase upon exercise of your Option with an
escrow agent designated by the Company under the terms and conditions of an escrow agreement approved by the Company. If the Company
does not require such deposit as a condition of exercise of your Option, the Company reserves the right at any time to require you to
so deposit the certificates in escrow. As soon as practicable after the expiration of the Company’s Right of First Refusal, the
agent will deliver to you the Shares and any other property no longer subject to such restriction. In the event the Shares and any other
property held in escrow are subject to the Company’s exercise of its Right of First Refusal, the notices required to be given to
you will be given to the escrow agent, and any payment required to be given to you will be given to the escrow agent. Within 30 days
after payment by the Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the Company has repurchased
to the Company and will deliver the payment received from the Company to you.

 

5. Right
of Repurchase. To the extent provided in the Company’s bylaws in effect at such time the Company elects to exercise
its right, the Company will have the right to repurchase all or any part of the Shares you acquire pursuant to the exercise of your
Option.

 

6. Withholding
Obligations. You may not exercise your Option unless the Withholding Tax obligations of the Company and any Affiliate are
satisfied. Accordingly, you may not be able to exercise your Option when desired even though your Option is vested, and the Company
will have no obligation to issue a certificate for such Shares or release such Shares from any escrow provided for herein, if
applicable, unless such obligations are satisfied.

 

7. Transferability.
Except as otherwise provided in the Plan, your Option is not transferable and is exercisable during your life only by
you.

 

    3

     

    

 

8. Not a Contract of Employment. By executing this Award Agreement you acknowledge and
agree that (i) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting
relationship with the Company, nor shall it affect in any way your right or the Company’s right to terminate your employment, service,
or consulting relationship at any time, with or without Cause; and (ii) the Company would not have granted this Award to you but
for these acknowledgements and agreements.

 

9. Headings.
Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe,
interpret, define or limit the scope or intent of this Award Agreement or any provision hereof.

 

10. Severability.
Every provision of this Award Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for
any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award
Agreement.

 

11.
Counterparts. This Award Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
one and the same instrument.

 

12.
Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan,
every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 

13.
Modifications. This Award Agreement may be modified or amended at any time, in accordance
with the Plan.

 

14.
Notices.

 

(a) All
notices required or permitted under your Option or the Plan shall be in writing (including electronically) and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent
during normal business hours of the recipient, and if not during normal business hours of the recipient, then on the next business
day, (iii) five calendar days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address
hereinafter set forth on the signature page hereof, addressed to you at the last address you provided to the Company, or at such
other address as such party may designate by ten days advance written notice to the other party hereto.

 

(b)
By accepting this Option, you consent to receive all documents related to participation in the Plan and this Option by electronic
delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company, though you may opt out of such electronic delivery and electronic system by notifying the [title]
of the Company.

 

15. Governing
Plan Document. Your Option is subject to all Plan provisions, the provisions of which are hereby made a part of your
Option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated
and adopted pursuant to the Plan.

 

16.
Consent For Data Transfer. You specifically consent to the collection, use, and transfer,
in electronic or other form, of your personal data as described in the Plan.

 

	 	 	OPTIONHOLDER:
	 	 	 
		 	 
	(Date)	 	(Signature)
		 	 
		 	 
	 	 	Name (Please Print)

 

 

4

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