Document:

Exhibit 4.1

 

FORM OF SUBSCRIPTION AGREEMENT

 

Bellerophon Therapeutics, Inc.

184 Liberty Corner Road, Suite 302

Warren, New Jersey 07059

 

Ladies and Gentlemen:

 

The undersigned (the “Investor”) hereby confirms
its agreement with you as follows:

 

1.                  This
Subscription Agreement (this “Agreement”) is made as of the date set forth below between Bellerophon Therapeutics,
Inc., a Delaware corporation (the “Company”), and the Investor.

 

2.                  The
Company has authorized the sale and issuance to certain investors of up to an aggregate of 1,153,846 shares (the “Shares”)
of its Common Stock, par value $0.01 per share (the “Common Stock”), for a purchase price of $13.00 per share
(the “Purchase Price”).

 

3.                  The
offering and sale of the Shares (the “Offering”) is being made pursuant to (1) an effective Registration Statement
on Form S-3 (including the Prospectus contained therein (the “Base Prospectus”), the “Registration
Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”), (2)
if applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the Securities Act of
1933, as amended (the “Act”)), that have been or will be filed with the Commission and delivered to the Investor
on or prior to the date hereof and (3) a Prospectus Supplement (the “Prospectus Supplement” and together with
the Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and
terms of the Offering that will be filed with the Commission and delivered to the Investor (or made available to the Investor by
the filing by the Company of an electronic version thereof with the Commission).

 

4.                  The
Company and the Investor agree that the Investor will purchase from the Company and the Company will issue and sell to the Investor
the Shares of Common Stock set forth below at the aggregate purchase price set forth below. The Shares shall be purchased pursuant
to the Terms and Conditions for Purchase of Shares of Common Stock attached hereto as Annex I and incorporated
herein by reference as if fully set forth herein. The Investor acknowledges that the Offering is not being underwritten.

 

5.                  The
Investor acknowledges that (i) there is no minimum offering amount and (ii) the Investor’s obligations under this Agreement,
including the obligation to purchase Shares, are expressly not conditioned on the purchase by any or all of the Other Investors
(as defined in Annex I hereto) of the Shares that they have agreed to purchase from the Company or the sale by the Company
of any specified aggregate number of Shares.

 

6.                  The
settlement of the Shares purchased by the Investor shall be by delivery by electronic book-entry at The Depository Trust Company
(“DTC”), registered in the Investor’s name and address as set forth below, and released by Computershare Trust
Company, N.A., the Company’s transfer agent (the “Transfer Agent”), to the Investor at Closing (as defined in
Section 3.1 of Annex I hereto).

 

NO
LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL DIRECT
THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DEPOSIT/WITHDRAWAL
AT CUSTODIAN (“DWAC”) INSTRUCTING THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES.

 

AFTER
THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL AT CLOSING REMIT BY WIRE TRANSFER THE
AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING ACCOUNT:

 

     

     

    

 

	 	
        

        Bank: [***]
	 
	 	Account Address: [***]	 
	 	 	 
	 	Routing#: [***]	 
	 	Acct#: [***]	 
	 	Acct Name: [***] 	 

 

IT
IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT
BY WAY OF DWAC IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SHARES OR DOES NOT MAKE
PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR
MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER.

 

7.       The
Investor represents that, except as set forth in Exhibit A (the “Investor Questionnaire”) attached hereto,
(a) it is not a FINRA member or an Associated Person (as such term is defined under the FINRA Membership and Registration Rules
Section 1011) as of the Closing, and (b) neither the Investor nor any group of Investors (as identified in a public filing made
with the Commission) of which the Investor is a part in connection with the Offering of the Shares, acquired, or obtained the right
to acquire, 20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power
of the Company on a post-transaction basis.

 

8.       The
Investor represents that it has received (or otherwise had made available to it by the filing by the Company of an electronic version
thereof with the Commission) the Base Prospectus, dated July 6, 2018, which is a part of the Company’s Registration Statement,
the documents incorporated by reference therein and any free writing prospectus relating to this Offering (collectively, the “Disclosure
Package”), prior to or in connection with the receipt of this Agreement. The Investor acknowledges that, prior to the
delivery of this Agreement to the Company, the Investor will receive certain additional information regarding the Offering, including
pricing information (the “Offering Information”). Such information may be provided to the Investor by any means
permitted under the Act, including the Prospectus Supplement, a free writing prospectus and oral communications.

 

9.       No
offer by the Investor to buy Shares will be accepted and no part of the Purchase Price will be delivered to the Company until the
Investor has received the Offering Information and the Company has accepted such offer by countersigning a copy of this Agreement,
and any such offer may be withdrawn or revoked by the Investor, without obligation or commitment of any kind, at any time prior
to the Company sending (orally, in writing or by electronic mail) notice of its acceptance of such offer. An indication of interest
will involve no obligation or commitment of any kind until the Investor has been delivered the Offering Information and this Agreement
is accepted and countersigned by or on behalf of the Company.

 

[The remainder of this page is intentionally
left blank.]

 

     

     

    

 

	Number of Shares:	 
	Purchase Price Per Share:	 $
	Aggregate Purchase Price:	 

 

Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated as of:

 

	 	 
	INVESTOR	 	 

	By: 	 	 

	Print Name: 	 	 

	Title:	 	 

	Address: 	 	 
	 	 

	Facsimile: 	 	 

   

Agreed and Accepted

This          day
of                       ,
2020:

 

BELLEROPHON THERAPEUTICS, INC.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

ANNEX I

 

TERMS AND CONDITIONS FOR PURCHASE OF
SHARES OF COMMON STOCK

 

1.       Authorization
and Sale of the Shares. Subject to the terms and conditions of this Agreement, the Company has authorized the sale of
the Shares.

 

2.       Agreement
to Sell and Purchase the Shares.

 

2.1       At
the Closing (as defined in Section 3.1), the Company will sell to the Investor, and the Investor will purchase from
the Company, upon the terms and conditions set forth herein, the number of Shares set forth on the last page of the Agreement to
which these Terms and Conditions for Purchase of Shares of Common Stock are attached as Annex I (the “Signature
Page”) for the aggregate purchase price therefor set forth on the Signature Page.

 

2.2       The
Company may enter into substantially this same form of Subscription Agreement with certain other investors (the “Other
Investors”) and may complete sales of Shares to them. The Investor and the Other Investors are hereinafter sometimes
collectively referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by
the Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”

 

3.       Closings
and Delivery of the Shares and Funds.

 

3.1       Closing. The
completion of the purchase and sale of the Shares, or a portion thereof, (the “Closing”) shall occur upon delivery
of the Shares against payment therefor on or about [•], which is the [third] business day following the date of pricing of
the Shares, or at such earlier date as the Company and Investors shall agree (the “Closing Date”), in accordance
with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). At
the Closing, (a) the Company shall cause the Transfer Agent to deliver to the Investor the number of Shares set forth on the Signature
Page registered in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as Exhibit
A, in the name of a nominee designated by the Investor and (b) the aggregate purchase price for the Shares being purchased
by the Investor will be delivered by or on behalf of the Investor to the Company.

 

3.2       Conditions
to the Company’s Obligations. (a) The Company’s obligation to issue and sell the Shares to the Investor shall
be subject to (i) the receipt by the Company of the purchase price for the Shares being purchased hereunder as set forth on the
Signature Page and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment of those undertakings
of the Investor to be fulfilled prior to the Closing Date.

 

(b)       Conditions
to the Investor’s Obligations. The Investor’s obligation to purchase the Shares as set forth on the Signature
Page will be subject to the completion of the Offering by the Company.

 

(c)       Disclaimer
Regarding Partial Settlement. The Investor’s obligations are expressly not conditioned on the purchase by any or
all of the Other Investors of the Shares that they have agreed to purchase from the Company or the sale by the Company of any specified
aggregate number of Shares to the Other Investors or in the concurrent registered public offering being conducted by the Company.

 

3.3       Delivery
of Funds. Delivery by Electronic Book-Entry at The Depository Trust Company. After the execution of
this Agreement by the Investor and the Company, at Closing the Investor shall remit by wire transfer the amount of funds
equal to the aggregate purchase price for the Shares being purchased by the Investor to the following account designated by the
Company:

 

	 	
        

        Bank: [***]
	 
	 	Account Address: [***]	 
	 	 	 
	 	Routing#: [***]	 
	 	Acct#: [***]	 
	 	Acct Name: [***]	 

 

     

     

    

 

Investor shall also
furnish the Company a completed W-9 form (or, in the case of an Investor who is not a United States citizen or resident, a W-8
form).

 

3.4       Delivery
of Shares. Delivery by Electronic Book-Entry at The Depository Trust Company. No later than one (1)
business day after the execution of this Agreement by the Investor and the Company, the Investor shall direct the broker-dealer
at which the account or accounts to be credited with the Shares being purchased by such Investor are maintained, which broker/dealer
shall be a DTC participant, to set up a Deposit/Withdrawal at Custodian (“DWAC”) instructing Computershare Trust
Company, N.A., the Company’s transfer agent, to credit such account or accounts with the Shares by means of an electronic
book-entry delivery. Such DWAC shall indicate the settlement date for the deposit of the Shares, which date shall be the Closing.
Simultaneously with the delivery to the Company by the Investor of the funds pursuant to Section 3.3 above, the
Company shall direct its transfer agent to credit the Investor’s account or accounts with the Shares pursuant to the information
contained in the DWAC.

 

4.       Representations,
Warranties and Covenants of the Investor.

 

The Investor acknowledges, represents and
warrants to, and agrees with, the Company that:

 

4.1       The
Investor (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments
in shares presenting an investment decision like that involved in the purchase of the Shares, including investments in securities
issued by the Company and investments in comparable companies, (b) has answered all questions on the Signature Page and the Investor
Questionnaire and the answers thereto are true and correct as of the date hereof and will be true and correct as of the Closing
Date, (c) in connection with its decision to purchase the number of Shares set forth on the Signature Page, has received and is
relying solely upon (i) the Disclosure Package and the documents incorporated by reference therein and (ii) the Offering Information,
and not any other preliminary or final prospectus pursuant to the Registration Statement and (d) the Investor it is responsible
for conducting its own due diligence investigation with respect to the Company and the Offering, it is purchasing shares in the
Offering based on the results of its own due diligence investigation of the Company, it has negotiated the Offering directly with
the Company and the decision to invest in the Offering will involve a significant degree of risk, including a risk of total loss
of such investment.

 

4.2       (a)
No action has been or will be taken in any jurisdiction outside the United States by the Company that would permit an offering
of the Shares, or possession or distribution of offering materials in connection with the issue of the Shares in any jurisdiction
outside the United States where action for that purpose is required and (b) if the Investor is outside the United States, it will
comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Shares
or has in its possession or distributes any offering material, in all cases at its own expense.

 

4.3       The
Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (b) this
Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability
of any rights to indemnification or contribution that may be violative of the public policy underlying any law, rule or regulation
(including any federal or state securities law, rule or regulation).

 

4.4       The
Investor understands that nothing in this Agreement, the Prospectus or any other materials presented to the Investor in connection
with the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax
and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Shares.
The Investor acknowledges that the Company is conducting a concurrent public offering of Common Stock through a syndicate of underwriters
(the “Underwriters”). Investor acknowledges that the Underwriters have not made any offer, representation or warranty
with respect to the Offering, and Investor has not relied, and will not rely, on any statement made by the Underwriters, orally
or in writing, to the contrary.

 

     

     

    

 

4.5       Since
the date on which the Company first contacted such Investor about the Offering, the Investor has not engaged in any transactions
in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving the Company’s
securities) and has not violated its obligations of confidentiality. Each Investor covenants that it will not engage in any transactions
in the securities of the Company (including Short Sales) or disclose any information about the contemplated offering (other than
to its advisors that are under a legal obligation of confidentiality) prior to the time that the transactions contemplated by this
Agreement are publicly disclosed. Each Investor agrees that it will not use any of the Shares acquired pursuant to this Agreement
to cover any short position in the Common Stock if doing so would be in violation of applicable securities laws. For purposes hereof,
 “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges,
forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-US broker dealers or foreign regulated brokers.

 

5.       Survival
of Representations, Warranties and Agreements. Notwithstanding any investigation made by any party to this Agreement,
all covenants, agreements, representations and warranties made by the Company and the Investor herein will survive the execution
of this Agreement, the delivery to the Investor of the Shares being purchased and the payment therefor.

 

6.       Notices. All
notices, requests, consents and other communications hereunder will be in writing, will be mailed (a) if within the domestic United
States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or
by facsimile or (b) if delivered from outside the United States, by International Federal Express or facsimile, and will be deemed
given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if delivered
by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express,
two business days after so mailed and (iv) if delivered by facsimile, upon electric confirmation of receipt and will be delivered
and addressed as follows:

 

	 	(a)        	if to the Company, to:

 

Bellerophon Therapeutics, Inc.

184 Liberty Corner Road, Suite
302

Warren, New Jersey 07059

Attention: Fabian Tenenbaum, Chief
Executive Officer

Email: Fabian.Tenenbaum@bellerophon.com

 

with copies
to:

 

Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C.

666 Third Avenue

New York, New York 10017

Facsimile:
212-983-3115

Attention:
Jeffrey Schultz, Esq.

 

(b)         if
to the Investor, at its address on the Signature Page hereto, or at such other address or addresses as may have been furnished
to the Company in writing.

 

7.       Changes. This
Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

8.       Headings. The
headings of the various sections of this Agreement have been inserted for convenience of reference only and will not be deemed
to be part of this Agreement.

 

     

     

    

 

9.       Severability. In
case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

10.       Governing
Law. This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York,
without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

11.       Counterparts. This
Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which, when taken
together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties. The Company and the Investor acknowledge and agree that the Company shall deliver
its counterpart to the Investor along with the Prospectus Supplement (or the filing by the Company of an electronic version thereof
with the Commission).

 

12.       Confirmation
of Sale. The Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to
this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with the
Commission), shall constitute written confirmation of the Company’s sale of Shares to such Investor.

 

13.       Press
Release. The Company and the Investor agree that the Company shall issue a press release announcing the Offering and disclosing
all material terms and conditions of the Offering prior to the opening of the financial markets in New York City on the business
day after the date hereof at the latest.

 

[The remainder of this page is intentionally
left blank.]Exhibit 10.1

 

May 18, 2020

 

Personal and Confidential 

Angel Pond Capital LLC

950 Third Avenue, 25th Floor

New York, NY 10022

 

THIS AGREEMENT (the “Agreement”)
is entered into as of May 18, 2020 between Bellerophon Therapeutics, Inc. (the “Company”) and Angel Pond Capital LLC
(“Advisor”). The Company and Advisor shall collectively be referred to as the “Parties” and each a “Party.”

 

RECITALS

 

		A.	The Company engages in the research, development and manufacture of innovative therapies at the
intersection of drugs and devices for cardiopulmonary diseases.

 

		B.	Advisor has extensive trading, investment, and capital market experience.

 

NOW THEREFORE, for valuable consideration,
the sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.       Advisory
Services.

 

Advisor agrees to provide strategic advice to the Company with
respect to the Company’s optimal capital structure and capital raising.

 

In performing these services, Advisor will
have no authority to bind the Company in any way and will make no representations relating to the Company that are not expressly
authorized by this Agreement or consented to in advance by the Company in writing. Without limiting the generality of the foregoing,
Advisor is not authorized to negotiate or enter into any agreement or undertaking on behalf of the Company with any person or organization.
For all purposes here under, Advisor shall act solely as an independent party, and nothing herein shall at any time be construed
to create the relationship of partnership, principal and agent, employment or joint venture as between the Company and Advisor
or any of its employees.

 

2.       Representations
and Warranties of the Company.

 

The Company represents, warrants and agrees
that as of the date hereof:

 

		(a)	It is in good standing under the laws of each jurisdiction which requires such qualification.

 

		(b)	This Agreement has been validly executed and is the legal, valid and binding agreement of the Company.

 

    1 

     

    

 

3.       Representations
and Warranties of Advisor.

 

Advisor represents, warrants and agrees
that as of the date hereof, and as of any date that the Advisor receives fees:

 

(a)       Advisor
has the full right and authority to enter into this Agreement, that Advisor has no agreement, duty, commitment or responsibility
or obligation of any kind or nature whatsoever with any corporation, partnership, firm, company, joint venture or other person
or entity which would conflict in any manner whatsoever or which could interfere with Advisor’s performance of the Services
under this Agreement. Advisor has disclosed any material information to the Company regarding its investments, professional affairs
or any legal or regulatory matter of which it is aware that, if publicly disclosed hereafter, would adversely reflect on the business,
reputation or goodwill of the Company.

 

(b)       Advisor
and its agents or representatives have obtained all governmental, regulatory and local licenses and approvals and will effect all
filings and registrations with governmental, regulatory and self-regulatory bodies and agencies required in connection with the
services it provides and fees it is entitled to receive under this Agreement.

 

(c)       There
is no pending or threatened action, suit or proceeding before or by any court or other governmental body to which Advisor, or to
which any of the assets of Advisor is subject, that might reasonably be expected to adversely affect Advisor’s ability to
perform under this Agreement. Advisor shall immediately notify the Company of the nature and amount of any claim, investigation,
inquiry or proceeding which might reasonably be expected to adversely affect Advisor’s ability to perform under this Agreement.

 

(d)       Advisor
(i) is not subject to any order of the SEC under Section 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers
Act”), (ii) has not been convicted within the past ten years of any felony or misdemeanor involving conduct described in
Section 203(e)(2)(A)-(D) of the Advisers Act, (iii) has not been found by the SEC to have engaged, or been convicted of engaging
in, any of the conduct described in paragraphs (1), (5) or (6) of Section 203(e) of the Advisers Act, and (iv) is not subject to
an order, judgment or decree described in Section 203(e)(4) of the Advisers Act or subject to any other statutory or regulatory
bar, disability or prohibition which would prevent it from engaging in the solicitation or introduction of potential customers
or strategic partners as described in this Agreement.

 

(e)       Neither
Advisor nor any of its officers, directors, employees, affiliates, agents or any person connected with it as specified in paragraph
(d)(1) of Rule 506 under the Securities Act (such persons referred to as “Covered Persons”) has been the subject of
any event described in paragraph (d)(1)(i)-(viii) of Rule 506 (“Disqualifying Event”). Advisor covenants that it will
notify the Company within five (5) business days in the event any such action or prosecution relating to a Disqualifying Event
is initiated during the term of this Agreement. This Agreement may be immediately terminated with the occurrence of a Disqualifying
Event, and compensation shall be suspended pending remedy or waiver of the Disqualifying Event.

 

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(f)       Advisor
is not (i) currently the subject of any sanction administered or enforced by the United States Department of the Treasury, the
United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (“Sanction”);
(ii) located or resides in any country or territory to the extent that such country or territory itself is the subject of any Sanction
(“Designated Jurisdiction”), or (iii) or has not been (within the previous five (5) years) engaged in any transaction
with any person who is now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction.
No fees, nor the proceeds from any fees, has been or will be used, directly or indirectly, to lend, contribute or provide or has
otherwise been made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business
of any person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other
manner that will result in any violation by any person of Sanctions.

 

(g)       Advisor
will not directly or indirectly use any funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating
to political activity; nor directly or indirectly make any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to any foreign or domestic government or party official or employee, or an employee of a private enterprise or organization.
Advisor is not, nor is any of its agents or representatives, aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give or authorization of the giving of anything of value to any “foreign official” (as such term is
defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA.

 

(h)       Advisor
will not negotiate with any potential customer, strategic partner or other party, nor will Advisor represent the Company in negotiations
with any potential customer, strategic partner or other party.

 

(i)       Advisor
understands and agrees that this is a non-exclusive engagement and Advisor is free to pursue other opportunities and to accept
other advising assignments during the term of this Agreement, subject to Advisor’s continuing obligations to the Company
hereunder. Advisor agrees, however, that it shall not enter into any agreements, engagements, assignments, contracts or other arrangements
that conflict with this Agreement or the timely performance of the services hereunder. Advisor also agrees that during the term
of this Agreement, Advisor shall not enter into any engagement that would be competitive to the Company.

 

(j)       Advisor
will not engage in any solicitation activities with respect to the Company.

 

4.       Fees.

 

For the services of Advisor, the Company
shall pay Advisor a fixed fee of $900,000, due within 10 business days from the date of signing this Agreement.

 

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5.       Indemnification.

 

(a)       The
Company agrees to indemnify and hold harmless Advisor, its affiliates, and each of their respective employees, directors, owners,
officers, successors and representatives, against any and all loss pursuant to any misrepresentation in this Agreement or arising
out of the Company’s conduct pursuant to or under this Agreement if such conduct constitutes fraud, willful misconduct, gross
negligence or violation of applicable law.

 

(b)       Advisor
agrees to indemnify and hold harmless the Company, each of their affiliates, and their respective employees, directors, owners,
officers, successors and representatives, against any and all loss pursuant to any misrepresentation in this Agreement or arising
out of Advisor’s conduct pursuant to or under this Agreement if such conduct constitutes fraud, willful misconduct, gross
negligence or violation of applicable law.

 

6.       Confidentiality.

 

(a)       The
Parties hereto shall keep the terms and conditions of this Agreement confidential, subject to applicable disclosure requirements
under the securities and other laws or regulations. In addition, each Party may disclose the terms of this Agreement to (a) its
attorneys and accountants, (b) government officials upon lawful demand and (c) persons authorized to examine this document pursuant
to a legal process or judicial order; provided, however, that the Parties shall have no obligation to maintain the confidentiality
of information made public by an independent third party.

 

(b)       While
Advisor is engaged by the Company, Advisor may have access to information that is confidential and proprietary to the Company and
its respective affiliates. Except in the performance of Advisor’s obligations under this Agreement, or with the prior written
consent of the Company, Advisor agrees that neither Advisor, nor Advisor’s agents or representatives will at any time, during
the term of this Agreement or thereafter, disclose to any person or use for its benefit or the benefit of others, any such information
obtained by the Advisor. Advisor covenants and agrees to deliver promptly to the Company on termination or completion of Advisor’s
engagement hereunder, or at any time the Company may so request, all research, research materials, memoranda, notes, records, reports,
manuals, electronic records or other documents (and all copies thereof including any form of physical or electronic preservation
of records) relating to the services performed hereunder, the business of the Company or any of its affiliates (including any confidential
information), and any and all property associated therewith.

 

7.       Notices.

 

All notices or notifications required or
desired to be delivered under this Agreement shall be in writing and shall be effective when delivered personally or by email on
the day delivered, or, when given by registered or certified mail, postage prepaid, return receipt requested, on the day of receipt,
addressed as follows (or to such other address as the Party entitled to notice shall designate):

 

    4 

     

    

 

	THE ADVISOR: 	THE COMPANY :
	Angel Pond Capital LLC	Bellerophon Therapeutics, Inc.
	950 Third Avenue, 25th Floor 	184 Liberty Corner Road, Suite 302
	New York, NY 10022	Warren, NJ 07059
	E-Mail:
    ted.wang@angelpondcapital.com	E-Mail: assaf.korner@bellerophon.com

 

Wire account info as follows:

 

Bank: [***]

ABA Routing #: [***]

Account Name: [***]

Account #: [***]

Client Account Name: [***]

Client
Account Number: [***]

 

8.       Governing
Law; Jurisdiction. 

 

This Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of New York, without application of the conflicts of law provisions thereof. Any legal
action or proceeding with respect to this Agreement shall be brought in the state and federal courts sitting in the City of New
York, District of Manhattan. By execution and delivery of this Agreement, each Party hereby accepts, generally and unconditionally,
the jurisdiction of the aforesaid courts.

 

9.       Miscellaneous.

 

This Agreement is given for good and valuable
consideration and is intended to be legally binding and represents the entire understanding of the Parties with respect to the
subject matter described herein, and supersedes any and all prior negotiations, arrangements and discussions.

 

If any provision of this Agreement shall
be held to be illegal, invalid or unenforceable under any applicable law, then such provision shall be deemed modified to the extent
necessary to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable,
then this Agreement shall be construed as if not containing such provision, and the rights and obligations of the Parties shall
be construed and enforced accordingly.

 

This Agreement may be executed in one or more counterparts each
of which will be deemed an original, but all of which together shall constitute one and the same instrument.

 

    5 

     

    

 

	Bellerophon Therapeutics, Inc.	 	Angel Pond Capital LLC
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Fabian Tenenbaum	 	By:	/s/ Ted Wang
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Name:	Fabian Tenenbaum	 	Name:	Ted Wang
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Title:	Chief Executive Officer	 	Title:	Managing Partner

 

    6

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