Document:

Form of Exchange Agreement

 Exhibit 10.7 

CAMBRIDGE HEART, INC. 

EXCHANGE AGREEMENT 

This Exchange Agreement (the “Agreement”) is entered into as of March     , 2010 (the “Date of
Grant”) by and between Cambridge Heart, Inc., a Delaware corporation (the “Company”) and                      of the Company (the
“Grantee”). 
 RECITALS 

Grantee is an officer of the Company. The Company previously granted to Grantee certain options to purchase shares of the Company’s
common stock, par value $0.001 (“Options”) subject to the terms of existing stock option agreements with the Company and, to the extent applicable, the terms of the equity incentive plan pursuant to which the options were granted.

 The Grantee and the Company now both desire to exchange those Options, as more specifically set forth on Exhibit A,
held by Grantee for the Exchange Options (as defined below), in accordance with and subject to the terms and conditions set forth below. 

In consideration of the issuance of the Exchange Options, the Grantee is willing to accept the Exchange Options provided for in this
Agreement and is willing to abide by the obligations imposed on Grantee under this Agreement. 
 NOW THEREFORE, in consideration
of the mutual benefits hereinafter provided, and each intending to be legally bound, the Company and the Grantee hereby agree as follows: 
 1.
SURRENDER OF OPTIONS. As a condition to entering into this Agreement and receiving any Exchange Options hereunder, Grantee hereby sells, assigns and transfers to the Company all right, title and interest in and to all of Grantee’s
Options as listed on Exhibit A, and surrenders and delivers to the Company herewith any and all agreements evidencing the Options being surrendered. 

2. ISSUANCE OF EXCHANGE OPTIONS. Subject to and effective upon the acceptance of the Options surrendered hereunder and the other terms and
conditions of this Agreement, the Company shall issue to the Grantee, pursuant to the stock option agreement attached hereto as Exhibit B, a stock option to purchase [        ] shares of common stock of
the Company (the “Exchange Options”) outside of the Company’s equity incentive plans as a stand-alone award, provided, however, that the award shall be subject to the terms of the Company’s 2001 Stock Incentive Plan (the
“Plan”), as amended from time to time, as if it had been granted thereunder. 
 3. EXCHANGE OPTIONS. The Grantee acknowledges
and agrees that the Exchange Options are subject to all terms and conditions of the Plan and the stock option agreement attached hereto. 
 4.
TAXES. The parties hereto recognize that the Company may be obligated to withhold federal, state and local income taxes, social security and Medicare taxes to the extent that the Grantee realizes ordinary income in connection with the
vesting of the Exchange Options. The Grantee agrees that the Company may withhold amounts needed to cover such taxes from payments otherwise due and owing to the Grantee, and also agrees that upon demand the Grantee will promptly pay to the Company
any additional amounts as may be necessary to satisfy such withholding tax obligation. Such payment shall be made in cash. 

 5. NOTICES. Any notice to be given to the Company shall be addressed to the Chief Executive Officer
of the Company at the Company’s principal executive office, and any notice to be given to Grantee shall be addressed to Grantee at the address then appearing on the personnel records of the Company or at such other address as either party
hereafter may designate in writing to the other. Any such notice shall be deemed to have been duly given when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration or
certification fees prepaid. 
 6. GOVERNING LAW. The law of the State of Delaware, except its law with respect to choice of law,
shall be controlling in all matters relating to this Agreement. 
 7. NO EMPLOYMENT RIGHTS. Grantee acknowledges and agrees that nothing
herein or in any Plan applicable to the Options, nor any of the rights granted hereunder or thereunder to Grantee, shall be construed to (a) give Grantee the right to serve as a director of the Company or to be employed by the Company or to any
benefits specifically provided by the Company or under any of the applicable Plans, or (b) in any manner modify the right of the Company or any of its affiliates to modify, amend or terminate any of its benefit plans. 

8. RELEASE OF CLAIMS. Upon execution of this Agreement and surrender of the Options, the Grantee acknowledges that the Options and the rights of
Grantee under the stock option agreements are terminated and Grantee hereby releases the Company from any and all claims or actions it may have, arising in the past, present or future, with respect to the Options. 

9. ENTIRE AGREEMENT; AMENDMENT; WAIVER. This Agreement and the exhibits hereto embody the entire agreement of the parties hereto with respect to
the exchange of the Options for the Exchange Options. This Agreement supersedes and replaces any and all prior oral or written agreements with respect to the subject matter hereof. This Agreement may be amended, and any provision hereof waived, but
only in writing signed by the party against whom such amendment or waiver is sought to be enforced. A waiver on one occasion shall not be deemed to be a waiver of the same or any other breach on a future occasion. 

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 - 2 - 

 IN WITNESS WHEREOF, the Company and the Grantee have caused this Agreement to be duly
executed as of the date first above written. 
  

							
	Company:	 		 		 	
		 		 	CAMBRIDGE HEART, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	  

				
	Grantee:	 		 		 	
			
		 		 	  

		 		 	Name:

  

 - 3 -Summary of Senior Management Bonus Plan for 2010

 Exhibit 10.8 

Summary of Senior Management Bonus Plan for 2010 

On March 11, 2010, the Compensation Committee adopted a Senior Management Bonus Plan for 2010 (the “2010 Bonus Plan”). The 2010 Bonus Plan
provides cash bonus incentives to eligible senior management team members, including Messrs. Haghighi-Mood and LiCausi. 
 The objective of the
2010 Bonus Plan is to provide an effective tool to help motivate the executive’s performance in achieving the Company’s defined strategy and goals by aligning measurement and accountability with rewards. In accordance with the terms of
Mr. Haghighi-Mood’s Employment Agreement with the Company, Mr. Haghighi-Mood’s total bonus potential under the 2010 Bonus Plan is 50% of his annual base pay. The total bonus potential for Mr. LiCausi under the 2010 Bonus
Plan is 30% of his base pay. Rewards for eligible participants under the 2010 Bonus Plan are based on performance as measured by corporate goals for the Company. A different percentage weight has been assigned to each goal with the total percentage
weight of 100%. 
 The corporate goals under the 2010 Bonus Plan consist of four separate goals each weighted between 20% and 40% relating to:
(1) achievement of certain pre-determined revenue for the year ending December 31, 2010, (2) execution of a material distribution agreement or partnership approved by the Board of Directors, (3) the launch of a CSCX MTWA Module
by September 30, 2010, and (4) achievement of predetermined enrollment in an ischemia pilot study.Form of 2007 Director's Restricted Stock Award Agreement

 Exhibit 10.O 

A.P. PHARMA, INC 

2007 EQUITY INCENTIVE PLAN 

DIRECTOR’S RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), dated
                    , is entered into between A.P. Pharma, Inc., a Delaware corporation (the “Company”) and
                    (the “Director”). Unless otherwise defined herein, the terms of this Agreement will have the same meaning as defined in
the A.P. Pharma, Inc. 2007 Equity Incentive Plan (the “Plan”). The Agreement is entered into as follows: 
 WHEREAS,
the service of Director is considered by the Company to be important for the Company’s continued growth; and 
 WHEREAS, in
order to induce Director to remain with the Company and to assure his continued commitment to the success of the Company, the Board of Directors of the Company (the “Board”) has determined that Director shall be granted a stock award
(“Stock Award”) covering shares of the Company’s common stock (the “Shares”), under the Plan and subject to the restrictions stated below. 

THEREFORE, the parties agree as follows: 

1. Grant of Stock Award. Subject to the terms and conditions of this Agreement and the Plan which is incorporated herein by reference, the
Company hereby issues to Director a Stock Award covering             Shares and hereby agrees to issue such Shares to Director. 

2. Vesting Schedule. So long as Director’s service relationship with the Company continues during the following vesting term, the
interest of Director in the Shares shall vest as follows:             Shares subject to the Stock Award will vest on
            . Therefore, provided Director has not experienced a termination of his service prior to             , the
interest of Director in the Shares shall become fully vested on that date. 
 3. Forfeiture. Upon the date Director’s
Continuous Service (as defined in the Plan) terminates for any reason, all Shares of Stock received by Director pursuant to this Agreement that have not vested under the terms of the Agreement, together with any shares of Stock issued as a dividend
or other distribution on, in exchange for or upon the conversion of such unvested Stock (collectively, the “Subject Shares”), will be forfeited to the extent that they have not vested on or prior to such date. This means that the
Restricted Shares will immediately revert to the Company with no further action required by the Company or Director. Director will receive no payment for Restricted Shares that are forfeited. The Company determines when Director’s Continuous
Service terminates for this purpose. 
 4. Transfer Restrictions. Except as otherwise provided for in this Agreement and the Plan,
the Shares or rights granted hereunder may not be sold, pledged or otherwise transferred until the Shares become vested and nonforfeitable in accordance with Sections 2 and 3. 

5. Stockholder Rights. Director shall be entitled to all of the rights and benefits generally accorded to stockholders with respect to the
Shares. All dividends on Shares that are subject to any restrictions, including vesting, shall be subject to the same restrictions, including those set forth in Sections 2 and 3, as the Shares on which the dividends were paid. 

6. Taxes. 

(a) Director shall be liable for any and all taxes, including withholding taxes, arising out of this grant or the vesting
of Shares hereunder. In the event that the Company is required to withhold taxes as a result of the grant or vesting of the Shares, or subsequent sale of the Shares, Director shall surrender a sufficient number of whole Shares or make a cash
payment, in the discretion of the Company, as necessary to cover all applicable required withholding taxes and required social security contributions at the time the Shares vest and the restrictions on the Shares lapse (or at such other time as
required by applicable laws), unless alternative procedures for such payment are established by the Company. Director will receive a cash refund for any fraction of a surrendered Share not necessary for required withholding taxes and required social
security contributions. To the extent that any 

 
surrender of Shares or payment of cash or alternative procedure for such payment is insufficient, Director authorizes the Company, its affiliates and subsidiaries, which are qualified to deduct
tax at source, to deduct all applicable required withholding taxes and social security contributions from Director’s compensation. Director agrees to pay any amounts that cannot be satisfied from surrender of shares or other cash compensation,
to the extent permitted by law. 
 (b) Director understands that Section 83(a) of the Internal Revenue Code
of 1986, as amended (the “Code”), taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any forfeiture restrictions on the Shares lapse. In this context,
“restrictions” mean the forfeiture obligation in the event of the Termination of Continuous Service of Director as set forth in Section 12 of the Plan and the restriction on transferability as set forth in Section 4 of this
Agreement and in Section 13 of the Plan. Director understands that Director may elect to be taxed at the time the Shares are issued, based on the value of the Shares at the issuance date rather than when and as the forfeiture restrictions lapse
(on the vesting dates), by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within 30 days from the date of issuance. Director acknowledges that the foregoing is only a summary
of the effect of United States federal income taxation with respect to issuance and vesting of the Shares hereunder, and does not purport to be complete. The Company has directed Director to seek independent advice regarding the applicable
provisions of the Code, the income tax laws of any municipality, state or foreign country in which Director may reside, the tax consequences of Director’s death, and the decision as to whether or not to file an 83(b) Election (as well as
appropriate advice and assistance with the actual filing of any such 83(b) Election) in connection with the issuance of the Shares. 

(c) Regardless of any action the Company takes with respect to any or all income tax, social insurance, payroll tax,
payment on account or other tax-related withholding (“Tax-Related Items”), Director acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by Director is and remains Director’s responsibility and
that the Company (i) makes no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this issuance of Shares, including the vesting of the Shares or the subsequent sale of the Shares;
and (ii) does not commit to structure the terms or any aspect of this issuance of Shares to reduce or eliminate Director’s liability for Tax-Related Items. Upon the vesting of the Shares, Director shall pay the Company any amount of
Tax-Related Items that the Company may be required to withhold as a result of Director’s receipt of the Stock Award or Director’s receipt of Shares that cannot be satisfied by the means previously described. The Company may refuse to
deliver the Shares if Director fails to comply with Director’s obligations in connection with the Tax-Related Items. 
 7.
Acknowledgment and Waiver. By accepting this grant of a Stock Award, Director acknowledges and agrees that: 

(a) the grant of a Stock Award is voluntary and occasional and does not create any contractual or other right to
receive future grants of Stock Awards or Shares, even if Stock Awards or Shares have been granted repeatedly in the past; 

(b) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of
Continuous Service (whether or not in breach of local labor laws), Director’s right to receive benefits under this Agreement, if any, will terminate effective as of the date that Director is no longer in active service and will not be extended
by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of involuntary termination of Continuous Service (whether
or not in breach of local labor laws), Director’s right to receive benefits under this Agreement after termination of service, if any, will be measured by the date of termination of Director’s active service and will not be extended by any
notice period mandated under local law. 
 8. Conditions Upon Issuance of Shares. Notwithstanding any other provision of this
Agreement, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under this Agreement unless such issuance or delivery would comply with applicable laws, with such compliance determined by the
Company in consultation with its legal counsel. 
  

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 9. Miscellaneous. 

(a) The Company shall not be required to treat as the owner of Shares, and associated benefits hereunder, any transferee
to whom such Shares or benefits shall have been so transferred in violation of this Agreement. 
 (b) The parties
agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement. 

(c) Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon
delivery to Director at Director’s address then on file with the Company. 
 (d) The Plan is incorporated
herein by reference. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Director with respect
to the subject matter hereof, and may not be modified adversely to Director’s interest except by means of a writing signed by the Company and Director. This Agreement is governed by the laws of the state of Delaware. 

(e) The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
  

					
		  	A.P. PHARMA, INC.
	Accepted by Director:	  	By	  	  

	  
	  		  	

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