Document:

Exhibit
4.5

 

DESCRIPTION
OF REGISTRANT’S SECURITIES

 

The
following summary of PMV Consumer Acquisition Corp.’s securities is based on and qualified by the Company’s Certificate of
Incorporation, as amended (the “Certificate”). References to the “Company” and to “we,” “us,”
and “our” refer to PMV Consumer Acquisition Corp.

 

General

 

As
of December 31, 2020, the Company is authorized to issue 85,000,000 shares of common stock, par value $0.0001, including 75,000,000 shares
of Class A Common stock and 10,000,000 shares of Class B convertible Common stock, and 1,000,000 shares of preferred stock, par value
$0.0001. There are no shares of preferred stock currently outstanding.

 

Units

 

On
September 24, 2020, the Company issued 17,500,000 public units. Each unit consists of one share of Class A common stock and one-half
of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of common stock.

 

Common
Stock

 

As
of December 31, 2020, there were 17,500,000 shares of Class A common stock and 4,375,000 shares of Class B convertible common stock issued
and outstanding. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our
initial business combination on a one-for-one basis, subject to adjustment, as detailed below.

 

Class
A Shares

 

Holders
of Class A common stock and holders of Class B convertible common stock will vote together as a single class on all matters
submitted to a vote of our stockholders except as required by law. However, prior to the vote on our initial business combination, only
holders of our founder shares will have the right to vote on the election of directors. Holders of our Class A common stock will not
be entitled to vote on the election of directors during such time.

 

Because
our Certificate authorizes the issuance of up to 75,000,000 shares of Class A common stock, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of common stock
which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder
approval in connection with our initial business combination.

 

Our
board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for
those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. There is no cumulative voting
with respect to the election of directors, with the result that the holders of more than 50% of the shares eligible to vote for the election
of directors can elect all of the directors.

 

In
accordance with NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first
full fiscal year end following our listing on the NYSE. We may not hold an annual meeting of stockholders to elect new directors prior
to the consummation of our initial business combination.

 

     

     

    

 

We
will provide our public stockholders with the opportunity to convert all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on
the trust account (less interest to pay our tax obligations), divided by the number of then outstanding public shares, subject to the
limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount
we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will
pay to the underwriters. Our initial stockholders, which includes our independent directors, have entered into agreements with us, pursuant
to which they have agreed to waive their conversion rights with respect to their founder shares and public shares in connection with
the completion of our initial business combination. The members of our management team have entered into agreements similar to the one
entered into by our initial stockholders with respect to any public shares acquired by them directly in or after this offering. Unlike
many blank check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations
and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote
is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or
other legal reasons, we will, pursuant to our Certificate, conduct the redemptions pursuant to the tender offer rules of the SEC, and
file tender offer documents with the SEC prior to completing our initial business combination. Our Certificate requires these tender
offer documents to contain substantially the same financial and other information about our initial business combination and the redemption
rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or
we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder
approval, we will complete our initial business combination only if a majority of the shares voted are voted in favor of our initial
business combination. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated
transactions (as described in this prospectus), if any, could result in the approval of our initial business combination even if a majority
of our public stockholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking
approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial
business combination once a quorum is obtained.

 

Class
B Shares

 

Except
as described herein, the shares of Class B convertible common stock are identical to the shares of Class A Common stock, and holders
of the Class B shares have the same stockholder rights as public shareholders, except that (i) the Class B shares are subject to certain
transfer restrictions, as described in more detail below, (ii) our initial stockholders have entered into agreements with us, pursuant
to which they have agreed (A) waive their conversion rights with respect to their Class B shares and public shares in connection
with the completion of our initial business combination (and not seek to sell their shares to us in any tender offer we undertake in
connection with our initial business combination), , (B) to waive their conversion rights with respect to their Class B shares and
public shares in connection with a stockholder vote to approve an amendment to our Certificate that would affect the substance or timing
of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination by September 24, 2022,
and (C) to waive their rights to liquidating distributions from the trust account with respect to their Class B shares if we fail
to complete our initial business combination by September 24, 2022., although they will be entitled to liquidating distributions from
the trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time
period, (iii) the Class B shares are automatically convertible into Class A common stock at the time of our initial business
combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment as described
herein, (iv) prior to the completion of our initial business combination, only our Class B shares will have the right to vote on
the election of our directors and (v) have registration rights. If we submit our initial business combination to our public stockholders
for a vote, our initial stockholders have agreed to vote their Class B shares and any public shares purchased during or after our IPO
in favor of our initial business combination. The members of our management team have entered into agreements similar to the one entered
into by our initial stockholders with respect to any public shares acquired by them directly in or after our IPO.

 

    2

     

    

 

The
Class B shares will automatically convert into Class A common stock at the time our initial business combination on a one-for-one basis,
subject to adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities
convertible or exercisable for shares of Class A common stock, such as options, rights or warrants are issued or deemed issued in
excess of the amounts sold in our IPO and related to the closing of our initial business combination, the ratio at which Class B shares
will convert into shares of Class A common stock will be adjusted unless waived by majority of Class B holders so that the
number of shares of Class A common stock issuable upon conversion of all Class B shares will equal, in the aggregate 20% of the
sum of the shares of common stock outstanding after completion of our IPO plus the number of shares of Class A common stock and
equity-linked shares issued or deemed issued in connection with our initial business combination (net of conversions), excluding any
shares or equity-linked securities issued, or to be issued, pursuant to the forward purchase contract, or to any seller in our initial
business combination and any Private Warrants or Working Capital Warrants issued to our Sponsor, officers and directors or any of their
affiliates.

 

With
certain limited exceptions, the Class B shares are not transferable, assignable or salable (except to our officers and directors
and other persons or entities affiliated with our Sponsor, each of whom will be subject to the same transfer restrictions) until the
earlier of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business
combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination and (B) the date following the completion of our initial business
combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our stockholders
having the right to exchange their Class A common stock for cash, securities or other property.

 

Preferred
Stock

 

There
are no shares of preferred stock outstanding. Our Certificate authorizes the issuance of 1,000,000 shares of preferred stock with
such designation, rights and preferences as may be determined from time to time by our board of directors. Our board of directors will
be able to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect the
voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board
of directors to issue shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing
a change of control of us or the removal of existing management. We have no shares of preferred stock issued and outstanding at the date
hereof. Although we do not currently intend to issue any preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Public
Warrants

 

Each
whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing on the later of September 24, 2022 or 30 days after the completion of our initial
business combination, provided in each case that we have an effective registration statement under the Securities Act of 1933, as amended
(the “Securities Act”) covering the Class A common stock issuable upon exercise of the warrants and a current prospectus
relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified
in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws
of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole
number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase
at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion
of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    3

     

    

 

We
have agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of our initial
business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same
to become effective within 60 days and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement
covering the Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) day after the closing
of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption.

 

Once
the warrants become exercisable, we may call the warrants for redemption:

 

	 	●	in
    whole and not in part;

 

	 	●	at
    a price of $0.01 per warrant;

 

	 	●	upon
    not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant
    holder; and

 

	 	●	if,
    and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock
    splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day
    period ending three business days before we send to the notice of redemption to the warrant holders.

 

If
and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws.

 

If
we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise
his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that
are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable
upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price
by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” will mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage
of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common
stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.
We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial
business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders of
the private placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants for
cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all
warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

 

    4

     

    

 

In
addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at a newly issued price of less than $9.20 per share of Class A common stock (with
such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance
to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable,
prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, inclusive
of interest earned on equity held in trust, available for the funding of our initial business combination on the date of the consummation
of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the
warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the newly issued price, and
the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater
of the Market Value and the newly issued price.

 

No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Class A common
stock to be issued to the warrant holder.

 

Private
Warrants

 

Except
as described below, the Private Warrants have terms and provisions that are identical to those of the warrants sold as part of the units
in our IPO. The Private Warrants (and the Class A common stock issuable upon exercise of the Private Warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions
to our officers and directors and other persons or entities affiliated with the Sponsor) and they will be exercisable on a cashless basis
and not be redeemable by us so long as they are held by the sponsor or its permitted transferees. The sponsor or its permitted transferees
have the option to exercise the Private Warrants on a cashless basis. If the private placement warrants are held by holders other than
the sponsor and independent directors or their permitted transferees, the Private Warrants will be redeemable by us and exercisable by
the holders on the same basis as the warrants included in the units sold in our IPO.

 

If
holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her
or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price
of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
will mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day
prior to the date on which the notice of warrant exercise is sent to the warrant agent.

  

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor, officers, directors or their
respective affiliates may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would
be identical to the Private Warrants.

 

Dividends

 

We
have not paid any cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion
of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent
to a business combination will be within the discretion of our then board of directors. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends
in the foreseeable future.

 

    5

     

    

 

Listing
of Securities

 

Our
units, common stock and warrants are listed on the New York Stock Exchange under the symbols “PMVC.U,” “PMVC,”
and “PMVC WS,” respectively.

 

Delaware
Anti-Takeover Law

 

Staggered
Board of Directors

 

Our
Certificate provides that our board of directors will be classified into three classes of directors of approximately equal size. As a
result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more
annual meetings.

 

Special
Meeting of Stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president
or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital
stock entitled to vote.

 

Advance
Notice Requirements for Stockholder Proposals and Director Nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be delivered to our principal executive offices not later than the close of business on the 60th day
nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders.
In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given,
a stockholder’s notice shall be timely if delivered to our principal executive offices not later than the 10th day
following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws
also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders
from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

Authorized
but Unissued Shares

 

Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be
utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive
Forum Selection

 

Our
Certificate requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors,
officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State
of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court
or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction or (D) any action
arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall
have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented
to service of process on such stockholder’s counsel.

 

Although
we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits
to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may
have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived
our compliance with federal securities laws and the rules and regulations thereunder and therefore bring a claim in another appropriate
forum. Additionally, we cannot be certain that a court will decide that this provision is either applicable or enforceable, and if a
court were to find the choice of forum provision contained in our Certificate to be inapplicable or unenforceable in an action, we may
incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results
and financial condition.

 

Our
Certificate provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section
27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the
Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce
any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

 

6Document

Exhibit 10.1

BELLICUM PHARMACEUTICALS, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of Bellicum Pharmaceuticals, Inc. (“Bellicum”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy for his or her Board service.  This policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

A.    Annual Service Retainer

Each Eligible Director will be entitled to receive the following annual cash retainers for service on the Board. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal year, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year.  

1.    Annual Board Service Retainer: 

a.    All Eligible Directors: $40,000
b.    Chairman of the Board Service Retainer (in addition to Eligible Director Service Retainer): $30,000
c.    Lead Independent Director Service Retainer (in addition to Eligible Director Service Retainer): $15,000

2.    Annual Committee Member Service Retainer:

a.    Member of the Audit Committee: $7,500
b.    Member of the Compensation Committee: $5,000
c.    Member of the Nominating & Governance Committee: $3,500
d.    Member of the Science Committee: $5,000
e.    Member of the Finance Committee: $5,000

3.    Annual Committee Chair Service Retainer (in addition to Committee Member Service Retainer):

a.    Chairman of the Audit Committee: $7,500
b.    Chairman of the Compensation Committee: $5,000
c.    Chairman of the Nominating & Governance Committee: $4,000
d.    Chairman of the Science Committee: $5,000
e.    Chairman of the Finance Committee: $5,000

4.    Meeting Attendance Fee for Science Committee:

a.    In addition to the Science Committee Service Retainer, $1,000 per meeting of the Science Committee in excess of five meetings per year, not to exceed $7,000 per year.

The annual cash retainers above will be payable in equal quarterly installments in arrears on the last day of each fiscal quarter in which the service occurred.  All annual cash retainers will be vested upon payment.

Equity Grant in Lieu of Cash Service Retainer 

Commencing on January 1, 2021, in lieu of the cash compensation described in the foregoing provisions of Section A above (other than the Meeting Attendance Fee for Science Committee described in #4 above), each Eligible Director shall receive a restricted stock unit award (each a “Retainer Grant”).  The Retainer Grant shall be automatically granted to each Eligible Director on January 1 of each year (or if such date is not a market trading day, the first market trading day thereafter) or, if later, on the date of the Eligible Director’s initial election to the Board (or if such date is not a market trading day, the first market trading day thereafter), and will cover a number of shares of Company common stock equal to (1) the aggregate amount of annual cash compensation otherwise payable to such Eligible Director for the upcoming calendar year under Section A divided by (2) VWAP (as defined below) over a 30 calendar day period ending on the last trading day before the date of grant, rounded down to the nearest whole share.  The Retainer Grant will vest in full upon the one year anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan, as defined in Section B below) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

“VWAP” means, for any trading day, the per share volume-weighted average price of the Company’s common stock on Nasdaq, in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session of Nasdaq on such trading day (or if such volume-weighted average price is unavailable, the market value of one share of the Company’s common stock on such trading day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by us). The VWAP for any given trading day will be determined without regard to pre-market hours or after-hours trading or any other trading outside of the regular trading session trading hours.

B.    Initial and Annual Equity Compensation

The equity compensation provided under this Policy, including the Retainer Grant described above, will be granted under the Bellicum, Inc. 2019 Equity Incentive Plan (the “Plan”).  All stock options granted under this policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Company common stock on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan, provided that upon a termination of service other than for death, disability or cause, the post-termination exercise period will be 12 months from the date of termination).

1.    Initial Grant: On the date of the Eligible Director’s initial election to the Board, for each Eligible Director who is first elected to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 13,000 shares (the “Initial Grant”).  The shares subject to each Initial Grant will vest with respect to one-third of the shares on the one-year anniversary of the date of grant, and in equal monthly installments over the following two-year period such that the option is fully vested on the third anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

2.    Annual Grant: On the date of each Bellicum annual stockholder meeting, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 6,500 shares (the “Annual Grant”). In addition, each Eligible Director who is first elected to the Board and other than at an annual stockholder meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted an Annual Grant, pro rated for the number of months remaining until the next annual 

stockholder meeting.  The shares subject to the Annual Grant will vest in full on the one-year anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

As updated effective as of January 1, 2021

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