Document:

EX-10.12

 Exhibit 10.12 

SEASTAR MEDICAL, INC. 

2019 STOCK INCENTIVE PLAN 
  

	 	I.	 PURPOSE OF THE PLAN 

This 2019 Stock Incentive Plan is intended to promote the interests of SeaStar Medical, Inc., a Delaware corporation, by providing eligible
persons in the Corporation’s employ or service with the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Corporation as an incentive for them to continue in such employ or service. 

 

	 	II.	 AWARDS 

Awards under the Plan may consist of (i) options, (ii) stock awards and (iii) restricted stock units. 

 

	 	III.	 ADMINISTRATION OF THE PLAN 

A.    The Plan shall be administered by the Board. However, any or all administrative functions otherwise exercisable by
the Board may be delegated to the Committee. Members of the Committee shall serve for such period of time as the Board may determine and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of
the Committee and reassume all powers and authority previously delegated to the Committee. 
 B.    The Plan
Administrator shall have the authority to determine which eligible persons are to receive Awards, the time or times when those Awards are to be made, the number of shares of Common Stock to be covered by each such Award, the applicable exercise
and/or vesting schedule, the exercise price or purchase price (if any) to be paid by the Participant, the status of a granted option as either an Incentive Option or a Non-Statutory Option, and the maximum
term for which the option is to remain outstanding. 
 C.    The Plan Administrator shall have the authority (subject to
the provisions of the Plan) to establish such rules and regulations as it may deem appropriate for proper administration of the Plan and to make such determinations under, and issue such interpretations of, the Plan and any outstanding Awards
thereunder as it may deem necessary or advisable. Decisions of the Plan Administrator shall be final and binding on all parties who have an interest in the Plan or any Award thereunder. 

 

	 	IV.	 ELIGIBILITY 

A.    The persons eligible to participate in the Plan are as follows: 

(i)    Employees; 

(ii)    non-employee members of the Board and the
non-employee members of the board of directors of any Parent or Subsidiary; and 

(iii)    consultants and other independent advisors who provide services to the Corporation (or any Parent or
Subsidiary). 

	 	V.	 STOCK SUBJECT TO THE PLAN 

A.    The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock. Subject to
adjustment as provided in Section V.D, the maximum number of shares of Common Stock which may be issued over the term of the Plan shall not exceed 166,939,180 shares. 

B.    Shares of Common Stock subject to outstanding Awards shall be available for subsequent issuance under the Plan to
the extent those Awards expire, terminate or are cancelled for any reason prior to the issuance of the underlying shares of Common Stock. Unvested shares issued under the Plan and subsequently forfeited to or repurchased by the Corporation, at a
price per share not greater than the exercise or purchase price paid per share, pursuant to the Corporation’s repurchase rights under the Plan, shall be added back to the number of shares of Common Stock reserved for issuance under the Plan and
shall accordingly be available for reissuance through one or more subsequent Awards under the Plan. 
 C.    Subject to
adjustment as provided in Section V.D, the maximum number of shares of Common Stock which may be issued under the Plan pursuant to Incentive Options shall not exceed 166,939,180 shares. 

D.    Should any change be made to the Common Stock by reason of any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the outstanding
Common Stock without the Corporation’s receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock by reason of a spin-off transaction or
extraordinary distribution or in the event of any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall be made to (i) the maximum number and/or class of securities issuable under the Plan,
(ii) the number and/or class of securities and the exercise or purchase price per share in effect under each outstanding Award, (iii) the number and/or class of securities subject to forfeiture or the Corporation’s outstanding
repurchase rights under the Plan and the repurchase price payable per share and (iv) the maximum number and/or class of securities that may be issued under the Plan pursuant to Incentive Options. In the event of a Change in Control, the
provisions of Section XI shall apply. The adjustments shall be made by the Plan Administrator in such manner as the Plan Administrator deems appropriate, and those adjustments shall be final, binding and conclusive. In no event shall any such
adjustments be made in connection with the conversion of one or more outstanding shares of the Corporation’s preferred stock into shares of Common Stock. 
  

	 	VI.	 TERMS OF OPTIONS 

The Plan Administrator may grant options to eligible persons upon such terms as it deems appropriate. Each option shall be evidenced by an
Award Agreement in the form approved by the Plan Administrator; provided, however, that each such agreement shall comply with the terms and conditions of the Plan. 

A.    Type of Options. Each option shall be designated in the Award Agreement as either an Incentive Option
or a Non-Statutory Option. Incentive Options may only be granted to Employees. 

B.    Exercise Price. 

1.    The exercise price per share shall be fixed by the Plan Administrator but shall not be less than one hundred percent
(100%) of the Fair Market Value per share of Common Stock on the option grant date; provided, however, if any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share shall not be less than one hundred
ten percent (110%) of the Fair Market Value per share of Common Stock on the option grant date. 

  
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 2.    The exercise price shall be payable in one or more of the
following forms as determined by the Plan Administrator and specified in the Award Agreement: 
 (i)    cash or check
made payable to the Corporation; 
 (ii)    a promissory note payable to the Corporation having such recourse,
interest, security and repayment terms as the Plan Administrator deems appropriate after taking into account the tax and accounting consequences of permitting the use of a promissory note and subject to the applicable requirements of Delaware
General Corporation Law; 
 (iii)    by having the Corporation withhold a number of shares of Common Stock otherwise
deliverable pursuant to the exercise of the option with such withheld shares valued at Fair Market Value on the Exercise Date; 

(iv)    should the Common Stock be registered under Section 12 of the 1934 Act at the time the option is exercised,
in shares of Common Stock valued at Fair Market Value on the Exercise Date and held for the period (if any) necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes; or 

(v)    should the Common Stock be registered under Section 12 of the 1934 Act at the time the option is exercised
and only to the extent the option is exercised for vested shares, through a special sale and remittance procedure pursuant to which the Participant shall concurrently provide irrevocable instructions (A) to a brokerage firm (with such brokerage
firm reasonably satisfactory to the Corporation for purposes of administering such procedure in compliance with any applicable pre-clearance or pre-notification
requirements) to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased shares plus
all applicable taxes required to be withheld by the Corporation by reason of such exercise and (B) to the Corporation to deliver the certificates for the purchased shares directly to such brokerage firm on the settlement date in order to
complete the sale. 
 Except to the extent a sale and remittance procedure is utilized, payment of the exercise price for the purchased
shares must be made on the Exercise Date. 
 3.    The Plan Administrator shall have the discretion (exercisable at any
time) to permit the exercise price of an outstanding option to be paid in one or more of the forms specified in Section VI.B.2. 

C.    Exercise and Term of Options. Each option shall be exercisable at such time or times, during such
period and for such number of shares as shall be determined by the Plan Administrator. No option shall have a term in excess of ten (10) years measured from the option grant date. If any Employee to whom an Incentive Option is granted is a 10%
Stockholder, then the option term shall not exceed five (5) years measured from the option grant date. 

  
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	 	D.    Effect	 of Termination of Service. 

1.    The following provisions shall govern the exercise of any options held by the Participant at the time of cessation
of Service or death: 
 (i)    Should the Participant cease to remain in Service for any reason other than death,
Disability or Misconduct, then the Participant shall have a period of three (3) months from the date of such cessation of Service during which to exercise each outstanding option held by such Participant. 

(ii)    Should the Participant’s Service terminate by reason of Disability, then the Participant shall have a period
of twelve (12) months from the date of such cessation of Service during which to exercise each outstanding option held by such Participant. 

(iii)    If the Participant dies while holding an outstanding option, then the personal representative of his or her
estate or the person or persons to whom the option is transferred pursuant to the Participant’s will or the laws of inheritance or, if beneficiary designations are permitted and have been validly made, the Participant’s designated
beneficiary or beneficiaries of that option shall have a twelve (12)-month period from the date of the Participant’s death to exercise such option. 

(iv)    Under no circumstances, however, shall any such option be exercisable after the specified expiration of the
option term. 
 (v)    During the applicable post-Service exercise period, the option may not be exercised in the
aggregate for more than the number of vested shares for which the option is exercisable at the time of cessation of the Participant’s Service or death. No additional shares shall vest under the option following the Participant’s cessation
of Service, except to the extent (if any) specifically authorized by the Plan Administrator in its sole discretion pursuant to an express written agreement with the Participant. Upon the expiration of the applicable exercise period or (if earlier)
upon the expiration of the option term, the option shall terminate and cease to be outstanding. 
 (vi)    Should the
Participant’s Service be terminated for Misconduct or should the Participant otherwise engage in Misconduct while holding one or more outstanding options under the Plan, then all those options shall terminate immediately and cease to remain
outstanding. 
 2.    The Plan Administrator shall have the discretion, exercisable either at the time an option is
granted or at any time while the option remains outstanding, to: 
 (i)    extend the period of time for which the
option is to remain exercisable following the Participant’s cessation of Service or death from the limited period otherwise in effect for that option to such greater period of time as the Plan Administrator shall deem appropriate, but in no
event beyond the expiration of the option term, and/or 
 (ii)    permit the option to be exercised, during the
applicable post-Service exercise period, not only with respect to the number of vested shares of Common Stock for which such option is exercisable at the time of the Participant’s cessation of Service or death but also with respect to one or
more additional installments in which the Participant would have vested under the option had the Participant continued in Service. 

  
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 E.    Unvested Shares. The Plan Administrator shall have
the discretion to grant options which are exercisable for unvested shares of Common Stock. Should the Participant cease Service while holding such unvested shares, the Corporation shall have the right to repurchase any or all of those unvested
shares at a price per share equal to the lower of (i) the exercise price paid per share or (ii) the Fair Market Value per share of Common Stock at the time of the Participant’s cessation of Service. The terms upon which such
repurchase right shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan Administrator and set forth in the document evidencing such
repurchase right. 
 F.    Stockholder Rights. The holder of an option shall have no stockholder rights
with respect to the shares subject to the option until such person shall have exercised the option, paid the exercise price and become the recordholder of the purchased shares.  

G.    Limits on Incentive Options. The aggregate Fair Market Value of the shares of Common Stock (determined
as of the respective date or dates of grant) for which one or more options granted to any Employee under the Plan (or any other option plan of the Corporation or any Parent or Subsidiary) may for the first time become exercisable as Incentive
Options during any one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two (2) or more such options which become exercisable for the first time in the same calendar
year, the foregoing limitation on the exercisability of such options as Incentive Options shall be applied on the basis of the order in which such options are granted, except to the extent otherwise provided under applicable law or regulation. 

H.    Repricing Program. The Plan Administrator shall have the authority to effect, at any time and from
time to time, with the consent of the affected option holders, the cancellation of any or all outstanding options under the Plan and to grant in substitution therefor new options covering the same or different number of shares of Common Stock but
with an exercise price per share based on the Fair Market Value per share of Common Stock on the new option grant date. 
  

	 	VII.	 TERMS OF STOCK AWARDS 

The Plan Administrator may issue shares of Common Stock to eligible persons upon such terms as it deems appropriate. Each such stock issuance
shall be evidenced by an Award Agreement in the form approved by the Plan Administrator; provided, however, that each such agreement shall comply with the terms and conditions of the Plan. 

A.    Consideration. Shares of Common Stock may be issued under the Plan for any of the following items of
consideration which the Plan Administrator may deem appropriate in each individual instance: 
 1.    cash or check
made payable to the Corporation; 
 2.    past services rendered to the Corporation (or any Parent or Subsidiary); 

3.    a promissory note payable to the Corporation having such recourse, interest, security and repayment terms as the
Plan Administrator deems appropriate after taking account the tax and accounting consequences of permitting the use of a promissory note and subject to the applicable requirements of Delaware General Corporation Law; or 

4.    any other valid consideration under the Delaware General Corporation Law. 

  
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 B.    Vesting Provisions. 

1.    Shares of Common Stock issued under the Plan may, in the discretion of the Plan Administrator, be fully and
immediately vested upon issuance or may vest in one or more installments over the Participant’s period of Service or upon attainment of specified performance objectives. 

2.    Any new, substituted or additional securities or other property (including money paid other than as a regular cash
dividend) which the Participant may have the right to receive with respect to the Participant’s unvested shares of Common Stock by reason of any stock dividend, stock split, spin-off transaction,
extraordinary distribution (whether in cash, securities or other property), recapitalization, reincorporation, combination of shares, exchange of shares or other similar change affecting the outstanding Common Stock as a class without the
Corporation’s receipt of consideration shall be issued subject to (i) the same vesting requirements applicable to the Participant’s unvested shares of Common Stock and (ii) such escrow arrangements as the Plan Administrator shall
deem appropriate. 
 3.    Should the Participant cease to remain in Service while holding one or more unvested shares
of Common Stock issued under the Plan or should the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares shall be immediately surrendered to the Corporation for cancellation, and
the Participant shall have no further stockholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the Participant for consideration paid in cash or cash equivalent (including the Participant’s
purchase-money indebtedness), the Corporation shall repay to the Participant the lower of (i) the cash consideration paid for the surrendered shares or (ii) the Fair Market Value of those shares at the time of the Participant’s
cessation of Service and shall cancel the unpaid principal balance of any outstanding purchase-money note of the Participant attributable to such surrendered shares by the applicable clause (i) or (ii) amount. 

4.    The Plan Administrator may in its discretion waive the surrender and cancellation of one or more unvested shares of
Common Stock (or other assets attributable thereto) which would otherwise occur upon the non-completion of the vesting schedule applicable to those shares. Such waiver shall result in the immediate vesting of
the Participant’s interest in the shares of Common Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the Participant’s cessation of Service or the attainment or non-attainment of the applicable performance objectives. 
 C.    Stockholder
Rights. The Participant shall have full stockholder rights with respect to any shares of Common Stock issued to the Participant under a stock award, whether or not the Participant’s interest in those shares is vested. Accordingly, the
Participant shall have the right to vote such shares and to receive any regular cash dividends paid on such shares. 
  

	 	VIII.	 TERMS OF RESTRICTED STOCK UNITS 

The Plan Administrator may grant restricted stock units to eligible persons which entitle the Participants to receive the shares underlying
those awards upon vesting or upon the expiration of a designated time period following the vesting of those awards. Each award of restricted stock units shall be evidenced by one or more Award Agreements in the form approved by the Plan
Administrator; provided, however, that each such agreement shall comply with the terms and conditions of the Plan. 

  
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 A.    Vesting Provisions. 

1.    Restricted stock units may, in the discretion of the Plan Administrator, vest in one or more installments over the
Participant’s period of Service or upon the attainment of specified performance objectives. 
 2.    Outstanding
restricted stock units shall automatically terminate, and no shares of Common Stock shall actually be issued in satisfaction of those Awards, if the performance goals or Service requirements established for those awards are not attained or
satisfied. The Plan Administrator, however, shall have the discretionary authority to issue vested shares of Common Stock under one or more outstanding awards of restricted stock units as to which the designated performance goals or Service
requirements have not been attained or satisfied. 
 B.    Stockholder Rights. The Participant shall not
have any stockholder rights with respect to the shares of Common Stock subject to a restricted stock units award until that award vests and the shares of Common Stock are actually issued thereunder. 

 

	 	IX.	 TRANSFERABILITY OF AWARDS 

A.    Except as provided below, Awards, together with the shares of Common Stock subject to the Awards, shall not be
assignable or transferable other than by will or by the laws of inheritance following the Participant’s death. 

B.    However, a Non-Statutory Option, together with the underlying unexercised
shares of Common Stock, may to the extent permitted by the Plan Administrator be assigned in whole or in part during the Participant’s lifetime by gift or pursuant to a domestic relations order to one or more of the Participant’s Family
Members or to a trust established exclusively for the Participant and/or one or more such Family Members. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the
Non-Statutory Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment and shall be set forth in
such documents issued to the assignee as the Plan Administrator may deem appropriate. 
 C.    Notwithstanding the
foregoing, the Participant may also, to the extent permitted by the Plan Administrator and subject to applicable law, designate one or more Family Members as the beneficiary or beneficiaries of his or her outstanding Awards under the Plan, and those
Awards shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Participant’s death while holding those Awards. Such beneficiary or beneficiaries shall take the transferred Awards
subject to all the terms and conditions of the applicable agreement evidencing each such transferred Award. 

D.    Prior to the date the Corporation first becomes subject to the reporting requirements of Section 13 or 15(d) of
the 1934 Act, outstanding options under the Plan, together with the shares of Common Stock subject to those options during the period prior to exercise, shall not be the subject of any short position, put equivalent position (as such term is defined
in Rule 16a-1(h) under the 1934 Act) or call equivalent position (as such term is defined Rule 16a-1(b) of the 1934 Act). 

E.    Except as otherwise provided above, until the date the Corporation first becomes subject to the reporting
requirements of Section 13 or 15(d) of the 1934 Act, outstanding options under the Plan, together with the shares of Common Stock subject to those options during the period prior to exercise, shall not be the subject of any pledges, gifts,
hypothecations or other transfers, other than pursuant to the Corporation’s repurchase rights or in connection with a Change in Control in which such options shall terminate and cease to be outstanding. 

  
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	 	X.	 RESTRICTIONS ON SHARES 

A.    Until such time as the Common Stock is first registered under Section 12 of the 1934 Act, the Corporation shall
have the right of first refusal with respect to any proposed disposition by the Participant (or any successor in interest) of any shares of Common Stock issued under the Plan. Such right of first refusal shall be exercisable in accordance with the
terms established by the Plan Administrator and set forth in the document evidencing such right. 
 B.    In connection
with any underwritten public offering by the Corporation of its equity securities, the Participant (or any successor in interest) shall be subject to transferability and market stand-off restrictions with
respect to any shares of Common Stock issued under the Plan in accordance with the terms established by the Plan Administrator and set forth in the document evidencing the issuance of such shares. 

C.    The Plan Administrator may require that a Participant (or any successor in interest) execute a stockholders
agreement, with such terms as the Plan Administrator deems appropriate, with respect to any shares of Common Stock issued to the Participant pursuant to the Plan.  

D.    Unvested shares may, in the Plan Administrator’s discretion, be held in escrow by the Corporation until the
Participant’s interest in such shares vests or may be issued directly to the Participant with restrictive legends on the certificates evidencing those unvested shares. 
  

	 	XI.	 CHANGE IN CONTROL 

A.    In the event of a Change in Control, each outstanding Award, as determined by the Plan Administrator in its sole
discretion, may be (i) assumed by the successor corporation (or parent thereof), (ii) canceled and substituted with an Award granted by the successor corporation (or parent thereof), (iii) otherwise continued in full force and effect pursuant
to the terms of the Change in Control transaction, or (iv) replaced with a cash retention program of the Corporation or any successor corporation which preserves the spread existing on the unvested shares subject to the Award at the time of the
Change in Control (the excess of the Fair Market Value of those shares over the aggregate purchase price payable for such shares) and, subject to Section XI.C, provides for subsequent payout of that spread in accordance with the same
exercise/vesting schedule applicable to those unvested Award shares, but only if such replacement cash program would not result in the treatment of the Award as an item of deferred compensation subject to Code Section 409A. 

B.    To the extent an outstanding Award is not assumed, substituted, continued or replaced in accordance with Section
XI.A, such Award shall automatically vest in full immediately prior to the effective date of the Change in Control, unless the acceleration of such Award is subject to other limitations imposed by the Plan Administrator at the time of the grant of
the Award. The Plan Administrator in its sole discretion shall have the authority to provide that to the extent any such Award, as so accelerated, remains unexercised and outstanding on the effective date of the Change in Control, such Award shall
be cancelled and terminated and the holder of such Award shall become entitled to receive, upon consummation of the Change in Control and subject to Section XI.C, a lump sum cash payment in an amount equal to the product of (i) the number of
shares of Common Stock subject to such Award and (ii) the excess of (a) the Fair Market Value per share of Common Stock on the date of the Change in Control over (b) the per share exercise price or purchase price in effect for
such Award. However, any such Award shall be subject to cancellation and termination, without cash payment or other consideration due the Award holder, if the Fair Market Value per share of Common Stock on the date of such Change in Control is less
than the per share exercise price or purchase price in effect for such Award. 

  
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 C.    The Plan Administrator shall have the authority to provide that
any escrow, holdback, earn-out or similar provisions in the definitive agreement effecting the Change in Control shall apply to any cash payment made pursuant to Section XI.A(iv) or Section XI.B to the same
extent and in the same manner as such provisions apply to a holder of a share of Common Stock. 
 D.    Immediately
following the consummation of the Change in Control, all outstanding Awards shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect
pursuant to the terms of the Change in Control transaction. 
 E.    In the event of any Change in Control, the Plan
Administrator in its sole discretion may determine that all outstanding repurchase rights (i) are to be assigned to the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the
Change in Control transaction or (ii) are to be terminated and the shares of Common Stock subject to those terminated rights are to immediately vest in full, unless such accelerated vesting is precluded by limitations imposed by the Plan
Administrator at the time the repurchase right is issued. 
 F.    Each Award which is assumed in connection with a
Change in Control or otherwise continued in effect shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities into which the shares of Common Stock subject to that Award would have been
converted in consummation of such Change in Control had those shares actually been outstanding at that time. Appropriate adjustments shall also be made to (i) the number and class of securities available for issuance under the Plan following
the consummation of such Change in Control and (ii) the exercise price or purchase price payable per share under each outstanding Award, provided the aggregate exercise price or purchase price payable for such securities shall remain the same.
To the extent the actual holders of the Corporation’s outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation (or parent thereof) may, in connection with the
assumption or continuation of the outstanding Awards and subject to the Plan Administrator’s approval, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common
Stock in such Change in Control. 
 G.    The Plan Administrator shall have the discretion, exercisable either at the
time an Award is granted or at any time while an Award remains outstanding, to structure such Award so that (i) all or a portion of the Award shall automatically accelerate and vest (and any repurchase rights of the Corporation with respect to
the unvested shares subject to that Award that become vested on such accelerated basis shall immediately terminate) upon the occurrence of a Change in Control, whether or not such Award is to be assumed in the Change in Control or otherwise
continued in effect or (ii) all or a portion of the shares subject to such Award will automatically vest on an accelerated basis should the Participant’s Service terminate by reason of an Involuntary Termination within a designated period
following the effective date of any Change in Control in which the Award is assumed or otherwise continued in effect and the repurchase rights applicable to those shares do not otherwise terminate. 

H.    The portion of any Incentive Option accelerated in connection with a Change in Control shall remain exercisable as
an Incentive Option only to the extent the applicable One Hundred Thousand Dollar ($100,000) limitation is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such option shall be exercisable as a Non-Statutory Option under the Federal tax laws. 

  
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 I.    The grant of Awards under the Plan shall in no way affect the
right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

 

	 	XII.	 EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN 

A.    The Plan shall become effective when adopted by the Board, but no option granted under the Plan may be exercised, and
no shares shall be issued under the Plan, until the Plan is approved by the Corporation’s stockholders. If such stockholder approval is not obtained within twelve (12) months after the date of the Board’s adoption of the Plan, then
all Awards previously granted under the Plan shall terminate and cease to be outstanding, and no further Awards shall be granted and no shares shall be issued under the Plan. Subject to such limitation, the Plan Administrator may grant Awards and
issue shares under the Plan at any time after the effective date of the Plan and before the date fixed herein for termination of the Plan. 

B.    The Board shall have complete and exclusive power and authority to amend or modify the Plan in any or all respects.
However, no such amendment or modification shall adversely affect the rights and obligations with respect to Awards at the time outstanding under the Plan unless the Participant consents to such amendment or modification. In addition, certain
amendments may require stockholder approval pursuant to applicable laws and regulations. 
 C.    Awards may be granted
under the Plan which are in excess of the number of shares of Common Stock then available for issuance under the Plan, provided any excess shares actually issued shall be held in escrow until there is obtained stockholder approval of an amendment
sufficiently increasing the number of shares of Common Stock available for issuance under the Plan. If such stockholder approval is not obtained within twelve (12) months after the date the first such excess Awards are made, then (i) any
unexercised options and unvested restricted stock units granted on the basis of such excess shares shall terminate and cease to be outstanding and (ii) the Corporation shall promptly refund to the Participants the exercise price or purchase
price paid for any excess shares issued under the Plan and held in escrow, together with interest (at the applicable Short Term Federal Rate) for the period the shares were held in escrow, and such shares shall thereupon be automatically cancelled
and cease to be outstanding. 
 D.    The Plan shall terminate upon the earliest of (i) the expiration of the ten
(10)-year period measured from the date the Plan is adopted by the Board, (ii) the date on which all shares available for issuance under the Plan shall have been issued as vested shares or (iii) the termination of all outstanding Awards
under the Plan in connection with a Change in Control. All Awards outstanding at the time of a clause (i) termination event shall continue to have full force and effect in accordance with the provisions of the documents evidencing those Awards.

  

	 	XIII.	 GENERAL 

A.    Any cash proceeds received by the Corporation from the sale of shares of Common Stock under the Plan shall be used
for general corporate purposes. 
 B.    The Corporation’s obligation to deliver shares of Common Stock upon the
exercise of any options granted under the Plan or upon the issuance or vesting of any shares issued under the Plan shall be subject to the satisfaction of all applicable tax withholding requirements. 

C.    The implementation of the Plan, the granting of any Awards under the Plan and the issuance of any shares of Common
Stock under an Award shall be subject to the Corporation’s procurement of all approvals and permits required by regulatory authorities having jurisdiction over the Plan, the Awards granted under it and the shares of Common Stock issued pursuant
to it. 

  
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 D.    Nothing in the Plan shall confer upon the Participant any right to
continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining such person) or of the Participant, which rights are hereby
expressly reserved by each, to terminate such person’s Service at any time for any reason, with or without cause. 

E.    In the event there are at any time two thousand (2,000) or more holders of outstanding options under the Plan or
five hundred (500) or more holders of outstanding options under the Plan who are not accredited investors, the Corporation shall provide to each such option holder, at the time the outstanding options first become held by five hundred
(500) or two thousand (2,000) holders, as applicable, and at successive six (6)-month intervals thereafter, financial statements that meet the requirements of Rule 701(e)(4) under the 1933 Act and that are at the time of distribution not more
than one hundred and eighty (180) days old. Such obligation shall continue until such time as the Corporation becomes subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act or (if earlier) no longer relies on the
exemption from such reporting requirements provided by Rule 12h-1(f) under the 1934 Act. The Corporation may require that option holders agree to keep any financial information so provided confidential. 

 

	 	XIV.	 DEFINITIONS 

The following definitions shall be in effect under the Plan: 

A.    Award shall mean an option, a stock award or a restricted stock unit. 

B.    Award Agreement shall mean the agreement entered into by the Corporation and the Participant
evidencing the Award. 
 C.    Board shall mean the Corporation’s Board of Directors. 

D.    Change in Control shall have the meaning assigned to such term in the Award Agreement for the
particular Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term, and in the absence of such a Change in Control definition shall mean a change in ownership or control of the
Corporation effected through any of the following transactions: 
 (i)    a merger, consolidation or other
reorganization approved by the Corporation’s stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter
beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction; or 

(ii)    a stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation’s
assets in liquidation or dissolution of the Corporation; or 
 (iii)    the acquisition, directly or indirectly by any
person or related group of persons (other than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 

  
 11 

 
of the 1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer
made directly to the Corporation’s stockholders. 
 In no event shall any public offering of the Corporation’s securities be deemed to constitute
a Change in Control. 
 E.    Code shall mean the Internal Revenue Code of 1986, as amended. 

F.    Committee shall mean a committee of one (1) or more Board members appointed by the Board to
exercise one or more administrative functions under the Plan. 
 G.    Common Stock shall mean the
Corporation’s common stock. 
 H.    Corporation shall mean SeaStar Medical, Inc., a Delaware
corporation, and any successor corporation to all or substantially all of the assets or voting stock of SeaStar Medical, Inc. 

I.    Disability shall have the meaning assigned to such term in the Award Agreement for the particular
Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term, and in the absence of such a definition shall mean the inability of the Participant to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that is expected to result in death or has lasted or can be expected to last for a continuous period of twelve (12) months or more. 

J.    Employee shall mean an individual who is in the employ of the Corporation (or any Parent or
Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 

K.    Exercise Date shall mean the date on which the Corporation shall have received written notice of the
option exercise. 
 L.    Fair Market Value per share of Common Stock on any relevant date shall be
determined in accordance with the following provisions: 
 (i)    If the Common Stock is at the time traded on the
Nasdaq Capital, Global or Global Select Market, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is reported by the National Association of Securities Dealers for that
particular Stock Exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists. 
 (ii)    If the Common Stock is at the time listed on any other Stock Exchange, then
the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially quoted
in the composite tape of transactions on such exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price
on the last preceding date for which such quotation exists. 
 (iii)    If the Common Stock is not at the time listed
on any Stock Exchange, then the Fair Market Value shall be determined by the Plan Administrator through the reasonable application of a reasonable valuation method that takes into account the applicable valuation factors set forth in the

  
 12 

 
Treasury Regulations issued under Section 409A of the Code; provided, however, that with respect to an Incentive Option, such Fair Market Value shall be determined in accordance with the
standards of Section 422 of the Code and the applicable Treasury Regulations thereunder. 
 M.    Family
Member means, with respect to a particular Participant, 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. 
 N.    Incentive
Option shall mean an option which satisfies the requirements of Code Section 422. 

O.    Involuntary Termination shall have the meaning assigned to such term in the Award Agreement for the
particular Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term, and in the absence of such an Involuntary Termination definition shall mean the termination of the Service of any
individual which occurs by reason of: 
 (i)    such individual’s involuntary dismissal or discharge by the
Corporation for reasons other than Misconduct, or 
 (ii)    such individual’s voluntary resignation following
(A) a change in his or her position with the Corporation which materially reduces his or her duties and responsibilities or the level of management to which he or she reports, (B) a reduction in his or her level of compensation (including
base salary, fringe benefits and target bonus under any corporate-performance based bonus or incentive programs) by more than fifteen percent (15%) or (C) a relocation of such individual’s place of employment by more than fifty
(50) miles, provided and only if such change, reduction or relocation is effected without the individual’s consent. 

P.    Misconduct shall have the meaning assigned to such term in the Award Agreement for the particular
Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term, and in the absence of such a Misconduct definition shall mean the commission of any act of fraud, embezzlement or dishonesty by
the Participant, any unauthorized use or disclosure by such person of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct by such person adversely affecting the business or
affairs of the Corporation (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or dismiss any Participant or
other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Plan, to constitute grounds for termination for Misconduct. 

Q.    1933 Act shall mean the Securities Act of 1933, as amended. 

R.    1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

S.    Non-Statutory Option shall mean an option not intended to
satisfy the requirements of Code Section 422. 
 T.    Parent shall mean any corporation (other than
the Corporation) in an unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of
the total combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 13 

 U.    Participant shall mean any person to whom an Award
is granted under the Plan. 
 V.    Plan shall mean the Corporation’s 2019 Stock Incentive Plan, as
set forth in this document. 
 W.    Plan Administrator shall mean either the Board or the Committee
acting in its capacity as administrator of the Plan. 
 X.    Service shall mean the performance of
services for the Corporation (or any Parent or Subsidiary, whether now existing or subsequently established) by a person in the capacity of an Employee, a non-employee member of the board of directors or a
consultant or independent advisor, except to the extent otherwise specifically provided in the documents evidencing the Award. For purposes of the Plan, a Participant shall be deemed to cease Service immediately upon the occurrence of either of the
following events: (i) the Participant no longer performs services in any of the foregoing capacities for the Corporation or any Parent or Subsidiary or (ii) the entity for which the Participant is performing such services ceases to remain
a Parent or Subsidiary of the Corporation, even though the Participant may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved
by the Corporation; provided, however, that for a leave which exceeds three (3) months, Service shall be deemed, for purposes of determining the period within which any outstanding option held by a Participant may be exercised as an Incentive
Option, to cease on the first day immediately following the expiration of such three (3)-month period, unless such Participant is provided with the right to return to Service following such leave either by statute or by written contract. Except to
the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Corporation’s written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Participant is on a
leave of absence. 
 Y.    Stock Exchange shall mean the American Stock Exchange, the Nasdaq Capital,
Global or Global Select Market or the New York Stock Exchange. 
 Z.    Subsidiary shall mean any
corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing
fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

AA.    10% Stockholder shall mean the owner of stock (as determined under Code Section 424(d))
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation (or any Parent or Subsidiary). 

  
 14EX-10.22

 Exhibit 10.22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 
 SEASTAR MEDICAL, INC. 

TRANSACTION BONUS AGREEMENT 

This Transaction Bonus Agreement (this “Agreement”) is made as of December 23, 2021 by and between SeaStar Medical, Inc.,
a Delaware corporation (the “Company”), and Eric Schlorff (“Employee”). 
 WHEREAS, Employee is a
valued employee and the Company has determined that it is appropriate to award certain Business Development Bonuses and Exit Event Bonuses under the terms and conditions of this Agreement to Employee as an incentive for Employee to complete such
business development and Exit Event opportunities for the Company. 
 NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes
of this Agreement, capitalized terms used herein that are not otherwise defined shall have the meanings set forth below: 

“Affiliate” means (i) any corporation, trade or business (including, without limitation, a partnership or limited
liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) by the Company (or its successors), or (ii) any other entity (including its
successors) which is designated as an Affiliate by the Board. 
 “Board” means the Board of Directors of the Company. 

“Business Development Objective” means the execution and closing of a definitive BD Agreement. 

“BD Agreement” means a definitive business development between the Company and one or more third parties, including but are
not limited to, any licensing, collaboration, partnership, product development or strategic agreement or arrangement, in which the Company receives or is eligible to receive cash payment from such third parties, which may include but are not limited
to, any upfront and milestone, licensing or service fees, royalty payments and other similar cash fees; provided that, (i) any such definitive business development agreement executed on or after the initial closing of an Exit Event will
not be deemed a BD Agreement for the purposes of calculating the BD Cash Payment and therefore does not affect the Earned Cash Bonus that Employee is eligible for. 

“BD Cash Payment” means the gross proceeds in cash received by the Company prior to the Expiration Date pursuant to the terms
of a BD Agreement. 
  

 “Cause” means any of the following: (i) any material breach by the
Employee of any material written agreement between the Employee and the Company (or its Affiliates, as applicable) (including without limitation an employment agreement or this Agreement) and the Employee’s failure to cure such breach within
thirty (30) days after receiving written notice thereof; (ii) any failure by the Employee to comply with the Company’s (or its Affiliate’s, as applicable) material written policies or rules as they may be in effect from time to
time; (iii) neglect or persistent unsatisfactory performance of the Employee’s duties and the Employee’s failure to cure such condition within thirty (30) days after receiving written notice thereof; (iv) the Employee’s
repeated failure to follow reasonable and lawful instructions from the Board or Chief Executive Officer (or the Board of Directors or Chief Executive Officer of the Company’s Affiliate, as applicable) and the Employee’s failure to cure
such condition within thirty (30) days after receiving written notice thereof; (v) the Employee’s conviction of, or plea of guilty or nolo contendere to, any felony or other crime that results in, or is reasonably expected to result
in, material harm to the business or reputation of the Company (or its Affiliate, as applicable), or any felony or misdemeanor involving moral turpitude; (vi) the Employee’s commission of or participation in an act of fraud; (vii) the
Employee’s intentional material damage to the Company’s (or its Affiliate’s, as applicable) business, property or reputation; (viii) the Employee’s unauthorized use or disclosure of any proprietary information or trade
secrets of the Company or its Affiliates, as applicable, or any other party to whom the Employee owes an obligation of nondisclosure as a result of his or her relationship with the Company or its Affiliates; or (ix) the Employee’s
intoxication or abuse of a controlled substance that adversely impairs the Employee’s performance of his duties for the Company or its Affiliates, as applicable. For purposes of clarity, a termination without “Cause” does not include
any termination that occurs as a result of the Employee’s death or disability. The determination as to whether the Employee’s Continuous Service Status has been terminated for Cause shall be made in good faith by the Company (or its
Affiliate, as applicable) and shall be final and binding on the Employee. The foregoing definition does not in any way limit the Company’s (or any of its Affiliate’s, as applicable) ability to terminate the Employee’s employment
relationship at any time. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and
other official guidance promulgated thereunder. 
 “Expiration Date” means earlier of (i) the date on which the Board
approves a resolution to dissolve, wind down or proceed with a bankruptcy proceeding; (ii) December 31, 2022, as may be extended by the Company’s Compensation Committee in writing from time to time. 

“Exit Event” means (i) an acquisition of the Company by way of a merger, consolidation, reorganization or other
transaction or series of transactions pursuant to which stockholders of the Company prior to such acquisition own less than fifty percent (50%) of the voting interests in the surviving or resulting entity; (ii) a sale, lease, exclusive license,
or other disposition of all or substantially all of the assets of the Company in a transaction or series of transactions; (iii) any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended), becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the
outstanding voting securities of the Company having the right to vote for the election of members of the Board of Directors; (iv) a firmly underwritten public offering of the Company’s common stock pursuant to a registration statement
filed with the Securities and Exchange Commission, and 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 
declared effective under the U.S. Securities Act of 1933 (and not subsequently withdrawn) covering the offer and sale of common stock for the Company; or (v) a merger of the Company with a
special purpose acquisition company or any reverse merger or reverse acquisition transaction in which (x) the post-merger securities of the surviving or parent entity are publicly traded on the Nasdaq Stock Market’s National Market, the
New York Stock Exchange or another exchange or marketplace and (y) the stockholders of the Company receive upon conversion or exchange of their outstanding shares of capital stock of the Company securities constituting, or upon conversion would
constitute (assuming conversion on such date), more than 50% of the outstanding share capital of such special purpose acquisition company. 

“Section 409A” means Section 409A of the Code and the Treasury Regulations and other applicable
guidance thereunder. 
 ARTICLE II 

BUSINESS DEVELOPMENT BONUS 

2.1 Business Development Bonus. 

(a) Subject to the terms and conditions herein and provided that the Employee remains in a continued employment relationship with the Company
or its Affiliates, if the Company receives BD Cash Payments in a range set forth in the table below, Employee will become eligible for the corresponding Total Amount of Earned Cash Bonus and the Company will pay Employee the difference between any
previously paid Earned Cash Bonus and newly eligible Earned Cash Bonus in the next regular payroll after the date Employee becomes eligible for such Earned Cash Bonus and such eligibility is confirmed by the Compensation Committee. Notwithstanding
anything contrary contained herein, including the foregoing sentence, if the Total BD Cash Payments is below [*], the corresponding Total Amount of Earned Cash Bonus set forth in the table above will vest and become payable by Company at the next
regular payroll upon vesting as follows: 25% of such portion of the Total Amount of Earned Cash Bonus shall vest each six (6) months from the Vesting Commencement Date, so that such Total Amount of Earned Cash Bonus will be fully vested on the
second anniversary of the Vesting Commencement Date and fully paid to Employee at the next regular payroll; provided that, upon the earlier of (a) an Exit Event or (b) the Total Amount of BD Cash Payment reaches [*], the vesting and
payment of such Total Amount of Earned Cash Bonus shall accelerate such that the full amount vests and becomes immediate payable prior to the consummation of the Exit Event or at the next regular payroll if there is no Exit Event. For the purposes
of this paragraph, “Vesting Commencement Date” means, as applicable, the date on which the Company receives [*] in Total Amount of BD Cash Payments. 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 Table for Business Development Bonus: 

 

			
	 Total Amount of BD Cash Payments
(1)
	  	Cumulative Amount of
Earned Cash
Bonus
	 [*]
	  	$112,500
	 [*]
	  	$202,500
	 [*]
	  	$315,000
	 [*]
	  	$450,000
	 [*]
	  	2.7 % of the cash payment multiple (2)

  

	(1)	 Represents aggregate BD Cash Payments received by the Company under all BD Agreements prior to the Expiration
Date. 

	(2)	 If the Total Amount of BD Cash Payments reaches [*] or more, then the Total Amount of Earned Cash Bonus shall
be $450,000 plus an amount equal to 2.7% of the Cash Payment Multiple. The amount of Cash Payment Multiple shall be an amount equal to (i) Total Amount of BD Cash Payments minus (ii) [*]. As examples, if the Total Amount of BD
Cash Payments is [*] then the difference between [*] and each such amount is [*]. Therefore, the Cash Payment Multiple for each such amount, and the Total Amount of Earned Cash Bonus will be [*], or $450,000 plus [*] (2.7% x [*]).

 (b) For the avoidance of doubt, payments of Total Amount of Earned Cash Bonus are intended to be cumulative, i.e, any
prior payment of Earned Cash Bonus, if any, shall be deducted from any subsequent payment of Total Amount of Earned Cash Bonus. 
 2.2
Conditions and Timing of Payment. The Compensation Committee of the Company is responsible for reviewing and approving the achievement of Business Development Objectives and the amount of Earned Cash Bonus that should be paid to Employee. If
the Compensation Committee determines that such Earned Cash Bonus shall be paid to Employee, the Company shall make such payment, subject to any tax withholding obligations, promptly after such determination but no later than the immediate next
regularly scheduled payroll date for such Employee. 
 2.3 Termination of Employment. If the employment of the Employee with the
Company or its Affiliates is terminated prior to the execution of the BD Agreement, then this Agreement will immediately terminate. Employee shall be eligible to receive any unpaid or unvested Earned Cash Bonus under this Agreement after the
termination of his employment if the BD Agreement was executed prior to such termination, except that if the Employee is terminated for Cause, the Board of Directors, upon recommendation from the Compensation Committee, shall have the right and
discretion to suspend or terminate any unpaid or unvested Earned Cash Bonus upon written notice to the Employee setting forth an explanation of such determination, including the facts forming the basis of the termination for Cause. 

ARTICLE III 
 EXIT EVENT
BONUS 
 3.1 Acquisition. Upon the initial closing of an Exit Event as described in clauses (i), (ii) and (iii) of the
definition of “Exit Event” prior to the Expiration Date (an “Acquisition”), and the total cash consideration received by the stockholders of the Company (or in the case of clause (ii) of such definition, the total
gross cash proceeds received by the Company) equals to or exceeds [*], then the Company shall pay Employee a one-time cash bonus (“Acquisition Cash Bonus”) in an amount equal to 2.7% of such
total cash consideration or total gross cash proceeds promptly following the initial closing of the Acquisition. 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 3.2 IPO. Upon the initial closing of an Exit Event as described in clause
(iv) of the definition of “Exit Event” (an “IPO”), if the amount of cash gross proceeds received by the Company is [*] or more, then the Company shall pay Employee a one-time
cash bonus of $270,000, payable promptly following the initial closing of the IPO. 
 3.3 Business Combination. Upon the initial
closing of an Exit Event as described in clause (v) of the definition of “Exit Event” (a “Business Combination”), if the total amount of gross cash proceeds received or obtained by the Company, either pursuant to a
PIPE, public offering or an acquisition of cash reserve in the trust fund, or a combination thereof, is [*] or more, then the Company shall pay Employee a one-time cash bonus of $270,000, payable promptly
following the closing of the Business Combination. 
 3.4 Termination of Employment. If the employment of the Employee with the
Company or its Affiliates is terminated prior to the closing of an Exit Event, then this Agreement will immediately terminate. Employee shall be eligible to receive any unpaid or unvested Earned Cash Bonus under this Agreement after the termination
of his employment as long as the termination occurs on or following the closing of the Exit Event. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1 Non-transferability. Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective
successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law,
any of its rights and obligations under this Agreement, except with the prior written consent of the Company. 
 4.2 Withholding
Taxes. The Company or any applicable Affiliate shall be entitled, if necessary or desirable, to withhold from any amount due and payable hereunder to the Employee (or secure payment from Employee in lieu of withholding) the amount of any
withholding or other tax due with respect to the Bonus payable to the Employee under this Agreement. If desirable, the Company or Affiliate may satisfy any such tax obligation by withholding from any payment of any kind otherwise due to the
Employee. The Company shall have no liability for any tax imposed on the Employee as a result of amounts paid or payable to the Employee pursuant to this Agreement. 

4.3 Amendment of the Agreement. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement,
shall be effective unless in writing signed by the parties to this Agreement. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 4.4 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be
excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

4.5 Titles and Headings. The headings and titles used in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. 
 4.6 Governing Law. The validity, interpretation, construction and performance of
this Agreement, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of Delaware, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties hereby submit and consent to the exclusive jurisdiction of the state of Delaware and agree that any such litigation
shall be conducted only in the courts of Delaware or the federal courts of the United States located in Delaware and no other courts. 
 4.7
No Obligation; Company Discretion. No provision of this Agreement or the bonus granted hereunder shall be interpreted to impose an obligation on the Company to accept, agree to or otherwise enter into or complete any proposed or potential
Exit Event or BD Agreement. The decision to enter into (or to reject) a proposed transaction to consummate an Exit Event or enter into an BD Agreement, and all terms and conditions of such transaction, including the amount, timing and form of
consideration to be provided in connection therewith, shall be within the sole and absolute discretion of the Company. In addition, this Agreement shall not be interpreted or construed so as to limit or prevent the Company or any Affiliate from
taking any actions with respect to the operation or conduct of their business or entering into any transaction that they deem appropriate or in their best interest. 

4.8 No Right to Continued Service. Nothing in this Agreement shall interfere with or limit in any way any right of the Company or any
of its Affiliates to terminate the Employee’s employment at any time and for any reason (or no reason), nor confer upon the Employee any right to continued service with the Company or any of its Affiliates for any period of time or to continue
such Employee’s present (or any other) rate of compensation. By accepting any payment under this Agreement, the Employee and each Person claiming under or through the Employee shall be conclusively deemed to have indicated such Person’s
acceptance and ratification of, and consent to, any action taken by the Company or Board pursuant to this Agreement. 
 4.9 Other
Benefits. The bonuses set forth in this Agreement are a special incentive and shall not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other
benefit under any employee benefit plan of the Company, unless such plan or agreement expressly provides otherwise. 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 4.10 No Equity Interest. The Employee shall not have any rights as a stockholder of
the Company as a result of this Agreement or the bonuses granted pursuant hereto. 
 4.11 Unfunded Plan. To the extent that any
person acquires a right to receive payments under this Agreement, such right shall be no greater than the right of an unsecured general creditor. All payments to be made hereunder shall be paid from general assets. This Agreement and the payment of
any bonus hereunder are not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 
 4.12 Section
280G. Notwithstanding anything in this Agreement to the contrary, in the event that any portion of any payments to which the Employee becomes entitled in accordance with the provisions of this Agreement may become subject to the excise tax under
Section 4999 of the Code or may be nondeductible to the Company or any Affiliate or any successor under Section 280G of the Code, payment of those amounts shall be contingent upon obtaining the approval of stockholders as provided in
Section 280G(b)(5)(A)(ii) of the Code and the Treasury regulations thereunder or any successor provision. In the absence of such stockholder approval in accordance with Section 280G(b)(5)(A)(ii) of the Code or any successor provision, the
portion of such payments that would otherwise cause any amount to be nondeductible under Section 280G of the Code shall be forfeited and the Employee shall have no further claim of right to such amount, except as otherwise determined by the
Board. 
 4.13 Section 409A. This Agreement and the bonus set forth hereunder are intended to be exempt from the requirements of
Section 409A of the Code pursuant to the “short-term deferral rule.” 
 4.14 Entire Agreement. This Agreement
sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the
subject matter hereof. 
 4.15 Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be
in writing and shall be deemed sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be
notified at such party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the signature page, at the most recent address set forth in the Company’s books and records.

 4.16 Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and
their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

4.17 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed an original, and all of which together shall constitute one and the same agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid
signature. 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 4.18 Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to this Agreement or any notices required by applicable law by email or any other electronic means. The Employee hereby consents to (i) conduct business electronically (ii) receive such documents and notices by such
electronic delivery and (iii) sign documents electronically and agrees to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the
Company. 
 4.19 Imposition of Other Requirements. The Company reserves the right to impose other requirements on payment of the
bonuses set forth hereunder, to the extent the Company determines it is necessary or advisable in order to comply with applicable law. The Employee agrees to sign any additional agreements or undertakings that may be necessary to accomplish the
foregoing. 
 [Signature Page Follows] 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 The parties have executed this Transaction Bonus Agreement as of the date first set forth
above. 
  

			
	
	SEASTAR MEDICAL, INC.
		
	By:	 	 /s/ Richard Barnett

	Name:	 	Richard Barnett
	Title:	 	Chairman of Compensation Committee of
		 	Board of Directors of the Company
	
	ERIC SCHLORFF
	
	 /s/ Eric Schlorff

		
	ADDRESS:	 	  

	
	  

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

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