Document:

Exhibit 10.21

 

EMPLOYEE
Restrictive Covenant AgreemenT

 

THIS AGREEMENT (the “Agreement”)
is between Cognition Therapeutics, Inc. (the “Company”), a Delaware corporation with its principal offices at 2500 Westchester Ave., Purchase, NY 10577 and                        (the “Employee”), an individual residing at the
address set forth on the signature page to this Agreement.

 

Recitals:

 

The parties desire to enter
into this Agreement in connection with the Employee’s employment or continued employment by the Company.

 

NOW, THEREFORE, in consideration
of the employment or continued employment of the Employee by the Company and the payment by the Company of compensation to the Employee
for services rendered and to be rendered, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.             Non-Disclosure
of Confidential Information. The Employee acknowledges that in the course of performing services
for the Company, the Employee has in the past and may continue to obtain knowledge of the Company’s business plans, products, processes,
software, know-how, trade secrets, formulas, methods, models, prototypes, discoveries, inventions, materials and reagents, improvements,
disclosures, customer and supplier lists, information about employees and/or other proprietary and/or confidential information (collectively,
the “Confidential Information”). The Employee agrees to keep the Confidential Information secret and confidential and not
to publish, disclose or divulge to any other party, or use for the Employee’s own benefit or to the detriment of the Company, any
Confidential Information without the prior written consent of the Company, whether or not such Confidential Information was discovered
or developed by the Employee. The Employee also agrees not to divulge, publish or use any proprietary and/or confidential information
of others that the Company is obligated to maintain in confidence.

 

(a)           The
Employee will not be held criminally or civilly liable under any Federal or state trade secret law for his/her disclosure of a trade secret
that is made in confidence to Federal, state or local government officials or to an attorney provided that such disclosure is: (i) solely
for the purpose of reporting or investigating a suspected violation of law; (ii) made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal; or (iii) if the Employee files a lawsuit for retaliation by the Company
for reporting a suspected violation of law and where such disclosure is made to the Employee’s attorney, all documents containing
any trade secret are filed under seal, and the Employee does not disclose any such trade secret except pursuant to a court order.

 

(b)           Notwithstanding
anything herein to the contrary, nothing in this Agreement shall (x) prohibit the Employee from making reports of possible violations
of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under
Section 21F of the Securities Exchange Act of 1934, as amended, or Section 806 of the Sarbanes-Oxley Act of 2002, or of any
other whistleblower protection provisions of federal law or regulation, or (y) require notification or prior approval by the Company
of any such report; provided that, the Employee is not authorized to disclose communications with counsel that were made for the purpose
of receiving legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege.

 

    

     

    

 

2.             Inventions
and Discoveries.

 

(a)           Disclosure.
The Employee shall promptly and fully disclose to the Company, with all necessary detail, all developments, know-how, discoveries,
inventions, improvements, concepts, ideas, formulae, processes and methods (whether copyrightable, patentable or otherwise) made, received,
conceived, acquired or written by the Employee (whether or not at the request or upon the suggestion of the Company), solely or jointly
with others, during the period of the Employee’s engagement by the Company in any capacity that (i) relate to any line of business,
activity or field of interest or investigation with respect to which the Employee renders services to the Company or (ii) are otherwise
made through the use of the Company’s time, facilities or materials (all of the foregoing being hereinafter referred to collectively
as the “Inventions”).

 

(b)           Assignment
and Transfer. The Employee acknowledges that all work performed by the Employee is on a “work for hire” basis and does
hereby assign and transfer, and to the extent any such assignment cannot be made at present, will assign and transfer, to the Company
all of the Employee’s right, title and interest in and to the Inventions, and the Employee further agrees to deliver to the Company
any and all drawings, notes, specifications and data relating to the Inventions, and to sign, acknowledge and deliver all such further
papers, including applications for and assignments of copyrights and patents, and all renewals thereof, as may be necessary to obtain
copyrights and patents for any Inventions in any and all countries and to vest title thereto in the Company and its successors and assigns
and to otherwise protect the Company’s interests therein.

 

(c)           Power
of Attorney. If the Company is unable, after reasonable effort, to secure the Employee’s signature on any application for patent,
copyright, trademark or other analogous registration or other documents regarding any legal protection relating to an Invention, whether
because of the Employee’s physical or mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably designates
and appoints each of the President and each Vice President of the Company as the Employee’s agent and attorney-in-fact, to act for
and in the Employee’s behalf and stead to execute and file any such application or applications or other documents and to do all
other lawfully permitted acts to further the prosecution and issuance of patent, copyright, trademark or other registrations or any other
legal protection thereon with respect to an Invention with the same legal force and effect as if executed by the Employee.

 

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(d)           Documentation
and Records. The Employee shall hold in a fiduciary capacity for the benefit of the Company all documentation, disks, programs, data,
records, drawings, manuals, reports, sketches, blueprints, letters, notes, notebooks and all other writings, electronic data, graphics
and tangible information and materials of a secret, confidential or proprietary information nature relating to the Company or the Company’s
business that are in the possession or under the control of the Employee. The Employee agrees that in connection with any research, development
or other services performed for the Company, the Employee will maintain careful, adequate and contemporaneous written records of all Inventions,
which records shall be the property of the Company.

 

3.             Restrictive
Covenants.

 

(a)            Non-Competition
and Non-Solicitation. The Employee shall not, directly or indirectly (including, without limitation, through ownership, management,
operation or control of any other person or entity, or participation in the ownership, management, operation or control of any other person
or entity, or by having any interest as a stockholder, lender, investor, agent, consultant, employee, partner or otherwise, in or with
respect to any other person or entity) do any of the following:

 

(i)            During
the period of the Employee’s employment with the Company and for 12 months following the date of termination of the Employee’s
employment for any reason (the “Restricted Period”), own, manage, operate, control, invest in, participate in, be employed
by, provide consulting services to, or be involved or associated with in any capacity, any person or entity that is engaged in a Competitive
Business anywhere in the United States. The Employee acknowledges that the Company’s business is national in scope. “Competitive
Business” means a business that is engaged in the research, development, marketing, manufacturing, sale or other commercialization
of any compound or other agent that targets the sigma-2/PGRMC 1 receptor for the prevention and/or treatment of Alzheimer’s Disease
or any other neurodegenerative indication or condition (including age-related macular degeneration), and any other business in which the
Company engages or takes substantial steps to engage in during the last two years of the Employee’s employment. The foregoing shall
not prohibit the Employee from owning in the aggregate less than one percent of any class of securities listed on a national securities
exchange or traded publicly in the over-the-counter market;

 

(ii)           During
the Restricted Period, directly or indirectly (A) solicit, encourage or entice any client, customer, vendor, licensee, licensor,
consultant or supplier of the Company to cease, reduce or modify the business such person or entity has done with or intends to do with,
or to end, reduce or modify the relationship or proposed relationship of such person or entity with, the Company, or (B) interfere
with, impair, disrupt or attempt to interfere with, impair, disrupt or otherwise jeopardize any relationship of the Company with any client,
customer, vendor, licensee, licensor, consultant or supplier or any other person or entity with whom the Company has a business relationship;
and

 

(iii)          During
the Restricted Period, directly or indirectly (A) solicit, hire, contract for services, retain or otherwise employ any person who
is or was an employee or consultant of the Company during Employee’s employment with the Company, or (B) otherwise encourage
any such individual to leave the employ of or to terminate a consulting arrangement with the Company, or to become an employee of, or
consultant to, any other person or entity.

 

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(b)           Tolling.
The Employee agrees that if the Employee breaches any of the provisions in this Section 3, the Restricted Period and any additional
periods thereafter shall be tolled and shall cease to run during the period of any violation by the Employee, and the restrictions contained
in Section 3 will be extended for a period equal to the period that the Employee was in breach.

 

4.            No
Conflicts. The Employee represents and warrants that the Employee is not party to any agreement,
contract or understanding, whether of employment, consultancy or otherwise, in conflict with this Agreement or which would in any way
restrict or prohibit the Employee from undertaking or performing services for the Company or otherwise from entering into or performing
this Agreement. As a condition of employment, the Company requires that the Employee does not breach any obligation to refrain from disclosing
or using any confidential or proprietary information or trade secrets of any other prior employer or third party. Employee is not permitted
to bring or use documents or other property of any prior employer or other third party in the Employee’s work for the Company.

 

5.            Injunctive
Relief. The Employee acknowledges that compliance with this Agreement is necessary to protect
the goodwill and other proprietary interests of the Company, and that the restrictions herein are reasonable and necessary to protect
the legitimate interests of the Company and will not interfere with the Employee’s ability to find other employment. The Employee
acknowledges that a breach of this Agreement will result in irreparable and continuing damage to the Company and its business, for which
there will be no adequate remedy at law. The Employee further agrees that in the event that Employee breaches this Agreement, the Company
and its successors and assigns shall be entitled to injunctive relief (without posting a bond) and without prejudice to any other rights
and remedies that the Company may have for a breach, or threatened breach, of this Agreement. The Employee agrees that in any action in
which the Company seeks an injunction or other equitable relief, the Employee will not assert or contend that any of the provisions of
this Agreement are unreasonable, that the Company has an adequate remedy at law or that the Agreement is otherwise unenforceable.

 

6.            No
Right to Continued Employment. It is expressly understood that this Agreement is not intended
to define the terms of the Employee’s employment other than as specifically provided herein. Nothing contained in this Agreement
shall be interpreted to provide a right to continuing employment or to change the Employee’s status as an at-will employee.

 

7.            Return
of Company Property. Upon termination of the Employee’s employment with the Company and
at any earlier time the Company requests, the Employee will deliver to the person designated by the Company all originals and copies of
all documents in any medium (including electronic) and all other property of the Company in the Employee’s possession, under the
Employee’s control or to which Employee may have access (including computers, smart phones and other portable electronic devices).
The only forms of property excepted from this paragraph are: (i) documents referring to Employee’s compensation and benefits;
and (ii) specific documents for which Employee has received the express, prior written consent of the Company to retain.

 

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8.            Notification
of Future Employers. During the Restricted Period, the Employee agrees to notify future employers
of the existence of this Agreement and further agrees that the Company may do the same.

 

9.            Survival
of Agreement; Binding Nature. It is expressly agreed that the provisions of this Agreement shall
survive and apply after the termination of the Employee’s employment with the Company. This Agreement shall be binding on the Employee’s
executors, administrators or other legal representatives or assigns and shall inure to the benefit of the Company’s successors and
assigns. The Company shall have the right to assign this Agreement without the consent of the Employee. The Employee does not have the
right to assign this Agreement.

 

10.          Severability.
If any court or other decision-maker of competent jurisdiction determines that any of the covenants
contained in this Agreement, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then,
the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced
form, such provision shall then be enforceable and shall be enforced. In the case that any one or more of the provisions contained in
this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability
shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

11.          No
Modification or Waiver. No modification of or amendment to this Agreement, nor any waiver of
any rights under this Agreement, will be effective unless in writing signed by the Employee and the Company.

 

12.          Construction.
This Agreement shall be construed and interpreted in accordance with the substantive laws of
the Commonwealth of Pennsylvania. Any disputes under this Agreement shall be resolved in the state and federal courts in Allegheny County,
Pennsylvania having subject matter jurisdiction and each party submits to the personal jurisdiction of such courts for purposes of such
litigation.

 

13.          Entire
Agreement. This Agreement constitutes the final and entire agreement of the parties with respect
to the matters covered hereby, and supersedes and replaces any existing agreement or understanding, whether oral or written, between the
Employee and the Company relating to the same subject matter, including but not limited to that certain Employee Non-Disclosure and Invention
Assignment Agreement by and between the Company and the Employee dated October 8, 2019.

 

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14.          Acknowledgement.
The Employee acknowledges and agrees that (a) the Employee has had the opportunity to consult
with independent counsel concerning this Agreement, (b) the Employee has read and understands the Agreement, is fully aware of its
legal effect, and has entered into it freely, (c) the duration and scope of this Agreement are reasonable and necessary to protect
the Company’s customer relationships, trade secrets, confidential information and other legitimate business interests, and (d) the
Employee has not relied on any agreements or representations, express or implied, that are not set forth expressly in this Agreement.

 

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IN WITNESS WHEREOF, this Agreement
has been signed by the parties as of the date set forth below next to the name of the Employee.

 

		 	COGNITION THERAPEUTICS, INC.
	 	 	 	 	 
	Date:	 	 	By:	                        
	 	 	 	 	 
	 	 	 	Name:	 
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	Employee’s
Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	[EMPLOYEE NAME]
	 	 	 	 	 
	 	 	 	Employee’s Address:

	 	 	 	 	 	 

 

[Signature Page to Employee Restrictive
Covenant Agreement]

 

    -7-Exhibit 10.22

 

COGNITION THERAPEUTICS, INC. 2021 EQUITY
INCENTIVE PLAN

 

STOCK OPTION GRANT NOTICE AND

AWARD AGREEMENT

 

Cognition
Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Equity Incentive Plan (the
 “Plan”), hereby grants to the individual listed below (“Participant”) an option to purchase
the number of Shares set forth below (the “Option”). The Option described in this Stock Option Grant Notice (the
 “Grant Notice”) is subject to the terms and conditions set forth in the Award Agreement attached hereto as Exhibit A (the
 “Agreement”) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, capitalized
terms used in this Grant Notice and the Agreement will have the meanings defined in the Plan.

 

	Participant:	[_________]
	 	 
	Grant Date:	[_________]
	 	 
	Exercise Price Per Share:	[_________]
	 	 
	Total Number of Shares Subject to Option:	[_________]
	 	 
	Expiration Date:	[_________]
	 	 
	Type of Option:	
     ̈
    Incentive Stock Option (to the extent permitted by 422(d) of the Code)

     

     ̈
    Non-Qualified Stock Option

	 	 
	Vesting Schedule:	[_________]

 

By signing
below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. This document may
be executed, including by electronic means, in multiple counterparts, each of which will be deemed an original, and all of which together
will be deemed a single instrument.

 

	COGNITION THERAPEUTICS, INC.	 	participant

 

	 	 	 
	Name:	 	Name:
	Title:	 	 

 

    

     

    

 

EXHIBIT A

TO STOCK
OPTION GRANT NOTICE

 

AWARD
AGREEMENT

 

1.             Award
of Option. Effective as of the Grant Date set forth in the Grant Notice, the Company has granted to Participant the Option to purchase
part or all of the aggregate number of Shares set forth in the Grant Notice, subject to the terms and conditions set forth in the Grant
Notice, the Plan and this Agreement.

 

2.             Term
of Option. The Option may not be exercised later than the Expiration Date set forth in the Grant Notice, subject to earlier termination
in accordance with the Plan and this Agreement.

 

3.             Option
Exercise Price. The exercise price per Share of the Option (the “Exercise Price”) is set forth in the Grant Notice.

 

4.             Vesting
and Exercise of Option. Subject to the continued service of Participant with the Company through the relevant vesting dates, the Option
shall become vested and exercisable in such amounts and at such times as set forth in the Grant Notice. In addition:

 

a.             Effect
of Termination of Service due to Death on the Option. Upon Participant’s death during his or her continuous service with the
Company, any portion of the Option that is outstanding and unvested immediately prior to Participant’s death will remain outstanding
for ninety (90) days, during which time the Committee may, in its sole discretion, vest all or a portion of such Option. If the Committee
decides to vest all or any portion of such Option under this Section 4.a, it may condition such vesting on the execution by Participant’s
estate and/or beneficiaries of a general release of claims against the Company and its affiliates in such form as the Company may prescribe
(each, a “Release”). Upon the ninetieth (90th) day following Participant’s death, any portion of the unvested
Option that the Committee has not determined to vest in accordance with this Section 4.a will be forfeited.

 

b.             Effect
of Termination of Service on the Option. Unless otherwise provided in the Grant Notice, the termination or survival of the Option
will be determined in accordance with Section 7 of the Plan.

 

c.             Service
with Affiliates. Solely for purposes of this Agreement, service with the Company will be deemed to include service with an Affiliate
of the Company (for only so long as such entity remains an Affiliate of the Company).

 

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d.             Effect
of Termination of Service on the Option. Unless otherwise provided in the Grant Notice, this Agreement or in Participant’s employment
agreement, the termination or survival of the Option will be determined in accordance with Section 7 of the Plan.

 

e.             Method
of Exercise. Participant may exercise the Option only to the extent it is vested. To exercise the Option, Participant must deliver
a payment of the Exercise Price, any required tax withholding and written notice of exercise to the Company in accordance with Section 5(d) of
the Plan. Such notice must also be accompanied by any further documents or instruments the Company deems necessary or desirable to carry
out the purposes or intent of this Agreement.

 

f.              Partial
Exercise. The Option may be exercised in whole or in part, provided, however, that any exercise may apply only with a whole
number of Shares.

 

g.             Restrictions
on Exercise. The Option may not be exercised, and any purported exercise will be void, if the issuance of Shares upon such exercise
would constitute a violation of any law, regulation or exchange listing requirement. The Committee may from time to time modify the terms
of the Option or impose additional conditions on the exercise of the Option as it deems necessary or appropriate to facilitate compliance
with any law, regulation or exchange listing requirement.

 

h.             Rights
as Stockholder. The Option will not confer upon Participant any of the rights or privileges of a stockholder in the Company unless
and until Participant is issued Shares following Participant’s exercise of the Option.

 

5.             Non-Transferability
of Option. The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner, either voluntarily
or involuntarily, other than by will or by the laws of descent and distribution.

 

6.             Adjustments.
The Exercise Price, as well as the number and kind of shares subject to the Option, are subject to adjustment in accordance with Section 3(e) of
the Plan.

 

7.             No
Continuation of Service. Neither the Plan nor this Agreement will confer upon Participant any right to continue in the employment
or service of the Company or any of its Affiliates, or limit in any respect the right of the Company or its Affiliates to discharge Participant
at any time, for any reason.

 

8.             Withholding.
Participant acknowledges that the exercise of the Option will give rise to taxable income subject to required withholding. In accordance
with Section 15 of the Plan, the obligations of the Company hereunder are conditioned on Participant timely paying, or otherwise
making arrangements satisfactory to the Company regarding the timely satisfaction of, such required withholding.

 

9.             The
Plan. Participant has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby accepts the Option
subject to the terms and provisions of the Plan. Pursuant to the Plan, the Committee is authorized to interpret the Plan and to adopt
rules and regulations not inconsistent with the Plan as it deems appropriate. Participant hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Committee with respect to questions arising under the Plan, the Grant Notice or this
Agreement.

 

10.             Company
Policies. Participant agrees, in consideration for the grant of the Restricted Stock, to be subject to any policies of the Company
and its Affiliates regarding clawbacks, securities trading, and hedging or pledging of securities that may be in effect from time to time,
or as may otherwise be required by applicable law, regulation or exchange listing standard.

 

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11.           Entire
Agreement. The Grant Notice and this Agreement, together with the Plan, represent the entire agreement between the parties with respect
to the subject matter hereof and supersede any prior agreement, written or otherwise, relating to the subject matter hereof.

 

12.           Amendment.
This Agreement may only be amended by a writing signed by each of the parties hereto; provided that the Company may amend this Agreement
without Participant’s consent, if the amendment does not materially impair Participant’s rights hereunder or as otherwise
permitted in Section 4(f), above.

 

13.           Governing
Law. This Agreement will be construed in accordance with the laws and judicial decisions of the State of Delaware, without regard
to the application of the principles of conflicts of laws.

 

14.           Headings.
 The headings in this Agreement are for convenience only. They form no part of the Agreement and will not affect its interpretation.

 

15.           Incentive
Stock Options.

 

a.             If
the Option is designated as an Incentive Stock Option, Participant acknowledges that nonetheless a portion of the Option may not qualify
(or may cease to qualify) as an “incentive stock option” under the Code due to limitations set forth in Section 422(d) of
the Code or otherwise. To the extent the Option does not qualify for treatment as an “incentive stock option” under the Code,
it will be treated as a non-qualified stock option. The Company does not guarantee any particular tax treatment for the Option or the
Shares subject to the Option.

 

b.             If
the Option is designated as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition
or other transfer of any Shares acquired under the Option, if such disposition or transfer is made (i) within two years from the
Grant Date, or (ii) within one year after the transfer of such Shares to Participant. Such notice shall specify the date of such
disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by
Participant in such disposition or other transfer.

 

16.           Electronic
Delivery of Documents. Participant authorizes the Company to deliver electronically any prospectuses or other documentation related
to the Option and any other compensation or benefit plan or arrangement in effect from time to time (including, without limitation, reports,
proxy statements or other documents that are required to be delivered to participants in such arrangements pursuant to federal or state
laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery by means of e-mail
or e-mail notification that such documentation is available on the Company’s Intranet site. Upon written request, the Company will
provide to Participant a paper copy of any document also delivered to Participant electronically. The authorization described in this
paragraph may be revoked by Participant at any time by written notice to the Company.

 

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