Document:

EX-10.8

 Exhibit 10.8 

VAPOTHERM, INC. 
 2015
STOCK INCENTIVE PLAN 
  

	1.	 Establishment, Purpose, and Types of Awards 

Vapotherm, Inc. (the “Company”) hereby establishes this equity-based incentive compensation plan to be known as the “Vapotherm,
Inc. 2015 Stock Incentive Plan” (hereinafter referred to as the “Plan”), in order to provide incentives and awards to select key management employees, directors, and advisors of the Company and its Affiliates. 

The Plan permits the granting of the following types of awards (“Awards”), according to the Sections of the Plan listed here: 

 

			
	Section 6	  	Options
	Section 7	  	Share Appreciation Rights
	Section 8	  	Restricted Shares, Restricted Share Units, and Unrestricted Share Awards
	Section 9	  	Deferred Share Units
	Section 10	  	Performance Awards

 The Plan is not intended to affect and shall not affect any stock options, equity-based compensation, or other
benefits that the Company or its Affiliates may have provided, or may separately provide in the future pursuant to any agreement, plan, or program that is independent of this Plan. 

 

	2.	 Defined Terms 

Terms in the Plan that begin with an initial capital letter have the defined meaning set forth in Appendix A, unless defined
elsewhere in this Plan or the context of their use clearly indicates a different meaning. 
  

	3.	 Shares Subject to the Plan 

Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all Awards is 3,424,469
Shares (all of which may be delivered upon the exercise of ISOs), plus any Shares that remain available for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan, or that become available for grant under the
Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan as a result of forfeiture of awards thereunder. For all Awards, the Shares issued pursuant to the Plan may be authorized but unissued Shares, or Shares that the Company
has reacquired or otherwise holds in treasury. 
 Shares that are subject to an Award that for any reason expires, is forfeited, is
cancelled, or becomes unexercisable, and Shares that are for any other reason not paid or delivered under the Plan shall again, except to the extent prohibited by Applicable Law, be available for subsequent Awards under the Plan. In addition, the
Committee may make future Awards with respect to Shares that the Company retains from otherwise delivering pursuant to an Award either (i) as payment of the exercise price of an Award, or (ii) in order to satisfy the withholding or
employment taxes due upon the grant, exercise, vesting, or distribution of an Award. 

	4.	 Administration 

(a) General. The Committee shall administer the Plan in accordance with its terms, provided that the Board may act in lieu of the
Committee on any matter. The Committee shall hold meetings at such times and places as it may determine and shall make such rules and regulations for the conduct of its business as it deems advisable. In the absence of a duly appointed Committee or
if the Board otherwise chooses to act in lieu of the Committee, the Board shall function as the Committee for all purposes of the Plan. 

(b) Committee Composition. The Board shall appoint the members of the Committee. If and to the extent permitted by Applicable Law, the
Committee may authorize one or more officers to make Awards to Eligible Persons who are not officers. The Board may at any time appoint additional members to the Committee, remove and replace members of the Committee with or without Cause, and fill
vacancies on the Committee however caused. 
 (c) Powers of the Committee. Subject to the provisions of the Plan, the Committee shall
have the authority, in its sole discretion: 
 (i) to determine Eligible Persons to whom Awards shall be granted from time to
time and the number of Shares, units, or SARs to be covered by each Award; 
 (ii) to determine, from time to time, the Fair
Market Value of Shares; 
 (iii) to determine, and to set forth in Award Agreements, the terms and conditions of all Awards,
including any applicable exercise or purchase price, the installments and conditions under which an Award shall become vested (which may be based on performance), terminated, expired, cancelled, or replaced, and the circumstances for vesting
acceleration or waiver of forfeiture restrictions, and other restrictions and limitations; 
 (iv) to approve the forms of
Award Agreements and all other documents, notices and certificates in connection therewith which need not be identical either as to type of Award or among Participants; 

(v) to construe and interpret the terms of the Plan and any Award Agreement, to determine the meaning of their terms, and to
prescribe, amend, and rescind rules and procedures relating to the Plan and its administration; and 
 (vi) in order to
fulfill the purposes of the Plan and without amending the Plan, modify, cancel, or waive the Company’s rights with respect to any Awards, to adjust or to modify Award Agreements for changes in Applicable Law or compliance with or exemption from
Section 409A of the Code, and to recognize differences in foreign law, tax policies, or customs; and 

  
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 (vii) to make all other interpretations and to take all other actions that
the Committee may consider necessary or advisable to administer the Plan or to effectuate its purposes. 
 Subject to Applicable Law and the
restrictions set forth in the Plan, the Committee may delegate administrative functions to individuals who are officers or Employees of the Company or its Affiliates. 

(d) Deference to Committee Determinations. The Committee shall have the discretion to interpret or construe ambiguous, unclear, or
implied (but omitted) terms in any fashion it deems to be appropriate in its sole discretion, and to make any findings of fact needed in the administration of the Plan or Award Agreements. The Committee’s prior exercise of its discretionary
authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of the Plan, or of any Award or Award Agreement, shall be final, binding, and conclusive.
The validity of any such interpretation, construction, decision or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly made in bad faith or materially
affected by fraud. 
 (e) No Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the
direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction or determination made in good faith with respect to the Plan, any Award or any Award Agreement. The Company and its Affiliates shall pay or
reimburse any member of the Committee, as well as any Director, Employee, or Consultant who takes action in connection with the Plan, for all expenses incurred with respect to the Plan, and to the full extent allowable under Applicable Law shall
indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties under the Plan. The Company and its Affiliates may obtain liability
insurance for this purpose. 
  

	5.	 Eligibility 

(a) General Rule. The Committee may grant ISOs only to Employees (including officers who are Employees) of the Company or an Affiliate
that is a “parent corporation” or “subsidiary corporation” within the meaning of Section 424 of the Code, and may grant all other Awards to any Eligible Person. A Participant who has been granted an Award may be granted an
additional Award or Awards if the Committee shall so determine, if such person is otherwise an Eligible Person and if otherwise in accordance with the terms of the Plan. 

(b) Grant of Awards. Subject to the express provisions of the Plan, the Committee shall determine from the class of Eligible Persons
those individuals to whom Awards under the Plan may be granted, the number of Shares subject to each Award, the price (if any) to be paid for the Shares or the Award and, in the case of Performance Awards, in addition to the matters addressed in
Section 10 below, the specific objectives, goals and performance criteria that further define the Performance Award. Each Award shall be evidenced by an Award Agreement signed by the Company and, if required by the Committee, by the
Participant. The Award Agreement shall set forth the material terms and conditions of the Award established by the Committee. 

  
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 (c) Replacement Awards. Subject to Applicable Laws (including any associated
Shareholder approval requirements), the Committee may, in its sole discretion and upon such terms as it deems appropriate, require as a condition of the grant of an Award to a Participant that the Participant surrender for cancellation some or all
of the Awards that have previously been granted to the Participant under this Plan or otherwise. An Award that is conditioned upon such surrender may or may not be the same type of Award, may cover the same (or a lesser or greater) number of Shares
as such surrendered Award, may have other terms that are determined without regard to the terms or conditions of such surrendered Award, and may contain any other terms that the Committee deems appropriate. In the case of Options, these other terms
may not involve an Exercise Price that is lower than the Exercise Price of the surrendered Option unless the Company’s shareholders approve the grant itself or the program under which the grant is made pursuant to the Plan. 

 

	6.	 Option Awards 

(a) Types; Documentation. The Committee may in its discretion grant ISOs to any Employee and Non-ISOs to any Eligible Person, and shall
evidence any such grants in an Award Agreement that is delivered to the Participant. Each Option shall be designated in the Award Agreement as an ISO or a Non-ISO, and the same Award Agreement may grant both types of Options. At the sole discretion
of the Committee, any Option may be exercisable, in whole or in part, immediately upon the grant thereof, or only after the occurrence of a specified event, or only in installments, which installments may vary. Options granted under the Plan may
contain such terms and provisions not inconsistent with the Plan that the Committee shall deem advisable in its sole and absolute discretion. 

(b) ISO $100,000 Limitation. To the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as
ISOs first become exercisable by a Participant in any calendar year (under this Plan and any other plan of the Company or any Affiliate) exceeds $100,000, such excess Options shall be treated as Non-ISOs. For purposes of determining whether the
$100,000 limit is exceeded, the Fair Market Value of the Shares subject to an ISO shall be determined as of the date of grant. In reducing the number of Options treated as ISOs to meet the $100,000 limit, the most recently granted Options shall be
reduced first. In the event that Section 422 of the Code is amended to alter the limitation set forth therein, the limitation of this Section 6(b) shall be automatically adjusted accordingly. 

(c) Term of Options. Each Award Agreement shall specify a term at the end of which the Option automatically expires, subject to earlier
termination provisions contained in Section 6(h) hereof; provided, that, the term of any Option may not exceed ten years from the date of grant. In the case of an ISO granted to an Employee who is a Ten Percent Holder on the date of grant, the
term of the ISO shall not exceed five years from the date of grant. 
 (d) Exercise Price. The exercise price of an Option shall be
determined by the Committee in its discretion and shall be set forth in the Award Agreement, subject to the following special rules: 

(i) ISOs. If an ISO is granted to an Employee who on the date of grant is a Ten Percent Holder, the per Share exercise
price shall not be less than 110% of the Fair Market Value per Share on such date of grant. If an ISO is granted to any other Employee, the per Share exercise price shall not be less than 100% of the Fair Market Value per Share on the date of grant.

  
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 (ii) Non-ISOs. The per Share exercise price for the Shares to be
issued pursuant to the exercise of a Non-ISO shall not be less than 50% of the Fair Market Value per Share on the date of grant; provided that the Committee may amend the Plan to increase this percentage at any time. 

(e) Exercise of Option. The Committee shall in its sole discretion determine the times, circumstances, and conditions under which an
Option shall be exercisable, and shall set them forth in the Award Agreement. The Committee shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any unpaid leave of absence; provided,
however, that in the absence of such determination, vesting of Options shall be tolled during any such leave approved by the Company. 
 (f)
Minimum Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Committee may require in an Award Agreement that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not
prevent a Participant from purchasing the full number of Shares as to which the Option is then exercisable. 
 (g) Methods of
Exercise. Prior to its expiration pursuant to the terms of the applicable Award Agreement, and subject to the times, circumstances and conditions for exercise contained with the applicable Award Agreement, each Option may be exercised, in whole
or in part (provided that the Company shall not be required to issue fractional shares), by delivery of written notice of exercise to the secretary of the Company accompanied by the full exercise price of the Shares being purchased. In the case of
an ISO, the Committee shall determine the acceptable methods of payment on the date of grant and it shall be included in the applicable Award Agreement. The methods of payment that the Committee may in its discretion accept or commit to accept in an
Award Agreement include: 
 (i) cash or check payable to the Company (in U.S. dollars); 

(ii) other Shares that (A) are owned by the Participant who is purchasing Shares pursuant to an Option, (B) have a
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is being exercised, (C) were not acquired by such Participant pursuant to the exercise of an Option, unless such Shares have
been owned by such Participant for at least six months or such other period as the Committee may determine, (D) are all, at the time of such surrender, free and clear of any and all claims, pledges, liens and encumbrances, or any restrictions
which would in any manner restrict the transfer of such shares to or by the Company (other than such restrictions as may have existed prior to an issuance of such Shares by the Company to such Participant), and (E) are duly endorsed for
transfer to the Company; 
 (iii) at the election of the Participant, by the Company holding back Shares otherwise
deliverable upon exercise having a Fair Market Value equal to the aggregate exercise price of the Shares as to which the Option is being exercised; 

  
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 (iv) a cashless exercise program that the Committee may approve, from time
to time in its discretion, pursuant to which a Participant may concurrently provide irrevocable instructions (A) to such Participant’s broker or dealer to effect the immediate sale of the purchased Shares and remit to the Company, out of
the sale proceeds available on the settlement date, sufficient funds to cover the exercise price of the Option plus all applicable taxes required to be withheld by the Company by reason of such exercise, and (B) to the Company to deliver the
certificates for the purchased Shares directly to such broker or dealer in order to complete the sale; or 
 (v) any
combination of the foregoing methods of payment. 
 The Company shall not be required to deliver Shares pursuant to the exercise of an
Option until payment of the full exercise price therefore is received by the Company. 
 (h) Termination of Continuous Service. The
Committee may establish and set forth in the applicable Award Agreement the terms and conditions on which an Option shall remain exercisable, if at all, following termination of a Participant’s Continuous Service. The Committee may waive or
modify these provisions at any time. To the extent that a Participant is not entitled to exercise an Option at the date of his or her termination of Continuous Service, or if the Participant (or other person entitled to exercise the Option) does not
exercise the Option to the extent so entitled within the time specified in the Award Agreement or below (as applicable), the Option shall terminate and the Shares underlying the unexercised portion of the Option shall revert to the Plan and become
available for future Awards. In no event may any Option be exercised after the expiration of the Option term as set forth in the Award Agreement. 

The following provisions shall apply to the extent an Award Agreement does not specify the terms and conditions upon which an Option shall
terminate when there is a termination of a Participant’s Continuous Service: 
 (i) Termination other than Upon
Disability or Death or for Cause. In the event of termination of a Participant’s Continuous Service (other than as a result of Participant’s death, disability, Retirement or termination for Cause), the Participant shall have the right
to exercise an Option at any time within 90 days following such termination to the extent the Participant was entitled to exercise such Option at the date of such termination. 

(ii) Disability. In the event of termination of a Participant’s Continuous Service as a result of his or her being
Disabled, the Participant shall have the right to exercise an Option at any time within one year following such termination to the extent the Participant was entitled to exercise such Option at the date of such termination. 

(iii) Retirement. In the event of termination of a Participant’s Continuous Service as a result of
Participant’s Retirement, the Participant shall have the right to exercise the Option at any time within six months following such termination to the extent the Participant was entitled to exercise such Option at the date of such termination.

  
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 (iv) Death. In the event of the death of a Participant during the
period of Continuous Service since the date of grant of an Option, or within thirty days following termination of the Participant’s Continuous Service, the Option may be exercised, at any time within one year following the date of the
Participant’s death, by the Participant’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent the right to exercise the Option had vested at the date of death or, if
earlier, the date the Participant’s Continuous Service terminated. 
 (v) Cause. If the Committee determines that
a Participant’s Continuous Service terminated due to Cause, the Participant shall immediately forfeit the right to exercise any Option, and it shall be considered immediately null and void. 

(i) Reverse Vesting. The Committee in its sole and absolute discretion may allow a Participant to exercise unvested Options, in which
case the Shares then issued shall be Restricted Shares having analogous vesting restrictions to the unvested Options. 
 (j) Adjustment
for Section 409A of the Code. In the event an Option is granted with an Exercise Price that is below Fair Market Value on the date of grant, subject to Section 11(e) below, the Option shall be subject to any terms and conditions that
the Administrator may in its discretion determine to be necessary to avoid the income tax penalties set forth under Section 409A of the Code. 
  

	7.	 Share Appreciate Rights (SARs) 

(a) Grants. The Committee may in its discretion grant Share Appreciation Rights to any Eligible Person, in any of the following forms:

 (i) SARs Related to Options. The Committee may grant SARs either concurrently with the grant of an Option or with
respect to an outstanding Option, in which case the SAR shall extend to all or a portion of the Shares covered by the related Option. An SAR shall entitle the Participant who holds the related Option, upon exercise of the SAR and surrender of the
related Option, or portion thereof, to the extent the SAR and related Option each were previously unexercised, to receive payment of an amount determined pursuant to Section 7(e) below. Any SAR granted in connection with an ISO will contain
such terms as may be required to comply with the provisions of Section 422 of the Code and the regulations promulgated thereunder. 

(ii) SARs Independent of Options. The Committee may grant SARs which are independent of any Option subject to such
conditions as the Committee may in its discretion determine, which conditions will be set forth in the applicable Award Agreement. 

(iii) Limited SARs. The Committee may grant SARs exercisable only upon or in respect of a Change in Control or any other
specified event, and such limited SARs may relate to or operate in tandem or combination with or substitution for Options or other SARs, or on a stand-alone basis, subject to such conditions as the Committee may in its discretion determine, which
conditions will be set forth in the applicable Award Agreement. 
 (b) Exercise Price. The per Share exercise price of an SAR shall be
determined in the sole discretion of the Committee, shall be set forth in the applicable Award Agreement, and shall be no less than the Fair Market Value of one Share. The exercise price of an SAR related to an Option shall be the same as the
exercise price of the related Option. The exercise price of an SAR shall be subject to the special rules on pricing contained in Sections 6(d) hereof. 

  
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 (c) Exercise of SARs. Unless the Award Agreement otherwise provides, an SAR related
to an Option will be exercisable at such time or times, and to the extent, that the related Option will be exercisable. An SAR may not have a term exceeding ten years from its date of grant. An SAR granted independently of any other Award will be
exercisable pursuant to the terms of the Award Agreement. Whether an SAR is related to an Option or is granted independently, the SAR may only be exercised when the Fair Market Value of the Shares underlying the SAR exceeds the exercise price of the
SAR. 
 (d) Effect on Available Shares. To the extent that an SAR is exercised, only the actual number of delivered Shares (if any)
will be charged against the maximum number of Shares that may be delivered pursuant to Awards under this Plan. 
 (e) Payment. Upon
exercise of an SAR related to an Option and the attendant surrender of an exercisable portion of any related Award, the Participant will be entitled to receive payment of an amount determined by multiplying – 

(i) the excess of the Fair Market Value of a Share on the date of exercise of the SAR over the exercise price per Share of the
SAR, by 
 (ii) the number of Shares with respect to which the SAR has been exercised. 

Notwithstanding the foregoing, an SAR granted independently of an Option (i) may limit the amount payable to the Participant to a
percentage, specified in the Award Agreement but not exceeding one-hundred percent (100%), of the amount determined pursuant to the preceding sentence, and (ii) shall be subject to any payment or other restrictions that the Committee may at any
time impose in its discretion, including restrictions intended to conform the SARs with Section 409A of the Code. 
 (f) Form and
Terms of Payment. Subject to Applicable Law, the Committee may, in its sole discretion, settle the amount determined under Section 7(e) above solely in cash, solely in Shares (valued at their Fair Market Value on the date of exercise of the
SAR), or partly in cash and partly in Shares. Absent a contrary determination by the Committee, all SARs shall be settled in cash as soon as practicable after exercise. Notwithstanding the foregoing, the Committee may, in an Award Agreement,
determine the maximum amount of cash or Shares or combination thereof that may be delivered upon exercise of an SAR. 
 (g) Termination of
Employment or Consulting Relationship. The Committee shall establish and set forth in the applicable Award Agreement the terms and conditions on which an SAR shall remain exercisable, if at all, following termination of a Participant’s
Continuous Service. The provisions of Section 6(h) above shall apply to the extent an Award Agreement does not specify the terms and conditions upon which an SAR shall terminate when there is a termination of a Participant’s Continuous
Service. 

  
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	8.	 Restricted Shares, Restricted Share Units, and Unrestricted Shares 

(a) Grants. The Committee may in its discretion grant restricted shares (“Restricted Shares”) to any Eligible Person and shall
evidence such grant in an Award Agreement that is delivered to the Participant and that sets forth the number of Restricted Shares, the purchase price for such Restricted Shares (if any), and the terms upon which the Restricted Shares may become
vested. In addition, the Company may in its discretion grant the right to receive Shares after certain vesting requirements are met (“Restricted Share Units”) to any Eligible Person and shall evidence such grant in an Award Agreement that
is delivered to the Participant which sets forth the number of Shares (or formula, that may be based on future performance or conditions, for determining the number of Shares) that the Participant shall be entitled to receive upon vesting and the
terms upon which the Shares subject to a Restricted Share Unit may become vested. The Committee may condition any Award of Restricted Shares or Restricted Share Units to a Participant on receiving from the Participant such further assurances and
documents as the Committee may require to enforce the restrictions. In addition, the Committee may grant Awards hereunder in the form of unrestricted shares (“Unrestricted Shares”), which shall vest in full upon the date of grant or such
other date as the Committee may determine or which the Committee may issue pursuant to any program under which one or more Eligible Persons (selected by the Committee in its discretion) elect to receive Unrestricted Shares in lieu of cash bonuses
that would otherwise be paid. 
 (b) Vesting and Forfeiture. The Committee shall set forth in an Award Agreement granting Restricted
Shares or Restricted Share Units, the terms and conditions under which the Participant’s interest in the Restricted Shares or the Shares subject to Restricted Share Units will become vested and non-forfeitable. Except as set forth in the
applicable Award Agreement or the Committee otherwise determines, upon termination of a Participant’s Continuous Service for any other reason, the Participant shall forfeit his or her Restricted Shares and Restricted Share Units; provided that
if a Participant purchases the Restricted Shares and forfeits them for any reason, the Company shall return the purchase price to the Participant only if and to the extent set forth in an Award Agreement. 

(c) Issuance of Restricted Shares Prior to Vesting. The Company shall issue stock certificates that evidence Restricted Shares pending
the lapse of applicable restrictions, and that bear a legend making appropriate reference to such restrictions. Except as set forth in the applicable Award Agreement or the Committee otherwise determines, the Company or a third party that the
Company designates shall hold such Restricted Shares and any dividends that accrue with respect to Restricted Shares pursuant to Section 8(e) below. 

(d) Issuance of Shares upon Vesting. As soon as practicable after vesting of a Participant’s Restricted Shares (or Shares
underlying Restricted Share Units) and the Participant’s satisfaction of applicable tax withholding requirements, the Company shall release to the Participant, free from the vesting restrictions, one Share for each vested Restricted Share (or
issue one Share free of the vesting restriction for each vested Restricted Share Unit), unless an Award Agreement provides otherwise. No fractional shares shall be distributed. 

(e) Dividends Payable on Vesting. Whenever Shares are released to a Participant or duly-authorized transferee pursuant to
Section 8(d) above as a result of the vesting of Restricted Shares or the Shares underlying Restricted Share Units are issued to a Participant pursuant to Section 8(d) above, such Participant or duly-authorized transferee shall also be
entitled to receive (unless otherwise provided in the Award Agreement), with respect to each Share released or issued, an amount equal to any cash dividends and a number of Shares equal to any stock dividends, which were declared and paid to the
holders of Shares between the date of grant and the date such Share is released from the vesting restrictions in the case of Restricted Shares or issued in the case of Restricted Share Units. 

  
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 (f) Section 83(b) Elections. A Participant may make an election under
Section 83(b) of the Code (the “Section 83(b) Election”) with respect to Restricted Shares. Shares with respect to which a Participant makes a Section 83(b) Election shall not be eligible for deferral pursuant to Section 9
below. 
  

	9.	 Deferred Share Units 

The Committee may in its discretion grant Deferred Share Units to any Eligible Person and shall evidence such grant in an Award Agreement that
is delivered to the Participant and that sets forth the number of Shares (or formula, that may be based on future performance or conditions, for determining the number of Shares) that the Participant shall be entitled to receive upon settlement, and
the terms upon which the Shares subject to a Deferred Share Unit may become vested and settled. The Committee may condition any Award Deferred Share Units to a Participant on receiving from the Participant such further assurances and documents as
the Committee may require to enforce the restrictions. 
  

	10.	 Performance Awards 

The Committee may in its discretion grant Performance Awards to any Eligible Person and shall evidence such grant in an Award Agreement that is
delivered to the Participant and that sets forth the terms and conditions of the Award. A Performance Award is an Award which is based on the achievement of specific goals with respect to the Company or any Affiliate or individual performance of the
Participant, or a combination thereof, over a specified period of time. 
  

	11.	 Taxes 

(a) General. As a condition to the issuance or distribution of Shares pursuant to the Plan, the Participant (or in the case of the
Participant’s death, the person who succeeds to the Participant’s rights) shall make such arrangements as the Company may require for the satisfaction of any applicable federal, state, local or foreign withholding tax obligations that may
arise in connection with the Award and the issuance of Shares. The Company shall not be required to issue any Shares until such obligations are satisfied. If the Committee allows the withholding or surrender of Shares to satisfy a Participant’s
tax withholding obligations, the Committee shall not allow Shares to be withheld in an amount that exceeds the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes. 

(b) Surrender of Shares. If permitted by the Committee, in its discretion, a Participant may satisfy the minimum applicable tax
withholding and employment tax obligations associated with an Award by surrendering Shares to the Company (including Shares that would otherwise be issued pursuant to the Award) that have a Fair Market Value determined as of the applicable Tax Date
equal to the amount required to be withheld. In the case of Shares previously acquired from the Company that are surrendered under this Section 11, such Shares must have been owned by the Participant for more than six months on the date of
surrender (or such longer period of time the Company may in its discretion require). 

  
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 (c) Income Taxes and Deferred Compensation. Participants are
solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including any taxes arising under Section 409A of the Code), and the Company shall not have any obligation to indemnify or
otherwise hold any Participant harmless from any or all of such taxes. The Administrator shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and all Awards.  

 

	12.	 Non-Transferability of Awards 

(a) General. Except as set forth in this Section 12, or as otherwise approved by the Committee for a select group of management or
highly compensated Employees, Awards may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by a Participant will not
constitute a transfer. An Award may be exercised, during the lifetime of the holder of an Award, only by such holder, the duly-authorized legal representative of a Participant who is Disabled, or a transferee permitted by this Section 12. 

(b) Limited Transferability Rights. Notwithstanding anything else in this Section 12, the Committee may in its discretion provide
in an Award Agreement that an Award other than an ISO may be transferred, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to the Participant’s “Immediate Family” (as defined below), or
(ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated beneficiaries. “Immediate Family” means 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, and shall include adoptive relationships. Any transferee of a Participant’s
rights shall succeed to and be subject to all of the terms of the Plan and the Award Agreement (and any amendments thereto) granting the transferred Award. 
  

	13.	 Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions

 (a) Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each
outstanding Award, and the number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan upon cancellation, forfeiture, or expiration of an Award, as
well as the price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting from a stock-split, reverse stock-split, stock dividend, combination, recapitalization or
reclassification of the Shares, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company. In the event of any such transaction or event, the Committee may provide in substitution for
any or all outstanding Options under the Plan such alternative consideration (including securities of any surviving entity) as it may in good faith determine to be equitable under the circumstances and may require in connection therewith the
surrender of all Options so replaced. In any case, such substitution of securities shall not require the consent of any person who is granted Options pursuant to the Plan. Except as expressly provided herein or in an Award Agreement, no issuance by
the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be required to be made with respect to, the number or price of Shares subject to any
Award. 

  
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 (b) Dissolution or Liquidation. In the event of the dissolution or liquidation of the
Company other than as part of a Change in Control, each Award will terminate immediately prior to the consummation of such action, subject to the ability of the Committee to exercise any discretion authorized in the case of a Change in Control. 

(c) Change in Control. In the event of a Change in Control, the Committee may in its sole and absolute discretion and authority, without
obtaining the approval or consent of the Company’s shareholders or any Participant with respect to his or her outstanding Awards, take one or more of the following actions: 

 

	 	(i)	 arrange for or otherwise provide that each outstanding Award shall be assumed or a substantially similar award
shall be substituted by a successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”) in which case a Participant who is Involuntarily Terminated (as defined below) in connection with, or
within a period specified in the Award Agreement following the Change in Control shall become vested in such portion as set forth in the Award Agreement of any assumed or substituted Award held by the terminated Participant at the time of
termination; 

  

	 	(ii)	 terminate upon the consummation of the transaction, provided that the vesting of all outstanding Awards shall
accelerate in full as of a date immediately prior to consummation of the Change in Control. To the extent that an Award is not exercised prior to consummation of a transaction in which the Award is not being assumed or substituted, such Award shall
terminate upon such consummation; or 

  

	 	(iii)	 be assumed, or an award with equal or equivalent value shall be substituted, by any Successor Company.

 For purposes of this section, “Involuntary Termination” means termination of a Participant’s
Continuous Service by the Company without Cause or by reason of the Participant’s resignation within 60 days following (A) a material reduction in the Participant’s job responsibilities, but not a mere change in title;
(B) relocation of the Participant’s principal office to a location more than 50 miles from the Participant’s principal office for the Company at the time of the Change in Control; or (C) a reduction in Participant’s
then-current total compensation by at least 10%, other than as part of an across-the-board percentage reduction applicable to all other similarly-situated Employees, Directors, or Consultants. 

(d) Certain Distributions. In the event of any distribution to the Company’s shareholders of securities of any other entity or
other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the Company, the Committee may, in its discretion, appropriately adjust the price per Share covered by each outstanding Award to reflect
the effect of such distribution. 

  
 -12- 

	14.	 Modification of Awards 

Within the limitations of the Plan and consistent with the requirements of Section 409A and 424 of the Code, as applicable, the Committee
may modify an Award to accelerate the rate at which an Option or SAR may be exercised (including without limitation permitting an Option or SAR to be exercised in full without regard to the installment or vesting provisions of the applicable Award
Agreement or whether the Option or SAR is at the time exercisable, to the extent it has not previously been exercised), to accelerate the vesting of any Award, to extend or renew outstanding Awards, or to accept the cancellation of outstanding
Awards to the extent not previously exercised either for the granting of new Awards or for other consideration in substitution or replacement thereof. Notwithstanding the foregoing provision, no modification of an outstanding Award shall materially
and adversely affect such Participant’s rights thereunder, unless either the Participant provides written consent or there is an express Plan provision permitting the Committee to act unilaterally to make the modification. 

 

	15.	 Term of Plan  

The Plan shall continue in effect for a term of ten (10) years from its effective date as determined under Section 19 below or until
the tenth anniversary of its approval by the stockholders of the Company, if earlier, unless the Plan is sooner terminated under Section 16 below. 
  

	16.	 Amendment and Termination of the Plan 

(a) Authority to Amend or Terminate. Subject to Applicable Laws, the Board may from time to time amend, alter, suspend, discontinue, or
terminate the Plan. 
 (b) Effect of Amendment or Termination. No amendment, suspension, or termination of the Plan shall materially
and adversely affect Awards already granted unless either it relates to an adjustment pursuant to Section 13 above, or it is otherwise mutually agreed between the Participant and the Committee, which agreement must be in writing and signed by
the Participant and the Company. Notwithstanding the foregoing, the Committee may amend the Plan to eliminate provisions which are no longer necessary as a result of changes in tax or securities laws or regulations, or in the interpretation thereof.

  

	17.	 Conditions Upon Issuance of Shares. 

Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be
obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with Applicable Law, with such compliance determined by the Company in consultation with its legal
counsel. 
  

	18.	 Reservation of Shares 

The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy
the requirements of the Plan. 

  
 -13- 

	19.	 Effective Date  

This Plan shall become effective on the date of its approval by the Board; provided that this Plan shall be submitted to the Company’s
shareholders for approval, and if not approved by the shareholders in accordance with Applicable Laws (as determined by the Committee in its discretion) within one year from the date of approval by the Board, this Plan and any Awards shall be null,
void, and of no force and effect. Awards granted under this Plan before approval of this Plan by the shareholders shall be granted subject to such approval, and no Shares shall be distributed before such approval. 

 

	20.	 Controlling Law 

All disputes relating to or arising from the Plan shall be governed by the internal substantive laws (and not the laws of conflicts of laws) of
the State of Delaware, to the extent not preempted by United States federal law. If any provision of this Plan is held by a court of competent jurisdiction to be invalid and unenforceable, the remaining provisions shall continue to be fully
effective. 
  

	21.	 Laws And Regulations 

(a) U.S. Securities Laws. This Plan, the grant of Awards, and the exercise of Options and SARs under this Plan, and the obligation of
the Company to sell or deliver any of its securities (including, without limitation, Options, Restricted Shares, Restricted Share Units, Deferred Share Units, and Shares) under this Plan shall be subject to all Applicable Law. In the event that the
Shares are not registered under the Securities Act of 1933, as amended (the “Act”), or any applicable state securities laws prior to the delivery of such Shares, the Company may require, as a condition to the issuance thereof, that the
persons to whom Shares are to be issued represent and warrant in writing to the Company that such Shares are being acquired by him or her for investment for his or her own account and not with a view to, for resale in connection with, or with an
intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Act, and a legend to that effect may be placed on the certificates representing the Shares. 

(b) Other Jurisdictions. To facilitate the making of any grant of an Award under this Plan, the Committee may provide for such special
terms for Awards to Participants who are foreign nationals or who are employed by the Company or any Affiliate outside of the United States of America as the Committee may consider necessary or appropriate to accommodate differences in local law,
tax policy or custom. The Company may adopt rules and procedures relating to the operation and administration of this Plan to accommodate the specific requirements of local laws and procedures of particular countries. Without limiting the foregoing,
the Company is specifically authorized to adopt rules and procedures regarding the conversion of local currency, taxes, withholding procedures and handling of stock certificates which vary with the customs and requirements of particular countries.
The Company may adopt sub-plans and establish escrow accounts and trusts as may be appropriate or applicable to particular locations and countries. 
  

	22.	 No Shareholder Rights 

Neither a Participant nor any transferee of a Participant shall have any rights as a shareholder of the Company with respect to any Shares underlying any Award
until the date of issuance of a share certificate to a Participant or a transferee of a Participant for such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance of Shares pursuant to an Award,
a Participant shall not have the right to vote or to receive dividends or any other rights as 

  
 -14- 

 a shareholder with respect to the Shares underlying the Award, notwithstanding its exercise in the case of
Options and SARs. No adjustment will be made for a dividend or other right that is determined based on a record date prior to the date the stock certificate is issued, except as otherwise specifically provided for in this Plan. 

 

	23.	 No Employment Rights 

The Plan shall not confer upon any Participant any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in
any way a Participant’s right or the Company’s right to terminate the Participant’s employment, service, or consulting relationship at any time, with or without Cause. 

  
 -15- 

 VAPOTHERM, INC. 

2015 Stock Incentive Plan 
  

 
 Appendix A:
Definitions 
  
  

As used in the Plan, the following definitions shall apply: 

“Affiliate” means, with respect to any Person (as defined below), any other Person that directly or indirectly controls
or is controlled by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Applicable Law” means the legal requirements relating to the
administration of options and share-based plans under applicable U.S. federal and state laws, the Code, any applicable stock exchange or automated quotation system rules or regulations, and the applicable laws of any other country or jurisdiction
where Awards are granted, as such laws, rules, regulations and requirements shall be in place from time to time. 

“Award” means any award made pursuant to the Plan, including awards made in the form of an Option, an SAR, a
Restricted Share, a Restricted Share Unit, an Unrestricted Share, a Deferred Share Unit and a Performance Award, or any combination thereof, whether alternative or cumulative, authorized by and granted under this Plan. 

“Award Agreement” means any written document setting forth the terms of an Award that has been authorized by the
Committee. The Committee shall determine the form or forms of documents to be used, and may change them from time to time for any reason. 

“Board” means the Board of Directors of the Company. 

“Cause” for termination of a Participant’s Continuous Service will exist if the Participant is terminated from
employment or other service with the Company or an Affiliate for any of the following reasons: (i) the Participant’s willful failure to substantially perform his or her duties and responsibilities to the Company or deliberate violation of
a material Company policy; (ii) the Participant’s commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (iii) the Participant’s material unauthorized use or disclosure of any
proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s willful and material
breach of any of his or her obligations under any written agreement or covenant with the Company. 

 The Committee shall in its discretion determine whether or not a Participant is being
terminated for Cause. The Committee’s determination shall, unless arbitrary and capricious, be final and binding on the Participant, the Company, and all other affected persons. The foregoing definition does not in any way limit the
Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be interpreted herein to include any Affiliate or successor thereto, if appropriate. 

“Change in Control” means a transaction or series of related transactions as a result of which a person or group of
persons acting in concert directly or indirectly acquires voting control of the Company or acquires all or substantially all of its assets. The transaction(s) may be in any form or combination of forms, including, without limitation, a purchase of
voting securities, a grant of one or more proxies, the establishment of a voting agreement, a merger (whether or not the Company survives), a share exchange, reorganization or an asset sale. For this purpose, “voting control” of the
Company means the possession, direct or indirect, of the power to elect, under ordinary circumstances, a majority of the directors of the Company, whether through the ownership of voting securities, by contract or agreement, or otherwise.
Notwithstanding the foregoing, the following shall not constitute a Change in Control: (i) an acquisition by an entity that is, at the time of the acquisition, under the voting control of the Company, (ii) a change in ownership of voting
securities by any stockholder who has voting control of the Company on the date this Plan is first adopted by the Board, (iii) an acquisition by venture capital, institutional or similar financial investors (for the avoidance of doubt,
excluding strategic partners who invest in the Company) in a bona fide financing transaction, and (iv) an event that does not constitute a change in the ownership or effective control, or in the ownership of a substantial portion of the assets,
of a relevant entity within the meaning of Code Section 409A(2)(A)(v) and its interpretive regulations. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Committee” means one or more committees or subcommittees of the Board appointed by the Board to administer the Plan
in accordance with Section 4 above. 
 “Company” means Vapotherm, Inc., a Delaware corporation; provided,
however, that in the event the Company reincorporates to another jurisdiction, all references to the term “Company” shall refer to the Company in such new jurisdiction. 

“Consultant” means any person, including an advisor, who is engaged by the Company or any Affiliate to render services
and is compensated for such services. 
 “Continuous Service” means the absence of any interruption or termination
of service as an Employee, Director, or Consultant. Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Committee, provided that
such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; (iv) changes in
status from Director to advisory director or emeritus status; or (iv) in the case of transfers between locations of the Company or between the Company, its Affiliates or their respective successors. Changes in status between service as an
Employee, Director, and a Consultant will not constitute an interruption of Continuous Service.  

  
 -2- 

 “Deferred Share Units” mean Awards pursuant to Section 9 of the
Plan. 
 “Director” means a member of the Board, or a member of the board of directors of an Affiliate. 

“Disabled” means a condition under which a Participant would be entitled to long-term disability benefits under the
Company’s long-term disability plan in which the Participant participants. Notwithstanding the foregoing, in any case in which a benefit that constitutes or includes “nonqualified deferred compensation” subject to Section 409A
would be payable because the Participant becomes Disabled, the term Disabled will mean a condition that would constitute a disability described in Treas. Regs. Section 1.409A-3(i)(4)(i)(A). 

“Eligible Person” means any Consultant, Director or Employee and includes non-Employees to whom an offer of employment
has been extended. 
 “Employee” means any person whom the Company or any Affiliate classifies as an employee
(including an officer) for employment tax purposes. The payment by the Company of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any date, the fair market value established in good faith by the Board.

 “Incentive Share Option or ISO” hereinafter means an Option intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code, as designated in the applicable Award Agreement. 
 “Involuntary
Termination” means termination of a Participant’s Continuous Service under the following circumstances occurring on or after a Change in Control: (i) termination without Cause by the Company or an Affiliate or successor
thereto, as appropriate; or (ii) voluntary termination by the Participant within 60 days following (A) a material reduction in the Participant’s job responsibilities, provided that neither a mere change in title alone nor reassignment
to a substantially similar position shall constitute a material reduction in job responsibilities; (B) an involuntary relocation of the Participant’s work site to a facility or location more than 50 miles from the Participant’s
principal work site at the time of the Change in Control; or (C) a material reduction in Participant’s total compensation other than as part of an reduction by the same percentage amount in the compensation of all other similarly-situated
Employees, Directors or Consultants. 
 “Non-ISO” means an Option not intended to qualify as an ISO, as designated
in the applicable Award Agreement. 
 “Option” means any stock option granted pursuant to Section 6 of the
Plan. 
 “Participant” means any holder of one or more Awards, or the Shares issuable or issued upon exercise of
such Awards, under the Plan. 

  
 -3- 

 “Performance Awards” means Awards granted pursuant to
Section 10(a) of the Plan which may be paid in cash, in Shares, or such combination of cash and Shares as the Committee in its sole discretion shall determine. 

“Person” means any natural person, association, trust, business trust, cooperative, corporation, general partnership,
joint venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality, unincorporated organization or organizational entity. 

“Plan” means this Vapotherm, Inc. 2015 Stock Incentive Plan. 

“Restricted Shares” mean Shares subject to restrictions imposed pursuant to Section 8 of the Plan. 

“Restricted Share Units” mean Awards pursuant to Section 8 of the Plan. 

“Retirement” has the meaning set forth in the Company’s employee handbook as in effect from time to time. 

“SAR” or “Share Appreciation Right” means Awards granted pursuant to Section 7 of the Plan. 

“Share” means a share of common stock of the Company, as adjusted in accordance with Section 13 of the Plan. 

“Ten Percent Holder” means a person who owns stock representing more than ten percent (10%) of the combined
voting power of all classes of stock of the Company or any Affiliate. 
 “Unrestricted Shares” mean Shares awarded
pursuant to Section 8 of the Plan. 

  
 -4- 

 VAPOTHERM, INC. 

2015 STOCK INCENTIVE PLAN 
  

 AMENDMENT NUMBER 1 TO 

VAPOTHERM, INC. 
 AMENDED
AND RESTATED 
 2015 STOCK INCENTIVE PLAN 

Vapotherm, Inc. sponsors the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan (the “Plan”). The Plan is hereby
amended as set forth below: 
  

	1.	 The first sentence of Section 3 is amended by deleting it in its entirety and replacing it with the
following: 

 Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all
Awards is 8,376,445 Shares (all of which may be delivered upon the exercise of ISOs), plus any Shares that remain available for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan, or that become available
for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan as a result of forfeiture of awards thereunder. 
  

	2.	 Except as amended above, the Plan shall remain in full force and effect. 

[Remainder of page intentionally blank. Signature page to follow.] 

 IN WITNESS WHEREOF, Vapotherm, Inc. has executed this Plan Amendment Number 1 to the
Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan as of this 30th day of October, 2015. 
  

			
	Vapotherm, Inc.
		
	By:	 	/s/ Joseph Army
	Name:	 	Joseph Army
	Title:	 	President and CEO

  
 [Signature Page to Stock
Incentive Plan] 

 AMENDMENT NUMBER 2 TO 

VAPOTHERM, INC. 
 AMENDED
AND RESTATED 
 2015 STOCK INCENTIVE PLAN 

Vapotherm, Inc. sponsors the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan (the “Plan”). The Plan is hereby
amended as set forth below: 
  

	1.	 The first sentence of Section 3 is amended by deleting it in its entirety and replacing it with the following:

 Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all Awards is
14,458,605 Shares (all of which may be delivered upon the exercise of ISOs), plus any Shares that remain available for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan, or that become available for
grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan as a result of forfeiture of awards thereunder. 
  

	2.	 Except as amended above, the Plan shall remain in full force and effect. 

IN WITNESS WHEREOF, Vapotherm, Inc. has executed this Plan Amendment Number 2 to the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive
Plan as of this 11th day of May, 2017. 
  

			
	Vapotherm, Inc.
		
	By:	 	/s/ Joseph Army
	Name:	 	Joseph Army
	Title:	 	President and Chief Executive Officer

 AMENDMENT NUMBER 3 TO 

VAPOTHERM, INC. 
 AMENDED
AND RESTATED 
 2015 STOCK INCENTIVE PLAN 

Vapotherm, Inc. sponsors the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan (the “Plan”). The Plan is hereby
amended as set forth below: 
  

	1.	 The first sentence of Section 3 is amended by deleting it in its entirety and replacing it with the following:

 Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all Awards is
16,982,199 Shares (all of which may be delivered upon the exercise of ISOs), plus any Shares that remain available for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan, or that become available for
grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan as a result of forfeiture of awards thereunder. 
  

	2.	 Except as amended above, the Plan shall remain in full force and effect. 

IN WITNESS WHEREOF, Vapotherm, Inc. has executed this Plan Amendment Number 3 to the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive
Plan as of this 8th day of September, 2017. 
  

			
	Vapotherm, Inc.
		
	By:	 	/s/ Joseph Army
	Name:	 	Joseph Army
	Title:	 	President and Chief Executive Officer

 AMENDMENT NUMBER 4 TO 

VAPOTHERM, INC. 
 AMENDED
AND RESTATED 
 2015 STOCK INCENTIVE PLAN 

Vapotherm, Inc. sponsors the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan (the “Plan”). The Plan is hereby
amended as set forth below: 
  

	1.	 The first sentence of Section 3 is amended by deleting it in its entirety and replacing it with the following:

 Subject to the provisions of Section 13 of the Plan, the maximum number of Shares that the Company may issue for all Awards is
18,538,661 Shares (all of which may be delivered upon the exercise of ISOs), plus any Shares that remain available for grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan, or that become available for
grant under the Company’s 2005 Stock Incentive Plan after the date of adoption of the Plan as a result of forfeiture of awards thereunder. 
  

	2.	 Except as amended above, the Plan shall remain in full force and effect. 

IN WITNESS WHEREOF, Vapotherm, Inc. has executed this Plan Amendment Number 4 to the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive
Plan as of this 3rd day of April, 2018. 
  

			
	Vapotherm, Inc.
		
	By:	 	 /s/ Joseph Army

	Name:	 	Joseph Army
	Title:	 	President and Chief Executive OfficerEX-10.9

 Exhibit 10.9 

VAPOTHERM, INC.
 AMENDED
AND RESTATED 
 2015 STOCK INCENTIVE PLAN 
  

 
 Stock Option
Award Agreement for U.S. Employees 
  
  

Award No. ###EMPLOYEE_GRANT_NUMBER### 

You (the “Participant”) are hereby awarded the following stock option (the “Option”) to purchase Shares of
Vapotherm, Inc. (the “Company”), subject to the terms and conditions set forth in this Stock Option Award Agreement (the “Award Agreement”), and the the Vapotherm, Inc. Amended and Restated 2015 Stock Incentive Plan
(the “Plan”), which is attached hereto as Exhibit A. You should carefully review these documents, and consult with your personal financial advisor, before exercising this Option. 

By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and conditions, as if they had been set out verbatim
in this Award Agreement. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors (the “Board”) of the
Company or any Committee appointed by the Board to administer the Plan, and shall (in the absence of decisions clearly made in bad faith or materially effected by fraud) be final, conclusive and binding on all parties, including you and your
successors in interest. Capitalized terms are defined in the Plan or in this Award Agreement. 
 1. Variable
Terms. This Option shall have, and be interpreted according to, the following terms, subject to the provisions of the Plan in all instances: 

Name of Participant: ###PARTICIPANT_NAME### 

Type of Stock Option: ###DICTIONARY_AWARD_NAME### 1,2 

Number of Shares subject to Option: ###TOTAL_AWARDS### 

Option Exercise Price per Share: ###GRANT_PRICE### 

Grant Date: ###GRANT_DATE### 

Reverse Vesting: Not allowed. 

Vesting Schedule: (Establishes the Participant’s rights to exercise this Option with respect to the Number of Shares stated above,
subject to acceleration per Section 2 below and to any shareholder approval requirement set forth in the Plan.) 

###VEST_SCHEDULE_TABLE### 

 2. Accelerated Vesting; Change in Corporate
Control. To the extent you have not previously vested in your rights with respect to this Award, your Award will become - 
  

	•	 	 In addition to any previously vested amounts, 50% of any then-unvested amount shall vest (1) if your
Continuous Service dends due to your death or “disability” within the meaning of Section 409A of the Code or (ii) immediately prior to a Change of Control (as defined in the Plan): due to your death or “disability”
within the meaning of Section 409A of the Code or (ii) immediately prior to a Change of Control (as defined in the Plan) 

3. Term of Option. The term of the Option will expire at 5:00 p.m. (E.D.T.
or E.S.T., as applicable) on the Expiration Date. 
 4. Manner of Exercise. The Option shall be
exercised in the manner set forth in the Plan, using the exercise form attached hereto as Exhibit B. The amount of Shares for which the Option may be exercised is cumulative; that is, if you fail to exercise the Option for all of
the Shares vested under the Option during any period set forth above, then any Shares subject to the Option that are not exercised during such period may be exercised during any subsequent period, until the expiration or termination of the Option
pursuant to Sections 2 and 6 of this Award Agreement and the terms of the Plan. Fractional Shares may not be purchased. 

5. Special ISO Provisions. If designated as an ISO, this Option shall be treated as an ISO
to the extent allowable under Section 422 of the Code, and shall otherwise be treated as a NQSO. If you sell or otherwise dispose of Shares acquired upon the exercise of an ISO within 1 year from the date such Shares were acquired or 2
years from the Grant Date, you agree to deliver a written report to the Company within 10 days following the sale or other disposition of such Shares detailing the net proceeds of such sale or disposition. 

6. Termination of Continuous Service. If your Continuous Service with the Company is
terminated for any reason, this Option shall terminate on the date on which you cease to have any right to exercise the Option pursuant to the terms and conditions set forth in Section 6 of the Plan. 

7. Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the
Plan, following the execution of this Award Agreement, you may expressly designate a beneficiary (the “Beneficiary”) to his or her interest in the Option awarded hereby. You shall designate the Beneficiary by completing and
executing a designation of beneficiary agreement substantially in the form attached hereto as Exhibit C (the “Designation of Beneficiary”) and delivering an executed copy of the Designation of Beneficiary to the
Company. 
 8. Restrictions on Transfer. This Award Agreement may not be sold, pledged, or
otherwise transferred without the prior written consent of the Committee. Notwithstanding the foregoing, the Participant may transfer this Option (i) by instrument to an inter vivos or testamentary trust (or other entity) in which each
beneficiary is a permissible gift recipient, as such is set forth in subsection (ii) of this Section, or (ii) by gift to charitable institutions or by gift or transfer for consideration to any of the following relatives of the Participant
(or to an inter vivos trust, testamentary trust or other entity primarily for the benefit of the following relatives of the Participant): any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, domestic partner,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. Any transferee of the Participant’s rights shall succeed and be subject to all of the terms of this Award
Agreement and the Plan. 

 9. Taxes. By signing this Award Agreement, you
acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code), and that neither the Company nor the Administrator shall have any obligation
whatsoever to pay such taxes. 
 10. Notices. Any notice or communication required or
permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered personally or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its
records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement. Any such notice shall be deemed to be given as of the date such notice is
personally delivered or properly mailed. 
 11. Binding Effect. Except as otherwise
provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives,
successors, transferees, and assigns. 
 12. Modifications. This Award Agreement may be modified or
amended in accordance with Section 17 of the Plan, provided that you must consent in writing to any modification that adversely alters or impairs any rights or obligations under this Option. 

13. Headings. Section and other headings contained in this Award Agreement are for
reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof. 

14. Severability. Every provision of this Award Agreement and of the Plan is intended to
be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement. 

15. Counterparts. This Award Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

16. Plan Governs. By signing this Award Agreement, you acknowledge that you have
received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and
regulations that from time to time may be promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control. 

17. Governing Law. The laws of the State of Maryland shall govern the validity of this
Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto. 

18. Investment Purposes. You acknowledge that you are acquiring your Options for investment
purposes only and without any present intention of selling or distributing them. 

 BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company
agree that the Option is awarded under and governed by the terms and conditions of this Award Agreement and the Plan. 
  

			
	VAPOTHERM, INC.
	
	By:   ###LANDRY_SIGNATURE###
	
	Name:   John R. Landry
	Title:     VP & CFO
	
	PARTICIPANT
	
	By:   ###PARTICIPANT_NAME###

  
  

	1 	 If an ISO is awarded to a person owning more than 10% of the voting power of all classes of stock of the
Company or of any Subsidiary, then the term of the Option cannot exceed 5 years and the exercise price must be at least 110% of the Fair Market Value (100% for any other employee who is receiving ISO awards). 

	2 	 The exercise price of a NQSO must be 100% of the Fair Market Value. 

 VAPOTHERM, INC. 

2015 STOCK INCENTIVE PLAN 
  

 
 Exhibit A

 Plan Document 
  

 

 VAPOTHERM, INC. 

2015 STOCK INCENTIVE PLAN 
  

 
 Exhibit B

 Form for Exercise of Stock Options 
  

 
 Vapotherm, Inc. 

Attention: Vapotherm, Inc. 
 2015 Stock Incentive Plan Committee

 22 Industrial Drive, Suite 1 
 Exeter, NH 03833 

Dear Sir or Madam: 
 The undersigned elects to
exercise his/her Stock Option to purchase                  shares of Common Stock of Vapotherm, Inc. (the “Company”) under and pursuant to a Stock
Option Award Agreement dated as of             . 

1.    ☐ Delivered herewith is a certified or bank cashier’s or teller’s check and/or shares of Common
Stock held by the undersigned for at least six months*, valued at the closing sale price of the stock on the business day prior to the date of exercise, as follows: 

 

			
	$            	 	in cash or check
	$            	 	in the form of                  shares of Common Stock,
		 	valued at $             per share
	$            Total	 	

 2.    ☐ Delivered herewith are irrevocable instructions to a broker approved
by the Company to deliver promptly to the Company the amount of sale or loan proceeds to pay the exercise price.** 

 If method 1 is chosen, the name or names to be on the stock certificate or certificates and
the address and Social Security Number of such person(s) is as follows: 
  

			
	Name:	 	
                    

		
	Address:	 	
                    

		
	Social Security Number	 	
                    

  

							
		 		 		 	Very truly yours,
				
	                                      
                              	 		 		 	
                    

	         Date
	 		 		 	Optionee

  

	*	 The Committee may waive the six months’ requirement in its discretion. 

	**	 The Committee must approve this method in writing before your election. 

 VAPOTHERM, INC. 

AMENDED AND RESTATED 

2015 STOCK INCENTIVE PLAN 
  

 
 Exhibit C

 Designation of Beneficiary 
  

 
 In connection
with the                  Stock Option Award Agreement (the “Award Agreement”) entered into on
            , 20     between Vapotherm, Inc. (the “Company”) and
                    , an individual residing at
                     (the “Recipient”), the Recipient hereby designates the person specified below as the beneficiary, in the event
of the Recipient’s death, of all of the Recipient’s rights under the Award Agreement. 
  

			
	Name of Beneficiary:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	Social Security No.:	 	  

 The Recipient understands that this beneficiary designation operates to entitle the above-named beneficiary to the death benefit rights conferred above from the date this form is delivered to the Company until such date as this designation is revoked in writing by the Recipient. A revocation shall
occur if the Recipient delivers to the Company either (i) a written revocation of this designation that is signed by the Recipient and notarized, or (ii) a designation of beneficiary, in the form set forth herein, that is executed and
notarized on a later date. 
  

	
	  

 
			
	Date:	 	
                    

		
	    By:	 	
                     
                       

		 	[Recipient Name]

 Sworn to before me this 

     day of         , 20     

 

			
	
                    

	Notary Public	 	
		
	County of	 	
                    

		
	State of

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