Document:

Exhibit 10.10 

 

CVRx, INC.

EMPLOYEE STOCK PURCHASE PLAN

 

 

1.       Purpose
of the Plan. The purpose of this CVRx, Inc. Employee Stock Purchase Plan (the “Plan”) is to provide the employees
of CVRx, Inc. (the “Company”) and its participating subsidiaries with a convenient means of purchasing shares of the Company’s
common stock from time to time at a discount to market prices through the use of payroll deductions. The Company intends that the Plan
shall qualify as an “employee stock purchase plan” under Section 423 of the Code.

 

2.       Definitions.
The terms defined in this section are used (and capitalized) elsewhere in this Plan.

 

2.1.       “Affiliate”
means each domestic or foreign entity that is a “parent corporation” or “subsidiary corporation” of the Company,
as defined in Code Sections 424(e) and 424(f) or any successor provisions.

 

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

 

2.3       “Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. For purposes of the Plan, references to sections
of the Code shall be deemed to include any applicable regulations thereunder and any successor or similar statutory provisions.

 

2.4       “Committee”
means the Compensation Committee of the Board or such other committee of non-employee directors appointed by the Board to administer the
Plan as provided in Section 13.

 

2.5       “Common
Stock” means the common stock, par value $0.01 per share, of the Company.

 

		2.6	“Company” means CVRx, Inc., a Delaware corporation.

 

2.7       “Corporate
Transaction” means (i) a merger, consolidation or other reorganization of the Company with or into another corporation, or (ii)
the sale of all or substantially all of the assets of the Company.

 

2.8       “Designated
Affiliate” means any Affiliate which has been expressly designated by the Board or Committee as a corporation whose Eligible
Employees may participate in the Plan.

 

2.9       “Eligible
Compensation” means only the base wages paid by the Company or any Affiliate to a Participant in accordance with the Participant’s
terms of employment. For the avoidance of doubt, Eligible Compensation shall not include any of the following, as determined by the Committee:
employer contributions to a 401(k) or other retirement plan, any amounts that constitute ‘LTD earnings’, any expense reimbursements
or allowances, or any income (whether paid in Shares or cash) realized by the Participant as a result of participation in any equity-based
compensation plan of the Company or any Affiliate.

 

2.10       “Eligible
Employee” means any employee of the Company or a Designated Affiliate, except for any employee who, immediately after a right
to purchase is granted under the Plan, would be deemed, for purposes of Code Section 423(b)(3), to own stock possessing 5% or more of
the total combined voting power or value of all classes of stock of the Company or any Affiliate. Notwithstanding the foregoing, with
respect to any Offering, the Committee may provide for the exclusion of certain employees within the limitations described in Treasury
Regulations §1.423-2(e)(1), (2) and (3).

 

2.11       “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the regulations promulgated thereunder.

 

    

     

    

 

2.12       “Fair
Market Value” of a Share of Common Stock as of any date means (i) if the Company’s Common Stock is then listed on a national
securities exchange, the closing sale price for a Share on such exchange on said date, or, if no sale has been made on such exchange on
said date, on the last preceding day on which any sale shall have been made; (ii) if the Company’s Common Stock is not then listed
on a national securities exchange, such value as the Committee in its discretion may in good faith determine. The determination of Fair
Market Value shall be subject to adjustment as provided in Section 14.1.

 

2.13       “Offering”
means the right provided to Participants to purchase Shares under the Plan with respect to a Purchase Period.

 

2.14       “Offering
Date” means the first Trading Day of a Purchase Period.

 

2.15       “Participant”
means an Eligible Employee who has elected to participate in the Plan in the manner set forth in Section 4 and whose participation has
not ended pursuant to Section 8.1 or Section 9.

 

2.16       “Plan”
means this CVRx, Inc. Employee Stock Purchase Plan, as it may be amended from time to time.

 

2.17       “Purchase
Date” means the last Trading Day of a Purchase Period.

 

2.18       “Purchase
Period” means a period of time (but not to exceed 27 months or such longer period as may be permitted under Code Section 423)
commencing on such date as may be established by the Committee under the Plan.

 

2.19       “Recordkeeping
Account” means the account maintained in the books and records of the Company recording the amount contributed to the Plan by
each Participant through payroll deductions.

 

2.20       “Shares”
means shares of Common Stock.

 

2.21       “Trading
Day” means a day on which the national stock exchanges in the United States are open for trading.

 

3.       Shares
Available. Subject to adjustment as provided in Section 14.1, the maximum number of Shares that may be sold by the Company
to Eligible Employees under the Plan shall be 278,170 Shares, plus an automatic annual increase in such amount on January 1 of each
year beginning in 2022 and ending on (and including) January 1, 2031 equal to the lesser of: (i) 1% of the total number of Shares
outstanding as of December 31 of the immediately preceding calendar year, or (ii) such lesser number of Shares determined by the Board.
If the purchases by all Participants in an Offering would otherwise cause the aggregate number of Shares to be sold under the Plan to
exceed the number specified in this Section 3, each Participant in that Offering shall be allocated a ratable portion of the remaining
number of Shares which may be sold under the Plan.

 

4.       Eligibility
and Participation. To be eligible to participate in the Plan for a given Purchase Period, an employee must be an Eligible
Employee on the first day of such Purchase Period. An Eligible Employee may elect to participate in the Plan by filing an election form
with the Company before the Offering Date for a Purchase Period that authorizes regular payroll deductions from Eligible Compensation
beginning with the first payday in such Purchase Period and continuing until the Plan is terminated or the Eligible Employee withdraws
from the Plan, modifies his or her authorization, or ceases to be an Eligible Employee, as hereinafter provided.

 

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5.       Amount
of Common Stock Each Eligible Employee May Purchase.

 

5.1.       Purchase
Amounts and Limitations. Subject to the provisions of this Plan, each Participant shall be offered the right to purchase on the Purchase
Date the maximum number of whole Shares that can be purchased with the balance in the Participant’s Recordkeeping Account at the
per Share price specified in Section 5.2. Notwithstanding the foregoing, no Participant shall be entitled to:

 

(a)       the
right to purchase Shares under this Plan and all other employee stock purchase plans (within the meaning of Code Section 423(b)), if any,
of the Company and its Affiliates that accrues at a rate which in the aggregate exceeds $25,000 of Fair Market Value (determined on the
Offering Date of a Purchase Period when the right is granted) for each calendar year in which such right is outstanding at any time; or

 

(b)       purchase
more than 4,000 Shares in any Offering under this Plan, such limit subject to adjustment from time to time as provided in Section 14.1.

 

5.2.       Purchase
Price. Unless a greater purchase price is established by the Committee for an Offering prior to the commencement of the applicable
Purchase Period, the purchase price of each Share sold pursuant to this Plan will be the lesser of (i) 85% of the Fair Market Value of
such Share on the Offering Date of the applicable Purchase Period, or (ii) 85% of the Fair Market Value of such Share on the Purchase
Date.

 

6.       Method
of Participation.

 

6.1.       Notice
and Date of Grant. The Company shall give notice to each Eligible Employee of the opportunity to purchase Shares pursuant to this
Plan and the terms and conditions of such Offering. The Company contemplates that for tax purposes the Offering Date for a Purchase Period
will be considered the date of the grant of the right to purchase such Shares.

 

6.2.       Contribution
Elections. Each Eligible Employee who desires to participate in the Plan for a Purchase Period shall signify his or her election to
do so by signing and filing with the Company an election form approved by the Committee. An Eligible Employee may elect to have any whole
percent of Eligible Compensation (that is, 1%, 2%, 3%, etc.) withheld as a payroll deduction, but not exceeding 15% per pay period (or
such other maximum percentage as the Committee may establish from time to time prior to the commencement of an Offering). An election
to participate in the Plan and to authorize payroll deductions as described herein must be made before the Offering Date of a Purchase
Period, and shall be effective beginning with the first payday in the Purchase Period immediately following the filing of such election
form. Any election form submitted shall remain in effect until the Plan is terminated or such Participant withdraws from the Plan, modifies
his or her authorization, or ceases to be an Eligible Employee, as hereinafter provided.

 

6.3       Additional
Contributions. If specifically provided by the Committee in connection with an Offering (including for purposes of complying with
applicable local law), in addition to or instead of making contributions by payroll deductions, a Participant may make additional contributions
to his or her Recordkeeping Account through the payment by cash or check prior to a Purchase Date. A Participant may make such additional
contributions into his or her Recordkeeping Account only if the Participant has not already had the maximum permitted amount withheld
during the Offering through payroll deductions, subject to the limitations set forth in Section 5.1.

 

6.4.       Offering
Terms and Conditions. Each Offering shall consist of a single Purchase Period and shall be in such form and shall contain such
terms and conditions as the Committee shall deem appropriate, consistent with the terms of the Plan. The Committee may provide for
separate Offerings for different Designated Affiliates, and the terms and conditions of the separate Offerings, including the
applicable Purchase Period, need not be consistent. Any Offering shall comply with the requirement of Code Section 423 that all
Participants shall have the same rights and privileges for such Offering. The terms and conditions of any Offering shall be
incorporated by reference into the Plan and treated as part of the Plan.

 

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7.       Recordkeeping
Accounts.

 

7.1.       Crediting
Payroll Deduction Contributions. The Company shall maintain a Recordkeeping Account for each Participant. Payroll deductions pursuant
to Section 6 will be credited to such Recordkeeping Accounts on each payday.

 

7.2.       No
Interest Payable. No interest will be credited to a Participant’s Recordkeeping Account (unless required under local law).

 

7.3.       No
Segregation of Accounts. The Recordkeeping Account is established solely for accounting purposes, and all amounts credited to the
Recordkeeping Account will remain part of the general assets of the Company and need not be segregated from other corporate funds (unless
required under local law).

 

7.4.       Additional
Contributions. A Participant may not make any separate cash payment into a Recordkeeping Account, except as may be permitted in accordance
with Section 6.3, and any such additional contributions will be credited to the Recordkeeping Accounts when received by the Company.

 

8.       Right
to Adjust Participation; Withdrawals from Recordkeeping Account.

 

8.1.       Withdrawal
from Plan. A Participant may at any time withdraw from the Plan. If a Participant withdraws from the Plan, the Company will pay to
the Participant in cash the entire balance in such Participant’s Recordkeeping Account and no further deductions will be made from
the Participant’s Eligible Compensation during such Purchase Period. A Participant who withdraws from the Plan will not be eligible
to reenter the Plan until the next succeeding Purchase Period, and any such reentry shall be through the enrollment process described
in Section 6.2.

 

8.2.       Adjusting
Level of Participation. A Participant may adjust his or her rate of payroll deduction contributions to the Plan as follows:

 

(a)       A
Participant may, by written notice, direct the Company to increase or decrease his or her rate of payroll deduction contributions, with
such change to be effective as of the first day of the next Purchase Period.

 

(b)       A
Participant may, by written notice, direct the Company to decrease his or her rate of payroll deduction contributions for a Purchase Period
(including a decrease to 0%) one time during the applicable Purchase Period, with such change to become effective as soon as reasonably
practicable. Any Participant who has decreased his or her rate of payroll deductions to 0% and does not increase such rate of payroll
deductions from 0% to at least 1% in accordance with Section 8.2(a) prior to the start of the next Purchase Period will be withdrawn from
the Plan effective as of the first day of that next Purchase Period.

 

8.3.       Submission
of Notices. Notification of a Participant’s election to withdraw from the Plan as provided in Section 8.1 or to change his or
her rate of payroll deductions as provided in Section 8.2 shall be made by signing and submitting to the Company an appropriate form for
that purpose approved by the Committee. The Committee may promulgate rules regarding the time and manner for submitting any such written
notice, which may include a requirement that the notice be on file with the Company’s designated office for a reasonable period
before it will be effective.

 

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8.4       Adjustments
by Company. To the extent necessary to comply with Section 423(b)(8) of the Code or Section 5.1 of the Plan, a Participant’s
payroll deduction contributions to the Plan may be decreased by the Company to 0% at any time during a Purchase Period.

 

9.       Termination
of Employment. If the employment of a Participant is terminated for any reason, including death, disability, or retirement,
the entire balance in the Participant’s Recordkeeping Account will be refunded in cash to the Participant within 30 days after the
date of termination of employment. For purposes of the Plan, a Participant will not be deemed to have terminated employment while the
Participant is on sick leave, military leave or other leave of absence approved by the Company. Where the period of leave exceeds 90 days
and the Participant’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall
be deemed to have terminated on the ninety-first day of such leave.

 

10.       Purchase
of Shares.

 

10.1.       Number
of Shares Purchased. As of each Purchase Date, the balance in each Participant’s Recordkeeping Account will be used to purchase
the maximum number of whole Shares (subject to the limitations of Section 5.1) at the purchase price determined in accordance with Section
5.2, unless the Participant has filed an appropriate form with the Company in advance of that date to withdraw from the Plan in accordance
with Section 8.1. Any amount remaining in a Participant’s Recordkeeping Account that represents the purchase price for any fractional
share will be carried over in the Participant’s Recordkeeping Account to the next Purchase Period. Any amount remaining in a Participant’s
Recordkeeping Account that represents the purchase price for any whole Shares that could not be purchased by reason of the limitations
of Section 5.1 or under the circumstances described in Section 3 will be refunded to the Participant.

 

10.2.       Conversion
of Foreign Currency. In circumstances where payroll deductions have been taken from a Participant’s Eligible Compensation in
a currency other than United States dollars, Shares shall be purchased by converting the balance in the Participant’s Recordkeeping
Account to United States dollars at the exchange rate in effect at the end of the fifth Trading Day preceding the Purchase Date, as published
by Bloomberg.com if available or otherwise as determined with respect to a particular jurisdiction by the Committee or its delegate for
this purpose, and such dollar amount shall be used to purchase Shares as of the Purchase Date.

 

10.3.       Crediting
of Shares. Promptly after the end of each Purchase Period, the number of Shares purchased by all Participants as of the applicable
Purchase Date shall be issued and delivered to an agent selected by the Company. Delivery of the shares to the agent shall be effected
by an appropriate book-entry in the stock register maintained by the Company’s transfer agent or delivery of a certificate. The
agent will hold the Shares for the benefit of all Participants who have purchased Shares and will maintain a Share subaccount for each
Participant reflecting the number of Shares credited to each Participant. Each Participant will be entitled to direct the voting by the
agent of all Shares credited to such Participant’s Share subaccount, and the agent may reinvest any dividends paid on Shares credited
to a Participant’s Share subaccount in additional Shares in accordance with such rules as the Committee may prescribe. Each Participant
may also direct the agent to sell any or all of the Shares credited to the Participant’s Share subaccount and distribute the net
proceeds of such sale to the Participant.

 

10.4       Withdrawal
of Shares from Share Subaccount. Except for sales through the agent as provided in Section 10.3, a Participant may not withdraw
Shares from the Participant’s Share subaccount until after the Participant has satisfied the minimum holding period
requirements established by Code Section 423(a)(1). Once these holding period requirements have been satisfied with respect to
Shares credited to a Participant’s Share subaccount, the Participant may request that the agent transfer any or all of those
Shares directly to the Participant or to a brokerage account maintained by the Participant. The agent shall deliver the requested
number of whole Shares by the issuance of a stock certificate, the electronic delivery of the Shares to a brokerage account
designated by the Participant, or an appropriate book-entry in the stock register maintained by the Company’s transfer agent
with a notice of issuance provided to the Participant, and will pay the Participant a cash amount representing the Fair Market Value
of any applicable fractional Share withdrawn.

 

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11.       Rights
as a Shareholder. A Participant shall not be entitled to any of the rights or privileges of a shareholder of the Company
with respect to Shares, including the right to vote or direct the voting or to receive any dividends that may be declared by the Company,
until (i) the Participant actually has paid the purchase price for such Shares and (ii) certificates for such Shares have been issued
either to the agent or to the Participant, as provided in Section 10.3.

 

12.       Rights
Not Transferable. A Participant’s rights under this Plan are exercisable only by the Participant during his or her
lifetime, and may not be sold, pledged, assigned, transferred or disposed of in any manner other than by will or the laws of descent and
distribution. Any attempt to sell, pledge, assign, transfer or dispose of the same shall be void and without effect. The amounts credited
to a Recordkeeping Account may not be sold, pledged, assigned, transferred or disposed of in any way, and any attempted sale, pledge,
assignment, transfer or other disposition of such amounts will be void and without effect.

 

13.       Administration
of the Plan.

 

13.1.       Authority
of the Committee. This Plan shall be administered by the Committee. Subject to the express provisions of the Plan and applicable law,
and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power
and authority to:

 

(a)               
Determine when each Purchase Period under this Plan shall occur, and the terms and conditions of each related Offering (which need not
be identical);

 

(b)               
Designate from time to time which Affiliates of the Company shall be eligible to participate in the Plan;

 

(c)               
Construe and interpret the Plan and establish, amend and revoke rules, regulations and procedures for the administration of the Plan.
The Committee may, in the exercise of this power, correct any defect, omission or inconsistency in the Plan, in such manner and to the
extent it may deem necessary, desirable or appropriate to make the Plan fully effective;

 

(d)               
Exercise such powers and perform such acts as the Committee may deem necessary, desirable or appropriate to promote the best interests
of the Company and its Designated Affiliates and to carry out the intent that the Offerings made under the Plan are treated as qualifying
under Code Section 423(b);

 

(e)               
As more fully described in Section 18, to adopt such rules, procedures and sub-plans as may be necessary, desirable or appropriate to
permit participation in the Plan by employees who are foreign nationals or employed outside the United States by a non-U.S. Designated
Affiliate, and to achieve tax, securities law and other compliance objectives in particular locations outside the United States; and

 

(f)                
Adopt and amend as the Committee deems appropriate a Plan rule specifying that Shares purchased by a Participant during a Purchase Period
may not be sold by the Participant for a specified period of time after the Purchase Date on which the Shares were purchased by the Participant,
and establish such procedures as the Committee may deem necessary to implement such rule.

 

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13.2.       Interpretations
and Decisions by the Committee. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations,
and other decisions under or with respect to the Plan shall be within the sole discretion of the Committee, may be made at any time and
shall be final, conclusive, and binding upon all persons, including the Company, any Affiliate, any Participant and any Eligible Employee.

 

13.3.       Delegation
by the Committee. Subject to the terms of the Plan and applicable law, the Committee may delegate ministerial duties associated with
the administration of the Plan to such of the Company’s officers, employees or agents as the Committee may determine.

 

13.4.       Indemnification.
No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan.
In addition to such other rights of indemnification as they may have as members of the Board or officers or employees of the Company or
a Designated Affiliate, members of the Board and Committee and any officers or employees of the Company or Designated Affiliate to whom
authority to act for the Committee is delegated shall be indemnified by the Company from and against any and all liabilities, costs and
expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s
duties, responsibilities and obligations under the Plan if such person has acted in good faith and in a manner that he or she reasonably
believes to be in, or not opposed to, the best interests of the Company.

 

14.       Changes
in Capitalization and Corporate Transactions.

 

14.1.       Adjustments.
In the event of any change in the Common Stock of the Company by reason of a stock dividend, stock split, reverse stock split, corporate
separation, recapitalization, merger, consolidation, combination, exchange of shares and the like, the Committee shall make such equitable
adjustments as it deems appropriate in the aggregate number and class of Shares or other securities available under this Plan, the Share
limitation expressed in Section 5.1(b) of the Plan, and the number, class and purchase price of Shares or other securities subject to
purchase under any pending Offering.

 

14.2.       Corporate
Transactions. In the event of a Corporate Transaction, each right to acquire Shares on any Purchase Date that is scheduled to occur
after the date of the consummation of the Corporate Transaction may be continued or assumed or an equivalent right may be substituted
by the surviving or successor corporation or a parent or subsidiary of such corporation. If such surviving or successor corporation or
parent or subsidiary thereof refuses to continue, assume or substitute for such outstanding rights, then the Board may, in its discretion,
either terminate the Plan or shorten the Purchase Period then in progress by setting a new Purchase Date for a specified date before the
date of the consummation of the Corporate Transaction. Each Participant shall be notified in writing, prior to any new Purchase Date,
that the Purchase Date for the existing Offering has been changed to the new Purchase Date and that the Participant’s right to acquire
Shares will be exercised automatically on the new Purchase Date unless prior to such date the Participant’s employment has been
terminated or the Participant has withdrawn from the Plan. In the event of a dissolution or liquidation of the Company, any Offering and
Purchase Period then in progress will terminate immediately prior to the consummation of such action, unless otherwise provided by the
Board.

 

15.       Amendment
or Suspension of Plan. The Board may at any time suspend this Plan or amend it in any respect, but no such amendment may,
without shareholder approval, increase the number of shares reserved under this Plan, increase the rate of automatic annual increase
in the number of shares reserved as provided in Section 3, or effect any other change in the Plan that would require shareholder approval
under applicable law or regulations or the rules of any securities exchange on which the Shares may then be listed, or to maintain
compliance with Code Section 423. No such amendment or suspension shall adversely affect the rights of
Participants pursuant to Shares previously acquired under the Plan. During any suspension of the Plan, no new Offering or Purchase
Period shall begin and no Eligible Employee shall be offered any new right to purchase Shares under the Plan or any opportunity to
elect to participate in the Plan, and any existing payroll deduction authorizations shall be suspended, but any such right to
purchase Shares previously granted for a Purchase Period that began prior to the Plan suspension shall remain subject to the other
provisions of this Plan and the discretion of the Board and the Committee with respect thereto.

 

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16.       Effective
Date and Term of Plan. The Plan will become effective on the effective date of the Company’s registration
statement on Form S-1 for the initial public offering of the Common Stock. No rights
to purchase Shares granted under this Plan will be exercised unless and until the Plan has been approved by the shareholders of
the Company, which approval must be within 12 months before or after the date the Plan is adopted by the Board of
Directors. The Plan and all rights of Participants hereunder shall terminate
(i) at any time, at the discretion of the Board of Directors, or (ii) upon the completion of any Offering under which the limitation on
the total number of shares to be issued during the entire term of the Plan, as determined in accordance with Section 3 and including the
annual increased provided thereby, has been reached. Except as otherwise determined by the Board, upon termination of this Plan, the Company
shall pay to each Participant cash in an amount equal to the entire remaining balance in such Participant’s Recordkeeping Account.

 

17.       Governmental
Regulations and Listing. All rights granted or to be granted to Eligible Employees under this Plan are expressly subject
to all applicable laws and regulations and to the approval of all governmental authorities required in connection with the authorization,
issuance, sale or transfer of the Shares reserved for this Plan, including, without limitation, there being a current registration statement
of the Company under the Securities Act of 1933, as amended, covering the Shares purchasable on the Purchase Date applicable to such Shares,
and if such a registration statement shall not then be effective, the term of such Purchase Period shall be extended until the first Trading
Day after the effective date of such a registration statement, or post-effective amendment thereto. If applicable, all such rights hereunder
are also similarly subject to effectiveness of an appropriate listing application to a national securities exchange covering the Shares
issuable under the Plan upon official notice of issuance.

 

18.       Rules
for Foreign Jurisdictions. The Committee may adopt rules, procedures or subplans relating to the operation and administration
of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the
Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions, payment of interest, conversion
of local currency, payroll tax, the definition of Eligible Compensation, withholding procedures and handling of stock certificates that
vary with local requirements.

 

19.       Miscellaneous.

 

19.1.       Effect
on Employment Status. This Plan shall not be deemed to constitute a contract of employment between the Company and any Participant,
nor shall it interfere with the right of the Company to terminate the employment of any Participant and treat him or her without regard
to the effect that such treatment might have upon him or her under this Plan.

 

19.2.       Governing
Law. This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware.

 

19.3.       Electronic
Documentation and Signatures. Any reference in the Plan to election or enrollment forms, notices, authorizations or any other
document to be provided in writing shall include the provision of any such form, notice, authorization or document by electronic
means, including through the Company’s intranet, and any reference in the Plan to the signing of any document shall include
the authentication of any such document provided in electronic form, in each case in accordance with procedures established by the
Committee.

 

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19.4.       Book-Entry
and Electronic Transfer of Shares. Any reference in this Plan to the issuance or transfer of a stock certificate evidencing Shares
shall be deemed to include, in the Committee’s discretion, the issuance or transfer of such Shares in book-entry or electronic form.
Uncertificated Shares shall be deemed delivered for all purposes of this Plan when the Company or its agent shall have provided to the
recipient of the Shares a notice of issuance or transfer by electronic mail (with proof of receipt) or by United States mail, and have
recorded the issuance or transfer in its records.

 

19.5.       Registration
of Share Accounts and Certificates. Any Share account contemplated by Section 10.3 and certificate to be issued to a Participant shall
be registered in the name of the Participant, or jointly in the name of the Participant and another person, as the Participant may direct
on an appropriate form filed with the Company or the agent.

 

    -9-Exhibit 10.12

 

[AMENDED
AND RESTATED] EMPLOYMENT AGREEMENT

 

THIS
[AMENDED AND RESTATED] EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective June __, 2021, by and between CVRx,
Inc., a Delaware corporation (the “Company”), and [Executive Name] (“Executive”).

 

[WHEREAS,
the Company and Executive are parties to an employment agreement dated as of [Date] setting forth certain terms of employment (the “Prior
Agreement”); and]

 

WHEREAS,
Executive desires to [continue][commence] employment with the Company, on the terms and conditions set forth in this Agreement;

 

WHEREAS,
the Company wishes to provide for the protection of confidential, secret and proprietary information to which Executive will have access
during Executive’s employment with the Company, pursuant to the Employee Proprietary Information and Inventions Agreement entered
into by the parties in connection with Executive’s employment (the “Employee Proprietary Information and Inventions Agreement”).

 

NOW,
THEREFORE, in consideration of the respective covenants and commitments of the Company and Executive, the Company and Executive hereby
agree as follows:

 

1.       Employment.
The Company hereby [continues to employ][employs] Executive, and Executive accepts such continued employment and agrees to perform services
for the Company in accordance with the terms and conditions set forth in this Agreement. Except as expressly provided herein, termination
of this Agreement by either party or by mutual agreement shall also terminate Executive’s employment by the Company.

 

2.       Term.
Executive’s employment under this Agreement shall commence on [Date] and shall be terminable by either party for any reason or no
reason in accordance with the provisions of Section 5 of this Agreement. 

 

3.       Position
and Duties.

 

3.01      Service
with Company. During the term of this Agreement, Executive agrees to serve as [Job Title] of the Company and to perform such duties,
consistent with such position, as the Board of Directors of the Company (the “Board”) or the Company shall assign to Executive.
Executive shall report to the Company’s [Board/President and Chief Executive Officer (“CEO”)] and also work with other
Company employees or members of the Company’s senior management team as the [Board/CEO] may designate from time to time.

 

3.02      Performance
of Duties. Executive agrees to serve the Company faithfully and to the best of Executive’s ability and to devote Executive’s
full time, attention and efforts to the business and affairs of the Company during the term of Executive’s employment. Executive
hereby confirms that Executive is under no contractual commitments inconsistent with Executive’s obligations set forth in this Agreement
and that, during the term of Executive’s employment with the Company, Executive will not render or perform any services for any
other corporation, firm, entity or person except as specifically approved in advance by the Board. Executive shall not conduct or undertake
any activities which would violate Executive’s obligations to any former employer. Executive shall comply with the Company’s
policies and procedures; provided, that to the extent such policies and procedures are inconsistent with this Agreement, this Agreement
shall control.

 

     

     

    

 

3.03      Other
Positions. [Executive shall serve as a director on the Board of the Company, without additional compensation except as provided in
this Agreement.] Upon termination of this Agreement or Executive’s employment with the Company for any reason, Executive shall immediately
resign as a director or officer of the Company, as applicable. 

 

3.04      Employee
Proprietary Information and Inventions Agreement. As a condition of Executive’s employment with the Company, and in exchange
for the compensation to be provided to Executive in connection with such employment, Executive acknowledged Executive executed, has abided
by, and will continue to abide by the Employee Proprietary Information and Inventions Agreement attached to this Agreement as Exhibit
A.

 

4.      Compensation.

 

4.01      Salary.
As base compensation for all services to be rendered by Executive under this Agreement, the Company shall pay to Executive an initial
annual salary of [$_______] to be paid in substantially equal regular payments in accordance with the Company’s normal payroll procedures
and policies as in effect from time to time. The [Board/Company] shall annually evaluate Executive’s base compensation and consider
Executive for such cost of living and merit-based salary increases as determined in the sole discretion of the Board. If Executive’s
base compensation is increased from time to time by the [Board/Company] during the term of Executive’s employment under this Agreement,
the increased base compensation shall become Executive’s base compensation for the remainder of the term of this Agreement, including
any extensions thereof, subject to subsequent increases.

 

4.02      Participation
in Benefit Plans. During the term of Executive’s employment by the Company, Executive shall be entitled to receive such life,
disability, medical, dental and other insurance coverage as may be established by the Board from time to time for the Company’s
executive level employees and for which Executive shall be eligible in accordance with the terms of such policies, plans or programs.
Executive shall be entitled to accrue paid time off in accordance with the Company’s policies and programs in effect from time to
time. Nothing in this Agreement is intended to or shall in any way restrict the Company’s right to amend, modify or terminate any
of its benefit plans during the term of Executive’s employment.

 

4.03      Stock
Options. Executive may be granted other options to purchase Common Stock of the Company from time to time during Executive’s
employment in the sole discretion of the Board.

 

4.04      Bonus.
During the term of Executive’s employment by the Company, Executive shall be eligible to receive an annual bonus at target equal
to [__%] of Executive’s annual base salary, based upon achievement of objectives agreed upon by Executive and the Board for each
applicable year. Executive must be employed by the Company on the last day of the fiscal year to be eligible for any bonus payment. 

 

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4.05        Expenses.
In accordance with the Company’s normal policies for expense verification, the Company will pay or reimburse Executive for all reasonable
and necessary out-of-pocket expenses incurred by him in the performance of Executive’s duties under this Agreement, subject to the
presentment of appropriate documentation.

 

[For
Current CEO:     4.06     Location. Executive will be based out of Executive’s home office located in Florida. Executive’s
business travel to and from his home office to the Company’s corporate headquarters in Minnesota and to other locations will be
reimbursed in accordance with the Company’s regular expense reimbursement procedures.]

 

5.      Termination.

 

5.01        Grounds
for Termination. This Agreement shall terminate in the event that at any time:

 

(a)          Executive
dies; or

 

(b)          Executive
becomes Disabled (as defined below); or

 

(c)          The
[Board/Company] elects to terminate this Agreement for “Cause” and notifies Executive in writing of such election; or

 

(d)          The
[Board/Company] elects to terminate this Agreement without “Cause” and notifies Executive in writing of such election; or

 

(e)           Executive
elects to terminate this Agreement due to “Constructive Discharge” and notifies the Company in writing of such election; or

 

(f)           Executive
elects to terminate this Agreement for any reason other than due to “Constructive Discharge” and notifies the Company in writing
of such election.

 

If this
Agreement is terminated pursuant to the subsections 5.01(a), 5.01(b), or 5.01(c), such termination shall be effective immediately. If
this Agreement is terminated pursuant to subsection 5.01(d), such termination shall be effective 30 calendar days following notification
by the Board of such termination or such shorter period of time that the Company and Executive mutually agree. If this Agreement is terminated
pursuant to subsections 5.01(e) or 5.01(f), such termination shall be effective 30 calendar days following notification by Executive of
such termination or such shorter period of time that the Company and Executive mutually agree. In the case of termination pursuant to
subsections 5.01(d), 5.01(e), or 5.01(f), the Company may in its sole discretion remove Executive from all or any portion of Executive’s
duties and responsibilities hereunder. 

 

5.02        Definitions.

 

(a)          “Cause”
shall mean:

 

(i)      Executive
has breached the provision of Executive’s Employee Proprietary Information and Inventions Agreement in any material respect
and has failed to cure such breach (if curable) within 30 calendar days after written notice has been given by the [Board/Company]
to Executive; or

 

    -3-

     

    

 

(ii)     Executive
has engaged in willful or reckless job-related material misconduct, including material failure to perform Executive’s duties as
an officer or employee of the Company and has failed to cure such default within 30 calendar days after written notice of default has
been given by the [Board/Company] to Executive; or

 

(iii)    Executive
has committed fraud, misappropriation or embezzlement in connection with the Company’s business; or

 

(iv)    Executive
has been convicted or has pleaded nolo contendere to criminal misconduct (excluding parking violations, occasional minor traffic violations,
or similar infractions); or

 

(v)    Executive’s
established use of narcotics, liquor or illicit drugs has a detrimental effect on the performance of Executive’s employment responsibilities
and such use and detrimental effect continues for a period of 30 calendar days following written notice by the [Board/Company] to Executive,
as determined in good faith by the [Board/Company].

 

(b)         “Disabled”
shall mean that, due to a physical or mental condition, Executive is unable to perform the essential functions of Executive’s position,
with or without reasonable accommodation, hereunder in a period of at least three consecutive months.

 

(c)         “Constructive
Discharge” shall mean:

 

(i)     
the assignment of Executive of employment responsibilities or duties which are of materially lesser status and degree of responsibility
than Executive’s position, responsibilities or duties on the date that Executive commenced employment, without the consent of Executive;
or

 

(ii)     the
requirement by the Company that Executive be based anywhere other than within [50/100] miles of the [Company’s office location on
the date that Executive commenced employment/Executive’s then-current primary residence] (except for the requirement of temporary
travel on the Company’s business to an extent substantially consistent with the business travel obligations of the Company’s
employees in similar positions), without the consent of Executive; or 

 

(iii)      the
material reduction by the Company in Executive’s total compensation, including any bonus for which Executive is eligible, based
on Executive’s then-current base salary and bonus, other than a reduction in compensation that is part of a general reduction in
compensation for senior management of the Company.

 

    -4-

     

    

 

5.03       Effect
of Termination. Notwithstanding any termination of this Agreement, Executive and the Company, in consideration of Executive’s
employment hereunder to the date of such termination, shall remain bound by the provisions of this Agreement which specifically relate
to periods, activities or obligations upon or subsequent to the termination of Executive’s employment. In addition, the Executive
acknowledges that, notwithstanding any termination of this Agreement, Executive shall remain bound by all of the provisions of the Employee
Proprietary Information and Inventions Agreement, including without limitation those activities and obligations upon or subsequent to
the termination of Executive’s employment.

 

5.04       Surrender
of Records and Property. Upon termination of Executive’s employment with the Company, Executive shall deliver promptly to the
Company all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations
or copies thereof, which are the property of the Company or which relate in any way to the business, products, practices or techniques
of the Company, and all other property, trade secrets and confidential information of the Company, including, but not limited to, all
documents which in whole or in part contain any trade secrets or confidential information of the Company, which in any of these cases
are in Executive’s possession or under Executive’s control. Such surrender of records and property shall include return of
electronic storage devices and media and permanent deletion of electronic media of the Company on any computers or other devices owned
by Executive.

 

5.05       Compensation
and Benefits Upon Termination. In the event that (a) the Company terminates Executive’s employment without “Cause”
pursuant to Section 5.01(d), or (b) Executive terminates Executive’s employment due to “Constructive Discharge” pursuant
to Section 5.01(e), the Company shall continue to pay to Executive (1) Executive’s base salary for a period of [__] months following
the employment termination date (the “Severance Period”), payable in monthly installments in accordance with the regular payroll
schedule of the Company(“Severance Payments”), and (2) reimburse the premium costs paid by Executive to continue Executive’s
group medical insurance with the Company to the extent then available and in effect (if applicable) for the Severance Period, reimbursed
on a monthly basis; provided, however, that in the event Executive obtains other employment prior to the expiration of such Severance
Period, the Company shall continue to pay, until the expiration of such Severance Period, only the excess, if any, of Executive’s
monthly Severance Payment over Executive’s salary payable or paid under such employment and, provided that medical benefits are
available under the Executive’s other employment, Company reimbursement of group medical insurance premiums shall cease, and provided,
further, that such Severance Payments and any other payments paid under this Section 5 shall not in any event exceed a maximum amount
of two times the lesser of: (x) the Internal Revenue Code § 401(a)(17) compensation limit for the year in which the employment termination
date occurs, or (y) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the
Company for the calendar year prior to the calendar year in which the employment termination date occurs (adjusted for any increase during
that year that was expected to continue indefinitely). If this Agreement is terminated pursuant to subsection 5.01(a), 5.01(b), 5.01(c),
or 5.01(f), Executive’s right to base salary and benefits shall immediately terminate on the effective date of such termination,
except as may otherwise be required by applicable law. 

 

    -5-

     

    

 

5.06       Change
in Control.

 

(a)          Executive
and the Company acknowledge and agree that this Agreement, including the eligibility for Severance Payments contained in Section 5.05
above and this Section 5.06, shall be binding on the Company or its successors following a Change in Control of the Company (as defined
below).

 

(b)          For
the purposes of this Agreement, “Change in Control” shall have the meaning set forth in the CVRx, Inc. 2021 Equity Incentive
Plan, as amended from time to time, or any successor plan.

 

(c)          Upon
termination of Executive’s employment within the three months prior to a Change in Control or within 18 months following a Change
in Control, Executive shall be eligible for the severance payments and benefits outlined in Section 5.05 above; provided however, (i)
the Severance Period for the purpose of any Severance Payment or benefits continuation outlined in this Section 5 shall equal [___] months,
(ii) the Severance Payment shall be payable in a lump sum within 30 days following the expiration of any rescission period applicable
to the Release (defined below), and (iii) Executive shall be eligible to receive a payment equal to [__%] of Executive’s annual
bonus target for the current year, payable in a lump sum within 30 days following the expiration of any rescission period applicable to
the Release. If no annual target has been established in the year of termination, the bonus payment shall be calculated based on the average
of the actual bonus paid to Executive in the three years prior to the year of termination. 

 

5.07         Equity
Grants. Executive has been and may be granted stock options in connection with Executive’s employment with the Company (the
 “Equity”), subject to the terms of any individual grant agreements (each a “Stock Option Agreement”). Upon termination
of Executive’s employment, the vesting of any of Executive’s then issued, but unvested Equity shall be treated in accordance
with the individual Stock Option Agreements for each grant.

 

5.08         Conditions.
Any benefits or pay (including any Severance Payments) provided to Executive under this Section 5 shall be payable to Executive only if
following termination of Executive’s employment Executive has signed a release of claims in favor of the Company in a form to be
prescribed by the Company (“Release”), all applicable consideration periods and rescission periods provided by law shall have
expired and Executive is in strict compliance with the terms of this Agreement and the Employee Proprietary Information and Inventions
Agreement.

 

6.       Miscellaneous.

 

6.01       Governing
Law. This Agreement is made under and shall be governed by and construed in accordance with the laws of the State of Minnesota, without
regard to conflicts of laws principles thereof. Any dispute or claim under this Agreement shall be brought exclusively in the state or
federal courts of Minnesota, and the parties hereby consent to personal jurisdiction and venue in Minnesota.

 

    -6-

     

    

 

6.02       Prior
Agreements. This Agreement, any Stock Option Agreement, and the Employee Proprietary Information and Inventions Agreement contain
the entire agreement of the parties relating to the employment of Executive, ownership of proprietary information and other rights and
noncompetition and nonsolicitation restrictions on Executive and supersedes all prior promises, contracts, agreements and understandings
of any kind, whether express or implied, oral or written, with respect to such subject matter (including without limitation the Prior
Agreement, except that the Prior Agreement will continue to apply with respect to time periods preceding the date of this Agreement),
and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are
not set forth herein.

 

6.03        Taxes.
The Company may take such action as it deems appropriate to insure that all applicable federal, state, city and other payroll, withholding,
income or other taxes arising from any compensation, benefits or any other payments made pursuant to this Agreement, or any other contract,
agreement or understanding which relates, in whole or in part, to Executive’s employment with the Company or any of its affiliates,
and in order to comply with all applicable federal, state, city and other tax laws or regulations, are withheld or collected from Executive.
This Agreement is intended to satisfy the requirements of Section 409A(a)(2), (3) and (4) of the Internal Revenue Code of 1986, as amended
(“Code”), including current and future guidance and regulations interpreting such provisions. To the extent that any provision
of this Agreement fails to satisfy those requirements, the provision shall automatically be modified in a manner that, in the good-faith
opinion of the Company, brings the provisions into compliance with those requirements while preserving as closely as possible the original
intent of the provision and this Agreement. In particular, and without limiting the preceding sentence, if Executive is a “specified
employee” under Section 409A(a)(2)(B)(i) of the Code, then any payment under this Agreement that is treated as deferred compensation
under Section 409A of the Code shall be delayed until the date which is six months after the date of separation from service (without
interest or earnings).

 

6.04       280G
Limitations. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (a)
constitute “parachute payments” within the meaning of Section 280G of the Code and (b) would be subject to the excise tax
imposed by Code Section 4999, then such benefits shall be either be: (i) delivered in full, or (ii) delivered as to such lesser extent
which would result in no portion of such severance benefits being subject to excise tax under Code Section 4999, whichever of the foregoing
amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Code Section
4999, results in the receipt by Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some
portion of such benefits may be subject to excise tax under Code Section 4999. For purposes of making the calculations required by this
Section 6.04, the Company (or any designees of the Company’s choosing) may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The
Executive shall furnish to the Company (or its designees) such information and documents as the Company may reasonably request in order
to make a determination under this Section. 

 

    -7-

     

    

 

6.05         Amendments.
No amendment or modification of this Agreement shall be deemed effective unless made in writing and signed by Executive and an authorized
director or officer of the Company.

 

6.06       No
Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any
provisions of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel
is sought. Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific
term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically
waived.

 

6.07       Assignment.
This Agreement shall not be assignable, in whole or in part, by Executive without the written consent of the Company. This Agreement may
be assigned, in whole or in part, by the Company without Executive’s consent to a parent, subsidiary or other affiliate of the Company,
or to a successor to all or substantially all of the Company’s business. 

 

6.08       Severability.
To the extent that any provision of this Agreement shall be determined to be invalid or unenforceable, the invalid or unenforceable portion
of such provision shall be deleted from this Agreement, and the validity and enforceability of the remainder of such provision and of
this Agreement shall be unaffected.

 

6.09       Indemnification.
The Company acknowledges that the indemnification obligations generally available to directors, officers or employees of the Company pursuant
to such entity’s certificate of incorporation or bylaws will be available to Executive if Executive at any time is employed by the
Company in any such capacity. The Company agrees that it shall maintain in full force and effect one or more policies of directors and
officers insurance, covering the Executive, issued by insurers of recognized responsibility, insuring against such loss and risks, and
in such amounts, as are customary in the case of corporations of established reputation engaged in a comparable business.

 

[signature
page follows]

 

    -8-

     

    

 

IN
WITNESS WHEREOF, Executive and the Company have executed this Agreement as of the date set forth in the first paragraph.

 

 

	 	Executive
	 	 
	 	 
	 	[Executive Name]
	 	 
	 	 
	 	CVRx, Inc.
	 	 
	 	 
	 	[Name]
	 	Director

 

    -9-

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