Document:

Exhibit 10.5

 

HUMACYTE, INC.

2021 EMPLOYEE STOCK PURCHASE PLAN

 

The purpose of the Plan is
to provide eligible employees of the Company and each Designated Company with opportunities to purchase shares of the Company’s
Common Stock. 1,030,033 shares of Common Stock have been approved and reserved for this purpose. Commencing on January 1, 2022 and
on each subsequent anniversary thereof (but not following the ten year anniversary of the Effective Date), the number of shares of Common
Stock reserved and available for issuance under the Plan will automatically increase in an amount equal to 1% of the total number of shares
of the Company’s capital stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior
to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. Notwithstanding
the foregoing, in no event shall the maximum aggregate number of shares available for issuance under the Plan exceed 13 million shares.
The number of shares reserved for issuance under this Plan and the maximum number of shares that may be issued under this Plan shall be
subject to adjustments effected in accordance with Section 16 of this Plan.

 

The Company intends this Plan
to qualify as an “employee stock purchase plan” under Code Section 423 (including any amendments to or replacements of
such Section), and this Plan shall be so construed. Any term not expressly defined in this Plan but defined for purposes of Code Section 423
shall have the same definition herein. However, with regard to offers of options for purchase of the Common Stock under the Plan to employees
outside the United States working for a Subsidiary or an Affiliate of the Company, the Board may offer a sub-plan or an option that is
not intended to meet the Code Section 423 requirements, provided, if necessary under Code Section 423, that the other terms
and conditions of the Plan are met. For the avoidance of doubt, the adoption of a sub-plan shall not be the adoption of a new plan for
purposes of Treas. Reg. § 1.423-2(c).

 

Unless otherwise defined herein,
capitalized terms in this Plan shall have the meaning ascribed to them in Section 31.

 

1.            Administration.
The Plan shall be administered by the Administrator. The Administrator has full authority at any time to: (i) adopt, alter and repeal
such rules, guidelines and practices for the administration of the Plan and for its own acts and proceedings as it shall deem advisable
and appoint such agents as it deems appropriate for the proper administration of the Plan; (ii) interpret and construe, reconcile
any inconsistency in, correct any default in and supply any omission in, and apply the terms of the Plan and any Enrollment Form or
other instrument or agreement relating to the Plan; (iii) determine the terms and conditions of any right to purchase shares of Common
Stock under the Plan; (iv) make all determinations and take all actions it deems advisable for the administration of the Plan, including
to accommodate the specific requirements of local laws, regulations and procedures for jurisdictions outside the United States, such as
adopting rules and procedures regarding payment of interest (if any), conversion of local currency, payroll tax, withholding procedures
and handling of stock certificates that vary with local requirements outside of the United States, and adopting sub-plans applicable to
particular Designated Companies or locations, which sub-plans may be necessary or appropriate to permit the participation in the Plan
by employees who are foreign nationals or employed outside the United States, as further set forth in Section 12 below; (v) determine
eligibility and decide all disputes arising in connection with the Plan, including which Subsidiaries and Affiliates will be Designated
Companies; (vi) amend an outstanding right to purchase shares of Common Stock, including any amendments to a right that may be necessary
for purposes of effecting a transaction contemplated under Section 16 or Section 17 (including, but not limited
to, an amendment to the class or type of stock that may be issued pursuant to the exercise of a right or the Option Price applicable to
a right), provided that the amended right otherwise conforms to the terms of the Plan; and (vii) otherwise supervise and take any
other actions necessary or desirable for the administration of the Plan. All interpretations and decisions of the Administrator shall
be binding on all persons, including the Company and the Participants. Subject to applicable laws and regulations, the Board or the Committee
may delegate administrative authority hereunder to an officer of the Company or to such other individual or group as the Board or Committee
may determine in its discretion. No member of the Board or individual exercising administrative authority with respect to the Plan shall
be liable for any action or determination made in good faith with respect to the Plan or any Option granted hereunder.

 

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2.            Offerings.
The Company will make one or more Offerings to Eligible Employees to purchase Common Stock under the Plan. The Administrator shall, in
its discretion, designate the period of any Offering, provided that no Offering shall exceed 27 months in duration. Unless the Administrator
otherwise determines, each Offering shall be for a Purchase Period of six months, beginning on the Offering Date and ending on the Exercise
Date.

 

Subject to applicable law,
the Administrator, or its delegate, retains the discretion to impose trading restrictions or holding requirements on Common Stock purchased
with respect to a particular Offering. If the Administrator elects to impose such restrictions or requirements, the restrictions or requirements
will be described in the enrollment materials for the applicable Offering.

 

3.            Eligibility.
All individuals classified as employees on the payroll records of the Company and each Designated Company are eligible to participate
in any one or more of the Offerings under the Plan, except for any employees who do not meet any other eligibility requirements that the
Administrator may choose to impose (within the limits permitted by the Code) (such eligible individuals, “Eligible Employees”).
Notwithstanding any other provision herein, individuals who are not classified as employees of the Company or a Designated Company for
purposes of the Company’s or applicable Designated Company’s payroll system on the Offering Date are not considered to be
 “Eligible Employees” of the Company or any Designated Company and shall not be eligible to participate in the Plan with respect
to such Offering. In the event any such individuals are reclassified as employees of the Company or a Designated Company for any purpose,
including, without limitation, common law or statutory employees, by any action of any third party, including, without limitation, any
government agency, or as a result of any private lawsuit, action or administrative proceeding, such individuals shall, notwithstanding
such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are
not classified as of an Offering Date as employees of the Company or a Designated Company on the Company’s or Designated Company’s
payroll system to become eligible to participate in an Offering under this Plan is through an amendment to this Plan, duly executed by
the Company, which specifically renders such individuals eligible to participate herein.

 

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For purposes of the Plan,
in accordance with Treas. Reg. § 1.421-1(h)(2), the employment relationship shall be treated as continuing intact while the
individual is on military leave, sick leave or other leave of absence approved by the Company or a Designated Company that does not exceed
three months and during any period longer than three months if the individual’s right to reemployment is guaranteed by statute or
contract.

 

The Company retains the discretion
to determine which Eligible Employees may participate pursuant to and consistent with Treasury Regulation §§ 1.423-2(e) and
(f).

 

An Eligible Employee who works
for a Designated Company and is a citizen or resident of a jurisdiction other than the United States (without regard to whether such individual
also is a citizen or resident of the United States or is a resident alien (within the meaning of Section 7701(b)(1)(A) of the
Code)) may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employee is prohibited under
the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause an offering under the
Section 423 portion of the Plan to violate Section 423 of the Code.

 

4.            Participation.

 

(a)            Participants
on Effective Date. An Eligible Employee may elect to participate in the Plan by properly completing and submitting an Enrollment Form (in
the manner described in Section 4(b)) at least 15 business days before the Offering Date (or by such other deadline as shall
be established by the Administrator for the Offering) and in accordance with enrollment procedures established by the Administrator. Participation
in the Plan is entirely voluntary.

 

(b)            Enrollment.
The Enrollment Form shall (i) state the deduction to be made from from an Eligible Employee’s Compensation during an Offering
pursuant to Section 5, (ii) authorize the purchase of Common Stock in each Offering in accordance with the terms of the Plan
and (iii) specify the exact name or names in which shares of Common Stock purchased for such individual are to be issued pursuant
to Section 10. An employee who does not enroll in an Offering in accordance with these procedures shall be deemed to have
waived participation in such Offering.

 

(c)            Automatic
Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offerings unless the
Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6,
(ii) withdraws from the Plan in accordance with Section 7, or (iii) terminates employment or otherwise becomes ineligible
to participate in the Plan.

 

(d)            Electronic
Submission of Enrollment Form. The Administrator may specify that Enrollment Forms to be submitted to the Company pursuant to this
Section 4 or Section 7 below are to be submitted electronically via the Company’s intranet or the Internet
site of a third party or via email or any other means of electronic delivery specified by the Administrator.

 

(e)            Notwithstanding
the foregoing, participation in the Plan shall neither be permitted nor denied contrary to the requirements of the Code.

 

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5.            Employee
Contributions. Each Eligible Employee may, by submitting an Enrollment Form as described in Section 4(b), authorize
payroll deductions, in whole percentages, at a minimum of 1% up to a maximum of 15% of such employee’s Compensation, to be deducted
on a pro rata basis for each pay period during an Offering, provided that, to the extent permitted by Administrator for an Offering, an
Eligible Employee may authorize a payroll deduction expressed as a flat dollar amount, subject to such terms, conditions and limits as
may be established by the Administrator for such Offering. Payroll deductions shall commence on the first payroll date following the Offering
Date and end on the last payroll date on or before the last day of the Offering. Payroll deductions shall be made in accordance with the
Eligible Employee’s election; however, due to rounding or other administrative reasons, the actual percentage contributed may be
less than the elected percentage. The Company shall maintain notional book accounts showing the amount of payroll deductions made by each
Participant for each Purchase Period, but the Company will not hold payroll deductions in a trust or in any segregated account, unless
otherwise determined by the Administrator or required by applicable law. No interest shall accrue or be paid on payroll deductions, except
as may be required by applicable law. If payroll deductions for purposes of the Plan are prohibited or otherwise problematic under applicable
law (as determined by the Administrator in its discretion), the Administrator may require Participants to contribute to the Plan by such
other means as determined by the Administrator. Any reference to “payroll deductions” in this Section 5 (or in
any other section of the Plan) shall similarly cover contributions by other means made pursuant to this Section 5.

 

6.            Deduction
Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may not increase or decrease his
or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction with respect to the next Offering
(subject to the limitations of Section 5) by filing a new Enrollment Form at least 15 business days before the next Offering
Date (or by such other deadline as shall be established by the Administrator for the Offering). The Administrator may, in advance of any
Offering, establish rules permitting a Participant to increase, decrease or terminate his or her payroll deduction during an Offering.

 

7.            Withdrawal.
A Participant may withdraw from participation in the Plan by submitting to the Company a revised Enrollment Form indicating his or
her election to withdraw (in accordance with such procedures as may be established by the Administrator). The Participant’s withdrawal
shall be effective as of the next business day. Following a Participant’s withdrawal, the Company shall promptly refund such individual’s
entire account balance under the Plan to him or her (after payment for any Common Stock purchased before the effective date of withdrawal).
Partial withdrawals are not permitted. Such an employee may not begin participation again during the remainder of the Offering, but may
enroll in a subsequent Offering in accordance with Section 4.

 

8.            Grant
of Options. On each Offering Date, the Company shall grant to each Participant in the Plan an option (“Option”)
to purchase, on the Exercise Date and at the Option Price hereinafter provided for, the lowest of (a) a number of shares of Common
Stock determined by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the Option Price (as defined
herein); (b) 5,000 shares of Common Stock; or (c) such other lesser maximum number of shares as shall have been established
by the Administrator in advance of the Offering (in each case subject to adjustment pursuant to Section 16 or Section 17);
provided, however, that such Option shall be subject to the limitations set forth below. Each Participant’s Option shall be exercisable
only to the extent of such Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share
purchased under each Option (the “Option Price”) shall be 85% of the Fair Market Value of the Common Stock on the Offering
Date or the Exercise Date, whichever is less.

 

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Notwithstanding the foregoing,
no Participant may be granted an Option hereunder if such Participant, immediately after the Option was granted, would be treated as owning
stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary.
For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining
the stock ownership of a Participant, and all stock which the Participant has a contractual right to purchase shall be treated as stock
owned by the Participant. In addition, no Participant may be granted an Option which permits the Participant’s rights to purchase
stock under the Plan, and any other employee stock purchase plan (described in Section 423 of the Code) of the Company and its Parents
and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date
or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding sentence
is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they
were granted.

 

9.            Exercise
of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise Date shall be deemed
to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved
for the purpose of the Plan as the Participant’s accumulated payroll deductions on such date shall purchase at the Option Price,
subject to any other limitations contained in the Plan. Unless otherwise determined by the Administrator in advance of an Offering, any
amount remaining in a Participant’s account after the purchase of shares on an Exercise Date of an Offering solely by reason of
the inability to purchase a fractional share shall be carried forward to the next Offering; any other balance remaining in a Participant’s
account at the end of an Offering shall be refunded to the Participant promptly.

 

10.            Issuance
of Certificates. Certificates representing shares of Common Stock purchased under the Plan may be issued only in the name of the employee,
in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized
by the employee to be his, her or their, nominee for such purpose. Participants will not have any voting, dividend, or other rights of
a shareholder with respect to the shares of Common Stock until such shares have been delivered pursuant to this Section 10.

 

All transactions under this
Plan are subject to the Company’s insider trading policy as may be in effect from time to time. This includes any blackout period
prohibition or requirement to obtain mandatory pre-clearance of transactions such as enrollment, withdrawal, or trading. If the standard
enrollment period is scheduled to occur during a blackout period, arrangements will be made to allow for restricted insiders to update
their elections during the preceding open trading window.

 

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11.            Rights
on Termination or Transfer of Employment. If a Participant’s employment terminates for any reason, or if the Participant’s
employment status changes such that the Participant is no longer an Eligible Employee, before the Exercise Date for any Purchase Period,
no payroll deduction shall be taken from any pay due and owing to the Participant and the balance in the Participant’s notional
account shall be paid, as if such Participant had withdrawn from the Plan under Section 7, to such Participant or, in the
case of such Participant’s death, to (i) the legal representative of the Participant’s estate; or (ii) if no such
legal representative has been appointed to the knowledge of the Company, to such other person(s) as the Company may, in its discretion,
designate. An employee shall be deemed to have terminated employment, for this purpose, if the corporation that employs him or her, having
been a Designated Company, ceases to be a Subsidiary or Affiliate, or if the employee is transferred to any corporation other than the
Company or a Designated Company. Unless otherwise determined by the Administrator, a Participant whose employment transfers between, or
whose employment terminates with an immediate rehire (with no break in service) by, Designated Companies or a Designated Company and the
Company shall not be treated as having terminated employment for purposes of participating in the Plan or an Offering.

 

12.            Special
Rules and Sub-Plans. Notwithstanding anything herein to the contrary, the Administrator may adopt special rules or sub-plans
applicable to the employees of a particular Designated Company, whenever the Administrator determines that such rules are necessary
or appropriate for the implementation of the Plan in a jurisdiction where such Designated Company has employees, regarding, without limitation,
eligibility to participate in the Plan, handling and making of payroll deductions or contribution by other means, establishment of bank
or trust accounts to hold payroll deductions, payment of interest, conversion of local currency, obligations to pay payroll tax, withholding
procedures and handling of share issuances, any of which may vary according to applicable requirements. Unless otherwise specifically
provided, to the extent there is a conflict between the provisions of a sub-plan and the terms of the main portion of the Plan, the terms
of the sub-plan shall govern with respect to the individuals who participate in such sub-plan.

 

13.            Optionees
Not Shareholders. Neither the granting of an Option to a Participant nor the deductions from a Participant’s pay shall result
in such Participant becoming a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased
by and issued to such Participant.

 

14.            Rights
Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws of descent and distribution,
and are exercisable during the Participant’s lifetime only by the Participant.

 

15.            Application
of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for
any corporate purpose, unless otherwise required under applicable law.

 

16.            Adjustment
in Case of Changes Affecting Common Stock. In the event of any stock split, reverse stock split, stock dividend, recapitalization,
combination or exchange of shares, reclassification of shares, spin-off, or other similar change in capitalization or event, or any dividend
or distribution to holders of Common Stock other than an ordinary cash dividend, or any other change affecting the Common Stock, (i) the
number and class of shares approved for the Plan, (ii) the Option Price, and (iii) the share limitation set forth in Section 8
shall be equitably or proportionately adjusted to the extent determined by the Administrator to give proper effect to such event, in accordance
with applicable law.

 

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17.            Reorganization
Events. In connection with a Reorganization Event, the Administrator shall take any one or more of the following actions as to outstanding
Options on such terms as the Administrator determines:

 

(a)            provide
that Options shall be assumed, or substantially equivalent Options shall be substituted, by the acquiring or succeeding corporation (or
an affiliate thereof);

 

(b)            upon
written notice to Participants, provide that all outstanding Options will be terminated as of the effective date of the Reorganization
Event and that all such outstanding Options will become exercisable to the extent of accumulated payroll deductions as of a date specified
by the Administrator in such notice, which date shall not be less than ten (10) days preceding the effective date of the Reorganization
Event;

 

(c)            upon
written notice to Participants, provide that all outstanding Options will be cancelled as of a date prior to the effective date of the
Reorganization Event and that all accumulated payroll deductions will be returned to the Participant on such date;

 

(d)            in
the event of a Reorganization Event under the terms of which holders of common stock will receive, upon consummation thereof, a cash payment
for each share surrendered in the Reorganization Event, make or provide for a cash payment to a Participant equal to (1) the Acquisition
Price times the number of shares of Common Stock subject to the Participant’s Option (to the extent the Option Price does not exceed
the Acquisition Price) minus (2) the aggregate Option Price of such Option, in exchange for the termination of such Option;

 

(e)            provide
that, in connection with a liquidation or dissolution of the Company, Options shall convert into the right to receive liquidation proceeds
(net of the Option Price thereof); or

 

(f)            any
combination of the foregoing.

 

For purposes of clause (a) above,
an Option shall be considered assumed if, following consummation of the Reorganization Event, the Option confers the right to purchase,
for each share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration
(whether cash, securities, or other property) received as a result of the Reorganization Event by holders of Common Stock for each share
of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or
an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to
be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation (or an affiliate
thereof) equivalent in value (as determined by the Administrator) to the per share consideration received by holders of outstanding shares
of Common Stock as a result of the Reorganization Event.

 

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In addition, any action taken
under this Section 17 shall be consistent with the intent that Options comply with Section 423 of the Code, unless otherwise
expressly determined by the Administrator. The Plan shall in no event be construed to restrict in any way the Company’s right to
undertake a dissolution, liquidation, merger, consolidation or other Reorganization Event.

 

18.            Amendment
of the Plan. The Administrator may at any time and from time to time amend the Plan in any respect, except that, without the approval
within 12 months of such Administrator action by the shareholders of the Company, no amendment shall be made increasing the number of
shares approved for the Plan or making any other change that would require shareholder approval under the requirements of any stock exchange
upon which the shares may then be listed or in order for the Plan, as amended, to qualify as an “employee stock purchase plan”
under Section 423(b) of the Code. In no event may any amendment be made which would cause the Plan to fail to comply with Section 423
of the Code.

 

19.            Suspension
of the Plan. The Administrator may, at any time, suspend the Plan; provided that the Company shall provide notice to the Participants
prior to the effectiveness of such suspension. The Administrator may resume the operation of the Plan following any such suspension; provided
that the Company shall provide notice to the Participants prior to the date of termination of the suspension period. A Participant shall
remain a Participant in the Plan during any suspension period (unless the Participant withdraws pursuant to Section 7). However,
no Options shall be granted or exercised, and no payroll deductions shall be made in respect of any Participant, during the suspension
period.

 

20.            Insufficient
Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the number of shares
purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available
shall be apportioned in a manner consistent with the requirements of Section 423(b)(4) and (5) of the Code and the regulations
thereunder among Participants in proportion to the amount of payroll deductions accumulated on behalf of each Participant that would otherwise
be used to purchase Common Stock on such Exercise Date.

 

21.            Effective
Date and Shareholder Approval. The Plan shall become effective on and contingent upon the Closing (the “Effective Date”).
For purposes of Treas. Reg. § 1.423-2(c)(2), the Plan shall be considered “adopted” at Closing. In accordance with Treas.
Reg. § 1.423-2(a)(2)(ii), the Company shall seek shareholder approval of the Plan within 12 months before or after the date the Plan
is adopted. If shareholder approval is not received within 12 months before or after the Plan is adopted, the Plan shall be terminated
and any amounts contributed by employees to the Plan shall be returned to the employees without interest (unless otherwise required pursuant
to applicable law).

 

22.            Termination
of the Plan. Except as otherwise provided in Section 21, the Plan may be terminated at any time by the Administrator.
Upon termination of the Plan, all amounts in the accounts of Participants shall be promptly refunded. The Plan shall automatically terminate
on the ten-year anniversary of the date the Plan is approved by the Company’s shareholders.

 

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23.            Governmental
Regulations. The Company’s obligation to sell and deliver Common Stock under the Plan is subject to the completion of any registration
or qualification of the Common Stock under any U.S. or non-U.S. local, state or federal securities or exchange control law, or under rulings
or regulations of the SEC or of any other governmental regulatory body, and to obtaining any approval or other clearance from any U.S.
and non-U.S. local, state or federal governmental agency, which registration, qualification or approval the Company may, in its absolute
discretion, deem necessary or advisable. The Company is under no obligation to register or qualify the Common Stock with the SEC or any
other U.S. or non-U.S. securities commission or to seek approval or clearance from any governmental authority for the issuance or sale
of such stock. If, pursuant to this Section 23, the Administrator determines that the shares of Common Stock will not be issued
to any Participant, all accumulated payroll deductions will be promptly refunded, without interest (unless otherwise required pursuant
to applicable law), to the Participant, without any liability to the Company or any of its Affiliates.

 

24.            Governing
Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the
State of Delaware, applied without regard to conflict of law principles.

 

25.            Issuance
of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury
of the Company, or from any other proper source.

 

26.            Tax
Withholding. Participation in the Plan is subject to any applicable U.S. and non-U.S. federal, state or local tax withholding requirements
on income the Participant realizes in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company or any
Subsidiary or Affiliate may, but shall not be obligated to, withhold from a Participant’s wages, salary or other compensation at
any time the amount necessary for the Company or any Subsidiary or Affiliate to meet applicable withholding obligations, including any
withholding required to make available to the Company or any Subsidiary or Affiliate any tax deductions or benefits attributable to the
sale or disposition of Common Stock by such Participant. In addition, the Company or any Subsidiary or Affiliate may, but shall not be
obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding that the Company or any Subsidiary
or Affiliate deems appropriate to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f). The Company shall not be required
to issue any Common Stock under the Plan until such obligations are satisfied.

 

27.            Code
Section 409A. The Plan is exempt from the application of Section 409A of the Code and any ambiguities herein shall be interpreted
to so be exempt from Section 409A of the Code. Notwithstanding any provision in the Plan to the contrary, if the Administrator determines
that an Option granted under the Plan may be subject to Section 409A of the Code or that any provision in the Plan would cause an
Option under the Plan to be subject to Section 409A of the Code, the Administrator may amend the terms of the Plan and/or of an outstanding
Option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without
the Participant’s consent, to exempt any outstanding Option or future Option that may be granted under the Plan from or to allow
any such Options to comply with Section 409A of the Code, but only to the extent any such amendments or action by the Administrator
would not violate Section 409A of the Code. Notwithstanding the foregoing, the Company shall have no liability to a Participant or
any other party if the Option to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Section 409A
of the Code is not so exempt or compliant or for any action taken by the Administrator with respect thereto. The Company makes no representation
that the Option to purchase Common Stock under the Plan is compliant with Section 409A of the Code.

 

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28.            Notification
Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt notice of any disposition of shares
purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares
were purchased or within one year after the date such shares were purchased.

 

29.            Equal
Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code,
all Eligible Employees participating in the Plan shall have the same rights and privileges.

 

30.            General.

 

(a)            No
Right to Options; No Shareholder Rights; No Right to Employment. No person shall have any right to be granted any Option under the
Plan. No person shall have any rights as a shareholder with respect to any Common Stock to be issued under the Plan prior to the issuance
thereof. The grant of an Option shall not be construed as giving any person the right to be retained in the employ of the Company or any
Subsidiary or Affiliate. Further, the Company and each Subsidiary and Affiliate expressly reserves the right at any time to dismiss an
employee free from any liability or any claim under the Plan, except as expressly provided herein.

 

(b)            Successors
and Assigns. The Plan shall be binding on the Company and its successors and assigns.

 

(c)            Entire
Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect
to the subject matter hereof.

 

(d)            Compliance
with Applicable Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable
laws and regulations. Common Stock shall not be issued with respect to a right to purchase unless the issuance and delivery of the shares
of Common Stock pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act
of 1933 and the Securities Exchange Act of 1934 (each as amended) and the requirements of any stock exchange upon which the shares may
then be listed.

 

(e)            Severability
of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof, and the Plan shall be construed and enforced as if such provision had not been included.

 

(f)            Incapacity.
Any benefit payable to or for the benefit of a minor, an incompetent person, or other person incapable of accepting receipt shall be deemed
paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person,
and such payment shall fully discharge any liability or obligation of the Board, the Administrator, the Company and any Designated Company,
and all other parties with respect thereto.

 

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(g)            Headings
and Captions; Rules of Construction. The headings and captions herein are provided for reference and convenience only, shall
not be considered part of the Plan, and shall not be employed in the construction of the Plan. Whenever used in the Plan, words in the
masculine gender shall be deemed to refer to females as well as to males; words in the singular shall be deemed to refer also to the plural;
and references to a statute or statutory provision shall be construed as if they referred also to that provision (or to a successor provision
of similar import) as currently in effect, as amended, or as reenacted, and to any regulations and other formal guidance of general applicability
issued thereunder. Except where otherwise indicated, references to Sections are references to sections of this Plan.

 

(h)            Unfunded
Status of Plan. The Plan is unfunded and shall not create or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between any Participant (or beneficiary thereof), on the one hand, and the Company, any Designated Company, the Board, the
Administrator, or any other person, on the other hand.

 

31.            Definitions.

 

(a)            “Acquisition
Price” means the cash payment for each share surrendered in a Reorganization Event.

 

(b)            “Administrator”
means the Board or the Committee (or a delegate appointed in accordance with Section 1).

 

(c)            “Affiliate”
means any entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under the common control
with, the Company.

 

(d)            “Board”
means the Board of Directors of the Company.

 

(e)            “Closing”
means the closing of the Transaction.

 

(f)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

(g)            “Committee”
means the Compensation Committee of the Board (or any other committee or subcommittee of the Board which the Board may appoint to administer
the Plan). Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications
of (i) a “non-employee director” within the meaning of Rule 16b-3 and (ii) any other qualifications required
by the applicable exchange on which the Common Stock is traded. If at any time or to any extent the Board shall not administer the Plan,
then the functions of the Administrator specified in the Plan shall be exercised by the Committee (except as such functions may be delegated
pursuant to Section 1).

 

(h)            “Common
Stock” means the Class A common stock of the Company.

 

(i)            “Company”
means Humacyte, Inc., a Delaware corporation (or any successor company).

 

    11

     

    

 

(j)            “Compensation”
means the amount of base pay, prior to salary reduction (such as pursuant to Sections 125, 132(f) or 401(k) of the Code), but
excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or
travel expenses, income or gains related to Company stock options or other share-based awards, and similar items. The Administrator shall
have the discretion to determine the application of this definition to Participants outside the United States.

 

(k)            “Designated
Company” means any present or future Subsidiary or Affiliate that has been designated by the Administrator to participate in
the Plan to the extent consistent with Section 423 of the Code. The Administrator may so designate any Subsidiary or Affiliate, or
revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the shareholders. The Administrator
may also determine which Subsidiaries, Affiliates or Eligible Employees may be excluded from participation in the Plan, to the extent
consistent with Section 423 of the Code.

 

(l)            “Effective
Date” has the meaning set forth in Section 21.

 

(m)            “Eligible
Employee” has the meaning set forth in Section 3.

 

(n)            “Enrollment
Form” means an agreement, which may be electronic, pursuant to which an Eligible Employee may elect to enroll in the Plan, to
authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering.

 

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

 

(p)            “Exercise
Date” means the last day of a Purchase Period.

 

(q)            “Fair
Market Value of the Common Stock” on any given date means the fair market value of the Common Stock determined in good faith
by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers
Automated Quotation System (“NASDAQ”), NASDAQ Global Market, the New York Stock Exchange or another national securities exchange,
the determination shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination
shall be made by reference to the last date preceding such date for which there is a closing price.

 

(r)            “Incumbent
Board” has the meaning set forth in Section 31(aa).

 

(s)            “Offering”
means an offering to Eligible Employees to purchase Common Stock under the Plan. Unless otherwise determined by the Administrator, each
Offering under the Plan in which Eligible Employees of one or more Designated Companies may participate may be deemed a separate offering
for purposes of Section 423 of the Code, even if the dates of the applicable Offering are identical, and the provisions of the Plan
will separately apply to each Offering. The terms of separate Offerings need not be identical provided that all Eligible Employees granted
an Option in a particular Offering will have the same rights and privileges, except as otherwise may be permitted by Code Section 423
(or as otherwise provided under the terms of any applicable sub-plan).

 

    12

     

    

 

(t)            “Offering
Date” means the first day of an Offering.

 

(u)            “Option”
has the meaning set forth in Section 8.

 

(v)            “Option
Price” has the meaning set forth in Section 8.

 

(w)            “Parent”
means a “parent corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 

(x)            “Participant”
means an individual who is eligible as determined in Section 3 and who has complied with the provisions of Section 4.

 

(y)            “Plan”
means the Humacyte, Inc. 2021 Employee Stock Purchase Plan.

 

(z)            “Purchase
Period” means the period of time specified within an Offering beginning on the Offering Date ending on the Exercise Date.

 

(aa)          “Reorganization
Event” means: (i) any “person” or related “group of persons” (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act), other than any person who currently owns more than a majority of the Company’s Common Stock,
acquiring beneficial ownership (within the meaning of Rule 13d-3 and 13d-5 promulgated under the Exchange Act) of more than 50% of
the combined voting power of the then outstanding voting securities of the Company; (ii) a consolidation, merger or similar transaction
involving the Company, unless the stockholders of the Company immediately before such consolidation, merger or other transaction own,
directly or indirectly, a majority of the combined voting power of the outstanding voting securities of the corporation or other entity
resulting from such consolidation or merger; (iii) individuals who are members of the Board on the date the Plan is approved by the
Board (the “Incumbent Board”) ceasing for any reason to constitute at least a majority of the members of the Board;
provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended
by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of the Plan, be considered
as a member of the Incumbent Board; (iv) the sale, lease, exclusive license or other disposition of all or substantially all, as
determined by the Board, of the consolidated assets of the Company, other than to an entity of which the stockholders of the Company immediately
before such sale, lease, exclusive license or other disposition own, directly or indirectly, a majority of the combined voting power of
the outstanding voting securities in substantially the same proportions as their ownership of the outstanding voting securities of the
Company immediately prior to such sale, lease, license or other disposition; or (v) the liquidation, dissolution or winding up of
the Company. For the avoidance of doubt, a transaction will not constitute a Corporate Reorganization Event if: (i) its sole purpose
is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
For the avoidance of doubt, the consummation of the Transaction shall not be a Reorganization Event for purposes of the Plan.

 

(bb)          “SEC”
means the United States Securities and Exchange Commission.

 

    13

     

    

 

(cc)          “Subsidiary”
means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code.

 

(dd)          “Transaction”
means the transaction contemplated by the Business Combination Agreement, dated as of February 17, 2021, by and among Alpha Healthcare
Acquisition Corp., a Delaware corporation, Hunter Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of AHAC, and
Humacyte, Inc., a Delaware corporation.

 

    14Exhibit 10.8

 

HUMACYTE, INC.

ANNUAL BONUS PLAN

 

1.         Purposes
of the Plan. The purposes of the Plan are to attract and retain the best available personnel, to provide additional incentives to
employees, and to promote the success of the business of Humacyte, Inc.

 

2.            Definitions.

 

(a)            “Actual
Award” means the actual bonus payout (if any) made to a Participant for the applicable Performance Period, subject to the Committee’s
authority under Section 3(c) to modify the amount of the payout.

 

(b)           “Affiliate”
means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company.

 

(c)            “Board”
means the Board of Directors of the Company.

 

(d)           “Code”
means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder will include
such section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation.

 

(e)          “Committee”
means the committee appointed by the Board (pursuant to Section 5) to administer the Plan. Unless and until the Board otherwise determines,
the Board’s Compensation Committee will administer the Plan.

 

(f)            “Company”
means Humacyte, Inc., a Delaware corporation, or any successor entity.

 

(g)            “Effective
Date” means the date of the closing of the Transaction.

 

(h)            “Employee”
means any full-time employee of the Company or of an Affiliate.

 

(i)            “Participant”
means as to any Performance Period, an Employee who has been selected by the Committee for participation in the Plan for that Performance
Period.

 

(j)           “Performance
Period” means the period of time for the measurement of the performance criteria applicable to a Target Award, as determined
by the Committee in its sole discretion.

 

(k)            “Plan”
means this Humacyte, Inc. Annual Bonus Plan, as such may be amended or restated from time to time.

 

(l)           “Target
Award” means the target award, at 100% of target level performance achievement, payable under the Plan to a Participant for
the Performance Period, as determined by the Committee in accordance with Section 3(b).

 

    1 

     

    

 

(m)           “Transaction”
means the transaction contemplated by the Business Combination Agreement, dated as of February 17, 2021, by and among Alpha Healthcare
Acquisition Corp., a Delaware corporation (“AHAC”), Hunter Merger Sub, Inc., a Delaware corporation and wholly
owned subsidiary of AHAC, and Humacyte, Inc., a Delaware corporation.

 

3.            Selection
of Participants and Determination of Awards.

 

(a)          Selection
of Participants. The Committee, in its sole discretion, will select the Employees who will be Participants for any Performance Period.
Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis. Accordingly,
an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for participation
in any subsequent Performance Period or Performance Periods.

 

(b)            Determination
of Target Awards. The Committee, in its sole discretion, may establish a Target Award for each Participant (which may be expressed
as a percentage of a Participant’s base salary for the Performance Period or a fixed dollar amount or such other amount or based
on such other formula as the Committee determines). The grant of a Target Award to a Participant does not guarantee any payment to Participant
under the Plan, and shall not be construed as such.

 

(c)            Determination
of Actual Award; Discretion to Modify Awards. The Committee shall have the sole discretion to determine the extent to which the performance
criteria applicable to a Target Award has been satisfied and the amount of the Actual Award payable to the Participant (if any) based
on the satisfaction of such performance criteria. Notwithstanding any contrary provision of the Plan, the Committee may, in its sole discretion
and at any time, increase, reduce or eliminate a Participant’s Actual Award. The Actual Award may be below, at or above the Target
Award, in the Committee’s discretion. The Committee may determine the amount of any increase, reduction or elimination on the basis
of such factors as it deems relevant, and will not be required to establish any allocation or weighting with respect to the factors it
considers.

 

(d)          Discretion
to Determine Performance Criteria. Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, will
determine the performance goals (if any) applicable to any Target Award (or portion thereof). The goals may be on the basis of any factors
the Committee determines relevant, and may be on an individual, divisional, business unit, segment or Company-wide basis. Any performance
criteria used may be measured on such basis as the Committee determines. The performance goals may differ from Participant to Participant
and from award to award. The Committee also may determine that a Target Award (or portion thereof) will not have a performance goal associated
with it but instead will be granted (if at all) in the sole discretion of the Committee.

 

    2 

     

    

 

4.            Payment
of Awards.

 

(a)           Right
to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company. Nothing in the Plan will be construed
to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with
respect to any payment to which he or she may be entitled.

 

(b)          Timing
of Payment. Payment of each Actual Award shall be made as soon as practicable after the end of the Performance Period to which the
Actual Award relates and after the Actual Award is approved by the Committee, but in no event later than March 15 of the calendar
year immediately following the calendar year in which the Performance Period ends. Unless otherwise determined by the Committee, to earn
an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual Award is paid. For purposes of the
Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates) will not be deemed
a termination of employment.

 

(c)           Form of
Payment. Each Actual Award will be paid in cash (or its equivalent) in a single lump sum.

 

5.            Plan
Administration.

 

(a)           Committee
is the Administrator. The Plan will be administered by the Committee. The Committee will consist of not less than two members of the
Board. The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board.

 

(b)         Committee
Authority. Subject to the terms of the Plan, the Committee shall have authority to take any and all actions that it determines to
be necessary or advisable in connection with the administration of the Plan, including but not limited to the power to (i) determine
which Employees will be granted awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and any
awards granted thereunder, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the
Plan by Employees who are foreign nationals or employed outside of the United States, (v) adopt rules for the administration,
interpretation and application of the Plan as are consistent therewith, (vi) interpret, amend or revoke any such rules, (vii) determine
all facts necessary to administer the Plan and any award granted thereunder, (viii) make and approve corrections in the documentation
or administration of any award, (ix) determine the extent to which the performance criteria have been met and (x) determine
the extent to which an award will be modified, if at all, in accordance with Section 3(c).

 

(c)          Decisions
Binding. All determinations and decisions made by the Committee, the Board, and/or any delegate of the Committee pursuant to the provisions
of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law.

 

(d)           Delegation
by Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, but subject to any limitations
under applicable law or the rules of any stock exchange on which the Company’s shares are listed, may delegate all or part
of its authority and powers under the Plan to one or more directors and/or officers of the Company; provided that any such officer
shall not be authorized to grant an award under the Plan to himself or herself.

 

    3 

     

    

 

(e)           Indemnification.
In addition to such other rights of indemnification as they may have, members of the Board and any Committee (and any individuals to whom
authority is delegated pursuant to Section 5(d)) shall be defended and indemnified by the Company to the extent permitted by law
against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of
any claim, investigation, action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a
party by reason of any action taken or failure to act under or in connection with the Plan, or any award granted hereunder, and against
all amounts paid by them in settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction
of a judgment in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged
in such claim, investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct.
Upon the institution of any such action, suit, or proceeding, any such indemnified person against whom a claim is made shall notify the
Company in writing and give the Company the opportunity, within thirty (30) days after such notice and at its own expense, to handle and
defend the same before such indemnified person undertakes to handle it on his or her own behalf.

 

6.            Amendment,
Termination, and Duration.

 

(a)           Amendment,
Suspension, or Termination of Plan. The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any part thereof,
at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant,
materially and adversely affect such Participant’s rights under any Actual Award theretofore earned and paid. No award may be granted
during any period of suspension or after termination of the Plan.

 

(b)          Amendment
of Awards. The Board or the Committee, in its sole discretion and without the Participant’s consent, may amend or terminate
any Target Award granted under the Plan at any time and for any reason.

 

(c)            Duration
of Plan. The Plan will commence on the Effective Date and will remain in effect thereafter until terminated by the Board.

 

7.            General
Provisions.

 

(a)           Governing
Law. The validity and construction of the Plan and all awards thereunder shall be governed by the laws of the State of Delaware, excluding
any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of any provision of
the Plan or an award to the substantive law of another jurisdiction.

 

(b)           Tax
Withholding. The Company (or the Affiliate employing the applicable Employee) will withhold all applicable taxes from any Actual Award,
including any federal, state, local or foreign income and employment taxes.

 

    4 

     

    

 

(c)           Section 409A.
The Plan is intended to be exempt from the requirements of Section 409A of the Code (“Section 409A”), and
shall be interpreted in accordance with such intent. Each payment under the Plan is intended to constitute a separate payment for purposes
of Treasury Regulation Section 1.409A-2(b)(2). If an award granted under the Plan is subject to Section 409A, any payment to
a Participant who is a “specified employee” (within the meaning of Section 409A) of the Company or any Affiliate and
that is payable upon such Participant’s “separation from service” (within the meaning of Section 409A), shall not
be made before the date that is six months after the Participant’s separation from service, to the extent required to avoid the
adverse consequences of Section 409A. Nothing in the Plan shall be interpreted or construed to transfer any liability for any tax
(including a tax or penalty due as a result of a failure to comply with Section 409A) to the Company or to any other individual or
entity, and the Company shall have no liability to a Participant, or any other party, if an award granted under the Plan that is intended
to be exempt from, or compliant with, Section 409A is not so exempt or compliant.

 

(d)          No
Employment or Service Rights. The Plan shall not confer upon any Participant any right to employment or service with the Company or
any Affiliate, nor shall it interfere in any way with the right of the Company or any Affiliate to terminate the Participant’s employment
or service at any time.

 

(e)           Participation.
No Employee will have the right to be selected to receive an award under the Plan, or, having been so selected, to be selected to receive
a future award.

 

(f)         Successors.
All obligations of the Company under the Plan, with respect to awards granted hereunder, will be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business or assets of the Company.

 

(g)           Nontransferability
of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution. All rights with respect to an award granted to a Participant will be available
during his or her lifetime only to the Participant.

 

(h)           Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the
Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

(i)            Severability.
In the event any provision of the Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the
remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included.

 

(j)           Requirements
of Law. The granting of awards under the Plan will be subject to all applicable laws, rules and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required.

 

    5 

     

    

 

(k)           Recoupment;
Clawback. Subject to the terms and conditions of the Plan, the Committee may provide that any Participant and/or any award granted
under the Plan is subject to any recovery, recoupment, clawback and/or other forfeiture policy maintained by the Company from time to
time.

 

(l)            Effect
on Other Employee Benefit Plans. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting other or additional
compensation arrangements for its employees or other service providers. The value of any award under the Plan shall not be included as
compensation, earnings, salaries, or other similar terms used when calculating any Participant’s benefits under any employee benefit
plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights
to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

    6

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