Document:

Exhibit 10.18.5

 

HUMACYTE, INC.

NONQUALIFIED STOCK OPTION AGREEMENT

 

Under the

HUMACYTE, INC.

2005 STOCK OPTION PLAN

 

THIS NONQUALIFIED STOCK OPTION AGREEMENT
(this “Agreement”) is made as of the __ day of _____, 200_ (the “Grant Date”), by and between Humacyte,
Inc. (the “Company”) and ___________ (the “Participant”).

 

WHEREAS the Committee granted Participant
an option to purchase shares of the Company’s Stock pursuant to the Humacyte, Inc. 2005 Stock Option Plan (the “Plan”);
and

 

WHEREAS, this Agreement evidences the grant
of such option.

 

NOW, THEREFORE, in consideration of the
foregoing, of the mutual promises set forth below and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

		1.	Grant of Option. The Committee granted Participant an option to purchase from the Company, during the period specified
in Sections 3 and 4 of this Agreement, a total of _____________ shares of Stock, at the purchase price of $___ per share (the “Purchase
Price”), in accordance with the terms and conditions stated in this Agreement. The shares of Stock subject to the option
granted hereby are referred to below as the “Shares,” and the option to purchase such Shares is referred to below as
the “Option.”

 

		2.	Definitions; Authority of Committee.

 

		(a)	All capitalized terms used in this Agreement shall have the meanings set out in the Plan unless otherwise specified in this
Agreement.

 

		(b)	“Cause” shall mean that Participant’s service, as an employee or otherwise, with the Company or any surviving
entity following a Change in Control or Corporate Reorganization shall have terminated principally because (i) of Participant’s
breach of any employment, noncompetition or other agreement with such entity; (ii) Participant commits any act of dishonesty toward
such entity, theft of corporate property or unethical business conduct, or is convicted of any misdemeanor or felony involving
dishonest, immoral or unethical conduct; or (iii) Participant commits any act of insubordination, fails to comply with any instructions
of such entity’s president or board of directors, or commits any act or omission which such entity’s board of directors
determines, in good faith, may materially adversely affect such entity’s business or operations unless Participant cures
such action or omission within five (5) days after notice from such entity.

 

    	 	 	 

    

    

 

 

		(c)	A “Change in Control” shall be deemed to have occurred if, after the Company has consummated a Public Offering:

 

		(i)	any “Person” as defined in Paragraph 3(a)(9) of the Securities Exchange Act of 1934 (the “Act”), including
a “group” (as that term is used in paragraphs 13(d)(3) and 14(d)(2) of the Act), but excluding the Company and any
employee benefit plan sponsored or maintained by the Company, including any trustee of such plan acting as trustee:

 

		(A)	consummates a tender or exchange offer for any shares of the Stock pursuant to which at least fifty percent (50%) of the outstanding
shares of the Stock are purchased; or

 

		(B)	together with its “affiliates” and “associates” (as those terms are defined in Rule 12b-2 under the
Act) becomes the “Beneficial Owner” (within the meaning of Rule 13d-3 under the Act) of at least fifty percent (50%)
of the Stock;

 

		(ii)	a merger or consolidation involving the Company is consummated and as a result of such merger or consolidation, the Company’s
shareholders immediately before such merger or consolidation do not own, directly or indirectly, more than fifty percent (50%)
of the then outstanding voting securities of the entity resulting from such merger or consolidation in substantially the same proportion
of their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such merger
or consolidation;

 

		(iii)	a sale or other disposition of all or substantially all of the Company’s assets is consummated, or the dissolution or
liquidation of the Company is commenced; or

 

		(iv)	during any period of 24 consecutive months during the existence of this Agreement, the individuals who, at the beginning of
such period, constitute the Board (the “Incumbent Directors”) cease for any reason other than death to constitute at
least a majority thereof; provided, however, that a director who was not a director at the beginning of such 24 month period shall
be deemed to have satisfied such 24 month requirement, and be an Incumbent Director, if such director was elected by, or on the
recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either
actually, because they were directors at the beginning of such 24 month period, or by prior operation of this subparagraph (iv).

 

		(d)	A “Corporate Reorganization” means the happening of any one of the following events prior to the time at which
the Company has consummated a Public Offering:

 

		(i)	the dissolution or liquidation of the Company;

 

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		(ii)	a reorganization, merger, or consolidation involving the Company unless:

 

		(A)	the transaction involves only the Company and one or more of the Company’s parent corporation and wholly-owned (excluding
interests held by employees, officers and directors) subsidiaries; or

 

		(B)	the shareholders who had the power to elect a majority of the board of directors of the Company immediately prior to the transaction
have the power to elect a majority of the board of directors of the surviving entity immediately following the transaction;

 

		(iii)	the sale of all or substantially all of the assets of the Company to another corporation, person or business entity; or

 

		(iv)	a sale of Company stock, unless either (x) the shareholders who had the power to elect a majority of the board of directors
of the Company immediately prior to the acquisition have the power to elect a majority of the board of directors of the Company
immediately following the transaction, or (y) the sale of Company stock is to obtain financing to operate or expand the Company’s
business.

 

		(e)	An “Involuntary Termination” is any Termination of Service of Participant:

 

		(i)	by the Company or any surviving entity in a Change in Control or Corporate Reorganization for any reason other than for Cause;
or

 

		(ii)	voluntarily by Participant following the assignment to Participant by the Company or any surviving entity in a Change in Control
or Corporate Reorganization of any duties that are significantly incompatible with, and detract from, Participant’s position,
duties, titles responsibilities or status with the Company or any surviving entity in a Change in Control or Corporate Reorganization.

 

		(iii)	All determinations made by the Committee with respect to the interpretation construction and application of any provision of
this Agreement shall be final conclusive and binding on the parties.

 

		3.	Vesting and Exercise of Option. The Option shall vest and become exercisable as follows
from and after ______ (the “Commencement Date”):

 

		(i)	On _______, a total of one-third (1/3) of the Shares shall vest;

 

		(ii)	On _______, an additional one-third (1/3) of the Shares shall vest; and

 

		(iii)	On _______, an additional one-third (1/3) of the Shares shall vest, such that full vesting is achieved
as of _______.

 

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The Option may be exercised at any time and from time
to time to purchase up to the number of Shares as to which it is then vested and exercisable.

 

Notwithstanding the foregoing, the Participant may
at any time prior to full vesting elect to exercise the Option to purchase the remaining number of Shares not yet purchased; provided,
however, that Shares purchased with respect to any then-unvested portion of the Option shall take the form of Restricted Stock,
which shall be subject to substantial risk of forfeiture consistent with the vesting schedule above. Such election shall be conditioned
upon (a) the Participant’s execution of separate Restricted Stock Agreement (including related Stock Powers), which shall
replace and supersede the terms of this Agreement, and (b) the Participant making the election set forth in Code section 83(b)
with respect to the Restricted Stock.

 

Notwithstanding the foregoing, in the event of a Change
in Control or Corporate Reorganization the Option may, at the sole discretion of the Company’s Board of Directors, vest and
become exercisable, to the extent not already vested and exercisable, immediately prior to such Change in Control or Corporate
Reorganization, provided that Participant has not incurred a Termination of Service prior to the effective date of such Change
in Control or Corporate Reorganization, unless the surviving entity in such Change in Control or Corporate Reorganization assumes
the Option or replaces the Option with an option of equivalent value and with comparable terms. In the event of a Change in Control
or Corporate Reorganization, if the surviving entity does not assume or replace the Option, the Company shall send Participant
prior written notice of the effectiveness of such Change in Control or Corporate Reorganization and the last day on which Participant
may exercise the Option to the extent vested. On or prior to the last day specified in such notice, Participant may, upon compliance
with all of the terms of this Agreement and the Plan, exercise the Option with respect to any or all of the vested Shares, conditioned
upon and subject to the completion of the Change in Control or Corporate Reorganization. To the extent the Option is not so exercised,
it shall terminate at 5:00 P.M., Eastern Time, on the last day specified in such notice, conditioned upon and subject to the completion
of the Change in Control or Corporate Reorganization. If the surviving entity in such Change in Control or Corporate Reorganization
assumes or replaces the Option as described above, the preceding provisions of this paragraph shall not apply; however, if there
is an Involuntary Termination of Participant’s employment within the period that commences thirty (30) days prior to the
effective date of such Change in Control or Corporate Reorganization and that ends twelve (12) months following the effective date
of such Change in Control or Corporate Reorganization, the Option shall vest and become exercisable, to the extent not already
vested and exercisable, on the date of such Involuntary Termination.

 

Notwithstanding the foregoing, if Participant is a
non-exempt employee for purposes of the Fair Labor Standards Act of 1938 and the Option is intended to comply with the Worker Economic
Opportunity Act of 2000, Participant may not exercise the Option, in whole or in part, prior to the date that is six (6) months
after the Grant Date unless Participant has incurred a Termination of Service due to death, Disability or following attainment
of age 65 or unless a Change in Control or Corporate Reorganization has occurred after the Grant Date.

 

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		4.	Termination of Option. The Option shall remain exercisable as specified in Section 3 above until the earliest to occur
of the dates specified below, upon which date the Option shall terminate:

 

		(a)	the date all of the Shares are purchased pursuant to the terms of this Agreement;

 

		(b)	upon the expiration of three (3) months following Participant’s Termination of Service for
any reason other than Cause, death or Disability;

 

		(c)	immediately upon the Termination of Service of Participant by the Company for Cause;

 

		(d)	upon the expiration of one (1) year following Participant’s Termination of Service as a result
of death or Disability;

 

		(e)	upon the expiration of one (1) year following the date of Participant’s death, if death shall
have occurred following Participant’s Termination of Service and while the Option was still exercisable;

 

		(f)	at 5:00 P.M., Eastern Time, on the thirtieth (30th) day following the date that the Company files
articles of dissolution with the state in which the Company is incorporated or is otherwise dissolved under applicable law;

 

		(g)	at 5:00 P.M., Eastern Time, on the last day specified in the notice described in Section 3 above
in the event of a Change in Control or Corporate Reorganization; or

 

		(h)	the ten-year anniversary of the Grant Date at 5:00 P.M.,
Eastern Time.

 

Upon its termination, the Option shall have no further
force or effect and Participant shall have no further rights under the Option or to any Shares that have not been purchased pursuant
to prior exercise of the Option.

 

		5.	Manner of Exercise of Option.

 

		(a)	The Option may be exercised only by (i) Participant’s completion, execution and delivery to the Company of a notice of
exercise and, if required by the Company, an “investment letter” as supplied by the Company confirming Participant’s
representations and warranties in Section 20 of this Agreement, including the representation that Participant is acquiring the
Shares for investment only and not with a view to the resale or other distribution thereof, and (ii) the payment to the Company,
pursuant to the terms of this Agreement, of an amount equal to the Purchase Price multiplied by the number of Shares being purchased
as specified in Participant’s notice of exercise. Participant’s right to exercise the Option shall be conditioned upon
and subject to satisfaction, in a manner acceptable to the Company, of any withholding liability under any state or federal law
arising in connection with exercise of the Option. Participant must provide notice of exercise of the Option with respect to no
fewer than 100 Shares (or any lesser number of Shares with respect to which the Option is then vested and exercisable). Participant’s
notice of exercise shall be given in the manner specified in Section 16 but any exercise of the Option shall be effective only
when the items required by the preceding sentence are actually received by the Company. The notice of exercise and the “investment
letter” may be in the form set forth in Exhibit A attached to this Agreement. Notwithstanding anything to the contrary in
this Agreement, the Option may be exercised only if compliance with all applicable federal and state securities laws can be effected.

 

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Payment of the aggregate Purchase Price may be made
in cash or by check payable to the order of the Company for an amount in U.S. dollars equal to the aggregate Purchase Price of
such Shares. Payment may also be made by delivery of shares of Stock held by the Participant for the requisite period necessary
to avoid a charge to the Company’s earnings for financial reporting purposes, as determined by the Committee in its discretion,
and having an aggregate Fair Market Value equal to the amount of cash that would otherwise be required to pay the aggregate Purchase
Price. After the Company has consummated a Public Offering, payment may also be made by authorizing a third party to sell a portion
of the Shares acquired upon exercise of the Option and remit to the Company a sufficient portion of the sales proceeds to pay the
aggregate Purchase Price, pursuant to the procedures established by the Committee for this purpose. Payment may also be made by
combining the above methods. To the extent that shares are used in making full or partial payment of the Purchase Price, each such
share will be valued at the Fair Market Value thereof as of the date of exercise. Any overpayment will be promptly refunded, and
any underpayment will be deemed an exercise of such lesser whole number of Shares as the amount paid is sufficient to purchase.

 

		(b)	Except as otherwise provided in the Plan, upon any exercise of the Option by Participant or as soon thereafter as is practicable,
the Company shall issue and deliver to Participant a certificate or certificates evidencing such number of Shares as Participant
has then elected to purchase. Such certificate or certificates shall be registered in the name of Participant and shall bear such
legends as the Company deems appropriate.

 

		6.	Restrictions on Transfer.

 

		(a)	Except as otherwise provided in subsections (b) and (c) below and in Sections 7, 8, 9, and 13 of this Agreement, neither the
Option nor any Shares may be sold, exchanged, delivered assigned bequeathed or gifted, pledged, mortgaged, hypothecated or otherwise
encumbered, transferred or permitted to be transferred or otherwise disposed of, whether voluntarily, involuntarily or by operation
of law (including, without limitation, the laws of bankruptcy, intestacy, descent, and distribution or succession) or on an absolute
or contingent basis. For this purpose, any reference to Participant shall (when applicable) be deemed to be and include references
to Participant’s estate, executors or administrators, personal or legal representatives and transferees (direct or indirect).
The restrictions specified in this subsection (a) with respect to the Shares (but not the Option) shall terminate upon consummation
of a Public Offering.

 

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		(b)	Participant shall be entitled to transfer the Option and/or all or any portion of the Shares then held of record by the Participant,
by gift, to his or her immediate family or to a trust which has as its only beneficiaries those individuals that include Participant
and members of Participant’s immediate family, or to a partnership or similar entity which has as its only partners or members
those individuals that include Participant and members of Participant’s immediate family. In such case, the Option shall
be exercisable only by such transferee. For this purpose, Participant’s “immediate family” is Participant’s
spouse, children and/or grandchildren. In the event of the Participant’s death, the Option and/or any Shares then held of
record by the Participant may be transferred to any executor, administrator, personal or legal representative, legatee, heir or
distributee of the estate of the Participant. The Participant shall be entitled to sell, without compliance with Section 8 below,
any Shares then held of record by the Participant as a result of purchase under this Agreement, to any other holder of Stock. However,
any such transfer shall be effective only if, as a condition precedent to such transfer, each and every prospective transferee
shall provide or cause to be provided to the Company, at its request, sufficient evidence of the legal right and authority of such
prospective transferee to have the Option and/or any of such Shares so transferred.

 

		(c)	Shares acquired pursuant to exercise of the Option may be transferred pursuant to a Change in Control or Corporate Reorganization.

 

		(d)	Notwithstanding any provision of this Agreement to the contrary, Shares issued to the Participant upon exercise of the Option
shall be subject to the Market Stand-Off provided in Section 3.15 of the Plan.

 

		(e)	The Company may impose stop-transfer instructions with respect to any shares (or other securities) subject to any restriction
set forth in this Agreement until the restriction has been satisfied or terminates.

 

		(f)	The Participant agrees that the Participant will not distribute or resell any Shares (or other securities) issuable upon exercise
of the Option granted hereby in violation of the Securities Act of 1933, as amended, that the Participant will indemnify and hold
the Company harmless against all liability for any such violation, and that upon request the Participant (i) will furnish a letter
agreement in connection with any exercise of this Option containing any representations and/or undertakings which the Company shall
request and (ii) will accept a certificate representing Shares bearing any legend restricting transferability as the Company shall
request to ensure compliance with securities laws. The Shares shall not be transferable except in compliance with the conditions
indicated in the legend.

 

		7.	Reserved.

 

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		8.	Right of First Refusal.

 

		(a)	In the event that the Participant shall receive a Bona Fide Offer (as defined in Section 8(b) hereof) to purchase some or all
of the Shares then held of record by the Participant, and, in the further event that the Participant desires to accept such Bona
Fide Offer, the Participant shall give written notice to the Company containing the information required by Section 8(d) and offering
to sell such Shares to the Company upon the same terms and conditions as are contained in the Bona Fide Offer or upon such other
terms to which the Participant consents. The Company shall then have such rights and privileges, for the prescribed time periods,
as are set forth in Section 8(d) hereof.

 

		(b)	The term “Bona Fide Offer” as used in this Agreement means an offer in writing, signed by an offeror or offerors
(who must be a person or persons financially capable of carrying out the terms of such Bona Fide Offer) not affiliated in any manner
with, or related to, the Participant, in a form legally enforceable, upon its acceptance, against such nonaffiliated and unrelated
offeror or offerors.

 

		(c)	The notice from the Participant to the Company with respect to a Bona Fide Offer under Section 8(a) shall contain a true and
complete copy of the Bona Fide Offer, setting forth the price and all of the terms and conditions, with the name(s), address(es)
and business(es) or other occupation(s) of the nonaffiliated and unrelated offeror or offerors. Any notice that does not contain
all such information shall not be considered effective under Section 8(a).

 

		(d)	For a period of sixty (60) days from its receipt of the Participant’s notice under Section 8(a) the Company shall have
the right, at its sole option, to purchase the Shares so offered. Such right of the Company may be exercised by the Company by
giving written notice of such exercise to the Participant within such sixty (60) day period. Such notice from the Company shall
specify the time and date on which settlement in connection with the exercise of such right is to be made. The date specified shall
not be later than ninety (90) days from the date such notice is given by the Company. Settlement shall be held on the purchase
of Shares under this Section 8 at the principal executive offices of the Company or at such other place as the Company shall notify
the Participant At settlement, the Participant shall deliver to the Company the materials required pursuant to Section 9 hereof
and, simultaneously therewith, the Company shall deliver to the Participant the purchase price for such Shares in the amount, manner
and form provided for in the Bona Fide Offer.

 

		(e)	If the Company shall not elect, within such sixty (60) day period, to purchase all of the Shares covered by the Bona Fide Offer,
the Participant shall have the right to accept the Bona Fide Offer in whole (but not in part) and to sell such Shares, subject
to the provisions and restrictions of this Agreement, but only in strict accordance with all of the provisions of the Bona Fide
Offer and only if the sale is fully consummated within ninety (90) days after the date the Participant gives the notice required
by Section 8(a). In the event that such sale is not fully consummated within such ninety (90) day period, the Participant must
again comply with the provisions of this Section 8 before the Participant may sell Shares pursuant to this Section 8.

 

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		(f)	The right of first refusal specified in this Section 8 shall terminate when the Company has consummated a Public Offering.

 

		(g)	The right of first refusal specified in this Section 8 shall be freely assignable by the Company. The right of first refusal
specified in this Section 8 is a separate and independent obligation of the Participant and shall survive any termination of the
Participant’s service with the Company as an employee, director or otherwise. Furthermore, such right shall not be construed
as an absolute obligation on the part of the Company to repurchase any portion of the Shares that is tendered.

 

		9.	Delivery of Stock and Documents. Upon the closing of any purchase by the Company of any Shares pursuant to Section 7
or 8 of this Agreement, the Participant, his or her executor, administrator or beneficiaries shall deliver to the Company the certificate
or certificates representing the Shares being sold, free and clear of all options, contracts, commitments, liens, pledges, security
interests and other encumbrances, duly endorsed for transfer, and such assignments and other documents and instruments evidencing
the title of the Participant and of the Participant’s compliance with this Agreement as may be reasonably required by the
Company or by counsel for the Company, together with appropriate duly signed stock powers transferring such Shares to the Company,
and the Company shall deliver to the Participant, his or her executor, administrator or beneficiaries the Company’s check
in the amount of the purchase price for the Shares being sold. Upon the closing of such repurchase, the Participant shall be deemed
to have represented and warranted to the Company (and, if requested by the Company, shall then represent and warrant in writing)
that the Participant owns the Shares being purchased free and clear of all options, contracts, commitments, liens, pledges, security
interests and other encumbrances. The Participant agrees to indemnify the Company against any and all losses, damages, liabilities,
claims, actions, proceedings, judgments, costs and expenses (including reasonable attorneys’ fees) arising out of any breach
of such representation and warranty.

 

		10.	Binding Upon Transferees. In the event that, at any time or from time to time, the Option and/or any Shares are transferred
to any party (other than the Company) pursuant to the provisions hereof, the transferee shall take the Option and/or such Shares
pursuant to all of the provisions, conditions and obligations of the Plan and this Agreement (including, without limitation, the
obligations to sell and transfer, and to offer to sell and transfer, such Shares pursuant to the provisions of Sections 7 and 8),
and, as a condition precedent to the transfer of the Option and/or such Shares, the transferee shall agree in writing, for and
on behalf of such transferee and such transferee’s successors and assigns, to be bound by all provisions of the Plan and
this Agreement. For purposes of this Section 10, the obligation of any such transferee pursuant to Section 7 to sell such Shares
shall arise upon the Company’s exercise of its repurchase right, pursuant to Section 7 after the Participant’s Termination
of Service, not such transferees termination of employment (if any).

 

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		11.	Shareholders Agreement. As a condition to receipt of any Shares upon exercise of the Option, upon request by the Company,
Participant (and any transferees, the successors and assigns of the Participant or any transferee) shall become a party to any
agreement between the Company and any of its shareholders existing at the time of exercise of the Option and shall sign a copy
of such agreement. To the extent any of the terms, conditions or restrictions under such agreement, including amendments thereto,
are inconsistent with the terms, conditions or restrictions under this Agreement, as determined by the Committee in its discretion,
the terms, conditions or restrictions under such shareholders’ agreement shall control.

 

		12.	Rights Prior to Exercise. Participant will have no rights as a shareholder with respect to the Shares except to the
extent that Participant has exercised the Option and has been issued and received delivery of a certificate or certificates evidencing
the Shares so purchased.

 

		13.	Sale or Other Disposition by Majority Interest. Participant hereby irrevocably appoints the Company and its President,
or either of them, as Participant’s agents and attorneys-in-fact, with full power of substitution for and in Participant’s
name, to sell, exchange, transfer or otherwise dispose of all or a portion of Participant’s Shares and to do any and all
things and to execute any and all documents and instruments (including, without limitation, any stock transfer powers) in connection
therewith, such powers of attorney to become operable only in connection with a Change in Control or Corporate Reorganization.
Any sale, exchange, transfer or other disposition of all or a portion of Participant’s Shares pursuant to the foregoing powers
of attorney shall be made upon substantially the same terms and conditions (including sale price per share) applicable to a sale,
exchange, transfer or other disposition of shares of Stock owned by the holder or holders of a majority of the issued and outstanding
shares of Stock. For purposes of determining the sale price per share of the Shares under this Section 13, there shall be excluded
the consideration (if any) paid or payable to the holder or holders of a majority of the issued and outstanding shares of Stock
in connection with any employment, consulting, noncompetition or similar agreements which such holder or holders may enter into
in connection with or subsequent to such sale, transfer, exchange or other disposition. The foregoing power of attorney shall not
impose or be deemed to impose any fiduciary duty or any other duty (except as set forth in this Section 13) or obligation on either
the Company or its President, shall be irrevocable and coupled with an interest and shall not terminate by operation of law, whether
by the death, bankruptcy or adjudication of incompetency or insanity of Participant or the occurrence of any other event.

 

		14.	Engagement of Participant. Nothing in this Agreement shall be construed as constituting a commitment, guarantee, agreement
or understanding of any kind or nature that the Company shall continue to retain the services of Participant, nor shall this Agreement
affect in any way the right of the Company to terminate the services of Participant as an employee or otherwise at any time and
for any reason. By Participant’s execution of this Agreement, Participant acknowledges and agrees that Participant’s
service relationship with the Company is “at will.” No change of Participant’s duties to the Company shall result
in, or be deemed to be, a modification of any of the terms of this Agreement.

 

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		15.	Burden and Benefit; Company. This Agreement shall be binding upon, and shall inure to the benefit of, the Company and
Participant, and their respective heirs, personal and legal representatives, successors and assigns. As used in this Section 15,
the term the “Company” shall also include any corporation which is the parent or a subsidiary of the “Company”
or any corporation or entity which is an affiliate of the Company by virtue of common (although not identical) ownership, and for
which Participant is providing services in any form for the Company or any such other corporation or entity. Participant hereby
consents to the enforcement of any and all of the provisions of this Agreement by or for the benefit of the Company and any such
other corporation or entity.

 

		16.	Notices. Any and all notices under this Agreement shall be in writing, and sent by hand delivery or by certified or
registered mail (return receipt requested and first-class postage prepaid), in the case of the Company, to its principal executive
offices to the attention of the President, and in the case of Participant, to Participant’s address as shown on the Company’s
records.

 

		17.	Specific Performance. Strict compliance by Participant shall be required with each and every provision of this Agreement.
The parties hereto agree that the Shares are unique, that Participant’s failure to perform the obligations provided by this
Agreement will result in irreparable damage to the Company and that specific performance of Participant’s obligations may
be obtained by suit in equity.

 

		18.	Amendment. The Committee shall have the exclusive authority to amend this Agreement, provided that no amendment of this
Agreement shall, without the written consent of the Participant, adversely affect, as shall be determined by the Committee, the
rights of the Participant hereunder.

 

		19.	Terms and Conditions of Plan. The terms and conditions included in the Plan, the receipt of a copy of which Participant
hereby acknowledges by execution of this Agreement, are incorporated by reference herein, and to the extent that any conflict may
exist between any term or provision of this Agreement and any term or provision of the Plan, such term or provision of the Plan
shall control.

 

		20.	Covenants and Representations of Participant. Participant represents, warrants, covenants and agrees with the Company
as follows:

 

		(a)	The Option is being received for Participant’s own account without the participation of any other person, with the intent
of holding the Option and the Shares issuable pursuant thereto for investment and without the intent of participating, directly
or indirectly, in a distribution of the Shares and not with a view to, or for resale in connection with, any distribution of the
Shares or any portion thereof.

 

		(b)	Participant is not acquiring the Option or any Shares based upon any representation, oral or written, by any person with respect
to the future value of, or income from, the Shares, but rather upon an independent examination and judgment as to the prospects
of the Company.

 

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		(c)	Participant has had the opportunity to ask questions of and receive answers from the Company and its executive officers and
to obtain all information necessary for Participant to make an informed decision with respect to the investment in the Company
represented by the Option and any Shares issued upon its exercise.

 

		(d)	Participant is able to bear the economic risk of any investment in the Shares, including the risk of a complete loss of the
investment, and Participant acknowledges that Participant must continue to bear the economic risk of any investment in Shares received
upon exercise of the Option for an indefinite period.

 

		(e)	Participant understands and agrees that the Shares subject to the Option may be issued and sold to Participant without registration
under any state or federal laws relating to the registration of securities and in that event will be issued and sold in reliance
on exemptions from registration under appropriate state and federal laws and, as a result, the Participant may not resell or otherwise
dispose of all or any portion of the Shares unless such resale or other disposition is registered under federal and applicable
state securities laws or an exemption from such registration is available.

 

		(f)	Shares issued to Participant upon exercise of the Option will not be offered for sale, sold or transferred by Participant other
than pursuant to: (i) an effective registration under applicable state securities laws or in a transaction which is otherwise in
compliance with those laws; (ii) an effective registration under the Securities Act of 1933, or a transaction otherwise in compliance
with such Act; and (iii) evidence satisfactory to the Company of compliance with all applicable state and federal securities laws.
The Company shall be entitled to rely upon an opinion of counsel satisfactory to it with respect to compliance with the foregoing
laws.

 

		(g)	The Company will be under no obligation to register the Shares issuable pursuant to the Option or to comply with any exemption
available for sale of the Shares by Participant without registration, and the Company is under no obligation to act in any manner
so as to make Rule 144 promulgated under the Securities Act of 1933 available with respect to any sale of the Shares by Participant.

 

		(h)	Participant shall, during the entire period of service or employment with the Company and for a period of ninety (90) days
following Termination of Service observe the Company’s securities trading policies in effect from time to time during such
period of service or employment and/or during such post-service period.

 

		(i)	Participant has not relied upon the Company with respect to any tax consequences related to the grant or exercise of this Option,
or the disposition of Shares purchased pursuant to its exercise. Participant acknowledges that, as a result of the grant and/or
exercise of the Option, Participant may incur a substantial tax liability. Participant assumes full responsibility for all such
consequences and the filing of all tax returns and elections Participant may be required or find desirable to file in connection
therewith. In the event any valuation of the Option or Shares purchased pursuant to its exercise must be made under federal or
state tax laws and such valuation affects any return or election of the Company, Participant agrees that the Company may determine
such value and that Participant will observe any determination so made by the Company in all returns and elections filed by Participant.
In the event the Company is required by applicable law to collect any withholding, payroll or similar taxes by reason of the grant
or any exercise of the Option, Participant agrees that the Company may withhold such taxes from any monetary amounts otherwise
payable by the Company to Participant and that, if such amounts are insufficient to cover the taxes required to be collected by
the Company, Participant will pay to the Company such additional amounts as are required.

 

    	 	 12	 

    

    
 

 

		(j)	The agreements, representations, warranties and covenants made by Participant herein with respect to the Option shall also
extend to and apply to all of the Shares issued to Participant from time to time pursuant to exercise of the Option. Acceptance
by Participant of any certificate representing Shares shall constitute a confirmation by Participant that all such agreements,
representations, warranties and covenants made herein shall be true and correct at that time.

 

		21.	Limitation of Liability. The liability of the Company, the Board, and their officers, employees and agents, under this
Agreement and in the award of the Shares hereunder is limited to the obligations set forth with respect to such award, and nothing
herein contained shall be interpreted as imposing any liability in favor of the Participant with respect to any loss, cost or expense
which such recipient may incur in connection with or arising out of any transaction involving the Shares that is subject to the
provisions of this Agreement.

 

		22.	Unsecured and Unfunded Agreement. Any rights of the Participant hereunder shall be no greater than the right of an unsecured
general creditor of the Company. Any payments to be made hereunder shall be paid from the general funds of the Company, and no
special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts.

 

		23.	Entire Agreement. The parties hereto agree that this Agreement sets forth all of the promises, agreements, conditions,
understandings, warranties, and representations between the parties with respect to the Option and Shares and that there are no
promises, agreements, conditions, understandings, warranties, or representations, oral or written, express or implied between the
parties with respect to the Option and Shares other than as set forth in this Agreement. Participant accepts the Option in full
satisfaction of any and all obligations of the Company with respect to options granted or to be granted to Participant, pursuant
to the Plan or otherwise. Any modifications or any waiver of any provision contained in this Agreement shall not be valid unless
made in writing and signed by the person or persons sought to be bound by such waiver or modifications.

 

    	 	 13	 

    

    
 

 

		24.	Severability. The provisions of the Agreement are severable and if any one or more provisions are determined to be illegal
or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent
enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

 

		25.	Waiver. The waiver by the Company of a breach of any provision of this Agreement by the Participant shall not operate
or be construed as a waiver of any subsequent breach by the Participant.

 

		26.	Code Section 409A. At all times during the term of this Agreement, it shall be operated in accordance with the requirements
of Code section 409A (together with applicable regulations, proposed or otherwise, and other guidance of general applicability
that is issued thereunder, “409A”). Any action that may be taken (and, to the extent possible, any action actually
taken) by the Committee or the Company shall not be taken (or shall be void and without effect), if such action violates the requirements
of 409A. If the failure to take an action under this Agreement would violate 409A, then to the extent it is possible thereby to
avoid a violation of 409A, the rights and effects under this Agreement shall be altered to avoid such violation. Any provision
in this Agreement that is determined to violate the requirements of 409A shall be void and without effect. In addition, any provision
that is required to appear in this Agreement to satisfy the requirements of 409A, but that is not expressly set forth, shall be
deemed to be set forth herein, and the Agreement shall be administered in all respects as if such provision were expressly set
forth. In all cases, the provisions of this Section shall apply notwithstanding any contrary provision of the Agreement that is
not contained in this Section.

 

[The signature
page follows.]

 

    	 	 14	 

    

    
 

 

IN WITNESS WHEREOF the parties hereto have
caused this Agreement to be executed as of the day and year first above written.

 

	 	COMPANY:	 
	 	 	 
	 	HUMACYTE, INC.	 
	 	 	 
	 	By:	           	 
	 	 	 
	 	PARTICIPANT:	 
	 	 	 
	 	 	 
	 	[name]	 

 

    	 	 15Exhibit 10.19

 

HUMACYTE,
INC.

2015
OMNIBUS INCENTIVE PLAN

 

1.
Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide
additional incentives to employees, directors and consultants and to promote the success of the business of Humacyte, Inc. (the
“Company”). This Plan is intended to replace the Humacyte, Inc. 2005 Stock Option Plan (the “Prior Plan”).
The Prior Plan shall be terminated and replaced and superseded by this Plan on the date on which this Plan is approved by the
Company’s stockholders (unless terminated earlier), except that any awards granted under the Prior Plan shall remain in
effect pursuant to their terms.

 

2.
Definitions. The following definitions shall apply as used herein and, except as defined otherwise in an Award Agreement,
in the Award Agreements.

 

“Administrator”
means the Board and any Committee or individual appointed to administer the Plan under Section 4.

 

“Award”
means an award described in Section 6.

 

“Award
Agreement” means the written agreement evidencing the grant of an Award, including any amendments thereto.

 

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

 

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

 

“Committee”
means any committee that is composed of at least two members of the Board.

 

“Common
Stock” means the common stock of the Company.

 

“Company”
means Humacyte, Inc., a North Carolina corporation, or any successor entity.

 

“Consultant”
means any person other than an Employee or a Director (solely with respect to rendering services in such person’s capacity
as a Director) who is engaged by the Company or any Subsidiary to render consulting or advisory services.

 

“Corporate
Transaction” means any of the following transactions:

 

		(i)	any
                                         person (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, becoming the beneficial owner (within the meaning of Rule 13d-3 promulgated under
                                         the Exchange Act) of more than 50% of the combined voting power of the then outstanding
                                         voting securities of the Company, except that any change in the ownership of the stock
                                         of the Company as a result of a private financing of the Company that is approved by
                                         the Board will not be considered a Corporate Transaction;

 

		(ii)	a
                                         consolidation or merger of the Company with or into another entity, unless the stockholders
                                         of the Company immediately before such consolidation or merger 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, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent
                                         Board”) cease 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 of all or substantially all of the assets of the Company; or

 

		(v)	the
                                         liquidation, dissolution or winding up of the entity.

 

For
the avoidance of doubt, a transaction will not constitute a Corporate Transaction 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.

 

“Director”
means a member of the Board or the board of directors of any Subsidiary.

 

“Effective
Time” shall have the meaning set forth in Section 13.

 

“Employee”
means an employee of the Company or any Subsidiary (including a Director who is also an employee).

 

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

 

“Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

		(i)	if
                                         the Common Stock is listed on one or more established stock exchanges or national market
                                         systems, including without limitation The Nasdaq Global Select Market, The Nasdaq Global
                                         Market or The Nasdaq Capital Market of The Nasdaq Stock Market LLC, its Fair Market Value
                                         shall be the closing sales price for such stock (or the closing bid, if no sales were
                                         reported) as quoted on the principal exchange or system on which the Common Stock is
                                         listed (as determined by the Administrator) on the date of determination (or, if no closing
                                         sales price or closing bid was reported on that date, as applicable, on the last trading
                                         date such closing sales price or closing bid was reported), as reported in The Wall Street
                                         Journal or such other source as the Administrator deems reliable;

 

		(ii)	if
                                         the Common Stock is regularly quoted on an automated quotation system (including the
                                         OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall
                                         be the closing sales price for such stock as quoted on such system or by such securities
                                         dealer on the date of determination, but if selling prices are not reported, the Fair
                                         Market Value of a share of Common Stock shall be the mean between the high bid and low
                                         asked prices for the Common Stock on the date of determination (or, if no such prices
                                         were reported on that date, on the last date such prices were reported), as reported
                                         in The Wall Street Journal or such other source as the Administrator deems reliable;
                                         or

 

    2

     

    

 

		(iii)	if
                                         neither (i) nor (ii) above applies, the fair market value determined by the Board using
                                         any measure of value that the Board determines to be appropriate (including, as it considers
                                         appropriate, relying on appraisals) in a manner consistent with the valuation principles
                                         under Section 409A of the Code, except as the Board may expressly determine otherwise.

 

“Grantee”
means an individual who receives an Award.

 

“Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of
the Code.

 

“Non-Qualified
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

“Option”
means an option to purchase Shares.

 

“Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

“Plan”
means this Humacyte, Inc. 2015 Omnibus Incentive Plan, as such may be amended or restated from time to time.

 

“Restricted
Stock” means Shares issued under the Plan subject to restrictions determined by the Administrator and set forth in the
applicable Award Agreement.

 

“Restricted
Stock Units” means an Award based on the value of Common Stock that is an unfunded and unsecured promise to deliver
Shares, cash, or other property upon the attainment of specified vesting or performance conditions, as determined by the Administrator
and set forth in the applicable Award Agreement.

 

“SAR”
means a stock appreciation right entitling the Grantee to Shares or cash compensation, as determined by the Administrator and
set forth in the applicable Award Agreement, measured by appreciation in the value of Common Stock. 

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Service
Provider” means an Employee, Director, or Consultant.

 

“Share”
means a share of Common Stock.

 

“Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

“Unrestricted
Stock” means Shares issued under the Plan that are not subject to vesting, forfeiture or similar restrictions pursuant
to the applicable Award Agreement. For the sake of clarity, Shares that are only subject to restrictions on transfer, right of
first refusal, market stand-off and other similar restrictions shall not, by virtue of such restrictions, be deemed to be “Restricted
Stock.”

 

    3

     

    

 

3.
Stock Subject to the Plan.

 

(a)
Reserved Shares. Subject to the provisions of Sections 12 and 13, below, (i) the maximum aggregate number of Shares which
may be issued pursuant to all Awards is 12,000,000 Shares, and (ii) the maximum aggregate number of Shares which may be issued
pursuant to Incentive Stock Options is 12,000,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.

 

(b) Shares
Returned to Plan. Any Shares covered by an Award (or portion of an Award) which is forfeited, canceled or expires
(whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum
aggregate number of Shares which may be issued under the Plan. Shares that actually have been issued under the Plan pursuant
to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that
if unvested Shares are forfeited or repurchased by the Company, such Shares shall become available for future grant under the
Plan. To the extent not prohibited by applicable law, any Shares covered by an Award which are surrendered (i) in payment of
the Award exercise or purchase price or (ii) in satisfaction of tax withholding obligations incident to the exercise of an
Award shall be deemed not to have been issued for purposes of determining the maximum number of Shares which may be issued
pursuant to all Awards under the Plan, unless otherwise determined by the Administrator; provided, however, that in no
event shall such Shares be added to the then-current number of Shares that may be issued pursuant to Incentive Stock Options.
An award issued under the Prior Plan that remains outstanding after the Prior Plan terminates shall be treated as an Award
for purposes of this subsection (b), and, accordingly, Shares may be returned to this Plan in connection with such
award.

 

(c) Individual
Award Limits. Subject to adjustment as provided in Section 12, the following limits apply:

 

(i)
in the case of Awards that are settled in Shares, the maximum aggregate number of Shares with respect to which Awards (other
than Options and SARs) may be granted under the Plan to any individual in any fiscal year of the Company shall be
3,000,000;

 

(ii)
the maximum aggregate number of Shares subject to Options granted in any one fiscal year to any individual shall be
3,000,000;

 

(iii)
the maximum aggregate number of Shares subject to SARs granted in any one fiscal year to any individual shall be
3,000,000;

 

(iv)
in the case of Awards that are settled in cash based on the Fair Market Value of Common Stock, the maximum aggregate amount
of cash that may be paid pursuant to Awards granted under the Plan to any individual in any fiscal year of the Company shall
be equal to the per share Fair Market Value as of the relevant vesting, payment or settlement date multiplied by the number
of Shares described in the preceding clause; and

 

    4

     

    

 

(v)
in the case of all Awards other than those described in clause (iv), the maximum aggregate amount of cash and other property (valued
at its fair market value) other than Shares that may be paid or delivered pursuant to Awards under the Plan to any individual
in any fiscal year of the Company shall be $5 million.

 

4.
Administration of the Plan.

 

(a)
Administration by the Board. Subject to Sections 4(b) and 4(c), the Plan will be administered by the Board. The Board shall
have authority to grant Awards and determine recipients and terms thereof, to determine Fair Market Value, and to adopt, amend
and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board shall
have full discretionary authority to construe and interpret the terms of the Plan and any Award Agreements entered into under
the Plan and to determine all facts necessary to administer the Plan and any Award Agreements. All decisions by the Board shall
be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in
the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any
action or determination relating to or under the Plan that is made in good faith.

 

(b) Appointment
of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan
to one or more Committees. All references in the Plan to the “Administrator” shall mean the Board or a Committee
of the Board or the officers referred to in subsection (c) to the extent that the Board’s powers or authority under the
Plan have been delegated to such Committee or officers.

 

(c) Delegation
to Officers. To the extent permitted by applicable law, the Administrator may delegate to one or more officers of the
Company the power to grant Awards, subject to any limitations under the Plan, to employees or officers of the Company or any
of its present or future subsidiary corporations, and to exercise such other powers under the Plan as the Board may
determine, provided, that the Board shall fix the terms of the Awards to be granted by such officers (including the
exercise price of such Awards, which may include a formula by which the exercise price will be determined) and the maximum
number of Shares (as defined below) subject to Awards that the officers may grant; provided further, however, that no
officer shall be authorized to grant Awards to himself or herself.

 

(d) 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 to act for the Board is delegated) 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.

 

    5

     

    

 

5.
Eligibility for Awards. Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants.
Incentive Stock Options may be granted only to Employees.

 

6.
Types and Terms of Awards.

 

(a) General.
Awards may be made under the Plan in the form of (i) Options, (ii) SARs, (iii) Restricted Stock, (iv) Restricted Stock Units,
(v) Unrestricted Stock, and (vi) cash incentive awards.

 

(b) Conditions
of Awards. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of
each Award including, but not limited to, the Award vesting schedule, restrictions and restriction periods, repurchase
provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon
settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The Administrator may determine
the effect on an Award of the disability, death, termination or other cessation of employment, authorized leave of absence or
other change in the employment of the Grantee. All of the terms and conditions of an Award shall be set forth in the
applicable Award Agreement.

 

(c) Discretion
of Administrator. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to
any other Award. The terms of each Award need not be identical, and the Administrator need not treat Grantees
uniformly.

 

7.
Options and SARs.

 

(a)
General. The Administrator may grant Options and SARs under the Plan and determine the number of Shares to be covered by
each Option and/or SAR, the exercise price and such other terms, conditions and limitations applicable to the exercise of each
Option and/or SAR, as it deems necessary or advisable. Subject to Section 7(g), Options granted under the Plan may be either Incentive
Stock Options or Non-Qualified Stock Options. To the extent that any Option does not qualify as an Incentive Stock Option, it
shall be deemed a Non-Qualified Stock Option.

 

(b) Exercise
Price. The exercise price per Share subject to an Option or SAR shall be determined by the Administrator at the time of
grant but shall not be less than 100% of the Fair Market Value on the date of grant. If an Employee owns or is deemed to own
(by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power of all classes
of stock of the Company or any Subsidiary or Parent of the Company, and an Incentive Stock Option is granted to such
Employee, the exercise price of such Incentive Stock Option shall not be less than 110% of the Fair Market Value on the grant
date. Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above as a
substitution for a stock option or stock appreciation right in accordance with and pursuant to Section 424 of the Code, in
the case of an Incentive Stock Option, and pursuant to Section 409A of the Code, in the case of a Non-Qualified Stock
Option.

 

    6

     

    

 

(c) Term
of Options and SARs. The term of each Option and SAR shall be fixed by the Administrator and set forth in the Award
Agreement; provided, however, that no Option or SAR shall be exercisable more than ten (10) years after the
date of grant. If an Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code)
more than 10% of the combined voting power of all classes of stock of the Company or any Subsidiary or Parent of the Company,
and an Incentive Stock Option is granted to such Employee, the term of such Option shall be no more than five (5) years from
the date of grant. In the case of an Incentive Stock Option, the term of the Option shall expire no later than three (3)
months after the Employee ceases to be an Employee, except that, if an Employee ceases to be an Employee because of a
disability or the Employee dies while the Option is outstanding, the term of the Option shall expire no later than one year
after the Employee becomes disabled or dies.

 

(d)
Exercisability; Rights of a Stockholder. Options and SARs shall become exercisable at such time or times, whether or not
in installments, as shall be determined by the Administrator and set forth in the Award Agreement; provided, however, that
the Administrator may at any time accelerate the exercisability of all or any portion of any Option or SAR. A Grantee shall have
the rights of a stockholder only as to Shares acquired upon the exercise of an Option or SAR and not as to Shares underlying an
unexercised Option or SAR.

 

(e) Exercise
of Options and SARs. Options and SARs may be exercised by delivery to the Company of a written notice of exercise in such
form of notice (including electronic notice) and manner of delivery as is specified by the Administrator, together with
payment in full as specified in subsection (e) for the number of Shares for which the Option or SAR is exercised. Shares
subject to the Option will be delivered by the Company as soon as practicable following exercise. An Option may not be
exercised for a fraction of a Share.

 

(f) Payment
Upon Exercise. No Shares shall be delivered pursuant to any exercise of an Option or SAR until payment in full of
all required tax withholding, and in the case of an Option, the aggregate exercise price. Payment may be made either by
certified or bank check, or such other means as the Administrator may accept. As determined by the Administrator, in its sole
discretion, at or after grant, payment in full or in part may be made in the form of previously acquired Shares based on the
Fair Market Value on the date of exercise. Subject to the approval of the Administrator, Options may be exercised pursuant to
such cashless exercise procedures as may be approved and implemented by the Administrator from time to time, including
without limitation pursuant to broker-assisted exercise transactions and/or net exercise procedures.

 

(g) Annual
Limit on Incentive Stock Options. Each Option shall be designated in the Award Agreement as either an Incentive Stock
Option or a Non-Qualified Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair
Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Grantee
during any calendar year (under all plans of the Company and any Subsidiary or Parent) exceeds $100,000, such Options shall
be treated as Non-Qualified Stock Options. For purposes of this Section 7(g), Incentive Stock Options shall be taken into
account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the
Option with respect to such Shares is granted.

 

(h) Early
Exercise. The Award Agreement for an Option or SAR may, but need not, include a provision whereby the Grantee may elect
at any time while an Employee, Director or Consultant to exercise any part or all of the Option prior to full vesting. Any
unvested Shares received pursuant to such exercise may be subject to a repurchase right in favor of the Company or any
Subsidiary or Parent or to any other restriction the Administrator determines to be appropriate.

 

    7

     

    

 

8.
Restricted Stock, Restricted Stock Units, Unrestricted Stock, and Cash Incentives.

 

(a) General.
The Administrator shall determine the terms and conditions of each Award Agreement for Restricted Stock, Restricted Stock
Units and Unrestricted Stock. Subject to the terms of the Plan, Award Agreements for Restricted Stock and Restricted Stock
Units shall include such restrictions as the Administrator may impose, which restrictions may lapse separately or in
combination at such time or times, in such installments or otherwise, as the Administrator may deem appropriate.

 

(b) Stock
Certificates. The Company may require that any stock certificates issued in respect of Shares of Restricted Stock shall
be deposited in escrow by the Grantee, together with a stock power endorsed in blank, with the Company (or its designee).
Following the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates
no longer subject to such restrictions to the Grantee or if the Grantee has died, to the beneficiary designated, in a manner
determined by the Administrator, by a Grantee. In the absence of an effective designation by a Grantee, the designated
beneficiary shall be the Grantee’s estate.

 

(c)
Forfeiture and the Option to Purchase. Except as otherwise determined by the Administrator, upon a Grantee’s termination
of employment or service (as determined under criteria established by the Administrator) for any reason during the applicable
restriction period, the Company (or its designee) shall have the right, but shall not be obligated, to repurchase all or part
of Shares of Restricted Stock still subject to restriction at their issue price or other stated or formula price (or to require
forfeiture of such Shares if issued at no cost) from the Grantee.

 

(d) Cash
Incentives. The Company, in its discretion and subject to the provisions of the Plan, may grant other cash incentive
awards.

 

9.
General Provisions Applicable to Awards.

 

(a) Transferability
of Awards. Except as the Administrator may otherwise determine or provide in an Award Agreement, Awards shall not be
sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by
operation of law, except by will or the laws of descent and distribution, or to the extent required by law. References to a
Grantee, to the extent relevant in the context, shall include references to authorized transferees.

 

(b) Withholding.
The Grantee must satisfy all applicable federal, state, and local or other income and employment tax withholding obligations
before the Company will deliver stock certificates or otherwise recognize ownership of Shares under an Award. The Company may
decide to satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not to
or cannot withhold from other compensation, the Grantee must pay the Company the full amount, if any, required for
withholding or, if permitted by the Administrator in its discretion, have a broker tender to the Company cash equal to the
withholding obligations. If provided for in an Award or approved by the Administrator in its sole discretion, a Grantee may
satisfy such tax obligations in whole or in part by delivery of Shares, including Shares retained from the Award creating the
tax obligation, valued at their Fair Market Value; provided, however, that except as otherwise provided by the
Administrator, the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the
Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state
tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). Shares surrendered to
satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar
requirements.

 

    8

     

    

 

(c) Amendment of Awards. The Administrator may amend, modify or terminate any outstanding Award, including
but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or
realization, and converting an Incentive Stock Option to a Non-Qualified Stock Option. The Grantee’s consent to such
action shall be required unless (A) the Administrator determines that the action, taking into account any related action,
would not materially and adversely affect the Grantee’s rights under the Plan or (B) the change is permitted under
Section 12 or 13 hereof.

 

10.
Performance Awards.

 

(a) General.
Any Award may be granted as an Award that satisfies the requirements for “performance-based compensation” within
the meaning of Section 162(m) of the Code. The performance goals must be established by a “Compensation
Committee” comprised solely of two or more outside directors, within the meaning of Treas. Reg. §
1.162-27(e)(3)(i), and may be for the Company, or a Subsidiary, Parent, affiliate or other Company operating unit or
department, or a combination of such units or departments. The performance goal shall be based on one or more performance
criteria selected by the Compensation Committee. With the exception of any Option or SAR, an Award that is intended to
satisfy the requirements of a performance-based Award shall be so designated at the time of grant.

 

(b)
Performance Criteria. In the case of Awards intended to qualify as performance-based Awards, the performance criteria shall
be selected only from among the following, with respect to the Company, a Parent, a Subsidiary, or, where applicable, a business
unit of any such entity: (i) revenue growth; (ii) earnings before interest, taxes, depreciation, and amortization; (iii) earnings
before interest and taxes; (iv) income (including operating income or income before consideration of certain factors, such as
overhead); (v) pre- or after-tax income; (vi) earnings per share; (vii) cash flow; (viii) cash flow per share, (ix) return on
equity or assets, (x) the Fair Market Value of Common Stock, (xi) the Company’s total shareholder return (stock price appreciation
plus reinvested dividends) relative to a defined comparison group or target over a specific performance period, or (xii) any combination
of the goals set forth in (i) through (xi) above. The Compensation Committee also has the authority to provide for accelerated
vesting of any Award based on the achievement of the performance criteria specified in this Section 10.

 

(c)
Application to Options and SARs. Notwithstanding anything contained in this Section 10 to the contrary, Options and SARs
need not satisfy the specific performance criteria described in this Section 10 in order to qualify as performance-based Awards
under this Section 162(m) of the Code.

 

(d)
Time for Establishing Performance Goals. The specific performance goal(s) and the applicable performance criteria must
be established by the Compensation Committee in advance of the deadlines applicable under Section 162(m) of the Code and while
the achievement of the performance goal(s) remains substantially uncertain.

 

    9

     

    

 

(e)
Committee Certification and Payment of Awards. Before any performance-based Award (other than Options and SARs) is paid,
the Compensation Committee must certify in writing (by resolution or otherwise) that the applicable performance goal(s) and any
other material terms of the Award have been satisfied.

 

(f)
Terms and Conditions of Awards; Committee Discretion to Reduce Performance Awards. The Compensation Committee shall have
discretion to determine the conditions, restrictions or other limitations, in accordance with, and subject to, the terms of the
Plan and Section 162(m) of the Code, on the payment of individual Awards under this Section 10. To the extent set forth in an
Award Agreement, the Compensation Committee may reserve the right to adjust the amount payable in accordance with any standards
or on any other basis (including the Compensation Committee’s discretion), as the Compensation Committee may determine;
provided, however, that, in the case of Awards intended to qualify as performance-based Awards, such adjustments shall be prescribed
in a form that meets the requirements of Section 162(m) of the Code.

 

(g)
Adjustments for Material Changes. To the extent the Compensation Committee makes adjustments in accordance with Section
12 or Section 13 that affect Awards intended to be performance-based Awards under this Section 10, such adjustments shall be prescribed
in a form that meets the requirements of Section 162(m) of the Code.

 

11.
Conditions Upon Issuance of Shares.

 

(a)
General. If at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any
other provision of an Award is or may be unlawful under applicable laws, the vesting or right to exercise an Award or to otherwise
receive Shares pursuant to the terms of an Award Agreement shall be suspended until the Administrator determines that such delivery
is lawful, and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company
shall have no obligation to effect any registration or qualification of the Shares under federal or state laws.

 

(b)
Securities Law Compliance. As a condition to the exercise of an Award or the receipt of Shares pursuant to an Award, the
Company may require (i) the person exercising such Award to make such representations and agreements as the Company may consider
appropriate (A) to avoid violation of the Securities Act and (B) to agree to market standoff obligations in connection with any
public offering of Shares of the Company, and (iii) that the certificates evidencing such Shares bear appropriate legends restricting
transfer.

 

(c)
Repurchase Rights. Except to the extent determined otherwise by the Administrator, until such time as the Common Stock
is first registered under Section 12 of the Exchange Act, the Company shall have the right of first refusal with respect to any
proposed disposition by the Grantee (or any successor in interest) of any Shares issued under the Plan. Such right of first refusal
shall be exercisable in accordance with the terms established by the Administrator and set forth in the document evidencing such
right.

 

    10

     

    

 

12.
Adjustments. 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 Shares other than an ordinary cash dividend, (i) the number and class of securities available under
this Plan, (ii) the number and class of securities and exercise price per Share of each outstanding Option and SAR, (iii) the
number of Shares subject to and the repurchase price per Share subject to each outstanding Restricted Stock Award and Restricted
Stock Unit Award, and (iv) the terms of each other outstanding Award shall be equitably adjusted by the Company (or substituted
Awards may be made, if applicable) in the manner determined by the Administrator; provided, however, that each adjustment
to Non-Qualified Stock Options shall satisfy the requirements of Treas. Reg. § 1.409A-1(b)(5)(v)(D) (or any successor regulation)
and each adjustment to Incentive Stock Options shall satisfy the requirements of Treas. Reg. § 1.424-1 (or any successor
regulation).

 

13.
Corporate Transactions. The Administrator may provide, in its discretion, with respect to the treatment of each
outstanding Award (either separately for each Award or uniformly for all Awards), upon the consummation of a Corporate Transaction
(such time to be referred to as the “Effective Time”), for any of the following:

 

(a)
any or all outstanding Options and SARs shall become vested and immediately exercisable, in whole or in part;

 

(b)
any or all outstanding Restricted Stock or Restricted Stock Units shall become non-forfeitable, in whole or in part;

 

(c)
any or all outstanding Options and SARs shall be cancelled in exchange for substitute stock options in a manner consistent with
the requirements of Treas. Reg. § 1.409A-1(b)(5)(v)(D) (or any successor regulation), in the case of a Non-Qualified Stock
Option, and Treas. Reg. §1.424-1(a) (or any successor regulations), in the case of an Incentive Stock Option;

 

(d)
any Option shall be cancelled in exchange for cash and/or other substitute consideration with a value equal to (A) the number
of Shares subject to that Option, multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date
of the Corporate Transaction and the exercise price of that Option; provided, that if the Fair Market Value per Share on the date
of the Corporate Transaction does not exceed the exercise price of any such Option, the Administrator may cancel that Option without
any payment of consideration therefor; or

 

(e)
any Restricted Stock or Restricted Stock Units shall be cancelled in exchange for restricted stock of or restricted stock units
in respect of the capital stock of any successor corporation;

 

(f) any Restricted Stock shall be redeemed for cash and/or other substitute consideration with a value equal to the Fair Market Value
of an unrestricted Share on the date of the Corporate Transaction;

 

(g)
any Restricted Stock Unit shall, subject to Section 17, be cancelled in exchange for cash and/or other substitute consideration
with a value equal to the Fair Market Value per Share on the date of the Corporate Transaction.

 

    11

     

    

 

14.
Effective Date and Term of Plan; Stockholder Approval.

 

(a)
Adoption of Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a term
of ten (10) years from the date of adoption unless sooner terminated.

 

(b)
Stockholder Approval. No Option or SAR granted under the Plan may be exercised, no Shares shall be issued under the Plan,
and no Restricted Stock Unit shall be settled, until the Plan is approved by the Company’s stockholders. If such stockholder
approval is not obtained within twelve (12) months after the date of the Board’s adoption of the Plan, then all Awards previously
granted under the Plan shall terminate and cease to be outstanding, and no further Awards shall be granted under the Plan.

 

15.
Amendment, Suspension or Termination of the Plan.

 

(a)
General. Subject to the terms of the Plan, the Board may at any time and from time to time, alter, amend, suspend or terminate
the Plan, in whole or in part; provided that the Board shall obtain stockholder approval of any Plan amendment to the extent
necessary to comply with applicable law, rule or regulation. In addition, in no event shall an amendment increase the maximum
number of shares of Common Stock with respect to which Awards may be granted under the Plan without stockholder approval.

 

(b)
Limitation on Grants of Awards. No Award may be granted during any suspension of the Plan or after termination of the Plan.

 

(c)
No Effect on Outstanding Awards. Except as set forth in Section 14(b), no suspension or termination of the Plan shall adversely
affect any rights under Awards outstanding at the time of such suspension or termination.

 

16.
No Employment or Services Rights. The Plan shall not confer upon any Grantee any right to employment or service
with the Company or any Subsidiary or Parent, nor shall it interfere in any way with the right of the Company or any Subsidiary
or Parent to terminate the Grantee’s employment or service at any time.

 

17.
Compliance with Code Section 409A. It is intended that the provisions of the Plan comply with Section 409A of the
Code (“Section 409A”), and all provisions of the Plan shall be construed and interpreted in a manner consistent with
the requirements for avoiding taxes or penalties under Section 409A. If an Award that is subject to Section 409A is payable upon
a Corporate Transaction which is not a permissible payment event or time (as described in Treas. Reg. § 1.409A-3) then, for
purposes of payment of such Award, no Corporate Transaction shall be deemed to have occurred with respect to that Award unless
and until there occurs a change in the ownership or effective control of the Company, or in the ownership of a substantial portion
of the assets of the Company (within the meaning in accordance with Treas. Reg. § 1.409A-3(i)(5)). To the extent required
or advisable to avoid a violation of Section 409A, no discretion to require payment of an Award that is subject to Section 409A
upon a Corporate Transaction shall be exercised if not set forth in writing by the time required under Section 409A. If an Award
is subject to Section 409A, any payment made to a Grantee who is a “specified employee” of the Company or any Subsidiary
shall not be made before such date as is six months after the Grantee’s “separation from service” to the extent
required to avoid the adverse consequences of Section 409A of the Code. For purposes of this Section 17, the terms “separation
from service” and “specified employee” shall have the meanings set forth in Section 409A and the applicable
Treasury regulations. Nothing in this Plan or in an Award Agreement 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 Grantee, or any other party, if an Award that is intended to
be exempt from, or compliant with, Section 409A is not so exempt or compliant.

 

    12

     

    

 

18.
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.

 

19.
Severability. If any provision of the Plan or any Award is, becomes, or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any Grantee, such provision shall be construed or deemed amended to conform with applicable laws,
or if the provision cannot be so construed or deemed amended without, in the sole discretion of the Administrator, materially
altering the intent of the Plan or the Award, such provision shall be severed as to the jurisdiction or Grantee and the remainder
of the Plan and any such Award shall remain in full force and effect.

 

20.
Governing Law. The validity and construction of the Plan and any Award Agreements thereunder shall be governed by
the laws of the State of North Carolina, 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 Agreement to the substantive law of another jurisdiction.

 

 

13

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