Document:

Exhibit 10.18.1

 

STOCK OPTION GRANT NOTICE

UNDER THE HUMACYTE, INC.

2021 LONG-TERM INCENTIVE PLAN

 

Humacyte, Inc. (the “Company”)
hereby grants to Grantee, as of the Grant Date, an option (this “Option”) to purchase shares of the Company’s
Common Stock pursuant to the Humacyte, Inc. 2021 Long-Term Incentive Plan (as amended from time to time, the “Plan”).
Capitalized terms not otherwise defined herein will have the meanings set forth in the Plan or the attached Stock Option Agreement (the
“Award Agreement”).

 

	Grantee:	 	[Full Name]
	 	 	 
	Grant Date:	 	[Month Day, Year]
	 	 	 
	Maximum Number of Shares Subject to Option:	 	[Number]
	 	 	 
	Exercise Price Per Share:	 	USD [Exercise Price]
	 	 	 
	Type of Option:	 	[Nonqualified Stock Option][Incentive Stock Option]
	 	 	 
	Vesting Commencement Date:	 	[Month Day, Year]
	 	 	 
	Expiration Date:	 	The date [ten (10)] years after the Grant Date set forth above, subject to earlier expiration as provided in Section 4 of the Award Agreement.
	 	 	 
	Vesting Schedule:	 	The Option shall vest as follows, subject to Grantee’s continued employment or services through such date: [(i) 25% of the Shares subject to the Option on the Grant Date shall vest on the one-year anniversary of the Vesting Commencement Date, and (ii) 1/48th of the Shares subject to the Option on the Grant Date shall vest each month after the one-year anniversary of the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (or if there is no corresponding day, on the last day of such month) over a period of 36 months, such that all of the Shares subject to the Option on Grant Date shall be fully vested on the four-year anniversary of the Vesting Commencement Date].

 

     

     

    

 

	Additional Terms & Acknowledgement:	 	
    Grantee and the Company agree
    that the Option is granted under and governed by this Grant Notice and by the provisions of the Plan and the Award Agreement. The Plan
    and the Award Agreement are incorporated herein by reference. Grantee acknowledges receipt of a copy of this Grant Notice, the Plan and
    the Award Agreement, represents that Grantee has carefully read and is familiar with their provisions, and hereby accepts the Option subject
    to all of their respective terms and conditions. Notwithstanding anything in the prior sentence, if Grantee has not actively accepted
    the Option within three (3) months of the Grant Date, Grantee is deemed to have accepted the Option, subject to all of the terms and conditions
    in this Grant Notice, the Plan and the Award Agreement, unless otherwise determined by the Administrator.

     

    This Grant Notice may be executed
    and delivered electronically whether 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 Company. By Grantee’s acceptance hereof (whether written, electronic or otherwise),
    Grantee agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Grantee accepts the electronic
    delivery of any documents that the Company (or any third party the Company may designate), may deliver in connection with this grant (including
    the Plan, this Grant Notice, the Award Agreement, account statements, or other communications or information) whether via the Company’s
    intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company.

 

*      *      *      *      *

 

	 	HUMACYTE, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	GRANTEE
	 	 
	 	 
	 	[Name]

 

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STOCK OPTION AGREEMENT

 

UNDER THE HUMACYTE, INC.

2021 LONG-TERM INCENTIVE PLAN

 

THIS STOCK OPTION AGREEMENT
(this “Agreement”) is made by and between the Company and Grantee. Capitalized terms used but not defined herein shall
have the meaning ascribed to them in the Plan or in the Stock Option Grant Notice attached as the facing page(s) to this Agreement (the
“Grant Notice”), as applicable. References to this Agreement shall also be deemed to include a reference to the Grant
Notice, unless the context provides otherwise.

 

		1.	Grant of Option. Grantee has been granted an option to purchase from the Company the number of
shares of Common Stock as set forth in the Grant Notice, at the Exercise Price set forth in the Grant Notice, in accordance with the terms
and conditions stated in this Agreement and in the Plan. The shares of Common Stock subject to the Option granted hereby are referred
to below as the “Shares”.

 

		2.	Definitions.

 

		(a)	“Cause” shall mean (x) the definition ascribed to such term in an employment or other
service agreement between Grantee and the Company, a Subsidiary or any surviving entity following a Corporate Transaction, or (y) in absence
of any such definition, that Grantee’s service, as an employee or otherwise, with the Company or any surviving entity following
a Corporate Transaction shall have terminated principally because (i) of Grantee’s breach of any employment, noncompetition or other
agreement with such entity; (ii) Grantee 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; (iii) Grantee commits any act
of insubordination, fails to comply with any instructions of such entity’s president or board of directors, or materially violates
any material policy of such entity (including any policy of non-discrimination or non-harassment), or (iv) Grantee commits any act or
omission which such entity determines, in good faith, may materially adversely affect such entity’s business or operations, unless
Grantee cures such action or omission within five (5) days after notice from such entity. The determination that a termination of Grantee’s
employment or other service is either for Cause or without Cause will be made by the Administrator, and any determination by the Administrator
that the employment or other service of Grantee was terminated with or without Cause for the purposes of this Agreement will have no effect
upon any determination of the rights or obligations of the Company or Grantee for any other purpose.

 

		(b)	“Disability” shall mean any illness or other physical or mental condition of Grantee
that renders Grantee incapable of performing his customary and usual duties for the Company, or any medically determinable illness or
other physical or mental condition resulting from a bodily injury, disease or mental disorder that will continue for at least 180 days
as stated in the reasonable opinion of a qualified doctor approved by Grantee and the Administrator. If Grantee refuses to submit to the
examination by, or participate in the selection of, a physician, or if Grantee and the Administrator are unable to agree on the selection
of a physician, then the determination of whether there is a Disability will be made by the Administrator acting in good faith. Notwithstanding
the above, with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e)(3)
of the Code.

 

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		(c)	An “Involuntary Termination” is any Termination of Service of Grantee by the Company
or any surviving entity in a Corporate Transaction for any reason other than for Cause.

 

		(d)	A “Termination of Service” means a separation from service from the Company or any
Subsidiary thereof.

 

		3.	Vesting of Option.

 

		(a)	Subject to Section 3(b) below, the Option shall vest and become exercisable in accordance with the Vesting
Schedule set forth in the Grant Notice.

 

		(b)	If the surviving entity in a Corporate Transaction assumes or replaces the Option and if there is an Involuntary
Termination of Grantee’s employment within the period that commences thirty (30) days prior to the effective date of such Corporate
Transaction and that ends twelve (12) months following the effective date of such Corporate Transaction, the Option shall vest and become
exercisable, to the extent not already vested and exercisable, on the date of such Involuntary Termination.

 

		4.	Termination of Option.

 

		(a)	The Option shall remain exercisable with respect to any then vested portion thereof until the earliest
to occur of the dates specified below, upon which date the Option shall terminate:

 

		(i)	the date all of the Shares are purchased by Grantee pursuant to the terms of this Agreement;

 

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

 

		(iii)	immediately upon the Termination of Service of Grantee by the Company for Cause;

 

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

 

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

 

		(vi)	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 (the “Dissolution Date”);

 

		(vii)	on the date the Option is cancelled in connection with a Corporate Transaction pursuant to the Plan (the
“Cancellation Date”); or

 

		(viii)	the Expiration Date set forth in the Grant Notice.

 

		(b)	The Option shall be immediately cancelled and forfeited with respect to any then unvested portion thereof
upon the earliest to occur of the following dates: the date of Grantee’s Termination of Service, the Dissolution Date, the Cancellation
Date and the Expiration Date.

 

		(c)	Upon its termination, the Option shall have no further force or effect and Grantee 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.	Exercise of Option.

 

		(a)	Subject to Section 4, 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 in accordance with Section 3.

 

		(b)	The Option may be exercised only by (i) Grantee’s completion, execution and delivery to the Company
of a notice of exercise in the form supplied by the Company (which may be electronic), (ii) the payment to the Company, pursuant to the
terms of this Agreement, of an amount equal to the Exercise Price multiplied by the number of Shares being purchased as specified in Grantee’s
notice of exercise, and (iii) the satisfaction by Grantee, in a manner acceptable to the Company, of any withholding liability under any
state, federal or other law arising in connection with exercise of the Option. Grantee must provide notice of exercise of the Option with
respect to no fewer than 100 Shares (or if the Option is vested and exercisable with respect to fewer than 100 Shares, such lesser number).
Grantee’s notice of exercise shall be given in the manner specified in Section 11 (or such other manner as may be specified by the
Administrator) but any exercise of the Option shall be effective only when the items required by this paragraph are actually received
by the Company. Notwithstanding anything to the contrary in this Agreement, the Option may be exercised only if compliance with all applicable
federal, state and other securities laws can be effected.

 

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		(c)	Payment of the aggregate Exercise 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 Exercise Price of such Shares. Payment may also be made by delivery of Shares held
by Grantee for the requisite period necessary to avoid a charge to the Company’s earnings for financial reporting purposes, as determined
by the Administrator 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 Exercise Price. Upon approval by the Administrator, payment may also be made by (i) 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 Exercise Price, or (ii) cashless exercise, in each case pursuant to the procedures established by the Administrator
for this purpose. Payment may also be made by combining the above methods, to the extent permitted by the Administrator. To the extent
that Shares are used in making full or partial payment of the Exercise 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.

 

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

 

		6.	Provisions Applicable to Incentive Stock Options. The provisions of this Section 6 apply only to
the extent the Option is designated as an Incentive Stock Option in Section 1:

 

		(a)	The Option shall be construed so that it is in compliance with the requirements of Code Section 422. If
for any reason the Option does not meet the requirements of Code Section 422, then the Option or any portion of the Option, as necessary,
shall be deemed a Non-Qualified Stock Option.

 

		(b)	If the aggregate Fair Market Value, determined on the date of grant, of the Shares to which the Option
and any other incentive stock options are exercisable for the first time by Grantee during any calendar year under the Plan or any other
stock option plan of the Company exceeds $100,000, the Option shall be deemed a Non-Qualified Stock Option to the extent of such excess.

 

		7.	Restrictions on Transfer. The Option may not be sold, transferred for value, pledged, assigned,
or otherwise alienated or hypothecated by Grantee other than by will or the laws of descent and distribution. The Option shall be exercisable
only by Grantee during his or her lifetime. For this purpose, any reference to Grantee shall (when applicable) be deemed to be and include
references to Grantee’s estate, executors or administrators, personal or legal representatives and transferees (direct or indirect).
Any person to whom the Option is transferred in accordance with this Agreement shall be bound by all provisions of the Plan and this Agreement.

 

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		8.	Rights Prior to Exercise. Grantee will have no rights as a shareholder with respect to the Shares
unless and until such Shares are issued to Grantee pursuant to the exercise of the Option.

 

		9.	No Right to Continued Service. 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 Grantee, nor shall
this Agreement affect in any way the right of the Company to terminate the services of Grantee as an employee or otherwise at any time
and for any reason. By Grantee’s execution of this Agreement, Grantee acknowledges and agrees that Grantee’s service relationship
with the Company is “at will.” No change of Grantee’s duties to the Company shall result in, or be deemed to be, a modification
of any of the terms of this Agreement.

 

		10.	Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the Company
and Grantee, and their respective heirs, personal and legal representatives, successors and assigns. Each of the Company’s affiliates
shall be deemed to be a third-party beneficiary under this Agreement. The provisions of this Agreement extend to these third-party beneficiaries.

 

		11.	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 Grantee, to Grantee’s address as shown on the Company’s
records.

 

		12.	Terms and Conditions of Plan. The terms and conditions included in the Plan, the receipt of a copy
of which Grantee 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, the term or provision of the
Plan shall control.

 

		13.	Unsecured and Unfunded Agreement. Any rights of Grantee 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.

 

		14.	Governing Law. The Option and this Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without reference to principles of choice or conflict of laws that would otherwise refer to the laws
of another jurisdiction.

 

		15.	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. Grantee accepts the Option in full
satisfaction of any and all obligations of the Company with respect to options granted or to be granted to Grantee, pursuant to the Plan
or otherwise.

 

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

 

		17.	Amendment. Any amendment of this Agreement shall be effective only when signed by the Company and
Grantee, except that the Administrator may amend this Agreement in its sole discretion and without the consent of Grantee in accordance
with the provisions of Section 9(c) of the Plan (Amendment of Awards).

 

		18.	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.

 

		19.	Action by Administrator. All determinations made by the Administrator with respect to the interpretation,
construction and application of any provision of this Agreement shall be final, conclusive and binding on the parties and any other persons
having or claiming any interest in the Option or this Agreement.

 

		20.	Code Section 409A. The Option and this Agreement shall be interpreted to be exempt from the requirements
of Section 409A pursuant to Section 1.409A-1(b)(5)(i) of the Treasury regulations promulgated under Section 409A. Any action that may
be taken (and, to the extent possible, any action actually taken) by the Administrator or the Company shall not be taken (or shall be
void and without effect), if such action violates the requirements of Section 409A. If the failure to take an action under this Agreement
would violate Section 409A, then to the extent it is possible thereby to avoid a violation of Section 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 Section 409A shall be void and without effect. In addition, any provision that is required to appear in this Agreement to satisfy the
requirements of Section 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. Nothing in this 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 Grantee, or any other party, if this Award is not exempt
or compliant with Section 409A. In all cases, the provisions of this paragraph shall apply notwithstanding any contrary provision of the
Agreement.

  

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		21.	Data Privacy. Grantee acknowledges and agrees that the Company and its affiliates will process
and retain certain personal data for the purposes of (1) calculating Awards, (2) monitoring Award terms and conditions, and (3) otherwise
administering the Plan and Awards made under it. Such personal data may include, among other things, Grantee’s name, address, email
address, social security number, pay data, job title, and employment dates. By executing this Agreement, Grantee consents to such processing,
and to the sharing of such personal data with the Company, its affiliates, its agents, its advisers, its regulators, and tax authorities,
wherever appropriate.

 

		22.	No Advice Regarding the Grant. The Company is not providing any tax, legal or financial advice,
nor is the Company making any recommendations regarding Grantee’s participation in the Plan, or Grantee’s acquisition or sale
of the underlying Shares. Grantee is hereby advised to consult with Grantee’s own personal tax, legal and financial advisors regarding
Grantee’s participation in the Plan before taking any action related to the Option or the Plan.

 

		23.	Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver
any documents related to current or future participation in the Plan by electronic means. Grantee hereby consents to receive such documents
by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the
Company or a third party designated by the Company. Grantee also agrees that all online acknowledgements shall have the same force and
effect as a written signature.

 

		24.	Imposition of Other Requirements. The Company reserves the right to impose other requirements on
Grantee’s participation in the Plan, on the Option, and on any Shares acquired under the Plan, to the extent the Company determines
it is necessary or advisable for legal or administrative reasons, and to require Grantee (or any permitted transferee) to sign any additional
agreements or undertakings that may be necessary to accomplish the foregoing.

 

[Remainder of page intentionally left blank]

 

 

9Exhibit 10.25

 

SEVERANCE AGREEMENT AND RELEASE

 

This Severance Agreement and Release (“Release”)
is entered into by and between Humacyte, Inc. (“Humacyte”) and Douglas Blankenship (“Blankenship”) as of the date
signed by Blankenship.

 

WHEREAS, Blankenship has been employed by Humacyte,
Inc. or its subsidiaries or affiliates;

 

WHEREAS, Blankenship and Humacyte entered into
an Executive Employment Agreement dated October 08, 2018 (the “Employment Agreement”);

 

WHEREAS, Blankenship’s employment is separated
“without cause” effective May 17, 2021 (“the Separation Date”).

 

NOW, THEREFORE, in consideration of the covenants
and payments set forth in this Release, Humacyte and Blankenship agrees as follows:

 

1. Humacyte
will continue to pay Blankenship’s current base salary for thirty (30) days from the Separation Date, in lieu of any notice required
by Section 3.1 of the Employment Agreement. Blankenship will receive these payments regardless of whether he signs this Release.

 

2. If
Blankenship signs and returns this Release within twenty-one (21) days after his Separation Date and does not revoke it during the seven
(7) day revocation period described in Section 14(g), then, in accordance with Section 4.2(b) of the Employment Agreement, Humacyte shall
pay to Blankenship severance equivalent to six (6) months of his current salary, which is a total of one hundred eighty-five thousand
six hundred fifty-seven dollars and fifty-five cents ($185,657.55). Payment of such amount, net of deductions for required withholding
for taxes and any lawfully authorized or required payroll deductions, shall be made in substantially equal installments on the same payroll
schedule applicable to Blankenship immediately prior to his separation from service, and will commence on the first payroll date following
the expiration of the seven-day revocation period. Notwithstanding any other provision of this Release, any payments to Blankenship under
this Section 2 shall begin no later than the sixtieth (60th) day following the Separation Date, and shall be completed no later
than March 15, 2022.

 

3. If
Blankenship signs and returns this Release within twenty-one (21) days after his Separation Date and does not revoke it during the seven
(7) day revocation period described in Section 14(g), then, in accordance with Section 4.2(b) of the Employment Agreement, Humacyte shall
also pay to Blankenship his 2020 performance bonus, which is a total of fifty-five thousand six hundred ninety-seven dollars and twenty-seven
cents ($55,697.27). Payment of such amount, net of deductions for required withholding for taxes and any lawfully authorized or required
payroll deductions, shall be made in a single lump sum payment on Humacyte’s first payroll date following the expiration of the
seven-day revocation period. Notwithstanding any other provision of this Release, the lump sum payment to Blankenship shall be made no
later than the sixtieth (60th) day following the Separation Date. In addition, in accordance with Section 2.4 of the Employment
Agreement, Blankenship shall earn a pro rata portion of any performance bonus that Humacyte awards for 2021, with the pro rata portion
calculated based on the number of days Blankenship was employed during calendar year 2021 (the “Pro Rata 2021 Bonus”). Any
Pro Rata 2021 Bonus payable to Blankenship shall be paid no later than March 15, 2022.

 

4. If
Blankenship signs this Release within twenty-one (21) days after his Separation Date and does not revoke it, Humacyte will enter into
a Consulting Agreement with Blankenship in the form attached hereto as Exhibit 1, to commence on or after June 13, 2021.

 

     

     

    

 

5. Blankenship
and Humacyte are parties to a stock option agreement, dated December 18, 2018, pursuant to which certain stock options were granted
to Blankenship under the Humacyte, Inc. 2015 Omnibus Incentive Plan, as amended (the “2015 Plan”), and with respect to which
certain of the stock options granted to Blankenship thereunder have vested (“the 2018 Stock Option Agreement”). Contingent
upon Blankenship’s signing and not revoking this Release, and pursuant to actions taken by Humacyte’s Board of Directors under
its authority granted under the 2015 Plan, the 2018 Stock Option Agreement is hereby amended, effective as of the Separation Date: (I)
to restate Section 4(b) in its entirety to state: “(b) September 1, 2022”; (II) to delete Section 4(c); (III) to renumber
the remaining paragraphs to reflect the deletion of Section 4(c); and (IV) to provide that all unvested options under the 2018 Stock Option
Agreement shall become fully vested and exercisable.

 

6. Blankenship
and Humacyte are parties to a stock option agreement, dated December 14, 2020 (the “2020 Stock Option Agreement”). Blankenship
acknowledges that the termination of his employment on the Separation Date is a Termination of Service for purposes of the 2020 Stock
Option Agreement, and that any stock options granted to him under the 2020 Stock Option Agreement (or any other stock option agreement
other than the 2018 Stock Option Agreement) that did not vest on or before the Separation Date are forfeited.

 

7. Blankenship
has been advised by Humacyte to seek independent advice regarding the tax consequences of exercising his vested stock options more than
three (3) months after the Separation Date.

 

8. All
compensation under this Release will be subject to deductions for required withholding for taxes and any lawfully authorized or required
payroll deductions. Blankenship understands and agrees that Humacyte makes no representations as to the tax consequences of any compensation
or benefits provided hereunder (including, without limitation, under Sections 409A, 421, or 422 of the Internal Revenue Code of 1986,
as amended, if applicable), and that Blankenship is solely responsible for any and all income, excise or other taxes imposed on Blankenship
with respect to any and all compensation or other benefits provided to Blankenship.

  

9. Except
for Humacyte’s obligations under this Release, Blankenship releases and forever discharges Humacyte and its subsidiaries, divisions,
affiliates, successors, assigns, and all of their respective insurers, attorneys, and past and present officers, directors, trustees,
employees, members and agents (collectively, “the Released Parties”) from any and all claims, actions, complaints, grievances,
liabilities, obligations, losses, damages, fees, costs, causes of action, suits, rights, and demands, of any and every nature whatsoever,
known or unknown, suspected or unsuspected, disclosed or undisclosed (collectively, “Claims”) arising out of or relating to
any acts or omissions that occurred before the date of this Release. This includes, but is not limited to, all Claims that Blankenship
may have under any federal, state and municipal laws or the common law and all Claims arising out of or relating to Blankenship’s
employment or the termination of that employment.

 

10. Provided,
however, nothing in this Release releases or affects Blankenship’s right to file, or to participate in, any charge, complaint, investigation
or proceeding before the U.S. Equal Employment Opportunity Commission or any other federal, state or local government body or agency.
If any such charge, complaint, investigation or proceeding is filed by Blankenship or anyone else, Blankenship hereby waives, to the fullest
extent permitted by law, not to accept any personal monetary or equitable relief from such charge, complaint, investigation or proceeding.

 

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11. Provided,
further, nothing in this Release releases or affects any rights Blankenship may have to: (a) Blankenship’s own vested accrued employee
benefits under Humacyte’s ERISA-covered health, welfare, or retirement benefit plans as of Blankenship’s Separation Date;
(b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes;
(c) indemnification or advancement by Humacyte for Blankenship’s lawful activities, undertaken in good faith, as an executive of
Humacyte in accordance with Humacyte’s certificate of incorporation; (d) coverage under the directors’ and officers’
liability insurance policies maintained by Humacyte and its subsidiaries; or (e) pursue claims which by law cannot be waived by signing
this Release.

 

12. Blankenship
affirms that he has been paid and/or has received all leave (paid or unpaid), compensation, wages, bonuses, commissions, notice period,
and/or benefits to which he may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions and/or
benefits are due to him. Blankenship also affirms that he has no known workplace injuries or occupational diseases relating to his employment
and has been provided and/or has not been denied any leave to which he was entitled under any family or medical leave law or otherwise.

 

13. Blankenship
warrants and represents that there are no outstanding charges, complaints, claims, grievances or actions of any nature whatsoever previously
filed or brought by him or on his behalf against any of the Released Parties pending before any federal, state or local court or administrative
body.

 

14. Blankenship
is over 40 years old and therefore is covered by the Age Discrimination in Employment Act of 1967 (29 U.S.C. §  621, et. seq.).
As such, Blankenship acknowledges that he:

 

(a) Has
been given at least twenty-one (21) days to consider this Release before signing it and understands that this Release must be signed and
returned by 21 days after date presented to Blankenship to be effective;

  

(b) Has
carefully read and fully understands all of the provisions of this Release;

 

(c) Is,
through this Release, releasing Humacyte and the other Released Parties from claims he may have against them arising out of or relating
to his employment or termination of employment, including but not limited to any claims under the Age Discrimination in Employment Act
of 1967 (29 U.S.C. §  621, et seq.), and any amendments thereto (“the Age Discrimination in Employment Act”);

 

(d) Voluntarily
agrees to all terms in this Release;

 

(e) Knowingly
intends to be bound by this Release;

 

(f) Was
and hereby is advised to consider the terms of this Release and consult with an attorney of his choice prior to signing this Release;

 

(g) Has
a full seven (7) days after signing this Release to revoke this Release and has been and hereby is advised in writing that this Release
shall not become effective or enforceable until the revocation period has expired. Revocation by Blankenship shall be effective only upon
his written notice delivered to Humacyte’s Executive Vice President, Business Strategy & People within that 7-day period; and,

 

(h) Understands
that rights or claims under the Age Discrimination in Employment that may arise after the date this Release is executed are not waived
or released.

  

    3

     

    

 

15. All
payments under this Release (including, but not limited to, those intended to fulfill the obligations of Humacyte under the Employment
Agreement) are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations
thereunder (“Section 409A”) and this Release shall be interpreted accordingly. No provision of this Release shall transfer
to Humacyte any tax obligations that otherwise are the responsibility of Blankenship, in each case without regard to the amount withheld,
and Humacyte shall have no obligation to secure favorable tax treatment for Blankenship with respect to any payments under this Release.
Each payment to Blankenship under this Release shall be treated as a separate payment for purposes of Section 409A.

  

16. Blankenship
certifies that he has returned to Humacyte all data (including work product, financial data, documents and computer data, regardless of
form or medium), and all equipment (including keys, devices and computer software), in his possession or control that relate to the business
of Humacyte.

 

17. This
Release may be executed in multiple counterparts, each of which shall be deemed to be and have the same force and effect as an original,
and all of which, taken together, shall constitute and be construed as a single agreement. A copy of an executed original shall have the
same force and effect as an original.

 

18. This
Release shall be governed by, and construed in accordance with, the laws of the State of North Carolina applicable to contracts made and
to be performed within the state. Any disputes arising out of or relating to this Release shall be submitted to binding arbitration in
Wake County, North Carolina in accordance with the Labor/Employment Rules of the American Arbitration Association (“AAA”).
The costs of arbitration, attorneys’ fees, and expenses shall be awarded to the prevailing party against the non-prevailing party.
The arbitration award will be binding and conclusive on the parties and may be enforced in any court of competent jurisdiction.

  

19. This
Release sets forth the sole and entire agreement between Humacyte and Blankenship regarding the severance of his employment. This Release
does not modify Blankenship’s Proprietary Information, Inventions and Noncompetition Agreement with Humacyte, which Blankenship
acknowledges is fully enforceable against him. The parties acknowledge that there have been no promises or representations made regarding
the severance of employment that are not contained in this Release. This Release cannot be amended except in writing signed by the parties.

 

	 	/s/ Douglas Blankenship
	 	Douglas Blankenship
	 	 
	 	Date of Signature: 5/29/2021

 

	 	HUMACYTE, INC.
	 	 
	 	By:	/s/ Sabrina Osborne 
	 	Name: 	Sabrina Osborne
	 	Title:	EVP, Business Strategy & People

 

	 	Date of Signature:  5/30/2021

 

4

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