Document:

Exhibit 10.6

Jasper
Therapeutics, Inc.

2021 Employee Stock Purchase Plan

Adopted by the Board Of Directors: August 24, 2021

Approved by the Stockholders: September 22, 2021

 

1.
General; Purpose.

 

(a)
The Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity
to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an
Employee Stock Purchase Plan. In addition, the Plan permits the Company to grant a series of Purchase Rights to Eligible Employees that
do not meet the requirements of an Employee Stock Purchase Plan.

 

(b)
The Plan includes two components: a 423 Component and a Non-423 Component. The Company intends (but makes no undertaking or
representation to maintain) the 423 Component to qualify as an Employee Stock Purchase Plan. The provisions of the 423 Component,
accordingly, will be construed in a manner that is consistent with the requirements of Section 423 of the Code. Except as otherwise
provided in the Plan or determined by the Board, the Non-423 Component will operate and be administered in the same manner as the 423
Component.

 

(c)
The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees
and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations.

 

2.
Administration.

 

(a)
The Board or the Committee will administer the Plan. References herein to the Board shall be deemed to refer to the Committee except
where context dictates otherwise.

 

(b)
The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)
To determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

 

(ii)
To designate from time to time (A) which Related Corporations will be eligible to participate in the Plan as Designated 423
Corporations, (B) which Related Corporations or Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations,
or (C) which Designated Companies will participate in each separate Offering (to the extent that the Company makes separate Offerings).

 

(iii)
To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent
it deems necessary or expedient to make the Plan fully effective.

 

      

     

    

 

(iv)
To settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

 

(v)
To suspend or terminate the Plan at any time as provided in Section 12.

 

(vi)
To amend the Plan at any time as provided in Section 12.

 

(vii)
Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the
Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan with respect
to the 423 Component.

 

(viii)
To adopt such rules, procedures and sub-plans as are necessary or appropriate to permit or facilitate participation in the Plan by
Employees who are foreign nationals or employed or located outside the United States. Without limiting the generality of, and consistent
with, the foregoing, the Board specifically is authorized to adopt rules, procedures, and sub-plans regarding, without limitation, eligibility
to participate in the Plan, the definition of eligible “earnings,” handling and making of Contributions, establishment of
bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination
of beneficiary designation requirements, withholding procedures and handling of share issuances, any of which may vary according to applicable
requirements, and which, if applicable to a Designated Non-423 Corporation, do not have to comply with the requirements of Section 423
of the Code.

 

(c)
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated
to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board
that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however,
to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Further, to
the extent not prohibited by Applicable Law, the Board or Committee may, from time to time, delegate some or all of its authority under
the Plan to one or more officers of the Company or other persons or groups of persons as it deems necessary, appropriate or advisable
under conditions or limitations that it may set at or after the time of the delegation. The Board may retain the authority to concurrently
administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether
or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions
of policy and expediency that may arise in the administration of the Plan.

 

(d)
All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person
and will be final, binding and conclusive on all persons.

 

3.
Shares of Common Stock Subject to the Plan.

 

(a)
Subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock
that may be issued under the Plan will not exceed 550,000 shares of Common Stock, plus the number of shares of Common Stock that
are automatically added on January 1st of each year for a period of up to ten years, commencing on the first January 1
following the year in which the Effective Date occurs and ending on (and including) January 1, 2031, in an amount equal to the lesser
of (i) 1% of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year,
and (ii) 550,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year
to provide that there will be no January 1st increase in the share reserve for such calendar year or that the increase
in the share reserve for such calendar year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to
the preceding sentence. For the avoidance of doubt, up to the maximum number of shares of Common Stock reserved under this Section 3(a)
may be used to satisfy purchases of Common Stock under the 423 Component and any remaining portion of such maximum number of shares
may be used to satisfy purchases of Common Stock under the Non-423 Component.

 

(b)
If any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased
under such Purchase Right will again become available for issuance under the Plan.

 

(c)
The stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased
by the Company on the open market.

 

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4.
Grant of Purchase Rights; Offering.

 

(a)
The Board may, from time to time, grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting
of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and
will contain such terms and conditions as the Board will deem appropriate, and, with respect to the 423 Component, will comply with
the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges.
The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions
of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by
reference in the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period
will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5
through 8, inclusive.

 

(b)
If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered
to the Company or a third party designated by the Company (each, a “Company Designee”): (i) each form
will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted
Purchase Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before
a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise
prices) will be exercised.

 

(c)
The Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first
Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on
the Offering Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the
Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such
new Purchase Period.

 

5.
Eligibility.

 

(a)
Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b),
to Employees of a Related Corporation or an Affiliate. Except as provided in Section 5(b) or as required by Applicable Law, an Employee
will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or
the Related Corporation or an Affiliate, as the case may be, for such continuous period preceding such Offering Date as the Board may
require, but in no event will the required period of continuous employment be equal to or greater than two years. In addition, the Board
may (unless prohibited by Applicable Law) provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless,
on the Offering Date, such Employee’s customary employment with the Company, the Related Corporation, or the Affiliate is more
than 20 hours per week and more than five months per calendar year or such other criteria as the Board may determine consistent
with Section 423 of the Code with respect to the 423 Component. The Board may also exclude from participation in the Plan or
any Offering Employees who are “highly compensated employees” (within the meaning of Section 423(b)(4)(D) of the Code)
of the Company or a Related Corporation or a subset of such highly compensated employees.

 

(b)
The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date
or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter,
receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase
Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that:

 

(i)
the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes,
including determination of the exercise price of such Purchase Right;

 

(ii)
the period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of
such Offering; and

 

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(iii)
the Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of
the Offering, he or she will not receive any Purchase Right under that Offering.

 

(c)
No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such
Employee owns stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of any
Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the Code will apply in determining the
stock ownership of any Employee, and stock that such Employee may purchase under all outstanding Purchase Rights and options will be
treated as stock owned by such Employee.

 

(d)
As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase Rights,
together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit
such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate which, when aggregated,
exceeds US $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the
Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time.

 

(e)
Officers of the Company and any Designated Company, if they are otherwise Eligible Employees, will be eligible to participate in
Offerings under the Plan. Notwithstanding the foregoing, the Board may (unless prohibited by Applicable Law) provide in an Offering that
Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate.

 

(f)
Notwithstanding anything in this Section 5 to the contrary, in the case of an Offering under the Non-423 Component, an Eligible
Employee (or group of Eligible Employees) may be excluded from participation in the Plan or an Offering if the Board has determined,
in its sole discretion, that participation of such Eligible Employee(s) is not advisable or practical for any reason.

 

6.
Purchase Rights; Purchase Price.

 

(a)
On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase
up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the
Board, but in either case not exceeding 15% of such Employee’s earnings (as defined by the Board in each Offering) during
the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date
stated in the Offering, which date will be no later than the end of the Offering.

 

(b)
The Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be
exercised and shares of Common Stock will be purchased in accordance with such Offering.

 

(c)
In connection with each Offering made under the Plan, each Eligible Employee may purchase up to 4,000 shares of Common Stock (or
such lesser number of shares determined by the Board prior to the commencement of the Offering) and the Board may specify (i) a
maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering, (ii) a
maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or (iii) a
maximum aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering.
If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed
any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s
accumulated Contributions) allocation of the shares of Common Stock (rounded down to the nearest whole share) available will be made
in as nearly a uniform manner as will be practicable and equitable.

 

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(d)
The purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of:

 

(i)
an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 

(ii)
an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

 

7.
Participation; Withdrawal; Termination.

 

(a)
An Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions
by completing and delivering to the Company or a Company Designee, within the time specified in the Offering, an enrollment form provided
by the Company or Company Designee. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified
by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and
will be deposited with the general funds of the Company except where Applicable Law requires that Contributions be deposited with a third
party. If permitted in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the Offering
Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new
Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter
reduce (including to zero) or increase his or her Contributions. If required under Applicable Law or if specifically provided in the
Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through payment
by cash, check or wire transfer prior to a Purchase Date.

 

(b)
During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company or a
Company Designee a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing.
Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute
as soon as practicable to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase
Right in that Offering shall thereupon terminate. A Participant’s withdrawal from that Offering will have no effect upon his or
her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment
form to participate in subsequent Offerings.

 

(c)
Unless otherwise required by Applicable Law, Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately
if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation
period required by Applicable Law) or (ii) is otherwise no longer eligible to participate. The Company will distribute as soon as
practicable to such individual all of his or her accumulated but unused Contributions.

 

(d)
Unless otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate
rehire (with no break in service) by or between the Company and a Designated Company or between Designated Companies will not be treated
as having terminated employment for purposes of participating in the Plan or an Offering; however, if a Participant transfers from an
Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s Purchase Right
will be qualified under the 423 Component only to the extent such exercise complies with Section 423 of the Code. If a Participant
transfers from an Offering under the Non-423 Component to an Offering under the 423 Component, the exercise of the Purchase Right
will remain non-qualified under the Non-423 Component. The Board may establish different and additional rules governing transfers between
separate Offerings within the 423 Component and between Offerings under the 423 Component and Offerings under the Non-423 Component.

 

(e)
During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable
by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation
as described in Section 10.

 

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(f)
Unless otherwise specified in the Offering or as required by Applicable Law, the Company will have no obligation to pay interest
on Contributions.

 

8.
Exercise of Purchase Rights.

 

(a)
On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock,
up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified
in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 

(b)
Unless otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after
the purchase of shares of Common Stock on the final Purchase Date of an Offering, then such remaining amount will not roll over to the
next Offering and will instead be distributed in full to such Participant after the final Purchase Date of such Offering without interest
(unless otherwise required by Applicable Law).

 

(c)
No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan
are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable
U.S. federal and state, foreign and other securities, exchange control and other laws applicable to the Plan. If on a Purchase Date
the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such
Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an effective registration statement
and the Plan is in material compliance, except that the Purchase Date will in no event be more than 27 months from the Offering
Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and the Plan
is not in material compliance with all Applicable Laws, as determined by the Company in its sole discretion, no Purchase Rights will
be exercised and all accumulated but unused Contributions will be distributed to the Participants without interest (unless the payment
of interest is otherwise required by Applicable Law).

 

9.
Covenants of the Company.

 

The
Company will seek to obtain from each U.S. federal or state, foreign or other regulatory commission, agency or other Governmental
Body having jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common
Stock thereunder unless the Company determines, in its sole discretion, that doing so is not practical or would cause the Company to
incur costs that are unreasonable. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel
for the Company deems necessary for the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and
at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue
and sell Common Stock upon exercise of such Purchase Rights.

 

10.
Designation of Beneficiary.

 

(a)
The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares
of Common Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or
Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change such designation
of beneficiary. Any such designation and/or change must be on a form approved by the Company.

 

(b)
If a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock
and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed
(to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions,
without interest (unless the payment of interest is otherwise required by Applicable Law), to the Participant’s spouse, dependents
or relatives, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

 

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11.
Adjustments Upon Changes in Common Stock; Corporate
Transactions.

 

(a)
In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and
maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities
by which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number
of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights and (iv) the class(es)
and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments,
and its determination will be final, binding and conclusive.

 

(b)
In the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a
right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if
any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute
similar rights for such Purchase Rights, then (A) the Participants’ accumulated Contributions will be used to purchase shares of
Common Stock (rounded down to the nearest whole share) within ten business days (or such other period specified by the Board) prior to
the Corporate Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase,
or (B) the Board, in its discretion, may terminate any outstanding Offerings, cancel the outstanding Purchase Rights and refund the Participants’
accumulated Contributions.

 

12.
Amendment, Termination or Suspension of the Plan.

 

(a)
The Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a)
relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval
is required by Applicable Law.

 

(b)
The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended
or after it is terminated.

 

Any
benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination
of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the
person to whom such Purchase Rights were granted, (ii) as necessary to facilitate compliance with any laws, listing requirements,
or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and
other interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations
or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary to obtain
or maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s
consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423
of the Code with respect to the 423 Component or with respect to other Applicable Laws. Notwithstanding anything in the Plan or
any Offering Document to the contrary, the Board will be entitled to: (i) establish the exchange ratio applicable to amounts withheld
in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order
to adjust for mistakes in the Company’s processing of properly completed Contribution elections; (iii) establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each Participant properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any
outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under
and/or comply with Section 423 of the Code with respect to the 423 Component; and (v) establish other limitations or procedures
as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board pursuant to this
paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms
of each Offering and the Purchase Rights granted under each Offering.

 

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13.
Tax Qualification; Tax Withholding.

 

(a)
Although the Company may endeavor to (i) qualify a Purchase Right for special tax treatment under the laws of the United States
or jurisdictions outside of the United States or (ii) avoid adverse tax treatment, the Company makes no representation to that effect
and expressly disavows any covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding anything to the contrary
in this Plan. The Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants.

 

(b)
Each Participant will make arrangements, satisfactory to the Company and any applicable Related Corporation, to enable the Company
or the Related Corporation to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, in the Company’s
sole discretion and subject to Applicable Law, such withholding obligation may be satisfied in whole or in part by (i) withholding
from the Participant’s salary or any other cash payment due to the Participant from the Company or a Related Corporation; (ii) withholding
from the proceeds of the sale of shares of Common Stock acquired under the Plan, either through a voluntary sale or a mandatory sale
arranged by the Company; or (iii) any other method deemed acceptable by the Board. The Company shall not be required to issue any
shares of Common Stock under the Plan until such obligations are satisfied.

 

14.
Effective Date of Plan.

 

The
Plan will become effective upon the Effective Date. No Purchase Rights will be exercised unless and until the Plan has been approved
by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or
if required under Section 12(a) above, materially amended) by the Board.

 

15.
Miscellaneous Provisions.

 

(a)
Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

 

(b)
A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common
Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights
are recorded in the books of the Company (or its transfer agent).

 

(c)
The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the
at will nature of a Participant’s employment or amend a Participant’s employment contract, if applicable, or be deemed to
create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation
or an Affiliate, or on the part of the Company, a Related Corporation or an Affiliate to continue the employment of a Participant.

 

(d)
The provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of
laws rules.

 

(e)
If any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision will not affect the other
provisions of the Plan, but the Plan will be construed in all respects as if such invalid provision were omitted.

 

(f)
If any provision of the Plan does not comply with Applicable Law, such provision shall be construed in such a manner as to comply
with Applicable Law.

 

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16.
Definitions.

 

As
used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)
“423 Component” means the part of the Plan, which excludes the Non-423 Component, pursuant to which Purchase
Rights that satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(b)
“Affiliate” means any entity, other than a Related Corporation, whether now or subsequently established,
which is at the time of determination, a “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(c)
“Applicable Law” means the Code and any applicable securities, federal, state, foreign, material local
or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing
rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect
by or under the authority of any Governmental Body (or under the authority of the NASDAQ Stock Market or the Financial Industry Regulatory
Authority).

 

(d)
“Board” means the board of directors of the Company.

 

(e)
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to,
the Common Stock subject to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt
of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend
in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting
Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion
of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(f)
“Code” means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(g)
“Committee” means a committee of one or more members of the Board to whom authority has been delegated
by the Board in accordance with Section 2(c).

 

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

 

(i)
“Company” means Jasper Therapeutics, Inc., a Delaware corporation.

 

(j)
“Contributions” means the payroll deductions and other additional payments specifically provided for in
the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into
his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum permitted
amount withheld during the Offering through payroll deductions.

 

(k)
“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)
a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets
of the Company and its subsidiaries;

 

(ii)
a sale or other disposition of more than 50% of the outstanding securities of the Company;

 

     9 

     

    

 

(iii)
a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the
merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(l)
“Designated 423 Corporation” means any Related Corporation selected by the Board to participate in
the 423 Component.

 

(m)
“Designated Company” means any Designated Non-423 Corporation or Designated 423 Corporation, provided,
however, that at any given time, a Related Corporation participating in the 423 Component shall not be a Related Corporation participating
in the Non-423 Component.

 

(n)
“Designated Non-423 Corporation” means any Related Corporation or Affiliate selected by the Board to participate
in the Non-423 Component.

 

(o)
“Director” means a member of the Board.

 

(p)
“Effective Date” means the date as of which the Plan is adopted by the Board and approved by the stockholders
of the Company in accordance with Section 14.

 

(q)
“Eligible Employee” means an Employee who meets the requirements set forth in the document(s) governing
the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility
to participate set forth in the Plan.

 

(r)
“Employee” means any person, including an Officer or Director, who is “employed” for purposes
of Section 423(b)(4) of the Code by the Company or a Related Corporation, or solely with respect to the Non-423 Component, an Affiliate.
However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee”
for purposes of the Plan.

 

(s)
“Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under
an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code.

 

(t)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations
promulgated thereunder.

 

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

 

(i)
If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the
greatest volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board deems reliable.
Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the
Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists.

 

(ii)
In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance
with Applicable Laws and regulations and, to the extent applicable as determined in the sole discretion of the Board, in a manner that
complies with Sections 409A of the Code

 

     10 

     

    

 

(v)
“Governmental Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality,
district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental
or regulatory body, or quasi-governmental body of any nature (including any governmental division, department, administrative agency
or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or entity and
any court or other tribunal, and for the avoidance of doubt, any tax authority) or other body exercising similar powers or authority;
or (d) self-regulatory organization (including the NASDAQ Stock Market and the Financial Industry Regulatory Authority).

 

(w)
“Non-423 Component” means the part of the Plan, which excludes the 423 Component, pursuant to which
Purchase Rights that are not intended to satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(x)
“Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase
Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be
set forth in the “Offering Document” approved by the Board for that Offering.

 

(y)
“Offering Date” means a date selected by the Board for an Offering to commence.

 

(z)
“Officer” means a person who is an officer of the Company or a Related Corporation within the meaning of
Section 16 of the Exchange Act.

 

(aa)
“Participant” means an Eligible Employee who holds an outstanding Purchase Right.

 

(bb)
“Plan” means this Jasper Therapeutics, Inc. 2021 Employee Stock Purchase Plan, as amended from time to
time, including both the 423 Component and the Non-423 Component.

 

(cc)
“Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights
will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering.

 

(dd)
“Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering
Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase
Periods.

 

(ee)
“Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

(ff)
“Related Corporation” means any “parent corporation” or “subsidiary corporation”
of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of
the Code.

 

(gg)
“Securities Act” means the U.S. Securities Act of 1933, as amended.

 

(hh)
“Tax-Related Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on
account or other tax-related items arising out of or in relation to a Participant’s participation in the Plan, including, but not
limited to, the exercise of a Purchase Right and the receipt of shares of Common Stock or the sale or other disposition of shares of
Common Stock acquired under the Plan.

 

(ii)
“Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed,
including but not limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors
thereto, is open for trading.

 

     11Exhibit 10.7

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into as of September 24, 2021 by and between Jasper Therapeutics, Inc., a Delaware corporation (the “Corporation”),
and William Lis (the “Executive”).

 

RECITALS

 

THE PARTIES ENTER THIS AGREEMENT on the
basis of the following facts, understandings and intentions:

 

A.   The
Corporation desires that the Executive be employed by the Corporation to carry out the duties and responsibilities described below, all
on the terms and conditions hereinafter set forth.

 

B.   The
Executive desires to accept such employment on such terms and conditions.

 

NOW, THEREFORE, in consideration of the
above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

1.
Employment and Duties.

 

1.1
Employment. The Corporation does hereby hire, engage and employ the Executive on an at-will basis, subject to the terms
and conditions expressly set forth in this Agreement, including, but not limited to, Sections 5 and 6 of this Agreement. The Executive
does hereby accept and agree to such hiring, engagement and employment on the terms and conditions expressly set forth in this Agreement.

 

1.2
Duties. The Executive shall serve the Corporation as its Executive Chairman and Chief Executive Officer and shall perform
and have the responsibilities, duties, status and authority customary for a position in an organization of the size and nature of the
Corporation, subject to the corporate policies of the Corporation as in effect from time to time (including, without limitation, the Corporation’s
business conduct and ethics policies, as they may be amended from time to time). In this position, the Executive shall report to the Corporation’s
Board of Directors (the “Board”) and shall render such administrative, financial, and other executive and managerial
services to the Corporation and its affiliates as the Board may from time to time direct.

 

1.3
No Other Employment; Time Commitment. For so long as the Executive is employed with the Corporation, the Executive shall
both (i) devote the Executive’s full business time, energy and skill to the performance of the Executive’s duties for the
Corporation and (ii) hold no other employment. Notwithstanding the foregoing, the Executive may serve on managing or advisory boards of
non-profit entities and up to three (3) managing or advisory boards of for-profit companies, so long as such service does not interfere
with the Executive’s duties to, or otherwise create a conflict of interest with respect to, the Corporation. The Board shall have
the right to require the Executive to resign from any board or similar body on which the Executive may then serve if the Board determines
that such activity interferes with the effective discharge of the Executive’s duties and responsibilities to the Corporation or
that any business related to such service is then in competition with any business of the Corporation or any of its affiliates, successors
or assigns.

 

     

     

    

 

1.4
No Breach of Contract. The Executive hereby represents to the Corporation: (i) that the execution and delivery
of this Agreement by the Executive and the Corporation and the performance by the Executive of the Executive’s duties hereunder
shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party
or otherwise bound; (ii) that the Executive has no information (including, without limitation, confidential information and trade
secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or
carrying out the Executive’s duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret
or similar agreement with any other person or entity which would prevent, or be violated by, the Executive (x) entering into this
Agreement or (y) carrying out the Executive’s duties hereunder.

 

1.5
Location. The Executive’s principal place of employment initially shall be the offices of the Corporation’s
headquarters, currently located in Northern California. The Executive acknowledges that business travel may be required from time to time
in the course of performing the Executive’s duties for the Corporation.

 

2.
Term. The Executive’s employment under this Agreement shall commence on the date of this Agreement,
which such date of commencement of employment will be hereinafter referred to as the “Effective Date.” The period from
the Effective Date until the termination of the Executive’s employment under this Agreement is hereinafter referred to as “the
term of this Agreement” or “the term hereof.” Until the occurrence of the Effective Date, this Agreement shall be null
and void and without force or effect.

 

3.
Compensation.

 

3.1
Base Salary. During the term hereof, the Executive’s base salary (the “Base Salary”) shall
be paid in accordance with the Corporation’s regular payroll practices in effect from time to time, but not less frequently than
in monthly installments. As of the Effective Date, the Executive’s Base Salary shall be at an annualized rate of $530,000. During
the term hereof, the Corporation may review and adjust the Executive’s rate of Base Salary from time to time.

 

3.2
Incentive Bonus. During the term hereof, in addition to the Base Salary, the Executive shall be eligible to receive
an annual incentive bonus (“Incentive Bonus”) for each fiscal year with a target amount of 50% of Base Salary. The
actual amount of any Incentive Bonus earned by the Executive each year shall be determined in good faith by the Compensation Committee
of the Board (the “Compensation Committee”) in its reasonable discretion, based on the achievement of performance objectives
established for that particular fiscal year by the Board or the Compensation Committee. The Incentive Bonus earned for each fiscal year
(if any) shall be paid as soon as practicable following the Board’s certification of financial results for the applicable calendar
year, subject to the Executive’s continued employment by the Corporation or its affiliates through the applicable payment date.

 

    2 

     

    

 

3.3
Equity Compensation. The Corporation acknowledges that certain August 10, 2021 letter agreement by and between the Executive
and Jasper Corporation, a wholly-owned subsidiary of the Corporation (the “Letter Agreement”), which such Letter Agreement
is hereby incorporated herein by this reference. The Corporation hereby agrees to assume the obligations of Jasper Corporation pursuant
to the Letter Agreement.

 

4.
Benefits.

 

4.1
Retirement, Welfare and Fringe Benefits. During the term hereof, the Executive shall be eligible to participate in all
employee retirement and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Corporation to
the Corporation’s executive employees generally, in accordance with the terms of such plans and as such plans or programs may be
in effect from time to time.

 

4.2
Reimbursement of Expenses. During the term hereof, the Executive shall be authorized to incur reasonable expenses to
facilitate performance of his duties under this Agreement. The Executive shall be eligible for reimbursement of such expenses, subject
to the Corporation’s expense reimbursement policies and the discretion of the Board.

 

4.3
Vacation and Other Leave. During the term hereof, the Executive shall accrue paid time off and other leave in accordance
with the applicable policies of the Corporation.

 

4.4
Indemnification. The Executive shall be provided indemnification, and coverage under the Corporation’s D&O
liability insurance policies, to the same extent as other executive officers of the Corporation.

 

5.
Termination of Employment.

 

5.1
Generally. The Executive’s employment by the Corporation, and the term hereof, may be terminated at any time (i)
by the Corporation with or without Cause (as defined in Section 5.4), (ii) by the Corporation in the event that the Executive has incurred
a Disability (as defined in Section 5.4), (iii) by the Executive for any reason, or (iv) due to the Executive’s death.

 

5.2
Notice of Termination.  Any termination of the Executive’s employment under this Agreement (other than because
of the Executive’s death) shall be communicated by written notice of termination from the terminating party to the other party,
which termination shall be effective (i) no less than thirty (30) days following delivery of such notice in the event of a termination
by the Executive for any reason or (ii) immediately in the event of a termination by the Corporation. The notice of termination shall
indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

    3 

     

    

 

5.3
Benefits Upon Termination.

 

(a)
Upon any termination of the Executive’s employment with the Corporation (the date of termination, the “Severance
Date”), the Corporation shall pay to the Executive (or the Executive’s estate, if applicable) (i) any Base Salary that
had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; (ii) any reimbursement
due to the Executive pursuant to Section 4.2 for expenses incurred by the Executive on or before the Severance Date; and (iii) any other
amounts required under applicable law. The treatment (including, without limitation, the cancellation or vesting thereof and/or the entitlement
of the Executive thereto) of any outstanding equity awards then held by the Executive as of the Severance Date shall be subject to the
applicable terms of the Equity Plan and the applicable award agreements.

 

(b)
In addition to amounts payable under the immediately preceding clause (a), in the event of certain terminations the Executive shall
be eligible for payments and benefits under the Corporation’s Employee Severance Plan for Vice Presidents and Executive Committee
Members (as may be amended or restated from time to time, the “Severance Plan”), subject to the Executive meeting the
eligibility criteria set forth in the Severance Plan.

 

5.4
Certain Defined Terms. In the event of a conflicting definition between this Agreement and any other agreement between
the Corporation and the Executive, the definitions of Cause and Good Reason contained in this Agreement shall govern unless such other
agreement states otherwise by specifically making reference to this Agreement.

 

(a)
As used herein, “Cause” shall have the meaning ascribed to such term in the Severance Plan.

 

(b)
As used herein, “Disability” shall mean a disability that qualifies the Executive for benefits under the Corporation’s
long-term disability plan.

 

(c)
As used herein, “Good Reason” shall have the meaning ascribed to such term in the Severance Plan.

 

5.5
Resignation from Directorships and Officerships. The termination of the Executive’s employment with the Corporation
for any reason shall be treated as the Executive’s resignation from (i) any director, officer or employee position the Executive
has with the Corporation and any of its respective affiliates, and (ii) all fiduciary positions (including as a trustee) the Executive
holds with respect to any employee benefit plans or trusts established by the Corporation or any of its affiliates, in each case unless
otherwise determined by the Board or one of its committees. The Executive agrees that this Agreement shall serve as written notice of
resignation in this circumstance. Furthermore, the Executive agrees to execute any documents evidencing such resignations that the Corporation
reasonably requests.

 

    4 

     

    

 

6.
Non-Disparagement. The Executive agrees that at no time during employment with the Corporation or thereafter
shall the Executive make, or cause or assist any other person to make, any statement or other communication to any third party which impugns
or attacks, or is otherwise critical of, the reputation, business or character of the Corporation, any Corporation affiliate, or any of
their respective directors, officers, representatives, agents or employees. Notwithstanding anything in this Section to the contrary,
in no event shall any party be prohibited from providing truthful testimony in connection with a legal proceeding or governmental investigation.
In addition, nothing in this Agreement shall prohibit the Executive from reporting a suspected violation of law to the appropriate governmental
agency or authority.

 

7.
Defense of Claims. The Executive agrees that, during the term hereof and following the termination of
the Executive’s employment, upon request from the Corporation, the Executive will cooperate with the Corporation in the defense
of any claims or actions that may be made by or against the Corporation that affect the Executive’s prior areas of responsibility,
except if the Executive’s reasonable interests are adverse to the Corporation in such claim or action. The Corporation agrees that
it shall reimburse the reasonable out of pocket costs and attorney fees the Executive actually incurs in connection with the Executive
providing such assistance or cooperation to the Corporation, in accordance with the Corporation’s standard policies and procedures
as in effect from time to time, provided that the Executive shall have obtained prior written approval from the Corporation for
any travel or legal fees and expenses incurred by the Executive in connection with the Executive’s obligations under this Section
7. In addition, if the Executive no longer is providing services to the Corporation, the Corporation shall reimburse the Executive for
time spent providing such assistance at an hourly rate equal to the Executive’s most recent annual Base Salary divided by 2080,
rounded down to the nearest whole dollar.

 

8.
Source of Payments. All payments provided under this Agreement, other than payments made pursuant to a
plan which provides otherwise, shall be paid in cash from the general funds of the Corporation, and no special or separate fund shall
be established, and no other segregation of assets shall be made, to assure payment. The Executive shall have no right, title or interest
whatsoever in or to any investments which the Corporation may make to aid the Corporation in meeting its obligations hereunder. Any payments
provided under this Agreement shall be treated as amounts owed to an unsecured creditor of the Corporation.

 

9.
Withholding. Notwithstanding anything else herein to the contrary, the Corporation may withhold (or cause
there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal,
state and local income, employment, or other taxes or other amounts as may be required to be withheld pursuant to any applicable law or
regulation.

 

    5 

     

    

 

10.
Assignment; Binding Effect.

 

(a)
By the Executive. This Agreement and any and all rights, duties, obligations or interests hereunder shall not be assignable
or delegable by the Executive.

 

(b)
By the Corporation. This Agreement and all of the Corporation’s rights and obligations hereunder shall not be assignable
by the Corporation except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the Corporation’s
assets. Notwithstanding the foregoing, or any contrary provision herein, concurrently with the occurrence of the Effective Date, references
to the Corporation herein shall mean the entity formerly known as Amplitude Healthcare Acquisition Corporation which, as of the Effective
Date, has changed its name to Jasper Therapeutics, Inc.

 

(c)
Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto, any successors to
or assigns of the Corporation and the Executive’s heirs and the personal representatives of the Executive’s estate.

 

11.
Number and Gender. Where the context requires, the singular shall include the plural, the plural shall
include the singular, and any gender shall include all other genders.

 

12.
Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this
Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction
or interpretation thereof.

 

13.
Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance
and enforcement, as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and
interpreted and enforced in accordance with, the laws of the State of California applicable to contracts executed solely in California
and to be performed entirely within that State.

 

14.
Survival of Certain Provisions. Sections 5, 6, 7, 8, 9, 13, 14, 16, 17, 18, 19 and 20 shall survive any
termination or expiration of this Agreement.

 

15.
Entire Agreement. This Agreement embodies the entire agreement of the parties hereto respecting the matters
within its scope. As of the date hereof, this Agreement supersedes all prior and contemporaneous agreements of the parties hereto that
directly or indirectly bear upon the subject matter hereof. Any prior negotiations, correspondence, agreements, proposals or understandings
relating to the subject matter hereof shall be deemed to be of no force or effect, and the parties to any such other negotiations, commitments,
agreements or writings shall have no further rights or obligations thereunder. There are no representations, warranties, or agreements,
whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein. For the
avoidance of doubt, this Agreement does not supersede or replace the Severance Plan or the Side Letter and shall be interpreted to be
consistent with the Severance Plan and the Side Letter.

 

    6 

     

    

 

16.
Modifications, Waivers. This Agreement may not be amended, modified or changed (in whole or in part),
except by an instrument in writing signed by both parties hereto. The waiver by either party of compliance with any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent
breach by such party of a provision of this Agreement.

 

17.
Arbitration. The Executive and the Corporation agree that to the extent permitted by law, any dispute
or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance,
breach, or termination thereof, or the Executive’s employment by the Corporation or any termination thereof, will be settled by
arbitration to be held at a location in San Francisco, California in accordance with then applicable rules of the American Arbitration
Association specifically designed for the resolution of employment disputes. The Executive acknowledges that a copy of such rules in effect
as of the date hereof has been provided to the Executive. The arbitrator may grant injunctions or other relief in such dispute or controversy.
The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the
arbitrator’s decision in any court having jurisdiction. The Corporation shall pay the costs associated with arbitration (arbitration
fee and location fee, if any); provided, however, that each party shall bear its own legal fees and expenses. Notwithstanding the foregoing,
the arbitrator shall be permitted to award costs associated with arbitration in the event the arbitrator determines a claim is frivolous.

 

18.
Notices. All notices, requests, demands and other communications required or permitted under this Agreement
shall be in writing (including in electronic formats) and shall be deemed to have been duly given and made if (i) delivered by hand, (ii)
otherwise delivered against receipt therefor, (iii) sent to an email address of record, or (iv) sent by registered or certified mail,
postage prepaid, return receipt requested. Any notice shall be duly addressed to the parties as follows:

 

if to the Corporation:

 

Jasper Therapeutics, Inc.

2200 Bridge Parkway Suite #102

Redwood City, CA 94065

Attention: Chief Financial Officer

 

if to the Executive, to the address (or e-mail address) most recently
on file in the personnel records of the Corporation.

 

19.
Code Section 409A.

 

(a)
This Agreement is intended to meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent
with that intent. Each payment provided hereunder, whether part of a severance benefit or otherwise, is intended to be a separate payment
for purposes of Section 409A of the Code, including Treasury Regulation 1.409A-2(b)(2).

 

    7 

     

    

 

(b)
Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of
benefits) hereunder or under any other plan or agreement of the Corporation or any Corporation affiliate covering Executive, provides
for the “deferral of compensation” within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided)
in accordance with the following:

 

(i)
If the Executive is a “Specified Employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of
the Executive’s Separation from Service (within the meaning of Section 409A of the Code) (the “Separation Date”),
then no payment of non-qualified deferred compensation (within the meaning of Section 409A of the Code) otherwise to be made as a result
of the Executive’s Separation from Service shall be made or commence during the period beginning on the Separation Date and ending
on the date that is six months following the Separation Date or, if earlier, on the date of the Executive’s death. The amount of
any payment that would otherwise be paid to the Executive during this period shall instead be paid to the Executive on the first day of
the first calendar month following the end of such six-month period.

 

(ii)
Payments with respect to reimbursements of expenses or benefits or provision of fringe or other in-kind benefits shall be made
on or before the last day of the calendar year following the calendar year in which the relevant expense or benefit is incurred. The amount
of expenses or benefits eligible for reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits
eligible for reimbursement, payment or provision in any other calendar year.

 

20.
“Blue-Pencil”. If any provision of this Agreement shall be invalid or unenforceable, in whole
or in part, or as applied to any circumstances, under the laws of any jurisdiction which may govern for such purpose, then such provision
shall be deemed, to the extent allowed by the laws of such jurisdiction, to be modified or restricted to the extent and in the manner
necessary to render the same valid and enforceable, either generally or as applied to such circumstance, or shall be deemed excised from
this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as
if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally
incorporated herein, as the case may be.

 

21.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of
all of the parties reflected hereon as the signatories.

 

22.
Legal Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees
that they have had the opportunity to consult with legal counsel of their choice. The Executive agrees and acknowledges that he has read
and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into
this Agreement and has had ample opportunity to do so. This Agreement has resulted from negotiations and discussions between the parties
and no one party shall be treated as drafting this Agreement for purposes of interpreting any provision hereof.

 

[The remainder of this page
has intentionally been left blank]

 

    8 

     

    

 

 

IN WITNESS WHEREOF, the Corporation and
the Executive have executed this Agreement as of the date set forth above.

 

	 	“CORPORATION”
	 	By:  	/s/ Anna French, Ph.D.
	 	Name:  	Anna French, Ph.D.
	 	Title:  	Director; Chairperson of the Compensation Committee of the Board of Directors
	 	 	 
	 	“EXECUTIVE”
	 	 	 
	 	/s/ William Lis
	 	/s/ William Lis

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