Document:

EXHIBIT 10.11

 

NONQUALIFIED STOCK OPTION AGREEMENT

TO PURCHASE SHARES OF COMMON STOCK UNDER
THE 

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC. 

2013 EQUITY INCENTIVE PLAN

 

	Name of Optionee:	 	 

 

	No. of Option Shares:	 	 

 

	Option Exercise Price per Share:	 	 

 

	Grant Date:	 	 

 

	Expiration Date:	 	 

 

Pursuant to the Harvard Apparatus Regenerative
Technology, Inc. 2013 Equity Incentive Plan, as amended through the date hereof (the “Plan”), Harvard Apparatus Regenerative
Technology, Inc., (the “Company”), hereby grants to the Optionee named above, an option (the “Option”)
to purchase on or prior to the Expiration Date specified above, all or part of the number of shares of Common Stock, par value
$.01 per share (the “Stock” or the “Shares”) of the Company specified above at the Option Exercise Price
per Share specified above subject to the terms and conditions set forth herein and in the Plan. This Option is intended to be a
Nonqualified Stock Option granted under the Plan.

 

1. Vesting Schedule. No portion of
this Option may be exercised until such portion shall have vested. Except as set forth below and subject to the terms and conditions
set forth below, this Option shall be vested and exercisable with respect to the following number of Shares on the dates indicated:

 

	Cumulative	 	 
	Number of	 	 
	Shares Exercisable	 	Vesting Date
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________

 

Once vested, this Option shall continue to be exercisable at
any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

 

    	1

    	 

    

 

2.      Manner
of Exercise. The Optionee may exercise the Option only in the following manner: from time to time on or prior to the Expiration
Date, the Optionee may give written notice to the Company of any election to purchase some or all of the vested Shares purchasable
at the time of such notice. Said notice shall specify the number of vested Shares to be purchased and shall be accompanied by payment
therefor by one or more of the following methods:

 

(1) In
cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(2) Through
the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or
that have been beneficially owned by the Optionee for at least six months and are not then subject to restrictions under any Company
plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; or

 

(3) By
the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in
the event the Optionee chooses to pay the purchase price as so provided, the Optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure.

 

Payment instruments will be received subject
to collection. The delivery of certificates representing the Shares will be contingent upon the Company’s receipt from the
Optionee of full payment for the Shares, as set forth above and any agreement, statement or other evidence that the Company may
require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Options under the Plan and any
subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations.

 

Certificates for the shares of Stock
purchased upon exercise of this Option shall be issued and delivered to the Optionee upon compliance, to the satisfaction of the
Administrator, with all requirements under applicable laws or regulations in connection with such issuance and with the requirements
hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee.
The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock
subject to this Option unless and until this Option shall have been exercised pursuant to the terms hereof, the Company shall have
issued and delivered the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record
on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to
such shares of Stock.

 

The minimum number of shares with respect
to which this Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this
Option is being exercised is the total number of shares subject to exercise under this Option at the time.

 

3.      Termination
of Employment or Death of Optionee. The Option, as to any Shares not theretofore purchased, shall terminate on the earlier
of the Expiration Date or 30 days after the Optionee is no longer employed by the Company or a Subsidiary (as defined in the Plan);
provided, however, that if such termination of employment results from (i) the Optionee’s death or disability, the Option
may be exercised as to vested Shares as of the date of such termination of employment within three (3) months thereafter (but in
no event later than the Expiration Date) by the Optionee’s executors, administrators, personal representatives, or any person
or persons to whom the Option may be transferred by will or by the laws of descent and distribution, but only to the extent that
the Optionee was entitled to exercise the Option at the time of such termination of Optionee’s employment or (ii) the Optionee’s
termination for Cause (as defined below), the Option (as to all vested and unvested Shares) shall immediately terminate and be
of no further force or effect. Following the termination of the Optionee’s employment and prior to the termination of the
Option, unless otherwise determined by the Administrator, the Option may only be exercised as to vested Shares as of the date of
the termination of the Optionee’s employment. The Option does not confer upon the Optionee any right with respect to continuation
of employment by the Company, nor shall it interfere with any right of the Company to terminate such employment at any time or
any employee’s “employee-at-will” status.

 

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“Cause” as such term
relates to the termination of any person means the occurrence of one or more of the following: (i) such person is convicted of,
pleads guilty to, or confesses to any felony or any act of fraud, misappropriation or embezzlement, (ii) such person engages in
a fraudulent act to the material damage or prejudice of the Company or any Subsidiary or in conduct or activities materially damaging
to the property, business or reputation of the Company or any Subsidiary, (iii) any material act or omission by such person involving
malfeasance or negligence in the performance of such person’s duties to the Company or any Subsidiary to the material detriment
of the Company or any Subsidiary, which has not been corrected by such person within 30 days after written notice from the Company
of any such act or omission, (iv) failure by such person to comply in any material respect with the terms of his employment agreement,
if any, or any written policies or directives of the Board, which has not been corrected by such person within 30 days after written
notice from the Company of such failure, or (v) material breach by such person of his noncompetition agreement with the Company,
if any.

 

4.     Shares.
The Shares that are the subject of the Option are shares of the Common Stock, $.01 par value, of the Company as constituted on
the date of the Option, subject to adjustment as provided in Section 3 of the Plan.

 

5.     Effect
of Certain Transactions. If (i) the Company is merged into or consolidated with another corporation and the Company is not
the surviving corporation, (ii) one or more corporations are merged into the Company which continues as the surviving corporation
and the stockholders of the Company immediately prior to the transaction own less than a majority of its outstanding Common Stock
immediately after the transaction, or shares of Common Stock of the Company are converted into cash, securities or property other
than shares of Common Stock of the Company, or (iii) the Company is liquidated, dissolved, or sells or otherwise disposes of all
or substantially all of its assets to another entity while any portion of the Option remains unexercised and unexpired, then in
any of such transactions the Board may, in its sole discretion, take one or more of the following actions:

 

(a)     The Compensation
Committee of the Board (the “Committee”) may cancel the Option as of the effective date of any such transaction, provided
that notice of such cancellation shall be given to the Optionee at least 15 days prior to the effective date of such transaction,
and the Optionee shall have the right to exercise so much of the Option as is exercisable during said 15-day period, including
Options which become exercisable due to acceleration of vesting, if any, by the Board;

 

(b)     The Committee
may (i) cancel the Option as to unvested Shares as of the effective date of the transaction and (ii) provide for the repurchase
of unexercised Options as to vested Shares as of the effective date of such transaction by the Company on the effective date of
such transaction for the same cash, securities or other property received with respect to each outstanding Share in the transaction
by the stockholders of the Company, less the exercise price of the Option;

 

(c)     The Committee
may provide for the voluntary exchange of the Option on the effective date of such transaction for an option or other rights granted
by a successor corporation on terms reasonably acceptable to the Optionee; or

 

(d)     The Committee
may provide that after the effective date of such transaction, the Optionee shall be entitled upon exercise of the Option as to
any vested Shares to receive in lieu of each Share purchasable under the Option the same cash, securities or other property received
with respect each outstanding Share in the transaction by the stockholders of the Company.

 

Upon the consummation of a Sale Event (as
defined in the Plan) or occurrence of a Change of Control (as defined in the Plan), in either case, following the grant date of
the Option, the Option shall become fully vested and exercisable with respect to all of the Shares as of the effective time of
the Sale Event or the occurrence of the Change of Control, respectively.

 

6.     Transferability.
 This Option is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution. This Option is exercisable, during the Optionee’s
lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

 

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7.     Miscellaneous.
Notices hereunder shall be mailed or delivered to the Company’s principal place of business, 84 October Hill Rd., Holliston,
MA 01746 and shall be mailed or delivered to the Optionee at the address set forth below, or in either case at such other address
as one party may subsequently furnish to the other party in writing.

 

8.     Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Option shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Administrator set forth in the Plan. Capitalized terms in this Option shall
have the meaning specified in the Plan, unless a different meaning is specified herein. In the case of any conflict between the
terms of this Option and the Plan, the provisions of the Plan shall control.

 

	 	HARVARD APPARATUS
	 	REGENERATIVE TECHNOLOGY, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

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The foregoing Option is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned.

 

	Dated:	 	 	 

	 	 	Optionee’s Signature
	 	 	 
	 	 	Optionee’s name and address:
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	Social Security Number	 

 

    	5EXHIBIT 10.12

 

NONQUALIFIED STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS UNDER THE

HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC. 

2013 EQUITY INCENTIVE PLAN

 

	Name of Optionee:	 	 

 

	No. of Option Shares:	 	 

 

	Option Exercise Price per Share:	 	 

 

	Grant Date:	 	 

 

	Expiration Date:	 	 

 

Pursuant to the Harvard Apparatus Regenerative
Technology, Inc. 2013 Equity Incentive Plan, as amended through the date hereof (the “Plan”), Harvard Apparatus Regenerative
Technology, Inc., (the “Company”) hereby grants to the Optionee named above, who is a Director of the Company but is
not an employee of the Company, an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified
above, all or part of the number of shares of Common Stock, par value $.01 per share (the “Stock” or the “Shares”)
of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth
herein and in the Plan.

 

1.      Vesting.
No portion of the Stock Option may be exercised until such portion shall have vested. Except as set forth below and subject to
the terms and conditions set forth below, this Stock Option shall be vested and exercisable with respect to the following number
of Shares on the dates indicated:

 

	Cumulative	 	 
	Number of	 	 
	Shares Exercisable	 	Vesting Date
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________
	 	 	 
	__________	 	__________

 

In the event of the termination of the
Optionee’s service as a director of the Company because of Disability (as defined below) or death, this Stock Option shall
become immediately vested and exercisable in full, whether or not vested and exercisable at such time. Once vested, this Stock
Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to
the provisions hereof and of the Plan. The term “Disability” shall mean that condition described in Section 22(e)(3)
of the Internal Revenue Code of 1986, as amended (the “Code”). In the event of a dispute, the determination of Disability
will be made by the Administrator (as defined in Section 2(a) of the Plan) in good faith and with the advice of a physician competent
in the area to which such Disability relates.

 

    	1

    	 

    

 

Upon the consummation of a Sale Event (as
defined in the Plan) or occurrence of a Change of Control (as defined in the Plan), in either case, following the grant date of
this Stock Option, this Stock Option shall become fully vested and exercisable with respect to all of the Option Shares as of the
effective time of the Sale Event or the occurrence of the Change of Control, respectively.

 

2.      Exercise
of Stock Option.

 

(a) The Optionee may exercise this Option
only in the following manner: from time to time on or prior to the Expiration Date of this Option, the Optionee may give written
notice to the Company of his or her election to purchase some or all of the vested Option Shares purchasable at the time of such
notice. This notice shall specify the number of Option Shares to be purchased and shall be accompanied by payment therefor by one
or more of the following methods:

 

(1) In
cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(2) Through
the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or
that have been beneficially owned by the Optionee for at least six months and are not then subject to restrictions under any Company
plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; or

 

(3) By
the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in
the event the Optionee chooses to pay the purchase price as so provided, the Optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure.

 

 Payment instruments will be received
subject to collection. The delivery of certificates representing the Option Shares will be contingent upon the Company’s
receipt from the Optionee of full payment for the Option Shares, as set forth above and any agreement, statement or other evidence
that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Options under
the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations.

 

(b) Certificates for shares of Stock purchased
upon exercise of this Stock Option shall be issued and delivered to the Optionee upon compliance to the satisfaction of the Administrator
with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and
of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee
shall not be deemed to be the holder of the shares subject to this Stock Option, or to have any of the rights of a holder, unless
and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company shall have issued and delivered
the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of
the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of
Stock.

 

(c) Notwithstanding any other provision hereof
or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.

 

3.      Termination
as Director. If the Optionee ceases to be a Director of the Company, the period within which to exercise the Stock Option may
be subject to earlier termination as set forth below.

 

(a) Termination by Reason of Death.
If the Optionee ceases to be a Director by reason of death, any Stock Option held by the Optionee may be exercised by his or her
legal representative or legatee for a period of twelve (12) months from the date of death or until the Expiration Date, if earlier.

 

(b) Other Termination. If the Optionee
ceases to be a Director for any reason other than death, any Stock Option held by the Optionee may be exercised to the extent exercisable
on the date Optionee ceases to be a Director for a period of three (3) months from the date of termination or until the Expiration
Date, if earlier.

 

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4.       Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms
and conditions of the Plan, including the powers of the Administrator set forth in the Plan. Capitalized terms in this Stock Option
shall have the meaning specified in the Plan, unless a different meaning is specified herein. In the case of any conflict between
the terms of this Stock Option and the Plan, the provisions of the Plan shall control.

 

5.       Transferability.
This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise,
other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime,
only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

 

6.       Miscellaneous

 

(a) Notice hereunder shall be given to the
Company at its principal place of business, and shall be given to the Optionee at the address set forth below, or in either case
at such other address as one party subsequently furnish to the other party in writing.

 

(b) This Stock Option does not confer upon
the Optionee any rights with respect to continuance as a Director.

 

(c) Pursuant to Section 17 of the Plan, the
Administrator may at any time amend or cancel any outstanding portion of this Stock Option, but no such action may be taken which
adversely affects the Optionee’s rights under this Agreement without the Optionee’s consent.

 

	 	HARVARD APPARATUS
	 	REGENERATIVE TECHNOLOGY, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

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The foregoing Stock Option is hereby accepted and the terms
and conditions thereof hereby agreed to by the undersigned.

 

	Dated:	 	 	 

	 	 	Optionee’s Signature
	 	 	 
	 	 	Optionee’s name and address:
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

  

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