Document:

Exhibit 4.9

 

INCENTIVE STOCK OPTION AGREEMENT

 

This Stock Option Agreement
is made and entered into as of [ ], between [ ] (“Employee”) and Miromatrix Medical Inc., a Delaware corporation (the “Company”).

 

Background

 

A.       Employee has been hired as an employee of the Company or the Company desires to induce Employee to continue to serve the
Company as an employee.

 

B.       The
Company has adopted the 2010 Stock Incentive Plan (the “Plan”) pursuant to which shares of common stock of the Company
have been reserved for issuance under the Plan.

 

AGREEMENT

 

Now, THEREFORE, the
parties hereto agree as follows:

 

1.                  
Incorporation by Reference. The terms and conditions of the Plan, a copy of which has been delivered to Employee, are hereby
incorporated herein and made a part hereof by reference as if set forth in full. In the event of any conflict or inconsistency between
the provisions of this Agreement and those of the Plan, the provisions of the Plan shall govern and control.

 

2.                   Grant
of Option: Purchase Price. Subject to the terms and conditions herein set forth, the Company hereby irrevocably arants from the Plan
to Employee the right and option, hereinafter called the “Option”, to purchase all or any part of an aggregate of
the number of shares of common stock, $.00001 par value per share, of the Company (the “Shares”) set forth at the end of
this Agreement after “Number of Shares:” at the price per Share set forth at the end of this Agreement after “Purchase
Price:”, which price is intended to be at least 100% of the fair market value of the Company’s common stock on the grant
date (determined in accordance with the Company’s procedures for calculating such fair market value).

 

3.                   Exercise
and Vesting of Option. The Option shall be exercisable only to the extent that all, or any portion thereof, has vested in the Employee.
Except as provided herein in paragraph 4, the Option shall vest in Employee with respect to the Shares in four (4) annual installments
as set forth at the end of this Agreement after “Vesting Schedule:,” so long as Employee remains an employee of the
Company (each such date is hereinafter referred to singularly as a “Vesting Date” and collectively as “Vesting
Dates”).

 

4.                   Termination.
In the event that the Employee ceases to be an employee of the Company, for any reason or no reason, with or without cause, prior
to any Vesting Date, that part of the Option scheduled to vest on such Vesting Date, and all parts of the Option scheduled to vest in
the future, shall not vest and all of Employee’s rights to and under such non-vested parts of the Option shall terminate.

 

5.                   Term
of Option. To the extent vested, and except as otherwise provided in this Agreement, the Option shall be exercisable for ten
(10) years from the date of this Agreement; provided, however, that in the event Employee ceases to be an employee of the
Company, for any reason or no reason, with or without cause, Director or his her legal representative shall have ninety (90) days
from the date that he or she ceases to be an employee, or, if earlier, upon the expiration date of the Option as set forth above, to
exercise any part of the Option vested pursuant to Section 3 of this Agreement. Upon the expiration of such ninety (90) day period,
or, if earlier, upon the expiration date of the Option as set forth above, the Option shall terminate and become null and void.

 

     

     

    

 

6.                   Breach
of Non-Disclosure. Confidential Information. Non-Competition. Non-Solicitation or Invention Assignment Agreements. Notwithstanding
anything in this Agreement to the contrary, in the event that Employee materially breaches the terms of any non-disclosure, confidential
information, non-competition, non-solicitation or invention assignment covenant or agreement entered into with the Company or any subsidiary
of the Company (regardless of how such covenant or agreement is styled or titled), whether such breach occurs before or after he or she
ceases to be an employee of the Company, the Company may immediately terminate all rights of Employee under this Agreement without notice
of any kind and the Option, both vested and unvested, shall terminate and become null and void.

 

7.                  
Rights of Option Holder. Employee, as holder of the Option, shall not have any of the rights of a shareholder with respect
to the Shares covered by the Option except to the extent that one or more certificates for such Shares shall be delivered to him or her
upon the due exercise of all or any part of the Option. Nothing contained in this Agreement shall be deemed to grant Employee any right
to continue as a director of the Company for any period of time or to any right to continue his or her present or any other rate of compensation,
nor shall this Agreement be construed as giving Employee, Employee’s beneficiaries or any other person any equity or interests of
any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company and
any such person.

 

8.                  
Transferability. The Option shall not be transferable except to the extent permitted by the Plan.

 

9.                  
Securities Law Matters. Employee acknowledges that the Shares to be received by him or her upon exercise of the Option may
have not been registered under the Securities Act of 1933 or the Blue Sky laws of any state (collectively, the “Securities Acts”).
If such Shares have not been so registered, Employee acknowledges and understands that the Company is under no obligation to register,
under the Securities Acts, the Shares received by him or her or to assist him or her in complying with any exemption from such registration
if he or she should at a later date wish to dispose of the Shares. Employee acknowledges that if not then registered under the Securities
Acts, the Shares shall bear a legend restricting the transferability thereof, such legend to be substantially in the following form:

 

“The Shares represented by this certificate
have not been registered or qualified under federal or state securities laws. The Shares may not be offered for sale, sold, pledged or
otherwise disposed of unless so registered or qualified, unless an exemption exists or unless such disposition is not subject to the federal
or state securities laws, and the Company may require that the availability or any exemption or the inapplicability of such securities
laws be established by an opinion of counsel, which opinion of counsel shall be reasonably satisfactory to the Company.”

 

10.                
Employee Representations. Director hereby represents and warrants that Employee has reviewed with his or her own tax advisors
the federal, state, and local tax consequences of the transactions contemplated by this Agreement. Employee is relying solely on such
advisors and not on any statements or representation of the Company or any of its agents. Employee understands that he or she will be
solely responsible for any tax liability that may result to him or her as a result of the transactions contemplated by this Agreement.
The Option, if exercised, will be exercised for investment and not with a view to the sale or distribution of the Shares to be received
upon exercise thereof.

 

11.                
Notices. All notices and other communications provided in this Agreement will be in writing and will be deemed to have been
duly given when received by the party to whom it is directed at the following addresses:

 

    -2-

     

    

 

	If to the Company:	If to Employee:
	 	 
	Miromatrix Medical Inc.	To the address set forth
    on the signature page to this Agreement.
	18683 Bearpath Trail	
	Eden Prairie, MN 55347	 
	Attn: Chief Executive Officer	 

 

12.               
Drag-Along Rights. If holders of at least a majority of the outstanding shares of capital stock of the Company entitled
to vote (the “Sellers”) desire to sell all of their shares to a bona fide third party purchaser, such Sellers or the Company
shall send written notice (the “Drag-Along Notice”) to Employee, setting forth the consideration to he paid by the
third party purchaser and tile other terms and conditions of such transaction. The Sellers or the Company may elect to require all, but
not less than all, of the Shares purchased by Employee pursuant to this Agreement to be sold to the third party purchaser for the same
consideration per share of common stock as the Sellers will receive in such transaction. To exercise such right, the Sellers or the Company
shall so indicate in the Drag-Along Notice. If the Sellers or the Company so elect, then not later than five (5) days following the date
of the Drag-Along Notice, Employee shall deliver to the Company any certificates representing the Shares held by Employee, accompanied
by duly executed instruments of conveyance. If Employee fails to deliver any such certificates to the Sellers or the Company, the Company
shall cause the books and records of the Company to show that the Shares are bound by the provisions of this Section 12 and that such
Shares shall be transferred only to the third party purchaser. In the event Employee fails to deliver the certificates to the Company
as required herein, then the Company may execute any documents as shall be required for the purpose of transferring the Shares on the
books and records of the Company, and the Company is hereby appointed the attorney-in-fact of Employee for the purpose of effectuating
the requirements of this Section 12.

 

13.                
Amendment to Meet the Requirements of Section 409A. Employee acknowledges that the Company, in the exercise of its sole
discretion and without the consent of Employee, may amend or modify this Agreement in any manner and delay the payment of any amounts
payable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by
any Internal Revenue Service or U.S. Treasury Department regulations or guidance as the Company deems appropriate or advisable.

 

14.                
Lock-Up.

 

(a)               
Employee agrees that Employee will not offer, pledge, sell, contract to sell, sell any option, sell any contract to purchase, purchase
any option, purchase any contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of,
directly or indirectly, any Shares (or any other Company securities) or enter into any swap, hedging, or other arranaement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any Shares (or any other Company securities) held by
Employee (other than those included in the registration) for a period specified by the representative of the underwriters of the Company’s
capital stock (or any other Company securities, collectively, the “Stock”) not to exceed ninety (90) days (180 days
in the case of an initial public offering), plus any additional periods required by the Financial Industry Regulatory Authority (including
under Conduct Rule 2711), after the effective date of any Company registration statement filed under the Securities Act of 1933 (the “Securities
Act”).

 

    -3-

     

    

 

(b)                Employee
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter to the extent
that such agreements are consistent with the foregoing or that are necessary to give further effect to the provisions set forth in
Section 15(a). In addition, if requested by the Company or the representative of the underwriters of shares of the Company’s
capital stock, Employee will provide, within 10 days of such request, such information as may be required by the Company or such
representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act.

 

(c)               
The obligations described in this Section 14 will not apply to, a registration relating solely to Employee benefit plans on Form
S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on
Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the
Shares subject to the foregoing restriction until the end of such period, as applicable.

 

15.                
Withholding. The Company shall have the right to (i) withhold and deduct from any payments made under the Plan or from future
compensation of Employee (or from other amounts that may be due and owing to Employee from the Company or a subsidiary of the Company),
or make other arrangements for the collection of; all legally required amounts necessary to satisfy any and all foreign, federal, state
and local withholding and employment-related tax requirements attributable to the Option, or (ii) require Employee promptly to remit the
amount of such withholding to the Company before taking any action, including issuing the Shares

 

16.                
General.

 

(a)               
The Option is granted pursuant to the Plan and is governed by the terms thereof. The Company shall at all times during the term
of the Option reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Option Agreement.

 

(b)               
Nothing herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation
other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

(c)               
Each party hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

(d)               
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same agreement.

 

(e)               
This Agreement, in its interpretation and effect, shall be governed by the laws of the State of Minnesota applicable to contracts
executed and to be performed therein.

 

(f)                
Any disputes arising out of this Agreement shall be determined in the Hennepin County District Court or the United States
Court, District of Minnesota.

 

    -4-

     

    

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date first written above.

 

	Number of Shares: [ ]	EMPLOYEE:
	 	 
	Exercise Price: [ ]	 
	 	 
	 	Name:
	 	Address:	         
	 	 
	 	 
	 	MIROMATRIX MEDICAL INC.
	 	 
	 	By:	                    
	 	

 

Vesting Schedule:

 

	No. of Shares To Be Vested	Vesting Date

 

    -5-Exhibit 4.10

 

MIROMATRIX MEDICAL INC.

Non-Qualified Stock Option Agreement

 

2019 Equity Incentive Plan

 

Miromatrix Medical Inc. (the
 “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an Option to purchase shares
of the Company’s common stock to you, the Optionee named below. The terms and conditions of the Option Award are set forth in this
Agreement, consisting of this cover page and the Option Terms and Conditions on the following pages, and in the copy of the Plan document
that has been provided to you. Unless the context indicates otherwise, any capitalized term used in this Agreement that is not defined
in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

 

	Name of Optionee:
	No. of Shares Covered:	Grant Date:
	Exercise Price Per Share:	Expiration Date:
	Vesting and Exercise Schedule:
	
     

    Dates

    
	
    Portion of Shares as to Which

    Option Becomes Vested and Exercisable

     

     

	 	 	 

By signing below, you agree
to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have reviewed these
documents and that they set forth the entire agreement between you and the Company regarding your right to purchase shares of the Company’s
common stock pursuant to this Option.

 

	OPTIONEE:	MIROMATRIX MEDICAL INC.

 

		 	By:	
		 	Name:	Jeffrey Ross
		 	Title:	Chief Executive Officer

 

     

     

    

 

Miromatrix Medical Inc.

2019 Equity Incentive Plan

Non-Statutory Stock Option Agreement

 

Option Terms and Conditions

 

		1.	Non-Qualified Stock Option. This Option is not intended to be an “incentive
stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly.

 

		2.	Vesting and Exercisability of Option.

 

		(a)	Scheduled Vesting. This Option will vest and become exercisable as to the number of Shares and
on the dates specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company
does not end. The Vesting and Exercise Schedule is cumulative, meaning that to the extent the Option has not already been exercised and
has not expired, terminated or been cancelled, you or the person otherwise entitled to exercise the Option as provided in this Agreement
may at any time purchase all or any portion of the Shares that may then be purchased under that Schedule.

 

		(b)	Accelerated Vesting. The vesting and exercisability of this Option may be accelerated during the
term of the Option under the circumstances described in Section 12(b) of the Plan, and at the discretion of the Committee in accordance
with Section 3(b)(2) of the Plan.

 

		3.	Expiration. This Option will expire and will no longer be exercisable at 5:00 p.m.
Central Time on the earliest of:

 

		(a)	The expiration date specified on the cover page of this Agreement;

 

		(b)	Upon your termination of Service for Cause;

 

		(c)	Upon the expiration of any applicable period specified in Sections 6(e) and 12(b)(4) of the Plan and in
Section 4 of this Agreement during which this Option may be exercised after your termination of Service; or

 

		(d)	The date (if any) fixed for termination or cancellation of this Option pursuant to Sections 12(b)(2)
or (b)(3) of the Plan.

 

		4.	Service Requirement. Except as otherwise provided in Sections 6(e) and 12(b)(4) of the Plan
and in this Section 4, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only
if you have continuously provided such Service since the date this Option was granted. Notwithstanding the foregoing and the language
set forth in Sections 6(e)(3) and 6(e)(4) of the Plan, upon your termination of Service for any reason other than Cause, the currently
vested and exercisable portion of this Option may be exercised until the expiration date specified on the cover page of this Agreement.

 

		5.	Exercise of Option. Subject to Section 4, the vested and exercisable portion of this Option
may be exercised at any time during the Option term by delivering a written notice of exercise to the Company at its principal executive
office, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes. The notice
of exercise, in the form attached as Exhibit A to this Agreement, shall be provided to the Company’s Chief Financial Officer. The
notice shall state the number of Shares to be purchased, and shall be signed by the person exercising the Option. If you
are not the person exercising the Option, the person submitting the notice must also submit appropriate proof of his/her right to exercise
the Option.

 

    2 

     

    

 

		6.	Payment of Exercise Price. When you submit your notice of exercise, you must include payment
of the exercise price of the Shares being purchased through one or a combination of the following methods:

 

		(a)	Cash (including personal check, cashier’s check or money order);

 

		(b)	By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved
by the Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the
date of exercise equal to the exercise price of the Shares being purchased; or

 

		(c)	By authorizing the Company to retain, from the total number of Shares as to which the Option is being
exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of
Shares as to which the Option is being exercised.

 

However, if the Committee determines,
in any given circumstance, that payment of the exercise price with Shares or by authorizing the Company to retain Shares is undesirable
for any reason, you will not be permitted to pay any portion of the exercise price in that manner.

 

		7.	Tax Representation. You hereby represent and warrant that you have reviewed with your own
tax advisor the federal, state, local or foreign tax consequences of the transactions contemplated by this Agreement. You are relying
solely on such advisor and not on any statements or representation of the Company or any of its agents. You understand that you will be
solely responsible for any tax liability that may result to you as a result of the transactions contemplated by this Agreement. The Option,
if exercised, will be exercised for investment and not with a view to the sale or distribution of the Shares to be received upon exercise
thereof.

 

		8.	Delivery of Certificate. As soon as practicable after the Company receives the notice and
exercise price provided for above, and determined that all conditions to exercise, including Sections 7 and 9 of this Agreement, have
been satisfied, it shall deliver to the person exercising the Option, in the name of such person, a certificate or certificates representing
the Shares being purchased. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares
and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable.

 

		9.	Compliance with Laws. This Option may be exercised only if the issuance of Shares upon such
exercise complies with all applicable legal requirements, including compliance with the provisions of applicable federal and state securities
laws. If the sale of Shares upon the exercise of this Option is not registered under the Securities Act of 1933, as amended (the “Securities
Act”), you shall acknowledge at the time of exercise that (i) the Shares you are acquiring are deemed “restricted securities”
for purposes of Rules 144 and 701 under the Securities Act, and you are acquiring the Shares for investment purposes and not with a view
to the resale or distribution of such Shares, and (ii) the Shares you are acquiring may not be sold, pledged or otherwise transferred
without (A) an effective registration or qualification thereof under the Securities Act and the securities laws of any applicable state
or other jurisdiction, or (B) evidence, which may include an opinion of counsel, satisfactory to the Company and its counsel that
such registration and qualification is not required.

 

    3 

     

    

 

		10.	Transfer of Option. During your lifetime, only you (or your guardian or legal representative
in the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer
this Option except (i) for a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant
to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a qualified domestic relations order,
or (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to a transferee permitted under Rule
701 of the Securities Act. The Option held by any such transferee will continue to be subject to the same terms and conditions that were
applicable to the Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option
has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

 

		11.	No Stockholder Rights Before Exercise. Neither you nor any permitted transferee of this
Option will have any of the rights of a stockholder of the Company with respect to any Shares subject to this Option until a certificate
evidencing such Shares has been issued (or an appropriate book entry in the Company’s stock register has been made). No adjustments
shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued (or an
appropriate book entry has been made), except as otherwise described in the Plan.

 

		12.	Governing Plan Document. This Agreement and Option are subject to all the provisions of
the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee
pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will
govern.

 

		13.	Choice of Law. This Agreement will be interpreted and enforced under the laws of the state
of Minnesota (without regard to its conflicts or choice of law principles).

 

		14.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives,
successors and assigns, and on the successors and assigns of the Company.

 

		15.	Other Agreements. You agree that in connection with the exercise of this Option, you will
execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require.

 

		16.	Restrictive Legends. The Company may place a legend or legends on any certificate representing
Shares issued upon the exercise of this Option summarizing transfer and other restrictions to which the Shares may be subject under applicable
securities laws, other provisions of this Agreement, or other agreements contemplated by Section 15 of this Agreement. You agree that
in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer”
instructions to its transfer agent.

 

		17.	Breach of Non-Disclosure, Confidential Information, Non-Competition, Non-Solicitation or Invention
Assignment Agreements. Notwithstanding anything in this Agreement to the contrary, in the event you materially breach the terms
of any non-disclosure, confidential information, non-competition, non-solicitation or invention assignment covenant or agreement you have
with the Company or any Affiliate (regardless of how such covenant or agreement is styled or titled), whether such breach occurs before
or after your termination of Service with the Company and all of its Affiliates, the Company may immediately terminate all of your rights
under this Agreement without notice of any kind and the Option, both vested and unvested, shall terminate and become null and void.

 

    4 

     

    

 

		18.	Drag-Along Rights. If holders of at least a majority of the outstanding Shares entitled
to vote (the “Sellers”) desire to sell all of their Shares to a bona fide third party purchaser, such Sellers or the Company
shall send you written notice (the “Drag-Along Notice”) setting forth the consideration to be paid by the third party purchaser
and the other terms and conditions of such transaction. The Sellers or the Company may elect to require all, but not less than all, of
the Shares purchased by you pursuant to this Agreement to be sold to the third party purchaser for the same consideration per share of
Stock as the Sellers will receive in such transaction. To exercise such right, the Sellers or the Company shall so indicate in the Drag-Along
Notice. If the Sellers or the Company so elect, then not later than 5 days following the date of the Drag-Along Notice, you shall deliver
to the Company any certificates representing the Shares you hold, accompanied by duly executed instruments of conveyance. If you fail
to deliver any such certificates to the Sellers or the Company, the Company shall cause the books and records of the Company to show that
such Shares are bound by the provisions of this Section 18 and that such Shares shall be transferred only to the third party purchaser.
In the event you fail to deliver the certificates to the Company as required herein, then the Company may execute any documents as shall
be required for the purpose of transferring the Shares on the books and records of the Company, and the Company is hereby appointed the
attorney-in-fact of Optionee for the purpose of effectuating the requirements of this Section 18.

 

		19.	Lock-Up.

 

		(a)	You agree that you will not offer, pledge, sell, contract to sell, sell any option, sell any contract
to purchase, purchase any option, purchase any contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any Shares (or any other Company securities) or enter into any swap, hedging, or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or any other Company securities)
held by you (other than those included in a registration statement) for a period specified by the representative of the underwriters of
the Company’s Stock not to exceed 90 days (180 days in the case of an initial public offering), plus any additional periods required
by the Financial Industry Regulatory Authority (including under Conduct Rule 2711), after the effective date of any Company registration
statement filed under the Securities Act.

 

		(b)	You agree to execute and deliver such other agreements as may be reasonably requested by the Company or
the underwriter to the extent that such agreements are consistent with the foregoing or that are necessary to give further effect to the
provisions set forth in Section 19(a). In addition, if requested by the Company or the representative of the underwriters of shares of
the Company’s capital stock, you will provide, within 10 days of such request, such information as may be required by the Company
or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act.

 

		(c)	The obligations described in this Section 19 will not apply to a registration relating solely to employee
benefit plans on Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to an SEC Rule 145
transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with
respect to the Shares subject to the foregoing restriction until the end of such period, as applicable.

 

By signing the cover page of this Agreement,
you agree to all the terms and conditions described above and in the Plan document.

 

    5 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

Non-Statutory Stock Option

 

__________________, 20__

 

Miromatrix Medical Inc.

[Company Address]

 

Ladies and Gentlemen:

 

I hereby exercise the following option (the “Option”)
granted to me under the Miromatrix Medical Inc. 2019 Equity Incentive Plan (as amended from time to time, the “Plan”) with
respect to the number of shares of common stock of Miromatrix Medical Inc. (the “Company”) indicated below:

 

	 	Name:	 
	 	 	 
	 	Date of Grant of Option:	 
	 	 	 
	 	Exercise Price Per Share:	 
	 	 	 
	 	Number of Shares With Respect to Which the Option is Hereby Exercised:	
     

     

	 	 	 
	 	Total Exercise Price:	 

 

		o	Enclosed with this Notice is a check, cashier’s check or money order in the amount of the Total
Exercise Price.

 

o       Enclosed
with this Notice is a certificate evidencing unencumbered Shares (duly endorsed in blank) having an aggregate Fair Market Value (as defined
in the Plan) equal to or in excess of the Total Exercise Price.

 

o       I
elect to pay the Total Exercise Price through a reduction in the number of Shares to be delivered to me upon this exercise of the Option.

 

In connection with this exercise, I represent,
warrant and acknowledge as follows:

 

		·	I will provide for the payment to the Company, in a manner agreed to by the Company, of the amount of
any required withholding taxes in connection with this exercise as provided in Section 14 of the Plan.

		·	I am acquiring the Shares as a result of this Option exercise for my own account, and acknowledge that
the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are deemed to
constitute “restricted securities” under Rules 144 and 701 of the Securities Act. I have no present intention of distributing
or selling such Shares, and will transfer them only as permitted under applicable federal and state securities laws.

		·	I am the owner of all Shares delivered with this Notice free and clear of all liens, security interests
and other restrictions or encumbrances.

 

    A-1 

     

    

 

Please issue a certificate (the “Certificate”)
for the number of Shares with respect to which the Option is being exercised (or the net number of Shares if the Total Exercise Price
and/or applicable withholding taxes are being paid through a reduction in the number of Shares to be delivered to me) in the name of the
person indicated below and deliver the Certificate to the address indicated below:

 

		Name
                                            in Which to Issue Certificate:	
	 	 	 
		Address
                                            to Which Certificate Should be Delivered:	
	 	 	 
	 	 	 
	 	 	___________________________
	 	 	 
		Principal
                                            Mailing Address for Holder of the Certificate (if different from above):	
	 	 	 
	 	 	 
	 	 	____________________________

 

	 	Very
  truly yours,
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name,
  please print
	 	 
	 	 
	 	Social
  Security Number

 

    A-2 

     

    

 

MIROMATRIX MEDICAL INC. 

Non-Qualified Stock Option Agreement

 

2019 Equity Incentive Plan

 

Miromatrix Medical Inc. (the
 “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an Option to purchase shares
of the Company’s common stock to you, the Optionee named below. The terms and conditions of the Option Award are set forth in this
Agreement, consisting of this cover page and the Option Terms and Conditions on the following pages, and in the copy of the Plan
document that has been provided to you. Unless the context indicates otherwise, any capitalized term used in this Agreement that is not
defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

 

	Name of Optionee:
	No. of Shares Covered:	Grant Date:
	Exercise Price Per Share:	Expiration Date:
	Vesting and Exercise Schedule:
	
     

    Dates

     

     

     
	
    Portion of Shares as to Which

    Option Becomes Vested and Exercisable

     

     

     

 

By signing below, you agree
to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have reviewed these
documents and that they set forth the entire agreement between you and the Company regarding your right to purchase shares of the Company’s
common stock pursuant to this Option.

 

	OPTIONEE:	 	MIROMATRIX MEDICAL INC.
	 	 	 
	 	 	By:	                    
	 	 	Name: Jeffrey Ross
	 	 	Title: Chief Executive Officer

 

    

     

    

 

Miromatrix Medical Inc. 

2019 Equity Incentive Plan 

Non-Statutory Stock Option Agreement

 

Option Terms and Conditions

 

		1.	Non-Qualified Stock Option. This Option is not intended to be an “incentive
stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly.

 

		2.	Vesting and Exercisability of Option.

 

		(a)	Scheduled Vesting. This Option will vest and become exercisable as to the number of Shares and
on the dates specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company
does not end. The Vesting and Exercise Schedule is cumulative, meaning that to the extent the Option has not already been exercised and
has not expired, terminated or been cancelled, you or the person otherwise entitled to exercise the Option as provided in this Agreement
may at any time purchase all or any portion of the Shares that may then be purchased under that Schedule.

 

		(b)	Accelerated Vesting. The vesting and exercisability of this Option may be accelerated during the
term of the Option under the circumstances described in Section 12(b) of the Plan, and at the discretion of the Committee in
accordance with Section 3(b)(2) of the Plan.

 

		3.	Expiration. This Option will expire and will no longer be exercisable at 5:00 p.m. Central
Time on the earliest of:

 

		(a)	The expiration date specified on the cover page of this Agreement;

 

		(b)	Upon your termination of Service for Cause;

 

		(c)	Upon the expiration of any applicable period specified in Sections 6(e) and 12(b)(4) of the
Plan and in Section 4 of this Agreement during which this Option may be exercised after your termination of Service; or

 

		(d)	The date (if any) fixed for termination or cancellation of this Option pursuant to Sections 12(b)(2) or
(b)(3) of the Plan.

 

		4.	Service Requirement. Except as otherwise provided in Sections 6(e) and 12(b)(4) of
the Plan and in this Section 4, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate,
and only if you have continuously provided such Service since the date this Option was granted. Notwithstanding the foregoing and the
language set forth in Sections 6(e)(3) and 6(e)(4) of the Plan, upon your termination of Service for any reason other than Cause,
the currently vested and exercisable portion of this Option may be exercised until the expiration date specified on the cover page of
this Agreement.

 

		5.	Exercise of Option. Subject to Section 4, the vested and exercisable portion of this
Option may be exercised at any time during the Option term by delivering a written notice of exercise to the Company at its principal
executive office, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes. The
notice of exercise, in the form attached as Exhibit A to this Agreement, shall be provided to the Company’s Chief Financial
Officer. The notice shall state the number of Shares to be purchased, and shall be signed by the person exercising the Option. If you
are not the person exercising the Option, the person submitting the notice must also submit appropriate proof of his/her right to exercise
the Option.

 

    2

     

    

 

		6.	Payment of Exercise Price. When you submit your notice of exercise, you must include payment
of the exercise price of the Shares being purchased through one or a combination of the following methods:

 

		(a)	Cash (including personal check, cashier’s check or money order);

 

		(b)	By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved
by the Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the
date of exercise equal to the exercise price of the Shares being purchased; or

 

		(c)	By authorizing the Company to retain, from the total number of Shares as to which the Option is being
exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of
Shares as to which the Option is being exercised.

 

However, if the Committee determines,
in any given circumstance, that payment of the exercise price with Shares or by authorizing the Company to retain Shares is undesirable
for any reason, you will not be permitted to pay any portion of the exercise price in that manner.

 

		7.	Tax Representation. You hereby represent and warrant that you have reviewed with your own
tax advisor the federal, state, local or foreign tax consequences of the transactions contemplated by this Agreement. You are relying
solely on such advisor and not on any statements or representation of the Company or any of its agents. You understand that you will be
solely responsible for any tax liability that may result to you as a result of the transactions contemplated by this Agreement. The Option,
if exercised, will be exercised for investment and not with a view to the sale or distribution of the Shares to be received upon exercise
thereof.

 

		8.	Delivery of Certificate. As soon as practicable after the Company receives the notice and
exercise price provided for above, and determined that all conditions to exercise, including Sections 7 and 9 of this Agreement, have
been satisfied, it shall deliver to the person exercising the Option, in the name of such person, a certificate or certificates representing
the Shares being purchased. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares
and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable.

 

		9.	Compliance with Laws. This Option may be exercised only if the issuance of Shares upon such
exercise complies with all applicable legal requirements, including compliance with the provisions of applicable federal and state securities
laws. If the sale of Shares upon the exercise of this Option is not registered under the Securities Act of 1933, as amended (the “Securities
Act”), you shall acknowledge at the time of exercise that (i) the Shares you are acquiring are deemed “restricted securities”
for purposes of Rules 144 and 701 under the Securities Act, and you are acquiring the Shares for investment purposes and not with
a view to the resale or distribution of such Shares, and (ii) the Shares you are acquiring may not be sold, pledged or otherwise
transferred without (A) an effective registration or qualification thereof under the Securities Act and the securities laws of any
applicable state or other jurisdiction, or (B) evidence, which may include an opinion of counsel, satisfactory to the Company and
its counsel that such registration and qualification is not required.

 

    3

     

    

 

		10.	Transfer of Option. During your lifetime, only you (or your guardian or legal representative
in the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer
this Option except (i) for a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant
to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a qualified domestic
relations order, or (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to a transferee
permitted under Rule 701 of the Securities Act. The Option held by any such transferee will continue to be subject to the same terms
and conditions that were applicable to the Option immediately prior to its transfer and may be exercised by such transferee as and to
the extent that the Option has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

 

		11.	No Stockholder Rights Before Exercise. Neither you nor any permitted transferee of this
Option will have any of the rights of a stockholder of the Company with respect to any Shares subject to this Option until a certificate
evidencing such Shares has been issued (or an appropriate book entry in the Company’s stock register has been made). No adjustments
shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued (or an
appropriate book entry has been made), except as otherwise described in the Plan.

 

		12.	Governing Plan Document. This Agreement and Option are subject to all the provisions of
the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee
pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will
govern.

 

		13.	Choice of Law. This Agreement will be interpreted and enforced under the laws of the state
of Minnesota (without regard to its conflicts or choice of law principles).

 

		14.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives,
successors and assigns, and on the successors and assigns of the Company.

 

		15.	Other Agreements. You agree that in connection with the exercise of this Option, you will
execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require.

 

		16.	Restrictive Legends. The Company may place a legend or legends on any certificate representing
Shares issued upon the exercise of this Option summarizing transfer and other restrictions to which the Shares may be subject under applicable
securities laws, other provisions of this Agreement, or other agreements contemplated by Section 15 of this Agreement. You agree
that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop
transfer” instructions to its transfer agent.

 

		17.	Breach of Non-Disclosure, Confidential Information, Non-Competition, Non-Solicitation or Invention
Assignment Agreements. Notwithstanding anything in this Agreement to the contrary, in the event you materially breach the terms
of any non-disclosure, confidential information, non-competition, non-solicitation or invention assignment covenant or agreement you have
with the Company or any Affiliate (regardless of how such covenant or agreement is styled or titled), whether such breach occurs before
or after your termination of Service with the Company and all of its Affiliates, the Company may immediately terminate all of your rights
under this Agreement without notice of any kind and the Option, both vested and unvested, shall terminate and become null and void.

 

    4

     

    

 

		18.	Drag-Along Rights. If holders of at least a majority of the outstanding Shares entitled
to vote (the “Sellers”) desire to sell all of their Shares to a bona fide third party purchaser, such Sellers or the Company
shall send you written notice (the “Drag-Along Notice”) setting forth the consideration to be paid by the third party purchaser
and the other terms and conditions of such transaction. The Sellers or the Company may elect to require all, but not less than all, of
the Shares purchased by you pursuant to this Agreement to be sold to the third party purchaser for the same consideration per share of
Stock as the Sellers will receive in such transaction. To exercise such right, the Sellers or the Company shall so indicate in the Drag-Along
Notice. If the Sellers or the Company so elect, then not later than 5 days following the date of the Drag-Along Notice, you shall deliver
to the Company any certificates representing the Shares you hold, accompanied by duly executed instruments of conveyance. If you fail
to deliver any such certificates to the Sellers or the Company, the Company shall cause the books and records of the Company to show that
such Shares are bound by the provisions of this Section 18 and that such Shares shall be transferred only to the third party purchaser.
In the event you fail to deliver the certificates to the Company as required herein, then the Company may execute any documents as shall
be required for the purpose of transferring the Shares on the books and records of the Company, and the Company is hereby appointed the
attorney-in-fact of Optionee for the purpose of effectuating the requirements of this Section 18.

 

		19.	Lock-Up.

 

		(a)	You agree that you will not offer, pledge, sell, contract to sell, sell any option, sell any contract
to purchase, purchase any option, purchase any contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any Shares (or any other Company securities) or enter into any swap, hedging, or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or any other Company securities)
held by you (other than those included in a registration statement) for a period specified by the representative of the underwriters of
the Company’s Stock not to exceed 90 days (180 days in the case of an initial public offering), plus any additional periods required
by the Financial Industry Regulatory Authority (including under Conduct Rule 2711), after the effective date of any Company registration
statement filed under the Securities Act.

 

		(b)	You agree to execute and deliver such other agreements as may be reasonably requested by the Company or
the underwriter to the extent that such agreements are consistent with the foregoing or that are necessary to give further effect to the
provisions set forth in Section 19(a). In addition, if requested by the Company or the representative of the underwriters of shares
of the Company’s capital stock, you will provide, within 10 days of such request, such information as may be required by the Company
or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act.

 

		(c)	The obligations described in this Section 19 will not apply to a registration relating solely to
employee benefit plans on Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to an
SEC Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions with respect to the Shares subject to the foregoing restriction until the end of such period, as applicable.

 

By signing the cover page of this Agreement,
you agree to all the terms and conditions described above and in the Plan document.

 

    5

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE 

Non-Statutory Stock Option

 

__________________, 20__

 

Miromatrix Medical Inc. 

[Company Address]

 

Ladies and Gentlemen:

 

I hereby exercise the following option (the “Option”)
granted to me under the Miromatrix Medical Inc. 2019 Equity Incentive Plan (as amended from time to time, the “Plan”) with
respect to the number of shares of common stock of Miromatrix Medical Inc. (the “Company”) indicated below:

 

	 	Name:	 
	 	 	 
	 	Date of Grant of Option:	 
	 	 	 
	 	Exercise Price Per Share:	 
	 	 	 
	 	Number of Shares With Respect to Which the Option is Hereby Exercised:	 
	 	 	 
	 	Total Exercise Price:	 
	 	 	 

 

		 ̈	Enclosed with this Notice is a check, cashier’s check or money order in the amount of the Total
Exercise Price.

 

 ̈            Enclosed
with this Notice is a certificate evidencing unencumbered Shares (duly endorsed in blank) having an aggregate Fair Market Value (as defined
in the Plan) equal to or in excess of the Total Exercise Price.

 

 ̈            I
elect to pay the Total Exercise Price through a reduction in the number of Shares to be delivered to me upon this exercise of the Option.

 

In connection with this exercise, I represent,
warrant and acknowledge as follows:

 

		·	I will provide for the payment to the Company, in a manner agreed to by the Company, of the amount of
any required withholding taxes in connection with this exercise as provided in Section 14 of the Plan.

 

		·	I am acquiring the Shares as a result of this Option exercise for my own account, and acknowledge that
the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are deemed to
constitute “restricted securities” under Rules 144 and 701 of the Securities Act. I have no present intention of distributing
or selling such Shares, and will transfer them only as permitted under applicable federal and state securities laws.

 

		·	I am the owner of all Shares delivered with this Notice free and clear of all liens, security interests
and other restrictions or encumbrances.

 

    A-1

     

    

 

Please issue a certificate (the “Certificate”)
for the number of Shares with respect to which the Option is being exercised (or the net number of Shares if the Total Exercise Price
and/or applicable withholding taxes are being paid through a reduction in the number of Shares to be delivered to me) in the name of the
person indicated below and deliver the Certificate to the address indicated below:

 

	 	Name in Which to Issue Certificate:	 	 
	 	 	 	 
	 	Address to Which Certificate Should be Delivered:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Principal Mailing Address for Holder of the Certificate (if different from above):	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	Very truly yours,
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name, please print
	 	 
	 	 
	 	Social Security Number

 

    A-2

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