Document:

Exhibit 10.4

 

IMMUNEERING CORPORATION

 

2008 STOCK INCENTIVE PLAN

 

1.                 
Purpose

 

The purpose of this 2008 Stock Incentive Plan (the
 “Plan”) of Immuneering Corporation, a Delaware corporation (the “Company”), is to advance the interests of the
Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to make
important contributions to the Company and by providing such persons with equity ownership opportunities and performance-based incentives
that are intended to better align the interests of such persons with those of the Company’s stockholders. Except where the context
otherwise requires, the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations
as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder
(the “Code”) and any other business venture (including, without limitation, joint venture or limited liability company) in
which the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”).

 

2.                 
Eligibility

 

All of the Company’s employees, officers,
directors, consultants and advisors are eligible to be granted options, restricted stock, restricted stock units (“RSUs”)
and other stock-based awards (each, an “Award”) under the Plan. Each person who receives an Award under the Plan is deemed
a “Participant”.

 

3.                 
Administration and Delegation

 

(a)              
Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have authority
to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem
advisable. The Board may construe and interpret the terms of the Plan and any Award agreements entered into under the Plan. The Board
may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it
shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board
shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the
Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or
determination relating to or under the Plan made in good faith.

 

(b)              
Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers
under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the
 “Board” shall mean the Board or a Committee of the Board or the officers referred to in Section 3(c) to the extent that the
Board’s powers or authority under the Plan have been delegated to such Committee or officers.

 

(c)              
 Delegation to Officers. To the extent permitted by applicable law, the Board may delegate to one or more officers
of the Company the power to grant Awards (subject to any limitations under the Plan) to employees or officers of the Company or any of
its present or future subsidiary corporations and to exercise such other powers under the Plan as the Board may determine, provided that
the Board shall fix the terms of the Awards to be granted by such officers (including the exercise price of such Awards, which may include
a formula by which the exercise price will be determined) and the maximum number of shares subject to Awards that the officers may grant;
provided further, however, that no officer shall be authorized to grant Awards to any “executive officer” of the Company (as
defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or to any "officer"
of the Company (as defined by Rule 16a-1 under the Exchange Act).

 

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4.                 
Stock Available for Awards.

 

(a)              
Number of Shares. Subject to adjustment under Section 8, Awards may be made under the Plan for up to 510,000 shares
of common stock, $.001 par value per share, of the Company (the “Common Stock”). If any Award expires or is terminated, surrendered
or canceled without having been fully exercised, is forfeited in whole or in part (including as the result of shares of Common Stock subject
to such Award being repurchased by the Company at the original issuance price pursuant to a contractual repurchase right), or results
in any Common Stock not being issued, the unused Common Stock covered by such Award shall again be available for the grant of Awards under
the Plan. Further, shares of Common Stock tendered to the Company by a Participant to exercise an Award shall be added to the number of
shares of Common Stock available for the grant of Awards under the Plan. However, in the case of Incentive Stock Options (as hereinafter
defined), the foregoing provisions shall be subject to any limitations under the Code. Shares issued under the Plan may consist in whole
or in part of authorized but unissued shares or treasury shares. At no time while there is any Option (as defined below) outstanding and
held by a Participant who was a resident of the State of California on the date of grant of such Option, shall the total number of shares
of Common Stock issuable upon exercise of all outstanding options and the total number of shares provided for under any stock bonus or
similar plan or agreement of the Company exceed the applicable percentage as calculated in accordance with the conditions and exclusions
of Section 260.140.45 of the California Code of Regulations (the "California Regulations"), based on the shares of the Company
which are outstanding at the time the calculation is made.

 

(b)              
Substitute Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition
by the Company of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based
awards granted by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in
the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall
share limit set forth in Section 4(a), except as may be required by reason of Section 422 and related provisions of the Code.

 

5.                 
Stock Options

 

(a)               General.
The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common
Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise
of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or
advisable. An Option that is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a
 “Nonstatutory Stock Option”.

 

(b)              
Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined
in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Immuneering Corporation, any
of Immuneering Corporation's present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code, and
any other entities the employees of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and
shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no liability to a Participant,
or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option
or for any action taken by the Board, including without limitation the conversion of an Incentive Stock Option to a Nonstatutory Stock
Option.

 

(c)              
Exercise Price. The Board shall establish the exercise price of each Option and specify the exercise price in the
applicable option agreement. The exercise price shall be not less than 100% of the Fair Market Value (as defined below) on the date the
Option is granted.

 

(d)              
Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the
Board may specify in the applicable option agreement.

 

(e)              
Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by
the proper person or by any other form of notice (including electronic notice) approved by the Board together with payment in full as
specified in Section 5(f) for the number of shares for which the Option is exercised. Shares of Common Stock subject to the Option will
be delivered by the Company as soon as practicable following exercise.

 

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(f)               
Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid
for as follows:

 

(1)              
in cash or by check, payable to the order of the Company;

 

(2)              
when the Common Stock is registered under the Exchange Act, except as may otherwise be provided in the applicable option
agreement, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company
sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy
of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to
pay the exercise price and any required tax withholding;

 

(3)               when
the Common Stock is registered under the Exchange Act and to the extent provided for in the applicable option agreement or approved
by the Board, in its sole discretion, by delivery (either by actual delivery or attestation) of shares of Common Stock owned by the
Participant valued at their fair market value as determined by (or in a manner approved by) the Board (“Fair Market
Value”), provided (i) such method of payment is then permitted under applicable law, (ii) such Common Stock, if acquired
directly from the Company, was owned by the Participant for such minimum period of time, if any, as may be established by the Board
in its discretion and (iii) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar
requirements;

 

(4)              
to the extent permitted by applicable law and provided for in the applicable option agreement or approved by the Board,
in its sole discretion, by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment
of such other lawful consideration as the Board may determine; or

 

(5)              
by any combination of the above permitted forms of payment.

 

6.                 
Restricted Stock; Restricted Stock Units

 

(a)              
General. The Board may grant Awards entitling recipients to acquire shares of Common Stock (“Restricted Stock”),
subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or
to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the
applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such
Award. Instead of granting Awards for Restricted Stock, the Board may grant Awards entitling the recipient to receive shares of Common
Stock or cash to be delivered at the time such Award vests (“Restricted Stock Units”) (Restricted Stock and Restricted Stock
Units are each referred to herein as a “Restricted Stock Award”).

 

(b)              
Terms and Conditions for All Restricted Stock Awards. The Board shall determine the terms and conditions of a Restricted
Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any.

 

(c)              
Additional Provisions Relating to Restricted Stock.

 

(1)              
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with
respect to such shares, unless otherwise provided by the Board. Unless otherwise provided, by the Board, if any dividends or distributions
are paid in shares, or consist of a dividend or distribution to holders of Common Stock other than an ordinary cash dividend, the shares,
cash or other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock
with respect to which they were paid. Each dividend payment will be made no later than the end of the calendar year in which the dividends
are paid to shareholders of that class of stock or, if later, the 15th day of the third month following the date the dividends are paid
to shareholders of that class of stock.

 

(2)               Stock
Certificates. The Company may require that any stock certificates issued in respect of shares of Restricted Stock shall be
deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the
expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to
such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the
Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death
(the “Designated Beneficiary”). In the absence of an effective designation by a Participant, “Designated
Beneficiary” shall mean the Participant’s estate.

 

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7.                 
Other Stock-Based Awards

 

Other Awards of shares of Common Stock, and other
Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property, may be
granted hereunder to Participants (“Other Stock-Based Awards”), including without limitation stock appreciation rights (“SARs”)
and Awards entitling recipients to receive shares of Common Stock to be delivered in the future. Such Other Stock-Based Awards shall also
be available as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which
a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common Stock or cash, as the Board shall determine.
Subject to the provisions of the Plan, the Board shall determine the terms and conditions of each Other Stock-Based Award, including any
purchase price applicable thereto.

 

8.                 
Adjustments for Changes in Common Stock and Certain Other Events

 

(a)              
Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization,
combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution
to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii)
the number and class of securities and exercise price per share of each outstanding Option, (iii) the number of shares subject to and
the repurchase price per share subject to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding Award
shall be equitably adjusted by the Company (or substituted Awards may be made, if applicable) in the manner determined by the Board. Without
limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and
the exercise price of and the number of shares subject to an outstanding Option are adjusted as of the date of the distribution of the
dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the
distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the
shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close
of business on the record date for such stock dividend.

 

(b)              
Reorganization Events.

 

(1)              
Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with
or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive
cash, securities or other property or is cancelled, (b) any exchange of all of the Common Stock of the Company for cash, securities or
other property pursuant to a share exchange transaction or (c) any liquidation or dissolution of the Company.

 

(2)               Consequences
of a Reorganization Event on Awards Other than Restricted Stock Awards. In connection with a Reorganization Event, the Board may
take any one or more of the following actions as to all or any (or any portion of) outstanding Awards other than Restricted Stock
Awards on such terms as the Board determines: (i) provide that Awards shall be assumed, or substantially equivalent Awards
shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a
Participant, provide that the Participant’s unexercised Awards will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the Participant within a specified period following the date of such notice,
(iii) provide that outstanding Awards shall become exercisable, realizable, or deliverable, or restrictions applicable to an
Award shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event
under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in
the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to a Participant equal to the
excess, if any, of (A) the Acquisition Price times the number of shares of Common Stock subject to the Participant’s
Awards (to the extent the exercise price does not exceed the Acquisition Price) over (B) the aggregate exercise price of all such
outstanding Awards and any applicable tax withholdings, in exchange for the termination of such Awards, (v) provide that, in
connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds (if
applicable, net of the exercise price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. In
taking any of the actions permitted under this Section 8(b), the Board shall not be obligated by the Plan to treat all Awards, all
Awards held by a Participant, or all Awards of the same type, identically.

 

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For purposes of clause (i) above, an Option
shall be considered assumed if, following consummation of the Reorganization Event, the Option confers the right to purchase, for each
share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration (whether
cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common
Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration
received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate
thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon
the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation (or an affiliate thereof) equivalent
in value (as determined by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result
of the Reorganization Event.

 

(3)               Consequences
of a Reorganization Event on Restricted Stock Awards. Upon the occurrence of a Reorganization Event other than a liquidation or
dissolution of the Company, the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure
to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or
other property which the Common Stock was converted into or exchanged for pursuant to such Reorganization Event in the same manner
and to the same extent as they applied to the Common Stock subject to such Restricted Stock Award. Upon the occurrence of a
Reorganization Event involving the liquidation or dissolution of the Company, except to the extent specifically provided to the
contrary in the instrument evidencing any Restricted Stock Award or any other agreement between a Participant and the Company, all
restrictions and conditions on all Restricted Stock Awards then outstanding shall automatically be deemed terminated or
satisfied.

 

9.                 
General Provisions Applicable to Awards

 

(a)              
Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be
sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation
of law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a
qualified domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant. References
to a Participant, to the extent relevant in the context, shall include references to authorized transferees.

 

(b)              
Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine.
Each Award may contain terms and conditions in addition to those set forth in the Plan.

 

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

 

(d)              
Termination of Status. The Board shall determine the effect on an Award of the disability, death, termination or
other cessation of employment, authorized leave of absence or other change in the employment or other status of a Participant and the
extent to which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian
or Designated Beneficiary, may exercise rights under the Award.

 

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

 

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(f)               
 Amendment of Award.

 

(1)              
The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory
Stock Option. The Participant’s consent to such action shall be required unless (i) the Board determines that the action, taking
into account any related action, would not materially and adversely affect the Participant’s rights under the Plan or (ii) the change
is permitted under Section 8 hereof.

 

(2)              
The Board may, without stockholder approval, amend any outstanding Award granted under the Plan to provide an exercise price
per share that is lower than the then-current exercise price per share of such outstanding Award. The Board may also, without stockholder
approval, cancel any outstanding award (whether or not granted under the Plan) and grant in substitution therefor new Awards under the
Plan covering the same or a different number of shares of Common Stock and having an exercise price per share lower than the then-current
exercise price per share of the cancelled award.

 

(g)              
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant
to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been
met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in
connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable
stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations
or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations.

 

(h)              
Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in
part, free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 

10.             
Miscellaneous

 

(a)              
No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant
of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company.
The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any
liability or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)              
No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary
shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming
the record holder of such shares.

 

(c)               Effective
Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be
granted under the Plan after the expiration of 10 years from the earlier of (i) the date on which the Plan was adopted by the Board
or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted may extend beyond that
date.

 

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(d)              
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time; provided
that if at any time the approval of the Company’s stockholders is required as to any modification or amendment under Section 422
of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment
without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section
10(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the amendment is adopted, provided
the Board determines that such amendment does not materially and adversely affect the rights of Participants under the Plan.

 

(e)              
Authorization of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan for purposes
of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting
supplements to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or
desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable.
All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within
the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction
which is not the subject of such supplement.

 

(f)               
Compliance with Code Section 409A. No Award shall provide for deferral of compensation that does not comply with
Section 409A of the Code, unless the Board, at the time of grant, specifically provides that the Award is not intended to comply with
Section 409A of the Code. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be
exempt from, or compliant with, Section 409A is not so exempt or compliant or for any action taken by the Board.

 

(g)              
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance
with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application
of the laws of a jurisdiction other than such state.

 

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IMMUNEERING CORPORATION

 

2008 STOCK INCENTIVE PLAN

 

CALIFORNIA SUPPLEMENT

 

Pursuant to Section 10(e) of the Plan, the Board
has adopted this supplement for purposes of satisfying the requirements of Section 25102(o) of the California Law:

 

Any Awards granted under the Plan to a Participant
who is a resident of the State of California on the date of grant (a “California Participant”) shall be subject to the following
additional limitations, terms and conditions:

 

1.                 
Additional Limitations on Options.

 

(a)              
Minimum Vesting Rate. Except in the case of Options granted to California Participants who are officers, directors,
managers, consultants or advisors of the Company or its affiliates (which Options may become exercisable at whatever rate is determined
by the Board), Options granted to California Participants shall become exercisable at a rate of not less than 20% per year over five years
from the date of grant; provided, that, such Options may be subject to such reasonable forfeiture conditions as the Board
may choose to impose and which are not inconsistent with Section 260.140.41 of the California Regulations.

 

(b)              
Minimum Exercise Price. The exercise price of Options granted to California Participants may not be less than 85%
of the Fair Market Value of the Common Stock on the date of grant in the case of a Nonstatutory Stock Option or less than 100% of the
Fair Market Value of the Common Stock on the date of grant in the case of an Incentive Stock Option; provided, however,
that if the California Participant is a person who owns stock possessing more than 10% of the total combined voting power of all classes
of stock of the Company or its parent or subsidiary corporations, the exercise price shall be not less than 110% of the Fair Market Value
of the Common Stock on the date of grant.

 

(c)              
Maximum Duration of Options. No Options granted to California Participants shall have a term in excess of 10 years
measured from the Option grant date.

 

(d)              
Minimum Exercise Period Following Termination. Unless a California Participant’s employment is terminated for
cause (as defined by applicable law, the terms of any contract of employment between the Company and such Participant, or in the instrument
evidencing the grant of such Participant’s Option), in the event of termination of employment of such Participant, such Participant
shall have the right to exercise an Option, to the extent that he or she was otherwise entitled to exercise such Option on the date employment
terminated, as follows: (i) at least six months from the date of termination, if termination was caused by such Participant’s death
or “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) and (ii) at least 30 days from the
date of termination, if termination was caused other than by such Participant’s death or “permanent and total disability”
(within the meaning of Section 22(e)(3) of the Code).

 

(e)              
 Limitation on Repurchase Rights. If an Option granted to a California Participant gives the Company the right to
repurchase shares of Common Stock issued pursuant to the Plan upon termination of employment of such Participant, the terms of such repurchase
right must comply with Section 260.140.41(k) of the California Regulations.

 

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2.                 
Additional Limitations for Restricted Stock Awards.

 

(a)              
Minimum Purchase Price. The purchase price for a Restricted Stock Award granted to a California Participant shall
be not less than 85% of the Fair Market Value of the Common Stock at the time such Participant is granted the right to purchase shares
under the Plan or at the time the purchase is consummated; provided, however, that if such Participant is a person who owns
stock possessing more than 10% of the total combined voting power or value of all classes of stock of the Company or its parent or subsidiary
corporations, the purchase price shall be not less than 100% of the Fair Market Value of the Common Stock at the time such Participant
is granted the right to purchase shares under the Plan or at the time the purchase is consummated.

 

(b)              
Limitation of Repurchase Rights. If a Restricted Stock Award granted to a California Participant gives the Company
the right to repurchase shares of Common Stock issued pursuant to the Plan upon termination of employment of such Participant, the terms
of such repurchase right must comply with Section 260.140.42(h) of the California Regulations.

 

3.                 
Additional Limitations for Other Stock-Based Awards. The terms of all Awards granted to a California Participant
under Section 7 of the Plan shall comply, to the extent applicable, with Section 260.140.41 or Section 260.140.42 of the California Regulations.

 

4.                 
Additional Requirement to Provide Information to California Participants. The Company shall provide to each California
Participant and to each California Participant who acquires Common Stock pursuant to the Plan, not less frequently than annually, copies
of annual financial statements (which need not be audited). The Company shall not be required to provide such statements to key employees
whose duties in connection with the Company assure their access to equivalent information.

 

5.                 
Additional Limitations on Timing of Awards. No Award granted to a California Participant shall become exercisable,
vested or realizable, as applicable to such Award, unless the Plan has been approved by the holders of a majority of the Company’s
outstanding voting securities within 12 months before or after the date the Plan was adopted by the Board.

 

6.                 
Additional Limitations Relating to Definition of Fair Market Value. For purposes of Section 1(b) and 2(a) of this
supplement, “Fair Market Value” shall be determined in a manner not inconsistent with Section 260.140.50 of the California
Regulations.

 

7.                 
Additional Restriction Regarding Recapitalizations, Stock Splits, Etc. For purposes of Section 8 of the Plan, in
the event of a stock split, reverse stock split, stock dividend, recapitalization, combination, reclassification or other distribution
of the Company's securities, the number of securities allocated to each California Participant must be adjusted proportionately and without
the receipt by the Company of any consideration from any California Participant.

 

    9Exhibit 10.5

 

IMMUNEERING CORPORATION

 

Long Term Incentive Plan

  

1.                 
Purpose. The purpose of the Immuneering Corporation Long Term Incentive Plan (the or this “Plan”)
is to provide a means through which Immuneering Corporation, a Delaware corporation (the “Company”), and its
Subsidiaries may attract and retain able persons as employees, directors and consultants and to provide a means whereby those persons
upon whom the responsibilities of the successful administration and management of the Company, and its Subsidiaries, rest, and whose present
and potential contributions to the welfare of the Company, and its Subsidiaries, are of importance, can acquire and maintain stock ownership,
or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the welfare of the Company,
and its Subsidiaries, and their desire to remain employed. A further purpose of this Plan is to provide such employees, directors and
consultants with additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly,
this Plan primarily provides for the granting of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, or any combination
of the foregoing, as is best suited to the circumstances of the particular individual as provided herein.

 

2.                 
Definitions. For purposes of this Plan, the following terms shall be defined as set forth below:

 

(a)              
 “Affiliate” means any corporation, partnership, limited liability company, limited liability partnership,
association, trust or other organization which, directly or indirectly, controls, is controlled by, or is under common control with, the
Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession,
directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors
of the controlled entity or organization, or (ii) to direct or cause the direction of the management and policies of the controlled entity
or organization, whether through the ownership of voting securities, by contract, or otherwise.

 

(b)              “Award” means any Option, Restricted Stock, or Substitute Award, together with any other right or interest
granted to a Participant under this Plan.

 

(c)              
“Award Agreement” means any written instrument that establishes the terms, conditions, restrictions and/or
limitations applicable to an Award in addition to those established by this Plan and by the Committee’s exercise of its administrative
powers. The form of Award Agreement adopted as of the Effective Date will be the only form of Award Agreement pursuant to which Awards
may be granted under the Plan and any amendment of the Award Agreement will be subject to Section 8 of the Plan.

 

(d)              
“Board” means the Board of Directors of the Company.

 

(e)              
“Change of Control” means the occurrence of any of the following events:

 

    1

     

    

 

(i)                
 Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d 3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50% or
more of the total voting power represented by the Company’s then outstanding voting securities, except that the following shall
be deemed not to be a Change in Control: (A) any change in the beneficial ownership of the securities of the Company as a result of a
transaction or series of related transactions undertaken primarily for capital-raising purposes and that is approved by the Board; or
(B) a transaction the sole purpose of which is to (y) change the state of the Company’s incorporation, or (z) create a holding company
that shall be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction; or

 

(ii)             
The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or

 

(iii)           
The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power
represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation.

 

Notwithstanding the foregoing,
for purposes of an Award that provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules, to the extent
the impact of a Change of Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred Compensation
Rules, a Change of Control for purposes of such Award will mean both a Change of Control and a “change in the ownership of a corporation,”
 “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s
assets” within the meaning of the Nonqualified Deferred Compensation Rules as applied to the Company.

 

(f)               
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time, including
regulations thereunder and successor provisions and regulations thereto.

 

(g)              
“Committee” means a committee of one or more directors designated by the Board to administer this Plan.

 

(h)              “Detrimental
Activity” means, except as otherwise provided in an Award Agreement, any one or more of the following activities in
which the Committee determines in its sole and absolute discretion that an employee has engaged without the written consent of the
Company: (i) breach or violation of any employment-related agreement between the employee and the Company or any Subsidiary; (ii)
breach or violation of any other written agreement or release of claims between the employee and the Company or any Subsidiary;
(iii) violation of a written policy of the Company or any Subsidiary which violation is determined by the Committee in its sole
discretion to be detrimental to the Company or any Subsidiary; (iv) improper use or disclosure, either during or subsequent to
the employee’s employment with the Company or any Subsidiary, of any proprietary or confidential information of the Company or
any Subsidiary; (v) conviction of, or entering a guilty plea with respect to, any felony crime, whether or not connected with the
Company or any Subsidiary; (vi) entering into employment or a consulting relationship with a competitor of the Company or any
Subsidiary under circumstances suggesting that such employee will be using unique or special knowledge gained as an employee of the
Company or any Subsidiary to compete with the Company or any Subsidiary; (vii) solicitation or attempted solicitation of employees
from the Company or any Subsidiary; (viii) use of information obtained during the course of the employee’s employment with the
Company or any Subsidiary for the employee’s own purposes, such as for the solicitation of business; (ix) engaging in either
gross misconduct or criminal activity harmful to the Company or any Subsidiary; or (x) any other action that materially harms the
business interests, reputation, or goodwill of the Company or any Subsidiary of the Company.

 

    2

     

    

 

(i)                
“Effective Date” means February 24, 2020.

 

(j)                
“Eligible Person” means all officers and employees of the Company or of any of its Subsidiaries, and
other persons who provide services to the Company or any of its Subsidiaries, including directors of the Company. An employee on leave
of absence may be considered as still in the employ of the Company or its Subsidiaries for purposes of eligibility for participation in
this Plan.

 

(k)              
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules
thereunder and successor provisions and rules thereto.

 

(l)                
“Fair Market Value” means, as of any specified date, (i) if the Stock is listed on a national securities
exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on
that date, on the last preceding date on which such sales of the Stock are so reported); (ii) if the Stock is not traded on a national
securities exchange but is traded over the counter at the time a determination of its fair market value is required to be made under the
Plan, the average between the reported high and low bid and asked prices of Stock on the most recent date on which Stock was publicly
traded; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan,
the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee
deems appropriate including, without limitation, the Nonqualified Deferred Compensation Rules.

 

(m)            
“Incentive Stock Option” or “ISO” means any Option intended to be and designated
as an incentive stock option within the meaning of section 422 of the Code or any successor provision thereto.

 

(n)              
“Nonqualified Deferred Compensation Rules” means the limitations or requirements of section 409A of the
Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and
regulations thereto.

 

(o)              
“Nonstatutory Stock Option” means any Option that is not intended to be an “incentive stock option”
within the meaning of section 422 of the Code.

 

    3

     

    

 

(p)              
 “Option” means a right, granted to an Eligible Person under Section 6(b) hereof, to purchase Stock or
other Awards at a specified price during specified time periods.

 

(q)              
“Participant” means a person who has been granted an Award under this Plan that remains outstanding,
including a person who is no longer an Eligible Person.

 

(r)               
“Person” means any person or entity of any nature whatsoever, specifically including an individual, a
firm, a company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s
Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act, provided that “registrant” as
used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association,
syndicate or other group (whether or not formally organized), or otherwise acting jointly or in concert or in a coordinated or consciously
parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities
of the Company with such Person, shall be deemed a single “Person.”

 

(s)               
“Qualifying Public Offering” means a firm commitment underwritten public offering of Stock for cash where
the shares of Stock registered under the Securities Act are listed on a national securities exchange.

 

(t)                
“Restricted Stock” means Stock granted to an Eligible Person under Section 6(c) hereof, that is subject
to certain restrictions and to a risk of forfeiture.

 

(u)              
 “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder,
or any successor law, as it may be amended from time to time.

 

(v)              
“Stock” means the Company’s Common Stock, par value $0.001 per share, and such other securities
as may be substituted (or re-substituted) for Stock pursuant to Section 8.

 

(w)            
 “Subsidiary” means with respect to the Company, any corporation or other entity of which a majority
of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by the Company.

 

(x)              
“Substitute Award” means an Award granted under Section 6(d) hereof in substitution for a similar award
as a result of certain business transactions.

 

3.                 
 Administration.

 

(a)              Authority
of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to administer the Plan,
in which case references herein to the “Committee” shall be deemed to include references to the “Board.” The
Committee shall have the authority, in its sole and absolute discretion exercised consistent with the terms of the Plan, to: (i)
designate Eligible Persons as Participants; (ii) determine the type or types of Awards to be granted to an Eligible Person;
(iii) determine the number of shares of Stock or amount of cash to be covered by Awards; (iv) determine the terms and
conditions of any Award, consistent with the terms of the Plan, as well as the modification of such terms, which may include the
acceleration of vesting, waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from
cash to Stock or vice versa), or modification of any other condition or limitation regarding an Award, based on such factors as the
Committee shall determine, in its sole discretion; (v) determine whether, to what extent, and under what circumstances Awards
may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement
relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive rules and regulations used to administer the
Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the
administration of the Plan. Subject to the Nonqualified Deferred Compensation Rules, the Committee may correct any defect, supply
any omission, or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement in the manner and to the extent it
deems necessary or desirable to carry the Plan or any such Award or Award Agreement, or any term thereof, into effect, and the
Committee shall be the sole and final judge of that necessity or desirability. Notwithstanding the foregoing, the Committee shall
not have any discretion to (A) accelerate the payment of any Award that provides for a deferral of compensation under the
Nonqualified Deferred Compensation Rules if such acceleration would subject a Participant to additional taxes under the Nonqualified
Deferred Compensation Rules, or (B) take any action that would violate any applicable law. The express grant of any specific power
to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the
Committee. The determinations of the Committee on the matters referred to in this Section 3(a) shall be final and conclusive.

 

    4

     

    

 

(b)              
Manner of Exercise of Committee Authority. Any action of the Committee shall be final, conclusive and binding on all Persons,
including the Company, its Subsidiaries, stockholders, Participants, beneficiaries, and transferees under Section 7(a)(iii) and (iv) hereof
or other Persons claiming rights from or through a Participant. For the avoidance of doubt, the full Board may take any action relating
to an Award granted or to be granted to an Eligible Person.

 

(c)              
Delegation of Authority. The Committee may delegate any or all of its powers and duties under the Plan to any officer of
the Company that is also a member of the Board (in their capacity as a member of the Board), subject to such terms as the Committee shall
determine, to perform such functions, including administrative functions and the power to grant Awards under the Plan, as the Committee
may determine, to the extent that such delegation will not violate state or corporate law. Upon any such delegation, all references in
the Plan to the “Committee,” other than in Section 8, shall be deemed to include any officer of the Company to whom such powers
have been delegated by the Committee. Any such delegation shall not limit such officer’s right to receive Awards under the Plan;
provided, however, the officer may not grant Awards to himself or herself or take any action with respect to any Award previously
granted to himself or herself, a member of the Board, or an individual who is an executive officer of the Company or an Affiliate. The
Committee may also appoint agents to assist it in administering the Plan that are employees (whether or not officers) of the Company,
provided that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Stock.

 

(d)              Limitation
of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any officer or employee of the Company or any of its Subsidiaries, the Company’s legal
counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. Members of the
Committee and any officer or employee of the Company or any of its Subsidiaries acting at the direction or on behalf of the
Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and
shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or
determination.

 

    5

     

    

 

(e)              
Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the contrary, to comply with applicable
laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other
service providers from time to time, or to ensure that the Company complies with any applicable requirements of foreign securities exchanges,
the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of its Affiliates shall be covered by
the Plan; (ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the
terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing
requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent
such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided,
however, that no such sub-plans and/or modifications shall increase the share limitations contained in Section 4(a); and (v) take
any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental regulatory exemptions
or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws,
rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the
United States or a political subdivision thereof.

 

4.                 
Stock Subject to Plan.

 

(a)              
Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any adjustment made pursuant
to Section 8, the total number of shares of Stock reserved and available for issuance in connection with Awards under this Plan shall
not exceed 819,768 shares, and such total will be available for the issuance of Incentive Stock Options.

 

(b)              
Application of Limitation to Grants of Awards. Subject to Section 4(c), no Award may be granted if the number of shares
of Stock to be delivered in connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus
the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting
procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make
adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with
an Award.

 

(c)              Availability
of Shares Not Issued under Awards. Shares of Stock subject to an Award under this Plan that expires or is canceled, forfeited,
exchanged, settled in cash or otherwise terminated, including (i) shares forfeited with respect to Restricted Stock, and
(ii) the number of shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Award or
taxes relating to Awards, will again be available for Awards under this Plan, except that if any such shares could not again be
available for Awards to a particular Participant under any applicable law or regulation, such shares shall be available exclusively
for Awards to Participants who are not subject to such limitation.

 

    6

     

    

 

(d)              
Stock Offered. The shares of Stock to be delivered under the Plan shall be made available from (i) authorized but unissued
shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company,
including shares purchased on the open market.

 

5.                 
Eligibility. Awards may be granted under this Plan only to Persons who are Eligible Persons at the time of grant thereof.

 

6.                 
Specific Terms of Awards.

 

(a)              
General and Vesting. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted under
this Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition,
the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 8(a)), such additional
terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine. Notwithstanding any other term
of this Plan to the contrary, Awards granted under the Plan will become vested and nonforfeitable, subject to the continued performance
of services by the Participant to the Company or its Subsidiaries, with respect to 25% of the Award on the first anniversary of the date
of grant of the award and with respect to 1/48th of the Award in each month occurring thereafter.

 

(b)              
Options. The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Stock Options,
to Eligible Persons on the following terms and conditions:

 

(i)                
Exercise Price. Each Award Agreement evidencing an Option shall state the exercise price per share of Stock (the “Exercise
Price”); provided, however, that except as provided in Section 6(d) or in Section 8 hereof, the Exercise Price
of an Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value
per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any Subsidiary, 110% of the Fair
Market Value per share of the Stock on the date of grant). Except as otherwise provided in Section 6(d), in the event an Option is granted
with an Exercise Price less than 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option, the Exercise
Price of such Option shall be deemed to be 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option.

 

(ii)             Time
and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option may
be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the
methods by which such Exercise Price may be paid or deemed to be paid, the form of such payment, including without limitation, cash
or cash equivalents, Stock (including previously owned shares or through a cashless or broker-assisted exercise or other reduction
of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company
or any Subsidiary, other property, or any other legal consideration the Committee deems appropriate (including notes or other
contractual obligations of Participants to make payment on a deferred basis), and the methods by or forms in which Stock will be
delivered or deemed to be delivered to Participants, including, but not limited to, the delivery of Restricted Stock subject to
Section 6(c). In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued as of the date of
exercise. No Option may be exercisable for a period of more than ten (10) years following the date of grant of the Option (or in the
case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or its parent or any Subsidiary, for a period of no more than five (5) years following the date of grant of the
ISO). Notwithstanding the foregoing, upon the occurrence of Detrimental Activity the unexercised portion of any outstanding Option
held by a Participant determined to have engaged in such Detrimental Activity will immediately terminate.

 

    7

     

    

 

(iii)           
ISOs. The terms of any ISO granted under this Plan shall comply in all respects with the provisions of section 422 of the
Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or Subsidiary corporation
of the Company. Except as otherwise provided in Section 8, no term of this Plan relating to ISOs shall be interpreted, amended or altered,
nor shall any discretion or authority granted under this Plan be exercised, so as to disqualify either this Plan or any ISO under section
422 of the Code, unless the Participant has first requested the change that will result in such disqualification. ISOs shall not be granted
more than ten years after the earlier of the adoption of this Plan or the approval of this Plan by the Company’s stockholders. Notwithstanding
the foregoing, the Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any
parent or subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) subject to any other ISO (within the meaning
of section 422 of the Code) of the Company or a parent or subsidiary corporation (within the meaning of sections 424(e) and (f) of the
Code) that first becomes purchasable by a Participant in any calendar year may not (with respect to that Participant) exceed $100,000,
or such other amount as may be prescribed under section 422 of the Code or applicable regulations or rulings from time to time. As used
in the previous sentence, Fair Market Value shall be determined as of the date the ISOs are granted. Failure to comply with this provision
shall not impair the enforceability or exercisability of any Option, but shall cause the excess amount of shares to be reclassified in
accordance with the Code.

 

(c)              
Restricted Stock. The Committee is authorized to grant Restricted Stock to Eligible Persons on the following terms and conditions.
The purchase price for an award of Restricted Stock will be 100% of the Fair Market Value per share of the Stock as of the date of grant
of the right to purchase the Restricted Stock.

 

(i)                Grant
and Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under
such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or
otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period applicable to the
Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the
Participant.

 

    8

     

    

 

(ii)             
Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may allow a Participant
to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares
of Restricted Stock, applied to the purchase of additional Awards under this Plan or deferred without interest to the date of vesting
of the associated Award of Restricted Stock; provided, that, to the extent applicable, any such election is intended to comply
with the Nonqualified Deferred Compensation Rules. Unless otherwise determined by the Committee and specified in the applicable Award
Agreement, Stock distributed in connection with a Stock split or Stock dividend, and other property (other than cash) distributed as a
dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such
Stock or other property has been distributed.

 

(d)              
Substitute Awards. Awards may be granted in substitution or exchange for any other Award granted under the Plan or under
another plan of the Company or any other right of an Eligible Person to receive payment from the Company. Awards may be also be granted
under the Plan in substitution for similar awards held by individuals who become Eligible Persons as a result of a merger, consolidation
or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate of the Company. Such Substitute
Awards referred to in the immediately preceding sentence that are Options or Stock Appreciation Rights may have an exercise price that
is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified
Deferred Compensation Rules and other applicable laws and exchange rules.

 

7.                 
Certain Provisions Applicable to Awards.

 

(a)              
Limit on Transfer of Awards and Stock Issued under the Plan.

 

(i)                
Except as provided in Section 7(a)(iii) and (iv) below, each Option shall be exercisable only by the Participant during the Participant’s
lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding
the foregoing, an ISO shall not be transferable other than by will or the laws of descent and distribution.

 

(ii)             
Except as provided in Section 7(a)(iii) and (iv) below, no Award, Stock issued and the Plan or any right under any Award may be
assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.

 

(iii)           
To the extent specifically provided by the Committee, an Award and/or any Stock issued pursuant to the Plan may be transferred
by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities
or on such terms and conditions as the Committee may from time to time establish.

 

    9

     

    

 

(iv)            
 An Award and/or any Stock issued pursuant to the Plan may be transferred pursuant to a domestic relations order entered or approved
by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such
order.

 

(b)              
Form and Timing of Payment under Awards; Deferrals. Subject to the terms of this Plan and any applicable Award Agreement,
payments to be made by the Company or any of its Subsidiaries upon the exercise or settlement of an Award may be made in such forms as
the Committee shall determine in its discretion, including without limitation cash, Stock, other Awards or other property, and may be
made in a single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at
the election of the Participant on terms and conditions established by the Committee); provided, however, that any such
deferred or installment payments will be set forth in the Award Agreement and/or otherwise made in a manner that will not result in additional
taxes under the Nonqualified Deferred Compensation Rules. Payments may include, without limitation, provisions for the payment or crediting
of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect
of installment or deferred payments denominated in Stock. This Plan shall not constitute an “employee benefit plan” for purposes
of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

 

(c)              
Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in any manner
deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the
name of the Participant or by book entry, electronic or otherwise and shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the
Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. If
certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain
physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, related to
the Restricted Stock

 

(d)              
Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine
consistent with the terms of the Plan, but shall not be granted for less than the minimum lawful consideration.

 

(e)              
Additional Agreements. Each Eligible Person to whom an Award is granted under this Plan may be required to agree in writing,
as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person’s
termination of employment or service to a general release of claims and/or a noncompetition or other restricted covenant agreement in
favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee.

 

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(f)               
 Termination of Service. Except as provided herein, the treatment of an Award upon a termination of employment or any other
service relationship by and between a Participant and the Company or any Affiliate shall be specified in the applicable Award Agreement.

 

8.                 
Amendment; Subdivision or Consolidation; Recapitalization; Change of Control; Reorganization.

 

(a)              
Amendments to the Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s
authority to grant Awards under this Plan without the consent of stockholders or Participants, except that any amendment or alteration
to this Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders not
later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law or
regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Board
may otherwise, in its discretion, determine to submit other such changes to this Plan to stockholders for approval; provided, that,
without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant
under any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend,
discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in this
Plan; provided, however, that, without the consent of an affected Participant, no such Committee action may materially and
adversely affect the rights of such Participant under such Award. For purposes of clarity, any adjustments made to Awards pursuant to
Section 8(b) through 8(h) will be deemed not to materially and adversely affect the rights of any Participant under any previously
granted and outstanding Award and therefore may be made without the consent of affected Participants.

 

(b)              
Existence of Plans and Awards. The existence of this Plan and the Awards granted hereunder shall not affect in any way the
right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization
or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt
or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease,
exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. In no event will
any action taken by the Committee pursuant to this Section 8 result in the creation of deferred compensation within the meaning of the
Nonqualified Deferred Compensation Rules.

 

(c)              
Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject
to adjustment by the Committee from time to time, in accordance with the following provisions:

 

(i)                If
at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of
a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of
shares of Stock or in the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the maximum
number of shares of Stock available for the Plan or in connection with Awards as provided in Sections 4 and 5 shall be increased
proportionately (or as appropriate to reflect an extraordinary cash dividend), and the kind of shares or other securities available
for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be
acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or
grant price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be reduced
proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject
to restrictions.

 

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(ii)             
If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the maximum
number of shares of Stock available for the Plan or in connection with Awards as provided in Sections 4 and 5 shall be decreased proportionately,
and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or
other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C)
the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards
shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable
or subject to restrictions.

 

(iii)           
Whenever the number of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding
Awards are required to be adjusted as provided in this Section 8(c), the Committee shall promptly prepare a notice setting forth, in reasonable
detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change
in price and the number of shares of Stock, other securities, cash, or property purchasable subject to each Award after giving effect
to the adjustments. The Committee shall promptly provide each affected Participant with such notice.

 

(d)              
Recapitalization. If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure
(a “recapitalization”) without the occurrence of a Change of Control, the number and class of shares of Stock
covered by an Award theretofore granted shall be adjusted so that such Award shall thereafter cover the number and class of shares of
Stock and securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior
to the recapitalization, the holder had been the holder of record of the number of shares of Stock then covered by such Award and the
share limitations provided in Sections 4 and 5 shall be adjusted in a manner consistent with the recapitalization.

 

(e)              
Additional Issuances. Except as expressly provided herein, the issuance by the Company of shares of stock of any class or
securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of
rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other
securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect
to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable.

 

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(f)               
 Change of Control and Other Events. Notwithstanding any other provisions of the Plan or an Award Agreement to the contrary,
upon a Change of Control or changes in the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination,
exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for
by this Section 8, the Committee, acting in its sole discretion without the consent or approval of any holder, may effect one or more
of the following alternatives, which may vary among individual holders and which may vary among Options or other Awards held by any individual
holder: (i) remove any applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability of an Award so that
such Award may be exercised in full or in part for a limited period of time on or before a date specified by the Committee, before or
after such Change of Control, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate;
(iii) provide for a cash payment with respect to outstanding Awards by requiring the mandatory surrender to the Company by selected
holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable
pursuant to the Plan) as of a date, before or after such Change of Control, specified by the Committee, in which event the Committee shall
thereupon cancel such Awards (with respect to all shares subject to such Awards) and pay to each holder an amount of cash (or other consideration
including securities or other property) per Award equal to the Change of Control Price (as defined below), less the Exercise Price with
respect to an Option; provided, however, that to the extent the exercise price of an Option exceeds the Change of Control
Price, such award may be canceled for no consideration; (iv) cancel Awards that are unexercisable or remain subject to a restricted period
as of the date of a Change of Control without payment of any consideration to the Participant for such Awards; or (v) make such adjustments
to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control (including, but not limited to, (x) the
substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof for new awards, and (y)
the adjustment as to the number and price of shares of Stock or other consideration subject to such Awards); provided, however,
that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding.

 

(g)              
Change of Control Price. The “Change of Control Price” shall equal the amount determined in the
following clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the price per share offered to holders of Stock
in any merger or consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change of Control without
regard to assets sold in the Change of Control and assuming the Company has received the consideration paid for the assets in the case
of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered
to holders of Stock in any tender offer or exchange offer whereby a Change of Control takes place, or (v) if such Change of Control occurs
other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 8(g), the Fair Market Value per share
of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee
as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration
offered to stockholders of the Company in any transaction described in this Section 8(g) or in Section 8(f) consists of anything other
than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash
and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants.

 

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9.                 
 General Provisions.

 

(a)              
Restricted Securities. Prior to a Qualifying Public Offering, the Stock to be issued under this Plan, which may be issued
in reliance on the exemption from registration set forth in Rule 701, shall be deemed to be “restricted securities” as defined
in Rule 144, promulgated by the Securities and Exchange Commission under the Securities Act as from time to time in effect and applicable
to the Plan and Participants. Resales of such Stock by the holder thereof shall be in compliance with the Securities Act or an exemption
therefrom. Such Stock may bear a legend if determined necessary by the Committee in substantially the following form:

 

“THE SHARES OF STOCK REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THE SHARES MAY NOT BE
OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO IMMUNEERING
CORPORATION (WHICH, IN THE DISCRETION OF IMMUNEERING CORPORATION, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO IMMUNEERING CORPORATION)
THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER DISPOSITION WILL NOT VIOLATE APPLICABLE FEDERAL OR STATE LAWS.”

 

(b)              
Right of First Refusal. If any Participant (“Transferor”), regardless of whether such Participant
is the original holder of the Award contemplated in this Section 9(b), proposes to sell, transfer, assign, hypothecate, make gifts of
or in any manner dispose of, encumber, or alienate (each individually constituting a “Transfer”) to a transferee,
any Stock, obtained in connection with any Award held by such Transferor, either pursuant to a bona fide offer (“Offer”)
from a potential transferee (“Offeror”) or by effecting a gift of the Stock (“Gift”)
to a donee (“Donee”) without consideration, then the Transferor must comply with the provisions of this Section
9(b), including, without limitation, acknowledging and allowing the applicable time periods to lapse with respect to the rights of the
Company as provided herein, before accepting any such Offer or otherwise affecting the Transfer of any Stock pursuant to such Offer, or
affecting any such Gift.

 

(i)                Statement
of Offer. Before accepting any Offer or affecting any Gift, the Transferor shall obtain from the Offeror or Donee, as the case
may be, a statement (“Statement”) in writing addressed to the Transferor and signed by the Offeror or
Donee, setting forth: (A) the date of the Statement (the “Statement Date”); (B) the number of shares of
Stock covered by the Offer or Gift and, in the case of an Offer, the price per share to be paid by the Offeror and the terms of
payment of such price; (C) the Offeror’s or Donee’s willingness to be bound by the terms of this Section 9(b) and
execute and deliver to the Company such documentation as required under this Section 9(b); (D) the Offeror’s or Donee’s
name, address and telephone number; and (E) the Offeror’s or Donee’s willingness to supply any additional information
about himself or herself as may be reasonably requested by the Company. Promptly upon receipt of a Statement, and before accepting
the Offer or affecting the Gift to which the Statement relates, the Transferor shall deliver to the Company (1) a copy of the
Statement, and (2) in the case of an Offer, evidence reasonably satisfactory to the Company as to the Offeror’s financial
ability to consummate the proposed purchase.

 

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(ii)             
Company Rights. Subject to the provisions of Section 9(b)(i), upon receipt of a copy of the Statement, the Company shall
have the exclusive right and option (the “Right”), but not the obligation, to purchase all of the shares of
Stock that the Offeror proposes to purchase from the Transferor or, in the case of a Gift, that the Transferor proposes to give to the
Donee (collectively, “Subject Securities”) (A) in the case of an Offer, for the per share price and on the terms
as set forth in the Statement; provided, however, that if the purchase price is payable in whole or in part in property
(which term shall include the securities of any issuer other than the Company) other than cash, the Company may pay, in lieu of such property,
a sum of cash equal to the fair market value of such property as determined by the Transferor and the Company in good faith or, if the
Transferor and the Company do not agree on the fair market value of such property within five days after the Company delivers written
notice (as described below) of its intention to exercise the Right, then the Transferor and the Company shall select one independent appraiser
(with each of the Transferor and the Company jointly bearing one-half of the expense of the appraiser) to determine the fair market value
of that property and the appraised fair market value of that property as determined by such appraiser shall be deemed the fair market
value of that property for purposes of this Section 9(b)(ii); or (B) in the case of a Gift, the Fair Market Value of the Subject Securities,
as determined in good faith by the Company; provided that the Transferor may elect to retain the Subject Securities rather than
sell the Subject Securities at the Fair Market Value as determined by the Company by giving written notice thereof to the Company within
five days after such determination by the Company is received in writing by the Transferor. The Company shall exercise the Right by giving
written notice thereof to the Transferor. Upon exercising the Right, the Company shall have the obligation, to the extent it lawfully
may do so, to purchase the Subject Securities within 30 days after the date of the Company’s receipt of its copy of the Statement
on and subject to the terms and conditions hereof. If the terms of the purchase include the Transferor’s release of any pledge or
encumbrance on the Subject Securities and the Transferor shall have failed to obtain the release of the pledge or encumbrance by the purchase
date, at the Company’s option the purchase shall occur on the scheduled date with the purchase price reduced to the extent of all
unpaid indebtedness for which the Subject Securities are then pledged or encumbered. Failure by the Company to exercise the Right, or
failure by the Company to otherwise perform its obligations under this Section 9(b)(ii), within the 30 day period herein prescribed shall
be deemed an election by the Company not to exercise the Right. If the Company exercises the Right and is unable for any reason to perform
its obligations thereunder in accordance with this Section 9(b), the Company may assign all or a portion of its rights under the Right
to any one or more of the Company’s stockholders (other than the Transferor) (“Assignee Stockholder”),
as the Board shall determine, in its sole and absolute discretion.

 

(iii)           
Purchase of Less Than All Shares. Anything in Section 9(b) to the contrary notwithstanding, the Company and any Assignee
Stockholder individually may, pursuant to the exercise of the Right, purchase fewer than all of the Subject Securities provided that such
Persons in the aggregate purchase all, and not less than all, of the Subject Securities, and it shall be a condition precedent to the
obligation of any of such Persons to purchase any Subject Securities, that all, and not less than all, of the Subject Securities have
been elected to be purchased pursuant to the exercise of the Right.

 

    15

     

    

 

(iv)            
 Failure to Exercise Right or Consummate Transaction. If the Company elects not to exercise the Right, or if the Right is
exercised and the obligations to be performed thereunder by the Company are not performed in accordance with this Section 9(b), or if
the Company’s rights are assigned to an Assignee Stockholder and such Assignee Stockholder fails to perform his or her obligations
under the assigned Right in accordance with this Section 9(b), then, subject to the application of any applicable state or federal securities
laws, the Transferor may dispose of all of the Subject Securities within 90 days after the date of the Statement at the per share price
and on the terms, if any, as set forth in the Statement free and clear of the terms of this Section 9(b); provided, however,
that (A) any subsequent transfer by the Offeror or Donee, as applicable, shall once again be subject to this Section 9(b) and (B) if the
sale or gift of the Subject Securities is not consummated within such 90-day period, then the Transfer of any such Stock shall once again
be subject to the terms of this Section 9(b).

 

(v)              
Legend. To assure the enforceability of the Company’s rights under this Section 9(b), until the date of a Qualifying
Public Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion,
bear a conspicuous legend in substantially the following form:

 

“THE SHARES [REPRESENTED BY THIS CERTIFICATE]
[ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL IN THE CASE OF A TRANSFER AS PROVIDED
UNDER THE IMMUNEERING CORPORATION LONG TERM INCENTIVE PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO. COPIES OF SUCH PLAN
AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

(vi)            
Expiration. The rights and obligations pursuant to this Section 9(b) hereof will terminate upon the date of a Qualifying
Public Offering.

 

(c)              
Purchase Option.

 

(i)                
Company Rights. Except as otherwise expressly provided in any particular Award, (A) if a Participant ceases to be employed
by or perform services for the Company or its Subsidiaries for any reason at any time, (B) upon the occurrence of Detrimental Activity
by a Participant, or (C) upon the occurrence of a Change in Control, the Company (and/or its designee(s)) shall have the option (the “Purchase
Option”) to purchase, and the Participant (or the Participant’s executor or the administrator of the Participant’s
estate in the event of the Participant’s death, or the transferee of the Stock or Award in the case of any disposition, or the Participant’s
legal representative in the event of the Participant’s incapacity) (hereinafter, collectively with such Participant, the “Grantor”)
shall sell to the Company and/or its designee(s), all or any portion (at the Company’s option) of the shares of Stock issued pursuant
to this Plan and held by the Grantor (such shares of Stock herein referred to as the “Purchasable Shares”).

 

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(ii)             
 Notice. The Company shall give notice in writing to the Grantor of the exercise of the Purchase Option within two years
of date of the termination of the Participant’s employment or service relationship or the date of the Change in Control. Such notice
shall state the number of Purchasable Shares to be purchased and the determination of the Board of the Fair Market Value per share of
such Purchasable Shares, or the Change in Control Price as defined in Section 8(g), if applicable. If no notice is given within the time
limit specified above, the Purchase Option shall terminate.

 

(iii)           
Purchase Price. The purchase price to be paid for the Purchasable Shares purchased pursuant to the Purchase Option shall
be (A) the (1) Change of Control Price, if applicable or (2) Fair Market Value per share, as of the date of the notice of exercise
of the Purchase Option, in each case, times the number of shares being purchased, or (B) to the extent approved by the Company in its
sole discretion, such other amount mutually agreeable among the Company and the Grantor; provided, however, in the event a Grantor has
engaged in Detrimental Activity, the purchase price to the paid for Purchasable Shares purchased pursuant to the Purchase Option shall
be $0.00. The purchase price shall be paid in cash. The closing of such purchase shall take place at the Company’s principal executive
offices within ten (10) days after the purchase price has been determined. At such closing, the Grantor shall deliver to the purchasers
the certificates or instruments evidencing the Purchasable Shares being purchased free and clear of all liens and encumbrances (if any),
duly endorsed (or accompanied by duly executed stock powers) and otherwise in good form for delivery, against payment of the purchase
price by check of the purchasers. In the event that, notwithstanding the foregoing, the Grantor shall have failed to obtain the release
of any pledge or other encumbrance on any Purchasable Shares by the scheduled closing date, at the option of the purchasers, the closing
shall nevertheless occur on such scheduled closing date, with the cash purchase price being reduced to the extent of all unpaid indebtedness
for which such Purchasable Shares are then pledged or encumbered.

 

(iv)            
Legend. To assure the enforceability of the Company’s rights under this Section 9(c), until the date of a Qualifying
Public Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion,
bear a conspicuous legend in substantially the following form:

 

“THE SHARES [REPRESENTED BY THIS CERTIFICATE]
[ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO AN OPTION TO REPURCHASE PROVIDED UNDER THE PROVISIONS OF THE IMMUNEERING CORPORATION
LONG TERM INCENTIVE PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE
UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

(v)              
Expiration. The Company’s rights under this Section 9(c) shall terminate upon the date of a Qualifying Public Offering.

 

    17

     

    

 

(d)              
 Tax Withholding. The Company and any of its Subsidiaries are authorized to withhold from any Award granted, or any payment
relating to an Award under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially
payable in connection with any transaction involving an Award, and to take such other action as the Company may deem advisable to enable
the Company, its Subsidiaries and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating
to any Award. The Company shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations,
including, without limitation, the delivery of cash or cash equivalents, Stock (including previously owned shares, net settlement, a broker-assisted
sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to the Award), other
property, or any other legal consideration the Company deems appropriate. If such tax obligations are satisfied through the withholding
of shares of Stock that are otherwise issuable to the Participant pursuant to an Award (or through the surrender of shares of Stock by
the Participant to the Company), the number of shares of Stock that may be so withheld (or surrendered) shall be limited to the number
of shares of Stock that have an aggregate Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of
such tax liabilities determined based on the applicable minimum statutory withholding rates for federal, state, foreign and/or local tax
purposes, including payroll taxes, as determined by the Company.

 

(e)              
Limitation on Rights Conferred under Plan. Neither this Plan nor any action taken hereunder shall be construed as (i) giving
any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company
or any of its Subsidiaries, (ii) interfering in any way with the right of the Company or any of its Subsidiaries to terminate any Eligible
Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any
claim to be granted any Award under this Plan or to be treated uniformly with other Participants and/or employees and/or other service
providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant
is duly issued or transferred shares of Stock in accordance with the terms of an Award.

 

(f)               
Governing Law. All questions arising with respect to the provisions of the Plan and Awards shall be determined by application
of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law
is preempted by federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable federal and state
laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such
Stock.

 

(g)              Severability
and Reformation. If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award
shall remain in full force and effect. If any of the terms or provisions of this Plan or any Award Agreement conflict with the
requirements section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be
deemed inoperative to the extent they so conflict with section 422 of the Code. With respect to Incentive Stock Options, if this
Plan does not contain any provision required to be included herein under section 422 of the Code, that provision shall be deemed to
be incorporated herein with the same force and effect as if that provision had been set out at length herein; provided,
further, that, to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to
that extent) shall be deemed a Nonstatutory Stock Option for all purposes of the Plan.

 

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(h)              
Unfunded Status of Awards; No Trust or Fund Created. This Plan is intended to constitute an “unfunded” plan
for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person
acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right
of any general unsecured creditor of the Company or such Affiliate.

 

(i)                
Nonexclusivity of this Plan. Neither the adoption of this Plan by the Board nor its submission to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other
incentive arrangements as it may deem desirable. Nothing contained in this Plan shall be construed to prevent the Company or any of its
Subsidiaries from taking any corporate action which is deemed by the Company or such Subsidiary to be appropriate or in its best interest,
whether or not such action would have an adverse effect on this Plan or any Award made under this Plan. No employee, beneficiary or other
Person shall have any claim against the Company or any of its Subsidiaries as a result of any such action.

 

(j)                
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the
Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu
of any fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be canceled, terminated, or otherwise
eliminated with or without consideration.

 

(k)              
Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

 

(l)                
Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied
for the benefit of such individual in any manner that the Committee may select, and the Company shall be relieved of any further liability
for payment of such amounts.

 

(m)            
Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular
and the singular shall include the plural.

 

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(n)              Conditions
to Delivery of Stock. Nothing herein or in any Award Agreement shall require the Company to issue any shares with respect to any
Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act or any similar
or superseding statute or statutes, any other applicable statute or regulation, or the rules of any applicable securities exchange
or securities association, as then in effect. In addition, each Participant who receives an Award under this Plan shall not sell or
otherwise dispose of Stock that is acquired upon grant or vesting of an Award in any manner that would constitute a violation of any
applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the Securities and Exchange
Commission or any stock exchange upon which the Stock is then listed. At the time of any exercise of an Option, or at the time of
any grant of any other Award the Company may, as a condition precedent to the exercise of such Option or settlement of any other
Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or
distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or
disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the
manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by
that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will
not involve a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable state or
federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Stock
or other securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to
the Plan or the applicable Award Agreement (including, without limitation, any Exercise Price, grant price, or tax withholding) is
received by the Company.

 

(o)              
Section 409A of the Code. It is the general intention, but not the obligation, of the Committee to design Awards to comply
with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither
this Section 9(o) nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences
of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should not
be interpreted as such. In no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by the Employee on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding any
provision in this Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under the
Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional taxes and interest
under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not delayed until
the earlier of (i) the date of the Participant’s death, or (ii) the date that is six months after the Participant’s “separation
from service,” as defined under the Nonqualified Deferred Compensation Rules (such date, the “Section 409A Payment Date”),
then such payment or benefit shall not be provided to the Participant until the Section 409A Payment Date. Any amounts subject to the
preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without
interest on the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated
by reference and shall control over any Plan or Award Agreement provision in conflict therewith.

 

(p)              Plan
Effective Date and Term. This Plan was adopted by the Board on the Effective Date, and approved by the stockholders of the
Company on the Effective Date, to be effective on the Effective Date. No Awards may be granted under this Plan on and after the
tenth anniversary of the Effective Date. However, any Award granted prior to such termination, and the authority of the Board or
Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such
Award in accordance with the terms of this Plan, shall extend beyond such termination date until the final disposition of such
Award.

 

    20

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