Orchestra BioMed Holdings, Inc.

The illustrations below provide a graphical description of compensation actually paid (as calculated in accordance with the SEC rules) and the following measures: (i) our cumulative total shareholder return, or TSR; and (ii) our net loss.

Compensation Actually Paid (Cap) and TSR

As shown in the following graph, the compensation actually paid (“CAP”), to Mr. Hochman and the average amount of CAP to our Non-PEO NEOs during the periods presented are negatively correlated. We do utilize several performance measures to align executive compensation with our performance, but those tend not to be financial performance measures, such as TSR. For example, part of the compensation our named executive officers are eligible to receive consists of annual performance-based cash bonuses which are designed to provide appropriate incentives to our executives to achieve defined annual corporate goals and to reward our executives for individual achievement towards these goals. Additionally, we view stock awards, which are an integral part of our executive compensation program, as related to company performance although not directly tied to TSR, because they provide value only if the market price of our common stock increases and the executive officer continues in our employment over the vesting period and, with respect to the Sherman Performance Options, the achievement of certain defined corporate goals. These stock awards strongly align our executive officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our executive officers to continue in our employment for the long-term.

Compensation Actually Paid and Net Loss

Because we are not a commercial-stage company, we do not have any recurring, significant commercial revenue during the periods presented and our company has not historically looked to net loss as a performance measure for our executive compensation program.