EX-10.15





 Exhibit 10.15 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 GRANT AGREEMENT 

Investment ID [***] 
 AGREEMENT
SUMMARY & SIGNATURE PAGE 
  

			
	 GRANTEE INFORMATION

	Name:	  	Icosavax, Inc.
	Tax Status:	  	 Not exempt from federal income tax under U.S. IRC § 501(c)(3)

You confirm that the above information is correct and agree to notify the Foundation immediately of any change.

	Expenditure Responsibility:	  	This Agreement is subject to “expenditure responsibility” requirements under the U.S. Internal Revenue Code.
	Mailing Address:	  	[***]
	Primary Contact:	  	Adam Simpson, [***]
	
	FOUNDATION INFORMATION
	Mailing Address:	  	[***]
	Primary Contact:	  	Harry Kleanthous, Senior Program Officer, Vaccine Discovery & Human Immunobiology, Global Health, [***]
	
	AGREEMENT INFORMATION
	Title:	  	IND prep and FIH Phase 1 study of SARS-CoV-2 RBD VLP vaccine
	“Charitable Purpose”:	  	To develop, manufacture and conduct clinical testing of a novel nanoparticle displaying a SARS-CoV2 vaccine co-administered with a novel adjuvant.
	“Start Date”:	  	Date of last signature
	“End Date”:	  	March 31, 2022
	This Agreement includes and incorporates by this reference:	  	 This Agreement Summary & Signature Page and:

•   Grant Amount and Reporting & Payment Schedule (Attachment A)

•   Terms and Conditions (Attachment B)

•   Investment Document (date submitted August 12, 2020)

•   Budget (date submitted July 16, 2020)


 THIS AGREEMENT is between Icosavax, Inc. (“You” or “Grantee”) and the Bill & Melinda Gates
Foundation (“Foundation”), and is effective as of the date of last signature. Each party to this Agreement may be referred to individually as a “Party” and together as the “Parties.” As a condition
of this grant, the Parties enter into this Agreement by having their authorized representatives sign below. 
  

									
	BILL & MELINDA GATES FOUNDATION	 		  	ICOSAVAX, INC.
			
	 /s/ Harry Kleanthous
	 		  	 /s/ Adam Simpson

	By:	 	Harry Kleanthous	 		  	By:	  	Adam Simpson
	Title:	 	SPO D&TS Vaccines & Human Immunobiology	 		  	Title:	  	Chief Executive Officer
			
	September 21, 2020	 		  	September 24, 2020
	Date	 		  	Date


  
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 GRANT AGREEMENT 

Investment ID INV-[***] 

ATTACHMENT A 
 GRANT AMOUNT AND
REPORTING & PAYMENT 
 SCHEDULE 
 GRANT AMOUNT 

The Foundation will pay You the total grant amount specified in the Reporting & Payment Schedule below. The Foundation’s Primary Contact must approve in
writing any Budget cost category change of more than 10%. 
 REPORTING & PAYMENT SCHEDULE 

Payments are subject to Your compliance with this Agreement, including Your achievement, and the Foundation’s approval, of any applicable targets, milestones, and
reporting deliverables required under this Agreement. The Foundation may, in its reasonable discretion, modify payment dates or amounts and will notify You of any such changes in writing. 

REPORTING 
 You will submit reports according to the Reporting &
Payment Schedule using the Foundation’s templates or forms, which the Foundation will make available to You and which may be modified from time to time. For a progress or final report to be considered satisfactory, it must demonstrate
meaningful progress against the targets or milestones for that investment period. If meaningful progress has not been made, the report should explain why not and what adjustments You are making to get back on track. Please notify the
Foundation’s Primary Contact if You need to add or modify any targets or milestones. The Foundation must approve any such changes in writing. You agree to submit other reports the Foundation may reasonably request. 

ACCOUNTING FOR PERSONNEL TIME 
 You will track the time of all employees,
contingent workers, and any other individuals whose compensation will be paid in whole or in part by Grant Funds. Such individuals will keep records (e.g., timesheets) of actual time worked on the Project in increments of sixty minutes or less and
brief descriptions of tasks performed. You will report actual time worked consistent with those records in Your progress and final budget reports. You will submit copies of such records to the Foundation upon request. 

 

									
	 REPORTING & PAYMENT SCHEDULE

					
	 Investment Period
	  	 Target, Milestone, or
Reporting Deliverable
	  	 Due By
	  	 Payment Date
	  	 Payment

Amount (U.S.$)

		  	Countersigned Agreement	  		  	Within 15 days after receipt of countersigned Agreement	  	$3,999,899.00
		  	Completion of Integrated Product Development Plan (IPDP) and Global Access Commitment Agreement (GACA)	  	December 1, 2020	  	December 2020	  	$2,700,000.00
	 Start Date to 
December 31, 2020
	  	ER Report	  	February 28, 2021	  	April 2021	  	$3,300,000.00
		  	Regulatory Submission	  	April 15, 2021
		  	Updated organizational financial statements
					
	 January 1, 2021 to December 31, 2021
	  	ER Report	  	February 28, 2022	  		  	
					
	 Start Date to End Date
	  	Final ER Report	  	May 31, 2022	  		  	
	Total Grant Amount	  	$9,999,899.00


  
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 GRANT AGREEMENT 

Investment ID INV-[***] 

ATTACHMENT B 
 TERMS &
CONDITIONS 
 This Agreement is subject to the following terms and conditions. 

PROJECT SUPPORT     
 PROJECT DESCRIPTION AND
CHARITABLE PURPOSE 
 The Foundation is awarding You this grant to carry out the project described in the Investment Document (“Project”) in order
to further the Charitable Purpose. The Foundation, in its discretion, may approve in writing any request by You to make non-material changes to the Investment Document. 

MANAGEMENT OF FUNDS     
 USE OF FUNDS 

You may not use funds provided under this Agreement (“Grant Funds”) for any purpose other than the Project. You may not use Grant Funds to reimburse any
expenses You incurred prior to the Start Date. At the Foundation’s request, You will repay any portion of Grant Funds and/or Income used or committed in material breach of this Agreement, as determined by the Foundation in its discretion. 

INVESTMENT OF FUNDS 
 You must invest Grant Funds in highly liquid investments
with the primary objective of preservation of principal (e.g., interest-bearing bank accounts or a registered money market mutual fund) so that the Grant Funds are available for the Project. Together with any progress or final reports required under
this Agreement, You must report the amount of any currency conversion gains (or losses) and the amount of any interest or other income generated by the Grant Funds (collectively, “Income”). Any Income must be used for the Project.

 SEGREGATION OF FUNDS 
 You must maintain Grant Funds in a physically
separate bank account or a separate bookkeeping account maintained as part of Your financial records and dedicated to the Project. 
 GLOBAL
ACCESS     
 GLOBAL ACCESS COMMITMENT 
 You will
conduct and manage the Project and the Funded Developments in a manner that ensures Global Access. Your Global Access commitments will survive the term of this Agreement. “Funded Developments” means the products, services,
processes, technologies, materials, software, data, other innovations, and intellectual property resulting from the Project (including modifications, improvements, and further developments to Background Technology). “Background
Technology” means any and all products, services, processes, technologies, materials, software, data, or other innovations, and intellectual property created by You or a third party prior to or outside of the Project used as part of the
Project. “Global Access” means: (a) the knowledge and information gained from the Project will be promptly and broadly disseminated; and (b) the Funded Developments will be made available and accessible at an affordable
price (i) to people most in need within developing countries, or (ii) in support of the U.S. educational system and public libraries, as applicable to the Project. 

GLOBAL ACCESS MILESTONES 
 To further define Your Global Access commitments,
You are required to complete a Global Access Strategy and any other Global Access activities and documentation listed in the Reporting & Payment Schedule. The Global Access Strategy should address the following concepts with respect to all
Funded Developments: (a) identification of Background Technology at the outset of the Project and any Funded Developments created during the Project and specific strategies to ensure access to such Funded Developments and Background Technology;
(b) agreements and/or procedures for transfers of materials and data among Project Collaborators or third parties relevant to the Project; (c) reporting processes for the creation of Funded Developments to both the Project management team
and to the Foundation as well as the publishing and dissemination of the knowledge and information gained from the Project; (d) strategies to secure, manage and allocate intellectual property rights


  
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associated with the Funded Developments or Background Technology in a way that ensures Global Access while providing incentives for future potential private sector participation; and
(e) anticipated development, commercialization and sustainability strategies during and after the Project to ensure that Global Access can be met. 
 You may not
materially change the plans and strategies contained in any Global Access documents after they have been approved by the Foundation without the Foundation’s prior written approval. You will provide the Foundation with updates to the Global
Access Strategy during each year of the Project describing any new or modified approaches with respect to Funded Developments and Background Technology, and related agreements, taking into account any new product, technology, and commercialization
developments and/or market information. “Global Access Strategy” means a written document, subject to the Foundation’s approval, describing how You intend to achieve Global Access given the particular circumstances of the
Project. “Project Collaborators” means all current and future subgrantees, subcontractors, partners, agents, affiliates, or other parties who provide any input to the Project. 

HUMANITARIAN LICENSE 
 Subject to applicable laws and for the purpose of
achieving Global Access, You grant the Foundation a nonexclusive, perpetual, irrevocable, worldwide, royalty-free, fully paid up, sublicensable license to make, use, sell, offer to sell, import, distribute, copy, create derivative works, publicly
perform, and display Funded Developments and Essential Background Technology. “Essential Background Technology” means Background Technology that is: (a) owned, controlled, or developed by You, or
in-licensed with the right to sublicense; and (b) either incorporated into a Funded Development or reasonably required to exercise the license to a Funded Development. You confirm that You have retained
sufficient rights in the Funded Developments and Essential Background Technology to grant this license. You must ensure this license survives the assignment or transfer of Funded Developments or Essential Background Technology. On request, You must
promptly make available the Funded Developments and Essential Background Technology to the Foundation for use solely under this license. If You demonstrate to the satisfaction of the Foundation that Global Access can best be achieved without this
license, the Foundation and You will make good faith efforts to modify or terminate this license, as appropriate. 
 PUBLICATION 

Consistent with Your Global Access commitments, if the Project description specifies Publication or Publication is otherwise requested by the Foundation, You will seek
prompt Publication of any Funded Developments consisting of data and results. “Publication” means publication in a peer-reviewed journal or other method of public dissemination specified in the Project description or otherwise
approved by the Foundation in writing. Publication may be delayed for a reasonable period for the sole purpose of seeking patent protection, provided the patent application is drafted, filed, and managed in a manner that best furthers Global Access.
If You seek Publication in a peer-reviewed journal, such Publication shall be under “open access” terms and conditions consistent with the Foundation’s Open Access Policy available at: www.gatesfoundation.org/How-We-Work/General-Information/Open-Access-Policy, which may be modified from time to time. Nothing in this section shall be construed as requiring Publication in contravention of any
applicable ethical, legal, or regulatory requirements. You will mark any Funded Development subject to this clause with the appropriate notice or attribution, including author, date and copyright (e.g., © 20<> <Name>). 

DATA ACCESS 
 The Foundation believes the requirement that the knowledge and
information gained from the Project be promptly and broadly disseminated extends to data and datasets generated through the Project. During the term of this Agreement, You will make cleaned datasets available to the Foundation upon request, at the
time they are generated, and for internal Foundation use only. Following the End Date, You will make all datasets available to the Foundation, upon request and for internal Foundation use only. From the date that is six (6) months after the End
Date, unless otherwise agreed with the Foundation, You will make all data generated under the Project available to the public in a manner and under conditions agreed to with the Foundation. 

INTELLECTUAL PROPERTY REPORTING 
 During the term of this Agreement and for 5
years after, You will submit upon request annual intellectual property reports relating to the Funded Developments, Background Technology, and any related agreements using the Foundation’s templates or forms, which the Foundation may modify
from time to time. 

  
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 SUBGRANTS AND SUBCONTRACTS     

SUBGRANTS AND SUBCONTRACTS 
 You may not make subgrants under this Agreement.
You have the exclusive right to select subcontractors to assist with the Project. 
 RESPONSIBILITY FOR OTHERS 

You are responsible for (a) all acts and omissions of any of Your trustees, directors, officers, employees, subgrantees, subcontractors, contingent workers, agents,
and affiliates assisting with the Project, and (b) ensuring their compliance with the terms of this Agreement. 
 PROHIBITED
ACTIVITIES     
 ANTI-TERRORISM 
 You will not use
funds provided under this Agreement, directly or indirectly, in support of activities (a) prohibited by U.S. laws relating to combating terrorism; (b) with persons on the List of Specially Designated Nationals (www.treasury.gov/sdn) or
entities owned or controlled by such persons; or (c) in or with countries or territories against which the U.S. maintains comprehensive sanctions (currently, Cuba, Iran, Syria, North Korea, and the Crimea Region of Ukraine), including paying or
reimbursing the expenses of persons from such countries or territories, unless such activities are fully authorized by the U.S. government under applicable law and specifically approved by the Foundation in its sole discretion. 

ANTI-CORRUPTION; ANTI-BRIBERY 
 You will not offer or provide money, gifts, or
any other things of value directly or indirectly to anyone in order to improperly influence any act or decision relating to the Foundation or the Project, including by assisting any party to secure an improper advantage. Training and information on
compliance with these requirements are available at www.learnfoundationlaw.org. 
 POLITICAL ACTIVITY AND ADVOCACY 

You may not use Grant Funds to influence the outcome of any election for public office or to carry on any voter registration drive. You may not use Grant Funds to
support lobbying activity or to otherwise support attempts to influence local, state, federal, or foreign legislation. Your strategies and activities, and any materials produced with Grant Funds, must comply with applicable local, state, federal, or
foreign lobbying law. You agree to comply with lobbying, gift, and ethics rules applicable to the Project. 
 OTHER     

PUBLICITY 
 A Party may publicly disclose information about the award of this
grant, including the other Party’s name, the total amount awarded, and a description of the Project, provided that a Party obtains prior written approval before using the other Party’s name for promotional purposes or logo for any purpose.
Any public disclosure by You or Your subgrantees, subcontractors, contingent workers, agents, or affiliates must be made in accordance with the Foundation’s then-current brand guidelines, which are available at:
www.gatesfoundation.org/brandguidelines. 
 LEGAL ENTITY AND AUTHORITY 
 You
confirm that: (a) You are an entity duly organized or formed, qualified to do business, and in good standing under the laws of the jurisdiction in which You are organized or formed; (b) You are not an individual (i.e., a natural person) or
a disregarded entity (e.g., a sole proprietor or sole-owner entity) under U.S. law; (c) You have the right to enter into and fully perform this Agreement; and (d) Your performance will not violate any agreement or obligation between You
and any third party. You will notify the Foundation immediately if any of this changes during the term of this Agreement. 
 COMPLIANCE WITH LAWS 

In carrying out the Project, You will comply with all applicable laws, regulations, and rules and will not infringe, misappropriate, or violate the intellectual
property, privacy, or publicity rights of any third party. 

  
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 COMPLIANCE WITH REQUIREMENTS 

You will conduct, control, manage, and monitor the Project in compliance with all applicable ethical, legal, regulatory, and safety requirements, including applicable
international, national, local, and institutional standards (“Requirements”). You will obtain and maintain all necessary approvals, consents, and reviews before conducting the applicable activity. As a part of Your annual progress
report to the Foundation, You must report whether the Project activities were conducted in compliance with all Requirements. 
 If the Project involves: 

a. any protected information (including personally identifiable, protected health, or third-party confidential), You will not disclose this information to the
Foundation without obtaining the Foundation’s prior written approval and all necessary consents to disclose such information; 
 b. children or vulnerable
subjects, You will obtain any necessary consents and approvals unique to these subjects; and/or 
 c. any trial involving human subjects, You will adhere to current
Good Clinical Practice as defined by the International Council on Harmonisation (ICH) E-6 Standards (or local regulations if more stringent) and will obtain applicable trial insurance. 

Any activities by the Foundation in reviewing documents and providing input or funding does not modify Your responsibility for determining and complying with all
Requirements for the Project. 
 RELIANCE 
 You acknowledge that the
Foundation is relying on the information You provide in reports and during the course of any due diligence conducted prior to the Start Date and during the term of this Agreement. You represent that the Foundation may continue to rely on this
information and on any additional information You provide regarding activities, progress, and Funded Developments. 
 INDEMNIFICATION 

If the Project involves clinical trials, trials involving human subjects, post-approval studies, field trials involving genetically modified organisms, experimental
medicine, or the provision of medical/health services (“Indemnified Activities”), You will indemnify, defend, and hold harmless the Foundation and its trustees, employees, and agents (“Indemnified Parties”) from and
against any and all demands, claims, actions, suits, losses, damages (including property damage, bodily injury, and wrongful death), arbitration and legal proceedings, judgments, settlements, or costs or expenses (including reasonable
attorneys’ fees and expenses) (collectively, “Claims”) arising out of or relating to the acts or omissions, actual or alleged, of You or Your employees, subgrantees, subcontractors, contingent workers, agents, and affiliates
with respect to the Indemnified Activities. You agree that any activities by the Foundation in connection with the Project, such as its review or proposal of suggested modifications to the Project, will not modify or waive the Foundation’s
rights under this paragraph. An Indemnified Party may, at its own expense, employ separate counsel to monitor and participate in the defense of any Claim. Your indemnification obligations are limited to the extent permitted or precluded under
applicable federal, state or local laws, including federal or state tort claims acts, the Federal Anti-Deficiency Act, state governmental immunity acts, or state constitutions. Nothing in this Agreement will constitute an express or implied waiver
of Your governmental and sovereign immunities, if any. 
 INSURANCE 
 You
will maintain insurance coverage sufficient to cover the activities, risks, and potential omissions of the Project in accordance with generally-accepted industry standards and as required by law. You will ensure Your subgrantees and subcontractors
maintain insurance coverage consistent with this section. 
 TERM AND TERMINATION     

TERM 
 This Agreement commences on the Start Date and continues until the End
Date, unless terminated earlier as provided in this Agreement. The Foundation, in its discretion, may approve in writing any request by You for a no-cost extension, including amending the End Date and
adjusting any affected reporting requirements. 
 TERMINATION 
 The
Foundation may modify, suspend, or discontinue any payment of Grant Funds or terminate this Agreement if: (a) the Foundation is not reasonably satisfied with Your progress on the Project; (b) there are significant changes


  
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to Your leadership or other factors that the Foundation reasonably believes may threaten the Project’s success; (c) there is a change in Your control; (d) there is a change in Your
tax status; or (e) You fail to comply with this Agreement. 
 RETURN OF FUNDS 

Any Grant Funds, plus any Income, that have not been used for, or committed to, the Project upon expiration or termination of this Agreement, must be returned promptly
to the Foundation. 
 MONITORING, REVIEW, AND AUDIT 
 The Foundation may
monitor and review Your use of the Grant Funds, performance of the Project, and compliance with this Agreement, which may include onsite visits to assess Your organization’s governance, management and operations, discuss Your program and
finances, and review relevant financial and other records and materials. In addition, the Foundation may conduct audits, including onsite audits, at any time during the term of this Agreement, and within four years after Grant Funds have been fully
spent. Any onsite visit or audit shall be conducted at the Foundation’s expense, following prior written notice, during normal business hours, and no more than once during any 12-month period. 

INTERNAL OR THIRD PARTY AUDIT 
 If during the term of this Agreement You are
audited by your internal audit department or by a third party, You will provide the audit report to the Foundation upon request, including the management letter and a detailed plan for remedying any deficiencies observed (“Remediation
Plan”). The Remediation Plan must include (a) details of actions You will take to correct any deficiencies observed, and (b) target dates for successful completion of the actions to correct the deficiencies. 

RECORD KEEPING 
 You will maintain complete and accurate accounting records
and copies of any reports submitted to the Foundation relating to the Project. You will retain such records and reports for 4 years after Grant Funds have been fully spent. At the Foundation’s request, You will make such records and reports
available to enable the Foundation to monitor and evaluate how Grant Funds have been used or committed. 
 SURVIVAL 

A Party’s obligations under this Agreement will be continuous and survive expiration or termination of this Agreement as expressly provided in this Agreement or
otherwise required by law or intended by their nature. 
 GENERAL     

ENTIRE AGREEMENT, CONFLICTS, AND AMENDMENTS 
 This Agreement contains the
entire agreement of the Parties and supersedes all prior and contemporaneous agreements concerning its subject matter. If there is a conflict between this Agreement and the Investment Document this Agreement will prevail. Except as specifically
permitted in this Agreement, no modification, amendment, or waiver of any provision of this Agreement will be effective unless in writing and signed by authorized representatives of both Parties. 

NOTICES AND APPROVALS 
 Written notices, requests, and approvals under this
Agreement must be delivered by mail or email to the other Party’s primary contact specified on the Agreement Summary & Signature Page, or as otherwise directed by the other Party. 

SEVERABILITY 
 Each provision of this Agreement must be interpreted in a way
that is enforceable under applicable law. If any provision is held unenforceable, the rest of the Agreement will remain in effect. 
 ASSIGNMENT 

You may not assign, or transfer by operation of law or court order, any of Your rights or obligations under this Agreement without the Foundation’s prior written
approval. This Agreement will bind and benefit any permitted successors and assigns. 

  
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 COUNTERPARTS AND ELECTRONIC SIGNATURES 

Except as may be prohibited by applicable law or regulation, this Agreement and any amendment may be signed in counterparts, by facsimile, PDF, or other electronic
means, each of which will be deemed an original and all of which when taken together will constitute one agreement. Facsimile and electronic signatures will be binding for all purposes. 

  
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	From:	 	                                [***]	  		  	
	Subject:	 	[***] AMD 1 to Icosavax, Inc.
	Date:	 	December 18, 2020 at 3:12 PM
		 	            [***]

  
  

Dear Adam, 
 Please review the amendment details below: 

 

			
	 AMENDMENT INFORMATION

	Agreement to be Amended:	  	Grant agreement between the Bill & Melinda Gates Foundation and Icosavax, Inc. effective September 24, 2020 and bearing Investment ID INV-[***]
	Amendment Purpose:	  	Updated Reporting & Payment Schedule
	Amendment Date:	  	Date of this email

 THIS AMENDMENT amends, and is made part of, the above-referenced Agreement and is effective as of the date of this email.
Capitalized terms not defined in this Amendment will have the meaning provided in the Agreement. Except as modified by this Amendment, all other terms and conditions of the Agreement remain in full force and effect. In the event of a conflict
between the Agreement and this Amendment, the terms of this Amendment will prevail. 
 UPDATED REPORTING & PAYMENT SCHEDULE 

This Amendment notifies you that the reporting and/or payment schedule for Your grant has changed. Your updated Reporting & Payment Schedule is deleted and
replaced with the following: 
  

									
	 REPORTING & PAYMENT SCHEDULE

					
	 Investment Period
	  	 Target, Milestone, or
Reporting Deliverable
	  	 Due By
	  	 Payment Date
	  	 Payment

Amount (U.S.$)

					
		  	Countersigned Agreement	  		  	PAID	  	$3,999,899.00
					
		  	Completion of Integrated Product Development Plan (IPDP) and Global Access Commitment Agreement (GACA)	  	January 31, 2021	  	February 2021	  	$2,700,000.00
	 Start Date to 
December 31, 2020
	  	ER Report	  	February 28, 2021	  	April 2021	  	$3,300,000.00
		  	Regulatory Submission	  	April 15, 2021
		  	Updated organizational financial statements
					
	 January 1, 2021 to December 31, 2021
	  	ER Report	  	February 28, 2022	  		  	
					
	 Start Date to End Date
	  	Final ER Report	  	May 31, 2022	  		  	
	Total Grant Amount	  	$9,999,899.00













 Please reply to this email to confirm your agreement to the above changes. 

Best, 
 Audra 

Audra Favini 

                [***] 

Bill & Melinda Gates Foundation 
 www.gatesfoundation.org 

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