Exhibit 10.16


 


 


 


March 2, 2021


 


Frederic Pla, Ph.D.


[***]


 


Dear Frederic,


 


We are very excited about the prospects of your
joining Akoya Biosciences, Inc. Should you accept this offer and upon successful completion of a pre-employment background check
and drug screen we look forward to having you join the company on a date that is mutually convenient for both you and Akoya. This letter
confirms the terms of your employment.


 


Position and Duties:


You shall serve in the position of Chief Operating
Officer with Akoya Biosciences, Inc. (the “Company”) reporting to Brian McKelligon, CEO.


 


Your position, job description, manager, salary,
duties, and responsibilities may be modified from time to time at the sole discretion of Akoya Biosciences, Inc. You agree to strictly
adhere to all of the rules and regulations of Akoya Biosciences, Inc. as may be set forth in any Employee Handbook or published
policies of Akoya Biosciences, Inc. now or in the future, including all amendments to the Handbook which may be made in the future
in Akoya Biosciences, Inc.'s sole discretion (as published or amended from time to time, the "Manual”).


 


Compensation:


 


		(a)	Salary: Akoya Biosciences, Inc. shall pay you, and you agree to accept from Akoya Biosciences, Inc.
in payment for your services to Akoya Biosciences, Inc., a salary of $325,000.00 per year (the "Yearly Salary"),
payable in 24 equal installments of $13,541.67 on regular semi-monthly dates established by Akoya Biosciences, Inc., subject
to applicable tax withholding requirements. Any proposed increase of your salary, compensation or benefits must be approved by Akoya’s
CEO, Brian McKelligon.



 


		(b)	Annual Bonus. The Company has created an incentive pay plan under which you may be eligible for
an Annual cash incentive bonus (the “Bonus”). Your target cash bonus opportunity (the “Bonus”) will be
equal to 45% of your gross earnings in the calendar year. Any bonus will be based on a combination of your personal achievement
as well as the Company’s ability to meet its financial and operational performance objectives. The payment of any Bonus shall be
subject to your continued employment through the date of payment by the Company.



 


		(c)	Incentive Stock Options. The Company will offer you participation in an Equity Incentive Program.
Subject to approval by the Board of Directors of the Company (the “Board”), you will
be provided an Option to acquire the number of shares equivalent to 850,000 shares of the Company’s common stock under the
Company’s stock option plan (the “Option”). 25% of the shares subject to the Option will vest on the first anniversary
of your date of employment, with the remaining 75% of the shares subject to the Option vesting in equal monthly installments over
the subsequent 36 months on the same day of the month as your date of employment, subject to your continued service to the Company through
each applicable vesting date. The exercise price per share of the Option will be equal to the fair market value per share of the Company’s
common stock on the date the Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue
Service will agree with this value. You should consult with your own tax advisor concerning the tax consequences associated with accepting
the Option.



 





1080
O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough,
MA 01752


 






     


     


    

 


 


 


		(d)	Change of Control: In the event
that your employment with the Company is terminated by the Company (or its successor) without Cause (as defined in Exhibit A) or
by the Constructive Termination (as defined in Exhibit A) on account of or within twelve (12) months following the date of the consummation
of a Change in Control (as defined Exhibit A), (i) the vesting and exercisability of each of your outstanding stock awards (including
any stock options, restricted stock or other awards granted to you by the Company) shall be automatically accelerated in full, and (ii) you
will be entitled to receive your Salary, Cash Incentive Bonus paid at 100% of target and Benefits, for a period of twelve (12) months.
All payments will be made in accordance with the Company’s normal payroll practices. You agree that as a condition to receiving
any severance compensation, you will execute and deliver to the Company a separation and release agreement pursuant to which you will
release and waive all claims against the Company, its affiliates, and all of its an their present and/or former members, owners, officers,
directors, employees agents attorneys and representatives.



 


		(e)	Compensation Review: In the event the Company completes and initial public offering, the Company
and Board of Directors Compensation Committee agrees to review your full compensation package and make the necessary changes to bring
it in alignment with market standards and the other members of the Akoya executive team.



 


No Other Employment:


You
agree to devote your full business time, attention, and best efforts to the business of Akoya Biosciences, Inc. during the
employment relationship. Akoya Biosciences, Inc.’s normal business hours are from 8:30 a.m. to 5:30 p.m., Monday through
Friday. However, you may be required to work additional hours depending on the nature of your work assignments.


 


Time Off:


Employees at this compensation band are afforded
unlimited PTO under the Akoya PTO policy as stated in the Employee Handbook.


 


Company Holidays:


The Company offers 9 paid Holidays per calendar
year. The company holidays are listed in the benefits guide.


 


Benefit Plans:


You shall be entitled to participate in any standard
health and other benefit plans established by Akoya Biosciences, Inc. on terms as may be established by Akoya Biosciences, Inc.
in its sole discretion. Although you may be eligible for such benefits if they become available in the future, Akoya Biosciences, Inc.
does not promise or represent that such benefits will in fact become available or that once made available they will be continued.


 


Employee Expenses:


Akoya Biosciences, Inc. will reimburse you
for pre-approved business expenses, including those associated with business travel and lodging, (approved by the CEO.), as provided within
the guidelines of Akoya Biosciences, Inc.’s expense policy. All expenses shall be subject to review and approval by your direct
report and the CFO and shall require reasonable documentation.


 


Confidential Information and Invention Assignment
Agreement:


As a condition of your employment with Akoya Biosciences, Inc.,
you acknowledge that you have executed and delivered a copy of Akoya Biosciences, Inc.'s Proprietary Information and Inventions Agreement
and will abide by its terms. You acknowledge that a remedy at law for any breach or threatened breach by you of the provisions of the
Proprietary Information and Inventions Agreement would be inadequate, and you therefore agree that Akoya Biosciences, Inc. shall
be entitled to injunctive relief in case of any such breach or threatened breach.


 





1080
O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough,
MA 01752


 






     


     


    

 


 


 


At-Will Employment:


Employment with Akoya Biosciences, Inc. is
employment at-will. Employment at-will may be terminated with or without cause and with or without notice at any time at the will of either
you or Akoya Biosciences, Inc. Terms and conditions of employment with Akoya Biosciences, Inc. may be modified at the sole discretion
of Akoya Biosciences, Inc. with or without cause and with or without notice. Other than the Chief Executive Officer (“CEO”),
no one has the authority to make any agreement for employment other than for employment at-will or to make any agreement limiting Akoya
Biosciences, Inc.'s discretion to modify the terms and conditions of employment. Only the CEO has the authority to make any such
agreement and then only in writing and signed by each of the CEO and the respective employee. No implied contract concerning any employment-related
decision or term, or condition of employment can be established by any other statement, conduct, policy, or practice.


 


Governing Law:


This Agreement is made and shall be construed
and enforced in accordance with the laws of the State of California. This Agreement and the Exhibits supersede and replace all prior agreements
or understandings, oral or written, between Akoya Biosciences, Inc., and you, except for prior confidentiality agreements, if any.
This Agreement may not be modified except by a writing signed both by the CEO and by you.


 


Arbitration:


In the event of any dispute in connection with
this Agreement or the Exhibits, the parties agree to resolve the dispute by binding arbitration in San Francisco, California, under the
Commercial Arbitration Rules of the American Arbitration Association ("AAA"), with a single arbitrator familiar with employment
and technology agreements appointed by AAA. In the event of any dispute, the prevailing party shall be entitled to its reasonable attorneys'
fees and costs from the other party, whether the matter is litigated or arbitrated to a final judgment or award. The arbitrator's decision
shall be final and binding on all parties and may be entered in any court having competent jurisdiction.


 


Severability:


If any provision of this Agreement or the Exhibits
is determined to be invalid or unenforceable, the remainder shall be unaffected and shall be enforceable against both Akoya Biosciences, Inc.,
and you.


 


This offer is contingent upon a background check
clearance, reference check, drug test, and satisfactory proof of the employee’s right to work in the US, as required by law.


 


Employee Review and Receipt of Agreement:


You acknowledge that you have carefully read and
considered all provisions of this Agreement and the Exhibits and agree that all of the restrictions set forth herein are fair and reasonably
required to protect Akoya Biosciences, Inc.'s interests. You acknowledge that you have received a copy of this Agreement and the
Exhibits as signed by you. You acknowledge that, prior to signing this Agreement, you have had an opportunity to seek the advice of
independent counsel of your choice relating to the terms of this Agreement.


 



	 	Sincerely,
	 	 
	 	Akoya Biosciences, Inc.



 


	 	By:	/s/ Brian McKelligon
	 	 
	 	Its:	CEO
	 	 
	 	Date:	March 2, 2021



 






1080
O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough,
MA 01752


 






     


     


    

 


 


 


Agreed to and Accepted:


 


 


	/s/ Frederic Pla	 	March 2, 2021
	 	 	 
	Frederic Pla, Ph.D.	 	[Date]




 





1080
O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough,
MA 01752


 






     


     


    

 


 


 


Exhibit A


 


“Constructive
Termination” shall mean (i) without your written consent, a material reduction in your Annual Salary, Objective-Based
Bonus or Benefits, other than those part of a management-wide reduction, (ii) any material failure by the Company to comply with
the provisions of this Offer, (iii) any action that results in a material diminution in your title, duties or responsibilities unless
such changes are mutually agreed upon, (iv) a failure of a successor-in-interest under a Change of Control to assume all of the obligations
of the company under this Offer, and (v) without your written consent, a requirement of relocation to a location more than 30 miles
away from your current home address. In order to establish a “Constructive Termination” for terminating employment, you must
provide written notice to the Company of the existence of the condition giving rise to the Constructive Termination and the Company must
be provided with thirty (30) days thereafter to cure the condition to the extent that any of such reasons are susceptible to cure, such
satisfaction to be reasonably determined by you.


 


“Cause”
shall mean: (i) any act or omission by you which has an adverse effect on the Company’s
business or on your ability to perform services for the Company, including, without limitation, the commission of, or a guilty or no contest
plea to, any crime (other than ordinary traffic violations), (ii) refusal or failure to perform reasonably assigned duties, serious
misconduct, excessive absenteeism, a breach by you of your fiduciary duty to the Company, or an act of fraud or dishonesty in the performance
of your duties, (iii) refusal or failure to comply with the Company’s policies, or (iv) any breach of your obligations
or duties under any written agreement between the Company and you, including, without limitation, this Offer.


 


“Change
of Control” shall mean the consummation of a reorganization, merger or consolidation, or
sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets of another corporation
or entity, or other similar transaction (each, a “Business Combination”), unless, in each case, immediately following such
Business Combination (A) all or substantially all of the individuals and entities who were the beneficial owners of voting stock
of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined
voting power of the then outstanding shares of voting stock of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries,) and (B) at least a majority of the members of the Board of Directors of the
entity resulting from such Business Combination were members of the Board of Directors of the Company at the time of the execution of
the initial agreement or of the action of the Board providing for such Business Combination.


 





1080
O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough,
MA 01752


 






     


     


    

 





 




March 16, 2021


  


[***]


 


Re: Amendment to the Akoya Offer Letter to Frederic Pla Dated March 3,
2021


 


Dear Frederic,


 


The recently fully executed offer letter between Akoya and you, “Akoya
Offer Letter – Frederic Pla – March 3, 2021 – fully executed,” (“Offer”) and you shall be
modified to include partial pay of your $325,000 annual salary between your start date of March 22nd and April 16th
(“Amendment”). The goal is to support a smooth and gradual transition from your former employer (“PICI”)
to Akoya. Payment timing will be aligned with Akoya’s current payroll schedule.


 


The transition and pay schedule will be as follows.


 


	DATES	 	Days Split	 	Gross Earnings	 
	March 22 - March 26	 	 	 	 	 	 
	PICI	 	(2 days)	 	 	 	 
	Akoya	 	(3 days)	 	$	3,750	 
	March 29 - April 2	 	 	 	 	 	 
	PICI	 	(2 days)	 	 	 	 
	Akoya	 	(3 days)	 	$	3,750	 
	April 5 - April 9	 	 	 	 	 	 
	PICI	 	(1 day)	 	 	 	 
	AKOYA	 	(4 days)	 	$	5,000	 
	April 12 - April 16	 	 	 	 	 	 
	PICI	 	(1 day)	 	 	 	 
	Akoya	 	(4 days)	 	$	5,000	 
	 	 	TOTAL:	 	$	17,500	 




 


	Annual Salary	 	$	325,000	 	 	Daily Salary:	 	$	1,250	 



 





1080 O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401
| www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough, MA 01752 


 






     


     


    

 





 


You
acknowledge that you have carefully read and considered the provisions in this Amendment and agree to the additions and changes to your
Offer. You acknowledge that you have received a copy of this Amendment as signed by you.


 



	 	Sincerely,
	 	 
	 	Akoya Biosciences, Inc.



 


 


	 	By:	/s/ Brian McKelligon
	 	 
	 	Its:	CEO
	 	 
	 	Date:	March 16, 2021







 


Agreed to and Accepted:


 


 


	/s/ Frederic Pla	 	March 16, 2021
	 	 	 
	Frederic Pla, Ph.D.	 	[Date]




 





1080 O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401
| www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough, MA 01752 


 






     


     


    

 





 


Exhibit A


 


“Constructive
Termination” shall mean without your written consent, (i) a material reduction in your Yearly Salary, or Bonus,
other than as part of a management-wide reduction, (ii) any material failure by the Company to comply with the provisions of this
Offer, including a failure of a successor-in-interest under a Change of Control to assume all of the obligations of the company under
this Offer, (iii) any action that results in a material diminution in your title, duties or responsibilities unless such changes
are mutually agreed upon, , and (iv) a requirement of relocation to a location more than 30 miles away from your current home address.
In order to establish a “Constructive Termination” for terminating employment, you must provide written notice to the Company
of the existence of the condition giving rise to the Constructive Termination within 60 days of the initial existence of such condition,
and the Company must be provided with thirty (30) days thereafter to cure the condition, and your employment must terminate within 30
days of the end of the cure period..


 


“Cause”
shall mean: (i) any act or omission by you which has an adverse effect on the Company’s
business or on your ability to perform services for the Company, including, without limitation, the commission of, or a guilty or no contest
plea to, any crime (other than ordinary traffic violations), (ii) refusal or failure to perform reasonably assigned duties, serious
misconduct, excessive absenteeism, a breach by you of your fiduciary duty to the Company, or an act of fraud or dishonesty in the performance
of your duties, (iii) refusal or failure to comply with the Company’s policies or a directive from the Company, or (iv) any
breach of your obligations or duties under any written agreement between the Company and you, including, without limitation, this Offer.


 


“Change
of Control” shall mean the consummation of a reorganization, merger or consolidation, or
sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets of another corporation
or entity, or other similar transaction (each, a “Business Combination”), unless, in each case, immediately following such
Business Combination (A) all or substantially all of the individuals and entities who were the beneficial owners of voting stock
of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined
voting power of the then outstanding shares of voting stock of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries,) and (B) at least a majority of the members of the Board of Directors of the
entity resulting from such Business Combination were members of the Board of Directors of the Company at the time of the execution of
the initial agreement or of the action of the Board providing for such Business Combination.


 


“Change
in Control” shall have the meaning set forth in the applicable equity incentive plan. In the 2015 Equity Incentive Plan,
the definition is as follows: Change in Control” means the occurrence of any of the following events:


 


(i)            Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than one
person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by
such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership
of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change
in Control; or


 


(ii)            Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange
Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during
any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of
the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or


 





1080 O’Brien Drive. Suite A, Menlo Park, CA 94025 | 855.896.8401
| www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough, MA 01752 


 






     


     


    

 





 


(iii)            Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s
assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the
most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more
than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets.


 


For purposes of this Section 2(f),
persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase
or acquisition of stock, or similar business transaction with the Company.


 


Notwithstanding the foregoing,
a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning
of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal
Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.


 


Further and for the avoidance of
doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s
incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company’s securities immediately before such transaction.


 





1080 O’Brien Drive. Suite A, Menlo Park,
CA 94025 | 855.896.8401 | www.akoyabio.com | 100 Campus Drive, 6th Floor, Marlborough, MA 01752