Document:

Exhibit
10.22

 

Certain
personally identifiable information contained in this document, marked by brackets as [***], has been omitted from this exhibit pursuant
to Item 601(a)(6) under Regulation S-K.

 

Execution
Version

 

 

Termination
Agreement

 

dated
13 December 2021

 

between

 

MoonLake
Immunotherapeutics Ltd

 

Dorfstrasse
29

 

6300
Zug

 

(“Employer”)

 

and

 

Jonkheer
Arnout Michiel Ploos van Amstel

 

[***]

 

(“Employee”)

 

(each
a “Party” and collectively the “Parties”)

 

     

     

    

 

	index	 
	 	 
	 Preamble	3
	1 	    Termination
    of Employment Relationship	3
	2 	    Garden
    Leave	3
	3	 Compensation
    and Expenses	4
	4	 Deductions	4
	5	 Leaver
    Call Option	4
	6	 Vacations
    and Overtime	5
	7	 Loyalty
    and Secrecy Obligation	5
	8	 Intellectual
    property	6
	9	 Non-Competition
    and Non-Solicitation	6
	10	 Return
    obligation	7
	11	 Work
    certificate/Reference Information	7
	12	 Communication	8
	12.1	 Obligations
    by the Parties	8
	12.2	 Internal
    and external communication	8
	13 	Non-Derogatory
    Statements	9
	14 	Confidentiality	9
	15 	Insurance
    Schemes	9
	16 	Reflection
    Period	9
	17 	Full
    Settlement Clause	10
	18 	Salvatory
    Clause	10
	19 	Final
    Provisions	10

 

    2 

     

    

 

		 	Preamble

 

The
Parties have entered into an employment relationship on 1 May 2021 (the “Employment Relationship”). The Parties intend
to terminate the Employment Relationship by mutual consent.

 

Now,
therefore, the Parties agree as follows:

 

		1	Termination
                                            of Employment Relationship

 

The
Parties agree to terminate the Employment Relationship by mutual agreement with effect as per 28 February 2022 (the “Termination
Date”).

 

Any
extension of the Employment Relationship due to illness or accident or any other reason according to Article 336c para. 1 of the Swiss
Code of Obligations (“CO”) shall be expressly excluded.

 

The
Employee confirms that no other employment relationship (than the one with the Employer), no mandate, no agency nor any other legal or
contractual relationship, except for (i) the SHA (as defined below), (ii) the Business Combination Agreement (as defined below) as well
as (iii) all ancillary documents and agreements, in particular the investment agreement, signed or executed in connection with the Business
Combination Agreement ((i), (ii) and (iii) together, the “Ongoing Contractual Relationships”), exists between the
Employee and the Employer or any affiliated company of the Employer (e.g. parent company, subsidiaries and/or any associated and affiliated
entities). In case such legal relationship would exist, the Parties hereby agree to terminate such relationship as of today, provided
however, that the Ongoing Contractual Relationships shall not be terminated by this Termination Agreement.

 

		2	Garden
                                            Leave

 

The
Employee who is currently on sick-leave shall be released from his duty to perform work as soon as and in the extent as he will be no
more prevented from performing his work (the “Garden Leave”).

 

The
Employer is entitled to contact and deploy the Employee during Garden Leave on the basis of specific requests. The Employee will be notified
of the corresponding assignment at least 7 days in advance. Such notice will not be valid if the Employee has already started a new job
at the time of the ordered deployment or if he is on vacation according to clause 6 below.

 

The
Employee is obliged to inform the Employer immediately of any further illness or accident during Garden Leave.

 

From
the date of the Garden Leave, the Employee is no longer entitled to act on behalf of the Employer. The Employer shall initiate the necessary
deletions of the Employee from the commercial register and banks.

 

    3 

     

    

 

		3	Compensation
                                            and Expenses

 

Until
the Termination Date, the Employer shall pay to the Employee the contractually agreed monthly gross salary of CHF 35’416.65 on
the usual due dates.

 

For
the period during which the Employee is prevented from working through no fault of his own, the Employee’s entitlement to continued
payment of salaries at 100% and shall not be governed by the contractually agreed benefits in the event of prevention from working through
no fault of his own, the difference of 20% between the payments of the insurance of 80% and the 100% of the salary being paid by the
company. This also applies to the period in which the Employee would have been prevented from working if not on Garden Leave.

 

The
Employee is entitled to a pro-rated bonus payment for the period from 1 May 2021 to the Termination Date (i.e. 10 months). The final
bonus amount will be decided by the board in accordance with clause 5.2 of the employment contract. The Employee will be treated equally
as the other two founders with regard to the determination of the bonus payment, independently of the sick-leave, the garden leave and
the termination of the Employment Relationship effective as of the Termination Date, especially regarding the fulfilling of the two milestones
according to clause 5.2 of the employment agreement between the Employee and the Company dated 30 April 2021 (the “Employment Agreement”).

 

All
possible expenses and fringe benefits associated with the actual work performance are waived during Garden Leave.

 

By
signing this Termination Agreement, the Employee acknowledges that the Employer no longer owes him any further payments under any title
whatsoever (including but not limited to, any salary payments, severance payments, bonus entitlements, reimbursement of expenses, benefits,
overtime, vacation, and any other claims, entitlements, benefits, and sums due or which the Employee has or may have under or relating
to the Employment Relationship and/or the termination thereof against the Employer and/or the Employer’s affiliates).

 

		4	Deductions

 

Unless
expressly agreed otherwise, the Employee’s statutory, regulatory and contractually owed contributions for AHV/IV/EO, ALV, occupational
benefits insurance (BVG), non-occupational accident insurance (NBU) and daily sickness benefits insurance as well as any withholding
taxes shall be deducted from all compensation and other benefits of the Employer.

 

		5	Leaver
                                            Call Option

 

The
Parties are bound by the terms and conditions of the shareholders’ agreement dated 28 April 2021, between the Series A Investors,
the Founders and the Company (as such terms are defined therein) (the “SHA”).

 

The
Employee currently holds 110,000 Common Shares (as defined in the SHA), of which 90% are subject to a reverse vesting schedule pursuant
to section 13 of the SHA. As of the Termination Date, 57,756 Common Shares (as defined in the SHA; i.e. 52.5% of Employee’s Common
Shares and 58.3% of Employee’s Leaver Shares as defined in the SHA) remain unvested.

 

    4 

     

    

 

The
Parties hereby agree that the Leaver Call Option as defined in the SHA shall be exercisable concurrently with the signing of this Termination
Agreement.

 

The
Employer hereby exercises the Leaver Call Option (as defined in the SHA) and the Employee hereby sells, assigns (as also evidenced in
the assignment declaration set forth in Annex 1 hereto) and transfers, 57,756 Common Shares (as defined in the SHA; the “Unvested
Shares”) to the Employer. For documentation purposes, within 2 business days, the Employee shall deliver to the Employer or
its representative the duly executed original of the assignment declaration with respect to the Unvested Shares mentioned above. For
clarity, the other 52,244 Common Shares (as defined in the SHA) are vested (the “Vested Shares”) and will remain in
the full possession of the Employee.

 

Not
later than 2 business days after the date of this Termination Agreement, the Employer shall pay to the Employee a purchase price in the
amount of CHF 5,775.60 in consideration for the Unvested Shares.

 

The
Employer shall notify the other parties to the SHA of the termination of the Employment Relationship and of the exercise by the Employer
of the Leaver Call Option (as defined in the SHA), all in accordance with section 13.3 of the SHA.

 

For
clarity, the amended and restated shareholders’ agreement which shall be entered into in connection with and in advance of the
closing of the business combination agreement by and among the Employer, Helix Acquisition Corp. and the further parties set forth on
the signature pages to the business combination agreement (the “Business Combination Agreement”), the Business Combination
Agreement and the ancillary documents thereto shall not be amended by this Termination Agreement. The SHA shall not be amended by this
Termination Agreement with respect to the Vested Shares of the Employee. In the event of a conflict between the terms of the SHA with
respect to the Unvested Shares of the Employee, the terms of this Termination Agreement shall prevail as between the parties to this
Termination Agreement.

 

		6	Vacations
                                            and Overtime

 

All
remaining vacation entitlement and/or overtime (“Überstunden”) and/or statutory overtime (“Überzeit”)
balance accumulated until the Termination Date is deemed fully compensated by the Garden Leave. Therefore, there will be no cash compensation
of any vacation entitlement and/or overtime (“Überstunden”) and/or statutory overtime (“Überzeit”)
balance.

 

		7	Loyalty
                                            and Secrecy Obligation

 

For
the remainder of the Employment Relationship and also after the Termination Date, the Employee shall keep strictly confidential and neither
use for his own purposes or that of others nor make known to any third person any information pertaining to the Employer, its affiliates
and group companies and/or its business. These include in particular, but not limited to, any trade or business secrets, any products,
processes, customers, contracts, business prospects, business methods, techniques, research, or know-how or data of the Employer, its
affiliates and group companies that has been disclosed or otherwise made available to the Employee during the Employment Relationship,
regardless of whether such information is confidential or not, except if such information is already publicly known and in the public
domain.

 

    5 

     

    

 

In
case of a violation of this obligation, the Employee shall owe the Employer a penalty of CHF 100’000 for each breach. In addition
to the penalty, the Employer retains the right to claim compensation for damages exceeding the penalty. The payment of this penalty shall
not release the Employee from the continued compliance with this clause.

 

		8	Intellectual
                                            property

 

Even
after the Termination Date, the Employee continues to be bound to his obligations regarding inventions, designs, copyrights, software,
know-how and other results of the Employee’s work pursuant to the employment contract and the applicable provisions of the law.
In particular, the Employee remains obliged, upon the Employer’s request, to cooperate with regard to possible formalities (e.g.
declaration of assignment).

 

		9	Non-Competition
                                            and Non-Solicitation

 

The
Parties agree to replace the post-contractual non-competition and non-solicitation clause (clause 16 of the employment contract) with
the following:

 

During
the employment relationship and for a period of 6 months after the Termination Date, the Employee agrees – without the express
written consent of the Employer:

 

		-	not
                                            to accept a part-time or full-time employment as an employee with any company, which develops,
                                            produces, distributes or offers wholly or partly products in the same therapeutic areas as
                                            the Employer or its affiliated companies;

 

		-	not
                                            to, neither directly nor indirectly, establish or to participate in such company or to operate
                                            such company at their own costs.

 

		-	not
                                            to solicit or recruit, neither directly nor indirectly (in particular through a company owned
                                            or controlled by the Employee), employees and/or previous or current customers of the Employer.

 

During
the employment relationship and for a period of 12 months after the Termination Date, the Employee agrees – without the express
written consent of the Employer:

 

		-	not
                                            to accept a part-time or full-time employment as an employee with or consult any company
                                            which develops, produces, distributes or offers wholly or partly assets targeting the IL-17
                                            molecular pathway;

 

		-	not
                                            to, neither directly nor indirectly, establish or to participate in such company or to operate
                                            such company at their own costs.

 

    6 

     

    

 

During
the employment relationship and for a period of 6 months after the Termination Date, the Employee agrees – without the express
written consent of the Employer not to consult any company which develops, produces, distributes or offers wholly or partly products
in the therapeutical areas of Psoriasis, Psoriatic Arthritis, Hidradenitis Suppurativa, non-radiographic Axial Spondyloarthritis and
radiographic Axial Spondyloarthritis (also known as Ankylosing Spondylitis).

 

The
post-contractual non-competition clause applies worldwide.

 

In
the event of a breach, the Employee shall owe the Employer a penalty of CHF 100’000 for each breach. In addition to the penalty,
the Employer retains the right to claim compensation for damages exceeding the penalty. The payment of the penalty shall not release
the Employee form the obligation to continue to comply with the post-contractual non-compete clause.

 

The
Employer is entitled at any time regardless of the payment of the penalty and/or additional damages to demand the termination of any
actions, which are in breach of the non-competition clause and to have the Employee ordered to cease any and all activities in breach
of the non-competition obligations by a court (remedy of specific performance, “Realexekution”).

 

		10	Return
                                            obligation

 

Unless
otherwise provided in this Termination Agreement, the Employee is obliged to return to the Employer no later than 7 days following the
signing of this Termination Agreement all property, possessions and/or equipment belonging to the Employer (such as keys, badge and laptop).
However, the mobile number [***] (which was transferred by the Employee from Swisscom to SALT in June 2021 as his business number) will
be transferred from the Employer to the Employee’s personal account with SALT not later than seven days following the signing of
this Termination Agreement. Until the same date, the Employee is obliged to return/handover all work products, login credentials including
but not limited to any company profile on social media as well as all further documents related to the Employer, regardless of the form
in which they exist (including, but not limited to, computer files, source codes, notes, and documentation). The Employee’s access
to SharePoint, OneDrive and company email account will be blocked by the date of the Garden Leave.

 

The
Employee is obliged not to make, retain or furnish to any other person or entity any records, copies, duplicates, reproductions or excerpts
of such work products, documents, property and/or equipment of the Employer.

 

		11	Work
                                            certificate/Reference Information

 

Within
14 working days after mutual signing of this Termination Agreement, the Employer shall issue the Employee with the final work certificate
attached to this Termination Agreement as Annex 2.

 

    7 

     

    

 

The
Employer is prohibited to provide reference information, unless the Employee would give his permission later. Any reference information
shall be provided in line with the text of the final work certificate.

 

		12	Communication

 

		12.1	Obligations
                                            by the Parties

 

All
internal and external communication shall be handled exclusively by the Employer according to the internal and external communication
defined in clause 12.2 hereafter. The Employee is obliged to maintain confidentiality and must refrain from making his own announcements
about the termination of the Employment Agreement, both in writing and verbally. This includes in particular but not limited any announcements
to investors, analysts, competitors, authorities or on social media (e.g. LinkedIn). However, the fact that the Employee is not allowed
to make an official announcement, does not exclude to mention the reasons why he is leaving the company in line with the agreed internal
and external communication (see 12.2) after the closing of the transactions contemplated by the Business Combination Agreement.

 

In
case of a violation of this clause by the Employee, the Employee shall pay a penalty of CHF 100’000. The payment of such penalty
shall not release the Employee from the continued compliance with this clause.

 

		12.2	Internal
                                            and external communication

 

With
regard to the Employee’s departure from the services of the Employer, the following internal and external official version is agreed
upon:

 

“MoonLake
Immunotherapeutics AG (“MoonLake”, “Company”) informs that our Founder and colleague, Arnout Ploos van Amstel,
has stepped away from his functions as Chief Operating Officer and from MoonLake and will leave the company for the end of February 2022
after 2,5 years of successful and intensive dedication to the in-licensing process, the startup and initial build of MoonLake. His departure
is due to personal reasons, and will allow him to attend to his health, away from the demands of supporting the daily operation of the
company. Arnout is and always will be a Founder of MoonLake. The founders are thankful and indebted for our journey together in bringing
an idea to life as MoonLake, and for launching and building the base for the company. And, together with the colleagues at MoonLake,
we wish Arnout the best over the next months and years”.

 

    8 

     

    

 

		13	Non-Derogatory
                                            Statements

 

The
Parties agree not to make any negative or untrue statement or communication of whatever nature about the other Party, i.e. the Employee
or the Company or any of its affiliates to any third party following the execution of this Termination Agreement.

 

		14	Confidentiality

 

The
Parties undertake to treat the subject matter and content of this Termination Agreement as strictly confidential and not to disclose
it to third parties. Disclosure to the respective legal advisors of the Parties, to persons in connection with the fulfilment of a legal
obligation or to comply with accounting and reporting standards, including without limitation FASB standards and SEC rules, and to courts
and authorities remain reserved.

 

		15	Insurance
                                            Schemes

 

The
Employee’s membership in the company pension scheme with AXA Life Ltd. will expire as per the Termination Date. The employer notifies
AXA Life Ltd. of the termination of the Employment Relationship. The risks of death and disability remain insured for one month after
the Termination Date, but at the latest until entry into a new pension fund.

 

With
regard to the accident insurance, the Employee is herewith informed, that the compulsory accident insurance coverage ends on the thirty-first
(31st) day after the day on which the entitlement to at least half the salary ceases. It is, however, possible to extend the non-occupational
accident insurance up to six (6) months at the Employee’s own expense by means of a so called “Abredeversicherung”.
Such “Abredeversicherung” must be concluded by payment of the premium no later than on the thirty-first (31st) day after
the day on which the entitlement to at least half the salary ceases. If the Employee is not insured again within 31 days by an obligatory
accident insurance according to the UVG and has suspended the insurance cover for accidents from his obligatory health insurance, he
must notify his health insurance company immediately so that the insurance cover for accidents can be included in his health insurance.
Depending on his health insurance company, the suspension of the insurance cover for accidents may also apply in the case of an “Abredeversicherung”.
For further details, it is to refer to the data sheet LAA/UVG special agreement insurance of Vaudoise in Annex 3.

 

With
regard to the Employer’s collective daily sickness benefits insurance (“Krankentaggeldversicherung”) and the supplementary
accident insurance (“Unfallzusatzversicherung”), the Employee is herewith informed, that the insurance coverage ceases as
per the Termination Date. In accordance with the general insurance conditions of Groupe Mutuel, employees residing in Switzerland have
the option of transferring to an individual daily benefits insurance at their own expense within 90 days after the Termination Date.
Restrictions of the right of transfer according to the general insurance conditions of the corresponding insurance remain reserved. The
application form for the transfer to the individual daily benefits insurance can be found in Annex 4.

 

		16	Reflection
                                            Period

 

The
Employee confirms that he has been granted by the Employer a sufficiently long reflection period and the opportunity to obtain independent
legal advice before signing this Termination Agreement.

 

    9 

     

    

 

		17	Full
                                            Settlement Clause

 

Each
Party confirms that, upon performance of the other Party’s obligations under this Termination Agreement, it shall have no claim
whatsoever against the other Party (and as regard to the Employer: against its affiliates or any group companies or any of its employees,
directors, agents or officers), always provided that the Ongoing Contractual Relationships remain unaffected by this general waiver,
and that all rights and claims arising out of or in connection with the employment relationship and/or the termination thereof are fully
and finally settled, whether or not they were aware of such claims at the time of signing this Termination Agreement. The obligations
according to sections 7 (Loyalty and Secrecy Obligation), 9 (Non-Competition and Non-Solicitation), 12 (Communication), 13 (Non-Derogatory
Statements) and 14 (Confidentiality) remain reserved.

 

		18	Salvatory
                                            Clause

 

If
any provision of this Termination Agreement is held to be invalid or unenforceable for any reason it shall be adjusted rather than voided,
if possible, in order to achieve the intent of the Parties to the fullest extent possible. In any event, all other provisions of this
Termination Agreement shall be deemed and remain valid and enforceable to the fullest extent possible, unless such invalidity or unenforceability
significantly restricts or changes the Parties’ rights and obligations under this Termination Agreement.

 

		19	Final
                                            Provisions

 

There
are no verbal collateral agreements to this Termination Agreement.

 

Changes
or additions to this Termination Agreement must be made in writing. This shall also apply to the amendment or supplement to this written
form clause.

 

This
Termination Agreement shall be exclusively governed by and construed in accordance with the substantive laws of Switzerland without regard
to conflict of law principles (namely the Swiss Federal Act on Private International Law).

 

Any
dispute, controversy or claim arising out of or in relation to this Termination Agreement shall be exclusively submitted to and determined
by the ordinary courts at the domicile of the defendant or where the Employee normally had to perform his duties.

 

This
Termination Agreement is executed in as many original counterparts as there are Parties to it. Each Party shall receive one original
counterpart.

 

Annexes

 

		-	Annex
                                            1 - Assignment Declaration

 

		-	Annex
                                            2 - Interims Work Certificate

 

		-	Annex
                                            3 – Data Sheet Vaudoise

 

		-	Annex
                                            4 – Application Form Group Mutuel

 

[Signatures
on the following page.]

 

    10 

     

    

  

 

	Employer	 	 
	 	 	 
	/s/ Simon
    John Sturge	 	Spike Nasmyth
    Loy
	Simon John Sturge	 	Spike Nasmyth Loy
	Chairman	 	Member of the Board

 

	Employee
	 	 	 
	/s/ Jonkheer
    Arnout Michiel Ploos van Amstel	 
	Jonkheer Arnout Michiel Ploos van Amstel

 

 

11Exhibit 10.23

 

Certain personally identifiable information contained in this document,
marked by brackets as [***], has been omitted from this exhibit pursuant to Item 601(a)(6) under Regulation S-K.

 

Execution
Version

  

BOARD MEMBER AGREEMENT

 

Dated September 25, 2021

 

between

 

		1.	MoonLake Immunotherapeutics
AG

c/o KD Zug-Treuhand AG, Untermüli
7, 6302 Zug, Switzerland

 

(the «Company»)

 

and

 

		2.	Simon Sturge

[***]

 

(the «Chairman»)

 

(Company and Chairman each a «Party»
and collectively the «Parties»)

 

     

    	 

    

  

Table of contents

 

	1.	Board Duties	3
	1.1	General Duties	3
	1.2	Communication with Third Parties	4
	1.3	Critical activities of the BoD	4
	1.4	Management Proposals	5
	2.	Effective Date	5
	3.	Nature of contractual relationship	6
	4.	Consideration	6
	4.1	Cash Consideration	6
	4.2	Expenses	6
	4.3	Equity Compensation	6
	5.	Intellectual Property Rights	6
	6.	Confidentiality	7
	7.	Non-solicitation	8
	8.	Information Obligation	9
	9.	Compliance	9
	10.	Term and Termination	9
	11.	Tax and Social Security Contributions	10
	12.	General Provisions	10
	12.1	Entire Agreement	10
	12.2	Amendments and Waivers	10
	12.3	No Assignment	10
	12.4	Severability	10
	12.5	Formal Requirements and Amendments	11
	13.	Governing Law and Jurisdiction	11
	13.1	Governing Law	11
	13.2	Jurisdiction	11

 

    2 

    	 

    

  

PREAMBLE

 

		A.	The Company is a clinical-stage biotechnology company focused on creating next-level therapies for inflammatory
skin and joint diseases.

 

		B.	The Chairman is an experienced healthcare executive and has built a very strong reputation not only in
the biotechnology industry but also in the investment community.

 

		C.	The Company wishes to engage the Chairman as chairman of the board of directors ("BoD")
of the Company.

 

		D.	The Chairman wishes to serve as chairman of the board of directors of the Company.

 

Now,
therefore, the Parties hereto agree as follows ("Agreement"):

 

		1.	Board Duties

 

		1.1	General Duties

 

The Chairman shall serve as non-executive
chairperson of the BoD of the Company and perform all such duties and responsibilities as are customarily related to such position in
accordance with the applicable laws and regulations, as amended from time to time.

 

The Chairman shall in particular have
all of the duties and responsibilities of a chairperson of a Swiss corporation as provided by Swiss law, and in particular by the provisions
of article 716 ff. of the Swiss Code of Obligations as well as by the articles of association of the Company and the organizational regulations
of the Company.

 

The Chairman shall meet with the other
members of the BoD to discuss any matter involving the Company (e.g. overall management, determination of the organisation, setting overall
objectives, approving plans and programs of operation, formulating general policies, offering advice and counsel, organization of the
accounting, financial control and financial planning, reviewing management performance, supervision of the management) at regular intervals
and whenever necessary. The Chairman is expected to actively organize, prepare, lead and participate in such meetings. He shall also serve
on Board committees as decided from time to time by the Board.

 

The Chairman is expected to represent
the Company in the public.

 

The Chairman is expected to be continually
informed, educated and up to date on the Company and its industry, seeking information from a variety of sources, including, but not exclusively,
research reports, audit reports and, where relevant, regulatory pronouncements. The Chairman shall bring in outside experts and advisors
to inform the members of the BoD on issues and events affecting the Company, if he deems it necessary and productive.

 

The Chairman is expected to minimize
the amount of time spent on frivolous or non-essential matters and to provide perspective as well as to make decisions to build real value
for the Company and its shareholders.

 

    3 

    	 

    

 

The Chairman shall have unfettered
access to the management, including those below the CEO’s direct reports, as authorized and coordinated by the BoD.

 

The BoD shall meet at each meeting
in executive session without the CEO or other members of the management to ensure an open and free discussion. Independent directors shall
ensure that they have enough time to do this properly.

 

The Chairman shall duly safeguard
the interests of the Company.

 

		1.2	Communication with Third Parties

 

A robust communication of the BoD’s
thinking to the company’s shareholders is important. The BoD may warrant direct communication to the Chairman or other members of
the BoD on certain issues (i.e. board governance and CEO compensation), as appropriate and in coordination with the management. Members
of the BoD who communicate directly with shareholders shall ideally be experienced in such matters.

 

The Chairman shall speak about the
company with the media only if authorized by the BoD to do so in accordance with the company’s policy.

 

The Chairman is expected to actively
engage on corporate governance and key shareholder issues when meeting with shareholders.

 

		1.3	Critical activities of the BoD

 

The BoD (including, where appropriate,
through the Chairman or a lead independent director) shall have an input into the setting of the agenda of the BoD (the “Agenda”).
Over the course of a year, the Agenda has to include and focus on the following items, among others:

 

		-	A robust, forward-looking discussion of the business;

 

		-	Performance of the current CEO and other key members of management and the succession planning for each
of them. The BoD shall make sure the Company has a performant CEO. The BoD shall act promptly to address the issue, if the Company’s
CEO is not performant;

 

		-	Creation of shareholder value, with a focus on the long term. Long-term thinking, such as the sort of
long-term thinking owners of a private company might bring to their strategic discussions, including investments that may not pay off
in the short run, shall be encouraged by the BoD;

 

		-	Major strategic issues (including material mergers and acquisitions and major capital commitments) and
long-term strategy, including thorough consideration of operational and financial plans, quantitative and qualitative key performance
indicators, and assessment of organic and inorganic growth, among others;

 

		-	The BoD shall receive a balanced assessment on strategic fit, risks and valuation in connection with material
mergers and acquisitions. The BoD shall consider establishing an ad hoc transaction committee if a significant amount of time of the BoD
is required otherwise to consider a material merger or acquisition. If the company’s stock is to be used in such a transaction,
the BoD shall carefully assess the company’s valuation relative to the valuation implied in the acquisition;

 

    4 

    	 

    

 

		-	Significant risks, including reputational risks. The BoD shall not be reflexively risk averse. The BoD
shall seek the proper calibration of risk and reward as it focuses on the long-term interests of the Company’s shareholders;

 

		-	Standards of performance, including the maintaining and strengthening of the company’s culture and
values;

 

		-	Material corporate responsibility matters;

 

		-	Key shareholder concerns:

 

		○	The BoD shall engage with shareholders and receive feedback about matters relevant to long-term shareholder
value;

 

		○	The BoD shall consider engaging a proposing shareholder (as well as other shareholders, to the extent
appropriate) early in the process, preferably before the proposal appears in the proxy, in the event it receives a shareholder’s
proposal. The BoD shall consider further engagement with shareholders and either implement the proposal (or a comparable alternative)
or promptly explain why doing so would not be in the best long-term interests of the company, should the proposal receive majority shareholder
support. As a best practice, the BoD shall also consider further engagement with shareholders to discuss shareholders’ proposals
that receive significant but less than majority support and formulate an appropriate response. While such response may include the adoption
of the proposal (or a comparable alternative), the BoD should be mindful of the fact that a majority of the company’s shareholders
did not support the proposal.

 

		1.4	Management Proposals

 

The Company shall consider an early
engagement with shareholders in case of a proposal from the management. The BoD shall consider further engagement with shareholders and
formulate an appropriate response that is mindful of how a majority of the Company’s shareholders voted, should the proposal be
defeated or receive significant shareholder opposition.

 

The BoD or an appropriate committee
of the BoD shall determine the best approach to compensate management, taking into account all the factors it deems appropriate, including
corporate and individual performance and other qualitative and quantitative factors and discuss and approve the CEO’s compensation.

 

		2.	Effective Date

 

This Agreement shall enter into force
retroactively with effect as of July 27, 2021 (the “Effective Date”).

 

    5 

    	 

    

 

		3.	Nature of contractual relationship

 

The Chairman shall serve as an independent
contractor and shall not qualify as an employee of the Company for any purposes by virtue of this Agreement.

 

The Chairman has to carry out the
mandate in person and shall not allow any other person or entity to perform his duties and responsibilities.

 

		4.	Consideration

 

		4.1	Cash Consideration

 

The Chairman shall not be entitled
to a remuneration for providing his services under this Agreement. Notwithstanding the aforesaid, the Parties intend to discuss and negotiate
in good faith a remuneration when another independent board member is appointed who is entitled to a cash remuneration.

 

		4.2	Expenses

 

The Company shall reimburse the Chairman
for all business expenses reasonably incurred in connection with the mandate as chairman of the BoD of the Company (including travel costs,
hotel accommodation costs, meal costs as well as other costs). However, reimbursement shall only be made (i) upon presentation of the
relevant original receipts which may be used for tax purposes, and (ii) upon compliance with the Company's expense regulations, if any,
which the Company may issue and unilaterally amend or supplement at any time.

 

		4.3	Equity Compensation

 

The Chairman shall have the opportunity
to once subscribe for shares in the Company for a total amount of USD 500,000 under the terms and conditions as set forth and described
in Annex 1. The Chairman agrees to accept and abide by the terms and conditions described in Annex 1 subject to his subscription
of shares.

 

		5.	Intellectual Property Rights

 

As far as allowed under the law applicable
to the respective rights as mentioned hereafter, the Chairman shall assign and transfer, and herewith assigns and transfers to the Company
all rights, titles, and interests in and to any invention, original work of authorship, development, concept, improvement or trade secret,
whether or not protected by "Intellectual Property Rights" (i.e., patentable or registrable as a design or trademark or protected
by copyrights or similar laws), which he has or may have created, conceived, developed or reduced to practice or will create, conceive,
develop or reduce to practice (whether individually or with the assistance of any other individual or entity) in the course of or in connection
with his mandate under this Agreement, irrespective of whether such rights are the result of the performance of his duties to the Company
or not (collectively the “Work Results”). The aforementioned transfer and assignment is made without any additional
remuneration.

 

In particular, the Chairman hereby
agrees that the Company, as an assignee of intellectual property rights in the Work Results is entitled to pursue any application or registration
necessary to secure any intellectual property right (be it Swiss or foreign patents, trademarks, designs, copyrights or topographies).
If under a particular jurisdiction the Company is not entitled to perform applications or registrations on its own, the Chairman agrees
to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in the
Work Results including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all
applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to effect the
transfer of the rights in the Work Results and, as the case may be, to apply for and obtain any registered intellectual property rights.

 

    6 

    	 

    

 

Where the applicable law does not
allow the transfer or the assignment of the rights in the Work Results or intellectual property rights and related rights, the Chairman
herewith grants the Company the exclusive right and license to use, modify and further develop the Work Results in its sole discretion
and to the broadest extent admissible by the applicable law. The Chairman hereby waives and irrevocably quitclaims any claims, of any
nature whatsoever, which arise due to an infringement of any rights in the Work Results, to the Company or its designee. The above assignment
and transfer and/or license is unlimited in time, territory and scope and includes all exploitation rights related to the intellectual
property rights and know-how, whether currently known or arising in the future. It further includes the right of the Company to assign
and transfer or (sub)-license the Work Results to any third party and/or all rights of attribution, paternity, integrity, modification
disclosure, destruction and any other rights throughout the world that may be known or referred to as "moral rights," "artist's
rights," "droit moral," or the like (collectively, "Moral Rights") as well as to undertake all steps necessary
to protect such rights in the Company’s name. To the extent that Moral Rights cannot be assigned under applicable law, the Chairman
hereby waives all my Moral Rights to the extent permitted by law.

 

The Company shall have the right to
disclose in its presentation material (including, but not limited to, its website and press releases) that the Chairman is engaged as
chairman of the BoD of the Company. After termination of this Agreement, the Company shall be entitled to disclose in its presentation
material that the Chairman was a former chairman of the BoD of the Company.

 

Except for reimbursement for the application
of patent or registration of trademarks as set forth above, no additional consideration shall be paid to the Chairman for such assignment
of intellectual property rights.

 

The Company's ownership of any intellectual
property right, the right to use the Chairman's name, shall not be affected by the termination of this Agreement.

 

		6.	Confidentiality

 

The Chairman will keep secret any
Information (as defined hereinafter) received from the Company and will make no use of such Information (Obligation of Secrecy),

 

		a)	unless such Information is general public knowledge or becomes general public knowledge through no fault
of any party, or

 

		b)	unless such Information was in the Chairman's possession prior to his receipt thereof as proven by written
records, or

 

    7 

    	 

    

 

		c)	unless such Information has been received by the Chairman from any third party under no obligation of
confidentiality to the Chairman or the Company, or

 

		d)	unless such Information must be disclosed by law, regulation or judicial or administrative process.

 

"Information" is
defined to include: all information that has been created, discovered or developed, or has otherwise become known to the Company including,
without limitation, information created, discovered, developed or made known by the Chairman during the time spent interacting with or
performing a service for the Company.

 

Any Information received from the
Company, especially such relating to business activities and/or products of the Company shall be treated confidentially by the Chairman
and shall not be passed on to any third party without prior written consent of the Company. This shall apply in particular to, all manufacturing
or business secrets, all know-how of any kind (e.g. developments, inventions, data collections, processes and concepts, business relationships),
information about the Company or about persons associated or cooperating with the Company (e.g. customers of the Company, interested parties).
Any documents data, records, apparatus, equipment and other physical property, whether or not pertaining to the Information, furnished
to the Chairman by the Company or produced by the Chairman or others under or in connection with this Agreement, shall be returned to
the Company upon termination of this Agreement and the Chairman shall destroy any copies of such documents and data carriers, whether
or not such return or such destruction is requested by the Company.

 

The Chairman is prohibited from transcribing
or making copies of work products and any and all files or documents pertaining to the Company (in particular business documents, including
contracts and correspondence) for private and other purposes not related to the performance of this Agreement.

 

The obligations stipulated in this
section 6 shall survive the termination of this Agreement for as long as such information remains proprietary or confidential.

 

		7.	Non-solicitation

 

The Chairman undertakes for the entire
term of this Agreement and during twenty four (24) months after its termination, that he will not:

 

		a)	use directly or indirectly any knowledge acquired for an activity competing
with the business of the Company; 

 

		b)	on his own behalf or for any other person directly or indirectly actively
offer employment to or actively procure employment for any person who is employed by the Company or actively solicit or induce any employee
of the Company to leave their employment with the Company; or

 

		c)	solicit, aid or induce any person which has been a customer, supplier, agent
or distributor of the Company or was or is in the habit of dealing with the Company, to stop using the services of or dealing with the
Company in the manner in which such person shall have been previously accustomed.

 

    8 

    	 

    

 

The Chairman shall
pay to Company a fixed sum in the amount of CHF 100,000.00 for each breach of his non-solicitation obligations according to this
section 7. For the avoidance of doubt, payment of the fixed sum does not relieve the Chairman from his obligations under this Section
7. In addition to the contractual penalty the Company retains the right to claim compensation for the damages exceeding the contractual
penalty.

 

The Company is entitled at any time,
regardless if payment of the contractual penalty and/or additional damages have been made, to demand the termination of the actions which
are in breach of the non-solicitation obligation and to have the Chairman ordered to cease any and all activity in breach of the non-solicitation
obligations by a court (remedy of specific performance, “Realexekution”)

 

		8.	Information Obligation

 

The Chairman shall disclose to the
Company any consultancy and advisory engagements and other commercial interests he may have in the field of immunology. Such disclosure
shall be made in writing within 30 days of the signing of this Agreement.

 

		9.	Compliance

 

The Chairman shall comply with all
statutes, rules, regulations and orders of any governmental or quasi-governmental authority, which are applicable to the Company and the
performance of this Agreement, and Company’s rules, regulations, and practices as they may from time-to-time be adopted or modified.

 

The Chairman represents that he has
no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, and he agrees to avoid any such
conflict.

 

		10.	Term and Termination

 

This Agreement shall enter into force
retroactively with effect as of the Effective Date.

 

This Agreement shall last as long
as the Chairman is elected chairman of the BoD.

 

Notwithstanding anything to the contrary
in this Agreement, the Chairman may be removed as chairman and member of the BoD at any time as set forth in applicable law and the articles
of association of the Company. Upon termination, the Company shall pay to the Chairman all compensation and expenses to which the Chairman
is entitled up through the date of the removal from office, and thereafter, all of the Company’s obligations under this Agreement
shall cease.

 

The Chairman agrees that all property,
including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts, and computer-generated
materials provided to or prepared by the Chairman under or in connection with this Agreement is the sole and exclusive property of the
Company and shall be promptly returned to the Company at first request.

 

    9 

    	 

    

 

Upon termination of this Agreement,
the Chairman shall resign from all offices then held with the Company by virtue of his position as member of the BoD. The chairman agrees
that following any termination of this Agreement, he shall cooperate in all respects with the Company in winding up or transferring to
other members of the BoD of any pending work and shall also cooperate with the Company in the defense of any action brought by any third
part against the Company that relates to the provided services.

 

The Company and the Chairman agree
that their obligations under this section, as well as sections 4.3, 5, 6, 7, 11, 12, 13 and Annex 1 shall survive the termination of this
Agreement.

 

		11.	Tax and Social Security Contributions

 

The Chairman shall bear sole responsibility
for all taxes, assessments or other levies on his own income, leased or purchased property or equipment.

 

The Chairman is responsible for social
security contributions and mandatory insurances according to the applicable law. The Chairman represents, warrants and undertakes that
all social security contributions and insurance fees will be paid during the term of this Agreement.

 

To the extent the Company has paid
the Chairman's taxes, social security contributions or mandatory insurances, the Chairman shall upon demand reimburse the Company the
amount so paid. The Company reserves the right to withhold parts of the Chairman’s consideration or other remuneration to pay any
such taxes, social security contributions or mandatory insurances.

 

		12.	General Provisions

 

		12.1	Entire Agreement

 

This Agreement, and any other documents
referred to herein, constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof, and
shall supersede all prior oral and written agreements or understandings of the Parties relating hereto.

 

		12.2	Amendments and Waivers

 

This Agreement may only be modified
or amended by a document signed by both Parties. Any right under this Agreement may only be waived by a document signed by the Party waiving
such provision.

 

		12.3	No Assignment

 

 No Party shall
be entitled to assign or transfer any of the rights or obligations hereunder to any other party except as expressly permitted under and
in accordance with this Agreement or with the prior written consent of the other Party.

 

		12.4	Severability

 

Should any part or provision of this
Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative authority having
jurisdiction, the other provisions of this Agreement shall nonetheless remain valid. In this case, the Parties shall endeavour to negotiate
a substitute provision that best reflects the economic intentions of the Parties without being unenforceable, and shall execute all agreements
and documents required in this connection.

 

    10 

    	 

    

 

		12.5	Formal Requirements and Amendments

 

This Agreement may be executed in
writing or in electronic form (an electronic file that is signed by electronic signature, such as Skribble, DocuSign or AdobeSign, or
which contains a scan of the signature) and be delivered by electronic mail or another transmission method; the counterpart so executed
and delivered shall be deemed to have been duly executed and validly delivered.

 

		13.	Governing Law and Jurisdiction

 

		13.1	Governing Law

 

This Agreement (including the Equity
Compensation) shall be governed by and construed in accordance with the substantive laws of Switzerland (excluding the Vienna Convention
on the International Sale of Goods dated 11 April 1980 and excluding Swiss Private International Law and international treaties)..

 

		13.2	Jurisdiction

 

All disputes arising out of or in
connection with this Agreement, including all disputes on its conclusion, binding effect, amendment and termination, shall be resolved
exclusively by the ordinary courts of Zug, Switzerland.

 

******

 

[Signature page to follow]

 

    11 

    	 

    

 

	Company	 	 
	 	 	
	/s/ Spike Loy	 	/s/ Arnout Ploos van Amstel
	Spike Loy	 	Arnout Ploos van Amstel 
	 	 	 
	Chairman	 	 
	 	 	 
	/s/ Simon Sturge	 	 
	Simon Sturge	 	 
	 	 	 

 

 

12

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