Document:

Document

Exhibit 10.1

RADIUS HEALTH, INC.
AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM
(Adopted on January 1, 2016*)

Set forth below is the Radius Health, Inc. (the “Company”) Non-Employee Director Compensation Program (this “Program”).  Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Company’s 2018 Stock Option and Incentive Plan, or any other applicable Company equity incentive plan then-maintained by the Company (the “Plan”).

Cash Compensation
Annual retainers will be paid in the following amounts to Non-Employee Directors:

						
	Non-Employee Director:	$50,000
	Chair of Audit Committee:	$20,000
	Chair of Compensation Committee:	$15,000
	Chair of Nominating and Corporate Governance Committee:	$10,000
	Audit Committee Member (other than Chair):	$10,000
	Compensation Committee Member (other than Chair):	$7,500
	Nominating and Corporate Governance Committee Member (other than Chair):	$5,000
	Independent Chairman:	$30,000

All annual retainers will be paid in cash quarterly in arrears promptly following the end of the applicable calendar quarter, but in no event more than thirty (30) days after the end of such quarter.  In the event a Non-Employee Director does not serve as a Non-Employee Director or in one of the other positions identified above for an entire calendar quarter, the retainer paid to the Non-Employee director for the applicable calendar quarter will be prorated for the portion of the calendar quarter during which the applicable services were actually rendered.
Equity Compensation

						
	Initial Stock Option Grant:	Each Non-Employee Director who is initially elected or appointed to serve on the Board after the date hereof shall be granted an Option to purchase 30,000 shares of Stock under the Plan (the “Initial Option”).
The Initial Option will automatically, and without further action by the Board or Committee, be granted on the date on which such Non-Employee Director commences service on the Board, and will vest in substantially equal installments on each of the first four anniversaries of the date of grant, subject to continued service as a Non-Employee Director through each vesting date.

	Annual Equity Grant:	Each year, beginning in 2019, subject to any annual limits in the Plan on the maximum number of shares subject to an award to an individual Director, any Director who has been serving on the Board as a Non-Employee Director for at least 3 months as of the date of the grant of annual incentive equity awards for Executive Officers of the Company shall be granted (i) an Option to purchase 10,000 shares of Stock under the Plan and (ii) Restricted Stock Units representing the right to receive 5,500 shares of Stock under the Plan (the “Annual Award”).  
The Annual Award will automatically, and without further action by the Board or Committee, be granted on the date of the grant of annual incentive equity awards for Executive Officers of the Company, and will vest in full on the first (1st) anniversary of the date of grant, subject in each case to continued service through the vesting date.

Change of Control
Upon a Change of Control, all outstanding equity awards granted under the Plan or any other equity incentive plan maintained by the Company that are held by a Non-Employee Director shall become fully vested and/or exercisable, irrespective of any other provisions of the Non-Employee Director’s award agreement.
Miscellaneous
The provisions of the applicable Plan shall apply to the Awards granted pursuant to this Program, except to the extent such provisions are inconsistent with this Program.  All applicable terms of the Plan apply to this Program as if fully set forth herein.  The grant of any Option and Restricted Stock Unit under this Program shall be made solely by and subject to the terms set forth in a written agreement substantially in the form of the stock option agreement and restricted stock unit agreement approved by the Board and duly executed by an executive officer of the Company.  The exercise price per share of Stock subject to an Option granted under this Program shall be the Market Value of a share of Stock on the Option’s date of grant.
Amendment, Modification and Termination
This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  No Non-Employee Director shall have any rights hereunder, except with respect to an Award granted pursuant to the Program.  

*Amended, effective as of February 22, 2021.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”),
effective April 26, 2021 (“Effective Date”), is made between Trillium Therapeutics USA Inc., a Delaware corporation (“Employer”
or the “Company”), and Benjamin Looker, Esq. (“Employee”). Employee and the Company are sometimes referred to
herein as the “Parties” and individually as a “Party.”

 

RECITALS

 

A.               
Employer is an immuno-oncology company in the business of discovering and developing cancer therapies.

 

B.                
Employer desires to obtain the services of Employee as its General Counsel, in which capacity Employee will have access to Employer’s
Confidential Information (as hereinafter defined), and to obtain assurance that Employee will protect Employer’s Confidential Information
and will not solicit its employees during the term of employment and for a reasonable period of time after termination of employment pursuant
to this Agreement, and Employee is willing to agree to these terms.

 

C.                
Employee desires to be assured of the salary, bonus opportunity and other benefits in this Agreement and, as additional consideration,
to obtain the stock options that Employer is willing to grant.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
mutual covenants in this Agreement, and other good and valuable consideration, the Parties, intending to be legally bound, agree as follows:

 

1.                
Employment. Employer hereby employs Employee, and Employee agrees to be employed as its General Counsel, commencing on the
Effective Date. In this role, Employee will report directly to the Chief Executive Officer (“CEO”) and will have such responsibilities,
duties and authority commensurate with the position at similar companies. Employee will devote his full business time and attention to
the Employee’s duties. Employee will comply with all written/known rules, policies and procedures of Employer as modified from time
to time. Employee will perform all of Employee’s responsibilities in compliance with all applicable laws and will ensure that the
operations that Employee manages are in compliance with all applicable laws. When the Company re-opens its office as a result of the Covid-19
pandemic, Employee will work primarily from Employer’s office in Massachusetts, USA.

 

2.               
Term of Employment. The term of employment will not be for a definite period, but rather continue indefinitely until terminated
in accordance with the terms and conditions of this Agreement.

 

3.                
Compensation and Stock Options. For the duration of Employee’s employment under this Agreement, the Employee will be
entitled to compensation which will be computed and paid pursuant to the following subparagraphs.

 

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3.1.           
 Base Salary. Employer will pay to Employee a base salary (“Base Salary”) at an annual rate of three hundred sixty
thousand U.S. Dollars ($360,000), payable in installments on the Company’s regular payroll dates for executives (but in no event
less than monthly), subject to withholdings and deductions as required or permitted by law. Employee’s Base Salary will be reviewed
annually by the Employer and may be adjusted in the sole discretion of Employer based on such review, but will not be reduced by Employer
unless the Employer reduces Employee’s then-current Base Salary by no more than 10% in connection with a similar, across-the-board
reduction in the base salaries of similarly-situated executives at the Company.

 

3.2.           
Incentive Bonus. Employee shall be eligible for a bonus of up to thirty percent (30%) at target of Employee’s then-current
Base Salary (for calendar year 2021, the bonus amount shall be prorated for the period commencing on the Effective Date and ending on
December 31, 2021), based on achievement of criteria and objectives set annually by Employer’s Board of Directors. The determinations
of the Board with respect to Employee’s incentive bonus will be final and binding. Employee must be in good standing on the bonus
payout date, which shall be no later than March 15 of the calendar year following the calendar year to which the bonus relates. The bonus
is not considered to be earned until the bonus payout date. If, for any reason, Employee is no longer an employee of the Company
on the bonus payout date, Employee will not be eligible for, or entitled to receive, a bonus payment. Employee may also participate in
other bonus or incentive plans adopted by Employer that are applicable to Employee’s position, as they may be changed from time
to time, but nothing herein shall require the adoption or maintenance of any such plan.

 

3.3.            Stock
Options. As a material inducement to the Employee entering into this Agreement and becoming an employee of the Company, and subject
to approval by the Board or Compensation Committee, the Company will grant the Executive an option to purchase one hundred ninety
thousand (190,000) shares of the Company’s common stock (“New Hire Award”), in accordance with the Company’s
  2020 Omnibus Equity Incentive Plan, and an award agreement between the parties issued thereunder. The New Hire Award shall vest
over four years, with twenty-five percent of the New Hire Award vesting on the one-year anniversary of the Effective Date and the remaining
shares vesting in thirty-six equal monthly installments following the one-year anniversary of the Effective Date, subject to the Executive’s
continued service relationship with the Company.

 

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In the event that the Company
terminates Employee’s employment due to a Change of Control, such termination shall be deemed to constitute termination without
Cause pursuant to Section 5.2, and all of the Employee’s options (subject to any performance conditions and all other conditions
of the operative Stock Option Plan), will vest immediately prior to the termination date. Such vested options may be exercised until the
earlier of (a) 120 days following the date of expiry of the notice period in connection with such termination (or, if there is no such
notice period, 120 days following the actual termination date); or (b) the normal expiry date of the option rights. Upon the expiration
of such period, all unexercised option rights of Employee shall immediately become terminated and shall lapse notwithstanding the original
term of the option granted to Employee under the Stock Option Plan. For the purposes of this Agreement “Change of Control”
shall mean any one or a combination of:

 

(i)              
 any transaction at any time and by whatever means pursuant to which (A) Trillium Therapeutics Inc. (hereinafter, the “Corporation”)
goes out of existence by any means, except for any corporate transaction or reorganization in which the proportionate voting power among
holders of securities of the entity resulting from such corporate transaction or reorganization is substantially the same as the proportionate
voting power of such holders of Corporation voting securities immediately prior to such corporate transaction or reorganization or (B) any
person or any group of two or more persons acting jointly or in concert (other than the Corporation, a wholly-owned subsidiary (as defined
in the Securities Act (Ontario)) of the Corporation, an employee benefit plan of the Corporation or of any of its wholly-owned subsidiaries,
including the trustee of any such plan acting as trustee) hereafter acquires the direct or indirect “beneficial ownership”
(as defined by the Business Corporations Act (Ontario)) of, or acquires the right to exercise control or direction over, securities of
the Corporation representing 50% or more of the Corporation’s then issued and outstanding securities in any manner whatsoever, including,
without limitation, as a result of a take-over bid, an exchange of securities, an amalgamation of the Corporation with any other entity,
an arrangement, a capital reorganization or any other business combination or reorganization;

 

(ii)             
the sale, assignment or other transfer of all or substantially all of the assets of the Corporation to a person other than a wholly-owned
subsidiary of the Corporation;

 

(iii)             
the dissolution or liquidation of the Corporation except in connection with the distribution of assets of the Corporation to one
or more persons which were wholly-owned subsidiaries of the Corporation immediately prior to such event;

 

(iv)            
the occurrence of a transaction requiring approval of the Corporation’s shareholders whereby the Corporation is acquired
through consolidation, merger, exchange of securities, purchase of assets, amalgamation, arrangement or otherwise by any other person
(other than a short form amalgamation or exchange of securities with a wholly-owned Subsidiary of the Corporation); or

 

(v)             
the Board of Directors passes a resolution to the effect that, for the purposes of some or all of the option agreements issued
under the applicable Stock Option Plan, an event set forth in (i), (ii), (iii) or (iv) above has occurred.

 

4.            
Other Benefits.

 

4.1.           
Vacations, Holidays and Expenses. For the duration of Employee’s employment hereunder, Employee will accrue up to four
weeks of paid vacation each calendar year, which may be used in accordance with the Company’s vacation policy in effect from time
to time. Employer will reimburse Employee in accordance with company policies and procedures for reasonable expenses necessarily incurred
in the performance of duties hereunder against appropriate receipts and vouchers indicating the specific business purpose for each such
expenditure.

 

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4.2.           
Health and Welfare Benefits. Employee is eligible to participate in the Company’s 401(k) Plan, as may be amended by
the Company from time to time. The Company currently offers a hundred percent match on contributions to the 401(k) Plan up to five percent
of Employee’s Base Salary or such lessor amount as may be required under applicable law. Employee shall also be entitled to participate
in the Company’s group health, life insurance, disability insurance and other plans, as may be provided by the Company from time
to time. Employee hereby acknowledges that he will not be eligible to participate in any group health, welfare, life insurance or other
plans maintained by the Parent Company. 

 

4.3.           
Right of Set-off. By accepting this Agreement, Employee consents to a deduction from any amounts Employer owes Employee from
time to time (including amounts owed to Employee as wages or other compensation, fringe benefits, or vacation pay, as well as any other
amounts owed to Employee by Employer), to the extent of the clear and established amounts, if any, that Employee owes to Employer. Whether
or not Employer elects to make any set-off in whole or in part, if Employer does not recover by means of set-off the full amount Employee
owes it, calculated as set forth above, Employee agrees to pay immediately upon Employer’s demand, the unpaid balance to Employer.

 

4.4.           
Indemnification. Employee will receive indemnification coverage pursuant to the terms and conditions
of any applicable by-laws and/or Directors and Officers insurance policy that the Company makes available to its officer and directors.
The Company agrees to maintain Director and Officer insurance coverage consistent with past practice. Any renewal Director and Officer
insurance policy shall cover the periods of Employee’s employment with the Company, both as an active and a former employee of the
Company and shall not decrease Employee’s protections thereunder. 

 

In
addition, the Company will enter into an Indemnification Agreement with Employee in a form mutually agreeable to the Company and Employee
as of the Effective Date.

 

5.            
Termination By Employer.

 

5.1.           
For Cause. Employer will have the right to immediately terminate Employee’s employment under this Agreement for Cause.
 “Cause” means the reasonable and good faith belief by the CEO that any of the following has occurred: (a) any material breach
of a material provision of this Agreement by Employee, including, without limitation, Employee’s covenants in Sections 7, 8,
9 and 10; (b) Employee’s willful and continued failure to substantially perform Employee’s material responsibilities reasonably
assigned to him by the CEO (other than such a failure as a result of a Disability); (c) Employee’s willful failure to comply with
lawful and reasonable directives of the CEO; (d) commission of a felony or misdemeanor or failure to contest prosecution for a felony
or misdemeanor; (e) Employee willfully engaged in a violation of any statute, rule or regulation, any of which in the judgment of Employer
is harmful to the business or to Employer’s reputation; (f) Employee willfully engaged in unethical practices, dishonesty or disloyalty
that materially injures the Company or its business reputation; provided, that before terminating Employee’s employment for
 “Cause” under subsections (a), (b) or (c), the Employer shall provide Employee with written notice of the circumstances giving
rise to a termination for Cause and a 30-day opportunity to cure such grounds, if curable. If cured, such events or grounds shall no longer
be deemed a basis for a termination of Employee for “Cause,” at any time during Employee’s employment.

 

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Upon termination of Employee’s
employment hereunder for Cause, Employer shall pay the Employee’s accrued Base Salary, any accrued but unused vacation and any other
amounts earned through the termination date under an applicable company plan or policy, within the time period required by law but in
no event more than 30 days after the termination date (the “Accrued Obligations”). Employee will have no rights to any unvested
benefits or any other compensation or payments after the termination date except for the Accrued Obligations.

 

5.2.           
Without Cause. Employer may terminate Employee’s employment under this Agreement without Cause and without advance notice;
provided, however, that in addition to the Accrued Obligations, Employer will continue to pay Employee, as severance pay (“Severance
Pay”), Employee’s Base Salary at the rate in effect on the termination date through the date that is six (6) months from
the termination date; provided, further, that if Employee’s termination is due to a Change of Control (as defined in Section 3.3
above), then in lieu of the foregoing, Employer will continue to pay, as severance pay, Employee’s Base Salary at the rate in effect
on the termination date through the date that is nine (9) months from the termination date. Furthermore, upon a termination by Employer
without Cause and subject to an Employee’s election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended, Employer will pay to Employee a lump sum amount equal to three (3) times the employer paid portions of the monthly
premiums in effect at the termination date for medical, dental and vision coverage in which the Employee participated as of the termination
date (the “Health Benefit Payment”). Employee shall only be entitled to the Severance Pay and Health Benefit Payment if Employee
signs (and then Employee does not rescind, as may be permitted by law) a general release of claims in favor of Employer in a form acceptable
to Employer (the “Release”), provided, however, that such release of claims shall only require Employee to release Employer
from claims relating directly to Employee’s employment and the termination thereof, and shall not require Employee to release claims
relating to vested employee benefits or relating to other matters, including, but not limited to, claims relating to his rights as a shareholder
of the Company or any rights to indemnification which Employee possesses as of the separation date. The Severance Pay will be made at
usual and customary pay intervals of Employer beginning on the first payroll period after the release of claims becomes effective and
will be subject to all appropriate deductions and withholdings. The Health Benefit Payment will be made with the first payment of Severance
Pay and will be subject to all appropriate deductions and withholdings. Employee shall only
be entitled to Severance Pay and the Health Benefit Payment under this Agreement if Employee signs (and does not rescind) the Release
with the applicable rescission period having expired within 60 days following Employee’s separation from service (or such shorter
period as set forth in the Release), and if such sixty (60) day period spans two calendar years, payments will in all cases commence in
the later calendar year. Upon termination, Employee will have no rights to any unvested benefits or any other compensation
or payments except as stated in this paragraph and, if applicable, in Section 3.3.

 

5.3.           
Death or Disability

 

Employee’s employment shall terminate automatically
upon Employee’s death during his employment. Either Employer or Employee may terminate Employee’s employment in the event
of Employee’s Disability during his employment. If Employer determines in good faith that the Disability of Employee has occurred
(pursuant to the definition of Disability set forth below), it shall give to Employee a written notice of its intention to terminate
Employee’s employment. In such event, Employee’s employment with Employer shall terminate effective on the 30th day after
receipt of such notice by Employee (the Disability Effective Date), provided that, within the 30 days after such receipt, Employee shall
not have returned to full-time performance of Employee’s duties. For purposes of this Agreement, “disability” means
the inability of Employee, whether due to accident, sickness or otherwise, as determined by a medical doctor acceptable to the CEO and
confirmed in writing by such doctor, to perform the essential functions of Employee’s position under this Agreement, with or without
reasonable accommodation (provided that no accommodation that imposes undue hardship on Employer will be required) for an aggregate of
ninety (90) days during any period of one hundred eighty (180) consecutive days, or such longer period as may be required under disability
law. Upon termination in the event of Employee’s death or Disability, Employer shall pay to Employee’s estate or Employee
the Accrued Obligations. Employee’s estate or Employee will have no right to any unvested benefits or any other compensation or
payments except as stated in this paragraph and in Section 3.3

 

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6.           
Resignation By Employee. 

 

6.1              Resignation by Employee
Other than for Good Reason. Employee may terminate Employee’s employment under this Agreement for any reason provided that Employee
gives Employer at least sixty (60) days’ notice in writing. Employer may, at its option, accelerate such termination date to
any date at least two (2) weeks after Employee’s notice of termination. Employer may also, at its option, relieve Employee
of all duties and authority after notice of termination has been provided. Employer will provide Employee with the Accrued Obligations,
and all compensation, payments and unvested benefits will cease on the termination date.

 

6.2             
Resignation by Employee for Good Reason. Furthermore, Employee may terminate this Agreement at
any time upon written notice to the Employer for “Good Reason”, defined as (a) a material diminution of Employee’s authority,
duties or responsibilities; (b) a material reduction in Employee’s Base Salary (except for a reduction of no more than 10% of Employee’s
Base Salary consistent with section 3.1 above); (c) relocation of Employee’s principal workplaces, referring to Boston-metro area,
by more than 50 miles, unless such relocation reduces Employee’s regular commuting time (and excluding Employee’s typical
travel as set forth in this Agreement); (d) any breach by the Company of Section 4.4 above; or (e) a material breach of a material provision
of this Agreement; provided, that before resigning for “Good Reason” under subsections (a), (b), (c) or (e), the Employee
shall (i) provide Employer with written notice of the circumstances giving rise to a termination for Good Reason (which notice must be
provided by Employee within 90 days of the Employee learning of the existence of the condition(s) giving rise to such Good Reason) and
a 30-day opportunity to cure such grounds; and (ii) if the Employer did not cure such grounds, Employee ends his employment within 60
days after providing such notice to the Employer. If Employee terminates employment under this Agreement for Good Reason, in addition
to the Accrued Obligations, Employee shall also be entitled to the “Severance Pay” and “Health Benefit Payment”
as defined in Section 5.2 above, subject to the Release requirement and the timing of the payments described therein.

 

7.           
Restrictive Covenants.

 

7.1.           
Noncompetition Covenant. Employee agrees that during his employment with the Company and for
a period of one (1) year following Employee’s termination of employment for any reason other than a termination by the Company without Cause, as “Cause” is defined in Section 5.1 of the
Agreement or by the Employee for Good Reason (“Restricted Period”), Employee shall not, anywhere the Company conducts business
or is known by Employee to contemplate conducting business as of the termination date (the “Restricted Territory”), directly
or indirectly (whether for compensation or without compensation), as principal, agent, owner, partner, employee, consultant, shareholder,
member, director, manager or officer, as the case may be, or otherwise howsoever, own, operate, be engaged in or connected with the operation
of or have any financial interest in or advance, lend money to, guarantee the debts or obligations of or permit Employee’s name
or part thereof to be used or employed in any operation, whether a proprietorship, partnership, joint venture, company or other entity,
legal or otherwise, whatsoever, or otherwise carry on or engage in any activity or business involving the field of innate immune system
checkpoint inhibitors; provided, however, that such restrictions shall not preclude Employee from owning up to 1% of the totally outstanding
stock of a publicly traded entity. It is mutually agreed upon by Employee and the Company that the grant of the New Hire Award shall serve
as consideration for Employee’s compliance with this Section (in lieu of any post-employment garden leave payments), and that Employee
would not receive the New Hire Award but-for Employee’s agreement to these restrictions on competition. Employee acknowledges that
Employee has the right to consult with counsel prior to executing this Agreement. Employee further acknowledges that this Agreement is
the formal offer of employment and that it was delivered to Employee at least ten (10) business days before the commencement of Employee’s
employment with the Company. Nothing in this Section shall restrict the right of the Employee to practice medicine in any geographic area
for any period of time during the Restricted Period.

 

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7.2.           
Non-solicitation Covenant. During the period commencing on the Effective Date and terminating on the first anniversary of the
termination date, regardless of the reason for termination, Employee shall not, directly or indirectly (whether for compensation or without
compensation), as principal, agent, owner, partner, employee, consultant, shareholder, member, director, manager or officer, as the case
may be (other than as the holder of an ownership interest of not more than 1% of the total outstanding stock of a publicly traded entity):

 

(i)              
solicit, or attempt to obtain business from, accept business from or contact any current or former customer of the Company regarding
activity or business that is competitive with the business activities of the Company as they existed during the period that Employee provided
services to the Company; or

 

(ii)              
induce or attempt to induce any Company employee to terminate employment with the Company, hire or participate in the hiring of
any Company employee or independent contractor, or interfere with or attempt to disrupt the relationship, contractual or otherwise, between
the Company and any Company employee or independent contractor (other than advertising not specifically targeted at the Company’s
employees or contractors and serving as a reference upon request). For purposes of this paragraph, a Company employee or independent contractor
means any person employed or contracted by the Company during the twelve (12) month period prior to the termination date.

 

7.3.           
Outside Employment. While employed by the Company, Employee is expected to devote his full-time efforts and energy to his job
with the Company. The following types of outside employment (which includes paid consulting engagements) are strictly prohibited:

 

(i)               
Employment that conflicts with Employee’s work schedule, duties and responsibilities;

 

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(ii)              
Employment that creates a conflict of interest or is incompatible with Employee’s employment with the Company;

 

(iii)             
Employment that interferes with the protection of the Company’s proprietary or confidential information;

 

(iv)             
Employment that impairs or has a detrimental effect on Employee’s work performance with the Company;

 

(v)             
Employment that requires Employee to conduct work or related activities for outside employment on the Company’s property
during the Employee’s working hours or using the Company’s facilities and/or equipment in relation to the Employee’s
outside employment; and

 

(vi)            
Employment that directly or indirectly competes with the business or the interests of the Company.

 

If Employee wishes to engage in outside employment,
he must submit a written request to the Company explaining the details of the outside employment. No work related to Employee’s
outside employment may be performed during Company time, with Company property or equipment, or on Company premises. The Company shall
not provide workers’ compensation coverage or any other benefit for injuries occurring from or arising out of outside employment.
Authorization to engage in outside employment can be revoked at any time. Volunteer/pro bono engagements are permitted by the Company
so long as such engagements do not interfere with Employee’s work for the Company. Failure to adhere to this policy may result in
discipline up to and including termination.

 

8.                 
Confidential Information. Employee recognizes that Employer’s business and continued success depend upon the use and
protection of confidential and proprietary business information, including, without limitation, the information and technology developed
by or available through licenses to Employer, to which Employee has access (all such information being “Confidential Information”).
For purposes of this Agreement, the phrase “Confidential Information” includes, for Employer and its current or future subsidiaries
and affiliates, without limitation, and whether or not specifically designated as confidential or proprietary: all business plans and
marketing strategies; information concerning existing and prospective markets and customers; financial information; information concerning
the development of new products and services; information concerning any personnel of Employer (including, without limitation, skills
and compensation information); and technical and non-technical data related to software programs, designs, specifications, compilations,
inventions, improvements, methods, processes, procedures and techniques; provided, however, that the phrase does not include information
that (a) was lawfully in Employee’s possession prior to disclosure of such information by Employer; (b) was, or at any
time becomes, available in the public domain other than through a violation of this Agreement; (c) is documented by Employee as
having been developed by Employee outside the scope of Employee’s employment and independently; or (d) is furnished to Employee
by a third party not under an obligation of confidentiality to Employer.

 

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Employee agrees that during
Employee’s employment and after termination of employment irrespective of cause, Employee will use Confidential Information only
for the benefit of Employer and will not directly or indirectly use or divulge, or permit others to use or divulge, any Confidential Information
for any reason, except as authorized by Employer. Employee’s obligation under this Agreement is in addition to any obligations Employee
has under state or federal law. Employee agrees to deliver to Employer immediately upon termination of Employee’s employment, or
at any time Employer so requests, all tangible items containing any Confidential Information (including, without limitation, all memoranda,
photographs, records, reports, manuals, drawings, blueprints, prototypes, notes taken by or provided to Employee, and any other documents
or items of a confidential nature belonging to Employer) whether in hard copy, electronic, or other format, together with all copies of
such material in Employee’s possession or control. Employee agrees that in the course of Employee’s employment with Employer,
Employee will not violate in any way the rights that any entity has with regard to trade secrets or proprietary or confidential information.

 

Employee’s obligations
under this Section 8 are indefinite in term and shall survive the termination of Employee’s employment and/or this Agreement.
However, Employee further understands that nothing in this Agreement prohibits Employee from reporting to any governmental authority information
concerning possible violations of law or regulation and that Employee may disclose Confidential Information to a government official or
to an attorney and use it in certain court proceedings without fear of prosecution or liability, provided Employee files any document
containing Confidential Information under seal and does not disclose the Confidential Information, except pursuant to court order. Employee
understands that in the event it is determined that the disclosure of Company trade secrets was not done in good faith pursuant to the
above, Employee will be subject to substantial damages, including attorneys’ fees.

 

Employee acknowledges that
certain whistleblower laws permit Employee to communicate directly with governmental or regulatory authorities, including communications
with the U.S. Securities and Exchange Commission about possible securities law violations, without the Company’s permission or notification,
and that the Company will not consider such communications to violate this or any other agreement between Employee and the Company or
any Company policy.

 

Employee acknowledges that
under U.S. Defend Trade Secrets Act of 2016, Employee will not be held criminally or civilly liable under any U.S. federal or state trade
secret law for the disclosure of a trade secret that is made in confidence to government officials, either directly or indirectly, or
to an attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law, or in a complaint or other
document filed in a lawsuit or other proceeding, provided such filing is made under seal. If Employee has any questions as to what comprises
such confidential or proprietary information or trade secrets, or to whom if anyone it may be disclosed, Employee will consult with the
Company. Employee understands that in the event it is determined that the disclosure of Company trade secrets was not done in good faith,
Employee will be subject to substantial damages, including punitive damages and attorneys’ fees.

 

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9.           
 Work Product and Copyrights. Employee agrees that all right, title and interest in and to the materials resulting from the
performance of Employee’s duties at Employer and all copies thereof, including works in progress, in whatever media, (the “Work”),
will be and remain in Employer upon their creation. Employee will mark all Work with Employer’s copyright or other proprietary notice
as directed by Employer. Employee further agrees:

 

9.1.           
To the extent that any portion of the Work constitutes a work protectable under the copyright laws of the United States (the
 “Copyright Law”), that all such Work will be considered a “work made for hire” as such term is used and defined
in the Copyright Law, and that Employer will be considered the “author” of such portion of the Work and the sole and exclusive
owner throughout the world of such copyright; and

 

9.2.           
If any portion of the Work does not qualify as a “work made for hire” as such term is used and defined in the Copyright
Law, that Employee hereby assigns and agrees to assign to Employer, without further consideration, all right, title and interest in and
to such Work or in any such portion of such Work and any copyright in such Work and further agrees to execute and deliver to Employer,
upon request, appropriate assignments of such Work and copyright in such Work and such other documents and instruments as Employer may
request to fully and completely assign such Work and copyright in such Work to Employer, its successors or nominees, and that Employee
appoints Employer as attorney-in-fact to execute and deliver any such documents on Employee’s behalf in the event Employee should
fail or refuse to do so within a reasonable period following Employer’s request.

 

10.         
Inventions and Patents. For purposes of this Agreement, “Inventions” includes, without limitation, information,
inventions, contributions, improvements, ideas, or discoveries, whether protectable or not, and whether or not conceived or made during
work hours. Employee agrees that all Inventions conceived or made by Employee during the period of employment with Employer belong to
Employer, provided they grow out of Employee’s work with Employer or are related in some manner to the Employer’s business,
including, without limitation, research and product development, and projected business of Employer or its affiliated companies. Accordingly,
Employee will:

 

10.1.       
Make adequate written records of such Inventions, which records will be Employer’s property;

 

10.2.       
Assign to Employer, at its request, any rights Employee may have to such Inventions for the U.S. and all foreign countries;

 

10.3.       
Waive and agree not to assert any moral rights Employee may have or acquire in any Inventions and agree to provide written
waivers from time to time as requested by Employer; and

 

10.4.       
Assist Employer (at Employer’s expense) in obtaining and maintaining patents or copyright registrations with respect
to such Inventions. Employee understands and agrees that Employer or its designee will determine, in its sole and absolute discretion,
whether an application for patent will be filed on any Invention that is the exclusive property of Employer, as set forth above, and whether
such an application will be abandoned prior to issuance of a patent.

 

    10 

     

    

 

Employer will pay to Employee, either during or
after the term of this Agreement, the following amounts if Employee is sole inventor, or Employee’s proportionate share if Employee
is joint inventor: $750 upon filing of the initial application for patent on such Invention; and $1,500 upon issuance of a patent resulting
from such initial patent application, provided Employee is named as an inventor in the patent.

 

Employee further agrees that
Employee will promptly disclose in writing to Employer during the term of Employee’s employment and for one (1) year thereafter,
all Inventions whether developed during the time of such employment or thereafter (whether or not Employer has rights in such Inventions)
so that Employee’s rights and Employer’s rights in such Inventions can be determined. Employee represents and warrants that
Employee has no Inventions, software, writings or other works of authorship useful to Employer in the normal course of the business, which
were conceived, made or written prior to the date of this Agreement and which are excluded from the operation of this Agreement.

 

NOTICE: This Section 10
does not apply to Inventions for which no equipment, supplies, facility, or trade secret information of Employer was used and which was
developed entirely on Employee’s own time, unless: (a) the Invention relates (i) directly to the business of Employer
or (ii) to Employer’s actual or demonstrably anticipated research or development, or (b) the Invention results from any
work performed by Employee for Employer.

 

11.             
Remedies. Notwithstanding other provisions of this Agreement regarding dispute resolution, Employee agrees that Employee’s
violation of any of Sections 7, 8, 9 or 10 of this Agreement might cause Employer irreparable harm which would not be adequately
compensated by monetary damages and that an injunction may be granted by any court or courts having jurisdiction, restraining Employee
from violation of the terms of this Agreement, upon any breach or threatened breach of Employee of the obligations set forth in any of
Sections 7, 8, 9 or 10. The preceding sentence shall not be construed to limit Employer from any other relief or damages to which
it may be entitled as a result of Employee’s breach of any provision of this Agreement, including Sections 7, 8, 9 or 10.

 

12.             
Dispute Resolution. Except for the right of Employer and Employee to seek injunctive relief in court, any controversy, claim
or dispute of any type arising out of or relating to Employee’s employment or the provisions of this Agreement shall be resolved
in accordance with this Section 12 regarding resolution of disputes, which will be the sole and exclusive procedure for the resolution
of any disputes. This Agreement shall be enforced in accordance with the Federal Arbitration Act, the enforcement provisions of which
are incorporated by this reference. Matters subject to these provisions include, without limitation, claims or disputes based on statute,
contract, common law and tort and will include, for example, matters pertaining to termination, discrimination, harassment, compensation
and benefits. Matters to be resolved under these procedures also include claims and disputes arising out of statutes such as the Fair
Labor Standards Act, Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, and all state laws related to employment.
Nothing in this provision is intended to restrict Employee from submitting any matter to an administrative agency with jurisdiction over
such matter.

 

    11 

     

    

 

12.1.       
 Mediation. Employer and Employee will make a good faith attempt to resolve any and all claims and disputes by submitting them
to mediation before resorting to arbitration or any other dispute resolution procedure. The mediation of any claim or dispute must be
conducted in Massachusetts in accordance with the then-current JAMS procedures for the resolution of employment disputes by mediation,
by a mediator who has had both training and experience as a mediator of general employment and commercial matters. If the Parties to this
Agreement cannot agree on a mediator, then the mediator will be selected by JAMS in accordance with JAMS’ strike list method. Within
thirty (30) days after the selection of the mediator, Employer and Employee and their respective attorneys will meet with the mediator
for one mediation session of at least four hours. If the claim or dispute cannot be settled during such mediation session or mutually
agreed continuation of the session, either Employer or Employee may give the mediator and the other Party to the claim or dispute written
notice declaring the end of the mediation process. All discussions connected with this mediation provision will be confidential and treated
as compromise and settlement discussions. Nothing disclosed in such discussions, which is not independently discoverable, may be used
for any purpose in any later proceeding. The mediator’s fees shall be paid entirely by the Company.

 

12.2.       
Arbitration. If any claim or dispute has not been resolved in accordance with Section 12.1, then the claim or dispute
will be determined by arbitration in accordance with the then-current JAMS employment arbitration rules and procedures, except as modified
herein, said arbitration to occur in Massachusetts. Employee understands that Employee may only bring such claims in Employee’s
individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding.
The arbitration will be conducted by a sole neutral arbitrator who has had both training and experience as an arbitrator of general employment
and commercial matters and who is and for at least ten (10) years has been, a partner, a shareholder, or a member in a law firm.
If Employer and Employee cannot agree on an arbitrator, then the arbitrator will be selected by JAMS in accordance with Rule 15 of the
JAMS employment arbitration rules and procedures. No person who has served as a mediator under the mediation provision, however, may be
selected as the arbitrator for the same claim or dispute. Reasonable discovery will be permitted and the arbitrator may decide any issue
as to discovery. The arbitrator may decide any issue as to whether or as to the extent to which any dispute is subject to the dispute
resolution provisions in Section 12 and the arbitrator may award any relief permitted by law. The arbitrator must base the arbitration
award on the provisions of Section 12 and applicable law and must render the award in writing, including an explanation of the reasons
for the award. Judgment upon the award may be entered by any court having jurisdiction of the matter, and the decision of the arbitrator
will be final and binding. The statute of limitations applicable to the commencement of a lawsuit will apply to the commencement of an
arbitration under Section 12.2. The arbitrator’s fees shall be paid entirely by the Company.

 

13.             
Disclosure to Future or Potential Employers. Employee agrees to reveal the terms of this Agreement as it relates to non-solicitation,
confidentiality, inventions and patents and work product and copyrights to any future employer or potential employer of Employee and authorizes
Employer, at its election, to make disclosure regarding said provisions.

 

 

14.              Representation
of Employee. Employee represents and warrants to Employer that Employee is free to enter into this Agreement and has no
contract, commitment, arrangement or understanding to or with any party that restrains or is in conflict with Employee’s
performance of the covenants, services and duties provided for in this Agreement. Employee agrees to indemnify Employer and to hold
it harmless against any and all liabilities or claims arising out of any unauthorized act or acts by Employee that, the foregoing
representation and warranty to the contrary notwithstanding, are in violation, or constitute a breach, of any such contract,
commitment, arrangement or understanding.

 

    12 

     

    

 

15.             
Conditions of Employment. Employer’s obligations to Employee under this Agreement are conditioned upon Employee’s
timely submission of satisfactory proof of Employee’s legal authorization to work in the United States, as required by United States
immigration laws.

 

16.             
Assignability. During Employee’s employment, this Agreement may not be assigned by either Party without the written consent
of the other. However, Employer may assign its rights and obligations under this Agreement without Employee’s consent to a successor
by sale, merger or liquidation, if such successor carries on the business substantially in the form in which it is being conducted at
the time of the sale, merger or liquidation. This Agreement is binding upon Employee, Employee’s heirs, personal representatives
and permitted assigns and on Employer, its successors and assigns. The Employer shall assign its rights and obligations hereunder to any
person or entity that succeeds to all or substantially all of the Company’s business or that aspect of the Company’s business
in which Employee is principally involved and shall require such person or entity to assume the Employer’s rights and obligations
hereunder. For the avoidance of doubt, if Employee remains employed or becomes employed by the Employer, the purchaser or any of their
affiliates in connection with any such transaction, then Employee shall not be entitled to any severance pay or benefits pursuant to Section
5.2 or 6.2 of this Agreement solely as a result of such transaction.

 

17.             
Notices. Any notices required or permitted to be given hereunder are sufficient if in writing and delivered by hand, or email,
by registered or certified mail, or by overnight courier, to Employee at his current address on file with the Company and benjamin.looker@gmail.com,
or to Employer at Trillium Therapeutics USA Inc. c/o Trillium Therapeutics Inc., 2488 Dunwin Drive, Mississauga, Ontario, L5L 1J9. Notices
shall be deemed to have been given (i) upon delivery, if delivered by hand, (ii) seven days after mailing, if mailed, (iii) one business
day after delivery, if delivered by courier, and (iv) one business day following receipt of an appropriate electronic confirmation, if
by email.

 

18.             
Severability. If any provision of this Agreement or compliance by any of the Parties with any provision of this Agreement constitutes
a violation of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law,
unenforceable or void, shall be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or
void, and such provision will be enforced to the fullest extent permitted by law. The Parties shall engage in good faith negotiations
to modify and replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect
of which comes as close as possible to that of the invalid or unenforceable provision which it replaces. If such modification is not possible,
said provision, to the extent that it is in violation of law, unenforceable or void, shall be deemed severable from the remaining provisions
of this Agreement, which provisions will remain binding on the Parties.

 

    13 

     

    

 

19.             
 Waivers. No failure on the part of either Party to exercise, and no delay in exercising, any right or remedy hereunder will
operate as a waiver thereof; nor will any single or partial waiver of a breach of any provision of this Agreement operate or be construed
as a waiver of any subsequent breach; nor will any single or partial exercise of any right or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right or remedy granted hereby or by law.

 

20.             
Governing Law and Venue. The validity, construction and performance of this Agreement shall be governed by the laws of the
Commonwealth of Massachusetts without regard to the conflicts of law provisions of such laws. To the extent that any court action is permitted
consistent with Section 11 of this Agreement or to enforce Section 12 of this Agreement, a court of competent jurisdiction in Massachusetts
shall have exclusive jurisdiction and venue of any such lawsuit, and Employee and Employer consent to such venue and personal jurisdiction.

 

21.             
Section 280G Safe Harbor Cap. If it shall be determined that any payment or distribution or any
part thereof of any type to or for the benefit of Employee whether pursuant to this Agreement or any other agreement between Employee
and Employer, or any person or entity that acquires ownership or effective control of Employer, or ownership of a substantial portion
of Employer’s assets (within the meaning of Section 280G of the Code) whether paid or payable or distributed or distributable pursuant
to the terms of the Agreement or any other agreement, (the “Total Payments”), is or will be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be reduced to the maximum amount that could
be paid to Employee without giving rise to the Excise Tax (the “Safe Harbor Cap”), if the net after-tax payment to Employee
after reducing Employee’s Total Payments to the Safe Harbor Cap is greater than the net after-tax (including the Excise Tax) payment
to Employee without such reduction. 

 

The
reduction of the amounts payable hereunder, if applicable, shall be made by reducing payments that trigger the excise tax, and such reductions
will be first the payment made pursuant to the Agreement and then to payments pursuant to any other agreements that are not subject to
Section 409A of the Code, and finally to payments pursuant to any other agreements that are subject to Section 409A of the Code, provided
that Employee shall have no ability to designate the order of such reductions. All mathematical determinations, and all determinations
as to whether any of the Total Payments are “parachute payments” (within the meaning of Section 280G of the Code), that are
required to be made under this Section 21, including determinations as to whether the Total Payments to Employee shall be reduced to the
Safe Harbor Cap and the assumptions to be utilized in arriving at such determinations, shall be made by a nationally recognized accounting
firm selected by Employer (the “Accounting Firm”). 

 

If
the Accounting Firm determines that the Total Payments to Employee shall be reduced to the Safe Harbor Cap (the “Cutback
Payment”) and it is established pursuant to a final determination of a court or an Internal Revenue Service (the
 “IRS”) proceeding which has been finally and conclusively resolved, that the Cutback Payment is in excess of the
limitations provided in this Section 11 (such excess amount hereinafter referred to as an “Excess Payment”), such Excess
Payment shall be deemed for all purposes to be an overpayment to Employee made on the date such Employee received the Excess
Payment. Employer or Employee, as applicable, shall notify the other within 30 days of its receipt of such final determination of
the amount of the Excess Payment, along with a copy of the final determination, and Employee shall repay the Excess Payment
amount to Employer within 30 days of such notification; provided, however, if Employee shall be required to pay an Excise Tax by
reason of receiving such Excess Payment (regardless of the obligation to repay Employer), Employee shall provide Employer with
written evidence of such requirement to pay an Excise Tax amount, and shall then be required to repay the Excess Payment reduced by
such Excise Tax amount (or if already paid by Employee, Employer shall reimburse Employee within 10 days of proof of payment).

 

    14 

     

    

 

22.             
409A Savings Clause. The intent of the Parties is that payments and benefits under this Agreement will be exempt from or comply
with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively,
 “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance
therewith. For purposes of Code Section 409A, the right to a series of installment payments under this Agreement shall be treated as a
right to a series of separate payments. To the extent that any provision hereof is modified in order to comply with Code Section 409A,
such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic
benefit to Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever
shall the Company be liable for any additional tax, interest or penalty that may be imposed on Employee by Code Section 409A or damages
for failing to comply with Code Section 409A. Notwithstanding anything herein to the contrary, a termination of employment shall be deemed
to have occurred at the time such termination constitutes a “separation from service” within the meaning of Code Section 409A
for purposes of any provision of this Agreement providing for the payment of any amounts or benefits in connection with a termination
of employment and that is subject to Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
 “termination of employment” or like terms shall mean a “separation from service.” If
a payment obligation under this Agreement arises on account of Employee’s separation from service while Employee is a "
specified employee" (as
defined under Code Section 409A(a)(2)(B)(i) and determined in good faith by the Company),
any payment
of "deferred compensation"
(as defined under Treasury Regulation Section l .409A-l (b)(1),
after giving effect to the exemptions in Treasury Regulation Sections 1.409A-l(b)(3)
through (b)(l2)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and
shall be paid within 15 days after the end of the six:-month period beginning on the date of such separation from service or,
if earlier, within
15 days after the Employee's
death. Notwithstanding any other provision to the contrary, in no event shall any payment under this Agreement that constitutes
 “deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

23.             
Counterparts. This Agreement may be executed in counterpart in different places, at different times and on different dates,
and in that case all executed counterparts taken together collectively constitute a single binding agreement.

 

24.             
Withholding; Tax Effect. All payments made by the Company to the Employee under this Agreement
shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall
be construed to require the Company to make any payments to compensate the Employee for any adverse tax effect associated with any payments
or benefits or for any deduction or withholding from any payment or benefit.

 

    15 

     

    

 

25.             
 Costs and Fees Related to Negotiation and Execution of Agreement. Employee has read this Agreement carefully and understands
each of its terms and conditions. Employee acknowledges and agrees that he has been advised to seek the advice of independent legal counsel
to the extent Employee deems such advice necessary in connection with the review and execution of this Agreement. Each Party shall be
responsible for the payment of its own costs and expenses, including legal fees and expenses, in connection with the negotiation and execution
of this Agreement. Neither Party will be liable for the payment of any commissions or compensation in the nature of finders’ fees
or brokers’ fees, gratuity or other similar thing or amount in consideration of the other Party entering into this Agreement to
any broker, agent or third party acting on behalf of the other Party.

 

26.             
Entire Agreement. This instrument contains the entire agreement of the Parties with respect to the relationship between Employee
and Employer and supersedes all prior agreements and understandings, and there are no other representations or agreements other than as
stated in this Agreement related to the terms and conditions of Employee’s employment. This Agreement may be changed only by an
agreement in writing signed by the Party against whom enforcement of any waiver, change, modification, extension or discharge is sought,
and any such modification will be signed by Employer. The provisions of this Agreement shall survive the termination of this Agreement
and/or the termination of the Employee’s employment to the extent necessary to effectuate the terms contained herein.

 

IN WITNESS WHEREOF,
the Parties have duly signed and delivered this Agreement as of the day and year first above written.

 

EMPLOYER

 

	By:	/s/ Jan Skvarka	 
	Name:	Jan Skvarka	 
	Title:	President and CEO	 

 

EMPLOYEE

 

	Signature:	/s/ Benjamin Looker	 
	Name:	Benjamin Looker	 

 

    16

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