Document:

Employment Offer Letter by and between the Registrant and Fred Kurland

 Exhibit 10.8 
  

							
	

	 		 		  	3400 W. BAYSHORE ROAD
		 		 		  	PALO ALTO, CA 94303
		 		 		  	TELEPHONE: (650) 320-2800
		 		 		  	FACSIMILE: (650) 320-2815
		 		 		  	WEB: www.bayhilltx.com

 March 13, 2007 
 Fred Kurland 
 [Address] 
  

	 	Re:	Employment Terms 

 Dear Fred: 
 Bayhill Therapeutics, Inc., a Delaware corporation (the “Company”), is pleased to offer you the position of Chief Financial Officer, in which
you will be responsible for such duties as are normally associated with such position or as otherwise determined by the Chief Executive Officer of the Company. You will report to Mark W. Schwartz, Ph.D., the Chief Executive Officer of the Company.
You will work at our facility located in Palo Alto, California. 
 Your salary will be $22,250 per month, less payroll deductions and all
required withholdings. Your salary will be paid bi-weekly. You shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time for the benefit
of its employees generally or its executive officers generally. You will be eligible for standard benefits, such as medical insurance, sick leave, vacations and holidays to the extent applicable generally to other executive officers of the Company.
Details about these benefits will be provided in an Employee Handbook and in Summary Plan Descriptions, which will be prepared by the Company and made available for your review in due course. 
 The terms of the Incentive Stock Option and Change of Control Provisions discussed below have been recommended by the Bayhill Compensation Committee for
approval to the Bayhill Board of Directors. We anticipate that the Board of Directors will confirm the Compensation Committee recommendations at its meeting on March 22, 2007. In any event, we are undertaking a Internal Revenue Code
Section 409A independent appraisal of the Common Stock. We do not expect that any stock option will be granted to you until such time as the independent appraisal has been provided to the. Board of Directors. 
 When the Board of Directors has such appraisal, we anticipate that you will be granted an Incentive Stock Option to purchase six hundred thousand
(600,000) shares of the Common Stock of the Company under the Company’s 2002 Equity Incentive Plan (the “Plan”). The exercise price per share of the Incentive Stock Option will be equal to the fair market value of the common
Stock on the date your stock option is granted by the Company’s Board of Directors. The current fair market value of the Common Stock of the Company is estimated to be approximately $0.11 per share. 

 Regardless of the date of the grant of the Incentive Stock Option, the vesting of such Incentive Stock
Option will commence vesting on the first date of your employment (the “Commencement Date”). The shares of Common Stock subject to your Incentive Stock Option will be subject to vesting over four years so long as you continue to be
employed with the Company, according to the following schedule: 25% of the shares will vest on the first anniversary of the Commencement Date, and the remaining shares will vest monthly there after. 
 The specific terms and conditions of your Incentive Stock Option will be set forth in an Incentive Stock Option Agreement between you and the Company.
Such agreement shall be in substantially the form approved by the Board of Directors of the Company for use with the Plan, modified as necessary to appropriately reflect the provisions outlined above, and will be executed after you commence your
employment with the Company pursuant to this letter. 
 As a Company employee, you will be expected to abide by Company rules and
regulations, and acknowledge in writing that you have read the Company’s Employee Handbook (once it has been made available to you). As a condition of employment, you will be required to sign and comply with a Proprietary Information and
Inventions Agreement, a copy of which is attached hereto as Exhibit A, which, among other things, prohibits unauthorized use or disclosure of Company proprietary information. 
 You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may
terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice. This at-will employment relationship cannot be changed except in a writing signed by a Company officer. 
 Your employment will be governed by the Change of Control Provisions as approved by the Board of Directors. As the CFO, you will be entitled to certain
benefits upon change of Control of the Company as detailed in the Change of Control Provisions document, which, as noted earlier, will be considered by the Board of Directors as its March 22, 2007 meeting based upon the recommendation of the
Compensation Committee. 
 The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral
or written, and comprise the final, complete and exclusive agreement between you and the Company. As required by law, this offer is subject to satisfactory proof of your right to work in the United States. 
 If you accept this offer, this letter and the Proprietary Information and Inventions Agreement shall constitute the complete agreement between you and
Company with respect to the terms and conditions of your employment. Any prior or contemporaneous representations (whether oral or written) not contained in this letter or the Proprietary Information and Inventions Agreement or contrary to those
contained in this letter or the Proprietary Information and Inventions Agreement, that may have been made to you are expressly cancelled and superseded by this offer. Except as otherwise specified herein, the terms and conditions of your 

 
employment may not be changed, except in another letter or written agreement, signed by you and the Chief Executive Officer of the Company. 
 Please sign and date this letter, and return it to me as soon as possible if you wish to accept
employment at the Company under the terms described above. This offer will expire if not accepted by you by March 23rd, 2007. If you accept our offer,
we would like you to commence your employment with us as soon as practicable. 
 We look forward to your favorable reply and to a
productive and enjoyable work relationship. 
  

			
	Sincerely,
	
	Bayhill Therapeutics Inc.
		
	By:	 	 /s/ Mark W. Schwartz

	Name:	 	Mark W. Schwartz
	Title:	 	CEO & President

  

	
	Accepted by:
	
	 /s/ Fred Kurland

	[NAME]
	
	 3-23-07

	DateEmployment Agreement by and between the Registrant and Hideki Garren

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement is made and entered into by and between Tolerion,
Inc. (the “Company”) and Hideki Garren (the “Employee”), as of April 16, 2002. 
 1. Position and Duties.
Employee will be employed by the Company as its Director of Molecular Biology, reporting to the Chief Executive Officer or Vice President of Research. Employee accepts employment with the Company on the terms and conditions set forth in this
Agreement, and Employee agrees to devote Employee’s full business time, energy and skill to Employee’s duties at the Company. These duties will include, but not be limited to, those duties normally performed by a Director of Molecular
Biology, as well as any other reasonable duties that may be assigned to Employee from time to time by the Chief Executive Officer or Vice President of Research. 
 2. Term of Employment. Employee’s employment with the Company will start on April 24, 2002, will be for no specified term, and may be terminated by Employee or the Company at any time, with or without
cause, subject to the provisions of Paragraphs 4 and 5 below. 
 3. Compensation. Employee will be compensated by the Company for
Employee’s services as follows: 
 (a) Salary: Employee will be paid a monthly salary of $ 13,333 ($160,000 on an annualized
basis), less applicable withholding, in accordance with the Company’s normal payroll procedures. Employee’s salary will be reviewed by the Company’s Board of Directors (the “Board”) from time to time (but no more frequently
than annually), and may be subject to adjustment based upon various factors including, but not limited to, Employee’s performance and the Company’s profitability. Any adjustment to Employee’s salary shall be in the sole discretion of
the Board. 
 (b) Bonus. The Company does not currently have a bonus plan, and there are no plans to adopt one in the foreseeable
future. However, in the event a performance-based management bonus plan is adopted by the Company for key management and personnel, Employee will be eligible to participate in such a plan. 
 (c) Benefits: Employee will have the right, on the same basis as other employees of the Company, to participate in and to receive benefits under
any Company medical, disability or other group insurance plans, any 401(k) plan, as well as under the Company’s business expense reimbursement and other policies. Employee will accrue paid vacation in accordance with the Company’s
vacation policy applicable to all employees. Such vacation plan shall be established in the near future. 
 (d) Stock Options: Subject
to the Board’s approval, Employee will be granted an option to purchase 100,000 shares of the Company’s common stock under the Company’s stock option plan at an exercise price equal to the fair market value of that stock on the grant
date. Provided Employee remains employed by the Company, this option will vest over a five-year period, with 20% of the shares vesting on the first anniversary of the commencement of Employee’s 

  

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employment and l/60th of the shares vesting on the first day of each full month thereafter. Employee’s option will be governed by and subject to the
terms and conditions of the Company’s standard form of stock option agreement (which Employee will be required to sign in connection with the issuance of Employee’s option). 
 4. Voluntary Termination. In the event that Employee voluntarily resigns from Employee’s employment with the Company, or in the event that
Employee’s employment terminates as a result of Employee’s death or disability (meaning that Employee is unable to perform Employee’s duties for any 90 days in any one-year period as a result of a physical and/or mental impairment),
Employee will be entitled to no compensation or benefits from the Company other than those earned under Paragraph 3 through the date of Employee’s termination. Employee agrees that if Employee voluntarily terminates Employee’s employment
with the Company for any reason, Employee will provide the Company with 30 days’ written notice of Employee’s resignation. The Company may, in its sole discretion, elect to waive all or any part of such notice period and accept
Employee’s resignation at an earlier date. 
 5. Other Termination. Employee’s employment may be terminated under the
circumstances set forth below. 
 (a) Termination for Cause: If Employee’s employment is terminated by the Company for
“Cause” as defined below, Employee shall be entitled to no compensation or benefits from the Company other than those earned under Paragraph 3 through the date of Employee’s termination for Cause. 
 For purposes of this Agreement, a termination for “Cause” occurs if Employee is terminated for any of the following reasons: (i) theft,
dishonesty, or intentional falsification of any employment or Company records; (ii) failure or inability to perform any assigned duties reasonably expected of an employee in the Employee’s position after written notice from the Company to
the Employee of, and a reasonable opportunity to cure, such failure or inability; (iii) the Employee’s conviction (including any plea of guilty or nolo contendre) for any criminal act which impairs his ability to perform his duties as an
employee of the Company or for any felony; or (iv) theft or other misappropriation of the Company’s proprietary information. 
 (b)
Termination Without Cause: If Employee’s employment is terminated by the Company without Cause (and not as a result of Employee’s death or disability), and if Employee signs a general release of known and unknown claims in form
satisfactory to the Company, Employee will receive severance payments at Employee’s final base salary rate, less applicable withholding, until the earlier of (i) three months after the date of Employee’s termination without Cause, or
(ii) the date on which Employee first commences other employment. Severance payments will be made in accordance with the Company’s normal payroll procedures. During the period in which Employee is receiving severance payments, the Company
will pay the premiums to continue Employee’s group health insurance coverage under COBRA. 
 6. Other Employment. During his
employment, Employee shall diligently and conscientiously devote all of his working time and attention to discharging his duties to the Company and shall not, without the express prior written consent of the Company, render to any 

  

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other person, corporation, partnership, firm, company, joint venture or other entity any services of any kind for compensation or engage in any other
activity that would in any manner interfere with the performance of the Employee’s duties on behalf of the Company. The foregoing notwithstanding, the Company hereby consents to Employee’s current moonlighting activities on the weekends
only, including taking call for a local physician or performing disability physical examinations, so long as such activities do not interfere with Employee’s duties and responsibilities for the Company. 
 7. Confidential and Proprietary Information. As a condition of Employee’s employment, Employee agrees to sign the Company’s standard
form of employee confidentiality and assignment of inventions agreement attached as Appendix A. 
 8. Dispute Resolution. In the event
of any dispute or claim relating to or arising out of Employee’s employment relationship with the Company, this agreement, or the termination of Employee’s employment with the Company for any reason (including, but not limited to, any
claims of breach of contract, wrongful termination or age, sex, race, sexual orientation, disability or other discrimination or harassment), Employee and the Company agree that all such disputes shall be fully, finally and exclusively resolved by
binding arbitration conducted by the American Arbitration Association in Santa Clara County, California. Employee and the Company hereby knowingly and willingly waive Employee’s respective rights to have any such disputes or claims tried to a
judge or jury. Provided, however, that this arbitration provision shall not apply to any claims for injunctive relief. 
 9.
Severability. If any provision of this Agreement is deemed invalid, illegal or unenforceable, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining
provisions of this Agreement shall not in any way be affected 
 10. Assignment. In view of the personal nature of the services to be
performed under this Agreement by Employee, Employee cannot assign or transfer any of Employee’s obligations under this Agreement. 
 11. Entire Agreement. This Agreement, the Founder Stock Purchase Agreement, and the agreements referred to above constitute the entire agreement between Employee and the Company regarding the terms and conditions of Employee’s
employment, and they supersede all prior negotiations, representations or agreements between Employee and the Company regarding Employee’s employment, whether written or oral. 
 12. Modification. This Agreement may only be modified or amended by a supplemental written agreement signed by Employee and an authorized
representative of the Company. 
 13. Vesting of Founders Shares. The parties hereto acknowledge and agree that the shares of common
stock of the Company purchased by Employee pursuant to that certain Founder Stock Purchase Agreement, by and between Employee and the Company, dated as of February 20, 2002 (the “Founder Agreement”), are subject to the Unvested Share
Repurchase 

  

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Option (as defined in the Founder Agreement) set forth in the Founder Agreement and that the Unvested Share Repurchase Option contemplates a vesting of such
shares of common stock during the course of Employee’s providing continuous services to the Company as an employee, consultant or director. Furthermore, the parties hereto acknowledge and agree that Employee’s providing continuous services
pursuant to this Agreement shall constitute providing continuous services for purposes of the Unvested Share Repurchase Option and that the services to be provided hereunder are not intended to be the exclusive type of services which may constitute
continuous services to the Company for purposes of the Unvested Share Repurchase Option. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date and year written below. 
  

							
		 		 	Tolerion, Inc.
				
	Date:	 	  
	 	By:	 	 /s/ James Koshland

		 		 	Its:	 	  

			
		 		 	EMPLOYEE
			
	Date:	 	April 16, 2002	 	 /s/ Hideki Garren

		 		 	Hideki Garren

  

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