Document:

EX-10.11

 Exhibit 10.11 

 
 

 
 September 23, 2020 

Ajay Verma, M.D., Ph.D. 
 419 Charles River Street 

Needham, MA 02492 
  

	Re:	 Employment Agreement 

Dear Ajay: 
 This letter agreement (the
“Agreement”) is made as of September 23, 2020 between Codiak BioSciences, Inc., a Delaware corporation (“Codiak” or the “Company”), and Ajay Verma, M.D., Ph.D (the “Executive”)
(together, the “parties”) and is effective as of, and conditioned on, the closing of the Company’s first underwritten public offering of its equity securities pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the date of such closing, the “Effective Date”). 
 The Company and the Executive are parties to
an offer letter dated July 12, 2019 (the “Prior Employment Agreement”), which the Company and the Executive shall replace with this Agreement, such that the Prior Agreement is fully superseded and of no further effect, except
that, to avoid doubt, the Executive’s Employee Confidentiality, Assignment and Nonsolicitation Agreement with the Company dated July 24, 2019 and attached hereto as Exhibit A (the “Employee Agreement”) is unaltered
by this Agreement and remains in full effect. The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing
the terms of such equity awards (collectively, the “Equity Documents”). The Employee Agreement and the Equity Documents are incorporated herein by reference. The Company and the Executive therefore agree as follows: 

1.    Position and Duties. The Executive shall serve as the Executive Vice President, Research and Experimental
Medicine of the Company, and shall have such duties and responsibilities as may from time to time be prescribed by the Chief Executive Officer of the Company (the “CEO”) and the Company’s Board of Directors (including any
committees thereof, the “Board”). The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company. Except as set forth on Exhibit A, the Executive may not serve on
other boards of directors or engage in outside business activities without the prior written consent of the Board, but the Executive may engage in religious, charitable or other community activities as long as such services and activities are
disclosed to the Board in advance and do not interfere with the Executive’s performance of the Executive’s duties to the Company. 

2.    Compensation and Related Matters. 

(a)    Base Salary. The Executive’s base salary will be paid at the rate of $440,000 per year and will be paid
in accordance with the Company’s standard payroll practices. The Executive’s base salary will be reviewed and adjusted by the Board. The base salary in effect at any given time is referred to herein as “Base Salary.” 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

 (b)    Bonus. The Executive will be eligible to participate in
the Executive Cash Bonus Plan in effect from time to time (“Bonus Plan”). The Executive’s initial target annual cash incentive compensation will be 40 percent of the Executive’s Base Salary. The terms and conditions
of the Executive’s bonus compensation shall be subject to the terms of the Bonus Plan (as the Plan is amended or altered by the Board in its discretion from time to time). 

(c)    Expenses. The Executive shall be entitled to reimbursement for all reasonable and documented expenses
incurred by the Executive in performing services hereunder, subject to Codiak’s applicable policies and procedures. 

(d)    Other Benefits. The Executive shall be eligible to participate in or receive benefits under the
Company’s employee benefit plans in effect from time to time, subject to the terms of such plans. To avoid doubt, Codiak may alter the terms of, or eliminate, its employee benefit plans in its discretion. 

(e)    Equity Compensation. The Executive shall be eligible to participate in the Company’s equity incentive
program, subject to approval by the Company’s Board. The Executive’s eligibility for and other rights with respect to any granted equity awards will be governed by the Equity Documents. 

(f)    Vacation. The Executive shall be entitled to vacation consistent with, and subject to, the Company’s
vacation policy in effect from time to time (the “Vacation Policy”), which Policy is subject to change by the Company. Currently, the Vacation Policy provides the Executive with 20 paid vacation days each year, subject to accrual
conditions and the other terms of the Policy. The Executive shall also be entitled to all Company paid holidays as designated by the Company from time to time. 

3.    Termination. 

(a)    At-Will. The Executive’s employment hereunder is at-will and may be terminated by the Executive or the Company at any time and for any reason. 

(b)    Accrued Compensation. In connection with the termination of Executive’s employment for any reason, the
Company shall pay the Executive any Base Salary earned through the last day of the Executive’s employment with the Company (such date, the “Termination Date”), any unpaid expense reimbursements (subject to Section 2(c))
and any unused vacation that accrued through the Termination Date (if the Company’s policy on the date of the Executive’s termination provides for accrual of vacation), in each case on or before the time required by law. 

(c)    Severance. Under certain circumstances, the Executive shall be eligible for severance compensation as set
forth in, and subject to, the Codiak Biosciences, Inc. Executive Severance Plan, which is attached hereto as Exhibit B (the “Severance Plan”). By signing this Agreement, you are agreeing to the terms and conditions of the
Severance Plan. 
 (d)    Notice of Termination. Except for termination by reason of death, any termination of
the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written notice of termination to the other party. 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

  
 2 

 (c)    Automatic Resignation of Other Positions. The termination
of Executive’s employment with the Company for any reason shall automatically be deemed a resignation by the Executive of any other position held by the Executive with the Company or any affiliate of the Company, whether as an officer,
director, fiduciary or otherwise. 
 4.    Continuing Obligations. 

(a)    Employee Agreement. The Employee Agreement remains in full force and effect. 

(a)    Protected Disclosures. The Executive understands that nothing contained in this Agreement limits the
Executive’s ability to communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Company. The Executive also understands that nothing in this
Agreement limits the Executive’s ability to share compensation information concerning the Executive or others, except that this does not permit the Executive to disclose compensation information concerning others that the Executive obtains
because the Executive’s job responsibilities require or allow access to such information. 
 (b)    Defend Trade
Secrets Act of 2016. The Executive understands that pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that: (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law;
or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

(b)    Litigation and Regulatory Cooperation. During and after the Executive’s employment with the Company,
the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company that relate to events or occurrences that
transpired while the Executive was employed by the Company. Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and
to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment with the Company, the Executive also shall cooperate fully with the Company in connection with any investigation or review of
any federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. 

(c)    Independence of Obligations. The Executive’s obligations under this Section and under the Employee
Agreement shall be independent of any obligation, contractual or otherwise, the Company or its affiliates or agents have to the Executive, and any breach of such obligations by the Company or its affiliates or agents shall not constitute a defense
to enforcement of this Section or result in a limitation of the Company’s remedies hereunder. 

5.    Integration; Absence of Reliance. This Agreement, the Employee Agreement, the Equity Documents and the
Severance Plan constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, communications and understandings between the parties concerning such subject matter, including without
limitation the Prior Employment 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

  
 3 

 
Agreement. In signing this Agreement, the Executive acknowledges and agrees that the Executive is not relying upon any promise, communication or representation made by anyone at or on behalf of
the Company with respect to the subject matter herein, except as expressly contained in this Agreement. 

6.    Amendment; No Waiver. This Agreement may be amended or modified only in writing signed by the Executive and
the Chairperson of the Board. No waiver of the Company’s rights hereunder shall be effective unless made in writing and signed by an authorized officer of the Company. The failure of the Company to require the performance of any term or
obligation of this Agreement, or the waiver by the Company of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

7.    Governing Law; Jurisdiction. Except as otherwise expressly provided in the Equity Documents or the Severance
Plan: (i) this Agreement, and any disputes related to the Executive’s employment with the Company (collectively, “Disputes”), shall be construed under and be governed in all respects by the laws of the Commonwealth of
Massachusetts, without giving effect to the conflict of laws principles thereof; (ii) the parties hereby agree that the state and federal courts of Massachusetts shall be the exclusive jurisdiction and exclusive venue for any such Dispute, and
hereby submit to such jurisdiction and venue; (iii) the parties hereby waive any right to a jury trial with respect to any such Dispute. 

8.    Successors. This Agreement shall be binding upon and inure to the benefit of the Executive and the Company
and its successors and assigns. 
 9.    Taxes. All payments made by the Company to the Executive under this
Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 

10.    Survival. The provisions of this Agreement shall survive the termination of the Executive’s employment
to the extent necessary to effectuate the terms contained herein. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective
on the date and year first above written. 
  

			
	Codiak BioSciences, Inc.
	
	 /s/

	By:	 	Douglas E. Williams, Ph.D.
	Its:	 	Chief Executive Officer and President
	
	EXECUTIVE
	
	 /s/

	Ajay Verma, M.D., Ph.D

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

  
 4 

 Exhibit A 

The Company consents to the Executive’s continued consulting arrangements with Alcyone and Precision for Medicine, provided that
the Company reserves the right to review those arrangements periodically to ensure that there is no conflict of interest and/or detrimental effect on the Executive’s responsibilities for the Company, and to take any subsequent actions as are
appropriate. 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

  
 5 

 

 
 Exhibit B: Severance Plan 

 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 

  
 6Exhibit 10.2

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	
        Dated as of September
        10, 2020

        New York, New York

 

CF
Finance Acquisition Corp. III, a Delaware corporation and blank check company (the “Maker”), promises to
pay to the order of CF Finance Holdings III, LLC or its registered assigns or successors in interest (the
“Payee”), the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United
States of America, on the terms and conditions described below.  All payments on this Note shall be made by check or
wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time
to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) March 31, 2021 or (ii)
the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid
at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or
shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3. Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) March 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon request from Maker to Payee (each, a “Drawdown Request”) in such amounts as Maker may determine in its
discretion. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an
amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments
or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

4. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

    1

     

    

 

6. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(a), Payee may, by written notice to Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b) Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

    2

     

    

 

12. Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be
established in which the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker
(including the deferred underwriters discounts and commissions or business combination marketing fees) and the proceeds of
the sale of the units to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as
described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange
Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the trust account for any reason whatsoever.

 

13.
Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the
written consent of the Maker and the Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void; provided, however, this Note is freely assignable by the Payee to
any assignee.

 

[Signature page
follows]

 

    3

     

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as
of the day and year first above written.

 

	 	CF FINANCE ACQUISITION CORP. III
	 	 	 
	 	By:	/s/ Paul Pion
	 	 	Name: Paul Pion 
	 	 	Title: Chief Financial Officer 

 

[Signature Page to the Promissory Note by
CF Finance Acquisition Corp. III in favor of CF Finance Holdings III, LLC – pre-IPO Loan]

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]