Document:

Exhibit 10.10

 

AMENDMENT

TO

EMPLOYMENT AGREEMENT

 

AMENDMENT
TO EMPLOYMENT AGREEMENT dated as of August 5, 2020 between Immunome, Inc., a Delaware corporation (the “Company”),
and Purnanand Sarma (the “Executive”).

 

Background:

 

The Company and the Executive are parties
to an employment offer letter dated as of May 30, 2019 (the “Employment Agreement”). The parties wish to amend the
Employment Agreement, as provided in this Amendment. Capitalized terms used in this Amendment without definition shall have the
meanings assigned to them in the Employment Agreement.

 

NOW, THEREFORE,
in consideration of the premises and covenants set forth herein, and intending to be legally bound hereby, the parties hereto agree
as follows:

 

1.                 
Amendment to Section 4 of the Employment Agreement. Section 4 of the Employment Agreement is hereby amended and restated
in its entirety so as to provide as follows:

 

4.       Stock
Options.

 

(a)       You
will be granted a stock option to purchase 858,273 shares Company's common stock which represents, taking into account all existing
stock options held by you, 5% of the Company's outstanding equity on a fully-diluted basis as of the date of grant. The stock option
shall vest as follows: (1) 551,042 shares will vest in forty-eight (48) consecutive monthly installments, with retroactive vesting
credit to March 15, 2020 and (2) 307,231 shares will commence vesting if, and only if, the outstanding Preferred Stock Purchase
Warrants issued by the Company pursuant to the Series A Preferred Stock Purchase Agreement dated as of June 2, 2020 are exercised
for at least 50% of the aggregate shares underlying such Warrants (determined on a cumulative basis based on all exercises), and
in that event such shares will vest in forty-eight (48) consecutive monthly installments, with retroactive vesting credit to the
vesting commencement date in item (1). The exercise price will be the fair market value of a share of Common Stock on the date
of grant and all terms of the option grant shall be subject to the Equity Incentive Plan.

 

For purposes of this Agreement,
 "fully-diluted equity" means the total number of shares of outstanding Company Common Stock and Company Preferred Stock,
with the Preferred Stock calculated on an as-converted to Common Stock basis, including for this purpose the maximum number of
shares issuable under the Equity Incentive Plan (inclusive of granted options and unallocated shares reserved for issuance thereunder)
and shares issuable upon exercise of outstanding stock purchase warrants.

 

(b)       The
stock option will accelerate in full upon a Change of Control. Except as provided herein, the stock option will be subject to
the terms of the Equity Incentive Plan and a stock option agreement to be executed by you as a condition to the grant. The
stock option agreement will provide that, except in the case of accelerated vesting, as described herein, vesting is
conditioned upon your continued employment with the Company at each applicable vesting date. You may also be eligible to be
considered for additional stock option grants, at the Board's discretion. It is agreed that Section 5(f)(ii) of the Equity
Incentive Plan (concerning the treatment of your option shares in the event of a termination for Cause) shall not apply to
your vested option shares, whether exercised or not, and that such shares shall not terminate, be forfeited or be subject to
repurchase by the Company for their exercise price pursuant to such Section 5(f)(ii), and those vested option shares shall
instead be treated as provided in Section 5(f)(i).

 

     

     

    

 

2.                 
Amendment to Section 8. Section 8 of the Employment Agreement is hereby amended so as to delete the additional condition
relative to the occurrence of a “Financing” specified in the penultimate sentence of such Section 8.

 

3.                 
Confirmation Regarding Stock Options.  The Executive’s right to receive the stock option under Section 4(a) of
the Employment Agreement, as amended pursuant to Section 1 of this Amendment, is in addition to the existing stock options held
by the Executive. The Executive hereby confirms that all obligations of the Company to issue stock options to the Executive pursuant
to the Employment Agreement, as in effect prior to this Amendment, have been satisfied as of March 3, 2020. It is hereby further
acknowledged that, for purposes of Section 4(b) of the Employment Agreement and the entitlement of the Executive to stock options
thereunder, as in effect prior to this Amendment, the parties previously agreed to remove the word “institutional”
from the definition of “Financing” therein. In the event of a conflict between any term of your existing stock options
and the Employment Agreement as in effect immediately prior to this Amendment, the terms of the stock option agreements applicable
to such stock options shall govern and supersede.

 

4.                 
Amendment to Section 5 of the Employment Agreement. Section 5 of the Employment Agreement is hereby amended and restated
in its entirety so as to provide as follows:

 

5.       Commuting
and Relocation Expenses.

 

(a)       As
described below, the Company will pay directly or reimburse to you the reasonable out-of-pocket costs of your commuting to Exton,
Pennsylvania from Carlisle, Massachusetts (to the extent that they are reasonably documented and submitted to the Company for reimbursement
promptly after they are incurred). Such expenses will include, without limitation, reasonable, out of pocket costs for coach airfare,
hotel/temporary accommodation (or accommodation in the Company's corporate apartment), and car rental/other transportation. The
reimbursement under this paragraph will continue until the earlier of the time you move to Exton or such time as the Company opens
another location in the Boston, Massachusetts area (or its suburbs), as provided in Section 5(b).

 

(b)       You
have agreed that, within a reasonable period of time following the Company's request, you will relocate to a location that is
within a 45-mile radius of the Company's headquarters in Exton, Pennsylvania; provided, that if the Company establishes an
additional location in the Boston, Massachusetts area (or its suburbs), there shall be no such requirement. If you are asked
to relocate, the Company will pay directly or reimburse the reasonable out-of-pocket cost of relocating you and your
immediate family from your primary residence to this new location. Additionally, if you are asked to relocate, the Company
will reimburse you for any reasonable commission payable to your realtor on the sale of your home in Massachusetts. Upon your
relocation or the opening of the additional office specified above in this paragraph, the Company will not have any
obligation to pay or reimburse your post-relocation commuting expenses pursuant to Section 5(a).

 

5.                 
Effect of Amendment. The parties acknowledge and agree that all of the terms, provisions, covenants and conditions of
the Employment Agreement shall hereafter continue in full force and effect in accordance with the terms thereof, except to the
extent amended, modified, deleted or revised in this Amendment.

 

6.                 
Construction. This Amendment shall be construed and interpreted in accordance with the internal laws of the Commonwealth
of Pennsylvania.

 

7.                 
Counterparts. This letter agreement may be executed in one or more counterparts, both of which shall be considered one
and the same agreement and shall become a binding agreement when one or more counterparts have been signed by each party and delivered
to the other party. Any executed counterpart of this letter agreement may be delivered by facsimile or electronic transmission
with the same effect as if delivered personally.

 

    2

     

    

 

IN WITNESS
WHEREOF, the Company and the Executive have caused this Amendment to be executed as of the date first written above.

 

	 	IMMUNOME, INC.
	 	 
	 	 
	 	 
	 	By:	/s/ Philip Wagenheim

 

	 	Name:	Philip Wagenheim
	 	 
	 	Title:	Board Member/Secretary
	 	 
	 	 
	 	/s/ Purnanand Sarma
	 	Purnanand Sarma

 

    3Exhibit 10.11

 

August 5, 2020

 

Michael J. Morin, Ph.D.

 

Delivered via email:

 

Dear Mike:

 

Immunome, Inc. (“Immunome”
or "the Company") is very pleased to offer you the employment terms specified in this letter. This letter amends and
restates, and supersedes in its entirety, the employment offer letter dated March 6, 2017, which is no longer of any force or effect.
Your position will be Executive Vice President and Chief Scientific Officer of the Company, and you will report to Board of Directors
of the Company.

 

The terms and conditions of your
employment are as follows:

 

		·	Commencement of
Employment: Your position as an exempt employee of the Company on the terms stated in this letter will be effective as of August
5. 2020. 

 

		·	Duties: Your
employment will be on a part-time basis, and you will devote 80% of your business time and attention to the business of the Company.
Your work location will be at the Company's principal office location, which is currently in Exton, Pennsylvania. However, you
will be permitted to work from your home office from time to time as mutually agreed by you and the Company, and in any event up
to a maximum of 50% of your time for the Company in any calendar month; provided, that the Company and you will agree upon a reduced
in-person requirement to be in effect from time-to-time during the current pandemic and until otherwise determined by the Company.

 

		·	Other Business
Activities: During your employment term, you may (1) serve on boards, committees or similar bodies of charitable, nonprofit
or for-profit organizations and (2) fulfill speaking engagements and teaching activities, in each case, so long as such activities
do not materially interfere or conflict with the performance of your duties and responsibilities under this Agreement; provided,
that the activities in items (1) and (2) are either listed on Exhibit A or approved in advance by the Company. In no event shall
your performance of these activities interfere with your obligations to the Company.

 

		·	Compensation:
The initial base salary for this position will be $280,000 expressed on an annual basis, paid in accordance with the Company's
standard payroll policies and practices. Because your position is exempt, you are not eligible for overtime. You may be eligible
for annual increases in connection with your annual performance review, as determined by the Board of Directors. You will also
be eligible to be considered for an annual bonus of up to 30% of your base salary. Bonus payments, if any, will be determined by
the Board of Directors based on the achievement of a combination of personal and Company goals set by the Board. Bonus payments
are subject to the terms and conditions of the Company's bonus program as it may be in effect from time to time.

 

    

     

    

 

		·	Stock Options:
You will be granted a stock option to purchase 686,619 shares of the Company's common stock which represents, taking into account
all existing stock options held by you, 4% of the Company's outstanding equity on a fully-diluted basis as of the date of grant.
The stock option shall vest as follows, provided that you are employed by the Company on the respective vesting date: (1) 440,834
shares will vest in forty-eight (48) consecutive monthly installments, with retroactive vesting credit to March 15, 2020 and (2)
245,785 shares will commence vesting if, and only if, the outstanding Preferred Stock Purchase Warrants issued by the Company pursuant
to the Series A Preferred Stock Purchase Agreement dated as of June 2, 2020 are exercised for at least 50% of the aggregate shares
underlying such Warrants (determined on a cumulative basis based on all exercises), and in that event such shares will vest in
forty-eight (48) consecutive monthly installments, with retroactive vesting credit to the vesting commencement date in item (1).
The exercise price will be the fair market value of a share of Common Stock on the date of grant and all terms of the option grant
shall be subject to the Immunome, Inc. Amended and Restated 2018 Equity Incentive Plan, as amended. For purposes of this paragraph,
 "fully-diluted equity" means the total number of shares of outstanding Common Stock and Preferred Stock, with the Preferred
Stock calculated on an as-converted to Common Stock basis, including for this purpose the maximum number of shares issuable under
the Equity Incentive Plan (inclusive of granted options and unallocated shares reserved for issuance thereunder) and shares issuable
upon exercise of outstanding stock purchase warrants.

 

You acknowledge that you are
not entitled to any additional stock options under your employment offer letter, as in effect prior to this amended and restated
employment offer letter, and that all such obligations were satisfied as of March 3, 2020. In the event of a conflict between any
term of your existing stock options and your offer letter as in effect immediately prior to the execution of this amended and restated
employment offer letter, the terms of the stock option agreements applicable to such stock options shall govern and supersede.

 

		·	Benefits: The
Company will provide you with the opportunity to participate in Company-provided insurance, which currently includes medical, dental
and vision insurance, life and disability insurance and other benefits plans generally made available to employees of the Company,
subject to any eligibility requirements imposed by such plans. You will also be eligible to participate in the Company's 401(k)
Retirement Plan. Please see the enclosed benefits summary for more information. 

 

		·	Time Away From
Work: In addition to Company holidays, you will be granted paid vacation, which accrues at a rate of 1.67 days per month (20
days annually, prorated). Vacation days may not be carried over to the following calendar year. Any accrued but unused vacation
for a particular calendar year will be paid upon termination of employment for any reason within that calendar year.

 

IMPORTANT:
Please note that all paid time off, insurance, retirement and other benefits are subject to the terms and conditions of the applicable
plan or policy, and the Company reserves the right to change, alter or terminate at any time any plan, policy, benefit or coverage,
in whole or in part, in its sole discretion.

 

    

     

    

 

		·	At-will employment:
While we anticipate that our professional relationship will be mutually beneficial, your employment will at all times be at-will,
meaning that you or Immunome may terminate the
employment relationship at any time, with or without cause, and with or without prior notice.

 

		·	Confidential Information:
You are required to continue to abide by your Confidentiality, Nondisclosure, Development and Debarment Agreement in accordance
with its terms.

 

		·	Withholding:
All payments and forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding
and payroll taxes and other deductions required by law.

 

		·	Governing Law:
This letter agreement will be governed by the laws of the Commonwealth of Pennsylvania without reference to rules of conflicts
of law.

 

		·	Supersedes Other
Agreements: This letter agreement supersedes and is in lieu of any and all other employment arrangements between you and the
Company, but shall not supersede any existing confidentiality, nondisclosure, invention assignment or other restrictive covenant
agreement between us.

 

Please confirm your agreement to
accept this offer by signing below and sending the signed offer letter through email to me.

 

Sincerely,

 

/s/ Purnanand Sarma

 

Purnanand Sarma

Chief Executive Officer

 

	Agreed and Accepted:	 
	 	 
	 	By:	Michael J. Morin, Ph.D.	 
	 	 
	Signature: 	/s/ Michael Morin	 
	 	 
	Date:	August 5, 2020	 

 

    

     

    

 

EXHIBIT A

 

List of Outside Activities

 

Teaching engagement at University of Massachusetts,
Lowell

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