Document:

Exhibit 10.16

 

 

 

February 1, 2021

 

Jean-Frédéric Viret, Ph.D.

Dear Jean:

 

I am pleased to offer you
a full-time position with Blade Therapeutics, Inc. (the “Company”) as the Company’s Chief Financial Officer.
This letter agreement sets forth the terms and conditions of your appointment as Chief Financial Officer of the Company, effective as
of March 15, 2021 (the “Start Date”). Capitalized terms used herein that are not otherwise defined shall have the meanings
given to such terms in Annex A attached hereto.

 

You will be responsible for
such duties as are normally associated with the position of Chief Financial Officer or as otherwise determined by the Chief Executive
Officer. You will report to the Chief Executive Officer and, subject to local health ordinances, will be expected to be present at and
perform your work at the Company’s offices located in South San Francisco, California, or such other location as the Company may
designate, except for such travel as may be necessary to fulfill your responsibilities. Except for absences due to temporary illness,
you will be expected to devote your full working time to the business and affairs of the Company. You will not, during your employment
by the Company, without the prior written approval of the Board of Directors of the Company (the “Board”), be employed
by or otherwise engaged in any other business activity requiring any of your time.

 

If you accept this offer,
following your Start Date, you will receive an annual salary of $450,000, which will be paid in accordance with the Company’s normal
payroll procedures, less applicable withholdings. In addition, you will be eligible for a one-time bonus of $75,000 within 60 days of
completion of a public offering raising at least $50,000,000 in new investment capital for the Company. You will also be eligible for
an annual bonus of up to 35% of your annual salary, less applicable withholdings (the “Annual Bonus”). The actual Annual
Bonus will be based on the Company’s achievement of certain objectives to be determined by the Board. Any Annual Bonus earned by
you will be paid in accordance with the Company’s standard practices, but no later than two and one half (2 1⁄2) months after
the calendar year in which any such Annual Bonus is earned. In addition, any Annual Bonus that you earn for calendar year 2021 will be
prorated based on the length of your service during 2021.

 

As a Company employee, you
will also be eligible to participate in the Company’s employee benefit plans, in accordance with the terms of such plans, as amended
by the Company from time to time, subject to any restrictions imposed by applicable law. Please note that the Company reserves the right
to cancel or change the benefit plans and programs it offers to its employees at any time. The Company is authorized to withhold, or cause
to be withheld, from any payment or benefit under this offer the full amount of any applicable taxes and any other customary or required
deductions. The Company also reserves its right to modify job titles and salaries from time to time as it deems necessary and in its sole
discretion.

 

     

     

    

 

In addition, if you accept
this offer, it will be recommended at the first meeting of the Board following your Start Date that the Company grant to you an option
(the “Option”) under the Company’s 2015 Equity Incentive Plan, as amended (the “Plan”), to
purchase 2,286,272 shares of the Company’s Common Stock, which represents approximately 1.5% of the Company’s fully-diluted
Common Stock (on an as-converted basis and inclusive of shares of common stock reserved for issuance under the Plan). The Option shall
have an exercise price per share equal to the fair market value of a share of the Company’s Common Stock on the date of grant, as
determined by the Board. The Option shall vest as to 25% of the shares subject to the Option on the first anniversary of the Start Date
and with respect to 1/48th of the shares subject to the Option on each monthly anniversary thereafter, so that the Option will
be fully vested and exercisable four (4) years from your Start Date, subject to your continuing service with the Company through each
relevant vesting date. Notwithstanding anything herein to the contrary, in the event that, within twelve (12) months following a Change
in Control, your continuous employment with the Company is terminated by the Company for reasons other than Cause, death, or Disability
(as defined in the Plan) or you resign your employment with the Company for Good Reason, then, subject to the terms of this letter, one
hundred percent (100%) of the total number of shares subject to the Option that have not vested shall immediately vest and become exercisable
(the “Change in Control Acceleration Benefits”). The Option shall be subject to the terms and conditions of the Plan
and the stock option agreement entered into between you and the Company, including vesting requirements. No right to any stock is earned
or accrued until such time that vesting occurs, nor does a grant confer any right to continue vesting or employment.

 

Your receipt of the Change
in Control Acceleration Benefits will be subject you delivering to the Company a separation agreement and release of claims in a form
reasonably satisfactory to the Company (the “Release”) that becomes effective and irrevocable no later than sixty (60)
days following the date your employment terminates (such deadline, the “Release Deadline”). If the Release does not
become effective and irrevocable by the Release Deadline, you will forfeit any rights to the Change in Control Acceleration Benefits.

 

The Company is excited about
your becoming the Chief Financial Officer and looks forward to a beneficial and productive relationship. Nevertheless, you should be aware
that your employment with the Company continues to be for no specified period and constitutes at-will employment. As a result, you are
free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with
you at any time, with or without cause. We request that, in the event of resignation, you give the Company at least two (2) weeks’
notice.

 

We also ask that, if you have
not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility
to be employed by the Company or limit the manner in which you may be employed. Moreover, you agree that, during the term of your employment
with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the
business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other
activities that conflict with your obligations to the Company. Similarly, you agree not to bring any third party confidential information
to the Company, including that of any former employer, and that in performing your duties for the Company you will not in any way utilize
any such information.

 

As a Company employee, you
will be expected to continue to abide by the Company’s rules and standards. Specifically, if you have not already done so, you will
be required to sign an acknowledgment that you have read and that you understand the Company’s rules of conduct.

 

As a condition of your employment,
you are also required to execute the Company’s standard form of At-Will Employment, Confidential Information, Invention Assignment
and Arbitration Agreement (the “Confidentiality Agreement”), which requires, among other provisions, the assignment
of patent rights to any invention made during your employment at the Company, and non-disclosure of Company proprietary information. In
the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that (i) any and
all disputes between you and the Company shall be fully and finally resolved by binding arbitration in South San Francisco, California,
through JAMS in conformity with California law and the then-existing JAMS employment arbitration rules, which can be found at https://www.jamsadr.com/rules-employment-arbitration/,
(ii) you are waiving any and all rights to a jury trial but all court remedies will be available in arbitration, (iii) all disputes shall
be resolved by a neutral arbitrator who shall issue a written opinion, and (iv) the arbitration shall provide for adequate discovery.
You also agree to provide to the Company, within three days of your Start Date, documentation of your eligibility to work in the United
States, as required by the Immigration Reform and Control Act of 1986.

 

To accept the Company’s
offer, please sign and date this letter in the space provided below and return it to me along with a signed copy of the Confidentiality
Agreement. A duplicate original is enclosed for your records. This letter, along with the Confidentiality Agreement and any equity award
agreements between you and the Company, set forth the terms of your employment with the Company and supersede any prior representations
or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations,
whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended
except by a written agreement signed by you and an authorized officer of the Company.

 

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We look forward to your favorable
reply and to working with you at Blade Therapeutics, Inc.

 

	 	Sincerely,
	 	 	 
	 	BLADE THERAPEUTICS, INC.
	 	 	 
	 	By:	/s/ Wendye Robins, M.D.
	 	 	Wendye Robbins, M.D.
	 	 	Chief Executive Officer

 

	Agreed to and accepted:
	Jean- Frédéric Viret, Ph.D.	 
	 	 
	Signature: 	/s/ Jean-Frédéric Viret, Ph.D.	 
	Date:	February 8, 2021	 

 

Enclosures

Duplicate Original Letter

 

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ANNEX A

DEFINITIONS

 

“Cause” means
your repeated failure, in the reasonable judgment of the Board, to substantially perform your assigned duties or responsibilities as a
service provider as directed or assigned by the Board or the CEO (other than a failure resulting from your permanent disability (as defined
in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended)) after written notice thereof from the Board or the CEO to you describing
in reasonable detail your failure to perform such duties or responsibilities and you having had the opportunity to address the Board,
with counsel, regarding such alleged failures and your failure to remedy same within 30 days of receiving written notice; (ii) your engaging
in knowing and intentional illegal conduct that was or is materially injurious to the Company or its affiliates; (iii) your violation
of a federal or state law or regulation directly or indirectly applicable to the business of the Company or its affiliates, which violation
was or is reasonably likely to be injurious to the Company or its affiliates; (iv) your material breach of the terms of any confidentiality
agreement or invention assignment agreement between you and the Company (or any affiliate of the Company); or (v) your being convicted
of, or entering a plea of nolo contendere to, a felony or committing any act of moral turpitude, dishonesty or fraud against, or
the misappropriation of material property belonging to, the Company or its affiliates.

 

“Change in Control”
means either: (1) the acquisition of the Company by another entity by means of any transaction or series of related transactions (including,
without limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily
for the purpose of changing the domicile of the Company), unless the Company’s stockholders of record immediately prior to such
transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least 50%
of the voting power of the surviving or acquiring entity (provided that the sale by the Company of its securities for the purposes of
raising additional funds shall not constitute a Change in Control hereunder); or (2) a sale of all or substantially all of the assets
of the Company.

 

“Good Reason”
means your resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence
of one or more of the following, without your express written consent: (i) a material reduction of your duties, position or responsibilities,
or the removal of you from such position and responsibilities, either of which results in a material diminution of your authority, duties
or responsibilities, unless you are provided with a comparable position (i.e., a position of equal or greater organizational level, duties,
authority, compensation and status); provided, however, that a reduction in duties, position or responsibilities solely
by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Executive Officer of the Company
remains as such following a Change in Control but is not made the Chief Executive Officer of the acquiring corporation) will not constitute
“Good Reason”; (ii) a material reduction in your annual salary (except where there is a reduction applicable to the management
team generally); provided, however, that a reduction in your annual salary of ten percent (10%) or less in any one year will not be deemed
a material reduction; or (iii) a material change in the geographic location of your primary work facility or location; provided, that
a relocation of less than fifty (50) miles from your then present location or to your home as your primary work location will not be considered
a material change in geographic location. Your resignation will not be deemed to be for Good Reason unless (i) you have first provided
the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days
of the initial existence of the grounds for “Good Reason”, (ii) the Company fails to cure such Good Reason condition within
thirty (30) days following the date the Company receives such written notice and (iii) your resignation for Good Reason is effective within
thirty (30) days following the end of the Company’s cure period.

 

 

4Exhibit 10.17

 

19 April 2017

 

 

 

Dear Prabha,

 

Congratulations! On behalf of Blade
Therapeutics, Inc. (the “Company”), I am pleased to set forth below the terms of your employment with the Company.
Should you accept our offer:

 

1.
You will be employed as Chief Technical Officer, responsible for developing and communicating the technical vision of the Company. You
will be responsible for driving all non-clinical development of nominated molecular candidates including but not limited to vendor selection,
DMPK, quality, manufacturing and supply chain, regulatory compliance and IND filing to enable seamless transition from the bench to clinical
trials and for eventual sale. You will also have responsibility to oversee all aspects of chemistry and screening for new and existing
targets and intellectual property that arises from such activities. Other duties may also be assigned to you by the Company. You shall
report to the Company’s Chief Executive Officer and you agree to devote your time, best efforts, skill, knowledge, attention, and energies
to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee
of the Company. If you wish to request consent to provide services (for any or no form of compensation) to any other person or business
entity while employed by the Company, please discuss that with the CEO in advance of accepting another position. You agree to abide by
the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from
time to time by the Company. It is contemplated that you will commence employment on or about April 24, 2017, the exact start date to
be mutually agreed upon (the date you commence employment with the Company, the “Start Date”). You shall work out of the Company’s
office, in South San Francisco, CA, except for such travel as may be necessary to fulfill your responsibilities.

 

2.
Your base salary will be at the monthly rate of $27,083.33 (equivalent to an annualized base salary of $325,000), less all applicable
taxes and withholdings, to be paid in accordance with the Company’s regular payroll practices. Such base salary may be adjusted from
time to time in accordance with normal business practice and in the sole discretion of the Company.

 

     

     

    

 

3.
Following the end of each fiscal year and subject to the approval of the Company’s Board of Directors (the “Board”), you
will be eligible to receive a performance bonus of up to 30% of your annualized based on your individual performance and/or the
Company’s performance during the applicable fiscal year, as determined by the Board in its sole reasonable discretion in accordance
with certain milestones to be mutually agreed upon between you and the Board each year. Your bonus will be prorated based on your
hire date for 2017, and you must be an active employee of the Company on the date any bonus is paid to you in order to be eligible
for and to earn a bonus award, as it also serves as an incentive to remain employed by the Company.

 

4.
Subject to the terms and conditions thereof and all eligibility requirements, you may participate in any and all benefit programs that
the Company establishes and makes available to its similarly situated employees from time to time, including healthcare insurance and
401K plan. You will also be eligible for paid time off (“PTO”) in accordance with the Company’s PTO policy which shall provide
for not less than 4 weeks of PTO per calendar year. PTO accrual will be capped at 1.5x your annual accrual amount. Once the PTO accrual
reaches the cap, you will cease to accrue additional vacation time until some of the previously accrued vacation is used and the accrued
amount falls below the cap. Additionally, the PTO policy is structured such that employees are not be absent for more than two weeks
at a time unless pre-approved in writing by the CEO. The benefit programs made available by the Company, and the rules, terms and conditions
for participation in such benefit programs, may be changed by the Company at any time without advance notice but the amount of paid time
off will not be reduced.

 

5.
Subject to the approval of the Company’s Board of Directors, you will be eligible to receive an incentive stock option grant to purchase
327,744 shares of common stock of the Company which will be subject to monthly vesting. The stock options shall vest over four years
with 25% vesting on the one year anniversary of the commencement of your employment and monthly vesting thereafter, provided you remain
a service provider to the Company on each such vesting date. They will have an exercise price per share equal to the fair market value
per share at the time of the grant as determined by the Board of Directors of the Company.

 

6.
You will be required to execute the Company’s standard form of At-Will Employment, Confidential Information, Invention Assignment, and
Arbitration Agreement (the “Confidentiality Agreement”) as a condition of your employment. You represent that you are not bound
by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out
your responsibilities for the Company, or which is in any way inconsistent with the terms of this letter. You agree to provide to the
Company, within three days of your hire date, documentation of your eligibility to work in the United States, as required by the Immigration
Reform and Control Act of 1986. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the
case, your employment with the Company will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company.

 

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7.
Notwithstanding any of the above, your employment with the Company is “at will.” This letter shall not be construed as an agreement,
either expressed or implied, to employ you for any stated term, and shall in no way alter the Company’s policy of employment at will,
under which both you and the Company remain free to terminate the employment relationship for any reason, with or without cause, at any
time, and with or without notice. Similarly, nothing in this letter shall be construed as an agreement, either express or implied, to
pay you any compensation or grant you any benefit beyond the end of your employment with the Company, except to the extent required by
applicable law and as specifically set forth in Section 6 hereof.

 

If
you agree with the employment provisions of this letter, please sign in the space provided below and return it to me along with a signed
copy of the Employee Agreement. If you do not accept this offer by April 21, 2017, this offer will be revoked. 

 

	 	Very truly yours,
	 	 	 
	 	Blade Therapeutics INC.
	 	 
	 	By:	/s/ Wendye Robbins, MD
	 	Name:	Wendye Robbins, MD
	 	Title:	President & CEO

 

The
foregoing correctly sets forth the terms of my at-will employment by Blade Therapeutics, Inc. I am not relying on any representations
other than those set forth above.

 

	By:	/s/ PRABHAIBRAHIM	 	Date:	April 21st 2017
	Name:	PRABHAIBRAHIM	 	 	 

 

 

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