Document:

EX-10.11

 Exhibit 10.11 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made as of July 1, 2014, between MabVax Therapeutics, Inc. (the
“Company”), and Wolfgang W. Scholz, Ph.D (the “Executive”). 
 WHEREAS, the Company and the Executive
previously entered into an Employment Agreement dated as of September 2, 2011 (the “Prior Employment Agreement”); and 

WHEREAS, the Company desires to retain and employ the Executive and the Executive desires to be retained and employed by the Company on the
terms contained in this Agreement, which shall supersede the Prior Employment Agreement as of the effective date above. 
 NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Position and Duties. 

(a) The Executive shall serve as the Company’s Vice President, Antibody Discovery, reporting to the Company’s President and Chief
Executive Officer (collectively, “CEO”). 
 (b) The Executive shall perform those services customary to this office and such other
lawful duties that the CEO may be reasonably assign to him. The Executive shall devote all of his business time and best efforts to the performance of his duties under this Agreement and shall be subject to, and shall comply with the Company
policies, practices and procedures and all codes of ethics or business conduct applicable to his position, as in effect from time to time. Notwithstanding the foregoing, the Executive shall be entitled to (i) serve as a member of the board of
directors of a reasonable number of companies, subject to the advance approval of the CEO, which approval shall not be unreasonably withheld, (ii) serve on civic, charitable, educational, religious, public interest or public service boards,
subject to the advance approval of the CEO, which approval shall not be unreasonably withheld, and (iii) manage the Executive’s personal and family investments, in each case, to the extent such activities do not materially interfere, as
determined by the CEO in good faith, with the performance of the Executive’s duties and responsibilities hereunder. 
 2. Term.
This Agreement and the Executive’s employment pursuant to this Agreement shall be for a term of three (3) years commencing as of July 1, 2014 (the “Effective Date”) and ending on the third anniversary of the Effective Date
(the “Expiration Date”), unless terminated earlier by the Company or the Executive pursuant to Section 4 of this Agreement (the “Term”). In the event either party wishes to renew or extend this Agreement upon the Expiration
Date, such party shall notify the other in writing at least 60 days prior to the Expiration Date. 

 3. Compensation and Related Matters. 

(a) Base Salary. During the Term, the Executive’s annual base salary shall be $213,803 (the “Base Salary”). The Base
Salary shall be payable in accordance with the Company’s normal payroll procedures in effect from time to time and may be increased, but not decreased, at the discretion of the Company. 

(b) Annual Bonus. During the Term, the Executive shall be entitled to receive a bonus (the “Annual Bonus”) for each calendar
year, payable in cash in accordance with, and subject to the terms and conditions of, the Company’s then applicable short-term bonus or other cash incentive program (each, a “Bonus Program”). The Executive’s aggregate target
bonus award for each calendar year will be 50% of his then Base Salary (the “Target Annual Bonus”). The Executive’s actual Annual Bonus may range from a minimum amount of 0% to a maximum of 50% of his Target Annual Bonus, which will
be determined by the Company and will be contingent upon the attainment of performance goals reasonably established in good faith by the Company based upon the recommendations of the Executive no later than 90 days after the commencement of each
calendar year. Any Annual Bonus compensation payable to the Executive shall be payable by March 15 of the calendar year following the calendar year to which such Annual Bonus relates, subject to the condition that the Executive remain employed
by the Company through the date the Annual Bonus is paid, except as set forth in Section 6 herein. 
 (c) Business Expenses.
During the Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in performing services hereunder, in accordance with the policies and procedures then in effect and established by
the Company for its senior executive officers. 
 (d) Other Benefits. During the Term and subject to any contribution therefor
required of employees of the Company, the Executive shall be entitled to participate in all equity, pension, savings and retirement plans, welfare and insurance plans, practices, policies, programs and perquisites of employment applicable generally
to other senior executives of the Company, except to the extent any employee benefit plan provides for benefits otherwise provided to the Executive hereunder (e.g., annual bonuses and severance). Such participation shall be subject to
(i) requirements of applicable law, (ii) the terms of the applicable plan documents, (iii) generally applicable Company policies, and (iv) the discretion of the Board or any administrative or other committee provided for under or
contemplated by such plan. The Executive shall have no recourse against the Company under this Agreement in the event that the Company should alter, modify, add to or eliminate any or all of its employee benefit plans. 

(e) Vacation; Holidays. During the Term, the Executive shall be entitled to take up to 30 days of paid time off per calendar year, to
be taken in accordance with the policies applicable to senior executives of the Company generally. The Executive shall also be entitled to paid holidays in accordance with the policies applicable to senior executives of the Company generally. 

  
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 4. Termination. The Executive’s employment may be terminated prior to the expiration
of the Term hereof and this Agreement may be terminated under the following circumstances: 
 (a) Death. The Executive’s
employment shall terminate upon his death. 
 (b) Disability. The Company may terminate the Executive’s employment if the
Executive becomes subject to a Disability. For purposes of this Agreement, “Disability” means the Executive is unable to perform the essential functions of his position, with or without a reasonable accommodation, for a period of 90
consecutive calendar days or 180 non-consecutive calendar days within any rolling 12 month period. 
 (c) Termination by Company for
Cause. The Company may terminate the Executive’s employment for Cause. For purposes of this Agreement, “Cause” means (i) the Executive’s conviction of a felony or a crime of moral turpitude; (ii) the
Executive’s commission of unauthorized acts intended to result in the Executive’s personal enrichment at the material expense of the Company; or (iii) the Executive’s material violation of the Executive’s duties or
responsibilities to the Company which constitute willful misconduct or dereliction of duty, provided as to any termination pursuant to subsection (iii), a majority of the members of the Board shall first approve such “Cause” termination
before the Company effectuates such termination of employment. 
 (d) Termination by the Company without Cause. The Company may
terminate the Executive’s employment at any time without Cause upon 30 days prior written notice. 
 (e) Termination by the
Executive. The Executive may terminate his employment at any time for any reason other than a Good Reason, upon 30 days prior written notice. 

(f) Termination by the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes of this
Agreement, “Good Reason” means the existence of any one or more of the following conditions without the Executive’s consent, provided Executive submit written notice to the CEO within 45 days such condition(s) first arose specifying
the condition(s): (i) a material change in or reduction of the Executive’s authority, duties and responsibilities, or the assignment to the Executive of duties materially inconsistent with the Executive’s position with the Company;
(ii) a material reduction in the Executive’s then current Base Salary or Target Annual Bonus opportunity; or (iii) the requirement that Executive relocate to an office location more than fifty (50) miles from the San Diego,
California area. The Executive’s continued employment subsequent to an event that may constitute Good Reason shall not be deemed to be a waiver of his rights under this provision. Upon receipt of written notice from the Executive regarding a
condition constituting Good Reason, the Company shall then have 30 days to correct the condition (the “Cure Period”). If such condition is not corrected by the last day of the Cure Period, the Executive’s resignation for Good Reason
shall become effective on the 31st day following the written notice. 

  
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 (g) Termination in connection with a Change in Control. In the event of a Change in
Control of the Company (as such term is defined in the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan), for a period of sixty (60) days after the effective date of such Change in Control, Executive shall be entitled
to resign employment with the Company. This subsection shall also prohibit the termination of Executive’s employment without Cause once the Company enters into a letter of intent relating to a transaction that would result in a Change in
Control. 
 (h) Expiration. Executive’s employment shall terminate on the Expiration Date unless renewed or extended pursuant to
Section 2. 
 (i) Termination Date. The “Termination Date” means: (i) if the Executive’s employment is
terminated by his death under Section 4(a), the date of his death; (ii) if the Executive’s employment is terminated on account of his Disability under Section 4(b), the date on which the Company provides the Executive a written
termination notice; (iii) if the Company terminates the Executive’s employment for Cause under Section 4(c), the date on which the Company provides the Executive a written termination notice; (iv) if the Company terminates the
Executive’s employment without Cause under Section 4(d), 30 days after the date on which the Company provides the Executive a written termination notice; (v) if the Executive resigns his employment without Good Reason under
Section 4(e), 30 days after the date on which the Executive provides the Company a written termination notice, (vii) if the Executive resigns his employment with Good Reason under Section 4(f), the 31st day following the day the
Executive provides the Company with written notice of the conditions constituting same, if the Company has not cured such conditions by the 30th day; (viii) if the Executive provides the Company with written notice of his termination in
connection with a Change in Control pursuant to Section 4(g), the 31st day following such written notice; and (ix) the Expiration Date if the Executive’s employment terminates under
Section 4(h). 
 5. Compensation upon Termination. 

(a) Termination by the Company for Cause or by the Executive without Good Reason. If the Executive’s employment with the Company
is terminated pursuant to Sections 4(c) or (e), the Company shall pay or provide to the Executive the following amounts through the Termination Date: any earned but unpaid Base Salary, unpaid expense reimbursements, and any vested benefits the
Executive may have under any employee benefit plan of the Company (the “Accrued Obligations”) on or before the time required by law but in no event more than 30 days after the Executive’s Termination Date. 

(b) Death. If, prior to the expiration of the Term, the Executive’s employment terminates because of his death as provided in
Section 4(a), then the Executive’s authorized representative or estate shall be entitled to the following subject to Section 6: 

(i) Accrued Obligations. The Company shall pay the Accrued Obligations earned through the Termination Date (payable at
the time provided for in Section 5(a)). 

  
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 (ii) Unpaid Annual Bonus. The Company shall pay the Annual Bonus awarded
for the calendar year preceding the Termination Date that remains unpaid as of the Termination Date (payable at the time provided for in Section 3(b)). 

(iii) Pro-Rata Bonus. The Company shall pay a pro-rata portion of the Executive’s Annual Bonus for the calendar
year in which the Executive’s termination occurs based on the actual achievement of performance criteria for that year (determined by multiplying the amount of the Annual Bonus which would be due for the full calendar year by a fraction, the
numerator of which is the number of days during the calendar year of termination that the Executive is employed by the Company and the denominator of which is 365) (the “Pro-Rata Bonus”) payable in accordance with Section 6. 

(iv) Vesting Acceleration. The Company shall vest in full the Executive on the Termination Date for any and all
outstanding equity-incentive awards issued to the Executive and any options may be exercised by his authorized representative or estate for a period equal to the earlier of one year from and after the Termination Date and the original expiration
date of each option as set forth in the respective grant agreements unless a longer period of time is set forth in the grant agreement evidencing the options. 

(v) Continuation of Benefits. Subject to the Executive’s eligible dependents’ timely election of continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall continue to contribute to the premium cost of the Executive’s participation and that of his eligible
dependents’ in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents) for a period of twelve (12) months,
provided the Executive pay the remainder of the premium cost of such participation by payroll deduction (if any) and, provided further that the Executive is eligible and remains eligible for COBRA coverage. If the reimbursement of any COBRA
premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation Act of 2010 (collectively,
the “Act”) or Section 105(h) of the Code, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent, necessary to eliminate any discriminatory treatment or
taxation under the Act or Section 105(h) of the Code. If the Executive’s participation or that of his eligible dependents’ participation would give rise to penalties or taxes against the Company under the Act, as determined by the
Company in its sole discretion, the Company shall instead make cash payments to the Executive over the same period in monthly installments in an amount equal to the Company’s portion of the monthly cost of providing such benefits under its
group health plan for such period. 
 (c) Termination by the Company for Disability, or without Cause, by the Executive with Good Reason,
for Non-Renewal by the Company, or in connection with a Change in Control. If, prior to the expiration of the Term, the Executive’s employment is terminated as a result of Disability pursuant to Section 4(b), by the Company without
Cause pursuant to Section 4(d), the Executive terminates his employment for Good Reason pursuant to 

  
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Section 4(f), the Executive terminates his employment in connection with a Change in Control pursuant to Section 4(g), or for the expiration of the Term pursuant to Section 4(h)
because the Company fails to renew the Agreement pursuant to Section 2, then the Executive shall be entitled to the following subject to Section 6: 

(i) The Company shall pay and provide the Executive with the benefits set forth in 5(b) (i) (Accrued Obligations),
5(b)(ii) (Unpaid Bonus), 5(b)(iii) (Pro-Rata Bonus), 5(b)(iv) (Vesting Acceleration), and the continuation of benefits for 12 months as set forth in Section 5(b)(v) (Continuation of Benefits) provided that if Executive obtains other employment
that offers group health benefits, such continued coverage by the Company under subsection (b)(v) (Continuation of Benefits) shall cease as of such coverage date; and 

(ii) The Company shall pay the Executive severance in an amount equal to one times the Base Salary at the rate in effect on the
Termination Date (but without giving effect to any reduction if one or all of the bases for the Executive’s resignation for Good Reason is a reduction in Base Salary) less, in the case of termination by the Company for Disability, the gross
proceeds paid to the Executive on account of Social Security or other similar benefits and Company-provided short-term and long-term disability plans, if any, which shall be payable in twelve (12) equal monthly installments commencing as set
forth in Section 6. 
 6. Mutual Release; Payment. The payments and benefits provided for in Section 5 shall be conditioned
on (a) the Executive’s continued compliance with the obligations of the Executive under Sections 9 and 10 and (b) the Executive or, in the event of his death, his estate, executing and delivering to the Company a full mutual release
of all claims that the Executive, his heirs and assigns may have against the Company, its affiliates and subsidiaries and each of their respective directors, officers, employees and agents, and of all claims that the Company shall have against the
Executive, his heirs and assigns, in a form reasonably acceptable to the Company and the Executive (the “Release”). The Release must become enforceable and irrevocable on or before the sixtieth (60th) day following the
Termination Date. If the Executive (or his estate) fails to execute without revocation the Release, he shall be entitled to the Accrued Obligations only and no other benefits. The installments of severance provided under Section 5(c)(ii) shall
commence in the calendar month following the month in which the Release becomes enforceable and irrevocable. If, however, the sixty (60) day period in which the Release must become enforceable and irrevocable begins in one year and ends in the
following year, the Company shall commence payment of the severance installments in the second year in the later of January and the first calendar month following the month in which the Release becomes effective and irrevocable. The first
installment shall include, however, all amounts that would otherwise have been paid to the Executive between the Termination Date and the Executive’s receipt of the first installment, assuming the first installment would otherwise have been
paid in the month following the month in which the Termination Date occurs. The Pro-Rata Bonus payable in Section 5 shall be paid when annual bonuses are paid to other senior executives of the Company generally, but in no event later than
March 15 of the year following the year in which the Termination Date occurs. 

  
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 7. Section 409A Compliance. 

(a) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable
year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other
taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
 (b) To the
extent that any of the payments or benefits provided for in Section 5 are deemed to constitute non-qualified deferred compensation benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”), the
following interpretations apply to Section 5: 
 (i) Any termination of the Executive’s employment triggering
payment of benefits under Section 5 must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. § 1.409A-l(h) before distribution of such benefits can commence. To the extent that
the termination of the Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A- 1(h) (as the result of further services that are reasonably anticipated to
be provided by the Executive to the Company or any of its parents, subsidiaries or affiliates at the time the Executive’s employment terminates), any benefits payable under Section 5(b) or (c) that constitute deferred compensation
under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification,
this Section 7(b)(i) shall not cause any forfeiture of benefits on the Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs. 

(ii) Because the Executive is a “specified employee” (as that term is used in Section 409A of the Code and
regulations and other guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 5(b) or (c) that constitute non-qualified deferred compensation under Section 409A of the
Code shall be delayed until the earlier of (A) the business day following the six-month anniversary of the date his separation from service becomes effective, and (B) the date of the Executive’s death, but only to the extent necessary
to avoid such penalties under Section 409A of the Code. On the earlier of (A) the business day following the six-month anniversary of the date his separation from service becomes effective, and (B) the Executive’s death, the
Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid the Executive prior to that date under Section 5 of this Agreement. 

(iii) It is intended that each installment of the payments and benefits provided under Section 5 of this Agreement shall
be treated as a separate “payment” for 

  
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purposes of Section 409A of the Code. In particular, the installment severance payments set forth in Section 7(b)(ii) of this Agreement shall be divided into two portions. That number
of installments commencing on the first payment date set forth in Section 7 of this Agreement that are in the aggregate less than two times the applicable compensation limit under Section 401(a)(17) of the Code for the year in which the
Termination Date occurs (provided the termination of the Executive’s employment is also a separation from service) shall be payable in accordance with Treas. Reg. § 1.409A-l(b)(9)(iii) as an involuntary separation plan. The remainder of
the installments shall be paid in accordance with Sections 7(b)(i) and (ii) above. 
 8. Certain Reductions in Payments. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event that the Accounting Firm (as defined below) determines that
receipt of all Payments (as defined below) would subject the Executive to the tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Agreement Payments (as defined below) to the Executive so that
the Parachute Value (as defined below) of all Payments to the Executive, in the aggregate, equals the applicable Safe Harbor Amount (as defined below). Agreement Payments shall be so reduced (the “Reduced Payments”) only if the Accounting
Firm determines that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced. If the Accounting Firm determines that the Executive would not have a greater Net
After-Tax Receipt of aggregate Payments if the Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled hereunder. 

(b) If the Accounting Firm determines that the aggregate Agreement Payments to the Executive should be reduced so that the Parachute Value of
all Payments to the Executive, in the aggregate, equals the applicable Safe Harbor Amount, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting
Firm under this Section 8 shall be binding upon the Company and the Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the date that there has been an Agreement Payment that would subject
the Executive to the tax under Section 4999 of the Code (the “Excise Tax”). 
 (c) For purposes of reducing the Agreement
Payments to the Executive so that the Parachute Value of all Payments to the Executive, in the aggregate, equals the applicable Safe Harbor Amount, only Agreement Payments (and no other Payments) shall be reduced. The reduction contemplated by this
Section 8, if applicable, shall be made by reducing payments and benefits (to the extent such amounts are considered Payments) under the following sections in the following order: (i) any Payments under Section 5(b)(v) (Continuation
of Benefits), (ii) any Payments under Section 5(b)(iii) (Pro-Rata Bonus), (iii) any Payments under Section 5(b)(ii) (Unpaid Bonus), (iv) any Payments under Section 5(b)(iv) (Acceleration of Vesting), and (iv) any
other cash Agreement Payments that would be made upon a termination of the Executive’s employment, beginning with payments that would be made last in time. 

(d) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible 

  
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that, under circumstances where the initial determination resulted in Reduced Payments, the Internal Revenue Service may later determine such reduction was not large enough to avoid the Excise
Tax on the Payments (making the Net After-Tax Receipt of aggregate Payments less than if no reduction had occurred). Under such circumstances, in the event that the Internal Revenue Service or a court, as applicable, finally and in a decision that
has become unappealable or a decision which is nonfinal but which the Company elects not to appeal, determines that the Payments are subject to the Excise Tax, the amount of the Reduced Payments shall be paid or distributed by the Company to or for
the benefit of the Executive within 30 days of such final determination; provided that (i) the Executive shall not initiate any proceeding or other contests regarding these matters, other than at the direction of the Company, and shall provide
notice to the Company of any proceeding or other contest regarding these matters initiated by the Internal Revenue Service and (ii) the Company shall be entitled to direct and control all such proceedings and other contests, if it commits to do
so, it shall pay all fees (including without limitation legal and other professional fees) associated therewith. 
 (e) In connection with
making determinations under this Section 8, the Accounting Firm shall take into account the value of any reasonable compensation for services to be rendered by the Executive before or after the change in control, including the non-competition
provisions applicable to the Executive under Section 9(d) and any other non-competition provisions that may apply to the Executive, and the Company shall cooperate in the valuation of any such services, including any non-competition provisions.

 (f) All fees and expenses of the Accounting Firm in implementing the provisions of this Section 8 shall be borne by the Company.

 (g) In the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Agreement Payments,
the Executive shall permit the Company to control issues related to the Agreement Payments or any excise tax thereon, provided that such issues do not potentially materially adversely affect the Executive. If the Company commits to control such
issues, it shall pay all fees (including without limitation legal and other professional fees) associated therewith. In the event of any conference with any taxing authority as to the Agreement Payments, any excise tax thereon, or associated income
taxes, the Executive shall permit the representative of the Company to accompany the Executive, and the Executive and any representative of the Executive shall cooperate with the Company and its representative. 

(h) Definitions. The following terms shall have the following meanings for purposes of this Section 8. 

(i) “Accounting Firm” shall mean a nationally recognized certified public accounting firm or other professional
organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Executive and reasonably acceptable to the Company for purposes
of making the applicable determinations hereunder. 

  
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 (ii) “Agreement Payment” shall mean a Payment paid or payable pursuant
to this Agreement including, for the avoidance of doubt, any acceleration of vesting of equity awards. 
 (iii) “Net
After-Tax Receipt” shall mean the Present Value of a Payment net of all taxes imposed on the Executive with respect thereto under Code Sections 1 and 4999 and under applicable state, local, and foreign laws, determined by applying the
applicable highest marginal rate . 
 (iv) “Parachute Value” of a Payment shall mean the present value as of the
date of the change in control for purposes of Code Section 280G of the portion of such Payment that constitutes a “parachute payment” under Code Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining
whether and to what extent the excise tax under Code Section 4999 will apply to such Payment. 
 (v) A
“Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Code Section 280G(b)(2)) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise.

 (vi) “Present Value” of a Payment shall mean the economic present value of a Payment as of the date of the
change in control for purposes of Code Section 280G, as determined by the Accounting Firm using the discount rate required by Code Section 280G(d)(4). 

(vii) “Safe Harbor Amount” means (x) 3.0 times the Executive’s “base amount,” within the meaning
of Code Section 280G(b)(3), minus (y) $1.00. 
 9. Confidentiality and Restrictive Covenants. 

(a) The Executive acknowledges that: 

(i) the Company (which, for purposes of this Section 9 shall include the Company and each of its subsidiaries and
affiliates) is engaged in the pharmaceutical development business with a focus on the development and testing of monovalent and polyvalent vaccines targeted at cancer for eventual commercialization (the “Business”); 

(ii) the Company is dependent on the efforts of a certain limited number of persons who have developed, or will be responsible
for developing the Company’s Business; 
 (iii) the Company’s Business is national in scope; 

(iv) the Business in which the Company is engaged is intensely competitive and that Executive’s employment by the Company
will require that he have access to and knowledge of nonpublic confidential information of the Company and the Company’s Business, including, but not limited to, certain/all of the Company’s products, plans for creation, acquisition or
disposition of products or publications, strategic and expansion plans, formulas, research results, marketing plans, financial status and plans, 

  
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budgets, forecasts, profit or loss figures, distributors and distribution strategies, pricing strategies, improvements, sales figures, contracts, agreements, then existing or then prospective
suppliers and sources of supply and customer lists, undertakings with or with respect to the Company’s customers or prospective customers, and patient information, product development plans, rules and regulations, personnel information and
trade secrets of the Company, all of which are of vital importance to the success of the Company’s business (collectively, “Confidential Information”); 

(v) the direct or indirect disclosure of any Confidential Information would place the Company at a serious competitive
disadvantage and would do serious damage, financial and otherwise, to the Company’s business; 
 (vi) by his training,
experience and expertise, the Executive’s services to the Company will be special and unique; 
 (vii) the covenants and
agreements of the Executive contained in this Section 9 are essential to the business and goodwill of the Company; and 

(viii) if the Executive leaves the Company’s employ to work for a competitive business, in any capacity, it would cause
the Company irreparable harm. 
 (b) Covenant Against Disclosure. All Confidential Information relating to the Business is, shall be
and shall remain the sole property and confidential business information of the Company, free of any rights of the Executive. The Executive shall not make any use of the Confidential Information except in the performance of his duties hereunder and
shall not disclose any Confidential Information to third parties, without the prior written consent of the Company. 
 (c) Return of
Company Documents. On the Termination Date or on any prior date upon the Company’s written demand, the Executive will return all memoranda, notes, lists, records, property and other tangible product and documents concerning the Business,
including all Confidential Information, in his possession, directly or indirectly, that is in written or other tangible form (together with all duplicates thereof) and that he will not retain or furnish any such Confidential Information to any third
party, either by sample, facsimile, film, audio or video cassette, electronic data, verbal communication or any other means of communication. 

(d) Further Covenant. During the Term and through the second anniversary of the Termination Date, the Executive shall not, directly or
indirectly, take any of the following actions, and, to the extent the Executive owns, manages, operates, controls, is employed by or participates in the ownership, management, operation or control of, or is connected in any manner with, any
business, the Executive will use his best efforts to ensure that such business does not take any of the following actions: 

(i) Use the Company’s Confidential Information to persuade or attempt to persuade any customer of the Company to cease
doing business with the Company, or to reduce the amount of business any customer does with the Company; 
 (ii) in a manner
that competes with the Company’s business, use the Company’s Confidential Information to solicit for himself or any entity the business of a customer of the Company or the business of a former customer of the Company within twelve
(12) months prior to the termination of the Executive’s employment; or 

  
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 (iii) persuade or attempt to persuade any employee or independent contractor of
the Company to leave the service of the Company, or hire or engage, directly or indirectly, any individual who was an employee or independent contractor of the Company within one (1) year prior to the Executive’s Termination Date. 

(e) Enforcement. The Executive acknowledges and agrees that any breach by him of any of the provisions of this Section 9 (the
“Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches or threatens to commit a breach of any of the provisions of
Section 9, the Company shall have the ability to seek the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in equity (including, without limitation, the recovery of damages): (i) the right and remedy to have the Restrictive Covenants specifically enforced
(without posting bond and without the need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary
and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants; and (ii) the right and remedy to require the Executive to account for and pay over to the Company all compensation, profits, monies,
accruals, increments or other benefits (collectively, “Benefits”) derived or received by him as the result of any transactions constituting a breach of the Restrictive Covenants, and the Executive shall account for and pay over such
Benefits to the Company and, if applicable, its affected subsidiaries and/or affiliates. The Executive agrees that in any action seeking specific performance or other equitable relief, he will not assert or contend that any of the provisions of this
Section 9 are unreasonable or otherwise unenforceable. Other than a material breach of this Agreement, the existence of any claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a
defense to the enforcement of the Restrictive Covenants. 
 10. Intellectual Property. 

(a) Works for Hire. All creations, inventions, ideas, designs, software, copyrightable materials, trademarks, and other technology and
rights (and any related improvements or modifications), whether or not subject to patent or copyright protection (collectively, “Creations”), relating to any activities of the Company which were, are, or will be conceived by the
Executive or developed by the Executive in the course of his employment or other services with the Company, whether conceived alone or with others and whether or not conceived or developed during regular business hours, and if based on Confidential
Information, after the termination of the Executive’s employment, shall be the sole property of the Company and, to the maximum extent permitted by applicable law, shall be deemed “works made for hire” as that term is used in the
United States Copyright Act. The Executive agrees to assign and hereby does assign to the Company all Creations conceived or developed from the start of this employment with the Company through to the Termination Date, and after the Termination Date
if the Creation incorporates or is based on any Confidential Information. 

  
 -12- 

 (b) Assignment. To the extent, if any, that the Executive retains any right, title or
interest with respect to any Creations delivered to the Company or related to his employment with the Company, the Executive hereby grants to the Company an irrevocable, paid-up, transferable, sub-licensable, worldwide right and license: (i) to
modify all or any portion of such Creations, including, without limitation, the making of additions to or deletions from such Creations, regardless of the medium (now or hereafter known) into which such Creations may be modified and regardless of
the effect of such modifications on the integrity of such Creations; and (ii) to identify the Executive, or not to identify his, as one or more authors of or contributors to such Creations or any portion thereof, whether or not such Creations
or any portion thereof have been modified. The Executive further waives any “moral” rights, or other rights with respect to attribution of authorship or integrity of such Creations that he may have under any applicable law, whether under
copyright, trademark, unfair competition, defamation, right of privacy, contract, tort or other legal theory. 
 Notwithstanding the
foregoing, pursuant to California Labor Code Section 2870, the foregoing shall not apply to an invention that Executive developed entirely on his own time without using the Company’s equipment, supplies, facilities, or trade secret
information except for those inventions that either: 
  

	 	•	 	Relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company; or 

 

	 	•	 	Result from any work performed by the Executive for the Company. 

 (c) Disclosure. The
Executive will promptly inform the Company of any Creations he conceives or develops during the Term. The Executive shall (whether during his employment or after the termination of his employment) execute such written instruments and do other such
acts as may be necessary in the opinion of the Company or its counsel to secure the Company’s rights in the Creations, including obtaining a patent, registering a copyright, or otherwise (and the Executive hereby irrevocably appoints the
Company and any of its officers as his attorney in fact to undertake such acts in his name). The Executive’s obligation to execute written instruments and otherwise assist the Company in securing its rights in the Creations will continue after
the termination of his employment for any reason, the Company shall reimburse the Executive for any out-of-pocket expenses (but not attorneys’ fees) he incurs in connection with his compliance with this Section 10(c). 

11. Indemnification. During the Term and thereafter, the Company shall indemnify the Executive to the fullest extent provided in the
Company’s bylaws and/or Certificate of Incorporation. The Company shall purchase, and at all times maintain in effect, a policy of directors and officer’s insurance coverage. 

12. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements between the parties concerning such subject matter, including, without limitation, the Prior Employment Agreement. 

  
 -13- 

 13. Successors. This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the completion by the Company of all
payments due him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation). The
Company shall require any successor to the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

14. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any
section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

15. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 16. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party 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. 
 17.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

18. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 19. Governing Law. This is a California contract and shall be construed under and be governed in
all respects by the laws of California for contracts to be performed in that State and without giving effect to the conflict of laws principles of California or any other State. In the event of any alleged breach or threatened breach of this
Agreement, the Executive hereby consents and submits to the jurisdiction of the federal and state courts in and of the State of California. 

20. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 

  
 -14- 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. 
  

			
	MabVax Therapeutics, Inc.
		
	By:	 	 /s/ J. DAVID HANSEN

	Name:	 	J. David Hansen
	Title:	 	President and Chief Executive Officer
	
	
                  /s/ WOLFGANG W.
SCHOLZ

	Executive

  
 -15-EX-10.12

 Exhibit 10.12 

MABVAX THERAPEUTICS, INC. 

COMMON STOCK PURCHASE AGREEMENT 

THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into effective as of July 3, 2014, by and among
MabVax Therapeutics, Inc., a Delaware corporation (the “Company”), and the persons and entities listed on the attached Exhibit A who become signatories to this Agreement (individually an “Investor” and
collectively, the “Investors”). 
 RECITALS 

A. The Company desires to sell shares of the Company’s Common Stock, par value $0.001 per share (or shares of Telik’s Common Stock
following the Merger) (the “Common Stock”), to the Investors, and the Investors desire to purchase such shares of Common Stock from the Company, subject to the terms and conditions set forth in this Agreement; 

B. The Company is party to that certain Agreement and Plan of Merger, dated as of May 12, 2014 (the “Merger Agreement”),
by and among the Company, Telik Acquisition Corp. and Telik, Inc. (“Telik”), pursuant to which the Company will become a wholly owned subsidiary of Telik (the “Merger”) and all shares of Common Stock will be
converted into the right to receive shares of Common Stock of Telik on the terms and conditions set forth therein; and 
 C. In connection
with the sale and issuance of the Common Stock, each Investor participating in a Closing (as defined below) held prior to the consummation of the Merger will become party to and execute a deliver a counterpart signature page to that certain
Stockholders’ Agreement, dated as of February 12, 2014, by and among the Company and the Stockholders, attached hereto as Exhibit B (the “Stockholders’ Agreement”). 

THE PARTIES AGREE AS FOLLOWS: 
 SECTION 1

 PURCHASE AND SALE OF COMMON STOCK 

1.1 Purchase and Sale. Subject to the terms and conditions of this Agreement, the Company shall issue and sell to the Investors
and the Investors shall purchase from the Company, at the purchase price of $2.59 per share (as the same may be adjusted from time to time in connection with the Merger and any stock split, stock dividend or similar adjustment, the “Purchase
Price”), a total of up to 3,937,008 shares of Common Stock of the Company (or, with respect to any Closing held on or after the consummation of the Merger, an equivalent number of shares of Telik Common Stock, calculated as set forth in the
Merger Agreement and as may be adjusted from time to time in connection with any stock split, stock dividend or similar adjustment) excluding any Adjustment Shares (the “Shares”), provided, however, that the aggregate Purchase Price
of all Shares issued pursuant to this Agreement (other than Adjustment Shares) shall not exceed $10,000,000. The number of Shares to be purchased by each Investor is set forth opposite the name of such Investor on Exhibit A. 

1.2 Closing. 

(a) Initial Closing. The initial purchase and sale of the Shares shall take place remotely via the exchange of documents and
signatures, at 10:00 a.m., on July 3, 2014, at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., located at 3580 Carmel Mountain Road, Suite 300, San Diego, CA 92130 or at such other time and place as the Company and a
majority of the Investors mutually agree upon, orally or in writing (which time and place are designated as the “Initial Closing”). In the event there is more than one closing, the term “Closing” shall apply to each
such closing unless otherwise specified. The date of a Closing is hereinafter referred to as the “Closing Date”. 

  
 1 

 (b) Subsequent Closing. The Company may hold subsequent closings (each a
“Subsequent Closing”) for the purchase and sale of Shares, provided that the aggregate Purchase Price of Shares sold may not exceed $10,000,000, except as may be increased in the discretion of the Company. Exhibit A shall be
revised by the Company to reflect the sale of Shares at any Subsequent Closing, with the purchasers of such Shares to be treated as Investors for all purposes hereunder. At the Closing and at each Subsequent Closing, each Investor shall purchase
that number of Shares designated opposite such Investor’s name on Exhibit A for the aggregate Purchase Price set forth on Exhibit A, or at such other time and place upon which the Company and the Investors may agree. 

Adjustment Shares. In the event that, during the period beginning as of the date of this Agreement and ending as of the first to occur of (such
date, the “Termination Date”) (i) the date on which the Company raises an aggregate of $10,000,000 through the sale and issuance of its equity securities (including proceeds from the sale and issuance of the Shares pursuant to
this Agreement, any securities by Telik following the consummation of the Merger or upon the exercise or conversion of options, warrants and other convertible securities) and (ii) December 31, 2015, the Company (or Telik, as the case may
be) issues any equity securities (other than securities issuable upon the exercise or conversion of options, warrants and other convertible securities outstanding as of the date of this Agreement or issued in exchange for such outstanding options,
warrants or other convertible securities pursuant to the Merger Agreement) at a price per share less than $2.54 per share then, without any additional consideration from any Investor, the Company shall issue to each Investor participating in a
Closing held on or prior to the date on which the Merger is consummated (each, an “Eligible Investor”) as of the Termination Date a number of additional Shares (the “Adjustment Shares”) equal to the lesser of
(A) the difference (if positive) between (x) the quotient of (I) the aggregate Purchase Price paid by such Eligible Investor in all Closings held hereunder divided by (II) the weighted average price of all securities issued by the
Company (other than Excluded Securities, as defined below) during the period starting as of the Initial Closing and ending on the Termination Date minus (y) the aggregate number of Shares purchased by such Eligible Investor in all Closings held
hereunder and (B) 33% of the aggregate number of Shares purchased by such Eligible Investor in all Closings held hereunder and held by such Eligible Investor as of the Termination Date. 

As used herein, the term “Excluded Securities” shall mean securities of the Company or a successor of the Company issued or issuable
(i) upon the exercise or conversion of options, warrants and other convertible securities outstanding as of the date of this Agreement, (ii) pursuant to an equity incentive plan of the Company or a successor of the Company approved by the
Company’s or its successor’s Board of Directors, or (iii) in exchange for such outstanding options, warrants or other convertible securities issued pursuant to the Merger Agreement. 

1.3 Delivery. At each Closing, the Company will deliver to each Investor a certificate representing the Shares which that
Investor is obtaining against delivery to the Company by such Investor at such Closing, of (a) an executed counterpart of this Agreement and the Stockholders’ Agreement (with respect to Investors participating in a Closing held prior to
the consummation of the Merger only) (collectively, the “Transaction Agreements”), and (b) the purchase price of such Shares as set forth on Exhibit A by wire transfer or a certified or cashiers’ check payable
to the Company. At the Termination Date and to the extent applicable, the Company will deliver to each Eligible Investor a certificate representing the Adjustment Shares which that Eligible Investor is obtaining. 

SECTION 2 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 The Company hereby represents and warrants to each Investor, except as set forth in the Proxy Statement attached hereto as Exhibit
C (the “Proxy Statement”), that the following representations are true and complete in all material respects as of the Initial Closing Date. 

2.1 Organization and Standing. The Company is a corporation duly organized and validly existing under the laws of the State of
Delaware and is in good standing under such laws and is duly qualified and in good standing under the laws of the State of California. The Company has the requisite corporate power to own and operate its properties and assets, and to carry on its
business as presently conducted. 
 2.2 Corporate Power. The Company will have at each Closing Date and the Termination Date
all requisite legal and corporate power to execute and deliver the Transaction Agreements and to sell and issue the Shares, and the Adjustment Shares to the extent issuable, hereunder, and to carry out and perform its obligations under the terms of
each Transaction Agreement. 

  
 2 

 2.3 Validity. When executed and delivered by the Investors, each Transaction
Agreement constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors. 

2.4 Litigation. Except as set forth under the heading “Legal Proceedings” in the Proxy Statement, there are no
actions, suits, proceedings or investigations pending or, to the Company’s knowledge, currently threatened against the Company or its properties, before any court or governmental agency. 

2.5 Governmental Consent. No consent, approval or authorization of or designation, declaration or filing with any governmental
authority on the part of the Company is required in connection with the valid execution and delivery of the Transaction Agreements, or the offer, sale or issuance of the Shares, and the Adjustment Shares to the extent issuable, hereunder, or the
consummation of any other transaction contemplated hereby or thereby, except for the filing of a Form D under Regulation D promulgated under the Securities Act of 1933, as amended (and, together with the regulations promulgated thereunder, the
“Securities Act”) and the qualification (or taking such action as may be necessary to secure an exemption from qualification, if available) of the offer and sale of the Shares, and the Adjustment Shares to the extent issuable, under
applicable state securities law and other applicable Blue Sky laws, which filing and qualification, if required, will be accomplished. 

2.6 Capitalization. The capitalization of the Company immediately prior to the Initial Closing and prior to giving effect to the
transactions contemplated by the Merger Agreement is set forth in Exhibit D. 
 2.7 Duly Authorized. The outstanding
shares of the capital stock of the Company are duly authorized and validly issued, fully paid and nonassessable, have been approved by all requisite stockholder action, and have been issued in compliance with all relevant state and federal
securities laws. 
 2.8 Title to Property and Assets. The properties and assets the Company owns are owned by the Company free
and clear of all mortgages, deeds of trust, liens, encumbrances and security interests except for statutory liens for the payment of current taxes that are not yet delinquent and liens, encumbrances and security interests which arise in the ordinary
course of business and which do not affect material properties and assets of the Company. 
 2.9 Subsidiaries. The Company
does not own or control, directly or indirectly, any equity interest in any other corporation, partnership, trust, joint venture, association or other entity. The Company is not a participant in any joint venture, partnership or similar arrangement.

 2.10 No Disqualification Events. None of the Company, and of its predecessors, any director, executive officer, other
officer of the Company, any beneficial owner of 20% or more of the Company’s outstanding voting capital stock, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of sale (each, a “Company Covered Person”) is subject to any “Bad Actor” disqualifications described in Rule 506(d)(l)(i) to (viii) under the Securities Act (a
“Disqualification Event”), except a Disqualification Event covered by Rule 506(d)(2) or (d)(3) applies. The Company has exercised reasonable care to determine (a) the identity of each person that is a Company Covered Person,
and (b) whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) under the Securities Act, and has furnished to its agents a
copy of any disclosures provided thereunder. 

  
 3 

 SECTION 3 

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

 Each Investor, severally and not jointly, represents and warrants to the Company that the following representations are true and
complete in all material respects as of the Closing Date in which such Investor participates, and, to the extent any Adjustment Shares are issued to an Eligible Investor, as of the Termination Date: 

3.1 Validity. When executed and delivered by the Investor, and assuming execution and delivery by the Company, each Transaction
Agreement shall constitute a valid obligation of the Investor, enforceable in accordance with its respective terms. 
 3.2
Investment. This Agreement is made with the Investor in reliance upon its representation to the Company, which by the Investor’s execution of this Agreement, Investor hereby confirms, that the Shares, and the Adjustment Shares to the
extent issuable, to be received by the Investor shall be acquired for investment for Investor’s own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, and that the Investor has no present
intention of selling, granting any participation in, or otherwise distributing any of the Shares, and the Adjustment Shares to the extent issuable. By executing this Agreement, the Investor further represents that it has no contract, undertaking,
agreement, or arrangement with any person to sell, transfer, or grant participation to such person or to any third person, with respect to any of the Shares, or the Adjustment Shares to the extent issuable. The Investor was not offered or sold the
Shares, or the Adjustment Shares to the extent issuable, directly or indirectly, by means of any form of general solicitation or general advertisement, including (i) any advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or (ii) any seminar or other meeting whose attendees had been invited by general solicitation or general advertising. 

3.3 No Public Market. The Investor understands and acknowledges that the offering of the Shares, and the Adjustment Shares to
the extent issuable, pursuant to this Agreement shall not be registered under the Securities Act on the grounds that the offering and sale of securities contemplated by this Agreement are exempt from registration pursuant to Section 4(a)(2)
and/or Section 3(b) of the Securities Act, and that the Company’s reliance upon such exemption is predicated upon Investor’s representations as set forth in this Agreement. The Investor further understands that no public market exists
prior to the consummation of the Merger for any of the securities issued by the Company, that the Company has given no assurances that the Merger will be consummated or that any other public market shall ever exist for the Company’s securities
and that the Company has no obligation to any Investor to register any of the shares for sale under the Securities Act or to consummate the Merger. 

3.4 Limitations on Transferability. Investor covenants that in no event shall it dispose of any of the Shares, and the
Adjustment Shares to the extent issuable, (other than pursuant to Rule 144 promulgated by under the Securities Act (“Rule 144”) or any similar or analogous rule) unless and until (a) the Investor shall have notified the Company
of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (b) if requested by the Company, the Investor shall have furnished the Company with an opinion of
counsel satisfactory in form and substance to the Company and the Company’s counsel to the effect that (x) such disposition shall not require registration under the Securities Act and (y) appropriate action necessary for compliance
with the Securities Act and any applicable state, local, or foreign law has been taken. Notwithstanding the limitations set forth in the foregoing sentence, if the Investor is a partnership it may transfer Shares to its constituent partners or a
retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired partner or transfer by gift, will, or intestate succession to any such partner’s spouse or lineal descendants or ancestors
without the necessity of registration or opinion of counsel if the transferee agrees in writing to be subject to the terms of this Agreement to the same extent if such transferee were an Investor; provided, however, that Investor
hereby covenants not to effect such transfer if such transfer either would invalidate the securities laws exemptions pursuant to which the Shares, and the Adjustment Shares to the extent issuable, were originally offered and sold or would itself
require registration and/or qualification under the Securities Act or applicable state securities laws. Each certificate evidencing the Shares transferred as above provided shall bear the appropriate restrictive legends set forth in Section 6
of this Agreement. In addition, the Investor hereby acknowledges and agrees that any transfer shall also only be effected in conformity with the provisions of the Stockholders Agreement to which such Investor is a party. 

  
 4 

 3.5 Experience. The Investor represents that: (a) it has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of its prospective investment in the Shares; (b) it believes it has received all the information it has requested from the Company and considers
necessary or appropriate for deciding whether to obtain the Shares; (c) it has had the opportunity to discuss the Company’s business, management, and financial affairs with the Company’s management, (d) it has the ability to bear
the economic risks of its prospective investment; and (e) it is able, without materially impairing its financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss on its investment. 

3.6 Access to Information. The Investor (a) has had an opportunity to discuss the Company’s business, management and
financial affairs with the Company’s management and the opportunity to inspect Company facilities and such books and records and material contracts as the Investor deemed necessary to its determination to purchase the Shares and (b) has
read and reviewed the Proxy Statement. 
 3.7 Accredited Investor. The Investor presently qualifies and shall, as of the
Closing Date of each Closing in which the Investor participates, qualify as an “accredited investor” within the meaning of Regulation D of the rules and regulations promulgated under the Securities Act. 

3.8 Confidentiality. The Investor agrees that it shall keep confidential and shall not use, disclose or divulge any information
which such Investor may obtain from the Company, pursuant to financial statements, reports and other materials submitted by the Company as required hereunder or under any other documents, or pursuant to information rights granted under any other
documents unless such information is known, or until such information becomes known, to the public through no fault of such Investor or its agents, or unless the Company’s President or Chief Executive Officer gives written consent to the
Investor’s release of such information, except that no such written consent shall be required (and Investor shall be free to release such information) if such information is to be provided to Investor’s counsel or accountant, or to an
officer, director, general partner, limited partner, stockholder or stockholder, investment counselor or advisor, or employee of an Investor with a need to know such information; provided that any such counsel, accountant, officer, director, general
partner, limited partner, stockholder or stockholder, investment counselor or advisor, or employee shall be bound by the provisions of this Section 3.8. Notwithstanding the foregoing, this Section 3.8 shall not apply (a) to
information which an Investor learns from a third party with the right to make such disclosure, provided Investor complies with the restrictions imposed by the third party, (b) to information which is in Investor’s possession prior to the
time of disclosure by the Company and not acquired by Investor under a confidentiality obligation, and (c) to the extent (after requesting and pursuing confidential treatment to the extent reasonably possible) the Investor is required to
disclose such information by law, a governmental regulatory authority or court order. 
 3.9 Investor’s Liquidity. The
Investor (a) has no need for liquidity in the Investor’s investment, (b) is able to bear the substantial economic risks of an investment in the Shares, and the Adjustment Shares to the extent issuable, for an indefinite period and
(c) at the present time, can afford a complete loss of such investment. The Investor’s current commitments to illiquid investments is not disproportionate to the Investor’s net worth, and the Investor’s investment in the Shares,
and the Adjustment Shares to the extent issuable, will not cause such commitment to become disproportionate. 
 3.10 Risks.
The Investor is aware that the Share, and the Adjustment Shares to the extent issuable, and any securities issued in respect of or exchange for the Shares or the Adjustment Shares are highly speculative and that there can be no assurance as to what
return, if any, there may be. Investor acknowledges the risks of purchasing the Shares, and the Adjustment Shares to the extent issuable. The Investor has reviewed the risk factors relating to the Company and its business as set forth in the Proxy
Statement, including, without limitation, those relating to the risk that the Merger described therein may not close, and the risk factors relating to the Company’s capital stock attached as Exhibit E hereto. The Investor understands and
acknowledges that the Merger may not be consummated or may not be consummated on the terms and conditions set forth in the Merger Agreement. 

3.11 Investment Entity. The Investor, if a corporation, partnership, trust or other entity, is authorized and otherwise duly
qualified to purchase and hold the Shares, and the Adjustment Shares to the extent issuable; such entity has made its investment decision to purchase the Shares, and the Adjustment Shares to the extent issuable, at

  
 5 

 
its office address for the Investor as set forth on Exhibit A hereto; and such entity has not been formed for the specific purpose of acquiring the Shares. The Investor, if a natural
person, resides in the state identified in the address of the Investor set forth on Exhibit A hereto. 
 3.12 No
Disqualification Events. The Investor represents, after reasonable inquiry, that no Disqualification Event is applicable to the Investor or any Rule 506(d) Related Party (if any), except a Disqualification Event as to which Rule
506(d)(2)(ii) or (iii) or (d)(3) applies. As used herein, “Rule 506(d) Related Party” means a person or entity that is a beneficial owner of the Investor’s securities for purposes of Rule 506(d) under the Securities Act.

 3.13 Investment by Placement Agent. The Investors acknowledge that Dawson James Securities, Inc. (“Dawson
James”) is one of the placement agents for the offering of Shares pursuant to this Agreement. Certain affiliates of Dawson James, Robert D. Keyser, Jr., the Chief Executive Officer of Dawson James, and R. Douglas Armstrong, Chief
Business Officer of Dawson James, own all of the outstanding membership interests of Auxol Capital, LLC (“Auxol”). Auxol holds certain securities of the Company, including 89,461 shares of the Company’s Series C-1 preferred
stock (“Series C-1 Preferred Stock”), warrants exercisable for up to 44,731 shares of Series C-1 Preferred Stock and 178,922 shares of Common Stock. The Series C-1 Preferred Stock has certain rights and privileges that are superior
to the Shares being offered pursuant to this Agreement, including, without limitation, dividend payments, redemption rights and conversion rights. In addition, if the Company is successful in completing the merger described in the Proxy Statement,
the holders of Series C-1 Preferred Stock will receive preferred stock of the publicly traded corporation with similar rights, which rights will be superior to the rights of the purchasers of Shares. To the extent that not all of the Shares being
offered pursuant to this Agreement are sold, the holders of Series C-1 Preferred Stock, including Auxol, will be required to purchase shares of a to be authorized series of the Company’s preferred stock, which will be designated Series C-2
Preferred Stock (the “Series C-2 Preferred Stock”), and which will have substantially the same rights, preferences and privileges as the Series C-1 Preferred Stock. Each Investor’s purchase of Shares will offset Auxol’s
obligation to purchase shares of Series C-2 Preferred Stock thereby conferring an additional benefit upon Auxol and its affiliates. In addition, Auxol and/or one or more affiliates of Auxol or Dawson James (together the “DJ
Affiliates”) may purchase Shares. By executing this Agreement, all Investors also acknowledge that the DJ Affiliates may purchase Shares. 

3.14 Placement Agent Fee. The Investors acknowledge that one or more investment banks may be retained by the Company to serve as
placement agents for the Shares. The Company has agreed to pay the placement agents cash commissions ranging from 2% to 8% of the aggregate purchase price paid by each purchaser of Shares depending on whether they are prior investors or new
investors that are introduced to the Company by such investment bank. Further, the Company may issue to the investment banks warrants to purchase shares of the Company’s Common Stock ranging from 0% to 8% of the Shares purchased by such
investors at a price equal to 110% to 125% of the market price for the Common Stock. 
 SECTION 4 

CONDITIONS TO INVESTORS OBLIGATIONS AT CLOSING

 The obligations of each Investor under Section 1 of this Agreement are subject to the fulfillment at or before the Closing of
each of the following conditions, any of which may be waived in writing by such Investor: 
 4.1 Representations and Warranties
True. The representations and warranties made by the Company in Section 2 hereof shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. 

4.2 Performance of Obligations. The Company shall have performed and complied with all agreements and conditions herein required
to be performed or complied with by it on or before the Closing. 

  
 6 

 SECTION 5 

CONDITIONS TO COMPANY’S OBLIGATIONS AT
CLOSING 
 The Company’s obligation to sell and issue the Shares at each Closing is, at the option of the Company,
subject to the fulfillment on or prior to the Closing Date of the following conditions: 
 5.1 Representations and Warranties
True. The representations and warranties made by the Investors in Section 3 hereof shall be true and correct in all material respects on the Closing Date, and on the date of each Subsequent Closing, with the same force and effect as if
they had been made on and as of said date. 
 5.2 Performance of Obligations. The Investors shall have performed and complied
with all agreements and conditions herein required to be performed or complied with by them on or before the Closing. 
 5.3 Legal
Matters. All material matters of a legal nature which pertain to this Agreement and the transactions contemplated hereby shall have been reasonably approved by counsel for the Company. 

SECTION 6 

COVENANTS, RESTRICTIVE LEGENDS AND STOP-TRANSFER
ORDERS 
 6.1 Restrictive Legends. 

(a) Federal Legends. All certificates evidencing the Shares shall bear such restrictive legends as the Company and the
Company’s counsel deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE
HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.” 

(b) Other Legends. The certificates evidencing the Shares shall also bear any legend required pursuant to the Stockholders’
Agreement. 
 6.2 Stop-Transfer Notices. Each Investor agrees that, in order to ensure compliance with the restrictions
referred to herein and the restrictions on transfer set forth in the Stockholders Agreement to which the Investor is a party, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the
Company acts as its own transfer agent, it may make appropriate notations to the same effect in its own records. 
 6.3 Refusal to
Transfer. The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of any of the Transaction Agreements or (b) to treat as
owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 

6.4 Removal of Legend and Transfer Restrictions. Any legend endorsed on a certificate pursuant to Section 6.1 and the stop
transfer instructions with respect to such legended Shares shall be removed, and the Company shall issue a certificate without such legend to the holder of such Shares, if (a) either (i) such Shares are registered under the Securities Act
and a prospectus meeting the requirements of Section 10 of the Securities Act is available with respect to such Shares (or securities into which they have been converted) or (ii) if such holder satisfies the requirements of Rule 144 and
(b) such Shares are no longer subject to restrictions on transfer pursuant to the Stockholders’ Agreement. 

  
 7 

 SECTION 7 

MISCELLANEOUS 

7.1 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the
State of New York, excluding those laws that direct the application of the laws of another jurisdiction. 
 7.2 Successors and
Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto, provided, however, that the
rights of Investor to purchase the Shares shall not be assignable without the written consent of the Company. In the event that the transaction described in the Proxy Statement is consummated prior to the date on which the Company has issued Shares
with an aggregate value of at least $10,000,000 then, without any further action by the Company or any other party to this Agreement, Telik shall assume all obligations of the Company hereunder. 

7.3 Entire Agreement. The Transaction Agreements (and the Exhibits hereto and thereto), constitute the entire agreement of the
parties with regard to the subject matter hereof and supersede any and all prior negotiations, correspondence, understandings and agreements among the parties regarding the subject matter hereof. 

7.4 Notices, Etc. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed
effectively given (i) upon actual delivery to the party to be notified, (ii) three (3) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one business day
after deposit with a recognized overnight courier, specifying next business day delivery, addressed (a) if to an Investor, at the Investor’s address set forth on the Schedule of Investors, or at such other address as the Investor shall
have furnished to the Company in writing upon 10 days’ notice, (b) if to any other holder of any Shares, at such address as such holder shall have furnished the Company in writing upon 10 days’ notice or, until any such holder so
furnishes an address to the Company, to and at the address of the last holder of such Shares who has so furnished an address to the Company or (c) if to the Company, at the following address or at such other address as the Company shall have
furnished to the Investors upon 10 days’ notice: 
 MabVax Therapeutics, Inc. 

11588 Sorrento Valley Road, Suite 20 

San Diego, California 92121 

Attention: President & CEO 

With a copy to: 
 Mintz Levin Cohn
Ferris Glovsky and Popeo, P.C. 
 3580 Carmel Mountain Road, Suite 300 

San Diego, CA 92130 
 Attention:
Jeremy Glaser, Esq. 
 7.5 Expenses and Fees. Each party shall pay its own expenses incurred, including any legal fees or
costs, in connection with the transactions described in this Agreement. 
 7.6 Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then such
provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 

  
 8 

 7.7 Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF
THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA OR WITH ANY OTHER STATE AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH
QUALIFICATION, OR IN THE ABSENCE OF AN EXEMPTION FROM SUCH QUALIFICATION, IS UNLAWFUL. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, OR AN EXEMPTION FROM SUCH QUALIFICATION BEING
AVAILABLE. 
 7.8 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing
to any party, upon any breach, default or noncompliance by any other party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party of any breach, default or noncompliance under the
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by
law, or otherwise afforded to any party, shall be cumulative and not alternative. 
 7.9 Approval of Amendments and Waivers.
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of, or a written
instrument signed by (i) the Company, and (ii) the persons who after the Initial Closing shall hold at least a majority of the then outstanding Shares. Any amendment or waiver effected in accordance with this Section 7.9 shall be
binding upon the Company and the Investors and their respective successors and assigns. Notwithstanding the foregoing, the Company may unilaterally amend Exhibit A of this Agreement to add new Investors at Subsequent Closings, as provided in
Section 1.2(b) of this Agreement. 
 7.10 Titles and Subtitles; References. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided, refer to sections
and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference. 

7.11 Void Transfers. Each Investor, as a condition to purchasing the Shares, agrees that such Investor shall not sell, transfer
or pledge any shares, other than in the manner expressly permitted in the Transaction Agreements, and any such sale, transfer or pledge of the Shares in violation of any Transaction Agreement shall be void. 

7.12 Survival. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Investors
contained in or made pursuant to this Agreement shall not survive the Closing Date on which they are made. 
 7.13 Further
Assurances. Each of the parties to this Agreement shall execute and deliver all additional documents and instruments and shall do all acts and things reasonably requested (a) in connection with the performance of the obligations
undertaken in any Transaction Agreement, (b) to evidence the transactions contemplated by any Transaction Agreement and (c) otherwise to effectuate in good faith the intent of the parties. 

7.14 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or
more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and
effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

  
 9 

 7.15 Counterparts. This Agreement may be executed in any number of counterparts,
each of which when so executed and delivered will be deemed an original, and all such counterparts together will constitute one and the same instrument. 

7.16 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any person, firm or corporation, other
than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Investor agrees that no Investor nor the respective controlling persons, officers, directors, partners, agents, or employees of any
Investor shall be liable to any other Investor for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares. 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth in
the first paragraph hereof. 
  

							
	COMPANY:	 		 	MABVAX THERAPEUTICS, INC.
		 		 	 a Delaware corporation

		 		 	 By:
	 	 /s/ J. David Hansen

		 		 		 	 J. David Hansen, President & CEO

			
	INVESTORS:	 		 	JGB CAPITAL LP
		 		 	 By:
	 	 /s/ Brett Cohen

		 		 		 	 Brett Cohen, President

			
		 		 	EMPERY ASSET MASTER, LTD.
		 		 	 By:
	 	 /s/ Ryan M. Lane

		 		 		 	 Ryan M. Lane, Managing Member

		 		 	 By:
	 	 Empery Asset Management LP, its authorized agent

		 		 	 By:
	 	 Empery AM GP, LLC, its general partner

			
		 		 	EMPERY TAX EFFICIENT LP
		 		 	 By:
	 	 Empery Asset Management LP, its authorized agent

		 		 	 By:
	 	 Empery AM GP, LLC, its general partner

		 		 	 By:
	 	 /s/ Ryan M. Lane

		 		 		 	 Ryan M. Lane, Managing Member

			
		 		 	Matthew H. Spiro
		 		 	 /s/ Matthew Spiro

			
		 		 	Michael Herman
		 		 	 /s/ Michael Herman

			
		 		 	CAVALRY FUND I, LP
		 		 	 By:
	 	 /s/ Thomas P. Walsh

		 		 		 	 Thomas P. Walsh, General Partner

			
		 		 	Waqas A. Khatri
		 		 	 /s/ Waqas A. Khatri

			
		 		 	ANSON INVESTMENTS MASTER FUND LP
		 		 	 By:
	 	 /s/ Moce Kassim

		 		 		 	 Moce Kassim, Director, MSV Advisors, Inc.

			
		 		 	THE SPECIAL EQUITIES GROUP, LLC
		 		 	 By:
	 	 /s/ Jonathan Schechter

		 		 		 	 Jonathan Schechter, Managing Member

			
		 		 	Brett Nesland
		 		 	 /s/ Brett Nesland

			
		 		 	SANDOR CAPITAL MASTER FUND
		 		 	 By:
	 	 /s/ John S. Lemak

		 		 		 	 John S. Lemak, Manager

			
		 		 	MELECHDAVID, INC.
		 		 	 By:
	 	 /s/ Mark Groussman

		 		 		 	 Mark Groussman, President

							
		 		 	AUXOL CAPITAL, LLC
		 		 	 By:
	 	 /s/ Robert D. Keyser

		 		 		 	 Robert D. Keyser, Jr., Member

			
		 		 	Daniel W. Armstrong
		 		 	 /s/ Daniel W. Armstrong

			
		 		 	CRANSHIRE CAPITAL MASTER FUND, LTD
		 		 	 By:
	 	 /s/ Keith A. Goodman

		 		 		 	 Keith A. Goodman, Authorized Signatory

			
		 		 	John R. Baleno
		 		 	 /s/ John R. Baleno

			
		 		 	Stuart H. Smith
		 		 	 /s/ Stuart H. Smith

			
		 		 	Barry Honig
		 		 	 /s/ Barry Honig

			
		 		 	HS CONTRARIAN INVESTMENTS, LLC
		 		 	 By:
	 	 /s/ John Stetson

		 		 		 	 John Stetson, Managing Member

			
		 		 	BEBE, LLC
		 		 	 By:
	 	 /s/ Erick Richardson

		 		 		 	 Erick Richardson, Managing Member

			
		 		 	Ramnarain Jaigobind
		 		 	 /s/ Ramnarain Jaigobind

			
		 		 	HUDSON BAY MASTER FUND LTD.
		 		 	 By:
	 	 /s/ Sander Gerber

		 		 		 	 Sander Gerber, Authorized Signatory

			
		 		 	HUDSON BAY IP OPPORTUNITIES MASTER FUND LP
		 		 	 By:
	 	 /s/ Sander Gerber

		 		 		 	 Sander Gerber, Authorized Signatory

 EXHIBITS 
  

			
	 Exhibit
	  	 
		
	Exhibit A	  	Schedule of Investors
		
	Exhibit B	  	Stockholders’ Agreement
		
	Exhibit C	  	Proxy Statement
		
	Exhibit D	  	Capitalization Table
		
	Exhibit E	  	Additional Risk Factors

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