Document:

EX-10.13

 Exhibit 10.13 

INDEMNIFICATION AGREEMENT 

THIS AGREEMENT is made as of this      day of
                    , 2017. 
 B E T W E E N:

 Zymeworks Inc., a corporation incorporated under the Business Corporations Act (British Columbia) 

(the “Corporation”) 

- and - 
 [●] 

(the “Indemnified Party”) 

RECITALS: 
  

	A.	The Business Corporations Act (British Columbia) (the “BCBCA”) permits, and in some cases requires, the Corporation to indemnify individuals who are or were directors and/or officers of the
Corporation, or who act or acted at the Corporation’s request as directors and/or officers or in a similar capacity of other entities (an “Other Entity”, a term which, for the purposes of this indemnification agreement (the
“Agreement”) shall include a corporation or other entity that becomes an Other Entity in the future). In this Agreement: 

  

	 	(i)	each such individual, duly elected or appointed as a director and/or officer, including acting in a capacity similar to a director and/or officer of an Other Entity and including an individual who has ceased to be a
director and/or officer or to act in any such capacity, is referred to as a “Director” and/or “Officer”, as appropriate; 

  

	 	(ii)	unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders; and 

 

	 	(iii)	unless otherwise indicated, references to sections are to sections in this Agreement; 

  

	B.	The Indemnified Party is at present a Director or Officer or both of the Corporation; 

  

	C.	The Corporation and the Indemnified Party wish to enter into this Agreement, and in so doing affirm that they intend that all the provisions of this Agreement be given legal effect to the full extent permitted by
applicable law. 

 NOW THEREFORE for good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties agree as follows: 

	1.	Subject to sections 2 and 3, the Corporation agrees to indemnify and save harmless the Indemnified Party: 

1.1    from and against all costs, charges and expenses reasonably incurred by the Indemnified Party in respect of any
civil, criminal, administrative, investigative or other proceeding to which the Indemnified Party is involved by reason of being or having been a Director and/or Officer; and 

1.2    to the extent such costs, charges and expenses are not otherwise paid by the Corporation or Other Entity, as
appropriate, from and against all costs, charges and expenses that the Indemnified Party may reasonably incur as a result of carrying out duties as a Director and/or Officer in respect of the Indemnified Party’s reasonable and necessary travel,
lodging or accommodation costs, charges or expenses. 
  

	2.	Indemnification under section 1 shall be made only if the Indemnified Party: 

2.1    acted honestly and in good faith with a view to the best interests of either the Corporation or the Other Entity, as
the case may be; and 
 2.2    in the case of a criminal or administrative proceeding, the Indemnified Party had
reasonable grounds for believing that the Indemnified Party’s conduct was lawful. 
 Sections 2.1 and 2.2 are referred to in
this Agreement as the “Standards of Conduct”. For the purposes of the Standards of Conduct and this Agreement generally: 
  

	 	(a)	for the purposes of any determination hereunder, the Indemnified Party will be deemed, subject to compelling evidence to the contrary, to have acted in good faith and in the best interests of the Corporation or any
Other Entity. The Corporation will have the burden of establishing the absence thereof; 

  

	 	(b)	the knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Corporation or any Other Entity will not be imputed to the Indemnified Party for the purposes of determining the
right to indemnification under this Agreement; 

  

	 	(c)	the Corporation will have the burden of establishing that any amount it wishes to challenge is not reasonable; and 

  

	 	(d)	the termination of any proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendre or its equivalent shall not, of itself, create a presumption that the Indemnified Party is not
entitled to indemnification under this Agreement. 

  

	3.	 In respect of an action by or on behalf of the Corporation or an Other Entity to procure a judgment in its favour
to which the Indemnified Party is made a party by reason of being or having been a Director and/or Officer, indemnification under section 1 shall be made 

  
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only after obtaining approval of the court having jurisdiction, provided that the Corporation shall or shall cause such Other Entity to seek and use all reasonable efforts to obtain that approval
as soon as reasonably possible in the circumstances. 

  

	4.	For the purposes of this Agreement: 

 4.1    “proceeding”
shall include a claim, demand, suit, action, proceeding or investigation, whether threatened in writing, pending, commenced, continuing or completed, and any appeal or appeals therefrom; 

4.2    “costs, charges and expenses” shall include: 

4.2.1    subject to section 9, an amount paid to settle an action or satisfy a judgment, except in respect of an
action to which section 3, above, is applicable; 
 4.2.2    a fine, penalty, levy or charge paid to any domestic or
foreign government (federal, provincial, municipal or otherwise) or to any regulatory authority, agency, commission or board of any domestic or foreign government, or imposed by any court or any other law, regulation or rule-making entity having
jurisdiction in the relevant circumstances (collectively, a “Governmental Authority”), including as a result of a breach or alleged breach of any statutory or common law duty imposed on directors or officers or of any law, statute,
rule or regulation or of any provision of the articles or any resolution of the Corporation or an Other Entity; 

4.2.3    an amount paid to satisfy a liability arising as a result of the failure of the Corporation or an Other Entity to
pay wages, vacation pay and any other amounts that may be owing to employees or to make contributions that may be required to be made to any pension plan, retirement income plan or other benefit plan for employees or to remit to any Governmental
Authority payroll deductions, income taxes or other taxes, or any other amounts payable by the Corporation or an Other Entity; 

4.2.4    reasonable legal costs on a solicitor and his own client basis, including those incurred in enforcing the
Indemnified Party’s rights under this Agreement; and 
 4.3    the Indemnified Party shall be considered to be
“involved” in any proceeding if the Indemnified Party has any participation whatsoever in such proceeding, including merely as a witness. 
  

	5.	Upon the Indemnified Party becoming aware of any proceeding which may give rise to indemnification under this Agreement, the Indemnified Party shall give written notice to the Corporation, directed to its (a) Chief
Executive Officer and (b) Chief Financial Officer as soon as is practicable, provided however that failure to give notice in a timely fashion shall not disentitle the Indemnified Party to indemnification unless the Corporation suffers actual
prejudice by reason of the delay. 

  
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	6.	The Corporation may conduct any investigation it considers appropriate of any proceeding of which it receives notice under section 5, and shall pay all costs of that investigation. 

 

	7.	The parties wish to facilitate the payment by the Indemnified Party of ongoing costs in connection with matters for which indemnification under this Agreement is provided. Accordingly, the parties agree as follows:

 7.1    subject to section 7.2, the Corporation shall, upon demand, make advances (“Expense
Advances”) to the Indemnified Party of all reasonable amounts for which the Indemnified Party seeks indemnification under this Agreement before the final disposition of the relevant proceeding. In connection with such demand, the
Indemnified Party shall provide the Corporation with a written affirmation of the Indemnified Party’s good faith belief that the Indemnified Party has met the Standards of Conduct, along with sufficient particulars of the costs, charges and
expenses to be covered by the proposed Expense Advance to enable the Corporation to make an assessment of their reasonableness; 

7.2    the Corporation shall make Expense Advances to the Indemnified Party in accordance with the provisions of the BCBCA;
and 
 7.3    the Indemnified Party shall execute a separate undertaking which shall set out the Indemnified Party’s
acknowledgement and agreement to repay to the Corporation, upon demand, all Expense Advances in the event that it is subsequently determined that the Indemnified Party has not met the Standards of Conduct. 

 

	8.	The indemnities in section 1 shall not apply in respect of any proceeding initiated by the Indemnified Party: 

8.1    against the Corporation or an Other Entity, unless it is brought to establish or enforce any right under this
Agreement, any other right of indemnity or in connection with any directors’ and officers’ liability insurance or similar policy; 

8.2    against any Director or Officer unless the Corporation or the Other Entity, as the case may be, has joined in or
consented to the initiation of such proceeding; or 
 8.3    against any other corporation, partnership, trust, joint
venture, unincorporated entity or person, unless it is a counterclaim. 
  

	9.	 The Corporation shall be entitled to participate, at its own expense, in the defence of the Indemnified Party in
any proceeding. If the Corporation so elects after receipt of notice of a proceeding, or the Indemnified Party in that notice so directs, the Corporation shall assume control of the negotiation, settlement or defence of the proceeding, in which case
the defence shall be conducted by counsel chosen by the Corporation and reasonably satisfactory to the Indemnified Party. If the Corporation elects to assume control of the defence, the Indemnified Party shall have the right to participate in the
negotiation, settlement or defence of the proceeding and to retain counsel to act on the Indemnified 

  
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Party’s behalf, in which case the Corporation shall reimburse the Indemnified Party for any fees and disbursements of that counsel if a conflict of interest has arisen between the
Corporation and the Indemnified Party. Notwithstanding anything contained herein, the Corporation shall not be responsible for fees and expenses of more than one counsel in each applicable jurisdiction separate from counsel for the Corporation for
all Directors and Officers in connection with any action or separate but similar or related actions arising out of the same general allegations or circumstances. The Indemnified Party and the Corporation shall cooperate fully with each other and
their respective counsel in the investigation related to, and defence of, any proceeding and shall make available to each other all relevant books, records, documents and files and shall otherwise use their best efforts to assist each other’s
counsel to conduct a proper and adequate defence. 

  

	10.	In respect of the settlement of any proceeding, the parties agree as follows: 

10.1    the Corporation may not, without the prior written consent of the Indemnified Party (which consent shall not be
unreasonably withheld or delayed) enter into an agreement to settle any proceeding involving the Indemnified Party; 

10.2    if the Indemnified Party refuses after requested by the Corporation, acting reasonably, to give consent to the
terms of a proposed settlement in accordance with section 10.1 which is otherwise acceptable to the Corporation, the Corporation may require the Indemnified Party to negotiate or defend the Claim independently of the Corporation. In that case, any
amount recovered by the claimant in excess of the amount for which settlement could have been made by the Corporation shall not be recoverable under this Agreement, and the Corporation will only be responsible for costs, charges and expenses up to
the time at which settlement could have been made; 
 10.3    the Corporation shall not be liable for any settlement of
any proceeding effected without its prior written consent (which consent shall not be unreasonably withheld or delayed); 

10.4    the Indemnified Party shall have the right to negotiate a settlement in respect of any proceeding, provided that
unless the Corporation has approved the settlement, the Indemnified Party shall pay any compensation or other payment to be made under the settlement and the costs of negotiating and implementing the settlement, and shall not seek indemnity from the
Corporation in respect of such compensation, payment or costs; and 
 10.5    the settlement of a proceeding shall not
create a presumption that the Indemnified Party did not meet or would not have met the Standards of Conduct. 
  

	11.	 Should any payment made pursuant to this Agreement, including the payment of insurance premiums or any payment
made by an insurer under an insurance policy, be deemed to constitute a taxable benefit or otherwise be or become subject to any tax or levy, then the Corporation shall pay any amount as may be necessary to ensure that the amount received by or on
behalf of the Indemnified Party, after the payment of or 

  
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withholding for such tax, fully reimburses the Indemnified Party for the actual cost, expense or liability incurred by or on behalf of the Indemnified Party. 

 

	12.	Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not
affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. The parties
shall engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable
provision which it replaces. 

  

	13.	This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein. 

 

	14.	The obligations of the Corporation under this Agreement, other than under Section 15, shall continue until the later of: 

  

	 	(i)	six (6) years after the Indemnified Party ceases to be a director or officer of the Corporation or any Other Entity; and 

  

	 	(ii)	one (1) year after the final termination of all proceedings with respect to which the Indemnified Party is entitled to claim indemnification under this Agreement. 

 

	15.	(a)    The Corporation shall use its reasonable best efforts to ensure that it has in place at all times a directors’ and officers’ liability insurance policy no less favourable to the
Indemnified Party (and that has been approved by the Board) under which the Indemnified Party is covered in his or her capacity as a current or former director or officer of the Corporation or its subsidiaries. In the event the Corporation is sold
or enters into any business combination as a result of which the directors’ and officers’ liability insurance policy is terminated and not replaced with a substantially similar policy applicable to the Indemnified Party, the Corporation
shall use its reasonable best efforts to cause run off “tail” insurance to be purchased for the benefit of the Indemnified Party with substantially the same coverage for not less than a six (6) year term following such
termination. The Corporation shall provide to the Indemnified Party a copy of each policy of insurance providing the coverages contemplated by this section forthwith after coverage is obtained, and shall forthwith notify the Indemnified Party if the
insurer cancels, makes material changes to coverage or refuses to renew coverage (or any part of the coverage). In the event that an Indemnified Party is subject to a deductible under any insurance policy contemplated by this Section 15(a), the
Corporation shall pay such deductible for and on behalf of the Indemnified Party. 

 (b)    In the event
that the director is covered under a separate insurance policy, that shall not avoid the need for a Corporation policy under Section 15(a), but the Corporation 

  
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shall provide to the Indemnified Party a copy of such policy of insurance forthwith after coverage is obtained, and shall forthwith notify the Indemnified Party if the insurer cancels, makes
material changes to coverage or refuses to renew coverage (or any part of the coverage). In the event that an Indemnified Party is subject to a deductible under any such insurance policy contemplated by this Section 15(b), the Corporation shall
pay such deductible for and on behalf of the Indemnified Party. 

  

	16.	The Indemnified Party acknowledges having been advised to obtain independent legal advice with respect to entering into this Agreement, has obtained such independent legal advice or has expressly determined not to seek
such advice, and that the Indemnified Party is entering into this Agreement with full knowledge of the contents hereof, of the Indemnified Party’s own free will and with full capacity and authority to do so. 

 

	17.	Except as expressly provided in this Agreement, no amendment or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement shall
constitute a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. 

 

	18.	This Agreement shall enure to the benefit of the Indemnified Party and the Indemnified Party’s heirs, administrators, executors and personal representatives and shall be binding upon the Corporation and its
successors. 

  

	19.	This Agreement shall not operate to abridge or exclude any other rights, in law or in equity, to which the Indemnified Party or the Corporation may be entitled. The right to be indemnified or to the reimbursement or
advancement of expenses pursuant to this Agreement is intended to be retroactive and shall be available with respect to events occurring prior to the execution hereof. For greater certainty, the rights of the Indemnified Party hereunder shall vest
irrevocably with respect to all activities of the Indemnified Party as a Director or Officer, as and from the date on which the Indemnified Party first became a director or officer of the Corporation or any Other Entity. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

									
	INDEMNIFIED PARTY	 		 	ZYMEWORKS INC.
				
	  
	 		 	 by:
	 	  

	 Name:
	 		 		 	 Name:
	 	
	 Position:
	 		 		 	 Title:
	 	

 D & O Indemnity AgreementEX-10.14

 Exhibit 10.14 

ZYMEWORKS INC. 
 SECOND
AMENDED AND RESTATED EMPLOYEE STOCK OPTION PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INTERPRETATION
	  	 	1	 
			
	        1.1	  	Definitions	  	 	1	 
			
	        1.2	  	Choice of Law	  	 	4	 
			
	        1.3	  	Headings	  	 	4	 
		
	 ARTICLE 2 PURPOSE AND PARTICIPATION
	  	 	4	 
			
	        2.1	  	Purpose	  	 	4	 
			
	        2.2	  	Participation	  	 	4	 
			
	        2.3	  	Notification of Award	  	 	4	 
			
	        2.4	  	Copy of Plan	  	 	5	 
			
	        2.5	  	Limitation	  	 	5	 
		
	 ARTICLE 3 TERMS AND CONDITIONS OF OPTIONS
	  	 	5	 
			
	        3.1	  	Board to Issue Common Shares	  	 	5	 
			
	        3.2	  	Number of Common Shares	  	 	5	 
			
	        3.3	  	Term of Option	  	 	5	 
			
	        3.4	  	Termination	  	 	5	 
			
	        3.5	  	Exercise Price	  	 	8	 
			
	        3.6	  	Additional Terms	  	 	9	 
			
	        3.7	  	Going Public Agreements	  	 	9	 
			
	        3.8	  	Assignment of Options	  	 	9	 
			
	        3.9	  	Adjustments	  	 	9	 
			
	        3.10	  	Option Grant and Vesting Terms	  	 	9	 
			
	        3.11	  	Incentive Stock Options	  	 	10	 
		
	 ARTICLE 4 EXERCISE OF OPTION
	  	 	11	 
			
	        4.1	  	Exercise of Option	  	 	11	 
			
	        4.2	  	Subscription Agreement	  	 	11	 
			
	        4.3	  	Execution of Shareholder’s Agreement	  	 	11	 
			
	        4.4	  	Issue of Share Certificates	  	 	11	 
			
	        4.5	  	Condition of Issue	  	 	12	 
			
	        4.6	  	Net Settlement	  	 	12	 
		
	 ARTICLE 5 ADMINISTRATION
	  	 	12	 
			
	        5.1	  	Administration	  	 	12	 
			
	        5.2	  	Interpretation	  	 	13	 
			
	        5.3	  	Withholding.	  	 	13	 
		
	 ARTICLE 6 AMENDMENT, TERMINATION AND NOTICE
	  	 	13	 

  
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 TABLE OF CONTENTS 

 

							
	 	  	Page	 
			
	        6.1	  	Prospective Amendment	  	 	13	 
			
	        6.2	  	Retrospective Amendment	  	 	13	 
			
	        6.3	  	Approvals	  	 	14	 
			
	        6.4	  	Termination	  	 	14	 
			
	        6.5	  	Agreement	  	 	14	 
			
	        6.6	  	Notice	  	 	14	 
		
	 SCHEDULE “A”
	  	 	1	 
		
	 SCHEDULE “B”
	  	 	1	 
		
	 SCHEDULE “B-1”
	  	 	1	 
		
	 SCHEDULE “C”
	  	 	1	 
		
	 SCHEDULE “D”
	  	 	1	 

  
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 STOCK OPTION PLAN 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATION 
  

	1.1	Definitions 

 As used herein, unless there is something in the subject matter or context inconsistent
therewith, the following terms will have the meanings set forth below: 
  

	 	(a)	“Administrator” means, initially, the Chief Financial Officer of the Corporation and thereafter will mean such director or other senior officer or employee of the Corporation as may be designated as
Administrator by the Board from time to time. 

  

	 	(b)	“Award Date” means the date on which the Board awards a particular Option or such other effective award date determined by the Board. 

 

	 	(c)	“Board” means the board of directors of the Corporation, or any committee thereof to which the board of directors of the Corporation has delegated the power to administer and grant Options under the
Plan. 

  

	 	(d)	“Cause” means: 

  

	 	(i)	Cause as such term is defined in either the written employment agreement between the Corporation and the Option Holder or the applicable Option Certificate; or 

 

	 	(ii)	in the event there is no written employment agreement between the Corporation and the Option Holder or Cause is not defined therein, the usual meaning of just cause under the common law or the laws of the jurisdiction
in which the Option Holder is employed. 

  

	 	(e)	“Code” has the meaning given to that term under section 3.11. 

  

	 	(f)	“Common Share” or “Common Shares” means, as the case may be, one or more common shares without par value in the capital of the Corporation. 

 

	 	(g)	“Corporation” means Zymeworks Inc. 

  

	 	(h)	“Compensation Committee” means the compensation committee of the Corporation, if and as constituted from time to time; 

 

	 	(i)	“Convertible Shares” has the meaning given to that term under section 3.4(f). 

  

	 	(j)	“Director” means any individual holding the office of director of the Corporation. 

  

	 	(k)	“Employee” means any individual regularly employed on a full-time basis by the Corporation or any of its subsidiaries and such other individuals, such as service providers and consultants, as may, from
time to time, be permitted or not precluded by the rules and policies of the applicable Regulatory Authorities to be granted Options. 

  
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	 	(l)	“Equity Securities” means: 

  

	 	(i)	Shares or any other security of the Corporation that carries the residual right to participate in the earnings of the Corporation and, on liquidation, dissolution or winding-up,
in the assets of the Corporation, whether or not the security carries voting rights; 

  

	 	(ii)	any warrants, options or rights entitling the holders thereof to purchase or acquire any such securities; or 

  

	 	(iii)	any securities issued by the Corporation which are convertible or exchangeable into such securities. 

  

	 	(m)	“Exercise Notice” means the notice respecting the exercise of an Option, in the form set out as Schedule “B” hereto, duly executed by the Option Holder. 

 

	 	(n)	“Exercise Period” means the period during which a particular Option may be exercised and is the period from and including the date upon which the Option (or the applicable portion thereof) first becomes
vested through to and including the Expiry Date. 

  

	 	(o)	“Exercise Price” means the price at which an Option may be exercised as determined in accordance with section 3.5. 

  

	 	(p)	“Expiry Date” means the date determined in accordance with section 3.4 and after which a particular Option cannot be exercised. 

 

	 	(q)	“Fixed Expiry Date” has the meaning given to that term under section 3.4. 

  

	 	(r)	“IPO” means the offering and sale to the public of securities of the Corporation in connection with which the securities of the Corporation are listed or quoted on an organized trading facility.

  

	 	(s)	“ISO” has the meaning given to that term under section 3.11. 

  

	 	(t)	“Market Value” means the market value of the Common Shares as determined in accordance with section 3.5. 

  

	 	(u)	“Net Settlement” has the meaning given to that term under section 4.6. 

  

	 	(v)	“Notice of Net Settlement” means the notice of Net Settlement as set out in Schedule “B-1”. 

 

	 	(w)	“Option” means an option to acquire Common Shares, awarded to a Director or Employee under the Plan. 

  

	 	(x)	“Option Certificate” means the certificate, substantially in the form set out as Schedule “A” hereto (with such changes as the Board or Administrator may determine), evidencing an Option.

  
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	 	(y)	“Option Holder” means a Director or Employee, or former Director or Employee, who holds an unexercised and unexpired Option or, where applicable, the Personal Representative of such person.

  

	 	(z)	“Person” means any individual, partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, trust, trustee, executor, administrator, or other legal
personal representatives, regulatory body or agency, government or governmental agency, authority or entity howsoever designated or constituted. 

  

	 	(aa)	“Personal Representative” means: 

  

	 	(i)	in the case of a deceased Option Holder, the executor or administrator of the deceased duly appointed by a court or public authority having jurisdiction to do so; and 

 

	 	(ii)	in the case of an Option Holder who for any reason is unable to manage his or her affairs, the person entitled by law to act on behalf of such Option Holder. 

 

	 	(bb)	“Plan” means this stock option plan. 

  

	 	(cc)	“Purchaser” has the meaning given to that term under section 3.4(f). 

  

	 	(dd)	“Regulatory Authorities” means all stock exchanges, inter-dealer quotation networks and other organized trading facilities on which the Shares are listed and all securities commissions or similar
securities regulatory bodies having jurisdiction over the Corporation. 

  

	 	(ee)	“Schedule D Option” means an Option listed on Schedule D, as amended from time to time, and “Schedule D Options” means more than one Option listed on Schedule D. 

 

	 	(ff)	“Selling Shareholders” has the meaning given to that term under section 3.4(f). 

  

	 	(gg)	“Share” or “Shares” means, as the case may be, one or more Common Shares or shares of any other class in the share capital of the Corporation from time to time. 

 

	 	(hh)	“Substantial Sale” has the meaning given to that term under section 3.4(f). 

  

	 	(ii)	“Termination Date” means: 

  

	 	(i)	in the case of the resignation of the Option Holder’s employment or the termination of the Option Holder’s consulting or service contract by the Option Holder, the date that the Option Holder provides notice
of such resignation or termination to the Corporation (or, if no notice is given, the last day of the individual’s employment or service, as the case may be); or 

 

	 	(ii)	in the case of the termination of the Option Holder’s employment or consulting or service contract by the Corporation for any reason other than death or disability, the date that the Corporation delivers written
notice of termination of the Option Holder’s employment or consulting or service contract to the Option Holder; or 

  
 3 

	 	(iii)	in the case of the expiry of a fixed-term employment or consulting or service contract that is not renewed or extended, the last day of the term. 

 

	 	(jj)	“Transfer” includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, encumbrance, grant of a security interest or other arrangement by which possession, legal title
or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntarily and whether or not for value, and any agreement to effect any of the foregoing; and the words
“Transferred”, “Transferring” and similar words have corresponding meanings. 

  

	 	(kk)	“U.S. Option Holder” has the meaning given to that term under section 3.11. 

  

	 	(ll)	“Withholding Obligations” has the meaning given to that term under section 5.3. 

  

	1.2	Choice of Law 

 The Plan is established under, and the provisions of the Plan will be subject to and
interpreted and construed in accordance with, the laws of the Province of British Columbia. 
  

	1.3	Headings 

 The headings used herein are for convenience only and are not to affect the interpretation of
the Plan. 
 ARTICLE 2

PURPOSE AND PARTICIPATION 
  

	2.1	Purpose 

 The purpose of the Plan is to provide the Corporation with a share-related mechanism to
attract, retain and motivate qualified Directors and Employees, to reward such of those Directors and Employees as may be awarded Options under the Plan by the Board from time to time for their contributions toward the long term goals of the
Corporation and to enable and encourage such Directors and Employees to acquire Common Shares as long term investments. 
  

	2.2	Participation 

 The Compensation Committee will, from time to time, recommend to the Board those
Directors and Employees, if any, to whom Options should be awarded. The Board will, from time to time and in its sole discretion, taking into account any recommendations of the Compensation Committee, determine those Directors and Employees, if any,
to whom Options are to be awarded. 
  

	2.3	Notification of Award 

 Following the approval by the Board of the awarding of an Option, the
Administrator will notify the Option Holder in writing of the award and will enclose with such notice the Option Certificate representing the Option so awarded. 

  
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	2.4	Copy of Plan 

 Each Option Holder, concurrently with the notice of the award of the Option, will be
provided with a copy of the Plan. A copy of any amendment to the Plan will be promptly provided by the Administrator to each Option Holder. 
  

	2.5	Limitation 

 The Plan does not give any Option Holder that is a Director the right to serve or continue
to serve as a Director of the Corporation nor does it give any Option Holder that is an Employee the right to be or to continue to be employed with the Corporation, have a consulting relationship with the Corporation or provide services to the
Corporation. 
 ARTICLE 3 

TERMS AND CONDITIONS OF OPTIONS 
  

	3.1	Board to Issue Common Shares 

 The Common Shares to be issued to Option Holders upon the exercise of
Options (including for greater certainty, a Net Settlement pursuant to the terms of section 4.6 hereof) will be authorized and unissued Common Shares the issuance of which will have been authorized by the Board. 

 

	3.2	Number of Common Shares 

 Subject to adjustment as provided for in section 3.9 of the Plan, the number of
Common Shares that will be available for Directors and Employees to acquire pursuant to Options granted under the Plan will be the number of Common Shares allocated to previously granted Options on the date immediately preceding the closing of the
initial public offering of the Common Shares. For greater certainty, if any Option expires or otherwise terminates for any reason without having been exercised in full, the number of Common Shares in respect of which the Option was not exercised
will not again be available for the purposes of the Plan. 
  

	3.3	Term of Option 

 An Option Holder may exercise an Option (including for greater certainty, a Net
Settlement pursuant to the terms of section 4.6 hereof) in whole or in part at any time or from time to time during the Exercise Period. Any Option or part thereof not exercised within the Exercise Period will terminate and become null, void and of
no effect as of 5:00 p.m. local time in Vancouver, British Columbia on the Expiry Date. 
  

	3.4	Termination 

 The Expiry Date of an Option will be the earlier of: (i) the date that is the tenth
anniversary of the Award Date of such Option, or in the case of a Schedule D Option the fourteenth anniversary of the Award Date, or (ii) such other date so fixed by the Board at the time the particular Option is awarded provided that such date
will be no later than the tenth anniversary of the Award Date of such Option, or, in the case of a Schedule D Option no later than the fourteenth anniversary of the Award Date (the “Fixed Expiry Date”), or the date established, if
applicable, in subsections (a) to (f) below: 

  
 5 

	 	(a)	Death 

 In the event that the Option Holder should die while he or she is a Director (if
he or she holds his or her Option as a Director) or Employee (if he or she holds his or her Option as an Employee), the Expiry Date for any vested portion or portions of the Option will be the date that is six months after the date of the Option
Holder’s death (but not later than the Fixed Expiry Date for such Option). The Expiry Date for any unvested portion of the Option will be the date of the Option Holder’s death. 

 

	 	(b)	Disability 

 In the event that the Option Holder becomes permanently disabled while he or
she is a Director (if he or she holds his or her Option as a Director) or Employee (if he or she holds his or her Option as an Employee) and ceases to be a Director or Employee as a result of the permanent disability, the Expiry Date for any vested
portion or portions of the Option will be the date that is six months after the date that the Option Holder ceases to be an Employee or Director, as the case may be (but not later than the Fixed Expiry Date for such Option). The Expiry Date for any
unvested portion of the Option will be the date that the Option Holder ceases to be an Employee or Director, as the case may be. 
  

	 	(c)	Ceasing to Hold Office 

 In the event that the Option Holder holds his or her Option as a
Director of the Corporation and such Option Holder ceases to be a Director of the Corporation other than by reason of death or permanent disability, the Expiry Date for any vested portion or portions of the Option will be, unless otherwise provided
for in the Option Certificate, three years following the date that the Option Holder ceases to be a Director of the Corporation (but not later than the Fixed Expiry Date for such Option) unless the Option Holder ceases to be a Director of the
Corporation as a result of: 
  

	 	(i)	ceasing to meet the qualifications required under applicable laws; 

  

	 	(ii)	being removed from office in accordance with applicable laws; or 

  

	 	(iii)	an order made by any Regulatory Authority having jurisdiction to so order, 

 in which case the
Expiry Date will be the date that the Option Holder ceases to be a Director of the Corporation. The Expiry Date for any unvested portion of the Option will be the date that the Option Holder ceases to be a Director of the Corporation. 

 

	 	(d)	Ceasing to be Employee 

 In the event that the Option Holder holds his or her Option as
an Employee of the Corporation and such Option Holder ceases to be an Employee of the Corporation other than by reason of death or permanent disability, the Expiry Date of any vested portion or portions of the Option will be the 90th day following
the Termination Date (but not later than the Fixed Expiry Date for such Option) unless the Option Holder ceases to be an Employee of the Corporation as a result of: 
  

	 	(i)	termination of employment for Cause; or 

  
 6 

	 	(ii)	an order made by any Regulatory Authority having jurisdiction to so order, 

 in which case the
Expiry Date will be the Termination Date. The Expiry Date for any unvested portion of the Option will be the Termination Date. 
  

	 	(e)	Initial Public Offering 

 Prior to completion of an IPO, the Board or the Regulatory
Authorities or the underwriter may require that there be no outstanding Options and the Corporation may deliver a notice to the Option Holder to this effect, in which case the unvested portion of the Option held by the Option Holder, if any, will
immediately vest and the Expiry Date of the Option will be the 30th day following the date of the notice. In the event that the Corporation does not complete the IPO, the Corporation will, to the extent reasonably practicable, grant to the Option
Holder an Option equivalent (including the original vesting terms, if any) to the Option cancelled or exercised, provided that in the case of an Option that was exercised, the Option Holder surrenders for cancellation the Common Shares acquired upon
the exercise of the Option. This subsection 3.4(e) shall only apply if the Board or the Regulatory Authorities or the underwriter requires that there be no outstanding Options in the event of an IPO. If there is no such requirement, all Options
granted under the Plan shall survive the IPO and shall continue to be governed by the terms of this Plan. In addition, this subsection 3.4(e) shall only apply to Option Holders who have held Options for a minimum of two months prior to the notice of
the IPO. Unvested Options of Option Holders who have not been Option Holders for the minimum period of two months will expire, terminate and be cancelled in the event of an IPO. 

 

	 	(f)	Substantial Sale 

 If security holders of the Corporation (the “Selling
Shareholders”) have agreed to Transfer to a Person, or Persons acting jointly or in concert, (a “Purchaser”), Equity Securities representing more than 66 2/3% of the Common Shares (a “Substantial Sale”) and the Purchaser also offers to buy the Options of an Option Holder, then the Option Holder must sell his or her Options to the
Purchaser at a price equal to: 
  

					
	The number of Shares then Exercisable under the Option	  	X    	 	The price per Share being paid by the Purchaser to the Selling Shareholder minus the exercise price per Share under the Option

 and on otherwise similar terms and conditions as are applicable under the Substantial Sale. If the Selling
Shareholders have agreed to sell Equity Securities which are convertible into Shares only (“Convertible Shares”), the price per Share applicable in the above formula will be calculated on an as converted basis (and if there is more
than one conversion rate applicable to different classes or series of Convertible Shares outstanding, the conversion will be computed on a pro rata basis based upon the ratio of the number of Shares which holders of each class or series of
Convertible Shares may acquire to the total number of Shares which all holders of all classes and series of Convertible Shares may acquire). 

If the Purchaser offers to buy the Options of an Option Holder and the Option Holder does not sell the Option Holder’s Options to the
Purchaser as contemplated above, then 

  
 7 

 
that Option Holder’s Options will expire, terminate and be cancelled on completion of the Substantial Sale. 

Notwithstanding any term contained in the Plan, the Board may in its discretion and without approval of the Corporation’s shareholders (a) extend
the Expiry Date of any Option that is not an ISO, provided that in no case will an Option be exercisable later than the Fixed Expiry Date of such Option; or (b) alter or change the vesting terms applicable to an Option. 

Notwithstanding any term contained in the Plan, the Board may in its discretion and without approval of the Corporation’s shareholders (a) extend
the Expiry Date of any Schedule D Option that is not an ISO, provided that in no case, will a Schedule D Option be exercisable later than the fourteenth anniversary of the Award Date of the Schedule D Option; or (b) alter or change the vesting
terms applicable to a Schedule D Option. If the Board extends the Expiry Date of a Schedule D Option then the Expiry Date of the Schedule D Option will be the earlier of the date so fixed by the Board or the date established, if applicable, in
subsections 3.4 (a) to (f) provided that the Board may further extend the Expiry Date in its discretion without approval of the Corporation’s shareholders (unless required by the Regulatory Authorities) to a date not later than the
fourteenth anniversary of the Award Date of the Schedule D Option. 
  

	3.5	Exercise Price 

 The price at which an Option Holder may purchase a Common Share upon the exercise of an
Option (including for greater certainty, a Net Settlement pursuant to the terms of section 4.6 hereof) will be as set forth in the Option Certificate issued in respect of such Option and in any event will not be less than the Market Value of the
Common Shares as of the Award Date. The Market Value of the Common Shares for a particular Award Date will be determined as follows: 
  

	 	(a)	for each organized trading facility on which the Common Shares are listed, Market Value will be determined by a resolution of the Board and must be either: 

 

	 	(i)	the closing trading price of the Common Shares on the last trading day immediately preceding the Award Date; or 

  

	 	(ii)	a value that is within the parameters set by the guidelines or policies of such organized trading facility; 

  

	 	(b)	if the Common Shares trade on an organized trading facility outside of Canada, then the Market Value determined for that organized trading facility will be converted into Canadian dollars at a conversion rate determined
by the Administrator having regard for the published conversion rates as of the Award Date; 

  

	 	(c)	if the Common Shares are listed on more than one organized trading facility, then Market Value will be the greatest of the Market Values determined for each organized trading facility on which those Common Shares are
listed as determined for each organized trading facility in accordance with subsections (a) and (b) above; 

  

	 	(d)	if the Common Shares are listed on one or more organized trading facility but have not traded during the ten trading day period immediately preceding the Award Date, then the Market Value will be, subject to the
necessary approvals of the applicable Regulatory Authorities, such value as is determined by resolution of the Board; and 

  
 8 

	 	(e)	if the Common Shares are not listed on any organized trading facility, then the Market Value will be, subject to the necessary approvals of the applicable Regulatory Authorities, such value as is determined by the
Board. 

 Notwithstanding anything else contained herein, in no case will the Market Value be less than the minimum prescribed by each of the
organized trading facilities as would apply to the Award Date in question. For awards of Options to U.S. Option Holders, Market Value shall be determined in a manner consistent with the requirements of U.S. Treasury Regulation 1.409A-1(b)(5)(iv)(A) or (B), as applicable. 
  

	3.6	Additional Terms 

 Subject to all applicable securities laws and regulations and the rules and policies
of all applicable Regulatory Authorities, the Board may attach other terms and conditions to the grant of a particular Option, such terms and conditions to be referred to in a schedule attached to the Option Certificate. These terms and conditions
may include, but are not necessarily limited to, the following: 
  

	 	(a)	providing that an Option expires on a date other than as provided for herein, provided that in no case will an Option be exercisable later than the tenth anniversary of the Award Date of the Option (other than with
respect to Schedule D Options); 

  

	 	(b)	providing that a portion or portions of an Option vest after certain periods of time or upon the occurrence of certain events, or expire after certain periods of time or upon the occurrence of certain events other than
as provided for herein; and 

  

	 	(c)	providing that an Option be exercisable immediately, in full, notwithstanding that it has vesting provisions, upon the occurrence of certain events, such as a friendly or hostile takeover bid for the Corporation.

  

	3.7	Going Public Agreements 

 If the Corporation proceeds to list its Shares on a public stock exchange or
commences a public offering, each Option Holder will promptly enter into all such escrow, pooling or other agreements as are required by the securities regulatory authorities, the exchange, the agents or the underwriters in connection with such
listing or public offering. 
  

	3.8	Assignment of Options 

 Options may not be assigned or transferred, provided however that the Personal
Representative of an Option Holder may, to the extent permitted by section 4.1 or section 4.6, exercise the Option within the Exercise Period. 
  

	3.9	Adjustments 

 If prior to the complete exercise of an Option (including for greater certainty, a Net
Settlement pursuant to the terms of section 4.6 hereof) the Common Shares are consolidated, subdivided, converted, exchanged or reclassified or in any way substituted for (collectively, the “Event”), an Option, to the extent that it
has not been exercised, will be adjusted by the Board in accordance with such Event in the manner the Board deems appropriate. No fractional Common Shares will be issued upon the exercise of an Option and accordingly, if as a result of the Event, an
Option Holder would become entitled to a fractional Common Share, such Option Holder will have the right to purchase only the next lowest whole number of Common 

  
 9 

 
Shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded. 
  

	3.10	Option Grant and Vesting Terms 

 Unless otherwise determined by the Board in accordance with the terms
and conditions of this Plan, Options will be granted by the Board and an Option granted to an Employee will vest over a four year period as follows: 
  

	 	(a)	25% of such Option will vest on the first anniversary of the commencement of such service; and 

  

	 	(b)	on the last day of each month thereafter, a further 1/36 of the total number of Options remaining will vest.

 For clarity, the Board may deviate from the terms of this Section 3.4 and Section 3.10 with respect to the grant of Options
provided that such grant is made in accordance with the other terms of this Plan. 
  

	3.11	Incentive Stock Options 

 Any Option granted under this Plan to an Employee who is (1) a citizen or
resident of the United States (including its territories, possessions and all areas subject to the jurisdiction) and (2) an “employee” with respect to the Corporation within the meaning of Section 422(a)(2) of the Internal Revenue
Code of 1986, as amended, of the United States (the “Code”) and the Treasury Regulations promulgated thereunder, as described more fully below (a “U.S. Option Holder”), including Directors who meet such
requirements, may be an incentive stock option (an “ISO”) within the meaning of Section 422 of the Code, but only if so designated by the Corporation in the applicable Option Certificate. No provision of this Plan, as it may be
applied to a U.S. Option Holder with respect to Options which are designated as ISOs, shall be construed or applied so as to be inconsistent with any provision of Section 422 of the Code or the Treasury Regulations thereunder. Grants of Options
to U.S. Option Holders which are not designated as or otherwise do not qualify as ISOs will be treated as nonstatutory stock options for U.S. federal tax purposes. Notwithstanding anything in this Plan contained to the contrary, the following
provisions shall apply to Options designated as ISOs granted to any U.S. Option Holder: 
  

	 	(a)	ISOs shall only be granted to individual U.S. Option Holders who are, at the time of grant, employees of the Corporation (or any parent corporation or subsidiary corporation thereof) within the meaning of Section 423(e)
or 424(f) of the Code, respectively; 

  

	 	(b)	the aggregate Market Value (determined as of the Award Date of the ISO) of the Common Shares subject to ISOs exercisable for the first time by a U.S. Option Holder during any calendar year under this Plan and all other
stock option plans, within the meaning of Section 422 of the Code, of the Corporation shall not exceed One Hundred Thousand Dollars in U.S. funds (U.S. $100,000); 

 

	 	(c)	the Exercise Price for Common Shares under each ISO granted to a U.S. Option Holder pursuant to this Plan shall, except as set forth in clause (e) below), be not less than the Market Value of the Common Shares as
of the Award Date, as determined pursuant to section 3.5 of this Plan (unless such ISO is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code); 

  
 10 

	 	(d)	the ISO shall not be transferable by the U.S. Option Holder otherwise than by will or the laws of descent and distribution and shall be exercisable during the U.S. Option Holder’s lifetime only by the U.S. Option
Holder; 

  

	 	(e)	if any U.S. Option Holder to whom an ISO is to be awarded under this Plan at the Award Date of such ISO is the owner of shares possessing more than ten percent (10%) of the total combined voting power of all classes of
shares of the Corporation (determined in accordance with Section 422(b)(6) of the Code, then the following special provisions shall be applicable to the ISO granted to such individual: 

 

	 	(i)	the Exercise Price (per share) subject to such ISO shall not be less than one hundred ten percent (110%) of the Market Value of one Common Share at the Award Date; and 

 

	 	(ii)	the Exercise Period shall not exceed five (5) years from the Award Date; 

  

	 	(f)	no ISO may be granted hereunder to a U.S. Option Holder following the expiration of ten (10) years after November 9, 2016 (subject to shareholder approval); 

 

	 	(g)	no ISO granted to a U.S. Option Holder under this Plan shall become exercisable unless and until the Plan shall have been approved by the shareholders of the Corporation; and 

 

	 	(h)	notwithstanding anything in this Plan contained to the contrary, the maximum number of Common Shares which may be issued under this Plan as ISOs shall be 500,000 Common Shares. 

ARTICLE 4 
 EXERCISE OF
OPTION 
  

	4.1	Exercise of Option 

 An Option may be exercised only by the Option Holder or the Personal Representative
of the Option Holder. An Option Holder or the Personal Representative of the Option Holder may exercise the vested portion or portions of an Option in whole or in part at any time or from time to time during the Exercise Period up to 5:00 p.m. local
time in Vancouver, British Columbia on the Expiry Date by delivering to the Administrator an Exercise Notice, the applicable Option Certificate and a certified cheque or bank draft payable to “Zymeworks Inc.” in an amount equal to the
aggregate Exercise Price of the Common Shares to be purchased pursuant to the exercise of the Option. 
  

	4.2	Subscription Agreement 

 It is a condition of the Plan that an Option Holder who wishes to exercise an
Option (including for greater certainty, a Net Settlement pursuant to the terms of section 4.6 hereof) in whole or in part prior to the completion of an IPO must, if required by the Board, be a party to a subscription agreement with the Corporation
substantially in the form required by the Board. The subscription agreement establishes certain rights and obligations with respect to the holding and sale of all Common Shares purchased from time to time by the Option Holder upon the exercise of
Options. 

  
 11 

	4.3	Execution of Shareholder’s Agreement 

 As soon as practicable following the receipt of the Exercise
Notice or Notice of Net Settlement, as applicable, the Administrator will establish whether the Option Holder is a party to a shareholder’s agreement with the Corporation. If the Option Holder is not a party to a shareholder’s agreement
and, if so required by the Board, the Administrator will cause to be delivered to the Option Holder a shareholder’s agreement substantially in the form set out as Schedule “C” hereto for execution by the Option Holder and return to
the Administrator. 
  

	4.4	Issue of Share Certificates 

 As soon as practicable following the receipt of the Exercise Notice or
Notice of Net Settlement, as applicable (or following receipt of the executed shareholder’s agreement, if required), the Administrator will, in his sole discretion, either cause to be delivered to the Option Holder a certificate for the Common
Shares purchased by the Option Holder or cause to be delivered to the Option Holder a copy of such certificate and the original of such certificate will be placed in the minute book of the Corporation. If the number of Common Shares in respect of
which the Option was exercised (including for greater certainty, a Net Settlement pursuant to the terms of section 4.6 hereof) is less than the number of Common Shares subject to the Option Certificate surrendered, the Administrator will forward a
new Option Certificate to the Option Holder concurrently with delivery of the share certificate for the balance of the Common Shares available under the Option. 
  

	4.5	Condition of Issue 

 The Options and the issue of Common Shares by the Corporation pursuant to the
exercise of Options (including for greater certainty, a Net Settlement pursuant to the terms of section 4.6 hereof) are subject to the terms and conditions of the Plan and compliance with the rules and policies of all applicable Regulatory
Authorities with respect to the granting of such Options and the issuance and distribution of such Common Shares, and to all applicable securities laws and regulations. The Option Holder agrees to comply with all such laws, regulations, rules and
policies and agrees to furnish to the Corporation any information, reports or undertakings required to comply with, and to fully cooperate with, the Corporation in complying with such laws, regulations, rules and policies. 

 

	4.6	Net Settlement 

 In lieu of exercising the Option by delivery of the Exercise Notice along with aggregate
Exercise Price as provided in Section 4.1 hereof, with the prior written approval of the Corporation, which may be granted or withheld in its sole discretion, any Option Holder may elect to transfer and dispose of a specified number of vested
Options to the Corporation in exchange for a number of Common Shares having a fair market value equal to the intrinsic value of such vested Options disposed of and transferred to the Corporation (“Net Settlement”) by completing the
Notice of Net Settlement set out as Schedule “B-1”. The decision of whether or not to permit Net Settlement for any Option is in the sole discretion of the Corporation and will be made on a case by
case basis. Upon the Net Settlement of Options (the “Disposed Options”), the Corporation shall deliver to the Option Holder, that number of fully paid and non-assessable Common Shares
(“X”) equal to the number of Common Shares that may be acquired by the Disposed Options (“Y”) multiplied by the quotient obtained by dividing the result of the Market Value of one Common Share (“B”) less the Exercise
Price per Common Share (“A”) by the Market Value of one Common Share (“B”). Expressed as a formula, such number of Common Shares shall be computed as follows: 

  
 12 

							
		 	 X = (Y) x  
  
	 	 (B - A)

 
	  	
		 		 	(B)	  	

 No fractional Common Shares shall be issuable upon the Net Settlement of Options; such Common Shares will be rounded down to
the nearest whole number. 
 ARTICLE 5 

ADMINISTRATION 
  

	5.1	Administration 

 The Plan will be administered by the Administrator on the instructions of the Board. The
Compensation Committee may, from time to time, recommend to the Board how the Plan should be administered. The Board may make, amend and repeal at any time and from time to time such policies not inconsistent with the Plan as it may deem necessary
or advisable for the proper administration and operation of the Plan and such policies will form part of the Plan. The Board may delegate to the Administrator or any director, officer or employee of the Corporation such administrative duties and
powers as it may see fit. 
  

	5.2	Interpretation 

 The interpretation by the Board of any of the provisions of the Plan and any
determination by it pursuant thereto will be final and conclusive and will not be subject to any dispute by any Option Holder. No member of the Board or any person acting pursuant to authority delegated by it hereunder will be liable for any action
or determination in connection with the Plan made or taken in good faith and each member of the Board and each such person will be entitled to indemnification with respect to any such action or determination in the manner provided for by the
Corporation. 
  

	5.3	Withholding. 

 The Corporation may withhold from any amount payable to an Option Holder, either under
this Plan or otherwise, such amount as it reasonably believes is necessary to enable the Corporation to comply with the applicable requirements of any federal, provincial, local, or foreign law, or any administrative policy of any applicable tax
authority, relating to the withholding of tax or any other required deductions with respect to Options (“Withholding Obligations”). The Corporation may also satisfy any liability for any such Withholding Obligations, on such terms
and conditions as the Corporation may determine in its discretion, by requiring an Option Holder as a condition to the exercise of any Options or acquisition of Common Shares pursuant to the Net Settlement provisions of Section 4.6, to make
such arrangements as the Corporation may require so that the Corporation can satisfy such Withholding Obligations including, without limitation, (a) requiring the Option Holder to remit to the Corporation in advance, or reimburse the
Corporation for, any such Withholding Obligations or, if the Common Shares are listed on an organized trading facility, (b) selling on the Option Holder’s behalf, or requiring the Option Holder to sell, any Common Shares acquired by the
Option Holder under the Plan, or retaining any amount which would otherwise be payable to the Option Holder in connection with any such sale. 

  
 13 

 ARTICLE 6 

AMENDMENT, TERMINATION AND NOTICE 
  

	6.1	Prospective Amendment 

 The Board may, from time to time and in accordance with any third party
obligations of the Corporation, amend the Plan and the terms and conditions of any Option thereafter to be granted and, without limiting the generality of the foregoing, may make such amendment for the purpose of meeting any changes in any relevant
law, rule or regulation applicable to the Plan, any Option or the Common Shares, or for any other purpose which may be permitted by all relevant laws, regulations, rules and policies provided always that any such amendment (with the exception of an
amendment pursuant to section 3.4(f)) will not alter the terms or conditions of any Option or impair any right of any Option Holder pursuant to any Option awarded prior to such amendment. Notwithstanding the foregoing, the Board may not amend any
provisions of the Plan or any Option in a manner that would cause Options theretofore issued as ISOs to cease to qualify as ISOs without the consent of the affected Option Holder. 

 

	6.2	Retrospective Amendment 

 The Board may from time to time retrospectively amend the Plan and, with the
consent of the affected Option Holders, retrospectively amend the terms and conditions of any Options which have been previously granted. 
  

	6.3	Approvals 

 The Plan and any amendments hereto are subject to all necessary approvals of the applicable
Regulatory Authorities. 
  

	6.4	Termination 

 The Board may terminate the Plan at any time provided that such termination will not alter
the terms or conditions of any Option or impair any right of any Option Holder pursuant to any Option awarded prior to the date of such termination which will continue to be governed by the provisions of the Plan. 

 

	6.5	Agreement 

 The Corporation and every Option awarded hereunder will be bound by and subject to the terms
and conditions of the Plan. By accepting an Option granted hereunder, the Option Holder has expressly agreed with the Corporation to be bound by the terms and conditions of the Plan. 

 

	6.6	Notice 

 Any notice or other communication contemplated under the Plan to be given by the Corporation to
an Option Holder will be given by the Corporation delivering or faxing the notice to the Option Holder at the last address for the Option Holder in the Corporation’s records. Any such notice will be deemed to have been given on the date on
which it was delivered, or in the case of fax, the next business day after transmission. An Option Holder may, at any time, advise the Corporation of a change in the Option Holder’s address or fax number. 

  
 14 

 SCHEDULE “A” 

ZYMEWORKS INC. 

STOCK OPTION PLAN 

OPTION CERTIFICATE 
 This
Certificate is issued pursuant to the provisions of the Zymeworks Inc. (the “Corporation”) stock option plan (the “Plan”) and evidences that ● is the holder (the “Option Holder”) of an option
(the “Option”) to purchase up to ● Common shares without par value (the “Common Shares”) in the capital stock of the Corporation. The Exercise Price of the Option is Cdn. $● per Common Share. The Option
[is intended to be an ISO][does not constitute and ISO] (as defined in the Plan). 
 Subject to the provisions of the Plan: 

 

	 	(a)	the Award Date of the Option is ●, 200●; and 

  

	 	(b)	the Fixed Expiry Date of the Option is ●, 200●. 

 The vested portion or portions of the Option may
be exercised at any time and from time to time from and including the Award Date through to 5:00 p.m. local time in Vancouver, British Columbia on the Expiry Date by delivering to the Administrator of the Plan an Exercise Notice, in the form
provided in the Plan, together with this Certificate and (i) a certified cheque or bank draft payable to “Zymeworks Inc.” in an amount equal to the aggregate of the Exercise Price of the Common Shares in respect of which the Option is
being exercised or (ii) a Notice of Net Settlement in the form of Schedule “B-1” to the Plan. 
 Upon
receiving the Exercise Notice, the Administrator may deliver a shareholder’s agreement substantially in the form set out as Schedule “C” to the Plan to the Option Holder. The Option and the issue of Common Shares by the Corporation
pursuant to the exercise of the Option are subject to the Option Holder signing and returning to the Administrator a copy of the shareholder’s agreement, if so required by the Administrator. 

This Certificate and the Option evidenced hereby are not assignable, transferable or negotiable and are subject to the detailed terms and conditions contained
in the Plan, the terms and conditions of which the Option Holder hereby expressly agrees with the Corporation to be bound by. This Certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof,
the provisions of the Plan and the records of the Corporation will prevail. 
 The Option is also subject to the terms and conditions contained in the
schedules, if any, attached hereto. All terms not otherwise defined in this Certificate will have the meanings given to them under the Plan. 
 Dated this
● day of ●, 200●. 
  

			
	Zymeworks Inc.
		
	Per:	 	  

		 	Administrator, Stock Option Plan
		 	Zymeworks Inc.

  
 1 

 OPTION CERTIFICATE - SCHEDULE 

The additional terms and conditions attached to the Option represented by this Certificate are as follows: 

 

	1.	[Vesting Provisions] 

  

			
	Zymeworks Inc.
		
	Per:	 	  

		 	Administrator, Stock Option Plan
		 	Zymeworks Inc.

  
 2 

 SCHEDULE “B” 

ZYMEWORKS INC. 
 STOCK
OPTION PLAN 
 NOTICE OF EXERCISE OF OPTION 
  

			
	TO:	  	The Administrator, Stock Option Plan
		  	Zymeworks Inc.
		  	540 - 1385 West 8th Avenue
		  	Vancouver, British Columbia, V6H 3V9

 The undersigned hereby irrevocably gives notice, pursuant to the Zymeworks Inc. stock option plan (the
“Plan”), of the exercise of the Option to acquire and hereby subscribes for (cross out inapplicable item): 
  

	 	(a)	all of the Common Shares; or 

  

	 	(b)	                    of the Common Shares, 

which are the subject of the Option Certificate attached hereto. 

The undersigned tenders herewith a certified cheque or bank draft (circle one) payable to “Zymeworks Inc.” in an amount equal to the
aggregate Exercise Price of the aforesaid Common Shares and directs the Corporation to issue the certificate evidencing said Common Shares in the name of the undersigned to be mailed to the undersigned at the following address: 

 

			
		 	                                     
                   
		
		 	                                     
                   
		
		 	                                     
                   

 The undersigned acknowledges that upon receiving the Exercise Notice, the Administrator may deliver a shareholder’s
agreement substantially in the form set out as Schedule “C” to the Plan to the undersigned. The Option and the issue of Common Shares by the Corporation pursuant to the exercise of the Option are subject to the undersigned signing and
returning to the Administrator a copy of the shareholder’s agreement, if so required by the Administrator. 
 By executing this Notice of Exercise of
Option the undersigned hereby confirms that the undersigned has read the Plan and agrees to be bound by the provisions of the Plan, including without limitation section 4.2. All terms not otherwise defined in this Notice of Exercise of Option
will have the meanings given to them under the Option Certificate. 
 DATED the             day
of            ,          
  

	
	  

	 Signature of Option Holder

	
	  

	 Name of Option Holder (please print)

  
 1 

 SCHEDULE “B-1” 

ZYMEWORKS INC. 
 STOCK
OPTION PLAN 
 NOTICE OF NET SETTLEMENT 
  

			
	Date:	  	
		
	TO:	  	The Administrator, Stock Option Plan
		  	Zymeworks Inc.
		  	540 - 1385 West 8th Avenue
		  	Vancouver, British Columbia, V6H 3V9

 The undersigned hereby requests, pursuant to the Zymeworks Inc. (the “Corporation”) stock option plan (the
“Plan”), the Corporation accept the transfer, disposition and surrender of the right to exercise                      vested Options
in exchange for, subject to the terms of the Plan and the Options, the number of Common Shares representing the fair market value of the Options disposed of and transferred to the Corporation pursuant to the net settlement provisions set out in
Section 4.6 of the Plan (the “Net Settlement Provisions”). 
 The undersigned, subject to the terms of the Plan and the Options,
is requesting to receive the fair market value of the Options in Common Shares pursuant to the Net Settlement Provisions. The undersigned directs the Corporation to issue the certificate evidencing said Common Shares in the name of the undersigned
to be mailed to the undersigned at the following address: 

			
		
		 	                                     
                       
		
		 	                                     
                       
		
		 	                                     
                       

 The undersigned acknowledges that upon receiving the Notice of Net Settlement, the Administrator may deliver a
shareholder’s agreement substantially in the form set out as Schedule “C” to the Plan to the undersigned. The Option and the issue of Common Shares by the Corporation pursuant to the exercise of the Option are subject to the
undersigned signing and returning to the Administrator a copy of the shareholder’s agreement, if so required by the Administrator. By executing this Notice of Net Settlement the undersigned hereby confirms that the undersigned has read the Plan
and agrees to be bound by the provisions of the Plan, including, without limitation section 4.2 and the withholding provisions in section 5.3 thereof. All terms not otherwise defined in this Notice of Net Settlement will have the meanings given to
them under the Plan. 
 DATED the     day of            ,
            . 
  

	
	  

	Signature of Option Holder
	
	  

	Name of Option Holder (please print)

  
 1 

 SCHEDULE “C” 

ZYMEWORKS INC. 
 STOCK
OPTION PLAN 
 SHAREHOLDERS AGREEMENT 

Please see attached. 

  
 1 

 SCHEDULE “D” 

 

															
	
Schedule D
Option
Number
	  	 Name
	  	Issue Date	 	  	Strike
Price ($)	 	  	Total
Outstanding	 
	1	  	Srinivasan, Siddharth	  	 	2007/02/05	 	  	 	1.50	 	  	 	8,000	 
	2	  	Dixit, Surjit	  	 	2007/07/01	 	  	 	1.50	 	  	 	16,000	 
	3	  	Klompas, Neil	  	 	2007/07/01	 	  	 	1.50	 	  	 	16,000	 
	4	  	Dixit, Surjit	  	 	2008/01/01	 	  	 	1.99	 	  	 	3,957	 
	5	  	Klompas, Neil	  	 	2008/01/01	 	  	 	1.99	 	  	 	49,765	 
	6	  	Poon, David	  	 	2008/01/01	 	  	 	1.99	 	  	 	5,000	 
	7	  	Srinivasan, Siddharth	  	 	2008/01/01	 	  	 	1.99	 	  	 	6,784	 
	8	  	Tcaciuc, Dimitri	  	 	2008/01/01	 	  	 	1.99	 	  	 	5,000	 
	9	  	Bedford, Nick	  	 	2008/01/01	 	  	 	1.99	 	  	 	32,875	 
	10	  	Farris, Haig	  	 	2008/01/01	 	  	 	1.99	 	  	 	21,900	 
	11	  	Wright, Andrew	  	 	2008/01/01	 	  	 	1.99	 	  	 	21,900	 
	12	  	Dixit, Surjit	  	 	2009/07/01	 	  	 	1.99	 	  	 	65,000	 
	13	  	Klompas, Neil	  	 	2009/07/01	 	  	 	1.99	 	  	 	20,000	 
	14	  	Poon, David	  	 	2009/07/01	 	  	 	1.99	 	  	 	7,500	 
	15	  	Srinivasan, Siddharth	  	 	2009/07/01	 	  	 	1.99	 	  	 	10,000	 
	16	  	Tcaciuc, Dimitri	  	 	2009/07/01	 	  	 	1.99	 	  	 	7,500	 

  
 1

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