Document:

EX-10.16

 EXHIBIT 10.16 

Management Agreement 

between 
  

	1.	PIERIS AG represented by the Supervisory Board 

 - hereinafter referred to as the
“Company”- 
 and 
  

	2.	Claus Schalper, Ismaninger Str. 62, 81765 Munich, Germany 

 - hereinafter referred to as
the “MANAGER” - 
 Preamble 

Through the resolution adopted by the Supervisory Board on December 13, 2007, the MANAGER was appointed to the Management Board to serve
as Chief Financial Officer of the Company, effective as of February 1, 2008. 
 NOW THEREFORE, in consideration of their mutual
obligations, the parties agree as follows: 
 § 1 

Start and Term of the Employment 

The employment shall commence on February 1, 2008 and is concluded for a period of 12 (months) months (the “Term”), i.e. this
Agreement will end on January 31, 2009. The Term will be extended once or more times automatically for 1 (one) year, unless this Agreement has been terminated 3 (three) months prior to the Term, provided that the total Term does not exceed five
years. Any termination must be in writing. 
 § 2 

Consulting Agreement 
 The
Consulting Agreement dated June 7, 2006 between the Company and the MANAGER is hereby mutually lifted as of February 1, 2008 and shall no longer be in force after January 31, 2008. The Consulting Agreement shall be replaced by this
Agreement as of February 1, 2008. 
 § 3 

Activity 
  

	1.	The MANAGER shall be employed as Chief Financial Officer (Vorstand). The field of work shall cover especially financials, administration and human resources. The place of work is Freising. 

	2.	The Company reserves the right also to assign other reasonable activities to the MANAGER which correspond to his training and his skills and which result in an alteration to the area of responsibility.

  

	3.	The MANAGER shall carry out his work in an expert and conscientious manner, shall safeguard the Company’s interests and shall devote his full working capacity exclusively to the Company. 

 

	4.	The Company is entitled to release the MANAGER at any time from his work with the continued payment of his gross basic remuneration according to § 5 (1). 

§ 4 
 Working Hours

  

	1.	The MANAGER shall dedicate 75 % of his entire working capacity to the Company, at least 30 hours a week. The duration and the starting and finishing times of the daily working hours shall be determined by the
MANAGER himself according to his set task within the respectively valid local working hours regulations, in which respect he must take account of operational interests and the respectively valid Company regulations. 

 

	2.	The MANAGER is obliged to do overtime or additional work. Overtime is to be done as is required by the situation-related scope of work and in so far as this is legally permissible. The additional work is compensated by
the regular salary according to § 5 (1). 

 § 5 

Salary, other benefits 
  

	1.	The MANAGER shall receive for his contractual employment an annual gross salary of EUR 117,000 (in words: Euro one hundred and seventeen thousand), which shall be paid in twelve equal monthly installments.

  

	2.	In addition to the remuneration provided for under § 5 (1), the MANAGER shall receive a variable annual bonus payment of EUR 10,000.00 (in words: Euro ten thousand) (the “Variable Bonus”) depending on the
achievement of milestones, as to be agreed upon in good faith, whereby the determination of the fulfilment is within the discretion of the Company. 

  

	3.	In addition to the remuneration provided under § 5 (1), the MANAGER shall receive a further lump sum in the amount of EUR 750 per month for his travel expenses from his home to the office (which includes all
car expenses). 

  

	4.	The payment of the salary shall fall due on the last day of each month. It shall be paid in a cashless manner; the MANAGER shall open an account within two weeks after the start of the employment and shall notify its
number or the number of an already existing account. 

  
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	5.	The MANAGER undertakes to repay any overpayments of salary, including claims arising from the incorrect calculation of taxes and voluntary benefits, to the Company without delay. The MANAGER waives in this respect the
assertion of a plea of a loss of enrichment, § 818 (3) German Civil Code. 

  

	6.	The Company has executed a D&O insurance, which covers the MANAGER; the Company will bear the full costs of said insurance. 

§ 6 
 Travel
Expenses 
 The MANAGER shall receive the reimbursement of his expenses at the fiscally recognized rates for trips, which are necessary
in the Company’s interest. All further details are regulated by the respectively valid Company guidelines. 
 § 7 

Temporary Incapacity to work, continued payment of salary in the event of illness 

 

	1.	The MANAGER shall notify the Company without delay of every instance of the temporary incapacity to work and its probable duration. On request, the reasons for the temporary inability to work must be indicated.

  

	2.	If the MANAGER is unable to work on account of the temporary incapacity to work due to illness for which he is not responsible, then the Company shall continue to pay his remuneration for a period of 3 (three) months,
but no longer than the duration of this Agreement. Reimbursements made by third parties to this effect will be deducted. 

§ 8 
 Secondary
Employment and Non-compete Obligation 
 The MANAGER shall dedicate 75 % of his entire working capacity to the Company. It is known
by the Company that the Manager dedicates remaining parts of his working capacity to business outside the field of interest of the Company. If any such external work covers the field of Life Sciences, than it shall require prior written consent of
the Supervisory Board of the Company. 
 § 9 

Professional Development 

The costs for professional development measures, which are in the Company’s interest, shall be borne by Company. 

§ 10 
 Notification
of Alterations to personal details 
 The MANAGER must notify the Company without delay of alterations to his personal status and
alterations to other data, which is contained in the personnel questionnaire. 

  
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 § 11 

Termination of the employment 

The right to effect termination without period of notice for due cause shall remain unaffected. 

§ 12 
 Duty of care;
return obligation 
  

	1.	The MANAGER shall be obliged to hold the articles put at his disposal (e.g. keys, electronic data, etc.) in safekeeping. 

  

	2.	At the Company’s request and at the latest when he leaves Company’s service, the MANAGER shall return to the Company without delay and without being requested to do so all files and other documents which
concern the business operations of the Company or its affiliated companies which are in his possession or subject to his access - especially all plans, customer lists, price lists, printed matter, certificates, drawings, notes, drafts - and also
copies of the said articles, regardless of whether he received them from the Company or from its affiliated companies. 

§ 13 

Confidentiality obligation 
  

	1.	The MANAGER undertakes to maintain secrecy on all business and company secrets, which he learns during his employment, and also on all other business and company facts of the employment. This shall not apply to facts,
which are public knowledge. 

  

	2.	The confidentiality obligation shall also apply to the time after the termination of the employment. 

  

	3.	During the period of the employment, the MANAGER is also obliged to maintain secrecy on the contents of this contract. 

  

	4.	A breach of this unconditional obligation shall constitute a serious infringement of the MANAGER’s contractual employment obligations, which if repeated entitles the Company to terminate the employment without
notice period. 

 § 14 

IP Protection 
  

	1.	The MANAGER shall disclose and assign to the Company promptly and fully any future work (including computer software programs) and any invention, improvement, discovery, process, formula, technique, method, trade
secret, or other intellectual property, whether or not patentable, whether or not copyrightable, that is made, conceived, developed, or first reduced to practice, either alone or jointly with others, including any associated trademarks, trade names
and good will in the area of the Company’s business field as described in § 2 of the Articles of Association of the Company and all rights to any related know-how (hereinafter referred to as “Inventions”). 

  
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	2.	The MANAGER hereby assigns to the Company all of his or his right, title and interest in and with respect to any future Inventions, including in particular the right to copy, disseminate, transfer to third parties,
(sub-) license exclusively or non-exclusively, adapt and/or modify any such Invention and to apply for intellectual property rights in the Company’s own name. To the extent the assignment should not be legally valid, the MANAGER hereby grants
to the Company an exclusive license to use such Invention as described for the entire life of such right. The MANAGER hereby waives any moral rights he may have under copyright laws, including in particular the right to publish any work, the right
to be named as author and the right of access to any work, to the extent legally permitted. 

  

	3.	Such assignment or license shall be deemed compensated by the regular salary according to § 5(1) above. The parties assume, and hereby agree, that the salary is an appropriate compensation for such assignment or
license. 

 § 15 

Ancillary Agreements and contractual amendments 

Verbal ancillary agreements to this contract have not been made. Amendments and supplements to this contract must be made in writing in order
to be effective. The same shall apply to this requirement of the written form. 
 § 16 

Expiry Deadlines 
  

	1.	The claims of both parties arising from the employment and such claims in connection with the employment shall lapse if they have not been asserted in writing against the other contracting party within three months
after falling due. 

  

	2.	If the counter-party rejects the claim or does not reply within two weeks after the assertion of the claim, then the said claim shall lapse if it is not asserted in court within a further month after the rejection or
the expiry of the deadline. This shall not apply to claims for payment of the MANAGER which fall due during dismissal proceedings and which depend on the outcome of the proceedings. For these claims, the expiry deadline of two months shall commence
after the final and absolute conclusion of the unlawful dismissal proceedings. 

 § 17 

Place of Performance, place of jurisdiction 
  

	1.	Place of performance is the place where the employment has its focus. This place of performance is authoritative for disputes arising from this contract and regarding its existence. The court of the location where the
obligation under dispute is to be performed shall be competent. 

  

	2.	If the MANAGER has not established a domicile in Germany or if he has given up this domicile, then the Company’s corporate domicile shall be authoritative as the place of jurisdiction. 

  
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 § 18 

Partial Invalidity, severability clause 
  

	1.	If a provision of this contract is or becomes legally ineffective or unfeasible in whole or in part, then the validity of the remaining provisions of this contract shall not thus be affected in case of doubt. On the
contrary, the provision, which is legally ineffective or unfeasible in whole or in part, is to be replaced by a provision, which is closest in commercial terms to the meaning and purpose of the provision, which is ineffective or unfeasible in whole
or in part. The same shall apply in the case of gaps in this contract. 

  

	2.	If, as a result of an alteration to the legislation or Supreme Court rulings or on account of other circumstances, a provision of this contract becomes invalid, then the provision shall automatically be adapted in line
with the new legal position. The validity of the remaining provisions shall not thus be affected. 

 § 19 

Copy of contract 
 The
MANAGER confirms by his own signature that he has received a written copy of this contract. 
  

					
	Freising, 6. Feb. 2008	 		 	Munich, 6. February 2008
			
	 /s/ Hans Küpper
	 		 	 /s/ Claus Schalper

	Company	 		 	Manager

  
 - 6 / 6 -EX-10.17

 EXHIBIT 10.17 

CONSULTING AGREEMENT 

(the “Agreement”) 

This Agreement is entered into as of July 9, 2013, by and between Pieris AG, Lise-Meitner-Strasse 30, 85354 Freising-Weihenstephan,
Germany, represented by the Executive Board, this one being represented by its Chairman Stephen S. Yoder (hereinafter referred to as “Company”), and Claus Schalper, Kaiser-Ludwig-Platz 1, 80336 München, Germany (hereinafter
referred to as “Consultant”) (“Company” and “Consultant” hereinafter referred to as the “Parties”). This Agreement commences after the termination of the Management Agreement of Claus Schalper
(“Vorstands-Anstellungsvertrag”). 
 The Parties agree as follows: 

 

	 	1.	Engagement. 

 1.1 Until the termination of this Agreement pursuant to Section 8
below, the Company hereby engages Consultant, and Consultant hereby accepts non-exclusive engagement by the Company, to provide the services as mutually agreed by Consultant and the Company (collectively the “Services”). The
Services shall particularly encompass support in financial management and driving business growth. Such activities will include, in particular, the management responsibility for the following: 

 

	 	a.	Administration; 

  

	 	b.	Accounting & Controlling; 

  

	 	c.	Audit; 

  

	 	d.	HR; 

  

	 	e.	Fundraising. 

 1.2 The Consultant’s responsibilities may, from time to time, be expanded
by the Company to perform other assignments or assume further responsibilities to support the Company’s overall business objectives. 

1.3 Consultant provides proof and report of the Services in a suitable form until the 10th day of the following month for the previous month
together with an invoice. 
 1.4 The Consultant shall represent the Company internally and externally during the term of this Agreement. The
Company shall authorize the Consultant accordingly and shall furnish the Consultant with all necessary technical means and office space in order for him to duly render the Services. 

1.5 The Consultant may use the title “Chief Financial Officer (CFO)” of the Company in providing the Services. 

	 	2.	Time and Location of Services 

 2.1 The Consultant shall be free with regard to the
manner in which he renders the Services and the timing of such Services. Consultant shall devote such time to the performance of the Services as reasonably required; however, Parties expect that the Servicers require an amount of up to 16 days
man-days per month (each man-day lasting for 8 hours). The exact settlement shall take place on the basis of the man-days actually rendered in each month. 

2.2 It shall be in the Consultant’s free discretion where to render the Services. However, with respect to the kind of Services to be
rendered, Parties expect the Services to be rendered primarily at the premises of Pieris in Freising-Weihenstephan, Germany. 
 2.3 It is
known to the Company that the Consultant renders services to other companies as well. In addition to the work under this Agreement, the Consultant shall be free to conclude other service agreements and to work for other principals as long as there
is no conflict of interest. 
  

	 	3.	Remuneration. 

 3.1 In consideration for Consultant’s performance of the Services,
Consultant shall receive a reimbursement in the amount of EUR 800.- per man-day. Remuneration will be due for payment upon invoicing, but shall be due the last calendar day of the month at the earliest. All services rendered by the Consultant under
this Agreement, including on weekends or holidays, and any services rendered to affiliates of the Company shall be deemed to have been compensated in full by the aforementioned remuneration. 

3.2 Upon submission of the respective receipts, the Company shall reimburse Consultant for necessary traveling and other expenses properly and
reasonably incurred by him in the discharge of the Services, but only to the extent that they will comply with the internal policy for travel lodging expenses. Reimbursement may be calculated upon the Company’s discretion either by lump sum
(subject to legal provisions) or according to the receipts presented by Consultant. 
 3.3 Unless otherwise expressly agreed upon in
writing, the payment of any other gratuities, profit shares, premiums or other extra payments shall be on a voluntary basis, subject to the provision that even repeated payments without the reservation of voluntarity shall not create any legal claim
for the Consultant, either in respect to their cause or their amount, either for the past or for the future. 
 3.4 All payments under this
Section 3 shall only become due upon Company’s receipt of customary invoices (setting forth in particular the agreed remuneration plus applicable statutory value-added tax) which shall be provided by Consultant on a monthly basis. 

  
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 4.        Assignment. Any claims by the Consultant
against the Company for payment of remuneration according to Sec. 3 may not be pledged or assigned without the previous written consent of the Company. The assertion of any right of retention, right to refuse performance or set-off of claims with
regard to any Company’s claim shall be excluded as far as permitted by applicable law. 
  

	 	5.	Confidential Information. 

 5.1 Consultant shall, during the period of this Agreement and
at any time thereafter, keep secret any confidential information concerning the business, contractual arrangements, transactions or specific affairs of the Company or its affiliates and she will not use any such information for her own benefit or
for the benefit of others. Such confidential information specifically includes, but is not limited to, Company’s (or its affiliates’) intellectual property, clientele, price lists, pricing methods, names of consultants, salary data,
procedural/tactical approaches to areas of the business, strategic business decisions, and any other matters which may be considered confidential or proprietary to the Company. 

5.2 During the term of this Agreement upon request and at the end of the term of this Agreement without request, Consultant shall return to
the Company all Company property and any documentation in his possession which relates to the Company or to its affiliates, in particular all notes, memoranda, drawings, protocols, reports, files and other similar documentation (as well as copies or
other reproductions thereof). Accordingly, the same applies to non-tangible information and material, for example computer programs or data stored on discs or the like. Consultant recognizes that the documentation referred to above is the sole
property of the Company or its associated undertakings. Consultant has no right of retention over this documentation. 
  

	 	6.	Copyrights and other intellectual property rights 

 6.1 Consultant assigns to the Company
the exclusive right of use and exploitation, unrestricted in time, territory and content, for all work output which is capable of copyright protection or of protection under trademark, registered design and/or utility model or any other intellectual
property rights, which the Consultant produces during the term of this Agreement, insofar as they relate to his duties under this Agreement. The assignment of the use and exploitation rights includes the authorization to further revision and to the
issue of licenses to third parties and is fully compensated for by the remuneration set out in Sec. 3 of this Agreement. Consultant expressly waives all other rights due to him as holder of copyright or other intellectual property rights in the work
output, in particular the right to determining a name and to making work accessible. Consultant shall immediately give notice to Company of any invention created under this Agreement. 

6.2 Consultant assures that the Services provided by him are free from rights, especially copyright or other commercial protection rights of
third parties. 

  
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 7.        Independent Contractor. In the performance
of the Services, Consultant is and shall at all times act and perform as an independent contractor on the basis of a service agreement pursuant to Sec. 611 et. seqq. of the German Civil Code (“BGB”). Consultant understands that he is not
an employee of the Company and shall not be considered as having employee status for any purpose. Consultant is responsible for his own federal and state income, social security, unemployment and disability taxes. Consultant shall timely report and
pay all such taxes on the compensation paid by the Company hereunder. 
  

	 	8.	Term. 

 8.1 The term hereof shall commence on August 1, 2013, and shall be for an
unlimited period of time, if not terminated by either of the Parties giving the other Party not less than 3 months prior notice in writing. The right of the Parties to terminate this Agreement for good cause without notice shall thereby remain
unaffected. Any notice of termination must be in writing. 
  

	 	9.	Miscellaneous. 

 9.1 Modification. This Agreement embodies the entire agreement
and understanding between the Parties hereto and supersedes all prior agreements and understandings, whether written or oral, with respect to the subject matter of this Agreement, unless expressly provided to the contrary in this Agreement. This
Agreement may be amended only by a written instrument executed by the Parties hereto. 
 9.2 Severability. In case single provisions
of this Agreement are or prove to be invalid or not enforceable or in case this Agreement should contain gaps, the binding force and effectiveness of the other provisions of this Agreement shall remain unaffected. The invalid or unenforceable
provision shall be replaced by such provision(s) which the Parties would have foreseeably agreed upon had they had knowledge of the invalidity, unenforceability or the gap at the time of the signing of this Agreement. Should a provision be or prove
to be invalid for the stipulated extent and scope of the respective obligation contained therein, the scope and extent of such obligation shall be adjusted to match the legally admissible extent and scope of obligation. 

9.3 Governing Law; Venue. This Agreement and the rights and obligations of the Parties hereto shall be governed by and construed and
enforced in accordance with the laws of the Federal Republic of Germany. The venue of any legal action concerning the enforcement or interpretation of this Agreement shall be brought in the state and federal courts located in Munich, Germany
(Landgericht München 1). 
 9.4 Counterparts; Facsimile Copies. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original. Facsimile copies hereof may be executed as originals. 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above
written. 
  

							
	COMPANY:	 		 	CONSULTANT:
				
	 By:
	 	 /s/ Stephen S. Yoder
	 		 	 /s/ Claus Schalper

 Freising, 9 July 2013 

  
 5 

 Claus Schalper, Kaiser-Ludwig-Platz 1, 80336 Mŭnchen 

For Delivery / Mail 
 Dr. Hans Küpper 

Chairman of the Advisory Board of Pieris AG 

17. July 2013 
 Subject: Resignation from
Office as Vorstand 
 Dear Dr. Küpper, 
 I,
Claus Schalper, resign as Vorstand, or management, of Pieris AG, effective July 31, 2013. 
 Sincerely, 

/s/ Claus Schalper 
 Claus Schalper

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