Document:

Form of Contingent Performance Unit Award Agreement

 Exhibit 10.6 
 MAXYGEN, INC. 
 2006 EQUITY INCENTIVE PLAN

 FORM OF NOTICE OF GRANT OF CONTINGENT PERFORMANCE UNITS 
 Unless otherwise defined herein, the terms defined in the Maxygen, Inc. 2006 Equity Incentive Plan (the “Plan”) or the Contingent
Performance Unit Award Agreement attached hereto as Exhibit A-1 (the “Agreement”) shall have the same defined meanings in this Notice of Grant of Contingent Performance Units (this “Notice of Grant”). 
 Name:
[                            ] (referred to herein as “Participant” or “you”) 

Address:
[                                         
   ] 
 You have been granted, pursuant to Section 11 of the Plan, the number of contingent performance units
(“CPUs”) set forth below, subject to the terms and conditions of the Plan and the Agreement, as well as the terms and conditions set forth in this Notice of Grant. The CPUs are defined in further detail in Section 1 of the Agreement.

  

			
	 Date of Grant (the “Grant Date”):
	  	[                            ]
		
	 Total Number of CPUs Granted:
	  	[                            ]

 Payment: No payment is required for the CPUs. 
 Vesting Schedule: The CPUs awarded by this Agreement shall vest on the Settlement Date (as defined below) in accordance with the following
terms: 
 Time of Vesting: CPUs shall become vested upon the earliest to occur of (i) a Change of Control (as
defined herein) of the Company, (ii) a corporate dissolution or liquidation of the Company, whether voluntary or involuntary, or (iii) the fourth anniversary of the Grant Date (the “Settlement Date”); provided, however, that the
Participant has remained in continuous service as an Employee, Director or Consultant from the Grant Date through and including the Settlement Date. 
 Aggregate Vested Value: The aggregate vested value of the CPUs is intended to account for a diminution in the value of the Participant’s unexercised Options as a result of any Cash Dividend or
Property Distribution made to stockholders of the Company following the Grant Date. In order to implement that principle, the aggregate vested value of the CPUs shall be equal to the sum of (A) with respect each unexercised Option and any
unexercised portion of an Option as of the Settlement Date, the sum of (x) the Fair Market Value of a Share of Common Stock on the Settlement Date multiplied by the number of Shares of Common Stock underlying such unexercised Option or such
unexercised portion of an Option (“Unexercised Shares”), plus (y) the fair market value of all Cash Dividends (as defined in the Agreement) and Property Distributions (as defined in the Agreement) made to stockholders of the Company
after the Grant Date on a per Share basis multiplied by the number of Unexercised Shares, minus (z) the number

 
of Unexercised Shares multiplied by the greater of (i) the Fair Market Value of a Share of Common Stock on the Settlement Date, or (ii) the exercise price for such Option or such
unexercised portion of the Option; provided, however, that the sum of (x), (y) and (z) above for a given Option or unexercised portion of an Option as of the Settlement Date shall not be less than zero; plus (B) any amounts described
in the following paragraph in the event that the Participant exercises any Options during the period commencing on the Grant Date and ending on the Settlement Date. The result of this calculation shall be referred to as the “Aggregate Vested
Value”. 
 In the event the Participant exercises any Options during the period commencing on the Grant Date and ending on
the Settlement Date, the Aggregate Vested Value shall be increased as referred to in (B) above, which increase for each such exercise of Options shall be equal to the sum of (a) the Fair Market Value of a Share of Common Stock on the date
such Options are exercised (the “Exercise Date”) multiplied by the number of Options exercised on such date (“Exercised Shares”), plus (b) the fair market value of all Cash Dividends and Property Distributions made to
stockholders of the Company prior to the Exercise Date multiplied by the number of Exercised Shares, and minus (c) the number of Exercised Shares multiplied by the greater of (i) the Fair Market Value of a Share of Common Stock on the
Exercise Date, or (ii) the exercise price for such Options. 
 Number of Vested CPUs: The number of CPUs that shall
vest on the Settlement Date shall be equal to the Aggregate Vested Value divided by the fair market value of a single CPU on the Settlement Date. The fair market value of a single CPU on the Settlement Date shall be equal to the sum of (a) the
Fair Market Value of a Share of Common Stock on the Settlement Date, plus (b) the fair market value of all Cash Dividends and Property Distributions made to stockholders of the Company after the Grant Date on a per Share basis. 
 For the purposes of this Notice of Grant, “Change of Control” means the occurrence of any of the following dates: 
 (i) Change in Ownership of the Company. The date that any one person, or more than one person acting as a Group (as defined
herein), acquires ownership of stock of the Company that, together with stock held by such person or Group, constitutes more than 50% of the total Fair Market Value or total voting power of the stock of the Company; or 
 (ii) Change in Effective Control of the Company. Either (a) the date any one person, or more than one person acting as a
Group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35% or more of the total voting power of the stock of the
Company, or (b) the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of any such appointment
or election; or 
 (iii) Change in Ownership of a Substantial Portion of the Company’s Assets. The date that
any one person, or more than one person acting as a Group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company having a total gross fair market
value equal to or more than 80% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 
  

 2 

 For the purposes of this Notice of Grant, “Group” means a group as such term is
defined in Treasury Regulation
 §1.409A-3(i)(5)(vi)(B). 
  

					
	PARTICIPANT:	 		 	MAXYGEN, INC.:
			
		 		 	 515 Galveston Drive
 Redwood
City, California 94063

			
	  
	 		 	  

			
	  
  
 (Print Name)
	 		 	  
 (Print Name and Title)

			
	  
 (Date)
	 		 	  
 (Date)

  

 3 

 EXHIBIT A-1 
 MAXYGEN, INC. 
 2006 EQUITY INCENTIVE PLAN

 FORM OF CONTINGENT PERFORMANCE UNIT AWARD AGREEMENT 
 Unless otherwise defined herein, the terms defined in the Maxygen, Inc. 2006 Equity Incentive Plan (the “Plan”) or the Notice of
Grant (as defined below) shall have the same defined meanings in this Contingent Performance Unit Award Agreement (this “Agreement”). 
 WHEREAS, in connection with the ongoing corporate strategy of the Company to realize value for its stockholders through one or more potential strategic transactions, the Company may elect to make one or
more distributions to stockholders of the Company, some of which may have the effect of reducing the Share price of Common Stock, which could negatively affect outstanding Options held by Board members and employees of the Company; and 

WHEREAS, pursuant to Section 11 of the Plan, the Administrator has the authority to grant Restricted Stock Units to Employees,
Directors and Consultants with vesting based on any criteria determined by the Administrator in its discretion; and 
 WHEREAS,
the Participant named in the Notice of Grant to which this Agreement is attached as an exhibit (the “Notice of Grant”), is an Employee, Director, or Consultant; and 
 WHEREAS, in order to realign long-term incentives so as to maintain the Participant’s continued service with the Company (including any
Parent or Subsidiary), it is considered to be in the best interests of the Company to grant to the Participant an Award of contingent performance units (“CPUs”) pursuant to Section 11 of the Plan, subject to the terms and conditions
of this Agreement, the Plan and the Notice of Grant, all of which are incorporated herein by reference. 
 NOW, THEREFORE, the
parties agree as follows: 
 1. Grant of Contingent Performance Units. The Company hereby grants to the Participant named
in the Notice of Grant an Award of CPUs, as set forth in the Notice of Grant and subject to the terms and conditions of this Agreement and the Plan. Each CPU is a Restricted Stock Unit, as described in Section 11 of the Plan, together with the
right to participate in dividends and distributions to the Company’s stockholders made during the period commencing on the Grant Date and ending on the Settlement Date, as described further in Section 4 below. The CPUs awarded by this
Agreement are intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 

 2. Payment; Tax Withholding. No cash payment is required for the CPUs granted by this
Agreement, although the Participant will be required to tender payment in a form of consideration acceptable to the Company for the amount of any withholding taxes due, including but not limited to those due as a result of the Award or vesting of
the CPUs granted hereby. The tax withholding obligations of the Participant will be satisfied in accordance with any of the following methods: 
 (a) By Sale of Shares. At any time not less than 5 business days before any tax withholding obligation arises, the Participant may authorize and instruct the Company, and any brokerage firm
determined acceptable to the Company for such purpose, to sell on the Participant’s behalf from any of the vested Shares, a whole number of Shares as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the
minimum applicable tax withholding obligation. Such Shares will be sold on the day such tax withholding obligation arises or as soon thereafter as practicable. Such sale may be structured by the Participant so as to satisfy the requirements of Rule
10b5-1(c) promulgated under the Exchange Act. The Participant will be responsible for all broker’s fees and other costs of sale, and the Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses
relating to any such sale. Notwithstanding the foregoing, no Shares shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law. The Participant acknowledges that neither the Company nor its designee is under
any obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the minimum tax withholding obligation. Accordingly, the Participant agrees to pay to the Company as soon as
practicable, including through additional payroll withholding, any amount of the tax withholding obligation that is not satisfied by such sale of Shares. 
 (b) By Cash, Check or Other Means. At any time not less than 5 business days before any tax withholding obligation arises, the Participant may elect to satisfy the tax withholding obligation by
delivering to the Company an amount that the Company determines is sufficient to satisfy Participant’s tax withholding obligation. Such amount may be delivered to the Company by (x) tender of cash, (y) delivery of a certified check
payable to the Company, or (z) such other means as specified from time to time by the Company. 
 (c)
Right to Retain Shares and/or Cash. Notwithstanding anything in Section 2(a) and Section 2(b) hereof to the contrary, to the maximum extent permitted by law, the Company has the right to retain without notice from the Shares, any
dividends or distributions paid or deemed to be paid thereon, or from salary or other amounts payable to the Participant, shares or cash having a value sufficient to satisfy the tax withholding obligation and the Participant hereby authorizes such
withholding. Unless and until the tax withholding obligations of the Company, if any, are satisfied, the Company shall have no obligation to release the Shares from any vesting or other restrictions provided for herein, notwithstanding the vesting
schedule set forth in the Notice of Grant or Section 3 of this Agreement. 
 3. Vesting Criteria. Subject to
Section 5 of this Agreement and any relevant Plan provisions, the CPUs awarded by this Agreement will vest in the Participant according to the vesting criteria specified in the Notice of Grant, which vesting criteria are intended to satisfy the
definition of Total Stockholder Return (as defined in the Plan) from the Grant Date until and including the Settlement Date. All unvested CPUs as of the Settlement Date shall expire

  

 5 

 
immediately. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Participant’s continuous service as an Employee, Director or Consultant terminates for
any or no reason prior to vesting, or in the event the Board grants to the Participant any other Award intended to account for a diminution in the value of the Participant’s unexercised Options as a result of any Cash Dividend or Property
Distribution made to stockholders of the Company following the Grant Date, all of the Participant’s CPUs shall expire immediately, subject to the authority of the Administrator, in its sole discretion, to determine whether or not to permit some
or all of the Participant’s CPUs to remain outstanding and the terms and conditions under which they may remain outstanding. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, in the event the Board makes any
adjustments to the Participant’s unexercised Options to account for any Cash Dividends or Property Distributions made to stockholders of the Company from the Grant Date until and including the Settlement Date, the Board expressly reserves the
right to adjust the vesting terms and conditions of the CPUs awarded by this Agreement under such circumstances. 
 4. Credit
for Dividend Payments and Other Distributions. From the Grant Date until and including the Settlement Date, if the Company declares and pays a cash dividend to holders of Common Stock (a “Cash Dividend”) or if the Company distributes
any securities (other than Shares) or other Company property to holders of Common Stock (a “Property Distribution”), then the Participant shall receive for each CPU held by the Participant as of the record date of such Cash Dividend or
Property Distribution (i) a credit for any Cash Dividend equal to the per Share Cash Dividend, and (ii) a credit for any Property Distribution equal to the per Share Property Distribution. All such credits shall be made to a notional
account established for the Participant. With respect to any Property Distribution (or any portion thereof), in lieu of crediting such notional account with the securities or other property comprising such Property Distribution (or portion thereof),
the Administrator may, in its sole discretion, credit the Participant’s notional account with a cash amount equal to the fair market value, as determined in the Administrator’s sole discretion, of such Property Distribution (or portion
thereof) attributable to the Participant’s CPUs. Any credit for Cash Dividends or Property Distributions payable hereunder shall be subject to the same vesting and forfeiture restrictions and conditions applicable to the underlying CPUs as
specified in Section 3 of this Agreement and in the Notice of Grant, and shall only be paid or settled only to the extent that the underlying CPUs vest. Any credit for Cash Dividends or Property Distributions may be paid by the Company in cash,
Shares, the securities or other property comprising such Property Distribution, or any combination thereof, in such form or forms and in such proportions as shall be determined by the Plan Administrator in its sole discretion. 
 5. Company’s Obligation. As soon as practicable on or following the Settlement Date, the Company (or the Company’s
successor, if applicable) shall be obligated to settle all vested CPUs of the Participant as of the Settlement Date. The value of each CPU shall be equal to (i) the price per Share of Common Stock as of the Settlement Date (“Share
Value”) plus (ii) the aggregate value of all credits made to the notional account of the Participant in connection with any eligible Cash Dividend or Property Distribution on a per Share basis (“Distribution Value”). The Share
Value of any CPU will be settled in Shares of Common Stock. The Distribution Value of any CPU will be settled in accordance with the terms of Section 4 above. 
  

 6 

 6. Securities Laws. Upon the vesting or settlement of any CPUs, the Participant will
make or enter into such written representations, warranties and agreements as the Company may reasonably request from time to time in order to comply with applicable securities laws or with this Agreement. 
 7. Adjustments for Changes in Capitalization. All references herein to the number of Shares shall be appropriately adjusted to
reflect any stock split, stock dividend or other change in the Shares which may be made by the Company after the date of this Agreement, pursuant to the provisions of Section 18 of the Plan. 
 8. Payments after Death. Any distribution or delivery to be made to the Participant under this Agreement will, if the Participant is
then deceased, be made to the administrator or executor of the Participant’s estate, or if the Participant has completed a beneficiary designation, to the Participant’s beneficiaries. Any such administrator or executor or beneficiary must
furnish the Company with (a) written evidence of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to such
transfer. 
 9. Rights as Stockholder. Except as provided in Section 4 of this Agreement, neither the Participant
nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been
issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant or the Participant’s broker. 
 10. No Effect on Employment. The Participant’s employment with the Company and its Subsidiaries, if applicable, is on an at-will basis only. Accordingly, the terms of the Participant’s
employment with the Company and its Subsidiaries will be determined from time to time by the Company or the Subsidiary employing the Participant, and the Company or such Subsidiary will have the right, which is hereby expressly reserved, to
terminate or change the terms of the Participant’s employment with the Company at any time for any reason whatsoever, with or without good cause or notice. 
 11. Notices. All notices and other communications under this Agreement shall be in writing or posted electronically on the E*TRADE Securities LLC website. Unless and until Participant is notified
in writing to the contrary, all notices, communications, and documents directed to the Company and related to the Agreement shall be delivered to Maxygen, Inc., 515 Galveston Drive, Redwood City, CA 94063, Attention: Stock Administration. Unless and
until the Company is notified in writing to the contrary, all notices, communications, and documents directed to the Participant and related to this Agreement shall be mailed to the Participant’s last known address as shown on the
Company’s books or posted electronically on the E*TRADE Securities LLC website. All notices and communications related to this Agreement shall be delivered by hand, mailed by first class mail, postage prepaid, sent by reputable overnight
courier or posted electronically on the E*TRADE Securities LLC website. All mailings and deliveries related to this Agreement shall be deemed received when actually received, if by hand delivery, 2 business days after mailing, if by mail, the next
business day after being sent by reputable overnight courier, or 30 days after the date of posting for notices posted electronically on the E*TRADE Securities LLC website. 
  

 7 

 12. Grant is Not Transferable. Except to the limited extent provided in
Section 8 of this Agreement, this Award of CPUs and the rights and privileges conferred hereby, including rights to credits for any Cash Dividends or Property Distributions, shall not be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Award of CPUs, or any right or
privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Award of CPUs and the rights and privileges conferred hereby shall immediately become null and void. 
 13. Binding Agreement. Subject to the limitation on the transferability of this Award of CPUs contained in Section 12 of this
Agreement, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 14. Additional Conditions to Issuance of Stock. If at any time the Company determines, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange
or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance or delivery to the Participant (or his or her estate or beneficiaries) of Shares or any
securities or other property comprising any Property Distribution, such issuance or delivery shall not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions
not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such law or securities exchange and to obtain any such consent or approval of any such governmental authority. 
 15. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a
conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern. 
 16. Administrator Authority. The Administrator will have the power to interpret the Plan, the Notice of Grant and this Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any CPUs have vested). All actions taken and all interpretations and determinations
made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good
faith with respect to the Plan or this Agreement. 
 17. Choice of Law; Venue. This Agreement shall be governed by the
internal substantive laws, but not the choice of law rules, of the State of [California][Delaware]. The Participant hereby submits to the jurisdiction and venue of the courts of the State of California and the Federal Courts of the United States of
America located within the County of Santa Clara

  

 8 

 
for all actions or proceedings relating to the CPUs granted hereby, the Notice of Grant, this Agreement, or the Plan. The Participant further agrees that service upon the Participant in any such
action or proceeding may be made by first class mail, certified or registered, to the Participant’s address as last appearing on the records of the Company or by personal service on the Participant. 
 18. No Waiver. Either party’s failure to enforce any provision of this Agreement shall neither be construed as a waiver of any
such provision in any way, nor shall it prevent such party from thereafter enforcing any other provision of this Agreement. The rights granted both parties hereunder are cumulative and shall not constitute a waiver of either party’s right to
assert any other legal remedy available to it. 
 19. Further Assurances. The Participant agrees upon request to execute
any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement. 
 20. THE
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF CPUs PURSUANT TO SECTION 3 HEREOF AND THE NOTICE OF GRANT IS EARNED ONLY BY THE PARTICIPANT’S CONTINUOUS SERVICE TO THE COMPANY AND THE ACHIEVEMENT OF THE TOTAL STOCKHOLDER RETURN
PERFORMANCE GOAL AS DESCRIBED IN THIS AGREEMENT AND THE NOTICE OF GRANT (AND NOT THROUGH THE ACT OF BEING HIRED OR ACQUIRING SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT OF THE COMPANY FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE WITH THE PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE PARTICIPANT’S RELATIONSHIP (I) AS AN EMPLOYEE AT ANY TIME, FOR ANY REASON OR NO REASON, WITH OR WITHOUT CAUSE; (II) AS A CONSULTANT PURSUANT TO THE
TERMS OF THE PARTICIPANT’S AGREEMENT WITH THE COMPANY OR AN AFFILIATE; OR (III) AS A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS OF THE CORPORATE LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS
DOMICILED, AS THE CASE MAY BE. 
 By the Participant’s signature in the Notice of Grant, Participant represents that he or she is familiar
with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. The Participant has reviewed the Plan, this Agreement and the Notice of Grant in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing the Notice of Grant and fully understands all provisions of the Plan, this Agreement and the Notice of Grant. The Participant agrees to accept as binding, conclusive and final all decisions or
interpretations of the Administrator upon any questions arising under the Plan or this Agreement. The Participant further agrees to notify the Company upon any change in the residence indicated in the Notice of Grant. 
  

 9Form of Consulting Agreement

 Exhibit 10.7 
 MAXYGEN, INC. 
 CONSULTING AGREEMENT 
 This Consulting Agreement (“Agreement”), effective as of
[                    ] (the “Effective Date”), is made by and between Maxygen, Inc., a corporation formed under the laws of the
State of Delaware, with offices at 515 Galveston Drive, Redwood City, CA 94063 (the “Company”) and
[                            ], an individual (the “Consultant”). 
 BACKGROUND 
 The
Consultant is party to an Amended and Restated Change in Control Agreement (the “Change in Control Agreement”) with the Company dated
[                    ]. Pursuant to the terms of the Change in Control Agreement, the Consultant agrees to enter into this Agreement following
Consultant’s termination as an executive of the Company and to continue to abide by this Agreement as a condition of receiving certain benefits and payments under the Change in Control Agreement. The Company desires to have the Consultant
provide consulting services to the Company, and the Consultant is willing to provide such consulting services and assistance, on the terms and conditions set forth below. Accordingly, the parties hereto hereby agree as follows: 
 1. Consulting Services. 
 1.1 The Consultant shall advise the Company and its Affiliates and their respective management, employees and agents regarding the business of the Company. The Consultant shall at all times retain the right to control the manner and means
of performance hereunder; provided, however, that the Consultant shall at all times provide the services and otherwise perform his obligations hereunder in a professional manner, with reasonable skill and care and in accordance with the terms and
conditions of this Agreement. 
 1.2 From time to time during the term of this Agreement (including any extension or renewal
term thereof) upon request by the Company, the Consultant shall provide consulting and advisory services to the Company and its Affiliates and their respective management, employees and agents at reasonable times agreed upon by the Consultant and
the Company at the Company’s offices, or such other locations as may be agreed upon by the Consultant and the Company. Such consultation may be provided by telephone, by electronic mail, by audioconference, by videoconference and/or through
written correspondence. 
 2. Consideration; Payment. 
 2.1 In consideration for consulting services provided by the Consultant to the Company hereunder, the Company shall pay to the Consultant a consulting fee of
$[        ] per hour for each hour devoted to consulting for the Company as provided hereunder (“Consulting Hour”). Unless otherwise agreed to in writing by the parties, the Consultant’s
consulting time shall not include travel time. 

 2.2 In addition to any consulting fees due to the Consultant pursuant to Section 2.1
above, the Company will reimburse reasonable out-of-pocket expenses (including reasonable travel expenses) actually incurred by the Consultant in the course of performing the consulting services hereunder, in compliance with the Company’s
travel policies for its officers and subject to customary written verification of such expenses in a form reasonably satisfactory to the Company, within thirty (30) business days after the Company’s receipt from the Consultant of a proper
written invoice therefore. 
 2.3 The Consultant shall provide to the Company a written invoice of any services provided by
Consultant and the date and time spent on such consulting services. 
 2.4 The Consultant and Company agree that the time spent
on services Consultant is expected to perform under this Agreement will not exceed 20% of the average level of time spent on services Consultant performed for the Company over the immediately preceding three-year period. 
 2.5 The Consultant will not be eligible for, nor will participate in, any health, pension, or other employee benefit plan sponsored or
established by the Company for the benefit of its employees. 
 3. Term and Termination. 
 3.1 The term of this Agreement will begin on the Termination Date (as defined in the Change in Control Agreement) and the Agreement will
continue in full force and effect until the third anniversary of the Termination Date, unless earlier terminated as provided in Sections 3.2 and 3.3 below or extended or renewed pursuant to Section 3.4 below (the “Term”). 

3.2 The Company may terminate this Agreement for any reason or no reason with at least ninety (90) days written notice of
termination to the Consultant. 
 3.3 This Agreement will terminate automatically upon the Consultant’s death, or in the
event the Consultant becomes disabled and such disability substantially impairs the Consultant’s ability to carry out his or her obligations hereunder. In such case, the Company’s obligation to pay ceases after the date of termination,
except for those services actually performed on or prior to the date of such termination. 
 3.4 This Agreement may be extended
or renewed for additional agreed upon periods upon the written agreement of the parties. 
 3.5 In the event, following the
first anniversary of the Termination Date, Executive’s obligations under this Agreement render Executive unable to secure employment with a new employer, then the parties (including any party who succeeds to the Company’s interests as a
result of a Change of Control), shall negotiate in good faith a modification or earlier termination of this Agreement. 
 4. Certain Other
Contracts. 
 The Consultant shall not disclose to the Company, or bring onto the Company’s premises, or induce the
Company to use, any information that the Consultant is obligated to keep confidential pursuant to an existing agreement with any third party, and nothing in this Agreement will be construed to impose any obligation on the Consultant to the contrary.

 The Consultant shall not perform consulting work hereunder on time that the Consultant is
required to devote to any third party. The Consultant shall not use the funding, resources and facilities of any third party to perform consulting work hereunder and shall not perform the consulting work hereunder in any manner that would give any
third party rights to the product of such work. 
 The Consultant has disclosed and, during the term of this Agreement
(including any extension or renewal term thereof), shall continue to disclose to the Chief Executive Officer of the Company, or his designee, any conflicts between this Agreement and any other agreements or obligations binding the Consultant.

 The Consultant acknowledges that, except as set forth in the Change in Control Agreement, the Company has not made any
agreement or commitment, or offered to the Consultant any such agreement or commitment, (i) to have the Consultant perform any additional services, (ii) to make any other payments to the Consultant, or (iii) to enter into any other
agreement with or commitment to the Consultant. 
 5. Inventions and Documents; Assignment. 
 The Consultant shall promptly and fully disclose to the Chief Executive Officer of the Company (or his designee) any and all work product and
intellectual property, including without limitation any invention, improvement, algorithm, code, discovery, process, know-how, design right, copyright, mask work, formula, technique, method, and/or trade secret, whether or not patentable, whether or
not copyrightable, made, discovered, conceived, developed, generated, contributed to, or first reduced to practice by the Consultant, either alone or jointly with others, while performing or arising from the services provided hereunder
(collectively, “Inventions”). The Consultant understands and agrees that all Inventions are and shall remain the exclusive property of the Company and shall be treated as Confidential Information (as defined in Section 6 below). The
Consultant agrees to assign and hereby assigns to the Company (or its designee) all right, title and interest in and to any such Inventions. The Consultant shall execute all instruments necessary to perfect the assignment of such Inventions to the
Company (or its designee) and to enable the Company or its designee to apply for, obtain, and enforce patents, copyrights and other intellectual property rights in any and all countries on such Inventions. The Consultant hereby irrevocably
designates the Secretary of the Company as the Consultant’s agent and attorney-in-fact to execute and file any such document and to do all lawful acts necessary to apply for and obtain such patents, copyrights and other intellectual property
rights, and to enforce the Company’s rights (or the rights of its designee) under this paragraph. 
 The parties
acknowledge that all original works of authorship, including but not limited to computer software, which are made by the Consultant within the scope of the consulting services provided to the Company hereunder and which are protectable by copyright
shall be “works made for hire” within the meaning of the Copyright Law of the United States of America and its related laws contained in Title 17 of the United States Code and are hereby assigned to Company (or its designee) pursuant to
such laws; provided, however, that in no event shall anything in this Agreement be construed to render the Consultant an employee of the Company under any state or local labor or employment laws. 

 All documents, data and/or other records provided by or obtained from the Company or created
as a result of the consulting services provided hereunder, including any summary, abstract or excerpt thereof, (the “Documents”) are, will be and shall remain the Company’s sole property and must be promptly returned to the Company
when this Agreement expires or terminates, as the case may be. Any copyright in such Documents and any other documents of any other work prepared for the Company by the Consultant shall be solely owned by the Company. 
 No royalty or other payment will be due to the Consultant in respect of any Inventions or the assignment thereof to the Company. 

This Section 5 will survive the expiration or termination of this Agreement. 
 6. Confidentiality. 
 The
Consultant acknowledges that, during the course of performing the consulting services hereunder, confidential and proprietary information (i) owned by the Company and/or its Affiliates (e.g., technical information, business plans,
identification or characterization of biological or other materials, results and/or design of experiments and/or preclinical or clinical testing, financial analysis or marketing plans), and/or (ii) received by the Company and/or its Affiliates
in confidence from one or more third parties, may, in each case, be disclosed to the Consultant by or on behalf of the Company, and that in connection with the consulting activities conducted by Consultant under this Agreement the Consultant will be
developing information and creating work product related to the Field (e.g. inventions, projects, products, potential customers, personnel, business plans, finances and/or other commercially valuable information). All such information described in
the previous sentence, whatever its form or medium (whether in written, oral, electronic, or graphic format), shall be referred to as “Confidential Information.” The Consultant acknowledges and agrees that the Company’s business area
is extremely competitive, that the success of the Company’s business is dependent in part upon the maintenance of secrecy of Confidential Information, and that any disclosure of the Confidential Information would result in serious harm to the
Company. 
 The Consultant agrees that the Confidential Information of the Company will be used by the Consultant only in
connection with the consulting services hereunder, and will not be used in any way that is detrimental to the Company. 
 The
Consultant agrees to hold in strict confidence and not to disclose, directly or indirectly, the Confidential Information of the Company to any third person or entity, other than representatives or agents of the Company. 
 The term “Confidential Information” does not include information to the extent that it (i) is or becomes generally available
to the public other than through breach of this Agreement or other wrongful act by the Consultant, (ii) was already lawfully within the Consultant’s possession prior to being furnished to the Consultant by or on behalf of the Company
hereunder, or (iii) becomes available to the Consultant on a nonconfidential basis from a third party who has

 
no obligation of confidentiality to the Company or any of its Affiliates. Specific Confidential Information shall not be deemed to be within any of the foregoing exclusions merely because it is
within the scope of more general information within one or more of the exclusions. Further, any combination of Confidential Information (whether or not combined with non-confidential information) shall not be deemed to be within the above exceptions
merely because one or more individual items of Confidential Information are within the above exceptions. 
 The Consultant may
disclose any Confidential Information that is required to be disclosed by applicable law, government regulation or court order; provided that if any such disclosure is required, the Consultant shall give the Company reasonable advance notice of any
such contemplated disclosure so that the Company may seek a protective order or take other action reasonable in light of the circumstances to prevent and/or limit the scope of any such disclosure. 
 Upon expiration or termination of this Agreement, the Consultant will promptly return to the Company or, at the Company’s request,
destroy (and provide to the Company written confirmation of such destruction) all materials containing Confidential Information as well as data, records, reports and other property, furnished by the Company to the Consultant or produced by the
Consultant in connection with services rendered hereunder, together with all copies, excerpts, summaries and abstracts of any of the foregoing. Notwithstanding such return or destruction, as the case may be, the Consultant shall continue to be bound
by the terms and conditions of this Section 6 for a period of five (5) years after the termination or expiration of this Agreement. This Section 6 shall survive the termination or expiration of this Agreement (including any extension
or renewal term thereof). 
 7. Use of Equipment and Facilities. If, at any time, the Consultant is required to work at any of the
Company’s premises or use any of its equipment, the Consultant will comply with all relevant health, safety and security regulations and related instructions issued by the Company. 
 8. Use of Name. It is understood by the Consultant that the name of the Consultant may appear in disclosure documents required by securities laws, and in other regulatory and administrative filings
in the ordinary course of the Company’s business. 
 9. No Conflict; Valid and Binding. The Consultant warrants and represents that
(i) neither the execution of this Agreement nor the performance of the Consultant’s obligations under this Agreement will result in a violation or breach of any other agreement by which the Consultant is bound, (ii) the Consultant has
the legal power and authority and right to enter into and perform under this Agreement without violating the rights or obtaining the consent of any third party, and (iii) the Consultant is entering this Agreement as principal and not as agent
for any other party. The Company represents that this Agreement has been duly authorized and executed and is a valid and legally binding obligation of the Company. 
 10. Notices. Any notice provided under this Agreement shall be in writing and shall be deemed to have been effectively given (i) upon receipt when delivered personally, (ii) one day after
sending when sent by private courier service (such as Federal Express), or (iii) five (5) days after sending when sent by first-class mail (postage prepaid), in each case to the applicable address noted herein above or to other such
address as may have been last designated by the Company or the Consultant by written notice to the other party as provided herein. 

 11. Independent Contractor; Withholding. 
 The parties agree that the Consultant will at all times be an independent contractor, and not an agent or an employee, in the performance of
the consulting services hereunder, and nothing in this Agreement shall be construed or have effect as constituting any relationship of employer and employee or of partnership between the Company and the Consultant. The Consultant does not have the
power or authority to bind the Company or to assume or create any obligation or responsibility, express or implied, on the Company’s behalf or in the Company’s name, and the Consultant shall not represent to any person or entity that the
Consultant has such power or authority. Consultant shall not act as an agent nor be deemed to be an employee of the Company for the purposes of any employee benefit program, unemployment benefits, or otherwise. 
 The Consultant shall provide the Company with his United States Tax Identification Number (TIN) upon execution of this Agreement. The
Company shall provide the Consultant with an Internal Revenue Service (IRS) Form 1099 in connection with the performance of the services hereunder. The Consultant recognizes that no amount will be withheld by the Company from the Consultant’s
compensation for payment of any federal, state, or local taxes or related payroll deductions of any country, and that the Consultant has sole responsibility to pay all such taxes, if any, and file all such returns as may be required by applicable
laws and regulations with respect to the Consultant’s performance of the consulting services hereunder and receipt of fees under this Agreement, and the Consultant shall indemnify and hold harmless the Company from the Consultant’s failure
to do so. 
 12. Assignment; Successors and Assigns. Due to the personal nature of the services to be rendered by the Consultant
hereunder, the Consultant may not assign this Agreement nor subcontract any of the consulting services to be performed under this Agreement. The Company may assign all its rights and liabilities under this Agreement to any of its Affiliates or to a
successor to all or a substantial part of its business or assets without the consent of the Consultant. Subject to the foregoing, this Agreement will inure to the benefit of and be binding upon each of the assigns and successors of the respective
parties. 
 13. Advice of Counsel. Each party represents that it has voluntarily executed this Agreement having read and fully understood
it, and after having the opportunity to freely consult with counsel or other advisor(s) of each party’s choice, and each acknowledges and agrees that this Agreement shall not be deemed to have been drafted by one party or the other and will be
construed accordingly. 
 14. Severability. If any provision of this Agreement shall be declared invalid, illegal or unenforceable, such
provision shall be severed and the remaining provisions shall continue in full force and effect. 
 15. Remedies. The Consultant
acknowledges that the Company would have no adequate remedy at law to enforce Sections 5 and/or 6 hereof. In the event of a violation by the Consultant of such Sections notwithstanding, the Company shall have the right to obtain from a court of
competent jurisdiction injunctive relief and/or other similar equitable remedies for any such violation, without the requirement of posting bond or other similar measures. 

 16. Indemnity. The Company shall indemnify, defend and hold harmless the Consultant, from and against
all expenses and liabilities arising from any claim or proceeding brought by any third party, including any shareholder of the Company, based on or relating to any services performed by Consultant for the Company pursuant to this Agreement, except
to the extent that such expense or liability is due to the negligence or willful misconduct of Consultant. In the event that Consultant becomes aware of any claim or proceeding he believes is subject to this Section 16 he shall promptly notify
the Company and cooperate fully with the Company and its counsel in the defense and/or settlement of any such claim or proceeding. This Section 16 shall survive the termination or expiration of this Agreement (including any extension or renewal
term thereof). 
 17. Arbitration. The parties hereby agree that any dispute arising under this Agreement, or in connection with any
breach thereof, shall be finally resolved through binding arbitration conducted in San Francisco, California, in accordance with the Commercial Arbitration Rules of the American Arbitration Association by one (1) arbitrator appointed in
accordance with such Rules. The arbitrator shall determine what discovery will be permitted, and shall not order or require discovery against either party of a type or scope that is not permitted against the other party because of differences in
applicable law. The costs of the arbitration shall be shared equally by the parties, and each party shall bear its own costs and attorneys’ and witness’ fees. No punitive damages may be granted by the arbitrator. The parties agree that the
arbitrator’s decision shall be the sole, exclusive and binding remedy between them regarding any and all disputes, controversies, claims and counterclaims presented to the arbitrator. 
 18. Governing Law; Entire Agreement; Amendment. This Agreement shall be governed by the laws of the State of California without reference to the
conflicts of laws principles, represents the entire understanding of the parties with respect to the subject matter hereof, supersedes and cancels all prior agreements, understandings, arrangements or representations between the parties with respect
to the consulting services to be provided hereunder, and may only be amended by written agreement of the parties. Notwithstanding the above, the parties agree that the Change in Control Agreement and that certain Confidential Information, Secrecy
and Invention Agreement; Employee Agreement and Release; and Non-Competition and Non-Solicitation Agreement which were entered into in connection with the Change in Control Agreement, as well as certain equity award agreements between Consultant and
the Company referenced in the Change in Control Agreement, shall remain in full force and effect. 
 19. Headings. The underlined
headings contained in this Agreement are for convenience of reference only, shall not be deemed to be part of this Agreement, and shall not be referred to in connection with the construction or interpretation of this Agreement. 
 20. Definition of Affiliates. In this Agreement, “Affiliates” means any and all corporations or other business entities which (directly or
indirectly) control, are controlled by, or are under common control with the Company. 

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

					
	UNDERSTOOD AND AGREED:	 		 	
			
	MAXYGEN, INC.	 		 	        CONSULTANT:
			
	By:                                       
                                         
                  	 		 	Signature:                                      
                                         
      
			
	Name:                                      
                                         
             	 		 	Name: [                                     
                                   ]
			
	Title:                                      
                                         
               	 		 	

 Schedule I 
 The Company entered into a Consulting Agreement with each of the former executive officers of the Company listed below and with the following terms: 
  

						
	 Former Executive Officer
	  	Date	  	Hourly Consulting Fee
	 Russell Howard
	  	October 1, 2009	  	$	260
	 Lawrence Briscoe
	  	October 1, 2009	  	$	185
	 Elliot Goldstein
	  	November 1, 2009	  	$	220

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