Document:

EX-10.11

 Exhibit 10.11 

CONFIDENTIAL 
 EXECUTIVE
EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), made as of March 1, 2013 (the
“Effective Date”), is entered into by Spring Bank Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at 113 Cedar Street, Milford, Massachusetts 01757 (the “Company”), and Douglas J. Jensen having
an address of 2673 Route 8, Lake Pleasant, NY 12108 (the “Executive”). 
 In consideration of the mutual covenants and promises
contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, the parties agree as follows: 

1. Period of Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment with the
Company, upon the terms set forth in this Agreement, from the Effective Date until terminated in accordance with the provisions of Section 4 (the “Employment Period”). 

2. Title; Capacity. The Executive shall serve as President and Chief Executive Officer and shall have all authority commensurate with
such position including, but not limited to, hiring additional qualified personnel who are necessary to achieve the Company goals set forth by the Board of Directors. The Executive shall be based at the Company’s principal place of business in
Milford, Massachusetts. The Executive shall be subject to the supervision of, and shall have such authority (consistent with the foregoing provisions) as is delegated to the Executive by, the Board of Directors. During the Employment Period, the
Company will use its best efforts to cause the Executive to continue to serve as a member of the Board of Directors of the Company. 
 The
Executive hereby accepts such employment and agrees to undertake the duties and responsibilities inherent in such positions and such other duties and responsibilities as the Board of Directors shall from time to time reasonably assign to the
Executive. The Executive agrees to devote his entire business time, attention and energies to the business and interests of the Company during the Employment Period; provided however, that the Executive may be permitted to engage in other
activities, including membership on boards of directors of other businesses or non-for-profit organizations, so long as such activities do not interfere with the performance of the Executive’s duties under this Agreement. The Executive agrees
to abide by the rules, regulations, instructions, personnel practices and policies of the Company, as adopted and amended from time to time by the Company. 

3. Compensation and Benefits. 

3.1 Salary. As of the Effective Date, the Company shall pay the Executive, in periodic installments in accordance with the
Company’s customary payroll practices, salary at an annual rate of $275,000.00 ($22,916.67 per month). 

 Executive’s salary shall be reviewed no less frequently than annually, at the beginning of
each calendar year, as determined by the Board of Directors (or its Compensation Committee) in its reasonable discretion; provided however that the Board of Directors (or its Compensation Committee) shall strive to keep the Executive’s
salary competitive with the average salary paid to a Founder and President and Chief Executive Officer of similarly situated companies. 

Bonus and Milestone Incentives During the Employment Period, the Executive shall be entitled to participate in the Company’s
then-current bonus plan and/or program. The target bonus is 30% of base salary. The Executive shall receive the annual bonus no later than 60 days after the end of each calendar year as determined by the Board of Directors (or its Compensation
Committee) in its discretion according to the then-current policies and procedures that the Company has in place for the award of such annual bonuses. Bonus payable will be determined by the Board of Directors and will be dependent on the
achievement of the Corporate Goals. 
 3.2 Additional Compensation: (i) Participation in Annual Stock Option program. If the Company
puts in place an annual stock option program the individual will be entitled to participate at a level equal to his responsibility and performance. (iv) The Executive will be entitled to participate on the same basis with all other officers and
employees of the Company in the Company’s standard benefits package made generally available to all other officers and employees including 401(k), group health, disability and life insurance programs, and other fringe benefits. The Company will
ensure that Executive has Directors and Officers Liability Insurance in an amount that is sufficient and customary for enterprises like those of the Company. 

3.3 Benefits. During the Employment Period, the Executive shall be entitled to participate in all benefit programs that the Company
establishes and makes available to its employees, if any, to the extent that Executive’s position, tenure, salary, age, health and other qualifications make him or her eligible to participate. The Executive shall be entitled to 20 business days
paid vacation per year plus holidays recognized by the government of the Commonwealth of Massachusetts for its employees. All vacation time will be subject to the then-current policies and procedures that the Company has in place and shall be taken
at such times as may be approved by the Board of Directors. 
 3.4 Reimbursement of Expenses. The Company shall reimburse the
Executive for all reasonable travel, entertainment and other expenses incurred or paid by the Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, in accordance with policies
and procedures, and subject to limitations, adopted by the Company from time to time. 
 3.5 Withholding. All salary, bonus and other
compensation payable to the Executive during the Employment Period shall be subject to applicable withholding taxes. 

  
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 3.6 Indemnification. The Company will indemnify the Executive to the extent permitted by
its charter and by-laws and by applicable law against all costs, charges and expenses, including, without limitation, attorneys’ fees, incurred or sustained by the Executive in connection with any action, suit or proceeding to which the
Executive may be made a party by reason of being an officer, director or employee of the Company. In connection with the foregoing, the Executive will be covered under any liability insurance policy that protects officers of the Company. Any amounts
paid under this Section 3(h) will be paid at the times and in the manner prescribed by Treas. Reg. Section 1.409A-1(b)(10) (relating to certain indemnification and liability insurance plans). 

3.7 Section 409A of the Code. Despite any contrary provision of this Agreement, all expense reimbursements and in-kind benefits
provided under this Agreement will be made or provided in accordance with the requirements of Code § 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement, or in kind benefits
provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (ii) the reimbursement of an eligible expense will be made on or before the last day of the
calendar year following the year in which the expense is incurred, and (iii) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 

4. Termination of Employment Period. The employment of the Executive by the Company pursuant to this Agreement shall terminate upon the
occurrence of any of the following: 
 4.1 At the election of the Company, for Cause (as defined below), immediately upon written notice by
the Company to the Executive, which notice shall identify the Cause upon which the termination is based. For the purposes of this Section 4.1, “Cause” means any (a) willful failure by the Executive, which failure is not cured
within fifteen calendar (15) days of written notice to the Executive from the Company, to perform his or her material responsibilities to the Company, or (b) willful misconduct by the Executive that materially affects the operations or
business reputation of the Company. Any determination under this Section 4.1 will be made by a majority of the members of the Board of Directors voting on such determination, with the Executive abstaining from such vote. With respect to any
such determination, the Board will act fairly and in utmost good faith and will give the Executive and his counsel an opportunity to appear and be heard at a meeting of the Board of Directors and present evidence on the Executive’s behalf. No
act or omission on the Executive’s part will be considered “willful” unless done, or admitted to be done, by the Executive in bad faith or without the Executive’s reasonable belief that such act or omission was in the best
interest of the Company. 
 4.2 Upon the death or disability of the Executive. As used in this Agreement, the term “disability”
shall mean the inability of the Executive, due to a physical or mental disability, for a period of 180 days, whether or not consecutive, during any 360-day period to perform the services contemplated under this Agreement, with or without reasonable
accommodation as that term is defined under state or federal law. A determination of disability shall be made in the first instance by the Executive’s physician, provided that if the Executive and the Company disagree over the
determination made by the Executive’s physician (or if such physician fails to make such a determination in a timely manner), the Executive and the Company shall each select a physician and these two together shall select a third physician,
whose determination as to disability shall be binding on all parties. 

  
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 4.3 At the election of the Executive, for Good Reason (as defined below), immediately upon
written notice by the Executive to the Company, which notice shall identify the Good Reason upon which the termination is based. For the purposes of this Section 4.3, “Good Reason” for termination shall mean (i) any reduction in
the annual salary payable to the Executive, (ii) any material diminution or other adverse change in the Executive’s authority, title, or duties without the prior consent of the Executive, (iii) a breach by the Company of the terms of
this Agreement, which breach is not remedied by the Company within fifteen calendar (15) days following written notice from the Executive to the Company notifying it of such breach, a requirement that the Executive relocate his principal place
of business more than fifty (50) miles from his usual place of business, (v) the Executive’s removal from the Board of Directors (provided that such removal is not in connection with a termination of the Executive’s employment
hereunder by the Company), or (vi) failure by the Company to obtain the assumption of this Agreement by any successor to the Company. 

5. Effect of Termination. 

5.1 Payments Upon Termination. 

(a) In the event the Executive’s employment is terminated pursuant to Section 4.1 or Section 4.2, the Company shall pay to the
Executive the salary pursuant to Section 3.1, benefits pursuant to Section 3.5 and expenses incurred pursuant to Section 3.6 through the last day of his or her actual employment by the Company, but, for clarity, shall have no
obligation to pay any bonus pursuant to Section 3.2. 
 (b) In the event the Executive’s employment is terminated pursuant to
Section 4.3 then the Company shall continue to pay to the Executive his or her salary pursuant to Section 3.1 as in effect on the date of termination and continue to provide to the Executive benefits pursuant to Section 3.5 during the
Severance Period (as defined below), and, in addition, the Executive shall be entitled to a pro rata portion of a bonus pursuant to Section 3.1, if the Board of Directors deems that the Company is eligible to make bonus payments In addition,
each stock grant shall become fully vested and exercisable (if applicable) and the Company’s lapsing repurchase right, if any, shall terminate with respect to any shares of common stock acquired by you by exercise or purchase of said stock. The
payment to the Executive of the amounts payable under this Section 5.1(b): (i) shall be contingent upon the execution by the Executive of a general release of the Company, its affiliates, stockholders, directors, officers, employees and
agents from all claims (other than claims for the amounts payable under this Section 5.1(b)), together with an agreement not to not make any disparaging comments, statements or communications about the Company, its affiliates, stockholders,
directors, officers, employees or agents, or its management or business practices, all in a form reasonably provided by the Company; and (ii) shall constitute the sole remedy of the Executive in the event of a termination of the
Executive’s employment in the circumstances set forth in this Section 5.1(b), subject to applicable law. For the purposes of this Section 5.1, “Severance Period” means the period beginning on the date of termination and
continuing afterward for six months. 

  
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 (c) In the event of a Change of Control of the Company as defined below, if within 6 months of
any such Change of Control, the Company terminates employment other than for Cause, or if Executive terminates employment for Good Reason, then in lieu of any payments to or on behalf of Executive under section 5.1(b), the Company shall pay
Executive within 10 days of such termination a lump sum payment equal to one year of the Executive’s salary and the amount of any bonus compensation paid to Executive during the preceding twelve months (this will be pro rata and dependent on
the Board of Directors agreeing to pay out a Bonus for that year) and shall pay the full cost of Executive’s group health and dental insurance for 12 months. A “Change of Control” shall be deemed to take place if (i) any party
other than the Company or any of its affiliates becomes a beneficial owner directly or indirectly of securities representing fifty percent (50%) or more of the total number of votes that may be cast for the election of directors of the Company
and two-thirds of the Board has not consented to such event prior to or within sixty days after its occurrence, provided that if the consent occurs after the event it shall only be valid for the purposes of this section 5.1(c) if a majority of the
consenting Board is comprised of directors of the Company who were such immediately prior to the event, (ii) any merger or consolidation involving the Company or any sale of all or substantially all of the assets of the Company, or any
combination of the foregoing, and two- thirds of the Board has not consented to such event prior to or within sixty days after its occurrence, provided that if the consent occurs after the event it shall only be valid for purposes of this section
5.1(c) if a majority of the consenting Board is comprised of directors of the Company who were such immediately prior to the event; or (iii) or within twelve months after a tender offer or exchange offer for voting securities of the Company
(other than by the Company) the individuals who were directors of the Company immediately prior to such offer shall cease to constitute a majority of the Board. 

5.2 Section 409A of the Code. The Executive and the Company agree that the payment schedule for any payments described in
Section 5 may be adjusted as necessary to avoid the application of the provisions of Code Section 409A, provided that no such adjustment shall result in either a decrease of any benefit or payment contemplated herein, nor an increase in
the cost of providing such payment or benefit. To that end, this Agreement will be interpreted and administered in accordance with the applicable requirements of, and exemptions from, Code § 409A in a manner consistent with Treas. Reg. §
1.409A-1(c). To the extent payments and benefits are subject to Code § 409A, this Agreement shall be interpreted, construed and administered in a manner that satisfies the requirements of (i) Code § 409A(a)(2), (3) and (4), (ii)
Treas. Reg. § 1.409A-1 et seq., and (iii) transitional relief under IRS Notice 2007-86, and (iv) other applicable authority issued by the Internal Revenue Service and the U.S. Department of the Treasury. 

5.3 Survival. The provisions of Sections 5.1(b), 5.1(c), 6, 7 and 8.5 shall survive the termination of this Agreement. 

5.4 Records. Upon termination of the Executive’s employment hereunder, the Executive will return to the Company any Company
property but will be permitted to retain his personal and business contacts. 
 6. Inventions; Non-Disclosure; Non-Competition;
Non-Solicitation. Upon the execution and delivery of this Agreement, the Executive shall enter into the Company’s standard form of Invention and Non-Disclosure Agreement. For clarity, the obligations and covenants of the Executive pursuant
to such Invention and Non-Disclosure Agreement constitute material responsibilities of the Executive to the Company pursuant to this Agreement. 

  
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 7. Other Agreements. The Executive represents that his or her performance of all the terms
of this Agreement and the performance of his or her duties as an employee of the Company do not and will not breach any agreement with any prior employer or other party to which the Executive is a party (including without limitation any
nondisclosure or non- competition agreement). 
 8. Miscellaneous. 

8.1 Notices. Any notices delivered under this Agreement shall be deemed duly delivered four (4) business days after it is sent by
registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, in each case to the address of the recipient set forth
in the introductory paragraph hereto. Either party may change the address to which notices are to be delivered by giving notice of such change to the other party in the manner set forth in this Section 8.1. 

8.2 Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine
or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 
 8.3 Entire Agreement. This
Agreement and the agreements referenced herein constitute the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. 

8.4 Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive.

 8.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts (without reference to the conflicts of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of
Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Executive each consents to the jurisdiction of such a court. The Company and the Executive each hereby irrevocably waive any right to a trial
by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 
 8.6 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to the
Company’s assets or business, provided, however, that the obligations of the Executive are personal and shall not be assigned by him or her. 

8.7 Waivers. No delay or omission by either party in exercising any right under this Agreement shall operate as a waiver of that or any
other right. A waiver or consent given by either party hereto on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 

  
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 8.8 Captions. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
 8.9 Severability. In
case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

THE EXECUTIVE ACKNOWLEDGES THAT HE OR SHE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS
AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above. 

 

			
	SPRING BANK PHARMACEUTICALS, INC.
		
	By:	 	/s/ Jonathan Bates
	Name:	 	Jonathan Bates
	Title:	 	Director
	
	EXECUTIVE
	
	 /s/ Douglas J. Jensen

	Douglas J. Jensen

  
 Page 7EX-10.12

 Exhibit 10.12 

TRANSITION AGREEMENT 

This Transition Agreement (the “Agreement”) is made by and between Spring Bank Pharmaceuticals, Inc. (the “Company”) and
Douglas Jensen (“Mr. Jensen”) (collectively, the “Parties”) as of the 27th day of May 2015. 

WHEREAS, the Company and Mr. Jensen are parties to the Executive Employment Agreement dated as of March 1, 2013 (the
“Employment Agreement”) under which Mr. Jensen currently serves as President and Chief Executive Officer of the Company; 

WHEREAS, the Company intends to hire a new President and Chief Executive Officer in connection with its plan to become a public reporting
company and desires that Mr. Jensen continue his service as the Company’s President and Chief Executive Officer during the Transition Period (as defined below); 

WHEREAS, the Parties are in dispute over Mr. Jensen’s rights under the Employment Agreement and wish to resolve matters amicably
without the need for litigation; and 
 WHEREAS, the Parties agree that the Employment Agreement is null and void and wish to establish the
terms of Mr. Jensen’s employment during the Transition Period and the terms of Mr. Jensen’s separation from the Company upon the completion of the Transition Period; 

NOW, THEREFORE, in consideration of the promises and conditions set forth below, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
  

	 	1.	Transition Period. 

 (a) Transition Period – During the period commencing on
the date hereof and ending on the date three (3) months following the date hereof (unless mutually agreed in writing to an additional three (3) months following such period or sooner terminated in accordance with the terms of this
Agreement) (the “Transition Period”), Mr. Jensen shall continue to serve as President and Chief Executive Officer of the Company, subject to the supervision of, and with such authority as is delegated to Mr. Jensen by, the Board
of Directors of the Company (the “Board”). Mr. Jensen agrees to devote his entire business time, attention and energies to the business and interests of the Company during the Transition Period and to perform his duties
professionally, timely and cooperatively. During the Transition Period, Mr. Jensen will continue to receive his current base salary and participate in the Company’s benefit plans (pursuant to the terms and conditions of such plans)
consistent with the first two paragraphs of Section 3.1 of the Employment Agreement and Sections 3.3, 3.4 and 3.5 of the Employment Agreement. 

(b) Termination of Employment – During the Transition Period, the Company retains the right to terminate Mr. Jensen’s
employment for Cause (as defined as Mr. Jensen committing an act of fraud or embezzlement against the Company, or an act of deliberate misconduct that results or resulted in a material injury to the Company, or his conviction or entry of a
pleading of guilty or nolo contedere to any crime 

 
involving moral turpitude or any felony) immediately upon written notice to Mr. Jensen detailing the reason for such termination, or to terminate Mr. Jensen’s employment without
Cause upon 15 days’ prior written notice, and Mr. Jensen retains the right to terminate his employment for any reason upon 15 days’ prior written notice to the Company. For purposes of this Agreement, the last day of
Mr. Jensen’s employment is referred to as the “Separation Date”, and the Transition Period shall end on the Separation Date. In the event the Company terminates Mr. Jensen’s employment for Cause, or if Mr. Jensen
terminates his employment for any reason, he will not be eligible to receive the Severance Benefits (as defined in Section 2 below), nor will he receive any further salary payments, benefits, or other compensation from the Company following the
Separation Date, other than payment for any accrued but unused vacation time and/or reimbursement of business expenses in accordance with Company policy. In the event the Company terminates Mr. Jensen’s employment without Cause during the
Transition Period or Mr. Jensen’s employment expires upon the completion of the Transition Period, Mr. Jensen will remain eligible to receive the Severance Benefits in accordance with the terms set forth below. 

(b) Resignation from Employment and Director and Officer Positions – As of the Separation Date, Mr. Jensen shall resign from
his employment with the Company and from his positions as a member of the Company’s Board of Directors and as an officer of the Company. Mr. Jensen agrees to execute and deliver any documents reasonably necessary to effectuate such
resignations, provided that nothing in any such document is inconsistent with any terms set forth in this Agreement. Mr. Jensen hereby irrevocably appoints the Company to be his attorney-in-fact to execute any documents and do anything in his
name to effect such resignations in the event that Mr. Jensen fails to promptly submit on the Separation Date his resignation as an officer or director or execute any documents requested by the Company to effectuate Mr. Jensen’s
resignation from any and all officer and director positions. A written notification signed by a director or duly authorized officer of the Company that any instrument, document or act falls within the authority conferred by this subsection will be
conclusive evidence that it does so. The Company will prepare any documents, pay any filing fees, and bear any other expenses related to the above. 

(c) Post-Employment Assistance – For a period of three (3) months following the Separation Date, Mr. Jensen agrees to
make himself available by telephone (for calls of reasonable length) or e-mail from time to time, upon reasonable notice, to provide such assistance and information as the Company may reasonably request in connection with its efforts to make a
smooth transition to new leadership, including, without limitation, information concerning Mr. Jensen’s former duties and responsibilities and/or his knowledge of the Company’s business and operations. Mr. Jensen acknowledges and
agrees that his eligibility to receive the Severance Benefits described below is, in part, consideration for this post-employment assistance, and that he will not be entitled to receive any compensation or benefits for such assistance other than
what he is entitled to receive pursuant to the terms of this Agreement. The Company agrees that such requests will not unreasonably interfere with Mr. Jensen’s personal or professional obligations, and that it shall reimburse
Mr. Jensen for any reasonable and documented out of pocket costs he incurs for complying with this paragraph. 

  
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	 	2.	Severance Benefits. In return for Mr. Jensen’s compliance with the terms hereof, and subject to his execution of the Additional Release of Claims attached hereto as Attachment A (the “Additional
Release”) in a timely manner as set forth in Section 15 below and his non-revocation thereof, the Company will provide Mr. Jensen with the following severance benefits (the “Severance Benefits”), provided he remains eligible
pursuant to Section 1 above: 

 (a) Severance Pay – The Company will provide Mr. Jensen with severance
pay in an amount equal to eighteen (18) months of pay at Mr. Jensen’s base salary rate of twenty-five thousand seven hundred and fifty dollars ($25,750) per month, less all applicable taxes and withholdings. The severance pay will be
paid to Mr. Jensen in equal installments in accordance with the Company’s regular payroll practices; provided, however, that the first payment shall not be made until the first regular payroll date following the date the Additional Release
becomes effective and enforceable. 
 (b) Additional Severance Pay – If the Company terminates the employment of Mr. Jensen
without Cause on or prior to the end of the agreed upon Transition Period, the Company will also pay to Mr. Jensen, together with the first payment made pursuant to Section 2(a) above, an additional separation payment equal to the amount
of base salary he would have received had he remained employed by the Company during the remainder of the agreed upon Transition Period, plus an amount equal to what the Company would have paid on his behalf for group health and dental coverage had
he remained employed during the remainder of the agreed upon Transition Period, less all applicable taxes and withholdings. 
 (c) Group
Health Insurance – Should Mr. Jensen be eligible for and timely elect to continue receiving group health and/or dental insurance coverage under the law known as COBRA, the Company shall, until the earlier of (x) the date that is
eighteen (18) months following the Separation Date, or (y) the date that Mr. Jensen becomes eligible for group health and/or dental insurance coverage through another employer (the “COBRA Contribution Period”), pay on
Mr. Jensen’s behalf the share of the premium for such coverage that it currently pays on behalf of Mr. Jensen and, if and as applicable, his family, plus any administrative fees for such coverage. The remaining balance of any premium
costs, and all premium costs after the COBRA Contribution Period, shall be paid by Mr. Jensen on a monthly basis during the elected period of health insurance coverage under COBRA for as long as, and to the extent that, he remains eligible for
COBRA continuation. Mr. Jensen agrees that he will notify the Company in writing at least five (5) days prior to the date on which he becomes eligible to receive group health and/or dental insurance coverage through another employer, if
that date is prior to the date that is eighteen (18) months following the Separation Date. For the avoidance of doubt, in the event Mr. Jensen becomes eligible for health insurance benefits but not dental insurance benefits from another
employer during the COBRA Contribution Period, the Company’s 

  
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obligations under this paragraph with respect to health insurance shall immediately cease and Mr. Jensen shall not be entitled to any additional monthly premium payments for health insurance
coverage. Similarly, in the event Mr. Jensen becomes eligible for dental insurance benefits but not health insurance benefits from another employer during the COBRA Contribution Period, the Company’s obligations under this paragraph with
respect to dental insurance shall immediately cease and Mr. Jensen shall not be entitled to any additional monthly premium payments for dental insurance coverage. 

(d) Acceleration of Option Vesting – Effective immediately after the Additional Release becomes effective and enforceable, the
Company will accelerate the vesting of the stock options that the Company granted to Mr. Jensen on March 25, 2015 under the Company’s 2014 Stock Incentive Plan (the “Plan”), and that Mr. Jensen holds pursuant to a stock
option agreement evidencing the grant of such options (the “Option Agreement”), such that Mr. Jensen’s option with respect to the shares under such grant shall become immediately exercisable in full. 

(e) Extension of Option Exercise Date – Effective immediately after the Additional Release becomes effective and enforceable, the
Company will extend until December 31, 2016 the period during which Mr. Jensen may exercise the stock options, subject to the terms of the Option Agreement and the Plan. Mr. Jensen understands that the stock options subject to this
extended exercise period shall cease to be treated for tax purposes as incentive stock options. 
 (f) Attorney’s Fees – The
Company will reimburse Mr. Jensen for reasonable legal fees that he actually expends in connection with the negotiation of this Agreement, in an amount up to a maximum of twelve thousand five hundred dollars ($12,500). Such reimbursement will
be made to Mr. Jensen within thirty (30) days following the Company’s receipt of sufficient documentation showing proof of such expense, i.e., copies of all relevant invoices (redacted appropriately to remove any privileged
information therein); provided, however, that no reimbursement shall be made prior to the date Mr. Jensen signs this Agreement. 
 Other
than the Severance Benefits, Mr. Jensen will not be eligible for, nor shall he have a right to receive, any payments or benefits from the Company following the Separation Date, other than reimbursement for any business expenses in accordance
with Company policy, and payment for any accrued but unused vacation time. 
  

	 	3.	 Release by Mr. Jensen. In exchange for the consideration set forth herein, which Mr. Jensen acknowledges he would not otherwise be
entitled to receive, Mr. Jensen hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of its and their
respective past and present officers, directors, stockholders, investors, partners, members, managers, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities)
(collectively, the “Released Parties”) from any and all claims, complaints, demands, actions, causes of action, suits, rights, debts, 

  
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sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’
fees and costs), of every kind and nature that he ever had or now has against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out of or relating to his employment with and/or
separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et
seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining
Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C.
§ 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of the Massachusetts Fair Employment Practices Act,
Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law regarding payment of wages and overtime), the Massachusetts Civil Rights Act, Mass.
Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C, the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et
seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, §
52D, all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including, without limitation, all
claims arising out of or related to the Employment Agreement); all claims to any non-vested ownership interest in the Company, contractual or otherwise, except as explicitly set forth in Section 2(d) above; all state and federal whistleblower
claims to the maximum extent permitted by law; and any claim or damage arising out of his employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or
ordinance not expressly referenced above; provided, however, that (a) nothing in this Agreement prevents Mr. Jensen from filing a charge with, cooperating with, or participating in any proceeding before the Equal Employment Opportunity
Commission or a state fair employment practices agency (except that he acknowledges that he may not recover any monetary benefits in connection with any such claim, charge or proceeding, and explicitly waives any rights or claims to any payment,
benefit, attorneys’ fees or other remedial relief in connection with any such claim, charge or proceeding and agrees that if any such complaint, charge, or proceeding is filed on his behalf, he shall take all reasonable steps necessary to
refuse any damages or individualized relief in connection therewith), and (b) nothing herein shall prevent Mr. Jensen from bringing claims to enforce this Agreement. Further, nothing herein shall release Mr. Jensen’s rights as a
stockholder of the Company for matters arising after the date of this Agreement, any rights he may have under the Company’s certificate of incorporation, by-laws, insurance and/or any

  
 - 5 - 

	 	
indemnification agreement between him and Company (and/or otherwise under law) for indemnification as an officer of the Company for his service to the Company (recognizing that such
indemnification is not guaranteed by this Agreement and shall be governed by the instrument or law, if any, providing for such indemnification), or any rights he may have to vested ownership, pension or 401 (K) benefits or interests.

  

	 	4.	Release by the Company. In exchange for the consideration set forth herein, the Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges Mr. Jensen from any and all
claims, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses
(including attorneys’ fees and costs), of every kind and nature, whether known or unknown, that it ever had or now has against Mr. Jensen, including, but not limited to, any and all claims arising out of or relating to
Mr. Jensen’s employment with and/or separation from the Company; provided, however, that notwithstanding the foregoing, nothing in this release (a) releases Mr. Jensen from his continuing obligations as set forth in
Section 5 below and in Attachments B and C hereto, (b) shall prevent the Company from bringing claims to enforce this Agreement, or (c) releases Mr. Jensen from any claims for fraud or embezzlement, or from any civil claims based
on any acts and/or omissions that satisfy the elements of a criminal offense, or from any claims arising out of any deliberate misconduct by him that results or resulted in material injury to the Company 

 

	 	5.	Continuing Obligations. Mr. Jensen acknowledges and reaffirms his obligation to keep confidential and not to use or disclose, during the Transition Period or thereafter, any and all non-public information
concerning the Company that he acquires or acquired during the course of his employment with the Company, including, but not limited to, any non-public information concerning the Company’s business affairs, business prospects, and financial
condition. Mr. Jensen further acknowledges his obligations set forth in the Invention and Non-Disclosure Agreement and the Non-Competition and Non-Solicitation Agreement, copies of which are attached hereto as Attachments B and C, respectively,
and which Mr. Jensen understands that he must sign together with this Agreement in consideration of his continued employment and the other good and valuable consideration as set forth in this Agreement. 

 

	 	6.	Unemployment. The Company agrees not to contest any application Mr. Jensen may make for unemployment benefits following the Separation Date; provided, however, that the Company will not provide any false
information to any government entity or fail to correct false information. 

  

	 	7.	 Return of Company Property. Mr. Jensen agrees that he will, on the Separation Date or earlier if requested by the Company, return to the
Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, etc.), Company identification and any other Company-owned property
in his possession or control and that he will leave intact all electronic Company documents, including but not 

  
 - 6 - 

	 	
limited to those that he developed or helped to develop during his employment. Mr. Jensen further agrees that he will, on the Separation Date or earlier if requested by the Company, cancel
all accounts for his benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or wireless data accounts and computer accounts. 

 

	 	8.	Non-Disparagement. Mr. Jensen understands and agrees that, unless required by law or valid subpoena, he shall not make any false, disparaging or derogatory statements to any media outlet, industry group,
financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of the other Released Parties or regarding the Company’s business affairs, business prospects or financial
condition; provided, however, that nothing herein shall be construed as preventing Mr. Jensen from making truthful disclosures to any governmental entity or in any litigation or arbitration. The Company will, in turn, instruct those individuals
to whom it makes privy the terms of this Agreement to refrain from making any false, disparaging or derogatory statements about Mr. Jensen; provided, however, that nothing herein shall be construed as requiring the Company to instruct any person not
to make truthful disclosures to any governmental entity or in any litigation or arbitration. Further, the members of the Company’s Board of Directors shall not make any false, disparaging or derogatory statements about Mr. Jensen;
provided, however, that nothing herein shall be construed as preventing any such person from making truthful disclosures to any governmental entity or in any litigation or arbitration. 

 

	 	9.	Amendment. This Agreement shall be binding upon the Parties and may not be abandoned, supplemented, changed or modified in any manner, orally or otherwise, except by an instrument in writing of concurrent or
subsequent date signed by duly authorized representatives of the Parties. This Agreement is binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors, successors (following any merger or
acquisition of the Company) and administrators. For the avoidance of doubt, if Mr. Jensen dies before receiving all of the Severance Benefits to which he would otherwise be entitled pursuant to this Agreement, the remainder will, to the extent
permitted by law, be paid to his spouse if she is alive at that time, or to his estate, if she is not. For purposes of clarity, if Mr. Jensen dies or becomes qualified for short-term disability benefits before the end of the Transition Period,
the date on which such death or qualification occurs shall be the Separation Date, but Mr. Jensen, or his estate, as may be applicable, will still be eligible to receive the Severance Benefits subject to the terms of this Agreement and to the
extent permitted by law. 

  

	 	10.	Waiver of Rights. No delay or omission by either Party in exercising any rights under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by either Party on any one
occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

  
 - 7 - 

	 	11.	Validity. Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not
be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement. 

  

	 	12.	Confidentiality. Unless required by law or valid subpoena, the Parties understand and agree that, to the extent permitted by law, the terms and contents of this Agreement, and the contents of the negotiations and
discussions resulting in this Agreement, shall be maintained as confidential by them and their agents and representatives and shall not be disclosed except to the extent agreed to in writing by the other party. Notwithstanding the foregoing,
however, Mr. Jensen may share this Agreement with his immediate family, his counsel, his financial advisor and accountant and, to the extent either may request, the office of unemployment and tax authorities, and the Company may share this
Agreement with those who have a business reason to know. 

  

	 	13.	Cooperation. Mr. Jensen agrees to cooperate fully with the Company, to the extent permitted by law, in the investigation, defense or prosecution of any claims or actions now in existence or that may be
brought in the future against the Company by any third party or by or on behalf of the Company against any third party. Mr. Jensen agrees that his full cooperation in connection with such claims or actions will include being available to meet
with the Company’s counsel, at reasonable times and locations designated by the Company, to prepare for discovery, any mediation, arbitration, trial, administrative hearing or other proceeding, and to act as a witness when requested by the
Company, Mr. Jensen agrees that, to the extent permitted by law, he will notify the Company promptly in the event that he is served with a subpoena or in the event that he is asked to provide a third party with information concerning any actual
or potential complaint or claim against the Company. The Company will reimburse Mr. Jensen for all reasonable and documented out of pocket costs that he incurs to comply with this paragraph. 

 

	 	14.	Nature of Agreement. This Agreement is not and shall not in any way be construed as an admission of liability or wrongdoing on the part of either Party. 

 

	 	15.	Time for Consideration. To be eligible to receive the Severance Benefits, Mr. Jensen must sign and return the Additional Release no earlier than the Separation Date, but no later than twenty-one
(21) days thereafter. 

  

	 	16.	Acknowledgments. Mr. Jensen acknowledges that he has been given a reasonable amount of time to consider this Agreement and twenty-one (21) days following the Separation Date to consider the Additional
Release, and that the Company is hereby advising him to consult with an attorney of his own choosing prior to signing this Agreement or the Additional Release. Mr. Jensen understands that he may revoke the Additional Release for a period of
seven (7) days after he signs it by notifying the Company in writing, and the Additional Release shall not be effective or enforceable until the expiration of this seven (7) day revocation period. Mr. Jensen understands and agrees
that by entering into the Additional Release, he will be waiving any and all rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, and that he will be eligible to
receive consideration beyond that to which he was previously entitled. 

  
 - 8 - 

	 	17.	Voluntary Assent. Mr. Jensen affirms that no other promises or agreements of any kind have been made to or with him by any person or entity whatsoever to cause him to sign this Agreement, and that he fully
understands the meaning and intent of this Agreement. Mr. Jensen acknowledges that he had an opportunity to fully discuss and review the terms of this Agreement with an attorney of his own choosing prior to signing this Agreement.
Mr. Jensen further states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof and signs his name of his own free act.

  

	 	18.	Tax Provision. In connection with the Severance Benefits and any other monetary payments to be provided to Mr. Jensen pursuant to this Agreement, the Company shall withhold and remit to the tax authorities
the amounts required under applicable law, and Mr. Jensen shall be responsible for all applicable taxes with respect to such Severance Benefits and other payments under applicable law. The Parties intend that the payments and benefits provided
for under this Agreement shall be either exempt from or compliant with Section 409A of the Internal Revenue Code. Further, the parties intend that, for the purposes of Section 409A, each payment under this Agreement shall be considered a
separate payment. Notwithstanding the foregoing, Mr. Jensen acknowledges that he is not relying upon advice or representation of the Company with respect to the tax treatment of any of the Severance Benefits or other payments.

  

	 	19.	Applicable Law. This Agreement and the Additional Release shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions. Mr. Jensen hereby
irrevocably submits to the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for purposes of this Agreement and the Additional Release, are
the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under, or in connection with this Agreement or the Additional Release or the subject matter thereof. 

 

	 	20.	Entire Agreement. This Agreement, upon its effective date, contains and constitutes (together with the Additional Release at such time as it becomes effective and enforceable) the entire understanding and
agreement between the Parties hereto with respect to Mr. Jensen’s employment with the Company, severance benefits and the settlement of claims against the Company, and cancels all previous oral and written negotiations, agreements,
commitments and writings in connection therewith. For purposes of clarity, this Agreement supersedes and cancels any prior employment agreements or arrangements Mr. Jensen may have entered into with the Company, including, without limitation,
the Employment Agreement (which, for the avoidance of doubt, shall be of no force or effect following the date of this Agreement), provided, however, that nothing in this Section shall modify, cancel or supersede Mr. Jensen’s obligations
set forth in Section 5 above or in Attachment B hereto. 

  
 - 9 - 

	 	21.	Counterparts. This Agreement and the Additional Release will be executed in duplicate such that each Party will retain a fully-executed original and each original may be executed in two (2) signature
counterparts, each of which shall constitute an original, but all of which taken together shall constitute but one and the same instrument. 

  
 - 10 - 

 IN WITNESS WHEREOF, the Parties have set their hands and seals to this Agreement as of the
date(s) written below. 
  

									
	Spring Bank Pharmaceuticals, Inc.	 		 	
				
	 /s/ David Arkowitz
	 		 	Date:	 	 
	By: David Arkowitz	 		 		 	

 I hereby agree to the terms and conditions set forth above. I further understand that the Severance Benefits are
conditioned upon my timely execution, return and non-revocation of the Additional Release. However, I understand that if I die after I execute this Agreement but before I execute the Additional Release, the Severance Benefits will, to the extent
permitted by law, be paid to my spouse if she is alive at that time, or to my estate, if she is not. 
  

									
	Douglas Jensen	 		 	
				
	 /s/ Douglas Jensen
	 		 	Date:	 	5/27/15

  
 - 11 - 

 ATTACHMENT A 

ADDITIONAL RELEASE OF CLAIMS 
  

	1.	 Release by Mr. Jensen. In exchange for the consideration set forth herein and in the Agreement to which this Additional Release of Claims
(the “Additional Release”) is attached as Attachment A, which Mr. Jensen acknowledges he would not otherwise be entitled to receive, Mr. Jensen hereby fully, forever, irrevocably and unconditionally releases, remises and
discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of its and their respective past and present officers, directors, stockholders, investors, partners, members, managers, employees, agents,
representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, complaints, demands, actions, causes of action,
suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind
and nature that he ever had or now has against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out of or relating to his employment with and/or separation from the Company,
including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Age
Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et
seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order
11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of
the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law regarding payment of wages and
overtime), the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C, the Massachusetts Labor and Industries
Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small
Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and
breach of contract; all claims to any non-vested ownership interest in the Company, contractual or otherwise, except as explicitly set forth in Section 2(d) of the Agreement; all state and federal whistleblower claims to the maximum extent
permitted by law; and any claim or damage arising out of his employment with and/or separation from the Company (including a claim for retaliation) under any common law 

  
 - 12 - 

 
theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that (a) nothing in this Additional Release prevents Mr. Jensen from filing
a charge with, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or a state fair employment practices agency (except that he acknowledges that he may not recover any monetary benefits in
connection with any such claim, charge or proceeding, and explicitly waives any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such claim, charge or proceeding and agrees that if any
such complaint, charge, or proceeding is filed on his behalf, he shall take all reasonable steps necessary to refuse any damages or individualized relief in connection therewith), and (b) nothing herein shall prevent Mr. Jensen from
bringing claims to enforce the Agreement or this Additional Release. Further, nothing herein shall release Mr. Jensen’s rights as a stockholder of the Company for matters arising after the date of this Additional Release, any rights he may
have under the Company’s certificate of incorporation, by-laws, insurance and/or any indemnification agreement between him and Company (and/or otherwise under law) for indemnification as an officer of the Company for his service to the Company
(recognizing that such indemnification is not guaranteed by this Additional Release and shall be governed by the instrument or law, if any, providing for such indemnification), or any rights he may have to vested ownership, pension or
401(K) benefits or interests. 
  

	2.	Release by the Company. In exchange for the consideration set forth herein, the Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges Mr. Jensen from any and all
claims, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses
(including attorneys’ fees and costs), of every kind and nature, whether known or unknown, that it ever had or now has against Mr. Jensen, including, but not limited to, any and all claims arising out of or relating to
Mr. Jensen’s employment with and/or separation from the Company; provided, however, that notwithstanding the foregoing, nothing in this release (a) releases Mr. Jensen from his continuing obligations as set forth in
Section 5 of the Agreement and in Attachment B thereto, (b) shall prevent the Company from bringing claims to enforce the Agreement or this Additional Release, or (c) releases Mr. Jensen from any claims for fraud or embezzlement,
or from any civil claims based on any acts and/or omissions that satisfy the elements of a criminal offense, or from any claims arising out of any deliberate misconduct by him that results or resulted in material injury to the Company.

  

	3.	Final Compensation. Mr. Jensen acknowledges that he has been reimbursed by the Company for all business expenses incurred in conjunction with the performance of his employment and that no other
reimbursements are owed to him. Mr. Jensen acknowledges that he has received all compensation due to him from the Company, including, but not limited to, all wages, bonuses and accrued, unused vacation time, and that he is not eligible or
entitled to receive any additional payments or consideration from the Company beyond that provided for in Section 2 of the Agreement. 

  
 - 13 - 

	4.	Return of Company Property. Mr. Jensen confirms that he has returned to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and
printers, wireless handheld devices, cellular phones, etc.), Company identification and any other Company-owned property in his possession or control and that he has left intact all electronic Company documents, including but not limited to those
that he developed or helped to develop during his employment. Mr. Jensen further confirms that he has cancelled all accounts for his benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge
cards, cellular phone and/or wireless data accounts and computer accounts. 

  

	5.	Acknowledgments. Mr. Jensen acknowledges that he has been given twenty-one (21) days following the Separation Date (together with the seven (7) day revocation period described in the next sentence,
the “Review Period”) to consider this Additional Release, and that the Company has advised him in writing to consult with an attorney of his own choosing prior to signing this Additional Release. Mr. Jensen understands that he may
revoke this Additional Release for a period of seven (7) days after he signs it by notifying the Company in writing, and the Additional Release shall not be effective or enforceable until the expiration of this seven (7) day revocation
period. Mr. Jensen understands and agrees that by entering into this Additional Release, he is waiving any and all rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection
Act, and that he has received consideration beyond that to which he was previously entitled. In the event the Review Period begins in one taxable year for Mr. Jensen and ends in the following taxable year, any payments contingent upon
Mr. Jensen entering into the Additional Release will be made or commence to be paid on the first regular payroll date in the following taxable year that falls after the date the Additional Release becomes effective and enforceable.

  

	6.	Voluntary Assent. Mr. Jensen affirms that no other promises or agreements of any kind have been made to or with him by any person or entity whatsoever to cause him to sign this Additional Release, and that
he fully understands the meaning and intent of this Additional Release. Mr. Jensen states and represents that he has had an opportunity to fully discuss and review the terms of this Additional Release with an attorney. Mr. Jensen further
states and represents that he has carefully read this Additional Release, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act. 

 

			
	Spring Bank Pharmaceuticals, Inc.
		
	By:	 	/s/ Martin Driscoll

 I hereby provide this Additional Release as of the date below and acknowledge that the execution of this Additional Release
is in further consideration of the Severance Benefits. to which I acknowledge I would not be entitled if I did not enter into this Additional Release (provided, however, that if I die before the time I have been provided in which to execute this
Additional 

  
 - 14 - 

 
Release, I understand that the Severance Benefits will, to the extent permitted by law, be paid to my spouse if she is alive at that time, or to my estate, if she is not). I intend that this
Additional Release become a binding agreement between the Company and me if I do not revoke my acceptance in seven (7) days. 
  

					
	/s/ Doug Jensen	  		  	August 27, 2015
	Douglas Jensen	  		  	Date

  
 - 15 - 

 Attachment B 

SPRING BANK PHARMACEUTICALS, INC. 

INVENTION AND NON-DISCLOSURE AGREEMENT 

This Invention and Non-Disclosure Agreement (this “Agreement”) made this      day of May, 2015, is by and
between Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Douglas Jensen (the “Employee”). 

In consideration of the employment or continued employment of the Employee by the Company, and for other good and valuable consideration as
set forth in the Transition Agreement to which this Agreement is attached as Attachment B, the Employee and the Company agree as follows: 

Condition of Employment. 

The Employee acknowledges that Employee’s employment and/or the continuance of that employment with the Company is contingent upon
Employee’s agreement to sign and adhere to the provisions of this Agreement. The Employee further acknowledges that the nature of the Company’s business is such that protection of its proprietary and confidential information is critical to
the survival and success of the Company’s business. 
 Proprietary and Confidential Information. 

The Employee agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning the
Company’s business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information may include
discoveries, ideas, inventions, products, product improvements, product enhancements, processes, methods, techniques, formulas, compositions, compounds, negotiation strategies and positions, projects, developments, plans (including business and
marketing plans), research data, clinical data, financial data (including sales costs, profits, pricing methods), personnel data, computer programs (including software used pursuant to a license agreement), customer, prospect and supplier lists, and
contacts at or knowledge of customers or prospective customers of the Company. The Employee will not disclose any Proprietary Information to any person or entity other than employees of the Company or use the same for any purposes (other than in the
performance of Employee’s duties as an employee of the Company) without written approval by an officer of the Company, either during or after Employee’s employment with the Company, unless and until such Proprietary Information has become
public knowledge without fault by the Employee. While employed by the Company, the Employee will use the Employee’s best efforts to prevent unauthorized publication or disclosure of any of the Company’s Proprietary Information. 

The Employee agrees that all files, documents, letters, memoranda, reports, records, data, sketches, drawings, models, laboratory notebooks,
program listings, computer equipment or devices, computer programs or other written, photographic, or other tangible or intangible material containing Proprietary Information, whether created by the Employee or

  
 - 16 - 

 
others, which come into Employee’s custody or possession, shall be and are the exclusive property of the Company to be used by the Employee only in the performance of Employee’s duties
for the Company and shall not be copied or removed from the Company premises except in the pursuit of the business of the Company. All such materials or copies thereof and all tangible property of the Company in the custody or possession of the
Employee shall be delivered to the Company, upon the earlier of (i) a request by the Company or (ii) termination of Employee’s employment for any reason. After such delivery, the Employee shall not retain any such materials or copies
thereof or any such tangible property. 
 The Employee agrees that Employee’s obligation not to disclose or to use information and
materials of the types set forth in paragraphs 2(a) and 2(b) above, and Employee’s obligation to return materials and tangible property, set forth in paragraph 2(b) above, also extends to such types of information, materials and tangible
property of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Employee in the course of the Company’s business. 

Developments. 
 The
Employee has attached hereto, as Exhibit A, a list describing all discoveries, ideas, inventions, improvements, enhancements, processes, methods, techniques, developments, software, and works of authorship, whether patentable or not, which
were created, made, conceived or reduced to practice by the Employee prior to the Employee’s employment by the Company and which are owned by Employee, which relate directly or indirectly to the current or anticipated future business of the
Company, and which are not assigned to the Company hereunder (collectively, “Prior Developments”); or, if no such list is attached, Employee represents that there are no Prior Developments. Employee agrees not to incorporate any
Prior Developments into any Company product, material, process or service without prior written consent of an officer of the Company. If Employee does incorporate any Prior Development into any Company product, material, process or service, Employee
hereby grants to the Company a non-exclusive, worldwide, perpetual, transferable, irrevocable, royalty-free, fully-paid right and license to make, have made, use, offer for sale, sell, import, reproduce, modify, prepare derivative works, display,
perform, transmit, distribute and otherwise exploit such Prior Development and to practice any method related thereto. 
 The Employee will
make full and prompt disclosure to the Company of all discoveries, ideas, inventions, improvements, enhancements, processes, methods, techniques, developments, software, and works of authorship, whether patentable or not, which are created, made,
conceived or reduced to practice by Employee or under Employee’s direction or jointly with others during Employee’s employment by the Company, whether or not during normal working hours or on the premises of the Company (all of which are
collectively referred to in this Agreement as “Developments”). The Employee acknowledges that each original work of authorship which is made by the Employee (solely or jointly with others) within the scope of and during the period
of Employee’s employment with the Company and which is protectable by copyright is a “work made for hire,” as that term is defined in the United States Copyright Act. The Employee agrees to assign and does hereby assign to the Company
(or any person or entity designated by the Company) all Employee’s right, title and interest in and to all Developments (other than Prior Developments listed on Exhibit A, if any) and all related patents, patent

  
 - 17 - 

 
applications, copyrights and copyright applications. However, this paragraph 3(b) shall not apply to Developments which do not relate to the business or research and development conducted or
planned to be conducted by the Company at the time such Development is created, made, conceived or reduced to practice and which are made and conceived by the Employee not during normal working hours, not on the Company’s premises and not using
the Company’s tools, devices, equipment or Proprietary Information. The Employee understands that, to the extent this Agreement shall be construed in accordance with the laws of any state which precludes a requirement in an employee agreement
to assign certain classes of inventions made by an employee, this paragraph 3(b) shall be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. The Employee also hereby waives all claims
to moral rights in any Developments. 
 The Employee agrees to cooperate fully with the Company, both during and after Employee’s
employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Developments. The Employee shall
sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order
to protect its rights and interests in any Development. The Employee further agrees that if the Company is unable, after reasonable effort, to secure the signature of the Employee on any such papers, any executive officer of the Company shall be
entitled to execute any such papers as the agent and the attorney-in-fact of the Employee, and the Employee hereby irrevocably designates and appoints each executive officer of the Company as Employee’s agent and attorney-in-fact to execute any
such papers on Employee’s behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Development, under the conditions described in this sentence. 

Obligations to Third Parties. 

The Employee represents that, except as the Employee has disclosed in writing to the Company on Exhibit A attached hereto, the Employee
is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Employee’s employment with the Company, to
refrain from competing, directly or indirectly, with the business of such previous employer or any other party or to refrain from soliciting employees, customers or suppliers of such previous employer or other party. The Employee further represents
that Employee’s performance of all the terms of this Agreement and the performance of Employee’s duties as an employee of the Company do not and will not conflict with or breach any agreement with any prior employer or other party
(including, without limitation, any nondisclosure or noncompetition agreement), and that the Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous
employer or others. 

  
 - 18 - 

 United States Government Obligations. 

The Employee acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or
agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Employee agrees to be bound by all such
obligations and restrictions which are made known to the Employee and to take all action necessary to discharge the obligations of the Company under such agreements. 

Miscellaneous. 

Equitable Remedies. The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of the
business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach or threatened breach of this Agreement is likely to cause the Company substantial and irrevocable damage
which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a
court restraining such a breach or threatened breach without posting a bond and the right to specific performance of the provisions of this Agreement and the Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 

Disclosure of this Agreement. The Employee hereby authorizes the Company to notify others, including but not limited to customers of
the Company and any of the Employee’s future employers or prospective business associates, of the terms and existence of this Agreement and the Employee’s continuing obligations to the Company hereunder. 

Not Employment Contract. The Employee acknowledges that this Agreement does not constitute a contract of employment, does not imply
that the Company will continue Employee’s employment for any period of time and does not change the at-will nature of Employee’s employment. 

Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors
and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to the Company’s assets or business, provided, however, that the obligations of the Employee are personal and shall not be assigned
by Employee. The Employee expressly consents to be bound by the provisions of this Agreement for the benefit of the Company or any subsidiary or affiliate thereof to whose employ the Employee may be transferred without the necessity that this
Agreement be re-signed at the time of such transfer. 
 Severability. In case any provision of this Agreement shall be invalid,
illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

Waivers. No delay or omission, by the Company in exercising any right under this Agreement will operate as a waiver of that or any
other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion. 

  
 - 19 - 

 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts (without reference to the conflicts of laws provisions thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this
Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a
court. The Company and the Employee each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

Entire Agreement; Amendment. This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company
relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company. The Employee agrees that any change or changes
in Employee’s duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect
the scope or substance of any section of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 20 - 

 IN WITNESS WHEREOF, the parties hereto have executed the Invention and Non-Disclosure Agreement
as of the date and year first above written. 
  

			
	COMPANY:
	
	Spring Bank Pharmaceuticals, Inc.
		
	By:	 	/s/ David Arkowitz
	
	EMPLOYEE:
	
	/s/ Douglas Jensen
	Douglas Jensen

 SIGNATURE PAGE TO INVENTION AND NON-DISCLOSURE AGREEMENT 

 EXHIBIT A 

LIST OF PRIOR INVENTIONS AND ORIGINAL
WORKS OF AUTHORSHIP EXCLUDED 
 UNDER
SECTION 3(A) OR CONFLICTING AGREEMENTS DISCLOSED UNDER SECTION 4 

 

					
	 Title
	  	 Date
	  	 Identifying Number or Brief Description

Except as indicated above on this Exhibit A, I have no Prior Developments to disclose pursuant to Section 3(a) of this Agreement and no agreements
to disclose pursuant to Section 4 of this Agreement 
  

					
	EMPLOYEE:
		
	By:	 	  

		 	Name:	 	  

 Attachment C 

SPRING BANK PHARMACEUTICALS, INC. 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 This Non-Competition and Non-Solicitation Agreement (this “Agreement”) made this this     day of
May, 2015, is by and between Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Douglas Jensen (the “Employee”). 

For good consideration, including the consideration set forth in the Transition Agreement to which this Agreement is attached as Attachment C,
and in consideration of the employment or continued employment of the Employee by the Company, the Employee and the Company agree as follows: 

1. Non-Competition and Non-Solicitation. 

Non-Competition and Non-Solicitation. While the Employee is employed by the Company and for a period of one (1) year after the
termination or cessation of such employment for any reason, the Employee will not directly or indirectly: 
 (i) in the geographical areas
that the Company does business or has done business at the time of the Employee’s termination, engage or assist others in engaging in any business or enterprise (whether as owner, partner, officer, director, employee, consultant, investor,
lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-held company) that is competitive with the Company’s business, including but not limited to any business or enterprise that develops,
manufactures, markets, licenses, sells or provides any product or service that competes with any product or service developed, manufactured, marketed, licensed, sold or provided, or planned to be developed, manufactured, marketed, licensed, sold or
provided, by the Company while the Employee was employed by the Company; or 
 (ii) either alone or in association with others, solicit,
divert or take away, or attempt to divert or take away, the business or patronage of any of the actual or prospective clients, customers, accounts or business partners of the Company which were contacted, solicited, or served by the Company during
the Employee’s employment with the Company; or 
 (iii) either alone or in association with others (i) solicit, induce or attempt
to induce, any employee or independent contractor of the Company to terminate his or her employment or other engagement with the Company, or (ii) hire or recruit, or attempt to hire or recruit, or engage or attempt to engage as an independent
contractor, any person who was employed or otherwise engaged by the Company at any time during the term of the Employee’s employment with the Company; provided, that this clause (ii) shall not apply to the recruitment or hiring or
other engagement of any individual whose employment or other engagement with the Company has been terminated for a period of six months or longer. 

  
 - 23 - 

 Extension. If the Employee violates the provisions of any of the preceding paragraphs of
this Section 1, the Employee shall continue to be bound by the restrictions set forth in such paragraph until a period of one (1) year has expired without any violation of such provisions. 

Notice of New Business Activity. The Employee agrees that during the non-competition and non-solicitation period, the Employee will
give notice to the Company of each new business activity the Employee plans to undertake, at least (10) business days prior to beginning any such activity. The notice shall state the name and address of the individual, corporation, association
or other entity or organization (“Entity”) for whom such activity is undertaken and the name of the Employee’s business relationship or position with the entity. The Employee further agrees to provide the Company with other
pertinent information concerning such business activity as the Company may reasonably request in order to determine the Employee’s continued compliance with his/her obligations under this Agreement. 

Miscellaneous. 

Equitable Remedies. The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of the
business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach or threatened breach of this Agreement is likely to cause the Company substantial and irrevocable damage
which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a
court restraining such a breach or threatened breach without posting a bond and the right to specific performance of the provisions of this Agreement and the Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 

Obligations to Third Parties. The Employee represents that, except as the Employee has disclosed in writing to the Company, the
Employee is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or any other party, or to refrain from soliciting employees,
customers or suppliers of such previous employer or other party. The Employee further represents that his/her performance of all the terms of this Agreement and the performance of his/her duties as an employee of the Company does not and will not
conflict with or breach any agreement with any prior employer or other party (including, without limitation, any non-competition agreement). 

Disclosure of this Agreement. For a period of one year after the termination or cessation of the Employee’s employment for any
reason, the Employee agrees to notify any potential, prospective employer or prospective business associate, of the terms and existence of this Agreement and the Employee’s continuing obligations to the Company hereunder. 

Not Employment Contract. The Employee acknowledges that this Agreement does not constitute a contract of employment, does not imply
that the Company will continue his/her employment for any period of time and does not change the at-will nature of his/her employment. 

  
 - 24 - 

 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to the Company’s assets or business, provided, however, that the obligations of the
Employee are personal and shall not be assigned by him or her. The Employee expressly consents to be bound by the provisions of this Agreement for the benefit of the Company or any subsidiary or affiliate thereof to whose employ the Employee may be
transferred without the necessity that this Agreement be re-signed at the time of such transfer. 
 Interpretation. If any
restriction set forth in Section 1 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be
interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 

Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and
enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 Waivers. No delay or omission by the
Company in exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver
of any right on any other occasion. 
 Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the Commonwealth of Massachusetts (without reference to the conflicts of laws provisions thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement
shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a court. The
Company and the Employee each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

Entire Agreement; Amendment. This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company
relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company. The Employee agrees that any change or changes
in his/her duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect
the scope or substance of any section of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 25 - 

 IN WITNESS WHEREOF, the parties hereto have executed the Non-Competition and Non-Solicitation
Agreement as of the date and year first above written. 
  

			
	 COMPANY:
  

Spring Bank Pharmaceuticals, Inc.

		
	By:	 	 /s/ David Arkowitz

  

			
	EMPLOYEE:
	
	 /s/ Douglas Jensen

	Douglas Jensen

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