Document:

Exhibit 10.20

 

	

    	
One Kendall Square

Suite 169

Cambridge, Massachusetts 02139

USA

 
    

 

2 June 2008

 

Lloyd P. M. Johnston, Ph. D.

[***]

 

Dear Lloyd:

 

On behalf of everyone connected with Selecta, it is my distinct pleasure to offer you the position of Vice President, Pharmaceutical Research and Development of Selecta Biosciences, Inc. This position reports to me, the Chief Executive Officer.

 

You, as a key member of the senior management team, will be responsible for all aspects of our pharmaceutical product and process development activities. I would expect you to develop and implement a plan for translating our technologies into viable product candidates that we can take forward into and through clinical testing all the way to commercialization. You will be responsible for creating and building an organization staffed appropriately with top talent capable of achieving our goals and objectives on time and within budget. I would also ask you to establish and manage our facilities and administrative operations. You will also be expected to participate and, as appropriate, help coordinate activities and meetings of our Scientific Advisory Board. I would also ask you to help me from time to time in business development and alliance management activities. Finally, I would ask you to participate with the Board of Directors and me in setting the strategic course of the company.

 

	
Salary:
    	
 
    	
$230,000 per year rate, paid semi-monthly
    
	
 
    	
 
    	
 
    
	
Initial Stock Option   Grant:
    	
 
    	
Subject to approval by the Board of Directors and in   accordance with the Company’s 2008 Stock Incentive Plan (the “Plan”),   you will be granted an Incentive Stock Option to purchase 110,000 shares of   Common Stock. This option will vest over four years of continued employment   as follows: 25% will vest 12 months after the grant date, and the remainder   will vest monthly (2.0833% per month) over the ensuing 36 months, provided,   however, that 100% of any unvested shares shall become vested in the event   that you are directly or constructively terminated without Cause (as defined   in the Plan) within 6 months after a Change of Control Transaction (as   defined in the Plan).
    
	
 
    	
 
    	
 
    
	
Series B Stock   Option Grant:
    	
 
    	
After the closing of our next significant equity   financing (i.e., Series B), the Company will grant you an option to   purchase additional shares of Common Stock to bring your position to   approximately 1% of our fully diluted shares then outstanding. This   additional option shall be subject to vesting from the date of grant on the   same terms as the initial option as described above.
    
	
 
    	
 
    	
 
    
	
Health Care Benefits:
    	
 
    	
The Company will provide health and dental insurance   for you and your family consistent with the practices of other   venture-capital-backed biotech companies in the Boston area.
    
	
 
    	
 
    	
 
    
	
Life Insurance:
    	
 
    	
Subject to your satisfaction of eligibility   requirements, the Company will obtain a term life insurance policy for you in   the coverage amount of $230,000 and pay the premiums on such policy while you   are an employee.
    
	
 
    	
 
    	
 
    
	
401(k) Plan:
    	
 
    	
A Company 401 (k) plan will be established by   November 30, 2008. You will be eligible to participate in the Company   plan.
    
	
 
    	
 
    	
 
    
	
Vacation:
    	
 
    	
You will be entitled to 15 days of vacation per   year. You will earn one additional day of vacation for each year of service   to Selecta up to a maximum
    

 

 

	
 
    	
 
    	
of 20 days per year.
    
	
 
    	
 
    	
 
    
	
Paid Holidays:
    	
 
    	
The Company will institute a paid holiday schedule   consistent with norms of other venture-capital-backed biotech companies in   the Boston area.
    
	
 
    	
 
    	
 
    
	
Paternity Leave:
    	
 
    	
In addition to holidays and vacation, you will be   entitled to up to 10 days of paid paternity leave per calendar year.
    
	
 
    	
 
    	
 
    
	
Start Date:
    	
 
    	
June, 2008, or later by mutual agreement.
    
	
 
    	
 
    	
 
    
	
Nondisclosure, Noncompetition   and Assignment of IP Agreement:
    	
 
    	
As a condition of your at will employment, you will   be required to sign the attached Nondisclosure, Noncompetition and Assignment   of Intellectual Property Agreement (“Employee NDA”).
    

 

Lloyd, I am really excited by the prospect of you joining Selecta. Together, I think we can make a difference ultimately in improving the health and welfare of patients worldwide (and have some fun doing it!). I look forward to the opportunity to work with you and to learn with you.

 

To indicate your acceptance of Selecta’s offer, please sign and date this letter and the Employee NDA and return the signed originals to me. Duplicate originals signed by me are provided for your records. This letter, along with the Employee NDA, sets forth the terms of your employment with the Company and supersedes any other representations or agreements, whether written or oral. This letter shall be governed by the laws of the Commonwealth of Massachusetts and may not be modified or amended except by a written agreement, signed by the Company and by you.

 

	
Welcome aboard!
    	
 
    
	
 
    	
 
    
	
Sincerely,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Robert L.   Bratzler
    	
 
    
	
Selecta   Biosciences
    	
 
    
	
Robert L.   Bratzler, Ph. D.
    	
 
    
	
Chairman and CEO
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Agreed and   accepted,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Lloyd P. M. Johnston
    	
 
    
	
Lloyd P. M.   Johnston, Ph. D.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
June 17,   2008
    	
 
    
	
DateExhibit 10.22

 

 

September 4, 2009

 

David Siewers

[***]

 

Dear David,

 

It is with great pleasure that I offer you employment with Selecta Biosciences, Inc. (“Selecta”). Your position will be Vice President, Finance. In addition to performing duties and responsibilities associated with the position above, from time-to-time Selecta may assign you other duties and responsibilities consistent with such position. Your effective date of hire as a regular employee will be September 8, 2009. Your employment will be for 2 days per week initially with the future possibility of increasing that to three days per week by mutual agreement.

 

As a regular, part-time employee of Selecta it is expected that you will dedicate your professional time, attention, and efforts to the business, technology, and affairs of Selecta. In return, you shall be paid on a salary basis at an annual rate of $80,000 to be paid twice monthly.

 

As an opportunity for you to share in the long-term success of Selecta, we intend to recommend to the Board of Directors that you be granted an incentive stock option to purchase 15,000 shares of Selecta’s common stock (the “Option”) at a purchase price equal to the fair market value, (as determined by the Board of Directors), on the date of the grant. The Option shall vest over a four-year period, with 25% vesting 12 months from your first day of employment with Selecta, and additional 2.083% vesting in equal monthly portions over the following 36 months, and shall otherwise be subject to the provisions of Selecta’s Stock Incentive Plan.

 

Your employment at all times will be at will, meaning that you are not being offered employment for a definite period and that either you or Selecta may terminate the employment relationship at any time for any reason. We do ask that you give two (2) weeks’ written notice if you decide to resign.

 

As a condition of your at-will employment, you will be required to sign the attached Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement. In addition, the Immigration Reform and Control Act requires employers to verify employment eligibility and identity of new employees. On your first day of employment, you must provide us with appropriate documents to establish your eligibility to work in the United States (e.g., Social

 

480 Arsenal Street, Building One · Watertown, MA 02472 USA · tel: +1.617.923.1400 · fax: +1.617.924.3454    www.selectabio.com

 

 

Security Card, Driver’s License, US Passport). We will not be able to employ you if you fail to comply with this requirement.

 

Selecta maintains a smoke-free, drug-free workplace policy and supports equal employment opportunities for all of its employees.

 

By accepting this offer, you represent that you are subject to no agreements which might restrict your conduct at Selecta; and that you understand that if you become aware at any time during your employment with Selecta that you are subject to any agreements which might restrict your conduct at Selecta, you are required to immediately inform Selecta of the existence of such agreements or your employment by Selecta shall be subject to immediate termination.

 

This letter, together with the Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement will constitute the entire agreement as to your employment relationship with Selecta. In accepting this offer, you give us assurance that you have not relied on any agreements or representations, express or implied, with respect to your employment, that are not set forth expressly in this letter.

 

This offer will expire at 5:00 p.m. on September 8, 2009. Please indicate your acceptance of this offer by signing and returning to me this letter and the attached Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement.

 

David, I am looking forward to having you join the Selecta team!

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SELECTA   BIOSCIENCES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Robert L.   Bratzler
    
	
 
    	
 
    	
Robert L.   Bratzler, CEO
    
	
 
    	
 
    	
 
    
	
Accepted by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ David   Siewers
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date: 9/8, 2009
    	
 
    	
 
    

 

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