Document:

EX-10.1

 Exhibit 10.1 
  

 
  
  

EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is
made and effective as of the date the Employee commences employment with the Company, which date is expected to be on or before February 1, 2022 (the actual first day of employment with the Company, the “Effective Date”, BETWEEN: 

Mr. Kenneth Galbraith, having a residence at Corners, Moules Lane, Hadstock, Cambridge, UK CB21 4PD (the “Employee”) 

AND: 
 ZYMEWORKS INC., a corporation
registered in the Province of British Columbia and having its principal place of business at 540-1385 West 8th Avenue, Vancouver, BC, V6H 3V9, Canada (the
“Company”) 
 WHEREAS 
  

	A.	 The Company is a clinical-stage biopharmaceutical company dedicated to the development of next-generation
multifunctional biotherapeutics; 

  

	B.	 The Employee has experience in biopharmaceutical leadership, and/or related skills and expertise and wishes to
contribute such experiences to the development and growth of the Company’s business; and 

  

	C.	 The Company has agreed to offer employment to the Employee, and the employee has agreed to accept employment
with the Company on the terms and conditions set out in this Agreement and Appendices hereto. 

 NOW THEREFORE THIS AGREEMENT WITNESSES
that for and in consideration of the promises and mutual covenants and agreements hereinafter contained, the parties hereto covenant and agree as follows: 

ARTICLE 1 – GENERAL 
  

	1.1	 Definitions. Unless otherwise defined, all capitalized terms used in this Agreement will have the
meanings given below: 

  

	 	(a)	 “Business” means the business of researching, developing and commercializing therapeutic proteins,
antibodies, and any other research, development and manufacturing work considered, planned or undertaken by the Company and with which the Employee was materially involved during the last 12 months of the Employee’s employment with the Company;

  
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	 	(b)	 “Confidential Information” means trade secrets and other information, in whatever form or media, in
the possession or control of the Company, which is owned by the Company or one or more of its affiliates, or by one of its clients or suppliers, or by any third party with whom the Company has a business relationship (collectively, the
“Associates”), and which is not generally known to the public and has been specifically identified as confidential or proprietary by the Company, or its nature is such that it would generally be considered confidential in the industry in
which the Company or its Associates operate, or which the Company is obligated to treat as confidential or proprietary. Confidential Information includes, without limitation, the following: 

 

	 	(i)	 the products and confidential or proprietary facts, data, techniques, materials and other information related
to the business of the Company, including all related development or experimental work or research, related documentation owned or marketed by the Company and related formulas, algorithms, patent applications, concepts, designs, flowcharts, ideas,
programming techniques, specifications and software programs (including source code listings), methods, processes, inventions, sources, drawings, computer models, prototypes and patterns; 

 

	 	(ii)	 information regarding the Company’s business operations, methods and practices, including corporate
strategy, market research, market strategies, marketing plans, public relations strategies, product pricing and strategies, advertising sources, lists and information concerning current and prospective customers, billing information, suppliers,
packaging, merchandizing, distribution, methods of production, manufacturing, pending projects or proposals, margins and hourly rates for staff and information regarding the financial, legal and corporate affairs of the Company, including business
plans and projections and information regarding the Company’s financial condition, operations, assets and liabilities, financial data, business structures, business ventures, existing or contemplated businesses, products, or services;

  

	 	(iii)	 employee information, contacts, and wage information (other than Employee’s own); and

  

	 	(iv)	 technical and business information of, or regarding, the Company’s Associates. 

 

  
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 The above list is not exhaustive, and Confidential Information also includes other
information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used;

  

	 	(c)	 “Developments” means all inventions, ideas, concepts, designs, improvements, discoveries,
modifications, computer software, and other results which are or have been conceived of, developed by, written, or reduced to practice by the Employee, alone or jointly with others (including, where applicable, all modifications, derivatives,
progeny, models, specifications, source code, design documents, creations, scripts, artwork, text, graphics, photos and pictures) at any time; 

  

	 	(d)	 “Excluded Developments” means any Development that meets the following requirements:

 an invention for which no equipment, supplies, facility, or Confidential Information of the employer was used and
which was developed entirely on the employee’s own time, unless the invention relates (A) directly to the business of the employer, or (B) to the employer’s actual or demonstrably anticipated research or development, or the
invention results from any work performed by the employee for the employer. 
  

	 	(e)	 “Key Employee” means any person employed, appointed or engaged by the Company or any member of the
Company’s group whether as an employee, worker or consultant in any senior, executive, technical, advisory, or sales capacity (excluding clerical and administrative staff) who could materially damage the interests of the Company if they were to
work for any business concern engaged in the field of the Business and with whom the Employee dealt or worked during the last 12 months of the Employee’s employment with the Company; and 

 

	 	(f)	 “Prior Developments” means any Development that the Employee establishes was developed prior to the
Employee performing such services for the Company and precedes the Employee’s initial engagement with the Company. 

  

	1.2	 Sections and Headings. The division of this Agreement into Articles and Sections and the insertion of
headings are for the convenience of reference only and do not affect the construction or interpretation of this Agreement. The terms “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any particular
Article, Section or other portion hereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections are to Articles and Sections of this
Agreement. 

 ARTICLE 2 – EMPLOYMENT 
  

	2.1	 Services. 

On the Effective Date, the Employee will commence employment with the Company in the position of Chair, President, and Chief Executive Officer,
reporting to the Company’s Board of Directors (the “Board of Directors”), on the terms and conditions set out in this Agreement. On the Effective Date, the Employee will be appointed to serve as a member of the Board of Directors.

  
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 The Employee’s period of continuous employment for the purposes of the Employment Rights
Act 1996 and any other applicable statutory requirements began on the Effective Date. 
 The Employee’s principal place of employment
initially will be at his home in the United Kingdom, although the Employee understands and agrees that he may be required to travel to Vancouver, BC, Seattle, WA, or otherwise from time to time for business reasons (not to exceed 182 days per
calendar year). It is expected that on or before the date that is eighteen (18) months following the Effective Date, the Employee will permanently relocate to Vancouver, BC or Seattle, WA, and his principal place of employment following his
relocation will be the Company’s offices in such applicable city to which he relocates. Upon such relocation occurring, the Company and Employee may execute amendments to this Agreement to reflect any legally required changes to the terms of
Employee’s employment that are related to Employee’s relocation. 
  

	2.2	 The Employee warrants that by entering into this Agreement he will not be in breach of any express or implied
terms of any contract with or any other obligations to any third party. 

  

	2.3	 Qualifications. 

 

	 	(a)	 The Employee’s employment is conditional on him having, and at all times during his employment continuing
to have, the right to live and work for the Company in the country in which the Employee is residing (for clarity, within the United Kingdom prior to relocation and within Canada or the United States, as applicable, after relocation). The Employee
undertakes to notify the Company immediately if any such right to work ceases, or is reasonably expected to cease during his employment with the Company and to immediately provide the Company with written details of changes to his personal
circumstances or immigration status that might affect his immigration permission or the right to work evidence that the Employee has provided previously to the Company. 

 

	 	(b)	 The Employee acknowledges that the falsification or misrepresentation of qualifications, including but not
limited to education, skills, prior experience, depth and/or breadth of knowledge, references or similar matters, used to secure the position of Chair, President, and Chief Executive Officer, represents a breach of this Agreement.

  

	 	(c)	 Subject to the direction and control of the Board of Directors, the Employee will perform the duties and
responsibilities typically associated with such title and such other duties and responsibilities that may be reasonably assigned to him by the Board of Directors from time to time. 

  
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	2.4	 Throughout the term of this Agreement, the Employee will: 

 

	 	(a)	 diligently, honestly and faithfully serve the Company and will use all reasonable efforts to promote and
advance the interests and goodwill of the Company; 

  

	 	(b)	 devote himself in a full-time capacity to the business and affairs of the Company; 

 

	 	(c)	 adhere to all applicable policies and procedures of the Company as in effect and as amended from time to time,
including but not limited to the Company’s Code of Business Conduct and Ethics; 

  

	 	(d)	 exercise the degree, diligence and skill that a reasonably prudent chief executive officer would exercise in
comparable circumstances; 

  

	 	(e)	 refrain from engaging in any activity which will in any manner, directly or indirectly, compete with the trade
or business of the Company except in accordance with Sections 2.8 and 2.9 herein and as outlined under the Conflict of Interest guidelines in the Company’s corporate policies and procedures as in effect and as amended from time to time; and

  

	 	(f)	 not acquire, directly or indirectly, any interest that constitutes 5% or more of the voting rights attached to
the outstanding shares of any corporation or 5% or more of the equity or assets in any firm, partnership or association, the business and operations of which in any manner, directly or indirectly, compete with the trade or business of the Company.

  

	2.5	 The Employee acknowledges that he holds a senior executive position with certain autonomous decision taking
powers and therefore is not subject to regulation 4(1) of the Working Time Regulations 1998 but without prejudice to that the Employee accepts that by signing this Agreement he has agreed that, insofar as it would apply to his employment, regulation
4(1) of the Working Time Regulations 1998 shall not apply unless the Employee withdraws such agreement by giving to the Company not less than three months prior notice in writing. 

 

	2.6	 The Company takes a zero-tolerance approach to tax evasion. The
Employee must not engage in any form of facilitating tax evasion, whether under UK, Canadian, or US law or under the law of any other country. The Employee must immediately report to the Board of Directors any request or demand from a third party to
facilitate the evasion of tax or any concerns that such a request or demand may have been made. 

  
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	2.7	 The Employee will disclose to the Board of Directors all potential conflicts of interest and activities which
could reasonably be seen to compete, indirectly or directly, with the trade or business of the Company. The Board of Directors will determine, in its sole discretion, whether the activity in question constitutes a conflict of interest or competition
with the Company. To the extent that the Board of Directors, acting reasonably, determines a conflict of interest or competition exists, the Employee will discontinue such activity forthwith or within such longer period as the Board of Directors
agrees. The Employee will immediately certify in writing to the Board of Directors that he has discontinued such activity and that he has, as required by the Board of Directors, cancelled any contracts or sold or otherwise disposed of any interest
or assets over the 5% threshold described in Section 2.4(f) herein acquired by the Employee by virtue of engaging in the impugned activity, or where no market exists to enable such sale or disposition, by transfer of the Employee’s
beneficial interest into blind trust or other fiduciary arrangements over which the Employee has no control or direction, or other action that is acceptable to the Board of Directors. 

 

	2.8	 The Employee will not be employed by another company or provide consulting or other services to other companies
or commercial entities while employed by the Company, without the expressed written permission of the Board of Directors. By seeking and accepting employment with the Company, the Employee recognizes that the Employee is employed by the Company for
the expressed benefit of advancing the scientific, development and business objectives of the Company and that concurrent employment outside the Company may detract from those objectives. As of the Effective Date, the Board of Directors acknowledges
and provides express permission that the Employee will continue to be permitted to engage in the activities described in Schedule 1 on the terms set forth on Schedule 1, for so long as such activities do not materially conflict with the
Employee duties and responsibilities to the Company. 

  

	2.9	 Notwithstanding Sections 2.4, 2.6, 2.7, and 6.6, the Employee is not restricted from nor is required to obtain
the consent of the Company to make passive investments constituting an ownership interest of 5% or less in any company which is involved in pharmaceuticals or biotechnology with securities listed for trading on any U.K., Canadian or U.S. stock
exchange, quotation system or the over-the-counter market. 

  

	2.10	 For the purposes of Sections 2.4, 2.6, and 2.9 herein, “Employee” includes any entity or company
owned or controlled by the Employee. 

 ARTICLE 3 – COMPENSATION 

 

	3.1	 Base Salary. As compensation for all services rendered for the position described under this Agreement,
the Company will pay to the Employee and the Employee will accept from the Company a base salary at the rate of $600,000 (USD) per annum. The base salary will be paid semi-monthly, in equal instalments and shall be subject to such deduction of tax
and National Insurance or other applicable contributions as is required by law in the United Kingdom, Canada or the United States, as applicable. 

  

	3.2	 Stock Options. As a material inducement to the Employee joining the Company, on the Effective Date, the
Employee shall be granted 500,000 options to acquire common shares of the Company (the “Shares”), provided the Employee is employed by the Company on the grant date (the “Options”). The exercise price of the Options will be set
in accordance with the terms of the Company’s Amended and Restated Stock Option and Equity Compensation Plan, or such other relevant plan as may be in effect on the grant date (including the Company’s Inducement Stock Option and Equity
Compensation Plan) (the “Equity Compensation Plan”), and the Options will vest and become exercisable in accordance with the terms of such Equity Compensation Plan. A copy of the Company’s Amended and Restated Stock Option and Equity
Compensation Plan is attached hereto as Appendix “A”. 

  
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 For the avoidance of doubt, the rights and obligations of the Employee under the terms of his
office or employment with the Company (or any other member of the Company’s group) shall not be affected by their participation in any Equity Compensation Plan or Incentive Plan, or any right which they may have to participate in it. By
participating in an Equity Compensation Plan or Incentive Plan, as applicable, the Employee waives any and all rights to compensation or damages in consequence of the termination of their office or employment for any reason whatsoever insofar as
those rights arise or may arise from them ceasing to have rights granted under such a plan as a result of such termination. Participation in an Equity Compensation Plan or Incentive Plan, as applicable, shall not confer a right to continued
employment upon any individual who participates in it. The grant of any option or award under an Equity Compensation Plan or Incentive Plan, as applicable, does not imply that any further option or award will be granted nor that the Employee has any
right to receive any further option or award. 
  

	3.3	 Incentive Plans. The Employee shall be entitled to participate in certain incentive programs for the
Company’s Employees, including, without limiting the generality of the foregoing, share option plans, share purchase plans, profit-sharing or bonus plans (including target annual bonus as described in Section 3.4) (collectively, the
“Incentive Plans”). Such participation shall be on the terms and conditions of such Incentive Plans as at the date hereof or as may from time to time be amended or implemented by the Company in its sole discretion. A copy of the
Company’s Amended and Restated Employee Stock Purchase Plan is attached hereto as Appendix “B”. 

  

	3.4	 Target Annual Bonus. Subject to the discretion of the Board of Directors based on factors it determines
appropriate, including Company performance, the Employee will be eligible to earn an annual cash bonus, with an initial target amount of 60% of base salary. The achieved portion (if any) of the annual cash bonus will be payable in USD, less
applicable tax withholdings, and subject to the Employee’s continued employment through the calendar year for which the annual cash bonus relates. For 2022, the Employee will be eligible to receive up to a full
(non-prorated) bonus based on achievement of the applicable performance objectives. 

  

	3.5	 Performance and Salary Review. The Board of Directors will review the Employee’s performance, base
salary, and equity participation level under the terms of any Incentive Plans annually beginning in January 2023, or as otherwise approved by the Compensation Committee, with interim reviews, coaching and feedback throughout the year to support the
Employee in his career development objectives and the achievement of personal, departmental and corporate goals. The timing of performance and salary reviews may from time to time be amended by the Board of Directors in its sole discretion and the
Board of Directors will be under no obligation to increase the Employee’s salary. 

  
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	3.6	 Expenses. The Company will reimburse the Employee for all ordinary and necessary expenses incurred by
the Employee in the performance of the Employee’s duties under this Agreement, including reasonable travel and living expenses when Employee travels from his existing home to Vancouver, BC or Seattle, WA, as applicable, to fulfill his duties.
In addition, the Company will reimburse or otherwise pay for the reasonable airfare and lodging expenses incurred by the Employee and his immediate family for one trip per calendar year to Vancouver, BC or Seattle, WA as applicable, that occurs
prior to the end of 2023. Reimbursement or payment of such expenses will be made in accordance with the Company’s policies. 

  

	3.7	 Professional Fees. The Company will reimburse the Employee for annual registration and/or licensing fees
required to maintain the Employee’s status as a member in good standing with the appropriate professional bodies required to continue effective employment, and which were held by the Employee as of the Effective Date. The Company will reimburse
reasonable costs incurred by the Employee to complete the minimum annual continuing professional development requirements required to maintain such status. 

  

	3.8	 Vacation. In addition to the normal public holidays in the country and regional jurisdiction in which
the Employee is resident, the Employee will be eligible for 20 days’ paid vacation per calendar year, and pro rata for any shorter period. In accordance with the Company’s People policies, vacation time in excess of ten (10) days not
taken during the year in which it is earned may not be carried forward into the subsequent year without the written pre-approval of the Board of Directors. Unused vacation time will not be paid out at the end
of the fiscal year. Upon termination, vacation not taken in the calendar year will be paid out according to the Employees’ annual salary rate prorated to the number of days’ vacation not taken. 

 

	3.9	 Benefits. The Employee will be eligible to participate in benefit plans generally available to Employees
of the Company, subject to the terms and conditions of such plans from time to time in force. Prior to the Relocation Date, the Company will provide the Employee and his immediate family with employee benefits in the United Kingdom that, in the
aggregate, are reasonably consistent with those offered to the Employees of the Company, not taking into account any legal required benefits. 

  

	3.10	 Pension. The Company will comply with its obligations under the Pensions Act 2008. It will automatically
enrol the Employee into a qualifying pension scheme, but may postpone the Employee’s enrolment by up to three months. Once the Employee has been enrolled he may choose to opt out of membership of the pension scheme but may be re-enrolled from time to time, as required under and in accordance with the automatic enrolment laws. If the Employee has been automatically enrolled into the pension scheme, then while the Employee is a member of
that scheme: 

  

	 	(a)	 the Company will make at least the minimum contributions it is required to make; and 

  
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	 	(b)	 the Employee will contribute at least the amount required, when added to any Company contribution, to make up
the total contribution required, 

 in accordance with automatic enrolment laws in force from time to time. Subject to
these minimum contribution levels for the Employee and the Company, the Employee will be informed of the contribution options (if any) available on joining the pension scheme 
  

	3.11	 Sick Leave. The Employee will be entitled to accrue and take sick leave in accordance with the
Company’s policies and procedures. Payments made to the Employee during any period of sick leave shall be inclusive of any statutory sick pay due in accordance with applicable legislation in force at the time of absence. Unused sick days will
not be paid out or carried forward into the subsequent year. 

  

	3.12	 Other Paid Leave. Apart from vacation, the Employee may be entitled to the following other paid leave:
paternity leave, adoption leave, shared parental leave, parental bereavement leave, time off for trade union duties and such other statutory leave as may be available from time to time in accordance with the Company’s policies and governing
laws of the country and region in which the Employee is resident. Any leave will be subject to statutory eligibility requirements which are available from the Board of Directors. 

 

	3.13	 Training. There are no particulars in relation to training. 

 

	3.14	 Relocation Expenses. If, during the first eighteen (18) months following the Effective Date, the
Employee relocates to Vancouver, BC or Seattle, WA (the date of such relocation, the “Relocation Date”), the Company will pay or otherwise reimburse the Employee up to a maximum gross amount of $300,000 (USD) for the reasonable moving
expenses incurred by the Employee and his immediate family for their relocation from the Employee’s primary residence to the Vancouver, BC or Seattle, WA area. All reimbursement requests made pursuant to this section must be submitted in
accordance with the Company’s reimbursement policy, including appropriate substantiation for any such requests, and will be grossed-up for the impact of any taxable withholding related to such
reimbursement. The total amount reimbursed shall be repayable, in full, to the Company if the Employee’s employment with the Company terminates for any reason, including by resignation, within two (2) years following the Effective Date.

  

	3.15	 Temporary Housing. During the term of Employee’s employment with the Company through the earlier of
(i) the Relocation Date or (ii) the date that is eighteen (18) months following the Effective Date, the Company will secure temporary housing for the Employee in Vancouver, BC, and pay directly the rental costs for such temporary
housing, grossed up for applicable tax withholding. 

  
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	3.16	 Tax Equalization. If the Employee is subject to income taxation or other taxation outside of United
Kingdom (“Foreign Tax”) in a given tax year, the Company shall provide the Employee with a tax equalization payment (the “TEP”). The TEP shall equal the difference between the amount of (i) the sum of the total of any
Foreign Tax and any United Kingdom federal, state, local, or social taxes that the Employee is or will be obligated to pay for the applicable tax year (after giving effect to any and all foreign tax credits for United Kingdom tax) and (ii) the
amount of United Kingdom tax and national insurance contributions that Employee will be or would have been liable for had he worked in the United Kingdom for the entire tax year. The TEP shall be fully
“grossed-up” for tax purposes such that after taking into account the gross-up, the amount of the payment pursuant to this Section shall include the full
amount of the TEP and related taxes attributable to the payment of the TEP and any taxes on the gross-up amount. If the Company, in consultation with its outside tax advisors, determines it is necessary or
appropriate for tax optimization, the Company will pay or otherwise remit the TEP in advance of the applicable date in which the compensation is earned. If the Employee will receive a TEP for a given tax year, the Company shall arrange for tax
preparation assistance for the Employee for such tax year and shall either pay the tax preparation provider directly or shall reimburse the Employee for the reasonable costs of such tax preparation service (any such reimbursements shall be made in
the same manner, and subject to the same receipt and documentation requirements, as the reimbursement of business expenses pursuant to Section 3.6. 

ARTICLE 4 – TERM AND TERMINATION 
  

	4.1	 Term. This Agreement will commence on the Effective Date and will terminate on the effective date of
termination of Employee’s employment with the Company by either the Employee or the Company in accordance with Section 4.2 of this Agreement. 

  

	4.2	 Termination. 

  

	 	(a)	 The Company may terminate the employment of the Employee at any time by providing the Employee with:

  

	 	(i)	 written notice or payment in lieu of notice to the Employee as follows: 

 

	 	A.	 twelve (12) months of notice or the equivalent of twelve (12) months of base salary as of the date
notice is given, or any combination thereof that totals twelve (12) months of combined notice and base salary, if termination of employment occurs during the first three years of employment measured from the Effective Date (with any base salary
equivalent payable over twelve (12) months, or sooner, at the sole discretion of the Company, subject to the requirements to pay termination under applicable employment standards legislation); and 

 

	 	B.	 commencing in the fourth year of employment measured from the Effective Date, an additional one (1) month
of notice or the equivalent of one (1) month of base salary as of the date notice is given, or any combination thereof, for each additional completed year of service, up to a total maximum of eighteen (18) months (payable over
eighteen (18) months, or sooner, at the sole discretion of the Company, subject to the requirements to pay termination pay under applicable employment standards legislation); and 

  
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	 	(ii)	 to the extent permitted by the applicable benefit plan, continuation of group extended health and dental
benefits through the applicable notice period stated in Section 4.2(a) herein (where all other benefits terminate on the last day worked by the Employee). The Company’s rights to terminate the Employee’s employment apply even where
such termination would or might cause the Employee to forfeit any entitlement to sick pay, permanent health insurance or other benefits. 

  

	 	(iii)	 The Company may in its sole and absolute discretion terminate the Employee’s employment forthwith at any
time and with immediate effect (whether or not notice to terminate has already been given) by notifying the Employee that it is exercising its right to do so and thereafter will pay a lump sum equal to his basic salary only in accordance with clause
4.2(a) in lieu of any required notice or balance of such notice, tax and National Insurance contributions or similar statutory deductions if the Employee is resident outside the United Kingdom (“Payment in Lieu”). The Employee shall have
no right to receive a payment under this clause unless the Company has exercised its discretion to do so. 

  

	 	(b)	 Termination on Death or Disability. In the event of the death or “Disability” of the Employee
during the course of employment, the Employee, or his estate, shall receive (x) a lump sum payment equal to the difference between (1) eighteen (18) months of base salary plus target annual cash bonus as of the date of death or Disability
and (2) the amount that the Employee or his estate will receive as a result of death or Disability under the Company’s appliable insurance policies in effect as of the date of termination, (y) group extended health and dental benefits
continuation for his surviving family members for 18 months (or lump sum payment for the premium costs of such benefits in lieu thereof), subject to the requirements to pay termination pay under applicable employment standards legislation), and
(z) full vesting acceleration of all unvested and outstanding stock options or other equity grants made to the Employee as of the date of death or Disability. “Disability” means “Disability” as defined in the Company’s
long-term disability plan or policy then in effect with respect to that the Employee. 

  

	 	(c)	 Resignation. The Employee may terminate his employment with the Company by giving prior written notice
to the Board of Directors of not less than thirty (30) days or such shorter period as the Employee and the Board of Directors may agree. The Board of Directors may choose to waive all or part of the notice period and pay to the Employee the
base salary to be earned during the balance of the notice period instead. 

  
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	 	(d)	 Garden Leave. If written notice is given by either party to terminate the Employee’s employment or
in circumstances where the Employee has purported to resign without giving due notice the Company may: 

  

	 	(i)	 require the Employee to perform such duties as the Board of Directors may direct at such location as the Board
of Directors may decide; 

  

	 	(ii)	 require the Employee to perform no duties; 

 

	 	(iii)	 require the Employee not to contact or have any communication with any employee, officer, director, agent or
consultant of the Company or of Associates; and 

  

	 	(iv)	 require that the Employee does not access or seek to use, access, download, save or otherwise retain copies of
any of the Company’s materials, records and other information, databases, electronic communications or storage systems, 

and in each case the Company will continue to pay the Employee salary and provide all other benefits arising under this agreement during the
period of notice. During such period of notice, the Employee shall remain an employee of the Company and bound by the terms of this agreement including any implied duties of good faith and fidelity. 

 

	 	(e)	 Termination following Change of Control. Notwithstanding any other provision in this Agreement, if on or
within twelve (12) months following a Change of Control (as defined below) or within three months prior to a Change of Control, the Employee’s employment is terminated by the Company without cause, subject to the Employee entering into a
valid and enforceable settlement agreement with the Company on terms satisfactory to the Company and under which the Employee waives all contractual and statutory rights and claims against the Company and each member of its group in accordance with
section 203(3)(c) of the Employment Rights Act 1996 or any other applicable laws, having sought independent legal advice on the terms of the agreement, the Employee shall receive as severance (x) a lump sum payment of eighteen (18) months
of base salary and 100% of target annual cash bonus as of the date of termination, and (y) group extended health and dental benefits continuation as of the date of termination for 18 months (or lump sum payment for the premium costs of such
benefits in lieu thereof), subject to the requirements to pay termination pay under applicable employment standards legislation), and (z) full vesting acceleration of all unvested and outstanding stock options or other equity grants made to the
Employee as of the date of termination. For all purposes of this Agreement, “Change of Control” means: 

  
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	 	(i)	 the acquisition, directly or indirectly, by any person or group of persons acting jointly or in concert, as
such terms are defined in the Securities Act, British Columbia, of common shares of the Company which, when added to all other common shares of the Company at the time held directly or indirectly by such person or persons acting jointly or in
concert constitutes for the first time in the aggregate 40% of more of the outstanding common shares of the Company and such shareholding exceeds the collective shareholding of the current directors of the Company, excluding any directors acting in
concert with the acquiring party; or 

  

	 	(ii)	 the removal, by extraordinary resolution of the shareholders of the Company, of more than 51% of the then
incumbent Board of the Company, or the election of a majority of Board members to the Company’s board who were not nominees of the Company’s incumbent board at the time immediately preceding such election; or 

 

	 	(iii)	 consummation of a sale of all or substantially all of the assets of the Company; or 

 

	 	(iv)	 the consummation of a reorganization, plan of arrangement, merger, or other transaction which has substantially
the same effect as to above. 

 Payment under Section 4.2(e) herein will be in lieu of and not in addition to payment
under Section 4.2(a) or Section 4.2(b), as applicable. 
  

	 	(f)	 Compliance with Employment Standards. Regardless of the reasons for termination of employment the
Company shall pay to the Employee any wages earned to the date of termination, any accrued but unused vacation pay, any unpaid expenses properly incurred in the performance of the Employee’s duties or any other amounts required to be paid by
applicable employment standards legislation. 

  

	4.3	 Termination without notice: Notwithstanding clause 4.2, the Company shall be entitled to terminate the
Employee’s employment summarily by written notice (but without prejudice to the rights and remedies of the Company for any breach of this Agreement and to the Employee’s continuing obligations under this Agreement): 

 

	 	(a)	 if the Employee commits by act or omission any serious or wilful or (after warning) persistent breach or
breaches of any express or implied term of this Agreement or refuses or neglects to comply with any reasonable direction of the Company; 

  

	 	(b)	 if the Board of Directors has reason to believe that the Employee has committed any criminal offence or been
guilty of any dishonesty or serious misconduct in each case whether during the performance of his duties or otherwise which in the opinion of the Board of Directors renders the Employee unfit to continue as an executive of the Company;

  
 Page 13 of 26 

 

 
  

	 	(c)	 if the Board of Directors has reason to believe the Employee has done anything which would be likely adversely
to prejudice the reputation or interests of the Company for which the Employee has performed duties during his employment; 

  

	 	(d)	 if the Employee shall petition for a bankruptcy order or have a bankruptcy order made against him or take the
benefit of any legislation for the relief of insolvent debtors or make any composition with his creditors or shall become prohibited by law from being a director or taking part in the management of the Company whether under the Company Directors
Disqualification Act 1986 or any other applicable laws, or any statutory modification or re-enactment thereof for the time being in force or otherwise; 

 

	 	(e)	 if any information relating to the Employee’s suitability for employment by the Company and provided in
the course of applying for employment is found to be untrue or misleading or if the Employee ceases to be eligible to work in the United Kingdom, Canada or the United States, as applicable; or 

 

	 	(f)	 the Employee engages in any act or omission that would amount to a fundamental breach of this Agreement and
justify summary dismissal of employment. 

  

	4.4	 Stock Options on Termination. Except as provided by Sections 4.2(a) and (e), the vesting and exercise of
any stock options granted to the Employee in the event the Employee’s employment with the Company or this Agreement is terminated, for any reason, shall be governed by the terms of the Equity Compensation Plan and any applicable stock option
agreement in effect between the Company and the Employee at the time of termination. 

  

	4.5	 Benefits Continuation and No Mitigation. The Employee shall not be required to mitigate the amount of
any payments provided for in this Section by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section be reduced by any compensation earned by the Employee as the result of employment by another
employer after the date of termination, or otherwise. Notwithstanding the forgoing, the Employee is required to report to the Company if he obtains replacement benefits coverage through new employment during any period of group extended health and
dental benefits continuation contemplated by this Article 4, and such benefits coverage by the Company will cease effective the date the Employee receives such new coverage and the Employee will not be entitled to any payment in respect of such
benefits coverage from the Company in respect of any notice period or severance payment contemplated in this Article 4. 

  

	4.6	 No Additional Payments. Payment of severance, in accordance with Section 4.2(a),
Section 4.2(c), or Section 4.2(e) above, to the Employee (or his estate) by the Company will be full and adequate compensation to the Employee (or his estate) with respect to any claim relating to the Employee’s employment or
termination or manner of termination of the Employee’s employment, and the Employee (or his estate) waives any right that he may have to claim further payment, compensation or damages from the Company. 

  
 Page 14 of 26 

 

 
  

	4.7	 Duties on Termination. Upon the termination of the Employee’s employment for whatever reason or
after notice having been served the Employee shall forthwith, if so required by the Company: 

  

	 	(a)	 hand over to the Company all documents, books, materials, records, correspondence, papers, passwords, login
details and information (on whatever media and wherever located) relating to the business of the Company or any group member, any magnetic discs on which information relating to the business is stored and any keys, credit cards and other property of
the Company or any group member which may be in the Employee’s possession, custody, care or control; 

  

	 	(b)	 irretrievably delete any information relating to the business of the Company or any group member stored on any
magnetic or optical disc or memory and all matter derived therefrom which is in the Employee’s possession, custody, care or control outside the premises of the Company and shall produce such evidence of compliance with this sub-clause as the Company may require; and 

  

	 	(c)	 resign without any claim for compensation or damages from any office or appointment held by the Employee in the
Company or in any group member. 

  

	4.8	 Survival. Upon a termination of this Agreement for any reason, the Employee will continue to be bound by
the provisions of Article 4, Article 5, Article 6, Article 7, and Article 8. 

 ARTICLE 5 – CONFIDENTIALITY 

 

	5.1	 Confidential Information. 

 

	 	(a)	 Ownership of Confidential Information - The Employee acknowledges that the Confidential Information is
and will be the sole and exclusive property of the Company. The Company has a legitimate business interest in protecting its Confidential Information, including its trade secrets, as well as its substantial and ongoing customer, industry, and
employee relationships. The Employee acknowledges that the Employee has not, and will not, acquire any right, title or interest in or to any of the Confidential Information. 

 

	 	(b)	 Non-Disclosure, Use and Reproduction of Confidential Information
- The Company and its related entities, parents, subsidiaries, predecessors, successors, and affiliates, may provide and make available to the Employee certain Confidential Information regarding its business. This Confidential Information is of
substantial value and highly confidential, is not known to the general public, is the subject of the Company’s reasonable efforts to maintain its secrecy, includes professional and trade secrets, and is being provided and disclosed to the
Employee solely for use in connection with and during the Employee’s employment with the Company. The Employee will keep all the Confidential Information strictly confidential, and will not, either directly or indirectly, either during or
subsequent to employment with the Company, disclose, allow access to, transmit, transfer, use or reproduce any of the Confidential Information in any manner except as required to perform the duties of the Employee for the Company and in accordance
with all procedures established by the Company for the protection of the Confidential Information. Without limiting the foregoing, the Employee: 

  
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	 	(i)	 will ensure that all the Confidential Information and all copies thereof, are clearly marked, or otherwise
identified as confidential to the Company and proprietary to the person or entity that first provided the Confidential Information, and are stored in a secure place while in the Employee’s possession, custody, charge or control;

  

	 	(ii)	 will not, either directly or indirectly, disclose, allow access to, transmit or transfer any of the
Confidential Information to any person other than to an employee, officer, or director of the Company but only upon a “need to know” basis for the benefit of the Company, without the prior written authorization of the Board of Directors;
and 

  

	 	(iii)	 will not, except as required by the Employee’s position, use any of the Confidential Information to
create, maintain or market any product or service which is competitive with any product or service produced, marketed, licensed, sold or otherwise dealt in by the Company, or assist any other person to do so. 

 

	 	(c)	 Legally Required Disclosure - Notwithstanding the foregoing, to the extent the Employee is required by law
to disclose any Confidential Information, the Employee will be permitted to do so, provided that notice of this requirement is delivered to the Company in a timely manner, so that the Company may contest such potential disclosure.

  

	 	(d)	 Return of Materials, Equipment and Confidential Information - Upon request by the Company, and in any
event when the Employee leaves the employ of the Company, the Employee will immediately return to the Company all the Confidential Information and all other materials, computer programs, documents, memoranda, notes, papers, reports, lists, manuals,
specifications, designs, devices, drawings, notebooks, correspondence, equipment, keys, pass cards, and property, and all copies thereof, in any medium, in the Employee’s possession, charge, control or custody, which are owned by, or relate in
any way to the Business or affairs of the Company. 

  

	 	(e)	 Exceptions - The non-disclosure obligations of Employee under
this Agreement shall not apply to Confidential Information which the Employee can establish: 

  

	 	(i)	 was known to the Employee prior to the Effective Date; 

  
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	 	(ii)	 is, or becomes, readily available to the public other than through a breach of this Agreement;

  

	 	(iii)	 is disclosed, lawfully and not in breach of any contractual or other legal obligation or regulatory body of a
competent jurisdiction, to Employee by a third party; 

  

	 	(iv)	 through written records, was known to Employee, prior to the date of first disclosure of the Confidential
Information to Employee by the Company; or 

  

	 	(v)	 The non-disclosure obligations of Employee under this Agreement shall
not prevent him from making a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996 and/or a relevant pay disclosure made in compliance with section 77 of the Equality Act 2010. 

 

	5.2	 Ownership of Developments 

 

	 	(a)	 Acknowledgment of Company Ownership - The Employee acknowledges that the Company will be the exclusive
owner of all the Developments made during the term of the Employee’s employment by the Company, except Excluded Developments, and to all intellectual property rights in and to such Developments. The Employee hereby assigns all right, title and
interest in and to such Developments and their associated intellectual property rights throughout the world and universe to the Company, including without limitation, all trade secrets, patent rights, copyrights, mask works, industrial designs and
any other intellectual property rights in and to each such Development, effective at the time each is created. Further, the Employee irrevocably waives all moral rights the Employee may have in such Developments. 

 

	 	(b)	 Excluded Developments and Prior Developments - The Company acknowledges that it will not own any
Excluded Developments or Prior Developments. 

  

	 	(c)	 Disclosure of Developments - To avoid any disputes over the ownership of Developments, the Employee will
provide the Company with a general written description of any of the Developments the Employee believes the Company does not own because they are Excluded Developments or Prior Developments. Thereafter, the Employee agrees to make full and prompt
disclosure to the Company of all Developments, including, without limitation, Excluded Developments, made during the term of the Employee’s employment with the Company. The Company will hold any information it receives regarding Excluded
Developments and Prior Developments in confidence. 

  
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	 	(d)	 Further Acts - The Employee agrees to cooperate fully with the Company both during and after the
Employee’s employment by the Company, with respect to signing further documents and doing such acts and other things reasonably requested by the Company to confirm the Company’s ownership of the Developments other than Excluded
Developments and Prior Developments, the transfer of ownership of such Developments to the Company, and the waiver of the Employee’s moral rights therein, and (ii) obtaining or enforcing patent, copyright, trade secret or other protection
for such Developments; provided that the Company pays all the Employee’s expenses in doing so, and reasonable compensation if such acts are required after the Employee leaves the employment by the Company. 

 

	 	(e)	 Employee-owned Inventions - The Employee hereby covenants and agrees with the Company that, unless the
Company agrees in writing otherwise, the Employee will not use or incorporate any Excluded Development or Prior Development in any work product, services, or other deliverables the Employee provides to the Company. If the Employee uses or
incorporates any Excluded Development or Prior Development with the Company’s permission, as provided above, the Employee (i) represents and warrants that he or she owns all proprietary interest in such Excluded Development or Prior
Development and grants to the Company, at no charge, a non-exclusive, irrevocable, perpetual, worldwide license to use, distribute, transmit, broadcast, sub-license,
produce, reproduce, perform, publish, practice, make, and modify such Excluded Development or Prior Development. 

  

	 	(f)	 Prior Employer Information - The Employee hereby covenants and agrees with the Company that during the
Employee’s employment by the Company, the Employee will not improperly use or disclose any confidential or proprietary information of any former employer, partner, principal, co-venturer, customer, or
independent contractor of the Employee and that the Employee will not bring onto the Company’s premises any unpublished documents or any property belonging to any such persons or entities unless such persons or entities have given their
consent. In addition, the Employee will not violate any nondisclosure, non-compete or proprietary rights agreement the Employee has signed with any person or entity prior to the Employee’s execution of
this Agreement, or knowingly infringe the intellectual property rights of any third party while employed by the Company. 

  

	 	(g)	 Protection of Computer Systems and Software - The Employee agrees to take all necessary precautions to
protect the computer systems and software of the Company, including, without limitation, complying with the obligations set out in the Company’s policies. 

 

	5.3	 Defend Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016, the Employee
understands that: 

  

	 	(a)	 an individual may not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that: 

  

	 	(i)	 is made (A) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or 

  

  
 Page 18 of 26 

 

 
  

	 	(ii)	 is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

  

	 	(b)	 Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: 

  

	 	(i)	 files any document containing the trade secret under seal; and 

 

	 	(ii)	 does not disclose the trade secret, except pursuant to court order. 

ARTICLE 6 – RESTRICTIVE COVENANTS 
  

	6.1	 Non-solicitation by the Employee. The Employee agrees that at
any time while employed by the Company and for a period of one (1) year thereafter, the Employee will not, without the prior written consent of the Company induce or attempt to influence or otherwise endeavor to entice away, directly or
indirectly, a Key Employee of the Company to leave the employ or engagement of the Company. 

  

	6.2	 Non-competition. The Employee agrees that while employed by the
Company and for a period of six (6) months thereafter, the Employee will not, without the prior written consent of the Company, directly or indirectly, anywhere in Canada or the United States or the UK or any other jurisdiction in which the
Company is materially active in relation to the Business, be employed by or provide any professional services to any person or entity or business that is engaged or intends to be engaged in the field of the Business which would have the necessary or
probable result of the Employee, in competition with the Company or any member of its group, being engaged in the Business. 

  

	6.3	 Reduction of Period of Restrictions. The periods for which the restrictions in clause 6.1 and 6.2 apply
shall be reduced by any period that the Employee has been excluded pursuant to clause 4.2(d) of this Agreement. 

  

	6.4	 Group Companies. The Employee hereby agrees that the Employee will at the request and cost of the
Company enter into a direct agreement or undertaking with any associated company of the Company whereby the Employee will accept restrictions and provisions corresponding to the restrictions and provisions in this clause 6 (or such of them as may be
appropriate in the circumstances) in relation to such activities and such areas and/or such periods as any such associated company may require for the protection of its legitimate interests. 

  
 Page 19 of 26 

 

 
  

	6.5	 Reasonableness of Non-competition and
Non-solicitation Obligations. The Employee confirms that the obligations in Sections 6.1 and 6.2 are fair and reasonable and are no greater than are reasonably necessary to give the Company protection of
its legitimate interests given that, among other reasons: 

  

	 	(a)	 the sustained contact the Employee will have with the clients of the Company will expose the Employee to the
Confidential Information regarding the particular requirements of these clients and the Company’s unique methods of satisfying the needs of these clients, all of which the Employee agrees not to act upon to the detriment of the Company; and/or

  

	 	(b)	 the Employee will be performing important development work on the products or services owned, developed or
marketed by the Company; and the Employee agrees that the obligations in Sections 6.1 and 6.2, together with the Employee’s other obligations under this Agreement, are reasonably necessary for the protection of the Company’s good will,
trade secrets and proprietary interests and that given the Employee’s general knowledge and experience they would not prevent the Employee from being gainfully employed if the employment relationship between the Employee and the Company were to
end. The Employee further confirms that the geographic scope of the obligation in Section 6.2 is reasonable given the nature of the market for the products and business of the Company. The Employee also agrees that the obligations in Sections
6.1 and 6.2 are in addition to the confidentiality and non-disclosure obligations provided for in this Agreement. 

  

	6.6	 Conflict of Interest. The Employee recognizes that the Employee is employed by the Company in a position
of responsibility and trust and agrees that during the Employee’s employment with the Company, the Employee will not engage in any activity or otherwise put the Employee in a position which conflicts with the Company’s interests. Without
limiting this general statement, the Employee agrees that during the Employee’s employment with the Company, the Employee will not knowingly lend money to, guarantee the debts or obligations of or permit the name of the Employee or any part
thereof to be used or employed by any corporation or firm which directly or indirectly is engaged in or concerned with or interested in any business in competition with the Business unless the Employee receives prior written authorization from the
Company. 

  

	6.7	 Acknowledgments. The Employee acknowledges that as of the date of this Agreement: 

 

	 	(a)	 a breach of this Agreement would cause the Company irreparable harm and as a result the Employee consents to
the issuance of an injunction or other appropriate remedy required to enforce the covenants contained herein; and 

  

	 	(b)	 in the event it is necessary for the either party to retain legal counsel to enforce any of the terms and
conditions of this Agreement, the prevailing party will pay the other parties’ reasonable legal fees, court costs and other related expenses. 

  
 Page 20 of 26 

 

 
  

 ARTICLE 7 – ENFORCEMENT 

 

	7.1	 Severability and Limitation. All agreements and covenants contained herein are severable and, in the
event any of them will be held to be invalid by any competent court, this Agreement will be interpreted as if such invalid agreements or covenants were not contained herein. Should any court or other legally constituted authority determine that for
any such agreement or covenant to be effective that it must be modified to limit its duration or scope, the parties hereto will consider such agreement or covenant to be amended or modified with respect to duration and scope so as to comply with the
orders of any such court or other legally constituted authority or to be enforceable under the laws of the Province of British Columbia, and as to all other portions of such agreement or covenants they will remain in full force and effect as
originally written. 

 ARTICLE 8 – GENERAL 
  

	8.1	 Notices. Any notices to be given hereunder by either party to the other party may be effected in
writing, either by personal delivery or by mail if sent certified, postage prepaid, with return receipt requested. Mailed notices will be addressed to the parties at the address set out on the first page of this Agreement, or as otherwise specified
from time to time. Notice will be effective upon delivery. 

  

	8.2	 Data Protection. The Company may collect, hold, process or transfer personal and sensitive personal data
relating to the Employee as set out in, and for the purposes set out in, the privacy notice provided to the Employee and the Company’s data privacy policy. The Employee shall comply with the Company’s policies when handling personal data
in the course of employment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company. The Company may, from time to time, monitor the Employee’s use of the internet and of email
communications received, created, stored, sent or forwarded by the Employee on systems and equipment provided by the Company to the Employee for the performance of his duties, as set out in, and for the purposes set out in, the privacy notice. In
limited cases where the Employee’s consent is appropriate to and sought for specific processing, a separate consent notice will apply. The privacy notice, privacy policy and any separate consent notices where relevant or required do not form
part of this Agreement. 

  

	8.3	 Grievance, disciplinary and dismissal procedure. A copy of the disciplinary rules and procedures of the
Company can be obtained from the Board of Directors. They do not form part of this Agreement. 

  

	8.4	 Independent Legal Advice. The Employee specifically confirms that he has been advised to retain his/her
own independent legal advice prior to entering into this Agreement. 

  

	8.5	 Construction. The parties acknowledge that each party and its respective counsel have had the
opportunity to independently review and negotiate the terms and conditions of this Agreement, and that the normal rule of construction to the effect that any ambiguities are to be construed against the drafting party will not be employed in the
interpretation of this Agreement or any exhibits or amendments hereto. 

  

  
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	8.6	 Assignment and New Agreement. The Employee cannot assign his interest in this Agreement. The Employee
agrees that the Company may assign its interests in this Agreement to any group member of the Company including any English subsidiary or branch that may exist from time to time. The Employee agrees that the Employee will execute a similar agreement
to this Agreement should the Company merge with another company or should the shares in the Company be transferred, or where the group of companies of which the Company is part is subject to restructuring, or should the Employee’s employment be
transferred to any entity pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006 (or such replacement legislation having the same or similar effect). 

 

	8.7	 Benefit of Agreement. This Agreement will inure to the benefit of and be binding upon the respective
heirs, executors, administrators, successors and permitted assigns of the parties hereto. 

  

	8.8	 Entire Agreement. The Appendices to this Agreement, together with the terms and conditions contained
within this Agreement constitute the entire agreement between the parties hereto with respect to the subject matter hereof and cancels and supersedes any prior employment agreements, understandings and arrangements between the parties hereto with
respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the parties other than as expressly set forth in this Agreement. 

 

	8.9	 Amendments and Waivers. No amendment to this Agreement will be valid or binding unless set forth in
writing and duly executed by the Employee and a representative of the Company duly authorized by the Board of Director to executive such amendment. No waiver of any breach of any provision of this Agreement will be effective or binding unless made
in writing and signed by the party purporting to give the same and, unless otherwise provided in the written waiver, will be limited to the specific breach waived. 

 

	8.10	 Governing Law. This Agreement will be governed by and construed, enforced and interpreted non-exclusively in accordance with the laws of England and Wales, except as specified in Article 5.3 above. 

  
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 IN WITNESS WHEREOF the parties have executed this Agreement as of the last date written below. 

 

			
	ZYMEWORKS INC.
		
	By:	 	 /s/ Lota Zoth

	Lota Zoth
	
	 January 5, 2022

	Date
	
	 SIGNED AND DELIVERED
 by
Employee:

	
	 /s/ Kenneth Galbraith

	Signature
	
	 January 5, 2022

	Date

  
 Page 23 of 26 

 

 
  

 SCHEDULE 1 

OUTSIDE ACTIVITIES 
 1. Director and Chair
of the AC for MGNX which the Employee will resign from concurrent upon signing this Agreement. 
 2. Board Chair for Kalium Health, for which the Employee
will remain on the Board until his term expires in June 2023. 
 3. Director and Chair of the Audit Committee for Profound Medical to whom the Employee will
provide notice concurrent with signing this Agreement and Employee will resign as Chair of the Audit Committee no later than Profound Medical’s 2022 annual stockholders meeting (expected May 2022) and resign as Director no later than Profound
Medical’s 2023 annual stockholders meeting (expected May 2023). 
 4. EIR at Syncona Investment Management Limited in London to whom the Employee will
provide notice of his resignation concurrent with signing this Agreement. 

  
 Page 24 of 26 

 

 
  

 APPENDIX A 

ZYMEWORKS INC. AMENDED AND RESTATED STOCK OPTION AND EQUITY COMPENSATION PLAN 

Please find enclosed a copy of the Zymeworks Inc. Amended and Restated Stock Option and Equity Compensation Plan. 

  
 Page 25 of 26 

 

 
  

 APPENDIX B 

ZYMEWORKS INC. AMENDED AND RESTATED 

EMPLOYEE STOCK PURCHASE PLAN 
 Please find
enclosed a copy of the Zymeworks Inc. Amended and Restated Employee Stock Purchase Plan. 

  
 Page 26 of 26EX-10.2

 Exhibit 10.2 

SEPARATION AGREEMENT AND RELEASE 

THIS SEPARATION AGREEMENT AND RELEASE is made on January 5, 2022. 

BETWEEN: 
 ZYMEWORKS INC. 

(“Zymeworks” or the “Company”) 

AND: 
 DR. ALI TEHRANI 

(the “Executive”) 

WHEREAS: 
  

	A.	 The Executive was employed by Zymeworks since September 8, 2003, pursuant to an amended and restated
employment agreement dated January 17, 2017 (the “Employment Agreement”); 

  

	B.	 The Executive and Zymeworks have mutually agreed that the Executive’s employment will terminate on the
date the Company’s new Chief Executive Officer commences employment with the Company (the “Termination Date”), which is expected to occur on or about February 1, 2022, or sooner; and 

 

	C.	 The Executive and Zymeworks have reached an agreement to fully and finally settle any matters in relation to
the Executive’s employment and the termination of that employment on the terms and conditions set out in this Separation Agreement and Release. 

NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS CONTAINED HEREIN: 

1. The Parties acknowledge, agree and confirm as follows: 
  

	 	(a)	 The Executive will submit his resignation as President and Chief Executive Officer of Zymeworks and any
positions held at affiliated companies, in all cases, effective as of the Termination Date and Zymeworks shall accept that resignation effective as of the Termination Date. 

 

	 	(b)	 The Executive shall resign as a director of Zymeworks and any affiliated company, in all cases, effective as of
the Termination Date. 

  

	 	(c)	 Zymeworks shall pay to the Executive any unpaid salary and any accrued but unused vacation pay up through the
Termination Date. 

  

	 	(d)	 In accordance with past precedent set by the Company, the Company agrees to provide the Executive with a laptop
comparable to the one he has been using in discharge of his duties as an employee of the Company following the Termination Date. 

	 	(e)	 Subject to Executive satisfactorily performing his duties as Chief Executive Officer of the Company through the
Termination Date, Zymeworks shall, following the Termination Date, pay to the Executive an amount of US$889,638, which is the equivalent of eighteen (18) months of the Executive’s current salary. Zymeworks is agreeable to paying this
amount in a lump sum in a tax-favourable manner as may be directed by the Executive, subject to applicable income tax requirements. 

 

	 	(f)	 Zymeworks shall, subject to the terms and conditions of the applicable Zymeworks bonus plan governing
Executive’s annual performance bonus for the 2021 calendar year, pay Executive an amount equal to the cash bonus Executive would have received had Executive remained employed with Zymeworks through the bonus payment date, with such bonus
calculated based on actual achievement of the applicable performance goals under this bonus plan as determined by the Board. This bonus, if any, shall be paid in a lump sum at the same time as the Zymeworks other senior executives receive their 2021
bonus, if any, and subject to applicable income tax requirements. 

  

	 	(g)	 Zymeworks shall, subject to the terms and conditions of the applicable benefit plan, maintain all employee
benefit plans for the lesser of (i) an eighteen (18) month period from the Termination Date or (ii) the date the Executive enrolls in the benefit plans of a new employer. 

 

	 	(h)	 Concurrently with the execution of this Agreement (and, for the avoidance of doubt, no later than the
Termination Date), Zymeworks and the Executive shall enter into the Consulting Services Agreement attached hereto as Exhibit A (the “Consulting Services Agreement”) whereby the Executive shall assist with certain transitional
matters at the request and direction of Zymeworks on an as needed basis. The Consulting Services Agreement shall commence on the Termination Date and shall cease on September 30, 2023 (subject to earlier termination as described in the
Consulting Services Agreement). The Executive shall remain an “Option Holder” under the terms of Zymeworks’ Second Amended and Restated Employee Stock Option Plan (the “Pre-IPO Plan”)
and a “Participant” under the terms of Zymeworks’ Amended and Restated Stock Option and Equity Compensation Plan (this plan or the Pre-IPO Plan, an “Equity Plan”) for the duration of
the term of the Consulting Services Agreement, and accordingly will be afforded the vesting and exercise benefits as set forth in clause (i) below. 

  
 2 

	 	(i)	 As of the date hereof, the Executive has 1,129,991 vested and unexercised Zymeworks stock options and 294,323
unvested Zymeworks stock options. Vesting of the Executive’s Zymeworks stock options shall continue to vest and become exercisable through the Termination Date and over the term of the Consulting Services Agreement in accordance with the terms
of the applicable Equity Plan and applicable award agreement, and cease on termination of the Consulting Services Agreement. Any remaining unvested Zymeworks stock options shall be forfeited on the termination of the Consulting Services Agreement.
Pursuant to the applicable Equity Plan, the Executive shall have ninety (90) days from the termination of the Consulting Services Agreement to exercise any vested Zymeworks stock options unless such options expire by their terms before the end
of such ninety (90) day period. 

  

	 	(j)	 As of the date hereof, the Executive has 40,417 of unvested Zymeworks restricted stock units, which will
continue to vest through the Termination Date and over the term of the Consulting Services Agreement in accordance with the terms of the Equity Plan and applicable award agreement. Any remaining unvested Zymeworks restricted stock units shall be
forfeited on the termination of the Consulting Services Agreement. 

  

	 	(k)	 Following the termination of the Consulting Services Agreement and provided that the Executive (i) had
satisfactorily performed his duties as Chief Executive Officer between the date of this Agreement and the Termination Date and (ii) timely executes the Supplemental Release Agreement attached hereto as Exhibit B (the “Supplemental
Release”), then the Company agrees to extend the period of time in which the Executive has to exercise each of his outstanding and vested Company stock options as of the date of the termination of the Consulting Services Agreement for an
additional twelve (12) months from the date of such termination (but, in no case, later than the original maximum term of such Company stock option), subject to earlier termination upon a “change of control,” “substantial
sale,” or other similar provision in the applicable Company stock plan governing such stock option grant. 

  

	 	(l)	 Zymeworks shall reimburse the Executive for all reasonable and documented business expenses actually and
properly incurred by the Executive in relation to Zymeworks’ business up to the Termination Date. 

  

	 	(m)	 The Executive shall as of the Termination Date return all books of account, records, reports and other
documents, materials and property belonging to Zymeworks that are in the Executive’s possession or control. 

  

	 	(n)	 All payments provided hereunder will be made in a timely manner, subject to the execution of this Separation
Agreement and Release, and shall be subject to applicable statutory withholdings. 

  

	 	(o)	 The Executive reaffirms that he remains bound by the terms of Article 5 – Confidentiality – and
Article 6 – Restrictive Covenants – of the Employment Agreement and that those provisions survive the termination of the Employment Agreement and the Executive’s employment with Zymeworks. The Company agrees that the Employment
Agreement shall be amended by inserting the following sentence to the end of Section 6.2 thereof: “Notwithstanding the foregoing, the Employee shall not be restricted from being employed or engaged by a venture capital firm that invests in
any business that competes with the Business of the Company, so long as the Employee does not participate in, advise with respect to, or otherwise have responsibilities associated with the conduct or operations of any competing business that is
engaged in the research and development of bispecific antibodies targeting HER2 in which the venture capital firm invests. 

  
 3 

	 	(p)	 The Executive reaffirms that he remains bound by the terms of all Company policies and procedures applicable to
the Executive following his Termination Date, including, but not limited, to the Company’s insider trading policy. 

 2. The Executive
acknowledges that without this Separation Agreement and Release, the Executive is otherwise not entitled to the consideration listed in paragraphs (d) through (k) of Section 1, which is inclusive of, and exceeds, any and all common law,
statutory, and contractual entitlements the Executive may have. The Executive further acknowledges and agrees that the Executive’s separation from employment with Zymeworks is the result of a mutually agreed-upon voluntary resignation and, as a
result, the Executive has not experienced a termination without “Cause” as that term is defined in the Employment Agreement, that all consideration described in this Separation Agreement and Release is in lieu of any severance payments or
benefits under Article 4 of the Employment Agreement, and that the Executive is not entitled to any severance or other benefits under the Employment Agreement. In consideration of Zymeworks entering into this Separation Agreement and Release and the
Consulting Services Agreement, and other good and valuable consideration, the Executive hereby remises, releases and forever discharges Zymeworks, its affiliated companies, and as applicable all of their respective officers, directors, partners,
shareholders, executives, agents, successors, administrators, executors, heirs and assigns of and from any and all actions, causes of action, suits, debts, dues, accounts, costs, legal costs, contracts, claims and demands of every nature or kind,
statutory or otherwise, including any claims made pursuant to the Employment Standards Act (BC), the Human Rights Code (BC) and any similar applicable legislation, which the Executive, and, as applicable, the Executive’s agents,
Executives, successors, administrators, executors, heirs and assigns now have or at any time hereafter can, shall or may have in any way arising or resulting from any cause, matter, or anything whatsoever existing up to and including the present
time with respect to the Executive’s employment by Zymeworks, the termination of that employment, and the termination of any benefits. The foregoing release does not extend to any rights of indemnification the Executive may have
(a) pursuant to that certain December 5, 2014 Indemnification Agreement between the Company and the Executive, or (b) under any applicable D&O insurance policy with the Company, in either case subject to the respective terms,
conditions, and limitations of such indemnification agreement or D&O insurance policy as may be applicable. 
 3. The Executive agrees that the terms of
this Separation Agreement and Release shall not constitute nor be deemed to be an admission of liability by Zymeworks in respect of any claim which the Executive hereto presently has or hereafter can, shall or may have and any such liability by
Zymeworks is in fact expressly denied. The terms of this Separation Agreement are contractual and not merely a recital. 
 4. Except as necessary to enforce
the terms of this Separation Agreement, the Executive further agrees that he will not make any claim or take any proceedings against any other person or corporation who might claim contribution or indemnity from Zymeworks hereto in respect of the
subject matter of this Separation Agreement and Release. 

  
 4 

 5. The Executive agrees that he shall provide reasonable cooperation and assistance to the
Company in the transition of his role and in the resolution of any matters in which the Executive was involved during the course of the Executive’s employment, or about which the Executive has knowledge, and in the defense or
prosecution of any investigations, audits, claims or actions now in existence or which may be brought or threatened in the future against or on behalf of the Company, including any investigations, audits, claims or actions involving or
against its officers, directors and employees. The Executive’s cooperation with such matters shall include, without limitation, being available to consult with the Company regarding matters in which the Executive has been
involved or has knowledge; to reasonably assist the Company in preparing for any proceeding (including, without limitation, depositions, mediations, hearings, settlement negotiations, discovery conferences, arbitration, or trial); to provide
affidavits reflecting truthful written testimony; to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness to provide truthful testimony in connection with any investigation, audit, mediation, litigation or other
legal proceeding affecting the Company. The Executive agrees to keep the Company’s Human Resource department apprised of his current contact information, including telephone numbers, work address, home address, and email address(es),
and to promptly respond to communications from the Company in connection with this Section 5. The Executive understands and agrees that this Section 5 requires his cooperation with the Company, but is not intended to have any
influence whatsoever on any specific outcome in any matter and he is expected at all times to provide truthful testimony and responses in connection with any matter. 

6. This Separation Agreement and Release shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors,
administrators, successors, and personal representatives, the Company’s subsidiaries, affiliates and assigns and the Executive’s permitted assigns. It is further understood and agreed that the Executive will not make any adverse or
unfavorable statements concerning Zymeworks, its affiliates or any of their respective officers, directors, shareholders or Executives in the context of such relationships of the Executive and such persons related to his employment by Zymeworks or
concerning any relationship the Executive had with Zymeworks or any of its subsidiaries, or any of their respective officers, directors, shareholders or Executives. 

7. It is further understood and agreed that the Executive hereby represents and declares that the Executive executes this Separation Agreement and Release as
the Executive’s own free act for the consideration set forth herein (and has not been influenced to any extent whatsoever in executing this Separation Agreement and Release by any representations or statements made by Zymeworks, or by any
person on behalf of Zymeworks) and that the Executive has read this Separation Agreement and Release and has had the opportunity to take independent legal advice as to its terms and the Executive acknowledges that Zymeworks relies on this
representation and declaration. 
 8. All dispute arising out of or in connection with this Separation Agreement and Release, or in respect of any legal
relationship associated therewith or derived therefrom, shall be referred to and finally resolved by arbitration administered by the Vancouver International Arbitration Centre (VanIAC) pursuant to its applicable Rules. The place of arbitration shall
be Vancouver, British Columbia, Canada. 
 9. This Separation Agreement and Release may be executed in counterparts, each of which shall be deemed to be an
original and all such counterparts shall constitute one document. 

  
 5 

 10. The Parties hereto agree that this Separation Agreement and Release contain the entire agreement between
the Parties concerning the subject matter of this Agreement and the Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements
and understandings concerning the subject matter of this Agreement and the Executive’s relationship with the Company (including, for example, the Employment Agreement), but with the exception of Articles 2 and 3 of the Employment Agreement
(which shall survive only through the Termination Date) and Sections 1.1 and Articles 5, 6, 7, 8 and 9 of the Employment Agreement (which shall survive through and following the Termination Date). 

11. This Separation Agreement and Release is conditional upon the approval of the Board of Directors of Zymeworks. 

IN WITNESS WHEREOF the Parties have hereunto set their hands as of the date first above written. 

 

			
	ZYMEWORKS INC.
		
	Per:	 	 /s/ Lota Zoth

		 	Authorized Signatory

  

					
	SIGNED, SEALED AND DELIVERED in	 	)	 	
	the presence of:	 	)	 	
		 	)	 	
	 /s/ Daniel Dex
	 	)	 	 /s/ Dr. Ali Tehrani

	Witness	 	)	 	DR. ALI TEHRANI
			
	 Daniel Dex
	 	)	 	
	Name	 	)	 	
	 1385 West 8th Ave
	 	)	 	
	Address	 	)	 	
	 Vancouver, BC
	 	)	 	
		 	)	 	
	 Attorney
	 	)	 	
	Occupation	 		 	

  
 6 

 EXHIBIT A 

CONSULTING SERVICES AGREEMENT 

This AGREEMENT dated January 5, 2022. 
 BETWEEN:

 ZYMEWORKS INC. 

540 – 1385 West 8th Avenue, 

Vancouver, BC V6H 3V9 
 (the
“Company”) 
 AND: 
 DR. ALI
TEHRANI 
 1847 West 14th Avenue 

Vancouver, BC V6J 2J8 
 (the
“Consultant”) 
 WITNESSES THAT WHEREAS: 

A. The Consultant is the former President and Chief Executive Officer of the Company, and the Company now wishes to retain the Consultant to perform certain
consulting services; 
 B. The Consultant agrees to provide such services to the Company on the terms and conditions set out herein; and 

C. The Consultant may have access to the confidential information of the Company and may receive confidential information regarding the Company. 

THEREFORE, in consideration of the sum of $10.00 and the covenants and agreements herein, and for other good and valuable consideration given
by each party hereto to the other, the receipt and sufficiency of which are hereby acknowledged by each of the parties, the parties hereby agree as follows: 
  

	1.	 SERVICES 

1.1 Services. The Consultant agrees to perform the services set out in Schedule “A” to this Agreement. The Consultant agrees
that all services set out in Schedule “A” to this Agreement will be performed by the Consultant personally unless otherwise authorized in writing by the Company. 

1.2 Independent Contractor. It is acknowledged and agreed that: 
  

	 	(a)	 The Consultant shall at all times be an independent contractor. The Consultant is not an employee or agent of
the Company, and no partnership, joint venture or agency will be created by this Agreement or by any action of the parties under this Agreement and the Consultant shall not represent himself to be in any such relationship with the Company.

	 	(b)	 The Consultant acknowledges and agrees that he shall be responsible for payment to the proper authorities of
any and all income taxes, Workers Compensation Act premiums and any other applicable statutory withholdings in respect of the remuneration paid hereunder. 

  

	 	(c)	 If at any time the Canada Revenue Agency or any other competent authority determines that the Consultant, or
any employee of the Consultant, is an employee of the Company, then the Company will immediately begin making all statutorily required withholdings and remittances in respect of payments to the Consultant. 

 

	2.	 REMUNERATION 

During the term of this Agreement, the Company shall pay to the Consultant the remuneration set out in Schedule “B”, which sets out
completely the remuneration payable to the Consultant. 
  

	3.	 EXPENSES 

3.1 Business Expenses. The Consultant shall be reimbursed by the Company for all reasonable,
pre-approved expenses incurred in connection with the performance of services, including business travel, in accordance with the Company’s policies as established from time to time. The reimbursement of
all expenses, pursuant to this Agreement, must be supported with appropriate receipts, invoices or similar documentation. 
  

	4.	 TERM AND TERMINATION 

4.1 This Agreement shall commence on the Termination Date (as defined in the Separation Agreement and Release to which this Agreement was attached as an
exhibit) and shall continue until September 30, 2023 (the “Term”) unless terminated in accordance with this Section 4 of the Agreement. 

4.2 Either party may terminate this Agreement during the Term immediately upon a fundamental breach of a material term of this Agreement. 

4.3 The Consultant may terminate this Agreement other than for a fundamental breach during the Term by providing the Company with fourteen
(14) days’ written notice. 
 4.4 The Consultant shall not be entitled to any further compensation or remuneration arising out of the early
termination or the expiration of this Agreement other than as set out in this Section 4. 
  

	5.	 CONFIDENTIALITY 

5.1 Except as required by law or in the normal and proper course of the Consultant providing services to the Company hereunder or with the written consent of
the Company, the Consultant will not use for the Consultant’s own account or disclose to anyone else, during or after the term of this Agreement, any confidential or proprietary information or material relating to the operations or business of
the Company and its subsidiaries which the Consultant obtains by virtue of the Consultant’s engagement by the Company. Confidential or proprietary information or material includes, without limitation, the following types of information or
material, both existing and contemplated, regarding the Company or its subsidiaries except to the extent otherwise in the public domain: corporate information, including plans, strategies, tactics, policies, resolutions, and any litigation or
negotiations; financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings; operational and scientific information, including trade secrets; technical information, technical drawings and
designs,; and personnel information, including personnel lists, resumes, personnel data, organizational structure and performance evaluations (collectively, the “Confidential Information”). 

  
 2 

 5.2 The Consultant agrees that all files, documents and equipment issued to the Consultant of any nature
pertaining to business of the Company are and shall be the property of the Company, and that all such documents and all copies of them and any equipment shall be returned to the Company up on the termination of the Consultant’s engagement by
the company for any reason. 
  

	6.	 INVENTIONS 

6.1 Acknowledgment of Company Ownership. The Consultant acknowledges that the Company will be the exclusive owner of all the Developments
made during the term of the Consultant’s engagement by the Company, except Excluded Developments, and to all intellectual property rights in and to such Developments. The Consultant hereby assigns all right, title and interest in and to such
Developments and their associated intellectual property rights throughout the world and universe to the Company, including without limitation, all trade secrets, patent rights, copyrights, mask works, industrial designs and any other intellectual
property rights in and to each such Development, effective at the time each is created. Further, the Consultant irrevocably waives all moral rights the Consultant may have in such Developments. 

6.2 Excluded Developments and Prior Developments. The Company acknowledges that it will not own any Excluded Developments or Prior
Developments. For the purposes of this Agreement: 
  

	 	(a)	 “Excluded Developments” means any Development that the Consultant establishes: 

 

	 	(i)	 was developed entirely on the Consultant’s own time; 

 

	 	(ii)	 was developed without the use of any equipment, supplies, facilities, services or trade secret information of
the Company; 

  

	 	(iii)	 does not relate directly to the business or affairs of the Company or to the actual or anticipated research or
development of the Company known to the Consultant; and 

  

	 	(iv)	 does not result from any work performed by the Consultant for the Company. 

 

	 	(b)	 “Prior Developments” means any Development that the Consultant establishes was developed prior to the
Consultant performing such services for the Company and precedes the Consultant’s initial engagement with the Company. 

  
 3 

 6.3 Disclosure of Developments. To avoid any disputes over the ownership of
Developments, the Consultant will provide the Company with a general written description of any of the Developments the Consultant believes the Company does not own because they are Excluded Developments or Prior Developments. Thereafter, the
Consultant agrees to make full and prompt disclosure to the Company of all Developments, including, without limitation, Excluded Developments, made during the term of the Consultant’s engagement with the Company. The Company will hold any
information it receives regarding Excluded Developments and Prior Developments in confidence. 
 6.4 Further Acts. The Consultant agrees
to cooperate fully with the Company both during and after the Consultant’s engagement with the Company, with respect to (i) signing further documents and doing such acts and other things reasonably requested by the Company to confirm the
Company’s ownership of the Developments other than Excluded Developments and Prior Developments, the transfer of ownership of such Developments to the Company, and the waiver of the Employee’s moral rights therein, and (ii) obtaining
or enforcing patent, copyright, trade secret or other protection for such Developments; provided that the Company pays all the Consultant’s expenses in doing so, and reasonable compensation if such acts are required after the Consultant ceases
providing services to the Company. 
 6.5 Consultant-owned Inventions. The Consultant hereby covenants and agrees with the Company that,
unless the Company agrees in writing otherwise, the Consultant will not use or incorporate any Excluded Development in any work product, services, or other deliverables the Consultant provides to the Company. If the Consultant uses or incorporates
any Excluded Development with the Company’s permission, as provided above, the Consultant (i) represents and warrants that he owns all proprietary interest in such Excluded Development and (ii) grants to the Company, at no charge, a non-exclusive, irrevocable, perpetual, worldwide license to use, distribute, transmit, broadcast, sub-license, produce, reproduce, perform, publish, practice, make, and modify
such Excluded Development. 
 6.6 Protection of Computer Systems and Software. The Consultant agrees to take all necessary precautions
to protect the computer systems and software of the Company, including, without limitation, complying with the obligations set out in the Company’s policies. 
  

	7.	 EQUITABLE RELIEF 

7.1 The Consultant agrees that, in the event he or any of his employees violates any of the restrictions referred to in Section 5, the Company shall
suffer irreparable harm and shall be entitled to preliminary and permanent injunctive relief and any other remedies in law or in equity which the court deems fit. 
  

	8.	 SEVERABILITY 

Should any part of this Agreement be declared or held to be invalid for any reason, the invalidity shall not affect the validity of the
remainder of this Agreement which shall continue in full force and effect and be construed as if this Agreement had been executed without the invalid portion, and it is hereby declared the intention of the parties that this Agreement would have been
executed without reference to any portion that may, for any reason, be hereafter declared or held invalid. 

  
 4 

	9.	 SURVIVAL 

The Company and the Consultant expressly acknowledge and agree that the provisions of this Agreement, which by their express or implied terms
extend beyond the termination of the Consultant’s services hereunder, or beyond the termination of this Agreement, shall continue in full force and effect notwithstanding the termination of the Consultant’s services or the termination of
this Agreement for any reason. 
  

	10.	 ENTIRE AGREEMENT AND AMENDMENTS 

The provisions herein constitute the entire agreement between the parties in relation to providing consulting services to the Company and
supercedes all previous communications, representations and agreements, whether oral or written, between the Company and the Consultant with respect to the subject matter hereof. This Agreement may not be amended or modified except by written
instrument signed by the Company and the Consultant. 
  

	11.	 GOVERNING LAW 

This Agreement shall be governed by and interpreted exclusively in accordance with the laws of British Columbia, and the courts of British
Columbia shall have the exclusive jurisdiction over this Agreement and any claim or dispute arising under it. 
  

	12.	 ENUREMENT 

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators,
successors, personal representatives and permitted assigns. 
  

	13.	 ASSIGNMENT OF RIGHTS 

The Company shall have the right to assign this Agreement to another party, including, without limitation, any successor company that acquires
all or substantially all of the Company’s assets. The Consultant shall not assign his rights under this Agreement or delegate to others any of his functions and duties under this Agreement without the express written consent of the Company
which may be withheld in its sole discretion. 
  

	14.	 NOTICE 

Any notice relating to this Agreement or required or permitted to be given in accordance with this Agreement shall be in writing and shall be
personally delivered or mailed by registered mail, postage prepaid to the parties at their respective addresses set out on the first page of this Agreement. 
  

	15.	 ARBITRATION 

All disputes arising out of or in connection with this Agreement, or in respect of any legal relationship associated therewith or derived
therefrom, shall be referred to and finally resolved by arbitration administered by the Vancouver International Arbitration Centre (VanIAC) pursuant to its applicable Rules. The place of arbitration shall be Vancouver, British Columbia, Canada. 

 

	16.	 CURRENCY 

All monetary amounts set out in this Agreement refer to Canadian dollars. 

  
 5 

	17.	 LEGAL ADVICE 

The Consultant acknowledges that it has obtained independent legal advice before executing this Agreement. 

IN WITNESS WHEREOF the parties have hereto have duly executed this agreement as of the day and year first above written. 

 

			
	ZYMEWORKS INC.
		
	Per:	 	 /s/ Lota Zoth

	
	 /s/ Dr. Ali Tehrani

	DR. ALI TEHRANI

  
 6 

 SCHEDULE A 

The Consultant agrees to provide the following services: 
  

	 	1.	 The Consultant shall perform the following services: 

 

	 	•	 	 Be available to respond to reasonable inquiries from representatives of the Company to address matters related to
transitioning the Consultant’s former responsibilities as President and Chief Executive Officer up to a maximum of 10 hours per week unless otherwise agreed upon by the parties. 

 SCHEDULE B 
  

	A.	 Remuneration 

 

	 	1.	 The Consultant shall remain an “Option Holder” under the terms of Zymeworks’ Second Amended and
Restated Employee Stock Option Plan (the “Pre-IPO Plan”) and a “Participant” under the terms of Zymeworks’ Amended and Restated Stock Option an Equity Compensation Plan (this plan and
the Pre-IPO Plan, an “Equity Plan”) for the duration of this Agreement. The vesting and exercisability of the Consultant’s Zymeworks stock options and the vesting of the Consultant’s
Zymeworks restricted stock units, in all cases, shall continue to vest over the term of this Agreement in accordance with the terms of the applicable equity plan and applicable award agreement, and cease upon the termination of this Agreement. Any
remaining unvested Zymeworks stock options and restricted stock units held by Consultant shall be forfeited on the termination of this Agreement. Pursuant to the applicable Equity Plan, the Consultant shall have ninety (90) days from the
termination of this Agreement to exercise any vested and outstanding Zymeworks stock options unless such options expire by their terms before the end of such ninety (90) day period. 

 

	 	2.	 At a future date, the Company may determine, in its sole discretion, that Consultant may be eligible for
additional remuneration in exchange for some or all of the services rendered by Consultant under this Agreement, which may include, for example, cash compensation paid on an hourly, monthly, or other basis. Further remuneration, if any, will be
determined by the Company in its sole discretion following execution of this Agreement, and will be effective only upon the Company’s written delivery to Consultant of an amended and restated version of this Schedule B and Consultant’s
written acceptance of such amended and restated Schedule B. 

 EXHIBIT B 

SUPPLEMENTAL RELEASE AGREEMENT 

THIS SUPPLEMENTAL RELEASE AGREEMENT is made on _____________________. 

BETWEEN: 
 ZYMEWORKS INC. 

(“Zymeworks”) 
 AND: 

DR. ALI TEHRANI 
 (the
“Executive”) 
 WHEREAS: 
  

	A.	 In connection with the Executive’s mutually agreed-upon resignation from employment with Zymeworks, the
parties entered into that certain Separation Agreement and Release dated ____________________ (the “Separation Agreement”); and 

  

	B.	 In exchange for the consideration described in the Separation Agreement, including, without limitation, the
consideration described in paragraph 1(k) thereof (the “Post-Consulting Consideration”), the Executive agreed to execute this Supplemental Release Agreement, without which Executive would not be entitled to the Post-Consulting
Consideration. 

 NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS CONTAINED HEREIN: 

 

	1.	 In consideration of the benefits described in paragraph 1(k) of the Separation Agreement, which will be
provided to the Executive in accordance with the terms thereof following the execution and effectiveness of this Supplemental Release Agreement, the Executive hereby extends his release and waiver of claims in Section 2 of the Separation
Agreement to any claims that may have arisen between the date the Executive signed the Separation Agreement and the date the Executive signs this Supplemental Release Agreement. The Executive agrees that the Executive will not file any legal action
asserting any such claims released herein. 

  

	2.	 The parties acknowledge and agree that the terms of Sections 2 through 11 of the Separation Agreement shall
apply to this Supplemental Release Agreement and are incorporated herein, mutatis mutandis, to the extent that they are not inconsistent with the express terms of this Supplemental Release Agreement. 

 IN WITNESS WHEREOF the Parties have hereunto set their hands as of the date first above
written. 
  

			
	ZYMEWORKS INC.
		
	Per:	 	              

		 	Authorized Signatory

  

					
	SIGNED, SEALED AND DELIVERED in	 	)	 	
	the presence of:	 	)	 	
		 	)	 	
	              
	 	)	 	
                     

	Witness	 	)	 	DR. ALI TEHRANI
	  
	 	)	 	
	Name	 	)	 	
	  
	 	)	 	
	Address	 	)	 	
	  
	 	)	 	
		 	)	 	
	  
	 	)	 	
	Occupation

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