Document:

Exhibit

Exhibit 10.9

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS OPTION OR ANY OPTION SHARES ISSUABLE ON EXERCISE OF THIS OPTION BEFORE OCTOBER 25, 2019 

OPTION AGREEMENT - EMPLOYEES
This Option Agreement (the “Agreement”) is entered into between Arbutus Biopharma Corporation (the “Company”) and William H. Collier (the “Optionee”), and is being granted in respect of the Optionee being an employee of Arbutus Biopharma Inc., an Affiliate (“Arbutus”), and confirms that: 
		
	1.
	On June 24, 2019 (the “Grant Date”), the Optionee is granted the option (the “Option”) to purchase 1,112,000 Common Shares (the “Option Shares”) of the Company at a per share price of US$2.18 (the “Option Price”); 

		
	2.
	the Option is granted to the Optionee in connection with the Optionee entering into employment with Arbutus and is an inducement material to the Optionee’s entry into employment within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules;

		
	3.
	the Option shall be subject to and governed by, and shall be construed and administered in accordance with, the terms and conditions of the Arbutus 2016 Omnibus Share and Incentive Plan (the “Plan”), which terms and conditions are incorporated herein by reference; provided, however, that the Option is not awarded under the Plan and the grant of the Option shall not reduce the number of Common Shares available for issuance under awards issued pursuant to the Plan;

		
	4.
	the Option shall vest as follows: subject to Sections 7, 8 and 9 below, twenty-five percent (25%) of the total number of Option Shares subject to the Option to vest on the one-year anniversary of the Grant Date, and an additional 1/48th of the total original number of Option Shares subject to the Option to vest on the corresponding day of each month thereafter, subject to the Optionee’s continued employment with Arbutus through the applicable vesting date, and will be exercisable in whole up to June 24, 2029 (the “Expiry Date”) or such earlier date as may be required or stipulated in accordance with the Plan or the terms of this Agreement; the Option, once vested, shall remain vested until the expiration, termination or surrender of the Option;

		
	5.
	this Option shall be considered a Non-Qualified Stock Option;

		
	6.
	except as provided in Sections 7, 8, 9 and 10 below, if the Optionee’s employment with Arbutus terminates for any reason, the unvested portion of the Option shall terminate on, and not be exercisable following, the Optionee’s date of termination, and the vested portion of the Option will remain exercisable by the Optionee, the Optionee’s estate or the Optionee’s estate’s personal representative, as applicable, until the earlier of the Expiry Date and the ninetieth (90th) day following the date of the Optionee’s termination of employment (or, if the Optionee dies during such ninety (90) day period, the first anniversary of the date of death of the Optionee);

		
	7.
	in the event of the death of the Optionee, the Option shall become immediately fully vested and exercisable, and shall remain exercisable by the Optionee’s estate or the Optionee’s estate’s personal representative, as applicable, until the earlier of the Expiry Date and the first anniversary of the date of death of the Optionee;

		
	8.
	except as provided below in Section 9, if the Optionee’s employment with Arbutus is terminated by Arbutus without Cause (as defined in the Optionee’s employment letter agreement with the Company, dated as of June 13, 2019 (the “Letter Agreement”)) or by the Optionee for Good Reason (as defined in the Letter Agreement), the Option shall vest and become exercisable as of the moment immediately prior to such termination on a pro-rata basis, prorated at 1/48th of the total original number of Option Shares subject to the Option for each completed month of service as of the Optionee’s date of termination, with the vested portion of the Option remaining exercisable by the Optionee, the Optionee’s estate or the Optionee’s estate’s personal representative, as applicable, until the earlier of the Expiry Date and the ninetieth (90th) day following the date of the Optionee’s termination of employment (or, if the Optionee dies during such ninety (90) day period, the first anniversary of the date of death of the Optionee);

		
	9.
	if, within twelve (12) months following a Change in Control, the Optionee’s employment with Arbutus is terminated by Arbutus without Cause or by the Optionee for Good Reason, the Option shall become fully vested and exercisable as of the moment immediately prior to such termination, with the vested portion of the Option remaining exercisable by the Optionee, the Optionee’s estate or the Optionee’s estate’s personal representative, as applicable, until the earlier of the Expiry Date and the ninetieth (90th) day following the date of the Optionee’s termination of employment (or, if the Optionee dies during such ninety (90) day period, the first anniversary of the date of death of the Optionee);

		
	10.
	if the Optionee’s employment with Arbutus is terminated by Arbutus for Cause, the Option, whether or not vested, shall be immediately forfeited and cancelled, without any consideration therefore, and any and all rights of the Optionee with respect to or arising from the Plan shall terminate, as of the commencement of the date that notice 

 

of such termination is given, without regard to any period of reasonable notice or any salary continuance, except as otherwise determined by the Committee;
		
	11.
	the Option may be exercised only by notice signed by the Optionee or, in certain circumstances permitted by the Plan, the legal representative of the Optionee, and accompanied by full payment for the Option Shares being purchased;

		
	12.
	the Optionee (i) meets the criteria set out in Section 4 of the Plan as of the Grant Date; (ii) is aware that the grant of the Option and the issuance by the Company of Option Shares thereunder are exempt from the obligation under applicable securities laws to file a prospectus or other registration document qualifying the distribution, other than the Form S-8 registration statement; (iii) will, upon each exercise or settlement of an Option and if requested by the Company, confirm these representations; and (iv) will, upon each exercise or settlement of an Option, comply with all applicable securities laws, rules and regulations, including restrictions on transfer; 

		
	13.
	the Company will have no obligation to issue any Option Shares until the Company is satisfied that the issuance of such Option Shares to the Optionee will be exempt from all registration or qualification requirements of applicable securities laws and will be permitted under the applicable rules and regulations of all regulatory authorities to which the Company is subject; 

		
	14.
	the Option is subject to the terms and conditions set out in the Plan, and if there is any conflict between the terms of this Agreement and the Plan, the terms of the Plan will govern, despite any term of this Agreement; and

		
	15.
	nothing herein or otherwise shall be construed so as to confer on the Optionee any rights as a shareholder of the Company with respect to any Common Shares reserved for the purpose of the Option. 

All capitalized terms not defined herein shall have their respective meanings as set out in the Plan.
This Agreement is governed by the laws of the Province of British Columbia and the laws of Canada applicable therein.
By signing this Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and accepts the Option in accordance with the terms of the Plan and this Agreement.

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IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the Grant Date.

	
			
	SIGNED, SEALED and DELIVERED by William J. Collier in the presence of: 

    
Witness’s signature 

    
 
    
Witness’s Address 

    
Witness’s Occupation
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  /s/ William H. Collier    
(Optionee’s signature)

   

    
(Optionee’s address)

   /s/ David Hastings                    
Authorized Signatory of the CompanyExhibit 10.31

Asset Transfer Agreement

(Translation)

Party A: Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green", "Seller")

Party B: Na Li ("Buyer")

Through friendly negotiation, the Parties have agreed to enter into cooperation regarding Party A's transfer of asset, the Parties have agreed to the following:

1. Party A agrees to transfer its subsidiary "Qufu Shengwang Stevia Biology and Science Co., Ltd.", located at the

Qufu city Shuyuan Developmental Area International Technology Park, to Party B.

2. The parties agreed, on the execution date, Party A shall transfer all assets (and all liabilities) as an onetime transfer to Party B.

3. The parties agree the execution date shall be July 30, 2019. Party A shall execute all asset transfer registrations after receipt of the first payment (RMB 5,000,000).

4. As of the date of execution, Party B shall become the legal owner of the transferred asset, have ownership and responsibility of all rights and obligations related to the asset.

5. The Parties agreed, in accordance with the asset valuation reports, the asset transfer consideration shall be RMB 8,000,000. Party B shall be responsible for all liabilities as of Jul 30, 2019. Any asset or liability generated after this date shall have no relation to Party A.

Party B shall complete the purchase payment in 2 installments: 1, on of before Jul 30, 2019, Party B shall pay to Party A RMB 5,000,000; 2, on or before Sep 30, 2019, Party B shall pay to Party A RMB 3,000,000 (dated as the date received by Party A's bank account).

6. Party A statement, promise and guarantee the following:

6.1 Party A is a limited liability company established under the laws of China and is in good standing, has all necessary rights and ability to execute this agreement and perform all obligations and responsibility under the terms of this agreement. This agreement upon execution is binding to Party A legally and effectively.

6.2 Party A has legal, complete ownership and controlling rights to the relevant asset, and have the rights to execute this agreement and transfer entire or any part of the transferred asset, this asset and any rights relevant to this asset is not limited to any other first rights of refusal or other similar type of rights. After completing the asset transfer, Party B shall have all rights as the owner of the asset and have the rights to transfer or disposal of the asset and the assets has no limitation, collateralization, lien placed upon it or any third party limitation due to its establishment or any regulation of China laws.

6.3 Party A guarantees its ownership of the asset as of current and up until the execution date of this agreement. Other than any already disclosed to Party B, there are no other collateralization, guarantee or any other third party rights or limitations that may result in any negative effect to the rights and value of the above asset and the ability of its operation, transfer, disposal actions.

6.4 Other than those clearly disclosed to Party B in writing, Party A does not have any other ongoing asset transfer where Party A is a party of or the target is any part of the transfer asset, such as any negative ruling or judgement against Party A or individual or combine transfer of assets, or any litigation, arbitration or administrative procedure what may result in material negative effect to the operation or asset status of the transfer asset.

6.5 Party A shall property cooperate with Party B in completing all necessary process and related matter of the asset transfer stated in this agreement in accordance with the laws and regulations.

 

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7. Party B statement, promise and guarantee the following:

7.1 Party B shall properly maintain and use the transfer asset, operate in legal activities.

7.2 Party B shall property cooperate with Party A in completing all necessary process and related matter of the asset transfer stated in this agreement in accordance with the laws and regulations.

7.3 Pay to Party A the purchase payments in accordance to the terms of this agreement.

8. Confidentiality: Other than required by China's law and regulation, or otherwise agree upon in writing, before and after the execution of this agreement, the parties shall not disclose this agreement's content to any other third party.

9. Breach of contract: If either party violates any of the statement, promise, or guarantees stated in this agreement, or violates any terms of this agreement shall be deem as in breach of contract, the party breaching of contract shall pay to the other party a full penalty or sufficient compensation.

10. Party A and B agrees, this agreement is effective as of the signing and seal of the party's authorized signer.

11. Resolution of dispute: Any dispute arising from the execution of this agreement or related to this agreement, shall be resulted through friendly negotiation, if negotiation is unsuccessful, litigation shall be done through the Qufu People's Court.

12. The Parties agree, any tax of fees arising from the execution of this agreement, shall be pay in accordance with China's laws and regulations.

13. This agreement shall have 2 copies of the same format, each party shall hold one copy. Both copies are legally binding.

Party A: Qufu Natural Green Engineering Co., Ltd.

/s/ <Seal>

Party B: Na Li

/s/ Na Li

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