Document:

EX-10.5

 Exhibit 10.5 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into
this                 day of                ,
20                , by and between F-star Therapeutics, Inc., a Delaware corporation (the “Company”),
and                (“Indemnitee”). 

RECITALS 

WHEREAS, qualified persons are reluctant to serve corporations as directors or otherwise unless they are provided with broad
indemnification and insurance against claims arising out of their service to and activities on behalf of the corporations; and 

WHEREAS, the Company has determined that attracting and retaining such persons is in the best interests of the Company’s
stockholders and that it is reasonable, prudent and necessary for the Company to indemnify such persons to the fullest extent permitted by applicable law and to provide reasonable assurance regarding insurance; 

NOW, THEREFORE, the Company and Indemnitee hereby agree as follows: 

1. Defined Terms; Construction. 

(a) Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Board” means the board of directors of the Company. 

“Change in Control” means, and shall be deemed to have occurred if, on or after the date of this Agreement, 

(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries acting in such capacity, or (B) a corporation owned directly or indirectly by
the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing more than 20% of the total voting power represented by the Company’s then outstanding Voting Securities, 

(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any
new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, 

 (iii) the stockholders of the Company approve a merger or consolidation of
the Company with any other corporation other than a merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least 75% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, 

(iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of its assets; or 

(v) the Company files or have filed against it, and such filing shall not be dismissed, any bankruptcy, insolvency or
dissolution proceedings, or a trustee, administrator or creditors committee shall be appointed to manage or supervise the affairs of the Company. 

“Corporate Status” means the status of a person who is or was a director (or a member of any committee of the Board),
officer, employee or agent (including without limitation a manager of a limited liability company) of the Company or any of its subsidiaries, or of any predecessor thereof, or is or was serving at the request of the Company as a director (or a
member of any committee of a board of directors), officer, employee or agent (including without limitation a manager of a limited liability company) of another entity, or of any predecessor thereof, including service with respect to an employee
benefit plan. 
 “Determination” means a determination that either (x) there is a reasonable basis for the
conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct (a “Favorable Determination”), or (y) there is no reasonable basis for the conclusion
that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct (an “Adverse Determination”). An Adverse Determination shall include the decision that a Determination was
required in connection with indemnification and the decision as to whether Indemnitee met the applicable standard of conduct. 

“DGCL” means the General Corporation Law of the State of Delaware, as amended from time to time. 

“Expenses” means all (i) attorneys’ fees and expenses, retainers, court, arbitration and mediation costs,
transcript costs, fees and expenses of experts, witness and public relations consultants bonds and fees, costs of collecting and producing documents, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, appealing or otherwise
participating in a Proceeding or responding to, or objecting to, a request to provide discovery in any Proceeding, (ii) damages, judgments, penalties, fines 

  
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and amounts paid in settlement and any other amounts that Indemnitee becomes legally obligated to pay (including any federal, state or local taxes imposed on Indemnitee as a result of receipt of
reimbursements or advances of expenses under this Agreement) and (iii) the premium, security for, and other costs relating to any costs bond, supersedes bond or other appeal bond or its equivalent, whether civil, criminal, arbitrational,
administrative or investigative with respect to any Proceeding actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, because of any claim or claims made against or by Indemnitee in connection with any Proceeding, whether
formal or informal (including an action by or in the right of the Company), to which Indemnitee is, was or at any time becomes a party or a witness, or is threatened to be made a party to, participant in or a witness with respect to, or by reason of
Indemnitee’ Corporate Status. 
 “Independent Legal Counsel” means an attorney or firm of attorneys competent to
render an opinion under the applicable law, selected in accordance with the provisions of Section 5(e) hereof, who has not performed any services (other than services similar to those contemplated to be performed by Independent Legal Counsel
under this Agreement) for the Company or any of its subsidiaries or for Indemnitee within the last three years. 

“Proceeding” means a threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, including without limitation a claim, counterclaim, demand, discovery request, formal or informal investigation, inquiry, administrative hearing, arbitration or other form of alternative dispute resolution, including an appeal from
any of the foregoing. 
 “Voting Securities” means any securities of the Company that vote generally in the election of
directors. 
 (b) Construction. For purposes of this Agreement, 

(i) References to the Company and any of its “subsidiaries” shall include any corporation, limited liability company,
partnership, joint venture, trust or other entity or enterprise that before or after the date of this Agreement is party to a merger or consolidation with the Company or any such subsidiary or that is a successor to the Company as contemplated by
Section 8(e) hereof (whether or not such successor has executed and delivered the written agreement contemplated by Section 8(e) hereof). 

(ii) References to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit
plan. 
 (iii) References to a “witness” in connection with a Proceeding shall include any interviewee or person
called upon to produce documents in connection with such Proceeding. 

  
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 2. Agreement to Serve. 

Indemnitee agrees to serve as a director of the Company or one or more of its subsidiaries and in such other capacities as Indemnitee may serve
at the request of the Company from time to time, and by its execution of this Agreement the Company confirms its request that Indemnitee serve as a director and in such other capacities. Indemnitee shall be entitled to resign or otherwise terminate
such service with immediate effect at any time, and neither such resignation or termination nor the length of such service shall affect Indemnitee’s rights under this Agreement. This Agreement shall not constitute an employment agreement,
supersede any employment agreement to which Indemnitee is a party or create any right of Indemnitee to continued employment or appointment. 

3. Indemnification. 
 (a)
General Indemnification. The Company agrees to indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law in effect on the date hereof or as amended to increase the scope of permitted indemnification, against
all Expenses, losses, and liabilities (including all interest, taxes, assessments and other charges in connection therewith) incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding or part thereof in any way connected
with, resulting from or relating to Indemnitee’s Corporate Status. 
 (b) Additional Indemnification Rights Regarding Enforcement
Expenses. Without limiting the foregoing, in the event any Proceeding is initiated by Indemnitee, the Company, or any other person to enforce or interpret this Agreement or any rights of Indemnitee to indemnification or advancement of Expenses
(or related obligations of Indemnitee) under the Company’s or any such subsidiary’s certificate of incorporation, bylaws, or other organizational agreement or instrument, any other agreement to which Indemnitee and the Company or any of
its subsidiaries are party, any vote of stockholders or directors of the Company or any of its subsidiaries, the DGCL, any other applicable law, or any liability insurance policy, the Company shall indemnify Indemnitee against all Expenses incurred
by Indemnitee or on Indemnitee’s behalf regardless of the success ultimately achieved by Indemnitee in such Proceeding and the efforts required to obtain such success, if any, provided that such indemnification is limited to Proceedings arising
out of claims that were not frivolous or brought in bad faith. 
 (c) Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for a portion of any Expenses, losses and liabilities incurred by Indemnitee, but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for such portion.

 (d) Nonexclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee
may be entitled under the certificate of incorporation, bylaws or other organizational agreement or instrument of the Company or any of its subsidiaries, any other agreement, any vote of stockholders or directors, the DGCL, any other applicable law
or any liability insurance policy. 
 (e) Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall
not be obligated under this Agreement to indemnify Indemnitee: 
 (i) For Expenses incurred in connection with Proceedings
initiated or brought voluntarily by the Indemnitee and not by way of defense, counterclaim or crossclaim, except (x) as contemplated by Section 3(b), (y) in specific cases if the Board has approved the initiation or bringing
of such Proceeding, and (z) as may be required by law. 

  
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 (ii) For an accounting or disgorgement of profits arising from the purchase
and sale by Indemnitee of securities within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar provisions of any federal, state or local law if the final,
non-appealable judgment of a court of competent jurisdiction finds Indemnitee to be liable for disgorgement under such Section 16(b). 

(iii) For any compensation disgorged by a director or officer pursuant to an enforcement action under Section 304 of the
Sarbanes-Oxley Act or for violations of Regulation BTR. 
 (iv) On account of Indemnitee’s conduct that is established
by a final, non-appealable judgment of a court of competent jurisdiction as knowingly fraudulent, deliberately dishonest or constituting willful misconduct. 

(v) For which payment is actually made to Indemnitee under a valid and collectible insurance policy or under a valid and
enforceable indemnity clause, bylaw or agreement, except in respect of any excess beyond payment actually received by Indemnitee under such insurance, clause, bylaw or agreement. 

(vi) If and to the extent indemnification is prohibited by applicable law. 

(f) Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute such documents and do such acts as the Company may reasonably request to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 

4. Advancement of Expenses. 

The Company shall pay all Expenses incurred by Indemnitee in connection with any Proceeding in any way connected with, resulting from or
relating to Indemnitee’s Corporate Status, other than a Proceeding initiated by Indemnitee for which the Company would not be obligated to indemnify Indemnitee pursuant to Section 3(e)(i), in advance of the final disposition (in accordance
with Section 5(c) hereof) of such Proceeding and without regard to whether Indemnitee will ultimately be entitled to be indemnified for such Expenses and without regard to whether an Adverse Determination has been made, except as contemplated
by the last sentence of Section 5(f) hereof. The right to advances under this Section 4 shall in all events continue until final disposition of any Proceeding, including any appeal therein. Advances shall be made without regard to
Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Indemnitee shall qualify for advances upon the execution and delivery to
the Company of this Agreement, and Indemnitee shall repay such amounts advanced only if and to the extent that it shall ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is
not entitled to be indemnified by the Company for such Expenses. The right to advancement described in this Section 4 is vested. Such repayment obligation shall be unsecured and shall not bear interest. The Company shall not impose on
Indemnitee additional conditions to advancement or require from Indemnitee additional undertakings regarding repayment. 

  
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 5. Indemnification Procedure. 

(a) Notice of Proceeding; Cooperation. Indemnitee shall give the Company notice in writing as soon as practicable, and in any event, no
later than 30 days after Indemnitee becomes aware, of any Proceeding for which indemnification will or could be sought under this Agreement, provided that any failure or delay in giving such notice shall not relieve the Company of its
obligations under this Agreement unless and to the extent that (i) none of the Company and its subsidiaries are party to or aware of such Proceedings and (ii) the Company is materially prejudiced by such failure. 

(b) Settlement. The Company shall not, without the prior written consent of Indemnitee, which consent may be withheld in
Indemnitee’s sole discretion, effect any settlement of any Proceeding against Indemnitee or which could have been brought against Indemnitee unless such settlement solely involves the payment of money by persons other than Indemnitee and
includes an unconditional release of Indemnitee from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters. The Company shall not be obligated
to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the Company’s prior written consent, which consent shall not be unreasonably withheld. 

(c) Request for Payment; Timing of Payment. To obtain indemnification payments or advances under this Agreement, Indemnitee shall submit
to the Company a written request therefor, together with such invoices or other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee. The Company shall make any indemnification payments to
Indemnitee required hereunder no later than 30 days, and any advances to Indemnitee no later than 20 days, after receipt of the written request of Indemnitee. 

(d) Determination. The Company intends that Indemnitee shall be indemnified to the fullest extent permitted by law as provided in
Section 3 hereof and that no Determination shall be required in connection with such indemnification. In no event shall a Determination be required either in connection with advancement of Expenses pursuant to Section 4 hereof or in
connection with indemnification for Expenses incurred as a witness or incurred in connection with any Proceeding or portion thereof with respect to which Indemnitee has been successful on the merits or otherwise. Any decision that a Determination is
required by law in connection with any other claim for indemnification by Indemnitee, and any such Determination, shall be made within 30 days after receipt of Indemnitee’s written request for indemnification, as follows: 

  
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 (i) If no Change in Control has occurred, (w) by a majority vote
of the directors of the Company who are not parties to such Proceeding, even though less than a quorum, with the advice of Independent Legal Counsel, or (x) by a committee of such directors designated by majority vote of such directors,
even though less than a quorum, with the advice of Independent Legal Counsel, or (y) if there are no such directors, or if such directors so direct, by Independent Legal Counsel in a written opinion to the Company and Indemnitee, or
(z) by the stockholders of the Company. 
 (ii) If a Change in Control has occurred, by Independent Legal Counsel
in a written opinion to the Company and Indemnitee. 
 The Company shall pay all Expenses incurred by Indemnitee in connection with a Determination. 

(e) Independent Legal Counsel. If no Change in Control has occurred, Independent Legal Counsel shall be selected by the Board and
approved by Indemnitee, which approval shall not be unreasonably withheld or delayed. If a Change in Control has occurred, Independent Legal Counsel shall be selected by Indemnitee and approved by the Company, which approval shall not be
unreasonably withheld or delayed. The Company shall pay the fees and expenses of Independent Legal Counsel and indemnify Independent Legal Counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising
out of or relating to its engagement pursuant to this Agreement. 
 (f) Consequences of Determination; Remedies of Indemnitee. The
Company shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances of Expenses, Indemnitee
shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge such Adverse Determination and/or to require the Company to make such payments or advances. Indemnitee shall be entitled to be indemnified for all
Expenses incurred in connection with such a Proceeding in accordance with Section 3(b) hereof and to have such Expenses advanced by the Company in accordance with Section 4 hereof. If Indemnitee fails to timely challenge an Adverse
Determination, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent
required by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify or advance Expenses to Indemnitee under this Agreement. 

(g) Presumptions; Burden and Standard of Proof. In connection with any Determination, or any review of any Determination, by any person,
including a court: 
 (i) It shall be a presumption that a Determination is not required. 

(ii) It shall be a presumption that Indemnitee has met the applicable standard of conduct and that indemnification of
Indemnitee is proper in the circumstances. 
 (iii) The burden of proof shall be on the Company to overcome the presumptions
set forth in the preceding clauses (i) and (ii), and each such presumption shall only be overcome if the Company establishes that there is no reasonable basis to support it. 

  
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 (iv) The termination of any Proceeding by judgment, order, finding,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that indemnification is not proper or that Indemnitee did not meet the applicable standard
of conduct, that the Proceeding was not successful on the merits or otherwise or that a court has determined that indemnification is not permitted by this Agreement or otherwise. 

(v) Neither the failure of any person or persons to have made a Determination nor an Adverse Determination by any person or
persons shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee did not meet the applicable standard of conduct, and any Proceeding commenced by Indemnitee pursuant to Section 5(f) shall be de novo with
respect to all determinations of fact and law. 
 6. Directors and Officers Liability Insurance. 

(a) Maintenance of Insurance. So long as the Company or any of its subsidiaries maintains liability insurance for any directors,
officers, employees or agents of any such person, the Company shall ensure that Indemnitee is covered by such insurance in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’s and its subsidiaries’ then current directors and officers. If at any date (i) such insurance ceases to cover acts and omissions occurring during all or any part of the period of Indemnitee’s Corporate Status or
(ii) neither the Company nor any of its subsidiaries maintains any such insurance, the Company shall ensure that Indemnitee is covered, with respect to acts and omissions prior to such date, for at least six years (or such shorter period as is
available on commercially reasonable terms) from such date, by other directors and officers liability insurance, in amounts and on terms (including the portion of the period of Indemnitee’s Corporate Status covered) no less favorable to
Indemnitee than the amounts and terms of the liability insurance maintained by the Company on the date hereof. 
 (b) Notice to
Insurers. Upon receipt of notice of a Proceeding pursuant to Section 5(a) hereof, the Company shall give or cause to be given prompt notice of such Proceeding to all insurers providing liability insurance in accordance with the procedures
set forth in all applicable or potentially applicable policies. The Company shall thereafter take all necessary action to cause such insurers to pay all amounts payable in accordance with the terms of such policies. 

7. Exculpation, etc. 
 (a)
Limitation of Liability. Indemnitee shall not be personally liable to the Company or any of its subsidiaries or to the stockholders of the Company or any such subsidiary for monetary damages for breach of fiduciary duty as a director of the
Company or any such subsidiary; provided, however, that the foregoing shall not eliminate or limit the liability of Indemnitee (i) for any breach of Indemnitee’s duty of loyalty to the Company or such subsidiary or the
stockholders thereof; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; (iii) under Section 174 of the DGCL or any similar provision of other
applicable corporations law; or (iv) for any transaction from which Indemnitee derived an improper personal benefit. If the DGCL or such other applicable law shall be amended to permit further elimination or limitation of the personal
liability of directors, then the liability of Indemnitee shall, automatically, without any further action, be eliminated or limited to the fullest extent permitted by the DGCL or such other applicable law as so amended. 

  
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 (b) Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company or any of its subsidiaries against Indemnitee or Indemnitee’s estate, spouses, heirs, executors, personal or legal representatives, administrators or assigns after the expiration of two years
from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period, provided that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. 

8. Miscellaneous. 
 (a)
Non-Circumvention. The Company shall not seek or agree to any order of any court or other governmental authority that would prohibit or otherwise interfere, and shall not take or fail to take any other
action if such action or failure would reasonably be expected to have the effect of prohibiting or otherwise interfering, with the performance of the Company’s indemnification, advancement or other obligations under this Agreement. 

(b) Severability. If any section or part of this Agreement shall be adjudged invalid by a court of competent jurisdiction, the remainder
of the Agreement shall not be affected thereby and shall remain in full force and effect. 
 (c) Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, or by electronic mail or facsimile, upon confirmation of receipt,
(ii) on the first business day following the date of dispatch if delivered by a recognized next-day courier service or (iii) on the third business day following the date of mailing if
delivered by domestic registered or certified mail, properly addressed, or on the fifth business day following the date of mailing if sent by airmail from a country outside of the United States of America, to Indemnitee at the address shown on the
signature page of this Agreement, to the Company at the address shown on the signature page of this Agreement, or in either case as subsequently modified by written notice. All communications under this Agreement shall also include a copy sent by
electronic mail, even if it is also delivered separately by mail. 
 (d) Amendment and Termination; Waivers. No amendment,
modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by all the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 

  
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 (e) Successors and Assigns. This Agreement shall be binding upon the Company and its
respective successors and assigns, including without limitation any acquiror of all or substantially all of the Company’s assets or business, any person (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended) that acquires beneficial ownership of securities of the Company representing more than 20% of the total voting power represented by the Company’s then outstanding Voting Securities and any survivor of any merger or consolidation to
which the Company is party, and shall inure to the benefit of and be enforceable by Indemnitee and Indemnitee’s estate, spouses, heirs, executors, personal or legal representatives, administrators and assigns. The Company shall require and
cause any such successor, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement as if it were named as the Company herein, and the Company shall not permit any such purchase of
assets or business, acquisition of securities or merger or consolidation to occur until such written agreement has been executed and delivered. No such assumption and agreement shall relieve the Company of any of its obligations hereunder, and this
Agreement shall not otherwise be assignable by the Company. This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations. Without
limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by Indemnitee’s will or
by estate law, and, in the event of any attempted assignment or transfer contrary to this Section 8(e), the Company shall have no liability to pay any amount so attempted to be assigned or transferred. 

(f) Choice of Law; Consent to Jurisdiction. This Agreement shall be governed by and its provisions construed in accordance with the laws
of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware, without regard to the conflict of law principles thereof. The Company and Indemnitee each hereby irrevocably
consents to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agrees that any action instituted under this Agreement shall be brought only
in the state courts of the State of Delaware. 
 (g) Integration and Entire Agreement. This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto, provided that the provisions
hereof shall not supersede the provisions of the Company’s certificate of incorporation, bylaws or other organizational agreement or instrument, any other agreement, any vote of stockholders or directors, the DGCL or other applicable law, to
the extent any such provisions shall be more favorable to Indemnitee than the provisions hereof. 
 (h) Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall constitute an original. 
 [Remainder of this page intentionally left
blank] 

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

			
	COMPANY
	
	F-STAR THERAPEUTICS, INC.
		
	By:	 	
                     

	Name:
	Title:

 
			
		
	Address:	 	Eddeva B920
		 	Babraham Research Campus
		 	Cambridge, CB22 3AT
		 	United Kingdom
	
	INDEMNITEE

 
			
		
	By:	 	              

	Name:
	Title:
		
	Address:	 	  

		 	  

		 	  

  
 11EX-10.6

 Exhibit 10.6 

Execution Version 

CONTINGENT VALUE RIGHTS AGREEMENT 

THIS CONTINGENT VALUE RIGHTS AGREEMENT, dated as of November 20, 2020 (this “Agreement”), is entered into by and among
Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), F-Star Therapeutics Limited., a company registered in England and Wales with company number 11532458
(“F-Star”), Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust
company (collectively with Computershare, the “Rights Agent”), and Martin Driscoll, acting solely in his capacity as representative of the Holders (as defined herein) (the “Holder Representative”). Capitalized
terms not defined herein shall have the meanings ascribed to them in the Share Exchange Agreement (as defined below). 
 A. The Company, F-Star, and certain other Persons (the “Sellers”) have entered into a Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which the Sellers will sell to the
Company, and the Company will purchase from the Sellers, all of the F-Star Shares (the “Acquisition”). 

B. Pursuant to Section 1.7 of the Share Exchange Agreement, prior to the consummation of the Acquisition, the Company wishes to create and
issue contractual contingent value rights relating to the CVR Assets (as defined herein) to the record holders of the Common Stock (as defined herein) as of the Record Date (as defined herein) prior to the consummation of the Acquisition. 

C. The Board of Directors of the Company, or an appropriately constituted and authorized committee of the Board of Directors of the Company,
has authorized and declared a dividend of one CVR (as defined herein) for each share of Common Stock outstanding at 5:01 p.m. Eastern Time on the Record Date. The payment of such dividend will be conditioned upon, and such dividend will only become
payable upon, the satisfaction or waiver of all conditions to the Acquisition and the occurrence of the time that is immediately prior to the consummation of the Acquisition. The Company will pay the dividend immediately prior to the consummation of
the Acquisition. 
 Accordingly, and in consideration of the premises and the consummation of the transactions referred to above, it is
mutually agreed, for the benefit of the Holders, as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. 
 (a) For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires: 
 (i) all accounting terms used herein and not expressly defined herein have the meanings assigned to such terms in accordance
with United States generally accepted accounting principles, as in effect on the date hereof; 

 (ii) unless the context otherwise requires, words describing the singular number include
the plural and vice versa, words denoting any gender include all genders and words denoting natural Persons include corporations, partnerships and other Persons and vice versa; 

(iii) the words “include” and “including” and variations thereof will not be deemed to be terms of limitation, but rather
will be deemed to be followed by the words “without limitation”; 
 (iv) the terms “hereof”, “hereunder”,
“herein” and words of similar import refer to this Agreement as a whole and not to any particular Article, Section or provision of this Agreement; and 

(v) the Article and Section headings contained in this Agreement are for reference purposes only and do not limit or otherwise affect any of
the substance of this Agreement. 
 (b) The following terms have the meanings ascribed to them as follows: 

“Affiliates” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by or
is under common control with such first Person. 
 “Board of Directors” means the board of directors of the Company. 

“Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Rights Agent and the Holder Representative. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks located in Boston,
Massachusetts or London, England are authorized or required by applicable Legal Requirements to close; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by applicable Legal Requirements to close
due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any Governmental Body so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in such location generally are open for use by
customers on such day. 
 “Change of Control” means any of the following transactions occurring after the Closing:
(a) (i) any consolidation or merger of the Company with or into any other corporation or entity or Person or (ii) any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation,
merger or reorganization, own less than 50% of the voting power of the surviving entity immediately after such consolidation, merger or reorganization, except in the case of a bona fide capital raising transaction, or (b) any sale of all or
substantially all of the assets of the Company. 
 “Close of Business” on any given date means 5:00 p.m., Eastern
Time, on such date; provided, however, that if such date is not a Business Day it will mean 5:00 p.m., Eastern Time, on the next succeeding Business Day. 

  
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 “Combination CVR Asset Transaction” means a transaction consummated at any
time prior to the CVR Expiration Date consisting of the grant, sale, license or other transfer of both (a) any CVR Asset and/or Company Product, on the one hand, and (b) (x) any conjugate of such compound referenced in the foregoing clause
(a) with one or more antibodies in the form of an antibody-drug conjugate or (y) any asset owned by any F-Star Company as of immediately prior to the Closing, on the other hand. 

“Commercially Reasonable Efforts” means, with respect to the efforts and resources to be expended by the Company with respect
to continuing the STING Trial and pursuing and seeking to consummate a CVR Transaction, such reasonable, good faith efforts and resources as a biotechnology company of a similar size and with similar financial and other resources would normally use
to pursue its clinical development programs and pursue and seek to consummate such a transaction under similar circumstance for a similar product or product candidate owned by it, or to which it has similar rights, which product or product candidate
is at a similar stage in its development and is of similar market potential taking into account all relevant factors; provided that, it is expressly understood and agreed that despite the use of such above described efforts, a CVR Transaction
may not occur and the obligation to make a CVR Payment may not arise. 
 “Common Stock” means the common stock, $0.0001 par
value, of the Company. 
 “Company Product” means any product that incorporates the proprietary STimulator of
INterferon Genes (“STING”) agonist compound of the Company designated as SB 11285. For clarity, Company Product shall not include any conjugate of such compound with one or more antibodies in the form of an antibody-drug conjugate,
including any antibodies owned or controlled by F-Star. 
 “CVR” means a contingent
value right issued by the Company pursuant to this Agreement. 
 “CVR Asset Transaction” means a transaction consummated at
any time prior to the CVR Expiration Date pursuant to which the Company or any of its Affiliates grants, sells, licenses or otherwise transfers to a Third Party some or all of the rights to the CVR Assets, including any rights to research, develop
or commercialize the CVR Assets, including a license, option, or sale of assets with respect to the CVR Assets; provided, that any such transaction involving any asset other than a CVR Asset shall not constitute a CVR Asset Transaction. 

“CVR Assets” means any Intellectual Property and other assets that are used or held for use for the development of a Company
Product, including all (a) regulatory filings made with respect to a Company Product; (b) regulatory approvals received with respect to a Company Product; and (c) clinical and non-clinical
safety, and efficacy and pharmacokinetic data generated with respect to a Company Product. 
 “CVR Expiration Date” means
the later to occur of: (i) the date that is eighteen (18) months following the date of the Closing, or (ii) the one (1) year anniversary of the date of the final database lock of the STING Trial. 

“CVR Payment” means an Initial CVR Payment Amount and a CVR Payment Adjustment Amount, if any. 

  
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 “CVR Payment Adjustment Amount” means, as of any time following the payment
hereunder of the Initial CVR Payment Amount (if at all), if twenty-five percent (25%) of aggregate Net Proceeds is greater than the Target Payment Amount, then an amount equal to (a) twenty-five percent (25%) of the aggregate Net Proceeds,
minus (b) the aggregate amount of all CVR Payments received by the Holders pursuant to this Agreement prior to such time. 

“CVR Payment Date” means the date (if any and if ever) that a CVR Payment is payable by the Company to the Holders, which
date will be established pursuant to Section 2.4. 
 “CVR Register” has the meaning set forth
in Section 2.3(b). 
 “CVR Registrar” has the meaning set forth in Section 2.3(b). 

“CVR Transaction” means a CVR Asset Transaction or a Combination CVR Asset Transaction. For clarity, (a) the grant of a
license to any Third Party (including any contract research organization) for the purposes of conducting research on behalf of the Company with respect to the CVR Assets shall not be deemed a CVR Transaction and (b) the sale of all or
substantially all of the Company’s or any of its Affiliate’s stock or assets (to the extent such asset sale includes assets unrelated to the CVR Assets), or a merger, acquisition or similar transaction shall not be deemed a CVR
Transaction. For the avoidance of doubt, more than one CVR Transaction may occur under this Agreement. 
 “Holder” means a
Person in whose name a CVR is registered in the CVR Register. 
 “Holder Representative” means the Holder Representative
named in the first paragraph of this Agreement, until a successor Holder Representative has become such pursuant to the applicable provisions of this Agreement, and thereafter “Holder Representative” will mean such successor Holder
Representative.  
 “Intellectual Property” means all intellectual property, including the following items of
intangible property, and all rights associated therewith in any jurisdiction and tangible embodiments thereof: (a) all Patents; (b) all works of authorship, copyrights, whether or not registered, and all registrations and pending
applications for registration of the same and renewals thereof and database rights; (c) all technology, technical information, know-how and data, including, without limitation, inventions (whether or not
patentable of reduced to practice), improvements, discoveries, trade secrets, specifications, instructions, ideas, processes, methods, formulations, formulae, protocols, materials, assays, screens, algorithms, models, databases, expertise and other
technology applicable to formulations, compositions or products or to their manufacture, development, registration, use or marketing or to methods of assaying or testing them or processes for their manufacture, formulations containing them or
compositions incorporating or comprising them, and including all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, nonclinical, pre-clinical and clinical data, regulatory data and filings, instructions, processes, formulae, expertise and information, relevant to the research, development, manufacture, use, importation, offering for sale or
sale of, and/or which may be useful in studying, testing, developing, producing or formulating, a Company Product, or intermediates for the synthesis thereof and chemistry, manufacturing and control information and data, lab notebooks, Patent data
and records, stability, technology, test and other data and results; and (d) computer programs, including, without limitation, computer programs embodied in semiconductor chips or otherwise embodied, and related flow-charts, programmer notes,
updates and data, whether in object or source code form. 

  
 4 

 “Initial CVR Payment Amount” means an amount equal to the greater
of: (i) twenty-five percent (25%) of the Net Proceeds actually received by the Company at the closing of the first CVR Transaction to occur following the date hereof or (ii) the Target Payment Amount; provided, however, that
the Company shall not be required to pay the Initial CVR Payment Amount unless and until the aggregate Net Proceeds from CVR Transactions equals or exceeds the Target Payment Amount. 

“Net Proceeds” means an aggregate amount equal to the sum of: (a) all cash consideration actually received by the
Company or its Affiliates from a Third Party in connection with the consummation of a CVR Transaction during the twelve (12) month period immediately following the consummation of a CVR Transaction, plus (b) with respect to any non-cash consideration actually received by the Company or its Affiliates from a Third Party in connection with the consummation of a CVR Transaction during the twelve (12) month period immediately following
the consummation of a CVR Transaction, the fair market value of such non-cash consideration, as determined by the Board of Directors in good faith, less (c) all out-of-pocket transaction costs and expenses incurred by the Company or its Affiliates after the date of this Agreement to Third Parties for the negotiation, entry into and consummation of a CVR Transaction,
including any broker fees, finder’s fees, advisory fees, accountant or attorney’s fees, and reasonable costs of recovery of any amounts payable to the Company in connection with a CVR Transaction, less (d) patent prosecution
and maintenance costs and drug storage costs incurred by the Company with respect to the CVR Assets after the Closing Date, less (e) any applicable sales, income and other taxes incurred by the Company or its Affiliates in respect of a
CVR Transaction, and less (f) all fees and costs (including any amounts paid for indemnification) payable by the Company to the Rights Agent pursuant to this Agreement in connection with a CVR Transaction; provided, that in the
event a CVR Transaction is a Combination CVR Asset Transaction, (i) the expenses in clauses (c) through (f) shall be reduced by 50% and (ii) the Net Proceeds (calculated after giving effect to this proviso) in respect of such
Combination CVR Asset Transaction shall be reduced by fifty percent (50%). For the avoidance of doubt, amounts placed in escrow or earnout, contingent or other post-closing payments, including royalty payments, in connection with a CVR Transaction
will not be considered Net Proceeds unless (and only to the extent that) such amounts are actually received by the Company during the twelve (12)-month period immediately following the closing of such CVR
Transaction. For the further avoidance of doubt, if a CVR Transaction occurs prior to the CVR Expiration Date, any such escrow, earnout, contingent or other post-closing payment released or paid after the CVR Expiration Date will be included in the
calculation of Net Proceeds, so long as such amount is actually received by the Company or its Affiliates within the twelve (12)-month period immediately following the consummation of such CVR Transaction.

 “Non-Achievement Certificate” has the meaning set forth
in Section 2.4(c). 
 “Objection Notice” has the meaning set forth in Section 2.4(d).

 “Objection Period” has the meaning set forth in Section 2.4(d). 

  
 5 

 “Officer’s Certificate” means a certificate signed by the chief
executive officer, president, chief financial officer or secretary of the Company, in his or her capacity as such an officer, and delivered to the Rights Agent and the Holder Representative.  

“Patents” means all patents and patent applications (including provisional applications) and patent disclosures, and
including all divisionals, continuations, substitutions, continuations-in-part, re-examinations,
re-issues, additions, renewals, extensions, confirmations, registrations, any confirmation patent or registration patent or patent of addition based on any such patent, patent term extensions, and supplemental
protection certificates or requests for continued examinations and foreign counterparts, of any of the foregoing. 
 “Permitted
Transfer” means: (i) the transfer of any or all of the CVRs (upon the death of the Holder) by will or intestacy; (ii) transfer by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to
beneficiaries upon the death of the trustee; (iii) transfers made pursuant to a court order of a court of competent jurisdiction (such as in connection with divorce, bankruptcy or liquidation); (iv) if the Holder is a partnership or limited
liability company, a pro-rata distribution by the transferring partnership or limited liability company to its partners or members, as applicable; (v) a transfer made by operation of law (including a
consolidation or merger) or in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (vi) a transfer from a participant’s account in a tax-qualified employee benefit plan to the participant or to such participant’s account in a different tax-qualified employee benefit plan or to a tax-qualified individual retirement account for the benefit of such participant; (vii) a transfer from a participant in a tax-qualified employee benefit plan, who
received the CVRs from such participant’s account in such tax-qualified employee benefit plan, to such participant’s account in a different tax-qualified
employee benefit plan or to a tax-qualified individual retirement account for the benefit of such participant; or (viii) in the case of CVRs held in book-entry form or other similar nominee form, from a
nominee to a beneficial owner (and, if applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case as allowable by DTC. 

“Person” means an individual, a corporation, a limited liability company, a partnership, an association, a trust or any other
entity or organization, including a government or political subdivision or any agency or instrumentality thereof. 
 “Record
Date” means November 19, 2020. For the avoidance of doubt, the Record Date shall occur prior to the effectiveness of the Company Reverse Stock Split. 

“Reporting Certificate” has the meaning set forth in Section 2.4(a). 

“Rights Agent” means the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent has
become such pursuant to the applicable provisions of this Agreement, and thereafter “Rights Agent” will mean such successor Rights Agent. 

“Rights Agent Fee” means the agreed-upon fee of the Rights Agent to act in such capacity pursuant to the terms of this
Agreement. 

  
 6 

 “STING Trial” means the Company’s ongoing Phase 1a/1b, multicenter,
open-label, non-randomized, dose-escalation study examining SB 11285 administered as an IV infusion in patients with advanced solid tumors. 

“Surviving Person” has the meaning set forth in Section 6.1(a)(i). 

“Target Payment Amount” means an aggregate amount equal to the product obtained by multiplying (i) $1.00 (subject to
adjustment for the Company Reverse Stock Split) by (ii) the total number of shares of Common Stock outstanding as of 5:01 p.m. Eastern Time on the Record Date; provided, that in no event will the Target Payment Amount exceed $18,000,000. 

“Technical Failure” means (a) the good faith determination by the Board of Directors, based upon any information that
becomes available or any analysis of such information at any time, that any Company Product, or any component thereof, (i) presents a material safety risk (in light of the intended patient population and the phase of dose escalation) that makes
further testing of such Company Product unsafe, unwarranted or unethical, or (ii) has failed to sufficiently demonstrate the engagement of the intended or relevant biomarkers for the STING target at a given stage of dose escalation and patient
tolerability (in light of the intended patient population) and further dose escalation is unlikely to result in engagement of such biomarkers at a dose level which is reasonably tolerable given the intended patent population, or (b) the receipt
by the Company of any adverse decision or determination by, or correspondence from, a Governmental Body regarding any Company Product that the Board of Directors determines in good faith could reasonably be expected to render marketing approval or
clearance from the FDA or the European Medicines Agency unlikely, or (c) if any of the Patents included as part of the CVR Assets that are material to the successful commercialization of the Product in the United States and the European
Economic Area are held to be unenforceable, invalid or unpatentable or revoked or cancelled, in any case, by a final, nonappealable order of any court or administrative agency of competent jurisdiction. 

“Third Party” means any Person other than the Company or the Rights Agent or their respective Affiliates. 

ARTICLE II 
 CONTINGENT
VALUE RIGHTS 
 2.1 Authority; Issuance of CVRs; Appointment of Rights Agent. 

(a) The Company has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated by this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Company and no other corporate
proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby
will (i) result in any violation of any provision of the Certificate of Incorporation or By-laws of the Company, or (ii) result in any violation of any loan or credit agreement, note, mortgage,
indenture, lease, or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Company or its properties or assets which violation, in the case
of clause (ii), individually or in the aggregate, would reasonably be expected to be material to the Company. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Body is required by or
with respect to the Company in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions contemplated hereby. 

  
 7 

 (b) One CVR will be issued immediately after the effectiveness of the Company Reverse Stock
Split and prior to the consummation of the Acquisition, with respect to each share of Common Stock that is outstanding as of 5:01 p.m. Eastern Time on the Record Date. 

(c) The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express terms and conditions set
forth in this Agreement, and the Rights Agent hereby accepts such appointment. 
 2.2 Nontransferable. The CVRs may not be
sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in part, other than through a Permitted Transfer. Any purported transfer of a CVR other than in a Permitted Transfer shall be null and
void ab initio. 
 2.3 No Certificate; Registration; Registration of Transfer; Change of Address. 

(a) The CVRs will be issued in book-entry form only and will not be evidenced by a certificate or other instrument. 

(b) The Rights Agent will keep a register (the “CVR Register”) for the registration of the CVRs. The Rights Agent is hereby
initially appointed “CVR Registrar” for the purpose of registering the CVRs and Permitted Transfers of the CVRs as herein provided. Upon any change in the identity of the Rights Agent, the successor Rights Agent will automatically
also become the successor CVR Registrar. 
 (c) Subject to the restrictions on transferability set forth in
Section 2.2, every request made to transfer a CVR must be in writing and accompanied by a written instrument or instruments of transfer and any other requested documentation in a form reasonably satisfactory to the Company
and the CVR Registrar, duly executed by the registered Holder or Holders thereof or by the duly appointed legal representative thereof or by a duly authorized attorney, including the evidence of authority of the party presenting the CVR for transfer
which authority may include if applicable a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. A request for a transfer of a CVR must be
accompanied by such documentation establishing that the transfer is a Permitted Transfer as may be reasonably requested by the Company and/or the CVR Registrar, if appropriate. Upon receipt of such written notice, the CVR Registrar shall, subject to
its reasonable determination that the transfer instrument is in proper form notify the Company that it has received such written notice. Upon receipt of such notice from the CVR Registrar, the Company shall determine whether the transfer otherwise
complies with the other terms and conditions of this Agreement (including the provisions of Section 2.2), and if the Company determines that it does so comply, the Company shall instruct the CVR Registrar in writing to
register the transfer of the CVRs in the CVR Register and notify the Company of the same. All duly transferred CVRs registered in the CVR Register will be the valid obligations of the Company, evidencing the same right and will entitle the
transferee to the same benefits and rights under this Agreement as those previously held by the transferor. No transfer of a CVR will be valid until registered in the CVR Register, and any transfer not duly registered in the CVR Register will be
void and invalid. All costs and expenses related to any transfer or assignment of the CVRs (including the cost of any transfer tax) will be the responsibility of the transferor. The CVR Registrar shall have no duty or obligation to take any action
under any section of this Agreement that requires the payment by a Holder of a CVR of applicable taxes or charges unless and until the CVR Registrar is reasonably satisfied that all such taxes or charges have been paid. 

  
 8 

 (d) A Holder (or an authorized representative thereof) may make a request to the CVR
Registrar to change such Holder’s address of record in the CVR Register. Upon receipt of such request, the CVR Registrar will promptly record the change of address in the CVR Register. 

2.4 Payment Procedures. 

(a) As soon as practicable following the occurrence of a CVR Transaction, but in no event later than thirty (30) days after the closing of
such CVR Transaction, and within thirty (30) days after the end of any calendar quarter in which the Company has received Net Proceeds from any CVR Transaction, the Company will deliver to the Holder Representative and the Rights Agent a
certificate (each, a “Reporting Certificate”), certifying that the Holders are entitled to receive a CVR Payment and setting forth the Company’s calculation of the CVR Payment Amount, which may be either the Initial CVR Payment
Amount or a CVR Payment Adjustment Amount. Until such Reporting Certificate is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that no event has occurred that would require a CVR Payment. 

(b) [reserved] 
 (c) If no CVR
Transaction has been effected prior to the CVR Expiration Date, then, as soon as reasonably practicable after the CVR Expiration Date, but in no event later than thirty (30) days after the CVR Expiration Date, the Company will deliver to the
Holder Representative and the Rights Agent a certificate (the “Non-Achievement Certificate” and, together with the Reporting Certificate(s), the “Certificates”),
stating that no CVR Transaction has been consummated prior to the CVR Expiration Date. 

  
 9 

 (d) If the Holder Representative does not object to any determination or calculation set
forth in a Certificate by delivery of a written notice thereof to the Company (with a copy to the Rights Agent) setting forth in reasonable detail such objection, together with reasonable supporting documentation (an “Objection
Notice”), within thirty (30) days following receipt of the applicable Certificate (the “Objection Period”), the Company’s determination of the non-existence of a CVR
Transaction calculation of the Initial CVR Payment Amount or calculation of any CVR Payment Adjustment Amount, as applicable, shall be final and binding on all parties. If the Holder Representative timely delivers to the Company an Objection Notice,
the Company and the Holder Representative shall attempt in good faith to resolve such matters within thirty (30) days after receipt of the same by the Company, and if unable to do so, the Company and the Holder Representative shall resolve any
unresolved disputed in accordance with Section 8.11, which decision will be final and binding on the parties, absent manifest error. The Company shall, within ten (10) Business Days following the final determination of
the Initial CVR Payment Amount or any CVR Payment Adjustment Amount, as applicable, pay such Initial CVR Payment Amount or CVR Payment Adjustment Amount to the Rights Agent (for the account of the Holders) by wire transfer of immediately available
funds to such account as may be designated by the Rights Agent, and deliver a letter of instruction and other relevant information reasonably required by the Rights Agent. The Rights Agent will distribute the Initial CVR Payment Amount or CVR
Payment Adjustment Amount, as applicable, to the Holders in accordance with the letter of instruction from the Company by check mailed to the address of each such respective Holder as reflected in the CVR Register as of the close of business on the
last Business Day before such CVR Payment Date. Each Holder shall be entitled to receive its pro rata share of such Initial CVR Payment Amount or CVR Payment Adjustment Amount, as applicable, based on the number of CVRs held by such Holder as
reflected on the CVR Register on the date of the Reporting Certificate or the date of final determination pursuant to this Agreement, as applicable) provided, that the Company shall be responsible for providing any related calculation to the Rights
Agent , and the Rights Agent shall be fully protected and indemnified if it relies upon the calculations and payment instructions from the Company. 

(e) If an Objection Notice has not been timely delivered to the Company in response to a
Non-Achievement Certificate within the Objection Period, then the Holders will have no right to receive a CVR Payment, and the Company and the Rights Agent will have no further obligations with respect to any
CVR Payment. 
 (f) The Company will be entitled to deduct and withhold, or cause to be deducted or withheld, from any Initial CVR Payment
Amount, CVR Payment Adjustment Amount or other amount payable pursuant to this Agreement, such amounts as the Company is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code, or any provision of
state or local tax law. To the extent that amounts are so withheld or paid over to or deposited with the relevant governmental entity, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the Holder in
respect of which such deduction and withholding was made. The Company will provide written withholding and payment instructions to the Rights Agent from time to time as applicable, and upon request of the Rights Agent, and the Rights Agent shall be
fully protected and shall incur no liability in relying on such instructions. The Rights Agent shall have the right to withhold payment to a Holder if such Holder has not provided an IRS Form W-9 or other
applicable Tax form to avoid or reduce such withholding amounts. 
 (g) Subject to prior execution and delivery by the Holder Representative
of a reasonable and customary confidentiality and market stand-off agreement, the Company shall provide the Holder Representative with reasonable access during normal business hours and upon reasonable advance
request to the books and records of the Company to the extent necessary to verify whether a CVR Transaction occurred prior to the CVR Expiration Date or the Company’s calculation of the Initial CVR Payment Amount or any CVR Payment Adjustment
Amount, as applicable; it being understood that the Holder Representative’s rights under this Section 2.4(g) shall terminate upon the later of (i) the CVR Expiration Date or (ii) thirty (30) days after the
delivery to the Holder Representative of a Reporting Certificate. 

  
 10 

 (h) The Company will promptly furnish to the Rights Agent all information and documentation
in connection with this Agreement and the CVRs that the Rights Agent may reasonably request in order to perform under this Agreement. 
 (i)
All funds received by the Rights Agent under this Agreement that are to be distributed or applied by Rights Agent in the performance of the services to be provided hereunder (the “Funds”) shall be held by Computershare as agent for
the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit
accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default
Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any
losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay
such interest, dividends or earnings to the Company, any holder or any other party. 
 2.5 No Voting, Dividends or Interest; No
Equity or Ownership Interest in the Company. 
 (a) The CVRs will not have any voting or dividend rights, and interest will not accrue on
any amounts payable on the CVRs to any Holder. 
 (b) The CVRs will not represent any equity or ownership interest in the Company. The rights
of the Holders and the obligations of the Company are contract rights limited to those expressly set forth in this Agreement, and such Holders’ sole right to receive property hereunder is the right to receive cash from the Company, if any,
through the Rights Agent in accordance with the terms hereof. 
 2.6 Holder’s Right to Abandon CVR. A Holder may at any
time, at such Holder’s option, abandon all of such Holder’s remaining rights in a CVR by transferring such CVR to the Company or any of its Affiliates without consideration. Nothing in this Agreement shall prohibit the Company or its
Affiliates from offering to acquire or acquiring CVRs, in private transactions or otherwise, in its sole discretion. Any CVRs acquired by the Company or any of its Affiliates shall be automatically deemed extinguished and no longer outstanding
hereunder for any purpose. The Company shall provide prompt written notice to the Rights Agent of any transfer or abandonment of a CVR under this Section 2.6. 

  
 11 

 ARTICLE III 

THE RIGHTS AGENT 

3.1 Certain Duties and Responsibilities. 

(a) The Rights Agent shall not have any liability for any actions taken suffered or omitted to be taken in connection with this Agreement,
except to the extent of its willful misconduct, bad faith or gross negligence (each as determined by a final non-appealable judgment of a court of competent jurisdiction). No provision of this Agreement will
require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. Notwithstanding anything contained herein to the
contrary, (i) the Rights Agent’s aggregate liability under this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed,
the amounts paid hereunder by the Company to the Rights Agent as fees and charges during the t twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought, but not including reimbursable expenses,
and (ii) the Rights Agent shall in no event be liable for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised
of the likelihood of such loss or damage and regardless of the form of action. 
 (b) The Holder Representative may in its discretion proceed
to and shall be entitled and empowered to protect and enforce its rights and the rights of the Holders herein by such appropriate arbitration proceedings as the Holder Representative shall deem most effectual to protect and enforce any such rights;
provided, however the Rights Agent may not act on behalf of the Holders or the Holder Representative in any dispute relating to or arising under Section 4.3 or relating to whether a CVR Transaction has occurred or the
amount of any CVR Payment. The Rights Agent shall have the right, but not the obligation, to enforce any right of action under this Agreement and any action, suit or proceeding instituted by the Rights Agent on behalf of the Holders will be brought
in its name as Rights Agent, and any recovery of judgment will be for the ratable benefit of all the Holders, as their respective rights or interests may appear (after deducting any costs or expenses of the Rights Agent). 

3.2 Certain Rights of Rights Agent. The Rights Agent undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement, and no implied covenants or obligations will be read into this Agreement against the Rights Agent. In addition: 

(a) the Rights Agent may rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) whenever the Rights Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Rights Agent may, rely upon an Officer’s Certificate, and the Rights Agent shall, in the absence of fraud, gross negligence, bad faith or willful or intentional misconduct on its part (each as determined by a final non-appealable judgment of a court of competent jurisdiction), incur no liability and be held harmless by the Company for or in respect of any action taken, suffered or omitted to be taken by it under the provisions
of this Agreement in reliance upon such certificate; 
 (c) the Rights Agent may engage and consult with counsel of its selection (who may be
counsel for Company or an employee or counsel of the Rights Agent) and the written advice of such counsel or any opinion of counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 

  
 12 

 (d) in the event of any litigation or arbitration, the Rights Agent may engage and consult
with tax experts, valuation firms and other experts and third parties that it, in its sole and absolute discretion, deems appropriate or necessary to enable it to discharge its duties hereunder; 

(e) the permissive rights of the Rights Agent to do things enumerated in this Agreement will not be construed as a duty; 

(f) the Rights Agent will not be required to give any note or surety in respect of the execution of such powers or otherwise in respect of the
premises; 
 (g) the Rights Agent shall not be liable for or by reason of, and shall be held harmless by the Company with respect to any of
the statements of fact or recitals contained in this Agreement or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only; 

(h) the Rights Agent shall have no liability and shall be held harmless by the Company the Company respect of the validity of this Agreement or
the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent and the enforceability of this Agreement against the Rights Agent assuming the due execution and delivery hereof by the Company); nor shall it be
responsible for any breach by the Company of any covenant or condition contained in this Agreement; 
 (i) the Company agrees to indemnify
the Rights Agent for, and hold the Rights Agent harmless against, any loss, liability, claim, demands, suits or expense (in each case pertaining to the Rights Agent’s own account only) arising out of or in connection with the Rights
Agent’s duties under this Agreement, including the costs and expenses of defending the Rights Agent against any claims, charges, demands, suits or loss, unless such loss has been determined by a court of competent jurisdiction to be a result of
the Rights Agent’s willful misconduct, bad faith or gross negligence; 
 (j) the Company agrees (i) to pay the fees and expenses of
the Rights Agent in connection with this Agreement, as set forth on Schedule 1 hereto, and (ii) to reimburse the Rights Agent for all taxes and governmental charges, reasonable expenses and other charges of any kind and nature incurred by the
Rights Agent in the execution of this Agreement (other than taxes imposed on or measured by the Rights Agent’s net income and franchise or similar taxes imposed on it). The Rights Agent will also be entitled to reimbursement from the Company
for all reasonable out-of-pocket expenses (including reasonable fees and expenses of the Rights Agent’s counsel and agent) paid or incurred by it in connection with
the administration by the Rights Agent of its duties hereunder. An invoice for any reasonable out-of-pocket expenses and per item fees realized will be rendered and
payable within thirty (30) days after receipt by the Company. The Company agrees to pay to Rights Agent any amounts, including fees and expenses, payable in favor of the Rights Agent in connection with any dispute, resolution or arbitration
arising under or in connection with the Agreement; and any fees and expenses, payable by the Company in favor of the Rights Agent or payable in favor of the Company related to such dispute, resolution or arbitration will be offset against any CVR
Payments, if any, or any other payment to be made thereafter under this Agreement; 

  
 13 

 (k) the Rights Agent shall not be deemed to have knowledge of any event of which it was
supposed to receive notice thereof hereunder but did not, and the Rights Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith, unless and until it has received such notice in writing; 

(l) unless otherwise specifically prohibited by the terms of this Agreement, the Rights Agent and any shareholder, affiliate, director,
officer, agent or employee of the Rights Agent may buy, sell or deal in any securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or
otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person; 

(m) the Rights Agent shall neither be responsible for, nor chargeable with, knowledge of, nor have any requirements to comply with, the terms
and conditions of the Share Exchange Agreement or any other agreements or instruments related to the Acquisition, nor shall the Rights Agent be required to determine if any person or entity has complied with the Share Exchange Agreement or any other
agreements or instruments related to the Acquisition, nor shall any additional obligations of the Rights Agent be inferred from the terms of such agreements or instruments even though reference thereto may be made in this Agreement; and 

(n) the provisions of this Section 3.2 shall survive the termination of this Agreement and the CVRs and the
resignation, replacement or removal of the Rights Agent. 
 3.3 Resignation and Removal; Appointment of Successor. 

(a) The Rights Agent may resign at any time by giving written notice thereof to the Company, specifying a date when such resignation will take
effect, which notice will be sent at least thirty (30) days before the date so specified. 
 (b) Any Person into which the Rights Agent
or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the
stock transfer or other stockholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of
any of the parties hereto. The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of the transfer agent activities shall be deemed a merger or consolidation for purposes of this
Section 3.3(b). If the Rights Agent provides notice of its intent to resign, is removed or becomes incapable of acting, the Company, shall, as soon as is reasonably practicable, appoint a qualified successor Rights Agent
who, shall be a stock transfer agent of national reputation or the corporate trust department of a commercial bank. Notwithstanding the foregoing, if the Company shall fail to make such appointment within a period of thirty (30) days after
giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent, then the incumbent Rights Agent may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent. The successor Rights Agent so appointed shall, forthwith upon its acceptance of such appointment in accordance with Section 3.4, become the successor Rights Agent. 

  
 14 

 (c) The Company will give notice of each resignation and each removal of a Rights Agent and
each appointment of a successor Rights Agent by mailing written notice of such event by first-class mail, postage prepaid, to the Holders as their names and addresses appear in the CVR Register and by delivering notice to the Holder Representative.
Each notice will include the name and address of the successor Rights Agent. If the Company fails to send such notice within five (5) Business Days after acceptance of appointment by a successor Rights Agent, upon the Company’s request the
successor Rights Agent will cause such notice to be mailed at the expense of the Company. 
 3.4 Acceptance of Appointment by
Successor. Every successor Rights Agent appointed hereunder will execute, acknowledge and deliver to the Company and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such
successor Rights Agent, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the retiring Rights Agent; provided, however, that upon the request of the Company or
the successor Rights Agent, such retiring Rights Agent will cooperate in the transfer of all relevant data, including the CVR Register, to the successor Rights Agent. 

ARTICLE IV 
 COVENANTS

 4.1 List of Holders. The Company will furnish or cause to be furnished to the Holder Representative and the Rights
Agent the names, addresses and shareholdings of registered holders of Common Stock as of 5:01 p.m. Eastern Time on the Record Date. The Company will promptly furnish an electronic copy of the CVR Register to the Holder Representative upon
written request from the Holder Representative. Until such list of Holders are furnished to the Rights Agent, the Rights Agent shall have no duties, responsibilities or obligations with respect to such Holders. 

4.2 [RESERVED] 
 4.3
Diligence. 
 (a) From and after the Closing, until the CVR Expiration Date, the Company shall use Commercially Reasonable Efforts to
(i) complete the STING Trial and (ii) pursue CVR Transactions. Subject to the preceding sentence, the Company has no obligation to develop or expend any funds in connection with the development of any Company Product (except to the extent
provided in the immediately following sentence) and has no obligation to license, sell or otherwise monetize any Company Product. The Company’s obligations pursuant to the first sentence of this Section 4.3(a) will
expire (x) with respect to clause (i) thereof, upon the earlier to occur of: (A) a Technical Failure, or (B) the date on which the Company and its Affiliates have incurred at least $1,812,000 in aggregate out-of-pocket costs and expenses in connection with the conduct of the STING Trial; and (y) with respect to clause (ii) thereof, in respect of a Company Product,
upon the occurrence of a Technical Failure with respect to such Company Product. 

  
 15 

 (b) Notwithstanding the foregoing, the obligation of the Company to use Commercially
Reasonable Efforts pursuant to Section 4.3(a) shall not be deemed a guarantee that any CVR Payment will be earned. Neither the Company nor any of its directors, officers or their respective Affiliates owes any fiduciary
duty to the Holders with respect to the CVR Payments. Further, the parties acknowledge that the Company’s sole obligations with respect to any potential CVR Payments are expressly set forth in this Agreement. 

4.4 Further Assurances. The Company and the Holder Representative agree that they will perform, execute, acknowledge and deliver
or cause to be performed, executed, acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the parties hereto for the carrying out or performing by such parties of the provisions of
this Agreement. 
 ARTICLE V 

AMENDMENTS 
 5.1
Amendments Without Consent of Holder Representative. 
 (a) Without the consent of the Holder Representative or the Rights Agent, the
Company, when authorized by a Board Resolution, at any time and from time to time, may enter into one or more amendments hereto, for any of the following purposes: 

(i) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein in a transaction contemplated by Section 6.1 hereof; or 
 (ii) to evidence the termination of the CVR
Registrar and the succession of another Person as a successor CVR Registrar and the assumption by any successor of the obligations of the CVR Registrar herein. 

(b) Without the consent of the Holder Representative, the Company, when authorized by a Board Resolution, together with the Rights Agent, in
the Rights Agent’s sole and absolute discretion, may at any time and from time to time, enter into one or more amendments hereto: 

(i) to evidence the succession of another Person as a successor Rights Agent and the assumption by any successor of the covenants and
obligations of the Rights Agent herein; 
 (ii) to add to the covenants of the Company such further covenants, restrictions, conditions or
provisions as the Board of Directors and the Rights Agent will consider to be for the protection of the Holders; 
 (iii) to cure any
ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein; provided, however, that in each case, such provisions will not materially adversely affect the
interests of the Holders; 

  
 16 

 (iv) as may be necessary to ensure that the CVRs are not subject to registration under the
Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended; or 
 (v) to add, eliminate or change any provision of this
Agreement unless such addition, elimination or change is adverse to the interests of the Holders. 
 (c) Promptly after the execution by the
Company and the Rights Agent of any amendment pursuant to the provisions of this Section 5.1, the Company will deliver a notice thereof to the Holder Representative, setting forth in general terms the substance of such amendment.

 5.2 Amendments with Consent of Holder Representative. Subject to Section 5.1 (which amendments
pursuant to Section 5.1 may be made without the consent of the Holder Representative), the Company, when authorized by a Board Resolution, and the Rights Agent and the Holder Representative may enter into one or more amendments
hereto for the purpose of adding, eliminating or changing any or all provisions of this Agreement. 
 5.3 Execution of
Amendments. In executing any amendment permitted by this Article V, the Rights Agent will be entitled to receive, and will be fully protected in relying upon, an opinion of counsel of the Company, at Company’s sole expense,
stating that the execution of such amendment is authorized or permitted by this Agreement. The Rights Agent may, but is not obligated to, enter into any such amendment that affects the Rights Agent’s own rights, obligations, powers, trusts,
immunities, or duties under this Agreement or otherwise, and the Rights Agent shall not be bound by amendments not executed by it. No amendment to this Agreement will be effective unless duly executed by the Rights Agent. 

5.4 Effect of Amendments. Upon the execution of any amendment under this Article V, this Agreement will be
modified in accordance therewith, such amendment will form a part of this Agreement for all purposes and every Holder will be bound thereby. 

ARTICLE VI 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

6.1 Effect of Merger or Consolidation. 

(a) Except as contemplated by the Acquisition, the Company will not consolidate with or merge into any other Person or sell, transfer or
otherwise convey all or substantially all of its assets, in one or a series of related transactions, to any Person, unless: 
 (i) the
Person formed by such consolidation or into which the Company is merged or the Person that acquires by sale, transfer or other conveyance, all or substantially all of the assets of the Company (the “Surviving Person”) expressly
assumes payment (if and to the extent required hereunder) of amounts on all the CVRs and the performance of every duty and covenant of this Agreement on the part of the Company to be performed or observed; and 

(ii) the Company has delivered to the Holder Representative and the Rights Agent an Officer’s Certificate, stating that such
consolidation, merger, conveyance, transfer or lease complies with this Article VI and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
 17 

 (b) In connection with a Change of Control, the Company will have the right, but not the
obligation, in its sole discretion, to redeem all, but not less than all of the outstanding CVRs, at any time from and after the public announcement of such Change of Control and ending on the thirtieth (30th) day following the consummation of the
Change of Control for an aggregate redemption amount equal to the Target Payment Amount. In the event that the Company wishes to exercise its right pursuant to this Section 6.1(b), the Company shall provide a written notice
of redemption (a “Redemption Notice”) to the Rights Agent and the Holder Representative, which Redemption Notice shall specify the date fixed for the redemption of the outstanding CVRs which date shall be not less than ten
(10) Business Days nor more than twenty (20) Business Days following the delivery of the Redemption Notice to the Rights Agent and the Holder Representative (such date, the “Redemption Date”). Promptly following its
receipt of the Redemption Notice, the Rights Agent shall deliver a copy thereof to the Holders. On the Redemption Date, the Company shall pay the Target Payment Amount to the Rights Agent (for the account of the Holders) by wire transfer of
immediately available funds to such account as may be designated by the Rights Agent. Upon the indefeasible payment in full by the Company of the Target Payment Amount to the Rights Agent, the CVRs shall be cancelled and of no further force and
effect and shall thereafter represent only the right to receive such Holder’s pro rata share of the Target Payment Amount. The Rights Agent shall pay to each Holder, such Holder’s pro rata share of the Target Payment Amount pursuant to the
payment procedures specified in Section 2.4(d) and subject to Section 2.4(f), Section 2.4(h), and Section 2.4(i). 

6.2 Successor Substituted. Upon any consolidation of or merger by the Company with or into any other Person, or any conveyance,
transfer or lease of the properties and assets substantially as an entirety to any Person in accordance with Section 6.1, the Surviving Person will succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Agreement with the same effect as if the Surviving Person had been named as the Company herein, and thereafter the predecessor Person will be relieved of all obligations and covenants under this Agreement and the
CVRs. 
 ARTICLE VII 

THE HOLDER REPRESENTATIVE 

7.1 Appointment. Effective upon the issuance of the CVRs under this terms of this Agreement, and without any further act of any
of Holders, the Holder Representative is appointed as the representative of the Holders and as the attorney-in-fact and agent for and on behalf of each Holder for
purposes of this Agreement and will take such actions to be taken by the Holder Representative under this Agreement and such other actions on behalf of such Holders as it may deem necessary or appropriate in connection with or to consummate the
transactions contemplated hereby, including (i) executing and delivering this Agreement and any other ancillary documents and negotiating and executing any amendments, modifications, waivers or changes thereto as to which the Holder
Representative, in its sole discretion, has consented (provided that any waiver or amendment that adversely and disproportionately affects the rights or obligations of one or more Holders as compared to other Holders will require the prior written
consent of a majority in interest of the disproportionately affected Holders), (ii) agreeing to, negotiating, entering into settlements and compromises of, complying with orders of courts with respect to, and otherwise administering and
handling any claims under this Agreement on behalf of such Holders, and (iii) taking all other actions that are either necessary or appropriate in the judgment of the Holder Representative for the accomplishment of the foregoing or contemplated
by the terms of this Agreement. The Holder Representative hereby accepts such appointment and agrees to serve as such without compensation. The appointment of the Holder Representative as each Holder’s attorney-in-fact revokes any power of attorney heretofore granted that authorized any other Person to represent such Holder with regard to this Agreement and any other agreements or documents executed or
delivered in connection with this Agreement. The Holder Representative is the sole and exclusive representative of each of the Holders for any purpose provided for by this Agreement. 

  
 18 

 7.2 Actions of Holder Representative. 

(a) A decision, act, consent or instruction of the Holder Representative hereunder will constitute a decision, act, consent or instruction of
all Holders and will be final, binding and conclusive upon each such Holder, and the Company and the Rights Agent may rely upon any such decision, act, consent or instruction of the Holder Representative as being the decision, act, consent or
instruction of each and every such Holder. The Company and the Rights Agent will be relieved from any liability to any Person for any acts done by them in accordance with such decision, act, consent or instruction of the Holder Representative. 

(b) The Holder Representative will incur no liability with respect to any action taken or suffered by any Holder in reliance upon any notice,
direction, instruction, consent, statement or other document believed by such Holder Representative to be genuine and to have been signed by such Holder (and will have no responsibility to determine the authenticity thereof), nor for any other
action or inaction, except the gross negligence, bad faith or willful misconduct of the Holder Representative. In all questions arising under this Agreement, the Holder Representative may rely on the advice of outside counsel, and the Holder
Representative will not be liable to any Holder for anything done, omitted or suffered in good faith by Holder Representative based on such advice. 

(c) The Holders will severally (on a pro rata basis, based on the number of CVRs held by each Holder), but not jointly, indemnify the Holder
Representative and hold the Holder Representative harmless against any loss, liability or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Holder Representative and arising out of or in connection with
the acceptance or administration of the Holder Representative’s duties hereunder, including the reasonable fees and expenses of any legal counsel or other advisors reasonably retained by the Holder Representative, to the extent not reimbursed
by the Company pursuant to Section 7.2(d). 
 (d) In connection with providing services under this Agreement, the
Holder Representative will be reimbursed by the Company for all reasonable fees and expenses incurred in providing such services. Any such fees and expenses will be paid by the Company within thirty (30) days of the receipt of an invoice from
the Holder Representative and will be offset against the CVR Payment Amount, if any. 

  
 19 

 7.3 Removal; Appointment of Successor. 

(a) At any time Holders representing at least a majority of the outstanding CVRs may, by written consent, appoint another Person as Holder
Representative. Notice, together with a copy of the written consent appointing such Person and bearing the signatures of Holders of at least a majority of the outstanding CVRs, must be delivered to the Company and the Rights Agent. Such appointment
will be effective upon the later of the date indicated in the consent or the date ten (10) days after such consent is received by the Company and the Rights Agent. 

(b) If the Holder Representative becomes unable or unwilling to continue in his or its capacity as the Holder Representative, or if the Holder
Representative resigns as a Holder Representative, the Holder Representative may appoint a new representative as the Holder Representative. If the Holder Representative is unable or unwilling to appoint a successor Holder Representative, then the
board of directors of the Company shall appoint another Person as Holder Representative. Notice and a copy of the written consent appointing such Person must be delivered to the Company and the Rights Agent not less than ten (10) days prior to
such appointment. Such appointment will be effective upon the later of the date indicated in the consent or the date ten (10) days after such consent is received by the Company and the Rights Agent. 

7.4 Grant of Authority. The grant of authority provided for in this Article VII is coupled with an
interest and will be irrevocable and survive the death, incompetency, bankruptcy or liquidation of any Holder. The provisions of this Article VII will be binding upon the executors, heirs, legal representatives, successors
and assigns of each Holder, and any references in this Agreement to any Holder or the Holders will mean and include the successors to such Holder’s rights hereunder, whether pursuant to testamentary disposition, the laws of descent and
distribution or otherwise. 
 ARTICLE VIII 

OTHER PROVISIONS OF GENERAL APPLICATION 

8.1 Notices to Rights Agent, Company and Holder Representative. Subject to Section 8.2, all
notices, requests, demands, claims and other communications that are required to be or may be given under this Agreement must be in writing and will be deemed to have been effectively given: (a) upon personal delivery to the recipient;
(b) when sent by e-mail transmission, if sent during normal business hours of the recipient; if not, then on the next Business Day (if an email address is provided under this
Section 8.1); (c) one Business Day after deposit with a nationally recognized overnight courier, specifying next-day delivery, with written verification of receipt; or
(d) three (3) Business Days after being sent by first class mail, postage prepaid, in each case to the intended recipient at the following addresses: 
  

	 	(a)	 if to the Company, to 

Spring Bank Pharmaceuticals, Inc. 

c/o Martin Driscoll 
 6160
Stapleford Circle Dallas, TX 75252 
 mdriscoll2011@gmail.com; 

  
 20 

 with a copy (which shall not constitute notice) to: 

Lowenstein Sandler LLP 
 1251
Avenue of the Americas, 17th Floor 
 New York, NY 10020 

Attention: Jack Hogoboom 

jhogoboom@lowenstein.com; 
  

	 	(b)	 if to the Rights Agent, to 

Computershare Trust Company, N.A. 

150 Royall Street 
 Canton, MA
02021 
 Attention: Client Services; and 
  

	 	(c)	 if to the Holder Representative, to 

Martin Driscoll 
 6160
Stapleford Circle Dallas, TX 75252 
 mdriscoll2011@gmail.com. 

or to such other address as any party has furnished to the other parties by notice given in accordance with this Section 8.1. 

8.2 Notice to Holders. Where this Agreement provides for notice to Holders, such notice will be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his, her or its address as it appears in the CVR Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder will affect the sufficiency of
such notice with respect to other Holders. 
 8.3 Entire Agreement. This Agreement represents the entire understanding of the
parties hereto with reference to the CVRs and this Agreement supersedes any and all other oral or written agreements made with respect to the CVRs. No party has relied on any other express or implied representation or warranty, either written or
oral in connection with its entry into this Agreement, including any representation or warranty arising under statute or otherwise under law. 

8.4 Legal Holidays. If a CVR Payment Date is not a Business Day, then, notwithstanding any provision of this Agreement to the
contrary, any payment required to be made in respect of the CVRs on such date need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the CVR Payment Date. 

8.5 Assignment. The Company may not assign this Agreement without the prior written consent of the Holder Representative;
provided that the Company may assign, in its sole discretion and without the consent of any other party, any or all of its rights, interests and obligations hereunder to one or more direct or indirect wholly-owned subsidiaries of the Company
(each, an “Assignee”), provided that the Assignee agrees to assume and be bound by all of the terms of this Agreement; provided, however, that in connection with any assignment to an Assignee, the Company shall,
and shall agree to, remain liable for the performance by such Assignee of all obligations of the Company hereunder. 

  
 21 

 8.6 Third Party Beneficiaries. This Agreement will be binding upon and inure
to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, will give to any Person (other than the parties hereto, the Holders and their permitted successors and assigns
hereunder) any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto, the Holders and
their permitted successors and assigns. 
 8.7 Termination. Except as otherwise provided in this Agreement, this Agreement will
terminate and be of no further force or effect, and the parties hereto will have no liability hereunder, upon the earliest to occur of: (a) the payment of the last possible CVR Payment due hereunder, (b) if an Objection Notice to a Non-Achievement Certificate is not delivered within the Objection Period, the expiration of the Objection Period, (c) in the event of the delivery of an Objection Notice, either (i) the final determination
in accordance with this Agreement that no CVR Transaction has been achieved or (ii) the fulfillment of any payment obligation required pursuant to a final determination made in accordance with this Agreement. 

8.8 Survival. Notwithstanding anything in this Agreement to the contrary, all provisions regarding indemnification, warranty,
liability and limits thereon, and confidentiality shall survive the termination or expiration of this Agreement. 
 8.9 Governing
Law. This Agreement and the CVRs will be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

8.10 Remedies. The Holders will not have any rights or remedies with respect to the CVRs except as expressly set forth herein.

 8.11 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.11. 

  
 22 

 8.12 Confidentiality. 

(a) “Confidential Information” shall mean any and all technical, scientific or business information relating to a
party, including, without limitation, financial, marketing and product development information, stockholder information (including any non-public information of such stockholder), and proprietary information
that is disclosed or otherwise becomes known to the other party or its Affiliates, agents or representatives before or during the term of this Agreement. Confidential Information constitutes trade secrets and is of great value to the owner (or its
Affiliates). Confidential Information shall not include any information that is: (a) already known to the other party or its Affiliates at the time of the disclosure, provided that such prior knowledge can be substantiated by the written
records of such party; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its Affiliates on a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the
Confidential Information of the other, provided that such independent development can be substantiated by the written records of such party. This Agreement, including all of its terms and conditions, will not be deemed to be Confidential
Information and may be publicly disclosed by the Company; provided, that the fee schedule shall be considered Confidential Information. 

(b) All Confidential Information of a party will be held in confidence by the other party with at least the same degree of care as such party
protects its own confidential or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose in any manner Confidential Information of the other party in any form to any person or
entity without the other party’s prior consent. However, each party may disclose relevant aspects of the other party’s Confidential Information to its officers, Affiliates, agents, subcontractors and employees to the extent reasonably
necessary to perform its duties and obligations under this Agreement. Without limiting the foregoing, each party will implement such physical and other security measures and controls designed to protect (a) the security and confidentiality of
Confidential Information; (b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized access to or use of Confidential Information. To the extent that a party delegates any
duties and responsibilities under this Agreement to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually bound to confidentiality terms consistent with the terms of
this Section 8.12. 
 (c) In the event that any requests or demands are made for the disclosure of Confidential Information,
other than requests to Rights Agent for stockholder records pursuant to standard subpoenas from state or federal government authorities (e.g., divorce and criminal actions), the party receiving such request will promptly notify the other party
to secure instructions from an authorized officer of such party as to such request and to enable the other party the opportunity to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by law or
court order. Each party expressly reserves the right, however, to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose such Confidential Information or if required
by law or court order 

  
 23 

 8.13 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. Delivery of a signed Agreement by reliable electronic means, including facsimile, email, or any electronic signature complying with the
U.S. federal ESIGN Act of 2000 (including DocuSign) shall be an effective method of delivering the executed Agreement. This Agreement may be stored by electronic means and either an original or an electronically stored copy of this Agreement can be
used for all purposes, including in any proceeding to enforce the rights and/or obligations of the parties to this Agreement. 
 8.14
Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of
God, terrorist acts, epidemics, pandemics, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval
systems, labor difficulties, war or civil unrest. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 

SIGNATURE PAGE FOLLOWS] 

  
 24 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its duly authorized officers as of the day and year first above written. 
  

			
	COMPANY:
	
	SPRING BANK PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Lori Firmani

	Name:	 	Lori Firmani
	Title:	 	Vice President, Finance

 [Signature Page to STING Agonist CVR Agreement] 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its duly authorized officers as of the day and year first above written. 
  

			
	F-STAR:
	
	F-STAR THERAPEUTICS LIMITED
		
	By:	 	 /s/ Eliot Forster, Ph.D.

	Name:	 	Eliot Forster, Ph.D.
	Title:	 	President and Chief Executive Officer

 [Signature Page to STING Agonist CVR Agreement] 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its duly authorized officers as of the day and year first above written. 
  

			
	RIGHTS AGENT:
	
	 COMPUTERSHARE INC. and

COMPUTERSHARE TRUST COMPANY, N.A.
 On Behalf of Both
Entities

		
	By:	 	 /s/ Collin Ekeogu

	Name:	 	Collin Ekeogu
	Title:	 	Manager, Corporate Actions

 [Signature Page to STING Agonist CVR Agreement] 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its duly authorized officers as of the day and year first above written. 
  

	
	HOLDER REPRESENTATIVE:
	
	MARTIN DRISCOLL
	
	 /s/ Martin Driscoll

 [Signature Page to STING Agonist CVR Agreement] 

 Schedule 1 

Rights Agent Fees 
 Computershare
- Schedule of Fees & Services 
 Spring Bank Pharmaceuticals – STING Agonist 

CVR Rights Agent 
  

					
	 Service
	  	Fee	 
	 One-Time Account Set-Up Fee
	  	$	5,000.00	 
	 Monthly Administration Fee
	  	$	500.00	 
	 ›   Dedicated relationship management
	  			
	 ›   Share recordkeeping including direct registration for up to 500
accounts in one CVR issue
	  			
	 ›   Shareholder account maintenance
	  			
	 ›   Shareholder communications
	  			
	 ›   Online issuer and investor access
	  			
	 ›   Management reports
	  			
	 Set-Up of Distribution Event
	  	$	2,500.00	 
	 Per check issued
	  	$	5.50	 
	 Per 1099 or applicable tax form issued
	  	$	3.50	 

					
	 Legal Review
	  	 	By appraisal, additional	 
	 Call Center Service Fee, including:
	  	 	Included	 
	 ›   Toll Free 800 Number Service Set-Up
	  			
	 ›   Handling Inquiries
	  			
	 Out of Pocket Expenses:
	  	 	Additional	 
	 These include but are not limited to the following:
	  			
	 ›   Outside counsel legal review fees
	  			
	 ›   Telephone charges
	  			
	 ›   Stationery, design, programming, printing, insertion and
postage
	  			
	 ›   Regulatory reports
	  			
	 ›   Wire Transfer Fee
	  			

  

			
	Spring Bank Pharmaceuticals

			
		
	Name:	 	 /s/ Martin Driscoll

		
	Title:	 	 CEO

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