Document:

EX-10.6

 Exhibit 10.6 

ANAPTYSBIO, INC. 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of
January 1, 2012 (the “Effective Date”) by and among ANAPTYSBIO, INC. (the “Company”) and David King (“Executive”). The
Company and Executive are hereinafter collectively referred to as the “Parties”, and individually referred to as a “Party”. 

RECITAL 
 The Company
desires to continue to employ Executive and Executive is willing to continue to accept such employment by Company, on the terms and subject to the conditions set forth in this Agreement. 

AGREEMENT 
 In
consideration of the foregoing Recitals and the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties, intending to be legally bound, agree as follows: 

1. EMPLOYMENT. 
 1.1
Title. Effective as of the Effective Date, Executive’s position shall be Chief Scientific Officer of the Company, subject to the terms and conditions set forth in this Agreement. 

1.2 Term. The term of this Agreement shall begin on the Effective Date and shall continue until it is terminated pursuant to
Section 4 herein (the “Term”). 
 1.3 Duties. Executive shall do and perform all services,
acts or things necessary or advisable to manage and conduct the business of the Company and that are normally associated with the position of Chief Scientific Officer. Executive shall report to the Chief Executive Officer. 

1.4 Policies and Practices. The employment relationship between the Parties shall be governed by this Agreement and by the policies and
practices established by the Company and/or the Company’s Board of Directors (the “Board”), or any designated committee thereof. In the event that the terms of this Agreement differ from or are in conflict
with the Company’s policies or practices or the Company’s Employee Handbook, this Agreement shall control. 
 1.5 Location.
Unless the Parties otherwise agree in writing, during the Term Executive shall perform the services Executive is required to perform pursuant to this Agreement at the Company’s offices in San Diego, California, provided,
however, that the Company may from time to time require Executive to travel temporarily to other locations in connection with the Company’s business. 

 2. LOYALTY; NONCOMPETITION; NONSOLICITATION. 

2.1 Loyalty. During Executive’s employment with the Company, Executive shall devote Executive’s full business energies,
interest, abilities and productive time to the proper and efficient performance of Executive’s duties under this Agreement. 
 2.2
Agreement not to Participate in Company’s Competitors. During Executive’s employment with the Company, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by
Executive to be adverse or antagonistic to the Company, its business, or prospects, financial or otherwise, or in any company, person, or entity that is, directly or indirectly, in competition with the business of the Company or any of its
Affiliates (as defined below). Ownership by Executive, in professionally managed funds over which Executive does not have control or discretion in investment decisions, or as a passive investment, of less than two percent (2%) of the
outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the over-the-counter market shall not constitute
a breach of this Section. For purposes of this Agreement, “Affiliate,” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with such specified entity. 
 2.3 Covenant not to Compete. During Executive’s
employment with the Company, and during any post-termination period in which Executive is receiving severance benefits from the Company, Executive shall not engage in competition with the Company and/or any of its Affiliates, either directly or
indirectly, in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, stockholder, owner, co-owner, consultant, or member of any association or otherwise, in any phase of the business of
developing, manufacturing and marketing of products or services that are in the same field of use or which otherwise compete with the products or services of the Company, except with the prior written consent of the Board. 

3. COMPENSATION OF EXECUTIVE. 

3.1 Base Salary. The Company shall pay Executive a base salary at the annualized rate of $275,000 (the “Base
Salary”), less payroll deductions and all required withholdings, payable in regular periodic installments in accordance with the Company’s normal payroll practices. The Base Salary shall be prorated for any partial year of
employment on the basis of a 365-day fiscal year. 
 3.2 Discretionary Bonus. At the sole discretion of the Board, following each
calendar year of employment Executive shall be eligible to receive a discretionary cash bonus of up to 20% of Executive’s then-current base salary (the “Bonus”), based on Executive’s achievement
relative to certain performance goals (“Performance Goals”) to be established by the Board. The determination of whether Executive has met the Performance Goals for any given year, and if so, the amount of any
Bonus that will be paid for such year (if any), shall be determined by the Board in its sole and absolute discretion. In order to be eligible to earn or 

 
receive any Bonus; Executive must remain employed by the Company through and including the date of payment of such Bonus. 

3.3 Expense Reimbursements. The Company will reimburse Executive for all reasonable business expenses Executive incurs in conducting
his duties hereunder, pursuant to the Company’s usual expense reimbursement policies; provided that Executive supplies the appropriate substantiation for such expenses no later than the end of the calendar month following the month in which
such expenses were incurred by Executive. 
 3.4 Changes to Compensation. Executive’s compensation will be reviewed annually and
may be changed from time to time in the Company’s sole discretion. 
 3.5 Employment Taxes. All of Executive’s compensation
shall be subject to customary withholding taxes and any other employment taxes as are commonly required to be collected or withheld by the Company. 

3.6 Benefits. Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to
participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made available to the Company’s senior management employees. 

3.7 Holidays and Vacation. Executive shall be eligible for paid holiday and vacation time in accordance with Company policy as in
effect from time to time. 
 4. TERMINATION. 

4.1 Termination by the Company. Executive’s employment with the Company is at will and may be terminated by the Company at any time
and for any reason, or for no reason, including, but not limited to, under the following conditions: 
 4.1.1 Termination by the Company
for Cause. The Company may terminate Executive’s employment under this Agreement for “Cause” (as defined below) by delivery of written notice to Executive. Any notice of termination given pursuant to this section shall
effect termination as of the date of the notice, or as of such other date specified in the notice. 
 4.1.2 Termination by the Company
without Cause. The Company may terminate Executive’s employment under this Agreement without Cause at any time and for any reason, or for no reason. Such termination shall be effective on the date Executive is so informed, or as otherwise
specified by the Company. 
 4.2 Termination by Executive. Executive may terminate his employment with the Company at any time and
for any reason, or for no reason, upon thirty (30) days written notice to the Company. 
 4.3 Termination for Death or
Disability. Executive’s employment with the Company shall automatically terminate effective upon the date of Executive’s death or Disability (as defined in the Plan). 

 4.4 Termination by Mutual Agreement of the Parties. Executive’s employment with the
Company may be terminated at any time upon a mutual agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement. 

4.5 Compensation upon Termination. 

4.5.1 Death or Disability. If Executive’s employment is terminated by death or Disability, the Company shall pay to Executive, or
to Executive’s heirs, Executive’s base salary and accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of termination, less standard deductions and withholdings. The Company shall
thereafter have no further obligations to Executive and/or Executive’s heirs under this Agreement, except as otherwise provided by law. 

4.5.2 Termination For Cause. If the Company terminates Executive’s employment for Cause, then the Company shall pay
Executive’s base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in effect at the time of termination, less standard deductions and withholdings. The Company shall thereafter have no further
obligations to Executive under this Agreement, except as otherwise provided by law. 
 4.5.3 Termination by Company Without Cause or by
Executive for Good Reason Not In Connection with a Change in Control. If the Company terminates Executive’s employment without Cause or if Executive resigns his employment for Good Reason, in either case at any time other than upon the
occurrence of, or within the 13 months immediately following, the effective date of a Change in Control, the Company shall pay Executive’s base salary and accrued and unused vacation benefits earned through the date of termination, at the rate
in effect at the time of termination, less standard deductions and withholdings. In addition, if Executive furnishes to the Company an executed waiver and release of claims in the form attached hereto as Exhibit A (or in such other form as
may be specified by the Company) (the “Release”) within the time period specified therein, but in no event later than 45 days following Executive’s termination, and if Executive allows such Release to
become effective in accordance with its terms, then (i) Executive shall be entitled to severance in the form of continuation of his base salary, at the rate in effect at the time of termination (the “Severance
Payments”), for a period of six months following the termination date (the “Severance Period”), and (ii) pay directly to the insurance provider the premium for COBRA continuation
coverage for Executive and Executive’s family during the Severance Period or until he obtains new employment, whichever comes first (the “COBRA Coverage”). The Severance Payments will be subject to standard
payroll deductions and withholdings and will be made on the Company’s regular payroll cycle, provided, however, that any Severance Payments otherwise scheduled to be made prior to the effective date of the Release shall accrue and be paid in
the first payroll period that follows such effective date. The Company shall thereafter have no further obligations to Executive under this Agreement, except as otherwise provided by law. 

4.5.4 Termination by Company Without Cause or by Executive for Good Reason In Connection with a Change in Control. If the Company
terminates Executive’s employment without Cause or if Executive resigns his employment for Good Reason, in either case upon the occurrence of, or within the 13 months immediately following, 

 
the effective date of a Change in Control, the Company shall pay Executive’s base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in
effect at the time of termination, less standard deductions and withholdings. In addition, if Executive furnishes to the Company an executed Release within the time period specified therein, but in no event later than 45 days following
Executive’s termination, and if Executive allows such Release to become effective in accordance with its terms, then Executive shall be entitled to: (1) the Severance Payments and COBRA coverage described in Section 4.5.3 above; and
(2) accelerated vesting of any unvested shares subject to the Base Option such that Executive shall become vested in 100% of the shares subject to such Base Option on the effective date of the Release. The Company shall thereafter have no
further obligations to Executive under this Agreement, except as otherwise provided by law. 
 4.6 Definitions. For purposes of this
Agreement, the following terms shall have the following meanings: 
 4.6.1 Cause. “Cause” shall
mean the occurrence of any one or more of the following: (i) Executive’s commission of any crime involving fraud, dishonesty or moral turpitude; (ii) Executive’s attempted commission of or participation in a fraud or act of
dishonesty against the Company that results in (or might have reasonably resulted in) material harm to the business of the Company; (iii) Executive’s intentional, material violation of any contract or agreement between Executive and the
Company or any statutory duty Executive owes to the Company; or (iv) Executive’s conduct that constitutes gross insubordination, incompetence or habitual neglect of duties and that results in (or might have reasonably resulted in) material
harm to the business of the Company; provided, however, that the action or conduct described in clauses (iii) and (iv) above will constitute “Cause” only if such action or conduct continues after the Company has provided
Executive with written notice thereof and thirty (30) days to cure the same. An occurrence of “Cause” as set forth in the preceding sentence shall be based upon a good faith determination by the Board. Executive’s Disability
shall not constitute Cause as set forth herein. The determination that a termination is for Cause shall be by the Board in its sole and exclusive judgment and discretion. 

4.6.2 “Good Reason” shall mean any of the following actions: (i) the assignment to Executive of any duties
or responsibilities that results in a material diminution in Executive’s function as in effect immediately prior to the effective date of the Change in Control; provided, however, that a change in Executive’s title or reporting
relationships shall not provide the basis for a voluntary termination with Good Reason; (ii) a reduction by the Company in Executive’s annual base salary as in effect on the effective date of the Change in Control; provided,
however, that Good Reason shall not be deemed to have occurred in the event of a reduction in Executive’s annual base salary that is pursuant to a salary reduction program affecting substantially all of the employees of the Company and that
does not adversely affect Executive to a greater extent than other similarly situated employees; or (iii) a relocation of Executive’s primary business office to a location more than 50 miles from the location of Executive’s primary
business office as of the effective date of the Change in Control, except for required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s business travel obligations prior to the effective
date of the Change in Control. 

 4.7 Survival of Certain Sections. Sections 2, 3.4 and 4 through 18 of this Agreement will
survive the termination of this Agreement. 
 4.8 Parachute Payment. If any payment or benefit Executive would receive pursuant to
this Agreement ( “Payment”) would (i) constitute a “Parachute Payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the
Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up
to and including the total of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in
Executive’s receipt, on an after-tax basis, of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting Parachute Payments is
necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so
reduced will be reduced pro rata. 
 In the event it is subsequently determined by the Internal Revenue Service that some portion of the
Reduced Amount (as determined pursuant to clause (x) in the preceding paragraph) is subject to the Excise Tax, Executive agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the Reduced Amount is
subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined in accordance with clause (y) in the preceding paragraph, Executive will have no obligation to return any portion of the Payment pursuant to the
preceding sentence. 
 Unless Executive and the Company agree on an alternative accounting or law firm, the accounting firm then engaged by
the Company for general tax compliance purposes shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the
Company shall appoint a nationally recognized accounting, law or consulting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting, law or consulting firm
required to be made hereunder. 
 The Company shall use commercially reasonable efforts such that the accounting, law or consulting firm
engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Executive and the Company within 15 calendar days after the date on which Executive’s right to a Payment is
triggered (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company. 
 4.9
Application of Internal Revenue Code Section 409A. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under this Agreement (the “Severance Benefits”) that
constitute “deferred compensation” within the meaning of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section
409A”) shall not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a 

 
“separation from service” (as such term is defined in Treasury Regulation Section 1.409A-l (h) (“Separation From Service”), unless the
Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A. 

It is intended that each installment of the Severance Benefits payments provided for in this Agreement is a separate “payment” for
purposes of Treasury Regulation Section 1.409A- 2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the
application of Section 409A provided under Treasury Regulation Sections 1.409A-l (b)(4), l.409A-l (b)(5) and 1.409A-l (b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the Severance Benefits
constitute “deferred compensation” under Section 409A and Executive is, on the termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in
Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be delayed until the earlier
to occur of: (i) the date that is six months and one day after Executive’s Separation From Service, or (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment
Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the
Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in accordance with the
applicable payment schedules set forth in this Agreement. 
 Notwithstanding anything to the contrary set forth herein, Executive shall
receive the Severance Benefits described above, if and only if Executive duly executes and returns to the Company within the applicable time period set forth therein, but in no event more than forty-five days following Separation From Service, the
Release and permits the Release to become effective in accordance with its terms. Notwithstanding any other payment schedule set forth in this Agreement, none of the Severance Benefits will be paid or otherwise delivered prior to the effective date
of the Release. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll pay day following the effective date of the Release, the Company
will pay Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the Severance Benefits being
paid as originally scheduled. All amounts payable under the Agreement will be subject to standard payroll taxes and deductions. 
 5.
CONFIDENTIAL AND PROPRIETARY INFORMATION. 
 Executive has already executed, as a condition of Executive’s employment with the
Company, the Company’s standard form of Proprietary Information and Inventions Agreement (the “PIIA”). The PIIA remains in full force and effect. 

 6. ASSIGNMENT AND BINDING EFFECT. 

This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs, executors, personal representatives,
assigns, administrators and legal representatives. Because of the unique and personal nature of Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by Executive.
This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for
all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company. 
 7. NOTICES. 

All notices or demands of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in writing
and shall be personally delivered (and receipted for) or faxed during normal business hours or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Company: 

10421 Pacific Center Court, Suite 200 

San Diego, CA 92121 

Attention: Chairman of the Board 

If to Executive: 

David King 
  

Any such written notice shall be deemed given on the earlier of the date on which such notice is personally delivered or three days after its deposit in the
United States mail as specified above. Either Party may change its address for notices by giving notice to the other Party in the manner specified in this Section. 

8. CHOICE OF LAW. 
 This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of California without regard to its conflict of laws principles. 

9. INTEGRATION. 
 This
Agreement, including Exhibit A and the PIIA, contains the complete, final and exclusive agreement of the Parties relating to the terms and conditions of Executive’s employment and the termination of Executive’s employment, and
supersedes any and all prior 

 
and/or contemporaneous oral and written employment agreements or arrangements between the Parties. 

10. AMENDMENT. 
 This
Agreement cannot be amended or modified except by a written agreement signed by Executive and the Company. 
 11. WAIVER. 

No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party
against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach. 

12. SEVERABILITY. 
 The
finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the
authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision, which most accurately represents the Parties’ intention with respect to the invalid or unenforceable term, or
provision. 
 13. INTERPRETATION; CONSTRUCTION. 

The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax advisors with respect to the terms of this Agreement.
The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Agreement. 
 14. REPRESENTATIONS AND WARRANTIES. 

Executive represents and warrants that Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing
each of the terms and covenants contained in this Agreement, and that Executive’s execution and performance of this Agreement will not violate or breach any other agreements between Executive and any other person or entity. 

15. COUNTERPARTS. 
 This
Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one and the same instrument. 

16. ARBITRATION. 
 To
ensure the rapid and economical resolution of disputes that may arise in connection with Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising
from or relating to Executive’s employment, or the termination of that employment, will be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration pursuant to both the substantive and procedural
provisions of the Federal Arbitration Act in San Diego, California conducted by the Judicial Arbitration and Mediation Services/Undisputed, Inc. (“JAMS”), or its successors, under the then current rules of JAMS
for employment disputes; provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written
arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. Accordingly, Executive and the Company hereby waive any right to a jury trial. Both Executive and the Company shall be entitled to
all rights and remedies that either Executive or the Company would be entitled to pursue in a 

 
court of law. The Company shall pay any JAMS filing fee and shall pay the arbitrator’s fee. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute involving confidential, proprietary
or trade secret information, or intellectual property rights, by Court action instead of arbitration. 
 17. TRADE SECRETS OF OTHERS.

 It is the understanding of both the Company and Executive that Executive shall not divulge to the Company and/or its subsidiaries any
confidential information or trade secrets belonging to others, including Executive’s former employers, nor shall the Company and/or its Affiliates seek to elicit from Executive any such information. Consistent with the foregoing, Executive
shall not provide to the Company and/or its Affiliates, and the Company and/or its Affiliates shall not request, any documents or copies of documents containing such information. 

18. ADVERTISING WAIVER. 

Executive agrees to permit the Company, and persons or other organizations authorized by the Company, to use, publish and distribute
advertising or sales promotional literature concerning the products and/or services of the Company, or the machinery and equipment used in the provision thereof, in which Executive’s name and/or pictures of Executive taken in the course of
Executive’s provision of services to the Company appear. Executive hereby waives and releases any claim or right Executive may otherwise have arising out of such use, publication or distribution. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates below. 

 

					
	ANAPTYSBIO, INC.
		
	By:	 	/s/ Hamza Suria
		 	HAMZA SURIA
	Its:	 	President & CEO
	Dated:	 	January 6th 2012

  

	
	EXECUTIVE:
	
	/s/ David King
	DAVID KING

			
		
	Dated:	 	6th January 2012

  
  

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 

TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY 

In consideration of the payments and other benefits set forth in the Employment Agreement effective January 1, 2012, to which this form
is attached, I, David King, hereby furnish ANAPTYSBIO, INC. (the “Company”), with the following release and waiver ( “Release and Waiver”). 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally
and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively,
the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on
the date that I sign this Agreement (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the
Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud,
defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other
claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”),
the California Labor Code, and the California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”):
(a) any rights or claims for indemnification I may have pursuant to the charter or bylaws of the Company or under applicable law; (b) any rights or claims to unemployment compensation, funds accrued in my 401k account, or any vested equity
incentives; (c) any rights that are not waivable as a matter of law; or (d) any claims arising from the breach of this Agreement. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or
might have against any of the Released Parties that are not included in the Released Claims. 
 I also acknowledge that I have read and
understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that Section and any law of any jurisdiction, including New York, of
similar effect with respect to any claims I may have against the Company. 

 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under
ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. I further acknowledge that
I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should
consult with an attorney prior to executing this Release and Waiver; and (b) if I am age 40 or older at the time of execution of this release, I have 21 days from the date of termination of my employment with the Company in which to consider
this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); and (d) if I am age 40 or older at the time of execution of this release, I have seven days following the execution of this Release and
Waiver to revoke my consent to this Release and Waiver and this Release and Waiver shall not be effective until the seven day revocation period has expired without my having previously revoked this Release and Waiver. 

I agree not to disparage the Company and its officers, directors, employees, shareholders and/or agents, in any manner likely to be harmful to
them or their business, business reputations or personal reputations; provided that I may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or. other similar
compulsion of law) or as part of a government investigation. 
 I acknowledge my continuing obligations under my Proprietary Information and
Inventions Agreement. Pursuant to the Proprietary Information and Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all
Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the severance pay I am receiving in exchange for my agreement to the
terms of this Release and Waiver is contingent upon my continued compliance with my Proprietary Information and Inventions Agreement. 

This Release and Waiver constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with
regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of
the Company. 

									
					
	Date:	 	 	 		 	By:	 	 
		 		 		 		 	David King

  

 ANAPTYSBIO, INC. 

AMENDMENT NO. 1 TO 

EMPLOYMENT AGREEMENT 
 This
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into as of October 4th, 2012, by and between ANAPTYSBIO, INC. (the
“Company”) and David King (“Executive”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in that certain Employment Agreement, dated January 1, 2012, by and
between the Company and the Executive (the “Agreement”). 
 RECITALS 

WHEREAS, Section 10 of the Agreement provides that the Agreement cannot be amended or modified except by a written agreement
signed by Executive and the Company; and 
 WHEREAS, Executive and the Company desire to amend the Agreement as set forth herein.

 AGREEMENT 
 In
consideration of the foregoing recitals the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties, intending to be legally bound, agree as follows: 

1. AMENDMENT OF SECTION 4.5.3. Section 4.5.3. of the Agreement is hereby amended by striking the reference to “six
months” preceding the definition of “Severance Period” and replacing it with “nine months”. 
 2.
MISCELLANEOUS 
 2.1 This Amendment shall be construed and interpreted in accordance with the internal laws of the State of
California without regard to its conflict of laws principles. 
 2.2 Except as set forth herein, the Agreement shall remain unchanged
and in full force and effect in accordance with its terms. 
 2.3 This Amendment may be executed in counterparts, each of which shall
be deemed an original, and a11 of which together shall constitute one and the same instrument. Facsimile and electronic signatures shall be as effective as original signatures. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first set
forth above. 
  

					
	ANAPTYSBIO, INC.
		
	By:	 	/s Hamza Suria
	Its:	 	President & CEO

  

	
	EXECUTIVE:
	
	/s/ David King
	DAVID KING

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT]EX-10.7

 Exhibit 10.7 

CONSULTING AGREEMENT 
 This
Consulting Agreement (“Agreement”) is entered into as of May 1, 2015 (the “Effective Date”), between AnaptysBio, Inc. (“Company”), and David King
(“Consultant”). 
 Company and Consultant desire to have Consultant perform services for Company, subject to and in accordance with
the terms and conditions of this Agreement. 
 THEREFORE, the parties agree as follows: 

 

	1.	SERVICES 

 1.1 Performance of Services. Consultant will perform the services described in
Exhibit A (the “Services”) in accordance with the terms and conditions set forth in this Agreement. 
  

	2.	COMPENSATION 

 2.1 Compensation. As Consultant’s sole compensation for the performance of
Services, Company shall modify the Consultant’s stock option grants as reflected in Exhibit A. 
  

	3.	RELATIONSHIP OF THE PARTIES 

 3.1 Independent Contractor. Consultant is an independent contractor
and nothing in this Agreement will be construed as establishing an employment or agency relationship between Company and Consultant. Consultant has no authority to bind Company by contract or otherwise. Consultant will perform Services under the
general direction of Company, but Consultant will determine, in Consultant’s sole discretion, the manner and means by which Services are accomplished, subject to the requirement that Consultant will at all times comply with applicable law. 

3.2 Taxes and Employee Benefits. Consultant will report to all applicable government agencies as income all compensation received by Consultant
pursuant to this Agreement. Consultant will be solely responsible for payment of all withholding taxes, social security, workers’ compensation, unemployment and disability insurance or similar items required by any government agency. Consultant
will indemnify

 
and hold Company harmless from and against all damages, liabilities, losses, penalties, fines, expenses and costs (including reasonable fees and expenses of attorneys and other professionals)
arising out of or relating to any obligation imposed by law on Company to pay any withholding taxes, social security, unemployment or disability insurance or similar items in connection with compensation received by Consultant pursuant to this
Agreement. 
 3.3 Liability Insurance. Consultant acknowledges that Company will not carry any liability insurance on behalf of Consultant.
Consultant will maintain in force adequate liability insurance to protect Consultant from claims of personal injury (or death) or tangible or intangible property damage (including loss of use) that arise out of any act or omission of Consultant.

  

	4.	OWNERSHIP 

 4.1 Disclosure of Work Product. Consultant will, as an integral part of its
performance of Services, disclose in writing to Company all inventions, products, designs, drawings, notes, documents, information, documentation, improvements, works of authorship, processes, techniques, know-how, algorithms, specifications,
hardware, circuits, computer programs, databases, user interfaces, encoding techniques, and other materials of any kind that Consultant may make, conceive, develop or reduce to practice, alone or jointly with others, in connection with performing
Services, or that result from or that are related to such Services, whether or not they are eligible for patent, copyright, mask work, trade secret, trademark or

 

  
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other legal protection (collectively, “Consultant Work Product”). Consultant Work Product includes without limitation any deliverables that Consultant delivers to
Company pursuant to Section 1.3. 
 4.2 Ownership of Consultant Work Product. Consultant and Company agree that, to the fullest extent
permitted by applicable law, each item of Consultant Work Product will be a work made for hire owned exclusively by Company. Consultant agrees that, regardless of whether an item of Consultant Work Product is a work made for hire, all Consultant
Work Product will be the sole and exclusive property of Company. Consultant hereby irrevocably transfers and assigns to Company, and agrees to irrevocably transfer and assign to Company, all right, title and interest in and to the Consultant Work
Product, including all worldwide patent rights (including patent applications and disclosures), copyright rights, mask work rights, trade secret rights, know-how, and any and all other intellectual property or proprietary rights (collectively,
“Intellectual Property Rights”) therein. At Company’s request and expense, during and after the term of this Agreement, Consultant will assist and cooperate with Company in all respects, and will execute documents, and
will take such further acts reasonably requested by Company to enable Company to acquire, transfer, maintain, perfect and enforce its Intellectual Property Rights and other legal protections for the Consultant Work Product. Consultant hereby
appoints the officers of Company as Consultant’s attorney-in-fact to execute documents on behalf of Consultant for this limited purpose. 
 4.3
Moral Rights. To the fullest extent permitted by applicable law, Consultant also hereby irrevocably transfers and assigns to Company, and agrees to irrevocably transfer and assign to Company, and waives and agrees never to assert, any and all
Moral Rights (as defined below) that Consultant may have in or with respect to any Consultant Work Product, during

 
and after the term of this Agreement. “Moral Rights” mean any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, to
withdraw from circulation or control the publication or distribution of a work, and any similar right, existing under judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right as called or
generally referred to as a “moral right.” 
 4.4 Related Rights. To the extent that Consultant owns or controls (presently or in the
future) any patent rights, copyright rights, mask work rights, trade secret rights, or any other intellectual property or proprietary rights that may block or interfere with, or may otherwise be required for, the exercise by Company of the rights
assigned to Company under this Agreement (collectively, “Related Rights”), Consultant hereby grants or will cause to be granted to Company a non-exclusive, royalty-free, irrevocable, perpetual, transferable, worldwide license
(with the right to sublicense) to make, have made, use, offer to sell, sell, import, copy, modify, create derivative works based upon, distribute, sublicense, display, perform and transmit any products, software, hardware, methods or materials of
any kind that are covered by such Related Rights, to the extent necessary to enable Company to exercise all of the rights assigned to Company under this Agreement. 
  

	5.	CONFIDENTIAL INFORMATION 

 For purposes of this Agreement, “Confidential
Information” means and will include: (i) any information, materials or knowledge regarding Company and its business, financial condition, products, programming techniques, customers, suppliers, technology or research and
development that is disclosed to Consultant or to which Consultant has access in connection with performing Services; (ii) the Consultant Work Product; and (iii) the terms and conditions of this Agreement. Confidential Information will not

 

  
 2 

 
include any information that: (a) is or becomes part of the public domain through no fault of Consultant; (b) was rightfully in Consultant’s possession at the time of disclosure,
without restriction as to use or disclosure; or (c) Consultant rightfully receives from a third party who has the right to disclose it and who provides it without restriction as to use or disclosure. Consultant agrees to hold all Confidential
Information in strict confidence, not to use it in any way, commercially or otherwise, except in performing Services, and not to disclose it to others. Consultant further agrees to take all actions reasonably necessary to protect the confidentiality
of all Confidential Information including, without limitation, implementing and enforcing procedures to minimize the possibility of unauthorized use or disclosure of Confidential Information. 

 

	6.	WARRANTIES 

 6.1 No Pre-existing Obligations. Consultant represents and warrants that Consultant
has no pre-existing obligations or commitments (and will not assume or otherwise undertake any obligations or commitments) that would be in conflict or inconsistent with or that would hinder Consultant’s performance of its obligations under
this Agreement. 
 6.2 Performance Standard. Consultant represents and warrants that Services will be performed in a thorough and professional
manner, consistent with high professional and industry standards by individuals with the requisite training, background, experience, technical knowledge and skills to perform Services. 

6.3 Non-infringement. Consultant represents and warrants that the Consultant Work Product will not infringe, misappropriate or violate the rights of
any third party, including, without limitation, any Intellectual Property Rights or any rights of privacy or rights of publicity, except to the extent any portion of the Consultant Work

 
Product is created, developed or supplied by Company or by a third party on behalf of Company. 
 6.4
Competitive Activities. During the term of this Agreement, Consultant will not, directly or indirectly, in any individual or representative capacity, engage or participate in or provide services to any business that is competitive with the
types and kinds of business being conducted by Company. 
 6.5 Non-Solicitation of Personnel. During the term of this Agreement and for a period of
one (1) year thereafter, Consultant will not directly or indirectly solicit the services of any Company employee or consultant for Consultant’s own benefit or for the benefit of any other person or entity. 

 

	7.	INDEMNITY 

 Consultant will defend, indemnify and hold Company harmless from and against all claims,
damages, liabilities, losses, expenses and costs (including reasonable fees and expenses of attorneys and other professionals) arising out of or resulting from: 

(a) any action by a third party against Company that is based on a claim that any Services performed under this Agreement, or the results of
such Services (including any Consultant Work Product), or Company’s use thereof, infringe, misappropriate or violate such third party’s Intellectual Property Rights; and 

(b) any action by a third party against Company that is based on any act or omission of Consultant and that results in: (i) personal
injury (or death) or tangible or intangible property damage (including loss of use); or (ii) the violation of any statute, ordinance, or regulation. 
  

	8.	TERM AND TERMINATION 

 8.1 Term. This Agreement will commence on the Effective Date and, unless
terminated 

 

  
 3 

 
earlier in accordance with the terms of this Agreement, will remain in force and effect for one year, until April 30, 2016 (the “Term”), provided,
however, that this Agreement may be renewed by the Company for successive one (1) year periods, provided that the Company gives Consultant written notice of its intention to renew at least thirty (30) days prior to the end of the
applicable one-year period and Consultant consents in writing to such extension. 
 8.2 Termination for Breach. Either party may terminate this
Agreement (including all Statements of Work) if the other party breaches any material term of this Agreement and fails to cure such breach within thirty (30) days following written notice thereof from the non-breaching party. 

8.3 Termination for Convenience. Company may terminate this Agreement (including all Statements of Work) at any time, for any reason or no reason, upon
at least ten (10) days written notice to Consultant. 
 8.4 Effect of Termination. Upon the expiration or termination of this Agreement for any
reason: (i) Consultant will promptly deliver to Company all Consultant Work Product, including all work in progress on any Consultant Work Product not previously delivered to Company, if any; (ii) Consultant will promptly deliver to
Company all Confidential Information in Consultant’s possession or control; and (iii) Company will pay Consultant any accrued but unpaid fees due and payable to Consultant pursuant to Section 2. 

8.5 Survival. The rights and obligations of the parties under Sections 2, 3.2, 3.3, 4, 5, 6.5, 6.6, 7, 8.4, 8.5, 9 and 10 will survive the expiration
or termination of this Agreement. 
  

	9.	LIMITATION OF LIABILITY 

 9.1 IN NO EVENT WILL COMPANY BE LIABLE FOR ANY SPECIAL, INCIDENTAL,

 
PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OF ANY KIND IN CONNECTION WITH THIS AGREEMENT, EVEN IF COMPANY HAS BEEN INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES. 

 

	10.	GENERAL 

 10.1 Assignment. Consultant may not assign or transfer this Agreement, in whole or in
part, without Company’s express prior written consent. Any attempt to assign this Agreement, without such consent, will be void. Subject to the foregoing, this Agreement will bind and benefit the parties and their respective successors and
assigns. 
 10.2 No Election of Remedies. Except as expressly set forth in this Agreement, the exercise by Company of any of its remedies under this
Agreement will not be deemed an election of remedies and will be without prejudice to its other remedies under this Agreement or available at law or in equity or otherwise. 

10.3 Equitable Remedies. Because the Services are personal and unique and because Consultant will have access to Confidential Information of
Company, Company will have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without having to post a bond or other consideration, in addition to all other remedies that
Company may have for a breach of this Agreement at law or otherwise. 
 10.4 Attorneys’ Fees. If any action is necessary to enforce the
terms of this Agreement, the substantially prevailing party will be entitled to reasonable attorneys’ fees, costs and expenses in addition to any other relief to which such prevailing party may be entitled. 

10.5 Governing Law. This Agreement will be governed by and construed in accordance with

 

  
 4 

 
the laws of the State of California, excluding its body of law controlling conflict of laws. Any legal action or proceeding arising under this Agreement will be brought exclusively in the federal
or state courts located in the Northern District of California and the parties irrevocably consent to the personal jurisdiction and venue therein. 
 10.6
Severability. If any provision of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement will remain in full force and effect, and the provision affected will be
construed so as to be enforceable to the maximum extent permissible by law. 
 10.7 Waiver. The failure by either party to enforce any provision of
this Agreement will not constitute a waiver of future enforcement of that or any other provision. 
 10.8 Notices. All notices required or permitted
under this Agreement will be in writing, will reference this Agreement, and will be deemed given: (i) when delivered personally; (ii) one (1) business day after deposit with a nationally-recognized express courier, with written
confirmation of receipt; or (iii) three (3) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid. All such notices will be sent to the addresses set forth above or to such other
address as may be specified by either party to the other party in accordance with this Section. 
 10.9 Entire Agreement. This Agreement, together
with Exhibit A, constitutes the complete and exclusive understanding and agreement of the parties with respect to its subject matter and supersedes all prior understandings and agreements, whether written or oral, with respect to its subject
matter. Any waiver, modification or amendment of any provision of this Agreement will be effective only if in writing and signed by the parties hereto.

 10.10 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of
the Effective Date. 
 COMPANY: 
  

			
	By:		 /s/ Hamza Suria

		
	Name:		 Hamza Suria

		
	Title:		 President & Chief Executive Officer

		
	Date:		 May 1st, 2015

 CONSULTANT: 
  

			
	By:		 /s/ David King

		
	Name:		 David King

		
	Date:		 5th May 2015

 
 

  
 5 

 EXHIBIT A 

STATEMENT OF WORK AND COMPENSATION 
 This
Statement of Work is issued under and subject to all of the terms and conditions of the Consulting Agreement dated as of May 1, 2015, between AnaptysBio, Inc. (the “Company”) and David King
(“Consultant”). 
 1. Description of Services: 

Consultant will provide services as a member of the Company’s Scientific Advisory Board as mutually determined by the Company and Consultant. 

2. Modification of Stock Option Grants: 
 Pursuant
to the terms of the Stock Option Agreements by and between you and the Company and the Company’s 2006 Equity Incentive Plan (such agreements and plan hereafter collectively referred to as the “Option
Agreements”), you were granted options to purchase an aggregate total of 1,333,077 shares of the Company’s Common Stock (the “Options”). As of the Separation Date, the Options have
vested as to 1,111,979 shares (the “Vested Shares”), and remain unvested as to 221,098 shares (the “Unvested Shares”). With respect to the Options, you have exercised
none of the Vested Shares leaving 1,111,979 unexercised Vested Shares (the “Unexercised Vested Shares”). Because your employment is terminating as of May 1st 2015, none of the Unvested Shares would
ever vest. However, as compensation for the Services above, the Option will continue to vest under its original vesting schedule during the Term. Per the Option Agreement, you will have three (3) months following the termination of
the Term to exercise any then-unexercised vested shares under the Option Agreements. After this date, you will no longer have a right to exercise the Options as to any shares. However, please note that (i) if you do not exercise
the Unexercised Vested Shares within three (3) months of the Separation Date, the Unexercised Vested Shares will cease to have Incentive Stock Option (ISO) status, and will instead be considered Nonqualified Stock Options (NSO); and
(ii) any shares that vest during the term of the Consultancy will be NSOs, regardless of when they are exercised. Please consult your accountant or tax advisor with respect to this matter.  

AGREED AS OF MAY 1, 2015 
  

									
	COMPANY:				CONSULTANT:
					
	By:		 /s/Hamza Suria
				By:		 /s/ David King

					
	Name:		 Hamza Suria
				Name:		 David King

					
	Title:		 President & Chief Executive Officer
				Date:		 5th May 2015

					
	Date:		 May 19th 2015

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