Document:

Exhibit 10.2
Y-MABS THERAPEUTICS, INC. 
2018 EQUITY INCENTIVE PLAN 
STOCK OPTION GRANT NOTICE 
Y-mAbs Therapeutics, Inc. a Delaware corporation, (the “Company”), pursuant to its 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s Common Stock (the “Shares”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein, as well as in the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”), each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Stock Option Agreement. 
 
					
	Participant:
	  
	(                )
	  
	
			
	Grant Date:
	  
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	Vesting Commencement Date:
	  
	(                )
	  
	
			
	Exercise Price per Share:
	  
	$(                )
	  
	
			
	Total Exercise Price:
	  
	$(                )
	  
	
			
	Total Number of Shares
Subject to the Option:
	  
	(                )
	  
	
			
	Expiration Date:
	  
	(                )
	  
	
			
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Vesting Schedule:
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[[BOARD MEMBERS FIRST TIME GRANT – use this text] 
One thirty-sixth (1/36th) of the Shares subject to the Option shall vest and become exercisable each month over the next three (3) years following the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), in each case, subject to Participant continuing to be a Service Provider through each applicable vesting date. 
[BOARD MEMBERS - ANNUAL GRANT – use this text]
1/12th of the Shares subject to the Option shall vest and become exercisable each month over the next 12 months following the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), in each case, subject to Participant continuing to be a Service Provider through each applicable vesting date. ] 
This Option will be exercisable with respect to the Shares which have vested as per the above vesting schedule until a date no later than the earlier of (1) the Option's original Term/Expiration Date set forth 

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above, or (2) the 10th anniversary of the original Date of Grant set forth above. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in the Stock Option Agreement and/or the Plan.
Type of Option:          ☐    Incentive Stock Option                 ☐    Nonqualified Stock Option 
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By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement, and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Stock Option Agreement. 
 
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	Y-MABS THERAPEUTICS, INC.:
	 
		 
	PARTICIPANT:

					
	By:
	 
	 
	 
		 
	By:
	 
	 

	Print Name:
		 
	 
		 
	Print Name:
		 

	Title:
		 
	 
		 
		 
	
	Address:
		 
	 
		 
	Address:
		 

		 
	 
	 
		 
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EXHIBIT A
STOCK OPTION AGREEMENT
Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”) is attached, Y-mAbs Therapeutics, Inc., a Delaware corporation (the “Company”), has granted to the Participant an Option under the Company’s 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), to purchase the number of Shares indicated in the Grant Notice. 
ARTICLE 1.
GENERAL 
1.1 Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
1.2 Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
ARTICLE 2.
GRANT OF OPTION 
2.1 Grant of Option. In consideration of the Participant’s past and/or continued employment with or service to the Company or any Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company irrevocably grants to the Participant the Option to purchase any part or all of an aggregate of the number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement, subject to adjustments as provided in Article IX of the Plan. Unless designated as a Nonqualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law. 
2.2 Exercise Price. The exercise price of the Shares subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the Shares subject to the Option shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and the Participant is a Greater Than 10% Stockholder as of the Date of Grant, the exercise price per share of the Shares subject to the Option shall not be less than 110% of the Fair Market Value of a Share on the Grant Date. 
2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, the Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and the Participant. 
 
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ARTICLE 3.
PERIOD OF EXERCISABILITY 
3.1 Commencement of Exercisability. 
(a) Subject to Sections 3.2, 3.3, 5.11 and 5.17 hereof, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. 
(b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. 
(c) Notwithstanding Section 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, in the event of a Change in Control the Option shall be treated pursuant to Sections 9.2 and 9.3 of the Plan. 
3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. 
3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events: 
(a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from the Grant Date; 
(b) If this Option is designated as an Incentive Stock Option and the Participant, at the time the Option was granted, was a Greater Than 10% Stockholder, the expiration of five (5) years from the Grant Date; 
(c) The expiration of three (3) months from the date of the Participant’s Termination of Service (provided, however, that if on the last day of this three-month period, the Participant is prevented from trading Shares subject to the Option due to a black-out period under the Company’s insider trading compliance policy, the period will be extended to expire on the day immediately before the beginning of the following black-out period but in no event later than the Expiration Date set forth in the Grant Notice) unless such termination occurs by reason of the Participant’s death or disability; or 
(d) The expiration of one (1) year from the date of the Participant’s Termination of Service by reason of the Participant’s death or disability. 
3.4 Special Tax Consequences. The Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock Options, including the Option (if applicable), are exercisable for the first time by the Participant in any calendar year exceeds $100,000, the Option and such other options shall be Nonqualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. The Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. The Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after the Participant’s Termination of Employment, other than by reason of death or disability, will be taxed as a Nonqualified Stock Option. 
 
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3.5 Tax Indemnity. 
(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and the Participant’s employing company, if different, from and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction) that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Shares on exercise of the Option or (3) the disposal of any Shares. 
(b) The Option cannot be exercised until the Participant has made such arrangements as the Company may require for the satisfaction of any Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Shares by the Participant. The Company shall not be required to issue, allot or transfer Shares until the Participant has satisfied this obligation. 
(c) The Participant hereby acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax Liabilities in connection with any aspect of the Option and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of any Award, including the Option, to reduce or eliminate the Participant’s liability for Tax Liabilities or achieve any particular tax result. Furthermore, if the Participant becomes subject to tax in more than one jurisdiction between the date of grant of an Award, including the Option, and the date of any relevant taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax Liabilities in more than one jurisdiction. 
ARTICLE 4.
EXERCISE OF OPTION 
4.1 Person Eligible to Exercise. Except as provided in Section 5.3 hereof, during the lifetime of the Participant, only the Participant may exercise the Option or any portion thereof, unless it has been disposed of pursuant to a DRO. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3 hereof, be exercised by the deceased the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then applicable laws of descent and distribution. 
4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. However, the Option shall not be exercisable with respect to fractional Shares. 
4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company; for the avoidance of doubt, delivery shall include electronic delivery), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3 hereof: 
(a) An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 
 
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(b) The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to the Participant or in such other form of consideration permitted under Section 4.4 hereof that is acceptable to the Company; 
(c) Any other written representations or documents as may be required in the Administrator’s sole discretion to evidence compliance with the Securities Act, the Exchange Act or any other applicable law, rule or regulation; and 
(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option. 
Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 
4.4 Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Participant: 
(a) Cash or check; 
(b) With the consent of the Administrator, surrender of Shares (including, without limitation, Shares otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or 
(c) Other legal consideration acceptable to the Administrator (including, without limitation, through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale). 
4.5 Conditions to Issuance of Shares. The Shares deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the conditions in Section 10.7 of the Plan and following conditions: 
(a) The admission of such Shares to listing on all stock exchanges on which such Shares are then listed; 
(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 
 
(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
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(d) The receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4 hereof; and 
(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience. 
4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any Shares purchasable upon the exercise of any part of the Option unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Article IX of the Plan. 
ARTICLE 5.
OTHER PROVISIONS 
5.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. 
5.2 Whole Shares. The Option may only be exercised for whole Shares. 
5.3 Option Not Transferable. 
(a) Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until the Option has been exercised and the Shares underlying the Option have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until the Option has been exercised, and any attempted disposition thereof prior to exercise shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
(b) During the lifetime of the Participant, only the Participant may exercise the Option (or any portion thereof), unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of the Option may, prior to the time when such portion becomes unexercisable under the Plan or this Agreement, be exercised by the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then-applicable laws of descent and distribution. 
 
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 (c) Notwithstanding any other provision in this Agreement, the Participant may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to the Option upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and this Agreement, except to the extent the Plan and this Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and resides in a community property state, a designation of a person other than the Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Option shall not be effective without the prior written consent of the Participant’s spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by the Participant at any time provided the change or revocation is filed with the Administrator prior to the Participant’s death. 
5.4 Tax Consultation. The Participant understands that the Participant may suffer adverse tax consequences as a result of the grant, vesting and/or exercise of the Option, and/or with the purchase or disposition of the Shares subject to the Option. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of such Shares and that the Participant is not relying on the Company for any tax advice. 
5.5 Binding Agreement. Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
5.6 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Option in such circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Shares contemplated by Article IX of the Plan (including, without limitation, an extraordinary cash dividend on such Shares), the Administrator shall make such adjustments the Administrator deems appropriate in the number of Shares subject to the Option, the exercise price of the Option and the kind of securities that may be issued upon exercise of the Option. The Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and Article IX of the Plan. 
5.7 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 5.7, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.7. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
5.8 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 
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5.9 Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
5.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all Applicable Law and regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such Applicable Law. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law. 
5.11 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written consent of the Participant.
5.12 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns. 
5.13 Notification of Disposition. If this Option is designated as an Incentive Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date with respect to such Shares or (b) within one (1) year after the transfer of such Shares to the Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 
5.14 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
5.15 Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or interfere with or restrict in any way with the right of the Company or any of its Subsidiaries, which rights are hereby expressly reserved, to discharge or to terminate for any reason whatsoever, with or without cause, the services of the Participant’s at any time. 
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5.16 Entire Agreement. The Plan, the Grant Notice an
d this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. 
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5.17 Section 409A. This Option is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify the Participant or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.
5.18 Limitation on the Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to options, as and when exercised pursuant to the terms hereof. 
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​Exhibit 10.3
SEPARATION AGREEMENT AND GENERAL RELEASE
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This Separation Agreement and General Release (the “Agreement”) is made and entered into by and between Y-mAbs Therapeutics, Inc. (the “Company”), located at 230 Park Avenue, Suite 3350, New York, NY 10169, and its employee, Claus Juan Møller San Pedro (“Employee”), who resides at [***].
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WHEREAS, Employee has been employed by the Company as Chief Executive Officer since March 1, 2016 under the terms of a Service Agreement, dated January 3, 2016 (“Service Agreement”); and
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WHEREAS, in consideration for Employee’s execution of this Agreement and other consideration set forth herein, the Company shall treat Employee’s termination as one “without cause” under the Service Agreement and the Company’s 2015 and 2018 Equity Incentive Plans; and
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WHEREAS, the parties have reached certain mutual agreements and understandings with respect to the termination of Employee’s employment with the Company, and desire to settle fully and finally any claims, disputes and obligations relating to Employee’s employment with the Company and the termination thereof.
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NOW, THEREFORE, IT IS HEREBY AGREED THAT:
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1.Notice Period/Transition/Termination of Employment. Employee’s active duties with the Company ended on April 24, 2022 (“Termination Date”). Employee shall be paid his full salary through May 31, 2022. No later than the next pay period after the Effective Date of this Agreement as provided for in Paragraph 17(b) below, the Company shall reinstate Employee to payroll with Y-mAbs Therapeutics A/S (“Y-mAbs Denmark”), retroactive to May 31, 2022, and Y-mAbs Denmark shall provide him with monthly payments of his salary for the 12-month notice period (“Notice Period”) on the last business day of each month, less applicable withholdings and deductions, as specified in Paragraph 10.1 of the Service Agreement for termination without cause. During the Notice Period, Employee will not be entitled to any employee benefits other than those provided in Paragraph 6 of the Service Agreement, as provided for in Paragraph 21 below, and continuation of health insurance benefits as currently provided. During the Notice Period, Employee will be an employee of Y-mAbs Denmark but placed on paid leave during which he will not be expected to perform any duties for Y-mAbs Denmark or the Company, provided, however, that he will remain available to answer questions and to assist with the transition of any matters in which Employee was working, as well as any to perform other services reasonably requested by the Company.
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2.Duty of Loyalty. During the Notice Period, the duty of loyalty (good faith and fair dealing) applies in full and for that reason, the Employee is in every respect and in every context required to act in good faith vis-à-vis the Company/the Y-mAbs Therapeutics group of companies and is during the Notice Period precluded from 1) having business related contact of any kind (which for the avoidance of doubt includes affiliation of any kind, e.g., employment, 

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consultancy work etc.) with the employees, customers, agents, suppliers and other business partners etc. of the Company/ the Y-mAbs Therapeutics group of companies and 2) establishing an independent business and/or take up new employment in companies that – directly or indirectly - competes with the activities of the Company/ the Y-mAbs Therapeutics group of companies. For clarity, with the prior written approval of the Company or the Board (which will not be unreasonably withheld and will be provided, if at all, within five (5) business days after a written request from the Employee), the Employee may work as consultant for HBM Healthcare Investments on non-Y-mAbs related matters, commence employment or a consultancy with another non-competitive business entity, or set up his own business, provided that he observes the duty of loyalty and limitations described above (collectively, “Approved Business Endeavors”). Employee’s salary payments during the Notice Period will not be subject to set-off against any earnings from Approved Business Endeavors. 
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3.Bonus Pay. Employee will receive a bonus of $202,500, less applicable withholdings and deductions (“Bonus”). The Bonus will be paid out by Y-mAbs Denmark in early 2023 at the same time that bonuses for the 2022 calendar year are paid to other Executive Management team members.
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4.Separation Pay. In further consideration for Employee’s execution of this Agreement, following the Notice Period, and provided the Agreement has become effective and not breached, Y-mAbs Denmark shall pay Employee his full salary for twelve (12) months as provided in Paragraph 10.1 of the Service Agreement for terminations without cause in one lump sum payment within thirty (30) days from the Notice Period end date, in the total amount of $679,300, less applicable withholdings and deductions (“Severance Pay”).
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5.Vacation and Vacation Pay. The Employee agrees to take any accrued or earned but unused holidays or working days off during the Notice Period. The Employee is not entitled to any holiday pay (feriegodtgorelse) under the Danish Holiday Act.
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6.Payment Currency. Amounts payable to the Employee under this Agreement with respect to periods ending on May 31, 2022 will be paid in accordance with the usual salary split, meaning that 60% of the amount is paid in USD from the Company and 40% is paid out of Y-mAbs Denmark in Danish kroner (DKK). Amounts payable to the Employee under this Agreement with respect to periods following May 31, 2022 will be paid 100% out of Y-mAbs Denmark in DKK. The exchange rate for conversion of payments to be made in DKK will be determined semi-annually each 31 December and 30 June of each year (each an “Exchange Rate Date”) and such conversion rate will apply to all payments made thereafter and until the following Exchange Rate Date.
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7.Insider Trading Compliance Policy. Employee acknowledges and agrees that the Company’s Insider Trading Compliance Policy shall continue to apply to the Employee until August 24, 2022. Notwithstanding the foregoing, the Employee has been informed that irrespective thereof (i) he may not buy or sell securities of the Company while in possession of material non-public information that he has obtained in connection with his service as an officer or director of the Company or otherwise, (ii) he may not furnish (“tip”) material non-public information about the Company to any person who might trade on the information and (iii) Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, any filing obligations and short swing profit limitations thereunder, may remain 

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applicable to the Employee for up to six (6) months following the termination of service.
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8.Health Insurance Benefit. Employee is not insured under the laws of the United States and receives his health insurance coverage under the laws of Denmark. During the Notice Period, Employee will continue to be eligible for health insurance under the same terms as during his employment, with the same deduction or payment made from his monthly salary.
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9.Stock Options. In further consideration of Employee’s execution of this Agreement and provided the Agreement has become effective, the Company shall allow Employee to continue vesting in all of his stock options which have been granted but not vested as of the Effective Date and consistent with a termination without cause under the Equity Incentive Plan. The Company permits the Employees to transfer his stock options to a holding company wholly owned and controlled by the Employee.
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10.Housing Allowance/Travel Expenses. Employee shall be entitled to the monthly cash housing allowance provided in Paragraph 5.5 of the Service Agreement until the end of the lease term of his residential property located in New York which ended in July 2022. The Company agrees to pay/reimburse for the round-trip airfare (business) CPH-NYC that the Employee made to empty and vacate his apartment when the lease terminated.
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11.Duty of Confidentiality and Restrictive Covenants. All provisions of Paragraphs 4.1 through 4.9 of the Service Agreement pertaining to the Employee’s duty of confidentiality and (subject to mandatory applicable local Danish law limitations, if any) Paragraph 15.1 through 15.5 of the Service Agreement regarding employment and post- employment restrictions, remain in full force and effect for the full term thereof, (i.e., the Non-Competition Period (as defined therein) of 6 months following the expiry of the Notice Period) and such restrictions and confidentiality obligations are incorporated into this Agreement as if fully set forth herein.
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12.Benefits Not Otherwise Entitled To / Consideration. Employee acknowledges that treatment of his termination as one without cause under the Service Agreement and Equity Incentive Plan, payment for the Notice Period and the Severance Pay, and stock options to which Employee is entitled to under the Service Agreement otherwise exceeds any payment, benefit, or other thing of value to which Employee might otherwise be legally entitled to receive from the Company.
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13.Acknowledgement of Full Payments. Employee agrees that the Company has paid all of the salary, bonuses, fees, commissions, expense reimbursements, vacation, sick pay, holiday pay and all other employee benefits due and owing to Employee as a result of Employee’s employment with the Company, and that no other compensation or payments of any kind or nature is owed to Employee, other than as provided in this Agreement.
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14.General Release.
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In consideration of the compensation and benefits set forth herein, the receipt and adequacy of which are hereby acknowledged by Employee, Employee hereby releases and discharges the Company, and each of its respective present, former and future affiliates and related companies, as well as the shareholders, directors, trustees, officers, employees, attorneys, thereof, 

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and all their heirs, successors, assigns, and agents (collectively, the “Company Releasees”), from any and all claims, causes of action, suits, debts, controversies, judgments, decrees, damages, liabilities, covenants, contracts and agreements, whether known or unknown, in law or equity, whether statutory or common law, whether federal, state, local or otherwise, including, but not limited to, any claims relating to, or arising out of any aspect of Employee’s employment with the Company, or the termination of such employment, including without limitation:
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(a)any and all claims under any laws of Denmark;
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(b)any and all claims arising under laws within the United States, including federal, state, or local statute, including but not limited to, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (“ADEA”), as amended, Title VII of the Civil Rights Act of 1964, as amended, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1866, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974, the Family Medical Leave Act of 1993, the Immigration Reform and Control Act of 1986, the New York State Executive Law, New York State Human Rights Law, the New York Labor Law, the New York City Human Rights Law, and the New York City Administrative Code, the New Jersey Law Against Discrimination and the New Jersey Labor Law, all as amended;
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(c)any and all claims arising under any other federal, state, or local labor law, civil rights law, or human rights law;
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(d)any and all claims arising under common law, including, but not limited to, claims for defamation, libel, slander, false imprisonment, breach of contract, or tortious interference with business relations;
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(e)any and all claims for monetary recovery, including but not limited to, severance pay, back pay, front pay, liquidated, compensatory and punitive damages, attorneys’ fees, disbursements and costs.
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To the extent any claim is not releasable, Employee acknowledges that the payments and consideration received hereunder more than offset any monetary sums owing to Employee from any non-releasable claim. Nothing herein shall be construed to prohibit Employee from exercising Employee’s rights as specified in Paragraph 15(c) or shall prevent Employee from enforcing the terms of this Agreement.
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15.No Claims.
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(a)Employee further represents that Employee has never commenced or filed and agrees not to commence, file, voluntarily aid or in any way prosecute or cause to be commenced or prosecuted against the Company Releasees any action, charge, complaint or other proceeding, subject to the provisions of Paragraph 15(c).
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(b)In the event Employee files any civil complaint or commences any litigation of any kind that is covered by the release in this Agreement, Employee shall immediately tender back all consideration received under this Agreement and pay all of the attorney’s fees, expenses and costs incurred by the Company Releasees in connection with the 

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complaint or action filed, provided that this sentence shall not apply to any claim by Employee that the waiver and release herein of any age discrimination claim was not knowing and voluntary under the ADEA. The Company Releasees shall also have the right of set-off against any obligation to Employee under this Agreement. In addition to the remedies noted above, the Company Releasees may pursue all other remedies available under law or equity to address Employee’s breach of this Agreement.
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(c)Nothing in this Agreement shall be construed to prohibit Employee from filing a charge with or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, the Occupational Safety and Health Administration or other government agency charged with the enforcement of any law. Notwithstanding the foregoing, Employee agrees to waive Employee’s right to recover monetary damages or any personal relief (including, but not limited to, reinstatement, back pay, front pay, damages, and attorneys’ fees) in connection with any such charge or complaint, as well as with regard to any charge, complaint or lawsuit filed by anyone else on Employee’s behalf, provided this shall not apply to certain claims filed with the Securities and Exchange Commission or with regard to any other claim not releasable as a matter of law. To the extent permissible by law, the Severance Payment will be credited against any sums received by the Employee pursuant to a claim not releasable as a matter of law.
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16.Non-Admission of Wrongdoing. This Agreement shall not in any way be construed as an admission by the Company of any liability, or of any unlawful, discriminatory, or otherwise wrongful acts whatsoever against Employee or any other person.
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17.Knowing and Voluntary Waiver. Notwithstanding any other provision of this Agreement to the contrary:
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(a)Employee agrees that this Agreement constitutes a knowing and voluntary waiver of all rights or claims Employee may have against the Company Releasees.
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(b)The Company hereby advises Employee to consult with an attorney, prior to executing this Agreement. Employee acknowledges that the Company has given Employee a reasonable period of time of at least 21 days in which to consider this Agreement before executing this Agreement. If Employee executes this Agreement at any time prior to the end of the 21-day period that the Company gave Employee in which to consider this Agreement, such early execution was a knowing and voluntary waiver of Employee’s right to consider this Agreement for 21 days. Employee has a period of seven days following Employee’s execution of this Agreement to revoke this Agreement by providing a letter to Sune R. Nyland, Vice President, General Counsel of Y-mAbs Therapeutics, Inc. (or his successor), stating Employee’s intent to revoke this Agreement. The Agreement shall become effective on the eighth day after Employee executes this Agreement, unless Employee revokes it prior thereto as afore-stated (“Effective Date”).
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(c)Employee’s acceptance of the payments and/or benefits described in Paragraph 1, 3, 4, and 5 of this Agreement at any time subsequent to seven days after Employee’s execution of this Agreement, shall constitute an admission by Employee that Employee did not revoke this Agreement during the revocation period of seven days, and shall 

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further constitute an admission by Employee that this Agreement has become effective and enforceable as of the Effective Date.
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18.Non-Disclosure of Confidential Information. Employee agrees that Employee will not, without the prior written consent of the applicable Company Releasee, either directly or indirectly, transmit or disclose to any person or entity any Confidential Information (as defined below) or use any Confidential Information for Employee’s own benefit or the benefit of any other person or entity, or to the detriment of the Company Releasees, except this shall not prevent Employee from making statements to the extent required by applicable law to respond to an order or subpoena of a court of competent jurisdiction or in response to any subpoena issued by a state or federal governmental agency; provided that Employee will provide the Company with prompt notice of any such legal requirement so that the Company or its designee may seek a protective order or other appropriate remedy. Notice is not required where disclosure is required by any governmental agency that directs Employee to refrain from notifying the Company or with regard to matters before the Securities and Exchange Commission. “Confidential Information” shall include all information specified in Paragraph 4.1 of the Service Agreement, in addition to any non-public or personal information pertaining to the Company Releasees disclosed to Employee or developed or learned by Employee during the course of or as a result of Employee’s employment with, or Employee’s provision of legal and other Service to, any of the Company Releasees, including, but not limited to information such as: (i) personnel data, including compensation, policies and benefits; (ii) corporate and personal financial information, (iii) corporate marketing plans and strategies; (iv) any legal issues, strategies or privileged information; and (iv) any business, personal or financial information relating in any way to the Company. Nothing in this Paragraph 17 shall be construed to prohibit Employee from exercising Employee’s rights as specified in Paragraph 15(c).
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19.Non-Disclosure of Agreement Terms. Subject to mandatory applicable local Danish law limitations, if any, the Employee agrees to keep all terms of this Agreement, and all facts and claims leading up to this Agreement’s negotiation and execution, confidential and shall not divulge or discuss them with anyone, except as required by law or to members of Employee’s immediate family, Employee’s attorney and accountant, if Employee assures that they will keep the terms strictly confidential. This shall not prevent Employee from making statements to the extent required by applicable law to respond to an order or subpoena of a court of competent jurisdiction or in response to any subpoena issued by a state or federal governmental agency, provided that Employee will provide the Company with prompt notice of any such legal requirement so that the Company or its designee may seek a protective order or other appropriate remedy. Notice is not required where disclosure is required by any governmental agency that directs Employee to refrain from notifying the Company or with regard to matters before the Securities and Exchange Commission. Nothing in this Paragraph 19 shall be construed to prohibit Employee from exercising Employee’s rights as specified in Paragraph 15(c).
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20.Job Reference. The Company will respond to inquiries from other employers and outside entities regarding Employee. Responses to such inquiries will only confirm the accuracy of factual data concerning dates of employment and position held. The Company will not discuss the reasons for Employee’s termination or its evaluation of Employee’s performance.
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21.Return of Company Property. Employee acknowledges that Employee has returned to the Company the building pass and all keys, along with Employee’s laptop computer, cell phone, any other documents or other items belonging to the Company in Employee’s possession, including all property and information specified in Paragraphs 4.2 and 6.2 of the Service Agreement. Employee further acknowledges that Employee has returned all intellectual property and computer passwords and account information and has kept no copies or any information belonging to the Company. Company agrees that the Employee can keep his mobile phone and number which is his personal property. The Company acknowledges that Employee’s Company issued laptop, keys and key cards have been delivered to the Company.
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Pursuant to Paragraph 6.2 of the Service Agreement, during the Notice Period, Employee will receive compensation equal to the taxable value of Employee’s returned mobile phone and laptop in the amount of ($429/12) $36 per month.
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22.Cooperation. Employee agrees to cooperate with the Company Releasees in connection with any claims, complaints, charges, actions, lawsuits or similar proceedings which may be brought against the Company Releasees at any time during the Notice Period, and thereafter at reasonable times and subject to Employee’s availability subsequent to the Termination Date. Employee will be available to cooperate fully with counsel or other representatives as needed, unless otherwise required by law. Employee also agrees to promptly notify Sune R. Nyland, Vice President, General Counsel or his successor, by telephone and in writing of any contacts by an attorney or third party relating to legal proceedings commenced or to be commenced against any of the Company Releasees. Employee agrees not to cooperate directly or indirectly in any way with any party bringing a claim against a Company Releasee, unless Employee’s action is required by law or governmental agency, in which case Employee shall promptly give notice to the Company of such legal requirement, so that the Company or its designee may seek a protective order or other appropriate remedy. Notice is not required where the action is required by a governmental agency that directs Employee to refrain from notifying the Company or in connection with a matter before the Securities and Exchange Commission. Nothing in this Paragraph 22 shall be construed to prohibit Employee from exercising Employee’s rights as specified in Paragraph 15(c).
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23.Non-Disparagement. Employee agrees that Employee will not, whether directly or indirectly, make any disparaging remarks, in writing, orally, or otherwise, about any of the Company Releasees, their business or personal practices, operations, or properties, except as may be required by law and agrees and recommits to Employee’s commitments on no disparagement as set forth in Paragraph 15.5 of the Service Agreement, which is incorporated by referenced herein. The Company’s Board or Executive Management will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage Employee’s reputation. Notwithstanding the foregoing, nothing in this Agreement shall preclude Employee, a representative of the Company, or the Company’s Board from making truthful statements or disclosures that are required by applicable law, regulation or legal process. This restriction is subject to and limited by Employee’s Retained Rights in Paragraph 15 above.
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24.Insurance. Pursuant to Paragraphs 13.2 and 13.3 of the Service Agreement, Employee will be covered by the directors’ liability insurance of the Company and its affiliates
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for five (5) years following the Notice Period, and the Company shall not restrict the Employee from reporting any such claim directly to the insurer.
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25.Indemnification. The Officer and Director Indemnification Agreement, dated as of February 5, 2018, by and between the Employee and the Company shall remain in full force and effect in accordance with its terms after the termination of the Service Agreement and the Notice Period.
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26.Breach; Attorneys’ Fees. Employee acknowledges and agrees that any material breach of this Agreement, unless such breach constitutes a legal action by Employee challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain damages and injunctive relief. The parties will bear their own costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with any action brought to enforce or effect rights under this Agreement.
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27.Entire Contract/Severability/Modification. This Agreement sets forth the entire agreement between Employee and the Company and supersedes in its entirety any and all prior agreements, understandings or representations with any Company Releasee relating to Employee’s employment or the subject matter hereof and may not be modified orally, except for the Equity Incentive Plan and those provisions of the Service Agreement incorporated by reference herein. Should any provision of this Agreement be found to be overbroad, or declared or determined by a court to be illegal or invalid, the court shall have the power to modify this Agreement so that it conforms with prevailing law and the validity of the remaining parts, terms or provisions shall not be affected thereby. Employee represents that in executing this Agreement, Employee does not rely on any statement or fact not set forth herein. This Agreement may not be modified except by a writing signed by both parties hereto.
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28.Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts to be performed exclusively therein without regard to the choice of law provisions thereof. The parties expressly consent to the personal jurisdiction and venue of the state and federal courts located in New York for any lawsuit filed there against either party arising from or related to this Agreement. This Agreement will not be construed against any party on the ground that it was the drafter of the Agreement or any particular provision. All captions and headings herein contained are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Agreement.
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29.Notices. Any notice to be given hereunder will be deemed sufficient if given in writing and delivered either personally, via email, courier or overnight delivery service all with proof of delivery, or if sent by certified mail, return receipt requested, to the Company to the attention of Sune R. Nyland, Vice President, General Counsel, at 230 Park Avenue, Suite 3350, New York, NY 10169 (or his successor), and to Employee at [***].
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30.Section 409A/Danish Tax. The intent of the Parties is that payments and benefits under this Agreement be exempt from or comply with Internal Revenue Code Section 409A and 

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applicable guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from or in compliance with Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on the Employee by Code Section 409A or any damages for failing to comply with Code Section 409A. For purposes of the application of Section 409A, each payment in a series of payments will be deemed a separate payment. Any Danish tax implications of this Agreement for the Employee are of no concern to the Company.
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31.Acknowledgement. Employee expressly acknowledges and agrees that Employee has carefully read this Agreement; that Employee fully understands the terms, conditions and significance of this Agreement; that the Company has advised Employee of Employee’s right to consult with an attorney concerning this Agreement; that Employee had a period of at least 21 days to review this Agreement with an attorney before executing it; that Employee had a period of seven days following execution of the Agreement to revoke this Agreement; and that Employee has executed this Agreement voluntarily, knowingly and with such advice of an attorney as Employee has deemed appropriate.
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[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first indicated above.
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	Y-MABS THERAPEUTICS, INC.
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By:_/s/ Thomas Gad ________________
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Name: Thomas Gad
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Title: Founder, President, Interim Chief Executive Officer and Head of Business Development & Strategy
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	CLAUS JUAN MØLLER SAN PEDRO
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By:_/s/ Claus Juan Møller San Pedro _____
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Name:Claus Juan Møller San Pedro
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[Signature Page to Claus Juan Møller San Pedro Severance Agreement]

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