Document:

Exhibit
4.77

 

Summary
Translation for:

 

Beijing
Yuantong Huayi Technology Group Company, Limited

Ownership
Transfer Agreement

 

	Buyer:	Tian Fengbin, PRC Identification Card Number: 220122197808164638
	 	 
	Seller 1:	Beijing Big Cloud Century Network Technology Company, Limited
	 	Uniform Commercial Code Number: 911101050981618055
	 	Authorized representative: Pat Sek Yuen Chan
	 	 
	Seller 2:	Jinggangshan Leiyi Venture Capital Partnership Enterprise, Limited
	 	Uniform Commercial Code Number: 91360881MA38CAA81P
	 	Authorized representative: Lei Guo
	 	 
	Target Entity:	Beijing Yuantong Huayi Technology Group Company, Limited
	 	Uniform Commercial Code Number: 91110105693243119H
	 	Authorized representative: Che Xinyi
	 	 
	 	Wholly-owned subsidiary:
	 	 
	 	Yuantel (Beijing) Communication Technology Company, Limited (hereinafter Yuantel)
	 	Uniform Commercial Code Number: 911101087684908870

 

The
above Buyer, and Seller 1 and Seller 2 (the “Sellers”), executed this agreement on September 1, 2020.

 

Whereas:

 

		1.	Seller
                                         1 with its contributed capital of 24.75 million RMB owns 45% of the Target Entity. Seller
                                         2 with its contributed capital of 6.60 million RMB owns 12% of the Target Entity. Target
                                         Entity contributed capital of 30 million RMB into Yuantel.

 

		2.	The
                                         above parties, based on mutual benefits, have executed this agreement and confirmed their
                                         respectively obligations to carryout the transaction. The Buyer agreed to be bound by
                                         the Charter of the Target Entity to complete payment of the registered capital.

 

		3.	Seller
                                         1 and Seller 2 have signed a “Ownership Transfer Agreement” as of February
                                         14, 2019, and have executed amendments as of February 21, April 16, and October 24, 2019.
                                         These four agreements shall be known as the “45% Ownership Agreements”.

 

		4.	Seller
                                         2 and the original authorized representative of Target Entity, Wang Lei, have executed
                                         an Earn-out Agreement as of May 28, 2019 and an amendment to such agreement as of June
                                         10, 2019 regarding the performance of the Target Entity. These agreements shall be known
                                         as the “Yuantel Earn-out Agreement”.

 

Definitions:

 

		1.	For
                                         the payment of the required registered capital, the Buyer shall be responsible for all
                                         applicable payment of such registered capital as required by the laws of China.

 

     

     

    

 

		2.	Registered
                                         capital: as recorded with the commercial authorities.

 

		3.	Target
                                         Entity’s shares to be sold by the Sellers: 57%

 

		4.	This
                                         agreement shall be effective as of the date of execution and governed by the laws of
                                         the People’s Republic of China.

 

Section
1: Transfer of Ownership

 

	1.1	Shares
                                         of Target Entity to be Sold

 

The
Sellers 1 and 2 shall sell their combined ownership of 57%.

 

	1.2	Effective
                                         Date of Transfer

 

Effective
as of June 30, 2020; inclusive of all normal operational gains and losses.

 

	1.3	Price
                                         of the Transfer

 

The
Buyer shall pay the Sellers 59.85 million RMB, and an additional 2.20 million RMB to Seller 2, totaling 62.05 million RMB, with
details as following:

 

Seller
1’s ownership of 45% of Target Entity is valued at 47.25 million RMB;

 

Seller
2’s ownership of 12% of Target Entity is valued at 12.60 million RMB;

 

Due
to previous discrepancy, the Buyer shall compensate Seller 2 with an additional 2.20 million RMB.

 

	1.4	Conditions
                                         on Closing

 

		(1)	Sellers
                                         obtain approval from its owners, and Buyer obtains waiver of rights, if any, from any
                                         owner;

 

		(2)	Complete
                                         all commercial registrations;

 

		(3)	Buyer
                                         shall make all payments according to clause 1.5 (B).

 

		1.5	Amounts
                                         and Method of Payment

 

		(A)	Upon
                                         Seller 1 receiving 28.51 million RMB from Buyer, Seller 1 and Seller 2 shall unconditionally
                                         void the “45% Ownership Agreements” signed in 2019, and Seller 1 shall return
                                         the amount of 16.74 million RMB, without interests, that was previously received from
                                         Seller 2, which is to be accomplished by Buyer deducting the amount due Seller 1 of 16.74
                                         million RMB and pay to Seller 2.

 

		(B)	Buyer
                                         shall make the payments as stipulated in above clauses 1.3 and 1.5(A) totaling 59.85
                                         million RMB, plus an addition payment of 2.20 million RMB to Seller 2. On completion
                                         of these payments, Seller 1 shall have received 28.51 million RMB (with 2 million RMB
                                         to be deferred as security deposit per clause 1.8), and Seller 2 shall have received
                                         31.54 million RMB. If full payment is not received by the Sellers by September 30, 2020,
                                         this agreement shall be automatically cancelled. The advance deposit of 5 million RMB
                                         by Buyer shall be forfeited, other payments shall be returned to Buyer.

 

    2

     

    

 

	1.6	Commercial
                                         Registration and Transfer of Ownership

 

Within
15 days after the completion of all payments, the Sellers shall assist Buyer to make the necessary commercial registration with
the appropriate jurisdiction, and also complete hand over of company documents, official chops, transfer of bank accounts, IP
systems, etc.

 

	1.7	Buyer’s
                                         Advance Deposit

 

Buyer
shall pay an advance deposit of 5 million RMB to the Sellers on the day of execution of this agreement, which is non-refundable
in the event Buyer does not carry out its obligations according to this agreement. In the event the Sellers wish to cancel this
agreement, the Sellers shall return twice the amount of 5 million RMB to Buyer.

 

	1.8	Security
                                         Deposit of Seller 1

 

Buyer
shall withhold 2 million RMB from the payment due Seller 1 and be held until December 15, 2020, against which to be deducted for
any unforeseen taxes or payments due the commercial and governmental authorities. Amount not deducted shall be returned to Seller
1, and Seller 1’s obligation in this regards shall be limited to 2 million RMB.

 

Section
2. Representations and Warranties

 

		2.1	The
                                         Sellers hereby provide the following representations and warranties to Buyer.

 

		2.1.1	The
                                         Sellers are legal owners of the Target Entity.

 

		2.1.2	All
                                         disclosures with any third parties as of the date of this agreement have been disclosed
                                         to Buyer.

 

		2.1.3	Absence
                                         defaults of the Buyer, the Sellers shall not, as of the date of execution of this agreement,
                                         execute any agreements with any third parties regarding ownership, assets or liabilities
                                         of the Target Entity.

 

		2.1.4	The
                                         Sellers warranty that from the execution of this agreement until the closing of the transaction
                                         as contemplated in this agreement, there does not exist any commercial or governmental
                                         restrictions upon the transfer of ownership as stipulated hereof.

 

		2.1.5	The
                                         Sellers will diligently cooperate with Buyer for all commercial registration, amendments
                                         to internal documents, change over of the management team, board members, etc.

 

		2.1.6	The
                                         Sellers warranty that all documentation provided to Buyer, inclusive but not limited
                                         to commercial registration, financial records, operational structure, assets, intellectual
                                         properties, , are all true and correct.

 

		2.1.7	The
                                         Sellers warranty that up to the closing of the transaction as contemplated hereof, the
                                         license to operate the mobile virtual network operator activities as granted by the Ministry
                                         of Industry and Information Technology of China is valid.

 

    3

     

    

 

		2.1.8	Upon
                                         the execution of this agreement, the Sellers shall assign one Vice General Manager and
                                         one IT technologist to assist personnel from Buyer for hand over purposes.

 

		2.2	Buyer
                                         hereby provides the following declarations and warranties to the Sellers.

 

		2.2.1	Buyer
                                         has the full ability to carry out its obligations as stipulated in this agreement, and
                                         does not foresee any barrier to the ownership of the Target Entity to be transferred
                                         to Buyer.

 

		2.2.2	Buyer
                                         has the financial ability to make the payments as stipulated in this agreement.

 

		2.3	Notwithstanding
                                         contradiction to any of the clauses hereof, the transaction as contemplated hereof shall
                                         be made on the current conditions of the Target Entity. Buyer explicitly forfeits rights
                                         to further due diligence and relies on the representations and warrants provided by the
                                         Sellers.

 

Section
3. Rights and Duties of the Parties

 

		3.1	Upon
                                         receiving complete payments, the Sellers shall no longer posses the ownership of 57%
                                         of the Target Entity.

 

		3.2	Within
                                         20 days from receiving complete payments, the Sellers shall obtain all necessary approvals
                                         within their respective companies.

 

		3.3	Within
                                         1 day from receiving complete payments, the Sellers shall initiate the transfer of ownership
                                         by applying for commercial registration with the proper jurisdiction under the laws of
                                         the People’s Republic of China.

 

Section
4. Confidentiality

 

		4.1	All
                                         parties shall respect the confidentiality of the matter and shall not publicly disclose
                                         this matter unless required by law.

 

		4.2	Any
                                         party shall not publicly disclose this matter without the approval of the other parties.

 

Section
5. Validity of this Agreement

 

		5.1	This
                                         agreement becomes effective as of the date first above written and with the payment of
                                         the advance deposit from Buyer to the Sellers.

 

		5.2	Buyer
                                         shall be obliged to the terms of this agreement, inclusive but not limited to the payment
                                         of the advance deposit according to clause 1.7.

 

		5.3	In
                                         the event that during commercial registration, other agreements may become necessary;
                                         and if there exist contradictions between those other agreements and this agreement,
                                         the terms of this agreement shall prevail.

 

		5.4	Within
                                         30 days from the execution hereof, Buyer shall have the right to transfer its rights
                                         and obligations under this agreement to another entity without the approval of the Sellers.
                                         Such transfer can only be made once.

 

    4

     

    

 

Section
6. Force Majeure 

 

		6.1	Force
                                         majeure shall mean events that are unforeseen and unavoidable, inclusive but not limited
                                         to earthquakes, hurricanes, floods, fire, wars, and other generally accepted international
                                         incidents.

 

		6.2	Any
                                         of the parties effected by force majeure events shall notify the other parties within
                                         180 days from such occurrence.

 

		6.3	If
                                         there is dispute over the effects of force majeure, the party that initiates the alteration
                                         to this agreement based on force majeure remain responsible for its obligation.

 

		6.4	Force
                                         majeure effects do not include any liabilities arise from purposely delaying of execution
                                         of this agreement prior to the occurrence of the force majeure event.

 

Section
7. Liability for Breach of Agreement

 

		7.1	The
                                         party that breaches the terms and conditions of this agreement shall be responsible for
                                         all damages caused thereof.

 

		7.2	In
                                         the event the Sellers breach the terms and conditions of this agreement, the Sellers
                                         can be liable to return at least 50% and up to all of the payments received from Buyer
                                         back to Buyer, plus direct or indirect damages.

 

		7.3	In
                                         the event the Buyer breaches the terms and conditions of this agreement, the Buyer can
                                         be liable to compensate 50% of the payments amounts stipulated in this agreement, and
                                         plus direct or indirect damages.

 

		7.4	If
                                         Buyer wishes to cancel this agreement after the effective date, the Sellers have the
                                         right to demand 5 million RMB from the Buyer as the break-up fee. If the Sellers wish
                                         to cancel this agreement after the effective, the Buyer has the right to demand 5 million
                                         RMB from the Sellers as the break-up fee.

 

Section
8. Others

 

		8.1	Amendments
                                         to this agreement must be in writing and executed by all of the parties.

 

		8.2	Any
                                         term of this agreement deemed unenforceable by any court of jurisdiction does not effect
                                         the validity of all other terms.

 

		8.3	This
                                         agreement supersedes any prior agreements, either oral or written, between the parties
                                         on this subject matter.

 

		8.4	Notices
                                         – names and addresses as indicated.

 

		8.5	Disputes
                                         that cannot be settled between the parties shall be given to the court with jurisdiction
                                         within China.

 

		8.6	This
                                         agreement has 8 copies, each of Buyer, Seller 1, Seller 2, and the Target Entity shall
                                         keep 2 copies.

 

*****
Followed by signature pages.

 

    5

     

    

 

	BEIJING BIG CLOUD CENTURY NETWORK TECHNOLOGY COMPANY, LIMITED 	 
	 	 	 	 
	By:	/s/ Pat Sek Yuen Chan	 
	 	Name: 	Pat Sek Yuen Chan	 
	 	Title:	Authorized Representative 	 
	 	 	 	 
	JINGGANGSHAN LEIYI VENTURE CAPITAL PARTNERSHIP ENTERPRISE, LIMITED	 
	 	 	 	 
	By:	/s/ Lei Guo	 
	 	Name:	Lei Guo	 
	 	Title:	Authorized Representative	 
	 	 	 	 
	BIEJING YUANTONG HUAYI TECHNOLOGY GROUP COMPANY, LIMITED 	 
	 	 	 	 
	By:	/s/ Che Xinyi 	 
	 	Name:	Che Xinyi	 
	 	Title:	Authorized Representative	 

 

 

6EX-10.26

 Exhibit 10.26 

SPRING BANK PHARMACEUTICALS, INC. 

RETENTION AND BONUS AWARD AGREEMENT 

This Retention and Bonus Award Agreement (this “Agreement”) is made and entered into on September 9, 2020 (the
“Effective Date”), between Spring Bank Pharmaceuticals, Inc. (the “Company”) and Kris Iyer (“Employee”). 

WHEREAS, Employee occupies a key position with the Company and in order to ensure the continued effective conduct of the Company’s
business, the Company desires to assure itself of the continuous services of Employee; 
 WHEREAS, Employee is a party to an employment
agreement with the Company dated December 1, 2015 (as amended, the “Employment Agreement”); 
 WHEREAS, on
July 29, 2020, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with F-star Therapeutics Limited
(“F-star”), pursuant to which the Company will acquire all of the issued and outstanding share capital of F-star, with
F-star remaining as the surviving company (the “Transaction”); 
 WHEREAS, pursuant
to the Exchange Agreement, the Company is permitted to sell and/or license certain assets, including the Company’s STING antagonist assets (the “Antagonist Assets”), to strengthen its cash position upon the closing of the
Transaction (the “Closing”); and 
 WHEREAS, the Company desires to offer Employee a retention bonus award in an amount
equal to the lesser of (i) 5% of the upfront payment from any sale or license of the Antagonist Assets that the Company receives prior to the Closing, and (ii) $50,000 (the “Bonus/Retention Amount”). 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereby agree as follows: 

 

	1.	 Retention Award. In the event that (i) the Company enters into an agreement for the sale or license
of the Antagonist Assets prior to the Closing and (ii) the Employee remains continuously employed by the Company between the Effective Date and the Closing, then Employee shall be eligible to receive a retention award equal to the
Bonus/Retention Amount (the “Retention Award”). If the Closing does not occur by March 31, 2021, this Agreement shall terminate in full without any further liability to the Company. The Retention Award shall be paid in a single
lump sum on or within thirty (30) days following the Closing. 

  

	2.	 Termination of Employment. Employee shall no longer be eligible for any portion of the Retention Award
if Employee’s employment is terminated for any reason prior to the Closing; provided, however, that if the Company has entered into an agreement for the sale or license of the Antagonist Assets and the Company subsequently terminates
Employee’s employment without Cause (as defined in the Employment Agreement) or Employee resigns from employment with Good Reason (as defined in the Employment Agreement) prior to the Closing, the Company shall pay Employee the Retention Award
in a single lump sum on or within thirty (30) days following Employee’s termination of employment. 

	3.	 Exclusion for Analogous Retention Benefits; No Effect on Severance and Other Benefits. An employee who
is eligible for retention payments or benefits under any analogous retention plan, policy or agreement with the Company shall not be eligible for or entitled to receive this Agreement or any payment or benefit hereunder. This Agreement, however,
shall not affect Employee’s eligibility or entitlement to receive any benefits payable (i) to Employee under another severance or change of control plan, policy or agreement with the Company or (ii) to Employee under that certain
Retention Award Agreement between Employee and the Company dated March 5, 2020. 

  

	4.	 Other Rights and Agreements. This Agreement does not create any employment rights not specifically set
forth herein with respect to Employee. Employee’s employment remains at-will and can be terminated by the Company at any time and for any reason, with or without Cause. This Agreement contains the entire
understanding of the Company and Employee with respect to the subject matter hereof. 

  

	5.	 Confidentiality. Employee agrees and covenants that, except as required by applicable law, Employee
shall not disclose, reveal, publish, disseminate, or discuss, directly or indirectly, to or with any other person or entity the terms of this Agreement other than his or her immediate family, lawyer and tax advisor and that any such disclosure,
revelation, publication, dissemination or discussion shall result in the immediate forfeiture of the entire Retention Award. 

  

	6.	 Taxation; Section 409A. All payments described herein shall be subject to any and all
applicable federal, state, local, foreign and/or other withholding taxes and all other authorized payroll deduction. This Agreement is intended to either comply with or be exempt from the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and final regulations, rulings and other applicable guidance issued thereunder (collectively, “Section 409A”), and shall be interpreted and administered accordingly. For purposes of
Section 409A, references to termination of employment shall, to the extent any payments hereunder are not exempt from Section 409A, be interpreted consistent with the definition of “separation from service” in Section 409A
(after giving effect to the presumptions contained therein). If at the time of Employee’s termination, Employee is deemed to be a “specified employee” of the Company under Section 409A, then limited only to the extent necessary
to comply with the requirements of Section 409A, any payments which are subject to Section 409A (and not otherwise exempt from its application) shall be withheld until the 1st business
day of the 7th month following the termination of Employee’s employment, at which time Employee shall be paid an aggregate amount equal to the accumulated but unpaid payments otherwise due to
Employee. It is intended that each installment of the payments provided in this Agreement shall be treated as a separate “payment” under Section 409A. Neither the Company nor Employee shall have the right to accelerate or defer the
delivery of any such payments except to the extent specifically permitted or required by Section 409A. Employee may not designate the taxable year of the Retention Award. Employee acknowledges that the Company does not guarantee the tax
treatment or tax consequences associated with any payment provided in this Agreement, including but not limited to under Section 409A. 

  

	7.	 General. This Agreement may be amended only by written agreement signed by the Company and Employee.
This Agreement shall be binding on the Employee and Employee’s executor, administrator and heirs, but may not be assigned by Employee. This Agreement may be transferred or assigned by the Company and shall be binding on the transferee or
assignee. This Agreement shall automatically be transferred or assigned to and be binding upon any successor in interest to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise. This Agreement shall be construed
and enforced in accordance with the laws of Massachusetts, without giving effect to the principles of conflict of laws thereof. 

[Signature Page Follows] 

  
 2 

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

							
	Spring Bank Pharmaceuticals, Inc.	 		 	Kris Iyer
				
	By:	 	 /s/ Martin Driscoll
	 		 	 /s/ Kris Iyer

		 	Name: Martin Driscoll	 		 	Signed Name
		 	Title: President and CEO	 		 	
		 		 	                	 	 Kris Iyer

		 		 		 	Printed Name

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]