Document:

vir-ex108_229.htm

Exhibit 10.8

 

VIR BIOTECHNOLOGY, INC.

 

Non-Employee Director Compensation Policy

 

 

Each member of the Board of Directors (the “Board”) of Vir Biotechnology, Inc. (the “Company”) who is not also serving as an employee of the Company or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (this “Policy”). An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be.  This Policy may be amended at any time in the sole discretion of the Board, or by the Compensation Committee of the Board at the recommendation of the Board.

 

Annual Cash Compensation

 

The annual cash compensation amount set forth below is payable to Eligible Directors in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year, with the pro-rated amount paid for the first fiscal quarter in which the Eligible Director provides the service, and regular full quarterly payments to be paid thereafter. All annual cash fees are vested upon payment. 

 

	
 
	
1.
	
Annual Board Service Retainer: 

a.All Eligible Directors: $40,000

b.Non-executive chairperson of the Board: $75,000 (inclusive of Annual Board Service Retainer)

 

	
 
	
2.
	
Annual Committee Member Service Retainer:

a.Member of the Audit Committee: $10,000

b.Member of the Compensation Committee: $7,500

c.Member of the Nominating and Corporate Governance Committee: $5,000

d.Member of the Science and Technology Committee: $7,500

 

	
 
	
3.
	
Annual Committee Chair Service Retainer (inclusive of Committee Member Service Retainer):

a.Chairperson of the Audit Committee: $20,000

b.Chairperson of the Compensation Committee: $15,000

c.Chairperson of the Nominating and Corporate Governance Committee: $10,000

d.Chairperson of the Science and Technology Committee: $15,000

The Company will also reimburse each of the Eligible Directors for his or her travel expenses incurred in connection with his or her attendance at Board and committee meetings. Such reimbursements shall be paid on the same date as the annual cash fees are paid. 

 

Equity Compensation

 

The equity compensation set forth below will be granted under the Company’s 2019 Equity Incentive Plan (the “Plan”). All stock options granted under this Policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying common stock on the date of grant, and a term of 10 years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan).

 

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1.
	
Initial Grant: For each Eligible Director who is first elected or appointed to the Board following the effective date of this Policy, on the date of such Eligible Director’s initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted two equity awards (the “Initial Grants”) with a value of $400,000 in the aggregate comprised of (i) a stock option to purchase shares of the Company’s common stock (the “Initial Option Grant”) and (ii) a restricted stock unit award covering shares of the Company’s common stock (the “Initial RSU Grant”). The total number of shares subject to the Initial Option Grant will be initially calculated in accordance with the Black-Scholes valuation methodology and the total number of shares subject to the Initial RSU Grant will be initially calculated in accordance with the Fair Market Value as of the grant date, and such resulting number of shares shall be divided between the Initial Grants based on a fixed ratio of two shares subject to the Initial Option Grant for every one share subject to the Initial  RSU Grant, with the number of shares subject to the Initial Option Grant rounded down to the nearest whole share and in no event exceeding 16,000 shares and the number of shares subject to the Initial RSU Grant rounded down to the nearest whole share and in no event exceeding 8,000 shares.   

 

One-third of the shares subject to each Initial Option Grant will vest on the one-year anniversary of the Eligible Director’s initial election or appointment to the Board and thereafter the remainder of the shares subject to each such Initial Grant will vest monthly over a two-year period, subject to the Eligible Director’s Continuous Service (as defined in the Plan) on each vesting date, and will vest in full upon a Change in Control (as defined in the Plan), subject to the Eligible Director’s Continuous Service (as defined in the Plan) on such date. The Initial RSU Grant will vest in three equal installments on the first, second and third anniversaries of the Eligible Director’s initial election or appointment to the Board, subject to the Eligible Director’s Continuous Service (as defined in the Plan) on each vesting date, and will vest in full upon a Change in Control (as defined in the Plan), subject to the Eligible Director’s Continuous Service (as defined in the Plan) on such date.  

 

In addition, on the date of such Eligible Director’s initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted the additional awards on the same terms as the Annual Grants (as defined below), except (i) the $400,000 aggregate value of the additional awards shall first be multiplied by a fraction, the numerator of which equals 12 minus the number of calendar months that have occurred since the last annual meeting of stockholders and the denominator of which equals 12, and (ii) such additional awards will vest in full upon the earlier of (i) the one-year anniversary of the date the Annual Grants to the Eligible Directors were last made and (ii) the next annual meeting of stockholders, subject to the Eligible Director’s Continuous Service (as defined in the Plan) on the vesting date, and will vest in full upon a Change in Control (as defined in the Plan), subject to the Eligible Director’s Continuous Service (as defined in the Plan) on such date.

 

	
 
	
2.
	
Annual Grant: On the first market trading day after each annual stockholders meeting of the Company, each Eligible Director who continues to serve as a member of the Board following such stockholders meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted two equity awards (collectively, the “Annual Grants”) with a value of $400,000 in the aggregate comprised of (i) a stock option to purchase shares of the Company’s common stock (the “Annual Option Grant”); and (ii) a restricted stock unit award covering shares of the Company’s common stock (the “Annual RSU Grant”). The shares subject to each 

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Annual Grant will vest in full on the one-year anniversary of the grant date, subject to the Eligible Director’s Continuous Service (as defined in the Plan) on the vesting date, and will vest in full upon a Change in Control (as defined in the Plan), subject to the Eligible Director’s Continuous Service (as defined in the Plan) on such date. The total number of shares subject to the Annual Option Grant will be initially calculated in accordance with the Black-Scholes valuation methodology as of the grant date and the total number of shares subject to the Annual RSU Grant will be initially calculated in accordance with the Fair Market Value as of the grant date, and such resulting number of shares shall be divided between the Annual Grants based on a fixed ratio of two shares subject to the Annual Option Grant for every one share subject to the Annual RSU Grant, with the number of shares subject to the Annual Option Grant rounded down to the nearest whole share and in no event exceeding 16,000 shares and the number of shares subject to the Annual RSU Grant rounded down to the nearest whole share and in no event exceeding 8,000 shares.

 

Eligible Director Compensation Limit

 

Notwithstanding anything herein to the contrary, the cash compensation and equity compensation that each Eligible Director is entitled to receive under this Policy shall be subject to the limits set forth in Section 3(d) of the Plan.

 

Approved by the Board of Directors: December 9, 2020

Effective: January 1, 2021

3vir-ex1024_828.htm

Exhibit 10.24

 

 

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II)             WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

December 23, 2020

George Scangos, Ph.D.

CEO & Director

Vir Biotechnology, Inc.

499 Illinois Street, Suite 500

San Francisco, CA 94158

RE: Collaboration and License Agreement by and among Vir Biotechnology, Inc. and Alnylam Pharmaceuticals, Inc. effective October 16, 2017, as amended by letter agreement dated November 13, 2018, Amendment No. 1 to the Collaboration and License Agreement effective December 17, 2019, Amendment No. 2 to the Collaboration and License Agreement effective March 3, 2020 (“Amendment No. 2”) and Amendment No. 3 to the Collaboration and License Agreement effective April 1, 2020 (“Amendment No. 3”) (the “Collaboration Agreement”).

Dear George,

Pursuant to Amendment No. 2 and Amendment No. 3 the Parties agreed to add the COV Target and the Host Factor Targets (collectively, the “COV ID Collaboration Targets”) to the Collaboration. Until completion by Alnylam of additional pre-clinical studies of the lead RNAi Product(s) Directed to the COV Target, the Parties desire to modify the funding and governance provisions of the Collaboration Agreement as they pertain to the Programs for the COV Target and the Host Factor Targets. This letter memorializes Alnylam’s and Vir’s agreement with respect thereto.

In consideration of the respective covenants and agreements in this letter, Alnylam and Vir agree as follows:

	
1.
	
Capitalized terms used in this letter and not otherwise defined have the meanings ascribed to such terms in the Collaboration Agreement.

	
2.
	
The Parties acknowledge and agree that commencing on July 1, 2020 Alnylam has borne all the Program Costs for the Development Plans for the ID Programs for the COV ID Collaboration Targets (the “COV Programs”) in effect prior to the date of this letter.

	
3.
	
From the date of this letter, Alnylam will perform the pre-clinical research activities for the COV Target set forth in the DC Workplan attached hereto as Appendix A (the “COV Workplan”). Alnylam will bear 100% of the Program Costs for the COV Workplan from the date of this letter. Vir will not be responsible for activities or deliverables under the COV Workplan unless and to the extent explicitly agreed in writing by the Parties.

	
4.
	
The JSC will have no oversight responsibilities with respect to the COV Workplan, however Alnylam may consult the JSC from time to time regarding the COV Workplan and will report to the JSC from time to time on progress and results with respect to the COV Workplan. Alnylam may amend the COV Workplan or may suspend or terminate work under the COV Workplan at 

 

	
 
	
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any time in its sole discretion upon notice to the JSC. For the avoidance of doubt, Vir will not have a Program Option with respect to any COV ID Collaboration Target.

	
5.
	
Alnylam will notify the JSC of completion of the COV Workplan and provide the JSC with all data and information generated under the COV Workplan not previously provided to the JSC. Within [***] after completion of the COV Workplan Alnylam will notify the JSC if Alnylam selects an RNAi Product Directed to the COV Target as a Development Candidate (“DC Notice”).

	
6.
	
If Alnylam selects an RNAi Product directed to the COV Target as a Development Candidate, then the Parties will negotiate in good faith for a [***] after the DC Notice date (the “Negotiation Period”) an agreement between the Parties with respect to the COV Target.

	
7.
	
If (a) Alnylam terminates the COV Workplan prior to completion or (b) after completion of the COV Workplan Alnylam notifies Vir that it will not select an RNAi Product Directed to the COV Target as a Development Candidate or (c) the Parties are unable to agree upon a definitive agreement with respect to the COV Target within the Negotiation Period, then (notwithstanding that Vir does not have a Program Option with respect to the COV ID Collaboration Targets) the second sentence of Section 4.1(b) of the Collaboration Agreement will apply to the COV Programs, it being understood and agreed that no Program Costs with respect to the COV Programs are reimbursable to Alnylam after July 1, 2020 and that Vir’s obligation in clause (z) of Section 4.1(b) of the Collaboration Agreement shall apply for [***] from the date of termination of the COV Workplan, the date of Alnylam’s notice in clause (b) above or the expiration of the Negotiation Period, as the case may be.

	
8.
	
Nothing in this letter agreement is intended to operate as a waiver of any claims either Party may have against the other Party arising prior to the date of this letter agreement, including any claims arising prior to the date of this letter agreement with respect to the performance of the Parties under the Collaboration Agreement. Any delay in enforcing a party’s rights under this letter agreement or the Collaboration Agreement, or any waiver as to a particular default or other matter, will not constitute a waiver of such Party’s rights to the future enforcement of its rights under this letter agreement or the Collaboration Agreement, except with respect to an express written waiver relating to a particular matter for a particular period of time signed by an authorized representative of the waiving Party, as applicable.

	
9.
	
This letter agreement will be governed by and interpreted in accordance with the law of the State of New York, U.S.A., without reference to any principles of conflicts of laws to the contrary. The United Nations Convention on Contracts for the International Sale of Goods will not apply to the transactions contemplated by this letter agreement. Except as specifically amended by this letter agreement, the terms and conditions of the Collaboration Agreement shall remain in full force and effect. This letter agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures transmitted by PDF shall be treated as original signatures. Except to the extent expressly provided herein, the Collaboration Agreement, as amended by this letter agreement, together with the Commitment Letter between the Parties entered into on the Commitment Letter Date and the Stock Purchase Agreement, including all appendices, exhibits and schedules to each of the foregoing, constitute the entire agreement between the Parties relating to the subject matter of the Collaboration Agreement and supersedes all previous oral and written communications, including all previous agreements, between the Parties.

 

	
 
	
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If you agree with the foregoing, please sign below and return a copy to my attention.

Sincerely,

 

	
ALNYLAM PHARMACEUTICALS, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
   /s/ Yvonne Greenstreet

	
 
	
 
	
Yvonne Greenstreet

	
 
	
 
	
Chief Operating Officer

 

Acknowledged and agreed by

 

	
VIR BIOTECHNOLOGY, INC.

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
George Scangos

	
Title:
	
 
	
CEO and President

	
Date:
	
 
	
 

 

 

	
 
	
3

 

 

If you agree with the foregoing, please sign below and return a copy to my attention.

Sincerely,

 

	
ALNYLAM PHARMACEUTICALS, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
 
	
 
	
Yvonne Greenstreet

	
 
	
 
	
Chief Operating Officer

	
 
	
 
	
 

 

Acknowledged and agreed by

 

	
VIR BIOTECHNOLOGY, INC.

	
 
	
 
	
 

	
By:
	
 
	
   /s/ George Scangos

	
Name:
	
 
	
George Scangos

	
Title:
	
 
	
CEO and President

	
Date:
	
 
	
 

 

 

 

	
 
	
4

 

 

 

Appendix A

[***]

	
CONFIDENTIAL
	
5

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