Document:

Employment Offer Letter by and between the Registrant and Frank H. Valone

 EXHIBIT 10.10 
  

							
	

	  		  		  	 3430 W. BAYSHORE ROAD
 SUITE 201
 PALO ALTO, CA 94303
 TELEPHONE: (50) 846-7800
 FACSMILE: (650) 846-7825
 www.bayhilltherapeutics.com

  

			
	 Frank Valone
	  	 October 10, 2003

	 [Address]
	  	
		  	

  

			
	 Re:
	  	Employment Offer

 Dear Frank: 
 On behalf of Bayhill Therapeutics, Inc. (“Bayhill Therapeutics” or the Company”), I am pleased to offer you the position of Vice President of Medical Affairs. In this position you will report to the Chief Executive Officer.

 The terms of yow employment are as follows: 
 1. At-Will Employment. You understand and acknowledge that your employment with the Company is for an unspecified duration and constitutes at-wil” employment. You acknowledge that this employment
relationship may be terminated at any time, with or without good cause or for any or no cause, at the option either of the Company or yourself. 
 2. Compensation. 
 (a) Base Salary: Your base salary shall be $270,000.00 annually, payable in accordance with
customary Company payroll procedures (including compliance with applicable withholding and other laws) as may from time to time be established in the future. Your position is classified as “exempt” and you will not be eligible for overtime
pay. 
 (b) Incentive Stock Options: Company management will recommend to the Board of Directors that you be granted a stock option
(the “Stock Option”) entitling you to purchase up to 250,000 shares of the Company’ Common Stock. The Stock Option shall vest over five (5) years with 20% of the shares subject to the Stock Option vesting at the end of the first
year and the remaining shares subject to the Stock Option vesting monthly over a four-year period thereafter. The Stock Option shall be exercisable at a price per share equal to the fair market value of the Company’s Common Stock on the dare of
grant as then determined by the Company’s Board of Directors, which price may or may not be the same as the Board’s most recent determination of fair market value and which is likely to be 10% of the price of the Series A Preferred. The
Stock Option will be an incentive stock option to the extent permitted by applicable law. Other terms of the Stock Option shall be set forth in a stock option agreement to be entered into between you and the Company and shall also be subject to the
terms of the Company’s 2002 Equity Incentive Plan, both of which you will be required to sign as a condition of receiving the Smock Option. The grant of the Stock Option and its terms are subject in all respects to the approval of the Board of
Directors. 
 3. Benefits. You shall be entitled to the Company’s basic employment benefits available to all Company employees as
the same currently exists or may exist in the future. You acknowledge that participation in Company benefit programs may require payroll deductions and/or direct contributions by you. 
  

							
	

	 		 		  	3430 W. BAYSHORE ROAD
		 		 		  	SUITE 201
		 		 		  	PALO ALTO, CA 94303
		 		 		  	TELEPHONE: (50) 846-7800
		 		 		  	FACSMILE: (650) 846-7825
		 		 		  	www.bayhilltherapeutics.com

 4. Employment Terms. This offer, and your employment by the Company, are contingent upon
your signing and returning to the Company on or before your employment start date, the attached “Confidential Information and Invention Assignment Agreement.” Please note that this offer letter, the attached agreement, and any stock
option agreements set forth the entire agreement and understanding between you and the Company regarding your employment relationship and supersede any other written or oral representation or promise. The provisions of this offer letter regarding
“at will” employment may only be modified by a document signed by you and the Company’s CEO or President. 
 5. Start
Date. Your start date will be mid November, 2003, the specific date to be agreed upon. Please indicate your acceptance of this offer letter by signing and returning a copy to me in the next few days. 
 Frank, we are very excited at the prospect of your joining us at Bayhill Therapeutics and participating in the creation of what I believe can be a highly
successful biopharmaceutical company that can make a major contribution to alleviating the debilitating effects of various autoimmune and other diseases. We look forward to your enthusiastic participation. 
  

	
	Very truly yours,
	
	 /s/ Genie Criscione

	 Genie Criscione

	 for

	 John P. Walker

	 Chairman & Chief Executive Officer

  

	
	 Agreed and Accepted:

	
	I accept this offer of employment on the terms stated above.
	
	 /s/ Frank H. Valone

	 Frank Valone

	
	 Date: October 13, 2003Employment Offer Letter by and between the Registrant and Paul B. Westberg

 Exhibit 10.11 
 

 
 October 27, 2006 
 Mr. Paul Westberg 
 [Address] 
 Dear Paul:

  

	 	Re:	Employment Offer 

 On behalf of Bayhill
Therapeutics, Inc. (“Bayhill Therapeutics” or the “Company”), I am pleased to offer you the position of VP Business Development. In this position you will report to me as the CEO of the company. 
 The terms of your employment are as follows: 
 1. At-Will Employment. You understand and acknowledge that your employment with the Company is for an unspecified duration and constitutes “at-will” employment. You acknowledge that this employment relationship may be
terminated at any time, with or without good cause or for any or no cause, at the option either of the Company or yourself. 
 2.
Compensation. 
 (a) Base Salary: Your base salary shall be $18,333.33 monthly, payable in accordance with customary Company
payroll procedures (including compliance with applicable withholding and other laws) as may from time to time be established in the future. Your position is classified as “exempt” and you will not be eligible for overtime pay. 

(b) Annual Bonus: The Company will pay you an annual bonus, based upon the achievement of agreed upon performance goals, based upon 20% of your
annual salary. The first bonus will be tied to your performance in the 2007 calendar year. The bonus will be payable in compliance with applicable tax withholding laws. 
 (c) Incentive Stock Options: Company management will recommend to the Board of Directors that you be granted a stock option (the “Stock Option”) entitling you to purchase up to 240,000 shares of the
Company’s Common Stock. The Stock Option shall vest over five (5) years with 20% of the shares subject to the Stock Option vesting at the end of the first year and the remaining shares subject to the Stock Option vesting monthly over a
four-year period thereafter. The Stock Option shall be exercisable at a price per share equal to the fair market value of the Company’s Common Stock on the date of grant as then determined by 

 
the Company’s Board of Directors. The Stock Option will be an incentive stock option to the extent permitted by applicable law. Other terms of the Stock
Option shall be set forth in a stock option agreement to be entered into between you and the Company and shall also be subject to the terms of the Company’s 2002 Equity Incentive Plan, both of which you will be required to sign as a condition
of receiving the Stock Option. The grant of the Stock Option and its terms are subject in all respects to the approval of the Board of Directors. 
 3. Benefits. You shall be entitled to the Company’s basic employment benefits available to all Company employees, as the same currently exists or may exist in the future. You acknowledge that participation in Company benefit
programs may require payroll deductions and/or direct contributions by you. 
 4. Employment Terms. This offer, and your employment by
the Company, is contingent upon your signing and returning to the Company on or before your employment start date, the attached “Confidential Information and Invention Assignment Agreement.” Please note that this offer letter, the
attached agreement, and any stock option agreements set forth the entire agreement and understanding between you and the Company regarding your employment relationship and supersede any other written or oral representation or promise. The provisions
of this offer letter regarding “at will” employment may only be modified by a document signed by you and the Company’s CEO or President. 
 5. Start Date. Your start date will be November 1, 2006. Please indicate your acceptance of this offer letter by signing and returning a copy to me by October 30, 2006. 
 Paul, we are very excited at the prospect of your joining us at Bayhill Therapeutics and participating in the creation of what I believe can be a highly
successful biopharmaceutical company that can make a major contribution to alleviating the debilitating effects of various autoimmune and other diseases. We look forward to your enthusiastic participation. 
  

	
	 Very truly yours,

	
	 /s/ Mark W. Schwartz

	 Mark W. Schwartz

	 President and CEO

  

	
	 Agreed and Accepted:

	
	 I accept this offer of employment on the terms stated above.

	
	 /s/ Paul Westberg

	 Paul Westberg

	
	 Date: October 30, 2006Consulting Agreement by and between the Registrant and William Robinson

 Exhibit 10.12 
 CONSULTING AGREEMENT 
 TOLERION, INC. 
 This Consulting Agreement (“Agreement”) is made as of April 16, 2002 (“Effective Date”) by and between Tolerion, Inc. (the
“Company”) and William Robinson, M.D., Ph.D. (the “Consultant”). The Consultant has been involved in scientific research in fields of particular interest to the Company. The Company wishes to retain the Consultant in a consulting
capacity as a founding member of the Company’s Scientific Advisory Board and as a consultant on scientific and medical matters for the Company, and the Consultant desires to perform such consulting services. Accordingly, the parties agree as
follows: 
 1. Services. 
 1.1 The Consultant will advise the Company’s management, employees and agents, at reasonable times, in matters related to the Company’s Field of Interest, as requested by the Company as set forth below. The Company’s
principal field of interest is the discovery and development of pharmaceutical agents and associated diagnostic products that use DNA immunization to treat autoimmune diseases (the “Company’s Field of Interest”). The Company’s
Field of Interest and the area of consultation are collectively referred to in this Agreement as the “Designated Field.” 
 1.2 A
reasonable amount of consultation may be sought by the Company over the telephone, in person at the Consultant’s office or at the Company, or through written correspondence, and will involve reviewing and planning activities and developments in
the Company’s Field of Interest. In addition, the Consultant will make himself available in person at the Company’s offices or other locations as agreed upon for a maximum of 48 days per calendar year beginning on April 24,
2002 and each calendar year thereafter. The Consultant will also participate as founding member of the Company’s Scientific Advisory Board and agrees to use his best efforts to attend Scientific Advisory Board meetings. 
 1.3 Within 3 months following completion of Consultant’s fellowship program at Stanford University, but not later than December 31, 2002,
Consultant may elect to accept the Company’s offer to become a full-time employee of the Company, with the title and responsibilities of Director of Disease Management. In the event Consultant does not elect full-time employment, Consultant
will continue to provide consulting services per the terms of this Agreement. 
 2. Compensation. The Consultant will be paid $60,000
per year for all consulting services rendered hereunder. The annual fee shall be paid in installments of $15,000 per quarter in advance of the first day of each calendar quarter. Reasonable expenses of the Consultant incurred at the request of the
Company will be reimbursed promptly by the Company, subject to customary verification. In the event Consultant enters into an employment agreement with the Company, his salary shall be as set forth therein. 
 3. Stock. 
  

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 3.1 Nothing herein shall preclude the Board of Directors from granting to Consultant stock options from
time to time consistent with, and on an equitable basis commensurate with, additional stock options that may be granted to other founders in amounts and with terms as the Board of Directors considers equitable and appropriate under the circumstances
in its sole discretion considering all factors, in addition to Consultant’s shares governed by any existing stock purchase agreement. 
 3.2 All rights related to the Company’s common stock option grants shall be governed by terms and conditions of the Company’s standard stock option plan and agreement. 
 4. Term. The term of this Agreement will begin on the Effective Date and will end at the end of the calendar quarter in which the fifth
anniversary of the Effective Date occurs or upon earlier termination as provided below (the “Term”). This Agreement may be terminated at an earlier time prior to the fourth anniversary of the Effective Date by either party with at least 90
days written notice. The Term will be automatically renewed for successive two year periods, unless either party provides written notice at least 90 days prior to the end of the Term that such party does not wish to renew this Agreement. Upon
termination, all accrued payments will be made and, regardless of quarter, the unpaid portion of the $60,000 will be paid in proportion to the portion of the year of consulting that has elapsed. 
 5. Certain Other Contracts. 
 5.1 The
Consultant is currently employed by an academic or research institution (the “Institution”). The Company recognizes that the Consultant’s primary responsibility is to the Institution. In connection with such employment, the Consultant
has entered into certain agreements with the Institution relating to ownership of intellectual property rights, conflicts of interest and other matters, and is subject to certain policy statements of the Institution (collectively, the
“Institutional Agreement”). If any provision of this Agreement is in conflict with the Institutional Agreement, then the Institutional Agreement will govern to the extent of such conflict, and the conflicting provisions of this Agreement
will not apply. Consultant agrees to furnish the Company with copies of such agreements and policy statements. 
 5.2 The Consultant will not
disclose to the Company any information that the Consultant is obligated to keep secret pursuant to an existing confidentiality agreement with a third party, and nothing in this Agreement will impose any obligation on the Consultant to the contrary.

 5.3 The consulting work performed hereunder will not be conducted on time that is required to be devoted to the Institution or any other
third party. The Consultant shall not use the funding, resources and facilities of the Institution or any other third party to perform consulting work hereunder and shall not perform the consulting work hereunder in any manner that would give the
Institution or any third party rights to produce such work. Nothing done in the Consultant’s academic research shall be considered part of services performed hereunder and nothing herein shall restrict the Consultant’s academic research.

  

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 5.4 The Consultant has disclosed and, during the Term, will disclose to the Chief Executive Officer of
the Company any conflicts between this Agreement and any other agreements binding the Consultant. 
 6. Exclusive Services During the
Term. Subject to written waivers that may be provided by the Company upon request, and which shall not be unreasonably withheld, the Consultant during the Term of this Agreement will not i) become employed by, or provide any consulting services
directly or indirectly to any other business or commercial entity in the Company’s Field of Interest, or ii) participate in the formation of any business or commercial entity in the Company’s Field of Interest, and iii) directly or
indirectly solicit or hire away any employee or consultant of the Company. Consultant has disclosed that he serves on the Scientific Advisory Boards of Adeptient, Inc. (Los Altos, CA), Solis Therapeutics, Inc. (Burlingame, CA), Geo Vax (Atlanta,
Georgia), and ImmuDx, Inc. (Mountain View, CA), and the foregoing does not apply to such relationships as disclosed to the Company. Consultant may maintain these relationships. 
 7. Direction of Projects and Inventions to the Company. Subject to the Consultant’s obligations under the Institutional Agreement and
confidentiality obligations to third parties, during the Term of this Agreement, the Consultant will use reasonable efforts to disclose to the Chief Executive Officer of the Company, on a confidential basis, technology and product opportunities
which come to the attention of the Consultant in the Company’s Field of Interest, and any invention, improvement, discovery, process, formula or method or other intellectual property relating to or useful in, the Company’s Field of
Interest (collectively, “New Discoveries”), whether or not patentable or copyrightable, and whether or not discovered or developed by the Consultant. 
 8. Inventions Discovered by the Consultant While Performing Services Hereunder. The Consultant will promptly and fully disclose to the Chief Executive Officer of the Company any invention, improvement,
discovery, process, formula, technique, method, trade secret, or other intellectual property, whether or not patentable, whether or not copyrightable (collectively, “Inventions”) made, conceived, developed or first reduced to practice by
the Consultant, either alone or jointly with others, while performing services hereunder. The Consultant hereby assigns to the Company all of his right, title and interest in and to any such Inventions. The Consultant will execute any and all
documents necessary to perfect the assignment of such Inventions to the Company and to enable the Company to apply for, obtain, and enforce patents or copyrights in any and all countries on such Inventions. The Consultant hereby irrevocably
designates the Secretary of the Company as his agent and attorney-in-fact to execute and file any such document and to do all lawful acts necessary to apply for and obtain patents and copyrights, and to enforce the Company’s rights under this
paragraph. This Section 8 will survive the termination of this Agreement. 
 9. Confidentiality. 
 9.1 The Consultant acknowledges that, during the course of performing his services hereunder, the Company will be disclosing information to the
Consultant, and the Consultant will be developing information related to the Company’s Field of Interest, Inventions, projects, products, potential customers, personnel, business plans, and finances, as well as other 

  

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commercially valuable information (collectively, “Confidential Information”). The Consultant acknowledges that the Company’s business is
extremely competitive, dependent in part upon the maintenance of secrecy, and that any disclosure of the Confidential Information would result in serious harm to the Company. 
 9.2 The Consultant agrees that the Confidential Information will be used by the Consultant only in connection with consulting activities hereunder, and
will not be used in any way that is detrimental to the Company. 
 9.3 The Consultant agrees not to disclose, directly or indirectly, the
Confidential Information to any third person or entity, other than representatives or agents of the Company. The Consultant will treat all such information as confidential and proprietary property of the Company. 
 9.4 The term “Confidential Information” does not include information that (i) is or becomes generally available to the public other than
by disclosure in violation of this Agreement, (ii) was within the relevant party’s possession prior to being furnished to such party, (iii) becomes available to the relevant party on a non-confidential basis, (iv) was
independently developed by the relevant party without reference to the information provided by the Company, or (v) is approved for release by written authorization of an authorized representative of the Company. 
 9.5 The Consultant may disclose any Confidential Information that is required to be disclosed by law, government regulation or court order. If disclosure
is required, the Consultant will give the Company advance notice so that the Company may seek a protective order or take other action reasonable in light of the circumstances. 
 9.6 Upon termination of this Agreement, the Consultant will promptly return to the Company all materials containing information as well as data, reports,
biological material and other property, furnished by the Company to the Consultant or produced by the Consultant in connection with services rendered hereunder, together will all copies of any of the foregoing. Notwithstanding such return, the
Consultant shall continue to be bound by the terms of the confidentiality provision contained in Section 9 for a period of three years after the termination of this Agreement. 
 10. Freedom to Publish. 
 10.1 The
Company acknowledges the Consultant’s obligation to disseminate new knowledge and research findings. Consistent with the confidentiality provisions, or any other provision, of this Agreement, the Consultant may publish and make oral
representations of the results of the Consultant’s work performed pursuant to this Agreement under the terms set forth in this Section 10. 
 10.2 The Consultant acknowledges that publication or oral disclosure of any Invention or other work prior to filing for patent or copyright protection could result in the complete loss of any commercial value of the
Consultant’s research to the Institution, the Company, and/or the Consultant, as the case may be. The Consultant will provide the Company with sufficient disclosure regarding Inventions owned by the Company under Section 8 at least 

  

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90 days prior to publication to allow the Company to evaluate such disclosure; Consultant will work with the Institution (and the Company if appropriate) to
file patent or copyright applications prior to disclosure or publication, or to modify such publication if such disclosure regarding Inventions owned by the Company under Section 8 would materially affect the business of the Company.

 11. Use of Name. It is understood that the name of the Consultant and the Consultant’s affiliation with the Institution will
appear in disclosure documents required by securities laws, and in other regulatory and administrative filings in the ordinary course of the Company’s business. It is also understood that the name of the Consultant and the Consultant’s
affiliation with the Institution will appear in such filings and disclosure documents in connection with the Company’s Scientific Advisory Board. The above described uses will be deemed to be non-commercial uses. The name of the Consultant or
the Institution will not be used for any commercial purpose without the Consultant’s consent. 
 12. No Conflict; Valid and
Binding. The Consultant represents that neither the execution of this Agreement nor the performance of the Consultant’s obligations under this Agreement (as modified to the extent required by Section 5) will result in a violation or
breach of any other agreement by which the Consultant is bound. The Company represents that this Agreement has been duly authorized and executed and is a valid and legally binding obligation of the Company, subject to no conflicting agreements.

 13. Notices. Any notice provided under this Agreement shall be in writing and shall be deemed to have been effectively given
(i) upon receipt when delivered personally, (ii) one day after sending when sent by private express mail service (such as Federal Express), or (iii) five days after sending when sent by regular mail to the following address:

 In the case of the Company: 
 Tolerion, Inc. 
 1020 Vernier Pl. 
 Stanford, CA 94305 
 In the case of the Consultant: 
 William Robinson, M.D., Ph.D. 
 Research
Associate 
 Beckman Center, Room B-002 
 Stanford University Medical Center 
 Stanford, CA 94305-5235 
 or to other such address as may have been designated by the Company or the Consultant by notice to the other given as provided herein. 
 14. Independent Contractor Withholdings. The Consultant will at all times be an independent contractor, and as such will not have authority to bind the Company. The Consultant will not act as an agent nor shall
he be deemed to be an employee of the Company for 

  

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the purposes of any employee benefit program, unemployment benefits, or otherwise. The Consultant recognizes that no amount will be withheld from his
compensation for payment of any federal, state, or local taxes and that the Consultant has sole responsibility to pay such taxes, if any, and file such returns as shall be required by applicable laws and regulations. The Consultant shall not enter
into any agreements or incur any obligations on behalf of the Company. 
 15. Assignment. Due to the personal nature of the services
to be rendered by the Consultant, the Consultant may not assign this Agreement. The Company may assign all rights and liabilities under this Agreement to a successor to all or a substantial part of its business and assets without the consent of the
Consultant. Subject to the foregoing, this Agreement will inure to the benefit of and be binding upon each of the heirs, assigns and successors of the respective parties. 
 16. Severability. If any provision of this Agreement shall be declared invalid, illegal or unenforceable, such provision shall be severed and the remaining provisions shall continue in full force and effect.

 17. Remedies. The Consultant acknowledges that the Company would have no adequate remedy at law to enforce Sections 6, 8, 9 and 10
hereof. In the event of a violation by the Consultant of such Sections, the Company shall have the right to obtain injunctive or other similar relief, as well as any other relevant damages, without the requirement of posting bond or other similar
measures. 
 18. Governing Law; Entire Agreement; Amendment. This Agreement shall be governed by the laws of the State of California
applicable to agreements made and to be performed within such state, represents the entire understanding of the parties, supersedes all prior agreements between the parties, and may only be amended in writing. 
 19. Vesting of Founders Shares. The parties hereto acknowledge and agree that the shares of common stock of the Company purchased by Consultant
pursuant to that certain Founder Stock Purchase Agreement, by and between Consultant and the Company, dated as of February 20, 2002 (the “Founder Agreement”), are subject to the Unvested Share Repurchase Option (as defined in the
Founder Agreement) set forth in the Founder Agreement and that the Unvested Share Repurchase Option contemplates a vesting of such shares of common stock during the course of Consultant’s providing continuous services to the Company as an
employee, consultant or director. Furthermore, the parties hereto acknowledge and agree that Consultant’s providing continuous services pursuant to this Agreement shall constitute providing continuous services for purposes of the Unvested Share
Repurchase Option and that the services to be provided hereunder are not intended to be the exclusive type of services which may constitute continuous services to the Company for purposes of the Unvested Share Repurchase Option. 
  

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

  

							
	TOLERION, INC.	 		 	CONSULTANT:
				
	By:	 	 /s/ James Koshland
	 		 	 /s/ William Robinson

		 	James Koshland	 		 	William Robinson, M.D., Ph.D.
				
		 		 		 	Date: 4/16/02

  

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