Document:

Exhibit 10.17

 

VIA ELECTRONIC MAIL

 

March 12, 2021

 

Joseph L. Farmer

 

Dear Joe:

 

As we discussed, your employment
with Xilio Therapeutics, Inc. (f/k/a/ Akrevia Therapeutics, Inc., and hereinafter, the “Company”) will end effective
March 12, 2021 (the “Separation Date”). As we also discussed, although you are electing to leave the Company, the Company
has agreed to provide you with the severance benefits described in detail in paragraph 1 below if you sign and return this letter agreement
to me no later than April 3, 2021 (but no earlier than the Separation Date) and do not revoke your agreement (as described below).
By signing and returning this letter agreement and not revoking your acceptance, you will be entering into a binding agreement with the
Company and will be agreeing to the terms and conditions set forth in the numbered paragraphs below, including the release of claims set
forth in paragraph 2. Therefore, you are advised to consult with an attorney before signing this letter agreement and you have been given
at least twenty-one (21) days to do so. If you sign this letter agreement, you may change your mind and revoke your agreement during the
seven (7) business day period after you have signed it (the “Revocation Period”) by notifying me in writing. If you do
not so revoke, this letter agreement will become a binding agreement between you and the Company upon the expiration of the Revocation
Period.

 

Although your receipt of the
severance benefits is expressly conditioned on your timely entering into this letter agreement, the following will apply regardless of
whether or not you do so:

 

		•	As of the Separation Date, all salary payments from the Company will cease and any benefits you had as
of the Separation Date under Company-provided benefit plans, programs, or practices will terminate, except as required by applicable law.

 

		•	You will receive payment for your final wages and any unused vacation time accrued through the Separation
Date.

 

		•	You may, if eligible and at your own cost, elect to continue receiving group medical insurance pursuant
to the “COBRA” law. Please consult the COBRA materials to be provided under separate cover for details regarding these benefits.

 

		•	You are obligated to keep confidential and not to use or disclose any and all non-public information concerning
the Company that you acquired during the course of your employment with the Company, including any non-public information concerning the
Company’s business affairs, business prospects, and financial condition, except as otherwise permitted by paragraph 9 below. Further,
you remain subject to your continuing obligations to the Company as set forth in the Employee Proprietary Information and Invention Assignment
Agreement (the “Restrictive Covenants Agreement”) you previously executed in connection with your commencement of employment
with the Company, which obligations remain in full force and effect.

 

		•	You must return to the Company no later than the Separation Date all Company property.

 

     

     

    

 

If you elect to timely sign
and return this letter agreement and do not revoke your acceptance within the Revocation Period, the following terms and conditions will
also apply:

 

1.             Severance
Benefits – The Company will provide you with the following severance benefits (the “severance benefits”):

 

a.             Severance
Pay. The Company will pay to you an aggregate amount of two hundred eighty-five thousand eight hundred thirty-three dollars ($285,833),
less all applicable taxes and withholdings (the “Severance Sum”), which is equivalent to the sum of (i) nine (9) months
of your current base salary, plus (ii) your prorated 2021 bonus at target; provided, however, that the Severance Sum shall be reduced
by any Garden Leave Pay that the Company provides to you pursuant to the Restrictive Covenants Agreement. The Severance Sum will be paid
in equal installments over a nine (9) month period in accordance with the Company’s regular payroll practices (with each such
installment during the first six (6) months following the Separation Date reduced to reflect the Garden Leave Pay being provided
to you during the same period), but in no event shall payments begin earlier than the Company’s first payroll date following expiration
of the Revocation Period. Should you materially breach any of your material obligations under the Restrictive Covenants Agreement (as
determined by the Company’s Board of Directors in good faith), these severance payments shall immediately cease and no further amounts
shall be due to you hereunder.

 

b.             COBRA
Contribution. Should you timely elect and be eligible to continue receiving group health insurance pursuant to the “COBRA”
law, the Company will, until the earlier of (x) the date that is nine (9) months following the Separation Date, and (y) the
date on which you are eligible to obtain alternative coverage with another employer (as applicable, the “COBRA Contribution Period”),
continue to pay the share of the premiums for such coverage to the same extent it was paying such premiums on your behalf immediately
prior to the Separation Date. The remaining balance of any premium costs during the COBRA Contribution Period, and all premium costs thereafter,
shall be paid by you on a monthly basis for as long as, and to the extent that, you remain eligible for COBRA continuation. You agree
that, should you become eligible to obtain alternative health insurance coverage with another employer prior to the date that is nine
(9) months following the Separation Date, you will so inform the Company in writing within five (5) business days of obtaining
such coverage.

 

c.             Consulting
Agreement. The Company will enter into a consulting agreement with you in the form attached hereto as Attachment A (the “Consulting
Agreement”). During the Consultation Period set forth in the Consulting Agreement, you shall provide services to the Company as
a consultant pursuant to the terms set forth therein. During the Consultation Period, and contingent on your continued provision of services
to the Company, the outstanding equity awards previously granted to you by the Company (collectively, the “Equity Awards”)
will continue to vest and be exercisable in accordance with the applicable equity plans and agreements. Notwithstanding the foregoing
or the provisions of any equity award agreement between the Company and you, you acknowledge that any outstanding stock options that were
granted in connection with your employment with the Company and that were intended to be incentive stock options at the time of grant
will be treated as nonstatutory stock options beginning three (3) months after the Separation Date. For the avoidance of doubt, you
acknowledge that should you revoke your acceptance of this letter agreement during the Revocation Period, the Consulting Agreement will
immediately terminate on the date of any such revocation, in accordance with the terms set forth in the Consulting Agreement.

 

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You will not be eligible for,
nor shall you have a right to receive, any payments or benefits from the Company following the Separation Date other than as set forth
in this paragraph.

 

2.             Release
of Claims – In consideration of the severance benefits, which you acknowledge you would not otherwise be entitled to receive,
you hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent
companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members,
employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities)
(collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits,
rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions,
obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that you ever had or now
have against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out
of or relating to your employment with and/or separation from the Company, including, but not limited to, all claims under Title VII of
the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101
et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Genetic Information Nondiscrimination
Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker
Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973,
29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681
et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all
as amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq.,
the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law regarding payment of wages and overtime),
the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws.
ch. 93, § 102, Mass. Gen. Laws ch. 214, § 1C (Massachusetts right to be free from sexual harassment law), the Massachusetts
Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of
privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave
Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all common law claims including, but not limited to, actions in defamation,
intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including without
limitation all claims arising out of or related to the Employment Agreement between you and the Company dated May 24, 2019); all
claims to any non-vested ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the
maximum extent permitted by law; and any claim or damage arising out of your employment with and/or separation from the Company (including
a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above;
provided, however, that this release of claims does not prevent you from filing a charge with, cooperating with, or participating in
any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except
that you acknowledge that you may not recover any monetary benefits in connection with any such charge, investigation, or proceeding,
and you further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with
any such charge, investigation or proceeding).

 

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3.             Continuing
Obligations – You acknowledge and reaffirm your confidentiality and non-disclosure obligations discussed on the first page of
this letter agreement, as well as all of your obligations set forth in the Restrictive Covenant Agreements, including without limitation
your non-competition obligations set forth in Section 3(d) thereof, all of which obligations survive your separation from employment
with the Company.

 

4.             Non-Disparagement
 – You understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, you will
not, in public or private, make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on
any social media, networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media
outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the Company,
regarding the Company or any of its directors or officers, or regarding the Company’s business affairs, business prospects, or financial
condition. In return, the Company’s directors and officers will not to make any false, disparaging, derogatory or defamatory statements,
online or otherwise, to any third party regarding you.

 

5.             Company
Affiliation – You agree that, following the Separation Date, you will not hold yourself out as an officer, employee, or
otherwise as a representative of the Company, and you agree to update any directory information that indicates you are currently affiliated
with the Company. Without limiting the foregoing, you confirm that, within five (5) days following the Separation Date, you will
update any and all social media accounts (including, without limitation, LinkedIn, Facebook, Twitter and Four Square) to reflect that
you are no longer employed by or associated with the Company.

 

6.             Return
of Company Property – You confirm that, except as mutually agreed and required to perform the services described in the
Consulting Agreement you have returned to the Company all keys, files, records (and copies thereof), equipment (including, but not limited
to, computer hardware, software, printers, flash drives and other storage devices, wireless handheld devices, cellular phones, tablets, etc.),
Company identification, and any other Company owned property in your possession or control, and that you have left intact all, and have
otherwise not destroyed, deleted, or made inaccessible to the Company any, electronic Company documents, including, but not limited to,
those that you developed or helped to develop during your employment, and that you have not (a) retained any copies in any form or
media; (b) maintained access to any copies in any form, media, or location; (c) stored any copies in any physical or electronic
locations that are not readily accessible or not known to the Company or that remain accessible to you; or (d) sent, given, or made
accessible any copies to any persons or entities that the Company has not authorized to receive such electronic or hard copies. You further
confirm that you have cancelled all accounts for your benefit, if any, in the Company’s name, including but not limited to, credit
cards, telephone charge cards, cellular phone accounts, and computer accounts.

 

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7.             Business
Expenses and Final Compensation – You acknowledge that you have been reimbursed by the Company for all business expenses
incurred in conjunction with the performance of your employment and that no other reimbursements are owed to you. You further acknowledge
that you have received payment in full for all services rendered in conjunction with your employment by the Company, including payment
for all wages, bonuses, commissions, and accrued, unused vacation time, and that no other compensation is owed to you except as provided
herein.

 

8.             Confidentiality
 – You understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, the terms
and contents of this letter agreement, and the contents of the negotiations and discussions resulting in this letter agreement, shall
be maintained as confidential by you and your agents and representatives and shall not be disclosed except as otherwise agreed to in writing
by the Company.

 

9.             Scope
of Disclosure Restrictions – Nothing in this letter agreement prohibits you from communicating with government agencies
about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint
with government agencies, or participating in government agency investigations or proceedings. You are not required to notify the Company
of any such communications; provided, however, that nothing herein authorizes the disclosure of information you obtained through a communication
that was subject to the attorney-client privilege. Further, notwithstanding your confidentiality and nondisclosure obligations, you are
hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal,
State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except
pursuant to court order.”

 

10.           Cooperation
 – You agree that, to the extent permitted by law, you shall cooperate with the Company in the investigation, defense or prosecution
of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company
by a third party or by or on behalf of the Company against any third party, whether before a state or federal court, any state or federal
government agency, or a mediator or arbitrator related to events about which you have relevant knowledge. Your cooperation in connection
with such claims or actions shall include, but not be limited to, being available to meet with the Company’s counsel, at reasonable
times and locations mutually agreed by you and the Company, to investigate or prepare the Company’s claims or defenses, to prepare
for trial or discovery or an administrative hearing, mediation, arbitration or other proceeding and to act as a witness when requested
by the Company. The Company will reimburse you for all reasonable and documented out of pocket costs that you incur to comply with this
paragraph. You further agree that, to the extent permitted by law, you will notify the Company promptly in the event that you are served
with a subpoena (other than a subpoena issued by a government agency), or in the event that you are asked to provide a third party (other
than a government agency) with information concerning any actual or potential complaint or claim against the Company.

 

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11.           Amendment
and Waiver – This letter agreement shall be binding upon the parties and may not be modified in any manner, except by an
instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto. This letter agreement
is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors, and
administrators. No delay or omission by the Company in exercising any right under this letter agreement shall operate as a waiver of that
or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not
be construed as a bar to or waiver of any right on any other occasion.

 

12.           Validity
 – Should any provision of this letter agreement be declared or be determined by any court of competent jurisdiction to be illegal
or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term
or provision shall be deemed not to be a part of this letter agreement.

 

13.           Nature
of Agreement – You understand and agree that this letter agreement is a severance agreement and does not constitute an admission
of liability or wrongdoing on the part of the Company.

 

14.           Acknowledgments
 – You acknowledge that you have been given at least twenty- one (21) days to consider this letter agreement, and that the Company
is hereby advising you to consult with an attorney of your own choosing prior to signing this letter agreement. You understand that you
may revoke this letter agreement for a period of seven (7) days after you sign this letter agreement by notifying me in writing,
and the letter agreement shall not be effective or enforceable until the expiration of this seven (7) day revocation period. You
understand and agree that by entering into this letter agreement, you are waiving any and all rights or claims you might have under the
Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, and that you have received consideration
beyond that to which you were previously entitled.

 

15.           Voluntary
Assent – You affirm that no other promises or agreements of any kind have been made to or with you by any person or entity
whatsoever to cause you to sign this letter agreement, and that you fully understand the meaning and intent of this letter agreement.
You further state and represent that you have carefully read this letter agreement, understand the contents herein, freely and voluntarily
assent to all of the terms and conditions hereof, and sign your name of your own free act.

 

16.           Applicable
Law – This letter agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without
regard to conflict of laws provisions. You hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of
the Commonwealth of Massachusetts, or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for
purposes of this letter agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out
of, under or in connection with this letter agreement or the subject matter hereof.

 

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17.           Entire
Agreement – This letter agreement contains and constitutes the entire understanding and agreement between the parties hereto
with respect to your severance benefits and the settlement of claims against the Company and cancels all previous oral and written negotiations,
agreements, and commitments in connection therewith.

 

18.           Tax
Acknowledgement – In connection with the severance benefits provided to you pursuant to this letter agreement, the Company
shall withhold and remit to the tax authorities the amounts required under applicable law, and you shall be responsible for all applicable
taxes with respect to such severance benefits under applicable law. You acknowledge that you are not relying upon the advice or representation
of the Company with respect to the tax treatment of any of the severance benefits set forth in paragraph 1 of this letter agreement.

 

[signature page follows]

 

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	 	Very truly yours,
	 	 
	 	 
	 	By:	/s/
    Rene Russo
	 	 	Rene Russo
	 	 	CEO
	 	 

 

I hereby agree to the terms and conditions set
forth above. I have been given at least twenty-one (21) days to consider this letter agreement, and I have chosen to execute this on the
date below. I intend that this letter agreement will become a binding agreement between me and the Company if I do not revoke my acceptance
in seven (7) days.

 

	/s/ Joseph
L. Farmer	 	3/12/2021
	Joseph L. Farmer	 	 Date

 

To be returned in a timely manner as set forth
on the first page of this letter agreement.

 

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ATTACHMENT A

 

CONSULTING AGREEMENT

 

This Consulting Agreement (the “Agreement”),
effective as of the Effective Date (as defined herein), is entered into between Xilio Therapeutics, Inc. (the “Company”)
and Joseph L. Farmer (the “Consultant”).

 

WHEREAS, the Company desires
to retain the services of the Consultant and the Consultant desires to perform certain services for the Company; and

 

WHEREAS, the Consultant is
in the business of providing such services and has agreed to provide such services pursuant to the terms and conditions set forth in this
Agreement.

 

NOW, THEREFORE in consideration
of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged by the parties hereto, the parties agree as follows:

 

1.             Services.
The Consultant agrees to perform such consulting and advisory services to and for the Company as may be reasonably requested from time
to time by the Company, as specified on Schedule A to this Agreement.

 

2.             Term.
Provided the Consultant has timely signed and returned to the Company the letter agreement to which this Agreement is attached as Attachment
A (the “Letter Agreement”),the term of this Agreement shall commence on March 13, 2021 and shall continue through
November 30, 2021 (the “Expiration Date”), unless terminated earlier pursuant to the provisions of Section 4
(such period being referred to as the “Consultation Period”).

 

3.             Consideration
and Reimbursement.

 

a.             Equity
Vesting. In full consideration of the services performed by the Consultant under this Agreement, and for so long as the Consultant
provides services to the Company pursuant to this Agreement, any and all outstanding and unvested equity awards granted to the Consultant
by the Company will continue to vest and be exercisable in accordance with the applicable equity plans and award agreements. Vesting will
cease immediately upon termination of this Agreement for any reason in accordance with Section 4 below. The Consultant shall have
three (3) months following the end of the Consultation Period to exercise any equity awards that have vested and become exercisable
as of such date in accordance with and subject to applicable equity plans and award agreements.

 

b.             Expense
Reimbursement. The Company shall reimburse the Consultant for all reasonable out-of-pocket expenses incurred by the Consultant in
connection with the performance of the services under this Agreement. The Consultant shall submit to the Company itemized monthly statements,
in a form satisfactory to the Company, of such expenses incurred in the previous month. The Company shall pay to the Consultant amounts
shown on each such statement within thirty (30) days after receipt thereof. Notwithstanding the foregoing, the Consultant shall not incur
total expenses in excess of $500.00 per month without the prior written approval of the Company.

 

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c.             No
Employee Benefits. The Consultant’s relationship with the Company will be that of an independent contractor, and the Consultant
shall not, in connection with this relationship, be entitled to any benefits, coverages or privileges, including, without limitation,
health insurance, social security, unemployment, workers compensation, or pension payments, made available to employees of the Company.

 

4.             Termination.
This Agreement may be terminated prior to the Expiration Date in the following manner: (a) by the Company at any time immediately
upon written notice if the Consultant has materially breached this Agreement or the Letter Agreement; (b) by the Consultant at any
time immediately upon written notice if the Company has materially breached this Agreement or the Letter Agreement; (c) by either
the Company or the Consultant upon not less than thirty (30) days’ prior written notice; or (d) at any time upon the mutual
written consent of the parties hereto. Notwithstanding the foregoing, and for the avoidance of doubt, the Company may terminate this Agreement
effective immediately by giving written notice to the Consultant if the Consultant fails to timely sign the Letter Agreement, or revokes
the Letter Agreement within seven (7) days after signing it as set forth in the Letter Agreement. In the event of any termination,
the Consultant shall be entitled only to reimbursements for expenses incurred in accordance with Section 3(b) prior to termination,
and no further payments of any kind will be due. In addition, vesting of the equity will cease immediately upon termination.

 

5.             Cooperation.
The Consultant shall perform the services hereunder in a professional manner and consistent with the highest industry standards. The Company
shall provide such access to its information and property as may be reasonably required in order to permit the Consultant to perform the
Consultant’s obligations hereunder. The Consultant shall cooperate with the Company’s personnel, shall not interfere with
the conduct of the Company’s business, and shall observe all rules, regulations and security requirements of the Company concerning
the safety of persons and property.

 

6.             Proprietary
Information and Inventions.

 

6.1            Proprietary
Information.

 

a.            The
Consultant acknowledges that the Consultant’s relationship with the Company is one of high trust and confidence and that in the
course of the Consultant’s service to the Company, Consultant will have access to and contact with Proprietary Information. The
Consultant will not disclose any Proprietary Information to any person or entity other than employees of the Company or use the same for
any purposes (other than in the performance of the services) without written approval by an officer of the Company, either during or after
the Consultation Period, unless and until such Proprietary Information has become public knowledge without fault by the Consultant.

 

b.            For
purposes of this Agreement, Proprietary Information shall mean, by way of illustration and not limitation, all information, whether or
not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential nature, owned, possessed
or used by the Company, concerning the Company’s business, business relationships or financial affairs, including, without limitation,
any Invention, formula, vendor information, customer information, apparatus, equipment, trade secret, process, research, report, technical
or research data, clinical data, know-how, computer program, software, software documentation, hardware design, technology, product,
processes, methods, techniques, formulas, compounds, projects, developments, marketing or business plan, forecast, unpublished financial
statement, budget, license, price, cost, customer, supplier or personnel information or employee list that is communicated to, learned
of, developed or otherwise acquired by the Consultant in the course of the Consultant’s service as a consultant to the Company.

 

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c.            The
Consultant agrees that all files, documents, letters, memoranda, reports, records, data sketches, drawings, models, laboratory notebooks,
program listings, computer equipment or devices, computer programs or other written, photographic, or other tangible material containing
Proprietary Information, whether created by the Consultant or others, which shall come into Consultant’s custody or possession,
shall be and are the exclusive property of the Company to be used by the Consultant only in the performance of the Consultant’s
duties for the Company and shall not be copied or removed from the Company premises except in the pursuit of the business of the Company.
All such materials or copies thereof and all tangible property of the Company in the custody or possession of the Consultant shall be
delivered to the Company, upon the earlier of (i) a request by the Company or (ii) the termination of this Agreement. After
such delivery, the Consultant shall not retain any such materials or copies thereof or any such tangible property.

 

d.            The
Consultant agrees that Consultant’s obligation not to disclose or to use information and materials of the types set forth in paragraphs
(b) and (c) above, and Consultant’s obligation to return materials and tangible property set forth in paragraph (c) above
extends to such types of information, materials and tangible property of customers of the Company or suppliers to the Company or other
third parties who may have disclosed or entrusted the same to the Company or to the Consultant.

 

e.            The
Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States Government,
or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course of work under
such agreements or regarding the confidential nature of such work. The Consultant agrees to be bound by all such obligations and restrictions
that are known to the Consultant and to take all action necessary to discharge the obligations of the Company under such agreements.

 

f.             The
Consultant’s obligations under this Section 6.1 shall not apply to any information that (i) is or becomes known to the
general public under circumstances involving no breach by the Consultant or others of the terms of this Section 6.1, (ii) is
generally disclosed to third parties by the Company without restriction on such third parties, or (iii) is approved for release by
written authorization of an officer of the Company. Further, nothing herein prohibits the Consultant from communicating with government
agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies or participating
in government agency investigations or proceedings. In addition, notwithstanding the Consultant’s confidentiality and nondisclosure
obligations, the Consultant is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held
criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose
the trade secret, except pursuant to court order.”

 

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6.2           Inventions.

 

a.             The
Consultant will make full and prompt disclosure to the Company of all inventions, creations, improvements, enhancements, designs, innovations,
discoveries, processes, methods, techniques, developments, software, computer programs, and works of authorship, whether or not patentable
and whether or not copyrightable, that are created, made, conceived or reduced to practice by the Consultant or under the Consultant’s
direction or jointly with others during the Consultation Period, whether or not during normal working hours or on the premises of the
Company (all of which are collectively referred to in this Agreement as “Inventions”). The Consultant agrees to assign
and does hereby assign to the Company (or any person or entity designated by the Company) all of the Consultant’s right, title and
interest in and to all Inventions and all related patents, patent applications, copyrights created in the work(s) of authorship,
trademarks, trade names, and other industrial and intellectual property rights and applications therefor in the United States and elsewhere.
However, the previous sentence shall not apply to Inventions that do not relate to the present or planned business or research and development
of the Company and that are made and conceived by the Consultant not during normal working hours, not on the Company’s premises
and not using the Company’s tools, devices, equipment or Proprietary Information. The Consultant understands that, to the extent
this Agreement shall be construed in accordance with the laws of any state that precludes a requirement that an individual assign certain
classes of inventions, this Section 6.2(a) shall be interpreted not to apply to any invention that a court rules and/or
the Company agrees falls within such classes. The Consultant further acknowledges that each original work of authorship that is made by
the Consultant (solely or jointly with others) within the scope of the Agreement and which is protectable by copyright is a “work
made for hire,” as that term is defined in the United States Copyright Act. The Consultant hereby waives all claims to moral rights
in any Inventions.     ·

 

b.             The
Consultant agrees that if, in the course of performing the services, the Consultant incorporates into any Invention developed under this
Agreement any preexisting invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant
or in which the Consultant has an interest (“Prior Inventions”), (i) the Consultant will inform the Company, in
writing before incorporating such Prior Inventions into any Invention, and (ii) the Company is hereby granted a nonexclusive, royalty-free,
perpetual, irrevocable, transferable worldwide license with the right to grant and authorize sublicenses, to make, have made, modify,
use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise
exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and
to practice any method related thereto. The Consultant will not incorporate any invention, improvement, development, concept, discovery
or other proprietary information owned by any third party into any Invention without the Company’s prior written permission.

 

c.             The
Consultant agrees to cooperate fully with the Company, both during and after the Consultation Period, with respect to the procurement,
maintenance, and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries)
relating to Inventions. The Consultant shall sign all papers, including, without limitation, copyright applications, patent applications,
declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary
or desirable in order to protect its rights and interests in any Invention. The Consultant further agrees that if the Company is unable,
after reasonable effort, to secure the signature of the Consultant on any such papers, any executive officer of the Company shall be entitled
to execute any such papers as the agent and the attorney-in-fact of the Consultant, and the Consultant hereby irrevocably designates and
appoints each executive officer of the Company as the Consultant’s agent and attorney-in-fact to execute any such papers on the
Consultant’s behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights
and interests in any Invention, under the conditions described in this sentence.

 

    12

     

    

 

d.             The
Consultant shall maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the
Company) to document the conception and/or first actual reduction to practice of any Invention. Such written records shall be available
to and remain the sole property of the Company at all times.

 

7.             Non-Exclusivity.
The Company retains the right to contract with other companies and/or individuals for consulting services without restriction. Similarly,
except as and to the extent set forth in the Letter Agreement and the Restrictive Covenants Agreement (as defined in the Letter Agreement),
the Consultant retains the right to contract with other companies or entities for the Consultant’s consulting services.

 

8.             Other
Agreements; Warranty.

 

a.             The
Consultant hereby represents that, except as the Consultant has disclosed in writing to the Company, the Consultant is not bound by the
terms of any agreement with any third party to refrain from using or disclosing any trade secret or confidential or proprietary information
in the course of Consultant’s consultancy with the Company, to refrain from competing, directly or indirectly, with the business
of such third party or to refrain from soliciting employees, customers or suppliers of such third party. The Consultant further represents
that Consultant’s performance of all the terms of this Agreement and the performance of the services as a consultant of the Company
do not and will not breach any agreement with any third party to which the Consultant is a party (including, without limitation, any nondisclosure
or non-competition agreement), and that the Consultant will not disclose to the Company or induce the Company to use any confidential
or proprietary information or material belonging to any current or previous employer or others.

 

b.             The
Consultant hereby represents, warrants and covenants that Consultant has the skills and experience necessary to perform the services,
that Consultant will perform said services in a professional, competent and timely manner, that Consultant has the power to enter into
this Agreement and that Consultant’s performance hereunder will not infringe upon or violate the rights of any third party or violate
any federal, state or municipal laws.

 

    13

     

    

 

9.             Independent
Contractor Status.

 

a.             The
Consultant shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent
of the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of,
or in the name of, the Company or to bind the Company in any manner. Nothing herein shall create, expressly or by implication, a partnership,
joint venture or other association between the parties.

 

b.             The
Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services. In performing
the services, the amount of time devoted by the Consultant on any given day will be entirely within the Consultant’s control, and
the Company will rely on the Consultant to put in the amount of time necessary to fulfill the requirements of this Agreement. The Consultant
will provide all equipment and supplies required to perform the services. The Consultant is not required to attend regular meetings at
the Company. However, upon reasonable notice, the Consultant shall meet with representatives of the Company at a location to be designated
by the parties to this Agreement.

 

c.              In
the performance of the services, the Consultant has the authority to control and direct the performance of the details of the services,
the Company being interested only in the results obtained. However, the services contemplated by the Agreement must meet the Company’s
standards and approval and shall be subject to the Company’s general right of inspection and supervision to secure their satisfactory
completion.

 

d.             The
Consultant shall not use the Company’s trade names, trademarks, service names or service marks without the prior approval of
the Company.

 

e.             The
Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in
connection with this Agreement and for maintaining adequate workers’ compensation insurance coverage.

 

10.           Remedies.
The Consultant acknowledges that any breach of the provisions of Section 6 of this Agreement shall result in serious and irreparable
injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Consultant agrees, therefore,
that, in addition to any other remedy the Company may have, the Company shall be entitled to enforce the specific performance of this
Agreement by the Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity
of proving actual damages or posting a bond.

 

11.           Indemnification.
The Consultant shall be solely liable for, and shall indemnify, defend and hold harmless the Company and its successors and assigns from
any claims, suits, judgments or causes of action initiated by any third party against the Company where such actions result from or arise
out of the services performed by the Consultant under this Agreement. The Consultant shall further be solely liable for, and shall indemnify,
defend and hold harmless the Company and its successors and assigns from and against any claim or liability of any kind (including penalties,
fees or charges) resulting from the Consultant’s failure to pay the taxes, penalties, and payments referenced in Section 9
of this Agreement. The Consultant shall further indemnify, defend and hold harmless the Company and its successors and assigns from and
against any and all loss or damage resulting from any misrepresentation, or any non-fulfillment of any representation, responsibility,
covenant or agreement on Consultants part, as well as any and all acts, suits, proceedings, demands, assessments, penalties, judgments
of or against the Company relating to or arising out of the activities of the Consultant and the Consultant shall pay reasonable attorneys’
fees, costs and expenses incident thereto.

 

    14

     

    

 

12.           Notices.
All notices required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon
deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address
shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 12.I

 

13.           Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular forms of nouns and pronouns shall include the plural, and vice versa.

 

14.           Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings,
whether written or oral, relating to the subject matter of this Agreement; provided, however, for the avoidance of doubt, that nothing
herein supersedes the Letter Agreement or the Restrictive Covenants Agreement into which the Consultant entered in connection with his
prior employment by the Company, which remains in full force and effect.

 

15.           Amendment.
This Agreement may be amended or modified only by a written instrument executed by both the Company and the Consultant.

 

16.           Non-Assignability
of Contract. This Agreement is personal to the Consultant and the Consultant shall not have the right to assign any of Consultant’s
rights or delegate any of Consultant’s duties without the express written consent of the Company. Any non-consented-to assignment
or delegation, whether express or implied or by operation of law, shall be void and shall constitute a breach and a default by the Consultant.

 

17.           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without giving
effect to any choice or conflict of law provision or rule that would cause the application of laws of any other jurisdiction.

 

18.           Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns,
including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided,
however, that the obligations of the Consultant are personal and shall not be assigned by Consultant.

 

19.           Interpretation.
If any restriction set forth in Section 6 is found by any court of competent jurisdiction to be unenforceable because it extends
for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend
only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

20.           Survival.
Sections 4 through 20 shall survive the expiration or termination of this Agreement.

 

    15

     

    

 

21.           Miscellaneous.

 

a.              No
delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A
waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar
or waiver of any right on any other occasion.

 

b.             The
captions of the sections of this Agreement are for convenience of reference only and in no way define, limit, or affect the scope or substance
of any section of this Agreement.

 

c.              In
the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability
of the remaining provisions shall in no way be affected or impaired thereby.

 

[Remainder of Page Intentionally Left Blank]

 

    16

     

    

 

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

 

		Xilio Therapeutics, Inc.	
	 	 
		By: 	/s/ Rene Russo
		Name: 	Rene Russo
		Title:	CEO
	 	 
		CONSULTANT:	
	 	 
		/s/
    Joseph L. Farmer
		Joseph L. Farmer

 

    17

     

    

 

Schedule
A

 

Description
of Services

 

The Consultant shall, from time to time, and upon
the Company’s request, provide the Company with consulting and advisory services related to the Company’s finances. It is
anticipated that the Consultant shall perform such services for the Company no more than 5 hours per week.

 

    18Exhibit 10.18

 

EXECUTION VERSION

 

SERVICE AGREEMENT

 

THIS SERVICE AGREEMENT (this
 “Agreement”), made this 11th day of June, 2020, is entered into by Xilio Therapeutics Inc., a Delaware corporation
(the “Company”), and Daniel S. Lynch (the “Director”).

 

INTRODUCTION

 

The Company and the Director
desire to establish the terms and conditions under which the Director will serve as the Chairman of the boards of directors of the Company
Entities (as defined below).

 

It is anticipated that on
or about June 30, 2020, the Company and its parent company, Xilio Therapeutics LLC (the “LLC Parent”), will undergo
a restructuring pursuant to which a wholly owned subsidiary of a corporation newly formed under the laws of Delaware (such newly formed
corporation, the “Ultimate Corporate Parent”) will be merged with and into the LLC Parent, with the LLC Parent becoming
a wholly owned subsidiary of the Ultimate Corporate Parent and the current equityholders of the LLC Parent receiving in such transaction
shares of capital stock of the Ultimate Corporate Parent (the “Restructuring”).

 

In consideration of the mutual
covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by the parties hereto, the parties agree as follows:

 

1.            Services. The Director agrees to serve as Chairman of the Boards (as defined below) and
to provide related advisory and oversight services to and for the Company as may be reasonably requested from time to time by the Boards,
the Company, the LLC Parent and, following the effectiveness of the Restructuring, the Ultimate Corporate Parent relating to their ongoing
operations and strategic matters. Such services shall be performed at such times and places as shall be mutually agreed to by the Company
and the Director. The Company agrees to cause the Director (a) to be elected, promptly after the execution and delivery of this Agreement,
to (i) the Board of Directors (as defined in the Fourth Amended and Restated Limited Liability Company Agreement of the LLC Parent, dated
as of December 12, 2019, as amended to date) of the LLC Parent (the “LLC Parent Board”), (ii) the Board of Directors
of the Company (the “Company Board”), (iii) upon the effectiveness of the Restructuring, the Board of Directors of
the Ultimate Corporate Parent (the “Ultimate Corporate Parent Board”, and together with the LLC Parent Board and the
Company Board, the “Boards”) and (iv) the Compensation Committee of whichever of the LLC Parent Board, the Company
Board or the Ultimate Corporate Parent Board that, from time to time, has a committee that principally makes compensation decisions with
respect to the Company Entities (such committee, the “Compensation Committee”) and (b) to be appointed as Chairman
of the LLC Parent Board, Chairman of the Company Board, Chairman of the Compensation Committee and, upon the effectiveness of the Restructuring,
Chairman of the Ultimate Corporate Parent Board, and the Director agrees to serve in such capacities. The Director shall serve as Chairman
of the LLC Parent Board, the Company Board and, from and after the effectiveness of the Restructuring, the Ultimate Corporate Parent Board,
in each case until his resignation, retirement or removal as Chairman of the applicable Board in accordance with the bylaws or organizational
documents that are then applicable to such entity. 

 

    1

     

    

 

2.            
Term. This Agreement shall commence on the date hereof and shall continue until terminated
in accordance with the provisions of Section 4 (the “Service Period”).

 

3.            
Compensation.

 

3.1    
Director Fees. During the Service Period, the Company shall pay to the Director fees for his service as a director of $20,833.33
per month ($250,000 on an annual basis (the “Cash Compensation”)), payable in arrears on the last day of each month.
Payment for any partial month during the Service Period shall be prorated. The Company and the Director acknowledge and agree that the
Cash Compensation shall be for the Director’s service as a director.

 

3.2    
Equity Compensation.

 

(a)          
Initial Equity Grant. As soon as practicable after the effectiveness of the Restructuring, the Ultimate Corporate Parent
shall grant the Director a stock option (the “Initial Option”) for the purchase of 1,280,572 shares of common stock
of the Ultimate Corporate Parent (the “Initial Shares”) at a purchase price per share equal to the fair market value
per share of common stock of the Ultimate Corporate Parent on the date of grant as determined by the Ultimate Corporate Parent Board based
on the results of a Section 409A valuation. The Company hereby represents and warrants that the Initial Shares will represent a one and
one half percent (1.5%) ownership interest in the Ultimate Corporate Parent as of the date of grant (based on the number of shares of
common stock of the Ultimate Corporate Parent then outstanding, assuming the issuance of all shares of capital stock reserved for future
issuance under any stock incentive plan of the Ultimate Corporate Parent, the exercise of all outstanding options, warrants and other
rights to purchase capital stock of the Ultimate Corporate Parent and the conversion of all securities convertible, directly or indirectly,
into common stock of the Ultimate Corporate Parent (the method of such calculation, a “Fully Diluted Basis”)). Subject
to the acceleration provisions set forth in Sections 3.2(c) and 3.5, the Initial Option will vest, starting on the date hereof (the “Vesting
Commencement Date”), at the rate of 1/48th of the Initial Shares for each consecutive month that the Director continues to provide
services to the Ultimate Corporate Parent or any of its parent companies or subsidiaries, including the LLC Parent and the Company (collectively,
the “Company Entities”), from and after the Vesting Commencement Date until the date that is four (4) full years after
the Vesting Commencement Date, at which time, subject to the Director’s continued service, the Initial Option will be fully vested.

 

    2

     

    

(b)           Additional Equity Grants. In addition, for so long as the Director continues to provide services to any Company Entity,
the Ultimate Corporate Parent shall grant the Director one or more additional stock options (the “Additional Options”)
for the purchase of additional shares of common stock of the Ultimate Corporate Parent (the “Additional Shares”) on
the terms and subject to the conditions set forth in this Section 3.2(b). The Ultimate Corporate Parent shall grant the Director an Additional
Option in connection with each issuance by the Ultimate Corporate Parent of any of its equity securities that causes the Initial Shares
and any Additional Shares subject to outstanding Additional Options or issued to the Director pursuant to the exercise of Additional Options
collectively to represent, immediately following such issuance, less than a one and one half percent (1.5%) overall ownership position
in the Ultimate Corporate Parent, calculated on a Fully Diluted Basis (each, a “Dilutive Issuance”). The number of
Additional Shares purchasable pursuant to the Additional Option to be issued in connection with each Dilutive Issuance shall equal the
number of whole shares of common stock of the Ultimate Corporate Parent necessary for the Director to maintain a one and one half percent
(1.5%) overall ownership position in the Ultimate Corporate Parent after such Dilutive Issuance and the grant of such Additional Option
(calculated on a Fully Diluted Basis). The per share exercise price of each Additional Option will be equal to the fair market value of
one share of common stock of the Ultimate Corporate Parent at the time of the grant of such Additional Option. An Additional Option will
be issued concurrently with or as soon as reasonably practicable after each Dilutive Issuance. Subject to the acceleration provisions
set forth in Sections 3.2(c) and 3.5 hereof, each Additional Option will vest over four (4) years, calculated using the Vesting Commencement
Date as the start date of such vesting, at the rate of 1/48th of the applicable Additional Shares for each consecutive month that the
Director continues to provide services to any Company Entity until the date that is four (4) full years after the Vesting Commencement
Date, at which time, subject to the Director’s continued service, such Additional Option will be fully vested. The obligation of
the Ultimate Corporate Parent to grant Additional Options pursuant to this Section 3.2(b) shall terminate immediately prior to the initial
underwritten public offering of the Ultimate Corporate Parent’s common stock pursuant to a registration statement under the Securities
Act of 1933, as amended (an “IPO”).

 

(c)            Acceleration. Notwithstanding the vesting schedules of the Initial Option and any Additional Options, upon an Acceleration
Event (as defined below), the vesting schedule of the Initial Option and any Additional Options shall be accelerated in full and the Initial
Option and any Additional Options shall be immediately exercisable with respect to the full number of Initial Shares and Additional Shares,
respectively. An “Acceleration Event” means, regardless of form thereof, consummation of (a) the sale of all or substantially
all of the assets of the Company Entities on a consolidated basis to an unrelated person or entity, (b) a merger, reorganization or consolidation
in which the outstanding shares of capital stock of the Ultimate Corporate Parent are converted into or exchanged for securities of the
successor entity and the holders of the Ultimate Corporate Parent’s outstanding voting power immediately prior to such transaction
do not own, in substantially the same proportions, a majority of the outstanding voting power of the successor entity immediately upon
completion of such transaction, (c) the sale of all or a majority of the outstanding capital stock of the Ultimate Corporate Parent in
a single transaction or series of related transactions to an unrelated person or entity, (d) any other transaction in which the owners
of the Ultimate Corporate Parent’s outstanding voting power immediately prior to such transaction do not own, in substantially the
same proportions, a majority of the outstanding voting power of the successor entity immediately upon completion of the transaction (the
events described in clauses (a) through (d), a “Sale”) or (e) an IPO in connection with which (i) the Director ceases
to serve as the Chairman of the Ultimate Corporate Parent Board (or, in the event that the Restructuring has not been completed, of the
LLC Parent Board or its successor entity) and (ii) the Ultimate Corporate Parent (or the LLC Parent or its successor entity) does not
offer to engage the Director as an advisor through the date that is four (4) full years after the Vesting Commencement Date on fair and
reasonable terms and in a manner that, if Director were to accept such offer, would result in the Initial Option and any Additional Options
continuing to vest following the Director ceasing to serve as Chairman.

 

    3

     

    

(d)          
No Restructuring. In the event that the Restructuring has not been effected prior to July 15, 2020, on such date the LLC
Parent shall issue a profits interest to the Director that reflects, mutatis mutandis, the terms of the Initial Option set forth
in Section 3.2(a). Further, in the event that the Restructuring has not been effected prior to July 15, 2020, then, following the issuance
of the profits interest that reflects the terms of the Initial Option and for so long as the Restructuring has not become effective, in
connection with each issuance by the LLC Parent of any of its equity securities that would, if such issuance were instead issued by the
Ultimate Corporate Parent after the Restructuring, constitute a Dilutive Issuance, the LLC Parent shall issue a profits interest to the
Director that reflects, mutatis mutandis, the terms of the Additional Option that would have been issued in connection with such
issuance, as set forth in Section 3.2(b). The acceleration provisions set forth in Sections 3.2(c) and 3.5 hereof shall apply to each
profits interest, if any, issued in accordance with this Section 3.2(d).

 

3.3    
Reimbursement of Expenses. The Company shall reimburse the Director for all reasonable, documented, out-of-pocket expenses
incurred or paid by the Director in connection with, or related to, the performance of his duties, responsibilities or services under
this Agreement, including a pro rata portion of Director’s out-of-pocket administrative support expenses and other general business
expenses incurred or paid by the Director generally in connection with his chairman or senior executive positions with the Company Entities
and other companies (determined on the basis of the total number of chairman or senior executive positions from time to time held by the
Director). The Director shall submit to the Company documentation, expense statements and other supporting evidence as the Company may
reasonably request from the Director and an itemized monthly statement of such expenses incurred in the previous month. The Company shall
pay to the Director amounts shown on each such statement within thirty (30) days after receipt thereof. Without limiting the foregoing,
the Company shall pay the reasonable and documented fees and expenses of The Moulton Law Group, PLLC, counsel for the Director, incurred
in connection with the engagement of the Director by the Company and the related equity grants to the Director contemplated herein, not
to exceed $7,500.

 

3.4    
Benefits. The Director shall not be entitled to any benefits, coverages or privileges, including, without limitation, social
security, unemployment, medical or pension payments, made available to employees of the Company.

 

3.5    
Termination Payment and Vesting Acceleration.

 

(a)              
In the event the Director ceases to serve as Chairman of the LLC Parent Board, the Company Board and, if applicable, the Ultimate
Corporate Parent Board, then (i) the Director shall be entitled to Cash Compensation that would have been payable to the Director pursuant
to Section 3.1 during the Post Termination Period (but only to the extent not already paid) (the “Termination Payment”),
which amount shall be paid in a lump sum within fifteen (15) days following the Effective Date, and (ii) the Initial Option and the Additional
Option, if any, that would have vested during the Post Termination Period if the Director has not ceased serving as Chairman of the LLC
Parent Board, the Company Board and, if applicable, the Ultimate Corporate Parent Board shall vest and become exercisable (the “Termination
Accelerated Vesting”).

 

    4

     

    

(b)          
For purposes of this Agreement, “Post Termination Period” shall mean a period immediately following the date
that the Director ceases to serve as Chairman of the LLC Parent Board, the Company Board and, if applicable, the Ultimate Corporate Parent
Board of twelve (12) successive months.

 

4.            
Termination. This Agreement shall automatically terminate upon the date that the Director
ceases to serve as Chairman of the LLC Parent Board, the Company Board and, if applicable, the Ultimate Corporate Parent Board. In the
event of the termination of this Agreement, the Director shall be entitled to (a) (i) payment of his Cash Compensation accrued through
the effective date of such termination, (ii) payment for expenses paid or incurred prior to the effective date of termination and (iii)
payment of the Termination Payment, and (b) the Termination Accelerated Vesting. 

 

5.            
Cooperation. The Director shall use his best efforts in the performance of his obligations
under this Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to
permit the Director to perform his obligations hereunder. The Director shall cooperate with the Company’s personnel and shall observe
all rules, regulations and security requirements of the Company concerning the safety of persons and property.

 

6.            
Proprietary Information and Inventions.

 

6.1    
Proprietary Information.

 

(a)               
The Director acknowledges that his relationship with the Company is one of high trust and confidence and that in the course of
his service to the Company he will have access to and contact with Proprietary Information. The Director will not disclose any Proprietary
Information to any person or entity other than employees of the Company or use the same for any purposes (other than in the performance
of his duties as director of the Company Entities) without written approval by an officer of the Company, either during or after the Service
Period, unless and until such Proprietary Information has become public knowledge without fault by the Director.

 

(b)              
For purposes of this Agreement, “Proprietary Information” shall mean, by way of illustration and not limitation,
all information, whether or not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential
nature, owned, possessed or used by the Company Entities, concerning the Company Entities’ business, business relationships or financial
affairs, including, without limitation, any Invention (as defined below), formula, vendor information, customer information, apparatus,
equipment, trade secret, process, research, report, technical or research data, clinical data, know-how, computer program, software, software
documentation, hardware design, technology, product, processes, methods, techniques, formulas, compounds, projects, developments, marketing
or business plan, forecast, unpublished financial statement, budget, license, price, cost, customer, supplier or personnel information
or employee list that is communicated to, learned of, developed or otherwise acquired by the Director in the course of performing his
service to the Company.

 

    5

     

    

(c)            The Director’s obligations under this Section 6.1 shall not apply to any information that (i) is or becomes known to
the general public under circumstances involving no breach by the Director of the terms of this Section 6.1, (ii) is generally disclosed
to third parties by the Company without restriction on such third parties, or (iii) is approved for release by written authorization
of an officer of the Company.

 

(d)            The Director agrees that all files, documents, letters, memoranda, reports, records, data sketches, drawings, models, laboratory
notebooks, program listings, computer equipment or devices, computer programs or other written, photographic, or other tangible material
containing Proprietary Information, whether created by the Director or others, which shall come into his custody or possession, shall
be and are the exclusive property of the Company to be used by the Director only in the performance of his service to the Company and
shall not be copied or removed from the Company premises except in the pursuit of the business of the Company. All such materials or copies
thereof and all tangible property of the Company in the custody or possession of the Director shall promptly be delivered to the Company,
upon the earlier of (i) a request by the Company or (ii) the termination of this Agreement. After such delivery, the Director
shall not retain any such materials or copies thereof or any such tangible property.

 

(e)            The Director agrees that his obligation not to disclose or to use information and materials of the types set forth in paragraphs
(b) and (d) above, and his obligation to return materials and tangible property set forth in paragraph (d) above extends to such types
of information, materials and tangible property of customers of the Company or suppliers to the Company or other third parties who may
have disclosed or entrusted the same to the Company or to the Director.

 

(f)            The Director acknowledges that any of the Company Entities from time to time may have agreements with other persons or with the
United States Government, or agencies thereof, that impose obligations or restrictions on such party regarding inventions made during
the course of work under such agreements or regarding the confidential nature of such work. The Director agrees to be bound by all such
obligations and restrictions that are known to him and to take all action necessary to discharge the obligations of the Company Entities
under such agreements.

 

6.2    
Inventions.

 

(a)            All inventions, creations, discoveries, computer programs, data, developments, technology, designs, innovations and improvements
(whether or not patentable and whether or not copyrightable) which are made, conceived, reduced to practice, created, written, designed
or developed by the Director, solely or jointly with others or under his direction and whether during normal business hours or otherwise,
(i) during the Service Period if made, conceived, reduced to practice, created, written, designed or developed in the course of Director’s
performance of duties pursuant to this Agreement or (ii) during or after the Service Period if resulting or directly derived from Proprietary
Information (collectively under clauses (i) and (ii), “Inventions”), shall be the sole property of the Company.
The Director hereby assigns and transfers and, to the extent any such assignment cannot be made at present, will assign and transfer,
to the Company all Inventions and any and all related patents, copyrights, trademarks, trade names, and other industrial and intellectual
property rights and applications therefor, in the United States and elsewhere and appoints any officer of the Company as his duly authorized
attorney to execute, file, prosecute and protect the same before any government agency, court or authority.

 

    6

     

    

(b)            Upon the request of the Company and at the Company’s expense, the Director shall execute such further assignments, documents
and other instruments as may be necessary or desirable to fully and completely assign all Inventions to the Company and to assist the
Company in applying for, obtaining and enforcing patents or copyrights or other rights in the United States and in any foreign country
with respect to any Invention. The Director also hereby waives all claims to moral rights in any Inventions.

 

(c)            The Director shall promptly disclose to the Company all Inventions and will maintain adequate and current written records (in the
form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual reduction to
practice of any Invention. Such written records shall be available to and remain the sole property of the Company at all times.

 

6.3           Remedies. The Director acknowledges that any breach of the provisions of this Section 6 shall result in serious and irreparable
injury to the Company Entities for which such parties cannot be adequately compensated by monetary damages alone. The Director agrees,
therefore, that, in addition to any other remedy it may have, each Company Entity shall be entitled to enforce the specific performance
of this Section 6 by the Director and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without
the necessity of proving actual damages.

 

7.            
Independent Contractor Status. The Director shall perform all services under this Agreement
as an “independent contractor” and not as an employee or agent of the Company. 

 

8.            
Notices. All notices required or permitted under this Agreement shall be in writing and
shall be deemed effective upon personal delivery or three days after deposit in the United States Post Office, by registered or certified
mail (return receipt requested), postage prepaid, addressed to the other party at the address shown above, or at such other address or
addresses as either party shall designate to the other in accordance with this Section 8.

 

9.            
Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice
versa.

 

10.          Entire Agreement. This Agreement constitutes the entire agreement between the parties and
supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. 

 

11.          Third-Party Beneficiary. Each of the LLC Parent and, following the effectiveness of the
Restructuring, the Ultimate Corporate Parent shall be an express third-party beneficiary of this Agreement.

 

12.          Amendment. This Agreement may be amended or modified only by a written instrument executed
by both the Company and the Director.

 

    7

     

    

13.          Governing Law. This Agreement shall be construed, interpreted and enforced in accordance
with the laws of the Commonwealth of Massachusetts.

 

14.          Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit
of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be
merged or which may succeed to its assets or business, provided, however, that the obligations of the Director are personal and shall
not be assigned by him.

 

15.          Survival. Section 3.5 and Sections 4 through 16 shall survive the expiration or termination
of this Agreement.

 

16.          Miscellaneous.

 

16.1         
No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other
right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed
as a bar or waiver of any right on any other occasion.

 

16.2         
The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the
scope or substance of any section of this Agreement.

 

16.3         
In the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality
and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

 

[Remainder of Page Intentionally Left Blank]

 

    8

     

    

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year set forth above.

 

	 	XILIO THERAPEUTICS INC.
	 
	 	By:	/s/ Rene Russo
	 	Name: Rene Russo
	 	Title: CEO
	 
	 	DIRECTOR
	 
	 	/s/ Daniel S. Lynch
	 	Daniel S. Lynch

 

[SIGNATURE PAGE TO SERVICE AGREEMENT]

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