Document:

EX-10.11

 Exhibit 10.11 
 

 
 CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (hereinafter “Agreement”) is made as of the 26 April 2021 (“Effective
Date”), between ARS Pharmaceuticals, Inc. (“Company”) and Brent L. Saunders (“Consultant”). Company and Consultant also are each referred to herein individually as “Party” and collectively as the
“Parties.” 
 BACKGROUND 

The Company has products in development and is seeking consultation and assistance with regulatory and development work. The Company wishes to
retain the Consultant to help support the current and future development of products in their pipeline. The Company and the Consultant are willing to accept such engagement on the terms and conditions of this Agreement. 

In consideration of the mutual promises and covenants herein contained, the parties hereto agree as follows: 

 

	1.	 DUTIES 

A. The Consultant shall provide general advice and assistance to the Company with respect to the development of current and future drug
products (“Products”), including support for (i) investor relations, (ii) financing activities and (iii) commercial launch preparation including building and/or recruiting a commercial
team. Upon request, the Consultant shall perform other activities as directed by the Company. In the event the Company decides to implement strategies or make business decisions based on any opinions, advice or assistance of Consultant, the
Company does so at its own risk and without any recourse against the Consultant for any opinions, advice or assistance given. 
 B.
Consultant also agrees to observe all reasonable policies and directives, including quality systems procedures, promulgated from time to time by Company’s officers and Board of Directors, including but not limited to, providing Company with
monthly time sheets setting forth in reasonable detail the amount of hours worked and the services performed. 
 C. The Parties agree that
this Agreement shall not interfere with Consultant’s ability to undertake other full time employment or pursue other full time business opportunities not involving the Company, nor to restrict Consultant’s ability to travel or relocate his
personal residence. 

  

					
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	2.	 FEES AND EXPENSES 

A. Company shall pay to Consultant compensation as outlined in Schedule A of this agreement. 

B. Compensation shall be payable without deductions for federal income, social security, or state income taxes. Consultant acknowledges and
agrees that this Agreement shall not give or extend to Consultant any rights with respect to additional contributions by Company to any deferred compensation plan, bonus plans, or fringe benefits, and further agrees to hold Company harmless from any
taxes which may be assessed against Consultant in connection with payments to the Consultant under the terms of this Agreement. 
 C. During
the term of this Agreement, the Company shall reimburse Consultant for all business expenses reasonably incurred by the Consultant in the performance of Services provided that such business expenses were approved by the Company. Consultant will
submit to the Company a written accounting or other adequate documentary evidence of such expenses consistent with the reimbursement policies of Company. The Company agrees to reimburse Consultant for such expenses within fifteen (30th) business
days of receipt of each such expense accounting. 
  

	3.	 INDEPENDENT CONTRACTOR 

A. In the performance of this Agreement, it is mutually understood and agreed that Consultant is at all times acting and performing as an
independent contractor with, and not as the employee of, Company, and no act, or failure to act, by any party hereto shall be construed to make or render the other party its partner, joint venturer, employee or associate. 

B. The Consultant shall have no authority to bind the Company to, or assume, enter into, or act on behalf of the Company for, any obligation,
agreement or act. 

  

					
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	4.	 CONFIDENTIALITY 

As stipulated in the 3 November 2020 Confidentiality Agreement, Company or Consultant shall not disclose any of the aforesaid trade
secrets or other proprietary information directly or indirectly to any third party, or use them in any way either during the term of this Agreement or at any time thereafter, except as reasonably necessary to perform services pursuant to this
Agreement. 
  

	5.	 OWNERSHIP RIGHTS 

Except as specifically provided herein, Company shall retain all rights to all Investigational New Drug Applications (INDs), Abbreviated New
Drug Applications (ANDAs), New Drug Applications (NDAs) or any other rights whatsoever to the Products whether or not such rights result from the Consultant’s efforts or collaborative efforts on the Products. The Consultant further agrees that
upon demand, Consultant will execute and deliver to Company such documents relating to the Products or the Project as may be deemed necessary or advisable by Company for filing in the appropriate regulatory office to protect the legitimate interests
of Company. It is recognized and understood that the existing inventions and technologies of Company or the Consultant are their separate property, respectively, and are not affected by this Agreement (including, but not limited to the Confidential
Information). Neither Party shall have any claims to, nor rights in, such existing inventions and technologies of the other Party. Any and all inventions and discoveries arising from this collaboration, including any inventions, modifications, or
discoveries based, in whole or in part, on Confidential Information, are the sole and exclusive property of Company, unless otherwise agreed to by the Parties. Notwithstanding the foregoing, the Company grants an exclusive right to Consultant, at
Consultant’s expense, to execute any and all applications, assignments or other instruments and give testimony necessary to apply for and obtain letters of patent of the United States or of any foreign country or to otherwise protect
Sponsor’s interest therein. The obligations of the Parties under this Section 5 shall continue beyond the termination of this Agreement and shall be binding upon the Parties. 

 

	6.	 TERM AND TERMINATION 

A. The term of this Agreement shall begin on the Effective Date and shall terminate after 12 months unless terminated earlier pursuant to this
Section. The term of this Agreement may be extended by mutual written agreement of the Parties. 
 B. This Agreement can be terminated by
either party upon sixty (60) days prior written notice to the other; provided, however, that Company shall pay Consultant for all services rendered prior to the termination. 

  

					
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	7.	 SEVERABILITY 

If any provision of this Agreement is held to be unenforceable, invalid or illegal by any court of competent jurisdiction, such unenforceable,
invalid or illegal provisions shall not affect the remainder of this Agreement. 
  

	8.	 ENTIRE AGREEMENT 

This instrument contains the entire Agreement of the parties and it supersedes any other agreement between Company and the Consultant. This
Agreement cannot be amended, modified or supplemented in any respect except by a subsequent written agreement entered into by both Parties. 
  

	9.	 LAWS 

The validity of this Agreement and the interpretation and performance of all its terms shall be governed by the substantive laws of the State
of California. 
  

	10.	 WAIVER 

Failure of either party hereto to insist upon strict compliance with any of the terms, covenants and conditions hereof shall not be deemed a
waiver or relinquishment of any similar right or power hereunder at any subsequent time or of any other provision hereof. 
  

	11.	 INDEMNIFICATION 

Company agrees to indemnify and hold harmless Consultant, and each of its directors, officers, employees, agents, heirs and assigns from and
against any and all losses, claims, damages, liabilities, costs, and expenses (including attorneys’ fees and expenses related to the defense of any claims), joint or several, which may be asserted against Consultant or for which they may now or
hereafter become subject arising in connection with any activity of the Company, including but not limited to alleged or actual failure by the Company to comply with any requirement applicable to the Company under any federal, state, or local law or
regulation, provided that such claims have not been caused by the gross negligence or willful or wanton misconduct of Consultant. 

  

					
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	12.	 NOTICES 

All notices and any other acts required or permitted under this Agreement shall be in writing, and shall be sufficiently given if delivered to
the addressees in person, by Federal Express or similar receipted delivery, or if mailed, postage prepaid, by certified mail, return receipt requested, as follows: 
  

							
		 	COMPANY:	  	ARS Pharmaceuticals, Inc	  	
		 		  	 3525 Del Mar Heights Rd., #855
 San Diego, CA
92130
	  	
				
		 	CONSULTANT:	  	Brent L. Saunders	  	

  

	12.	 ASSIGNMENT 

Neither Party shall assign or delegate any rights, duties or obligations under this Agreement, in whole or in part, without the prior written
consent of the other Party. 
  

	13.	 COUNTERPARTS 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 
 IN WITNESS
WHEREOF, the Parties hereto have executed this Agreement effective as of the date first written above. 
  

							
	 ARS Pharmaceuticals, Inc.
	 	    	  	Vesper Healthcare Acquisition Corp.
				
	By:	 	/s/ Richard E. Lowenthal	 		  	/s/ Brent L. Saunders
		 	 Richard E. Lowenthal
 President &
CEO
	 		  	Brent L. Saunders President, CEO & Chairman
				
	Date:	 	5/3/2021	 		  	Date: 5/3/2021

  

					
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 SCHEDULE A 

COMPENSATION 
  

	1.	 Compensation. 

 

	 	1.1.	 Subject to approval by the Company’s Board of Directors (the “Board”), and pursuant to
the Company’s 2018 Equity Incentive Plan (the “Plan”), the Company shall grant you an option to purchase 500,000 shares of the Company’s common stock at the fair market value as determined by the Board as of the date of grant
(the “Option”). The Option will be subject to the terms and conditions of the Plan and your grant agreement. Your grant agreement will include a four years vesting schedule, under which 25 percent of your shares will vest after twelve
months, with the remaining shares vesting monthly thereafter, until either the Option is fully vested or your service ends, whichever occurs first. Notwithstanding the foregoing, (i) only service pursuant to this Agreement shall qualify as
Continuous Service under the Plan for purposes of the continued vesting of this Option and (ii) the vesting of the shares subject to your Option will accelerate in full immediately prior to the consummation of Liquidation Event (as defined in
the Company’s Amended and Restated Certificate of Incorporation, as currently in effect) provided that you provide Continuous Service to the Company pursuant to this Agreement through such date. 

  

					
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 AMENDMENT TO CONSULTING AGREEMENT 

THIS AMENDMENT (“Amendment”) to the Consulting Agreement dated as of April 26, 2021
(“Agreement”), by and between Brent L. Saunders (the “Consultant”) and ARS Pharmaceuticals, Inc. (the “Company”), is effective as of April 25, 2022
(the “Amendment Effective Date”). All capitalized terms used herein shall have the same meaning as defined in the Agreement. 

WHEREAS, Consultant and Company desire to amend the Agreement as set forth below; 

NOW, THEREFORE, in consideration of the foregoing premises and the covenants and promises contained in the Agreement as amended hereby,
Consultant and Company, intending to be bound, hereby agree that the Agreement shall be amended as follows: 
  

	1.	 The term of the Agreement shall continue to renew automatically on an annual basis unless the Company or
Consultant terminate the Agreement as described in Section 6 of the Agreement. 

  

	2.	 All other terms of the Agreement shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed by their authorized representatives effective as of the
date set forth above. 
  

							
	ARS Pharmaceuticals, Inc.	 	 Vesper Healthcare Acquisition Corp. 

				
	By:	 	/s/ Richard E. Lowenthal	 	By:	 	/s/ Brent L. Saunders
		 	 Richard E. Lowenthal
 President &
CEO
	 		 	 Brent L. Saunders
 President, CEO &
Chairman

 ARS Pharmaceuticals, Inc., 11682 El Camino Real, Suite 120, San Diego, CA 92130EX-10.12

 Exhibit 10.12 

ARS PHARMACEUTICALS, INC. 

CONSULTING AGREEMENT 

EFFECTIVE DATE: September 13, 2018 

THIS CONSULTING AGREEMENT (the “Agreement”) is made
as of the Effective Date set forth above by and between ARS Pharmaceuticals, Inc., a Delaware corporation (“Client”), and Marlinspike Group, LLC (“Consultant”). 

1. Engagement of Services. Subject to the terms of this Agreement, Consultant agrees to render the services set forth on
Exhibit A according to the schedule set forth therein, or as otherwise mutually agreed to by the parties (the “Services”). 

2. Compensation. Client will pay Consultant the compensation set forth on Exhibit A for the Services. Consultant will be
reimbursed only for expenses approved by the Client that Consultant has furnished such documentation as Client may reasonably request. Client will be invoiced for expenses on the last business day of each month of service and paid within 30 days
thereafter. At the option of the Client, the Client may pay the Consultant semi-monthly. Upon termination of this Agreement for any reason, Consultant will be paid for work which has been completed. Payment to Consultant of undisputed expenses will
be due 30 days following Client’s receipt of an invoice that contains accurate records of the work performed sufficient to document the invoiced expenses. 

3. Ownership of Work Product. Consultant agrees that any and all Work Product (as defined below) shall be the sole and exclusive
property of Client. Consultant hereby irrevocably assigns to Client all right, title and interest worldwide in and to any ideas, concepts, processes, discoveries, developments, formulae, information, materials, improvements, designs, artwork,
content, software programs, other copyrightable works, and any other work product created, conceived or developed by Consultant (whether alone or jointly with others) for Client during the term of this Agreement, including all copyrights, patents,
trademarks, trade secrets, and other intellectual property rights therein (the “Work Product”). For the avoidance of doubt, Consultant and Client acknowledge and agree that “Work Product”, as used in this Agreement,
shall specifically exclude any ideas, concepts, processes, discoveries, developments, formulae, information, materials, improvements, designs, artwork, content, software programs, other copyrightable works, and any other work product created,
conceived or developed by Consultant for any entity other than Client, including, without limitation, Design Therapeutics, Inc., Marlinspike Group, Inc. or Scribe Therapeutics Inc., provided, in each case, that Consultant does not breach its
obligations under Section 5 below. Consultant retains no rights to use the Work Product following the term of this Agreement and agrees not to challenge the validity of Client’s ownership of the Work Product. Consultant agrees not to use
or incorporate into Work Product any intellectual property developed by any third party or by Consultant other than in the course of performing the Services for Client. As requested by the Client, and only with respect to Work Product, Consultant
shall take all steps reasonably necessary to assist the Client, at Client’s expense, in obtaining and enforcing in its own name rights to any such Work Product. Consultant’s obligation to assist the Client, at Client’s expense, shall
continue beyond the termination of Consultant’s relationship with the Client. 
 4. Independent Contractor Relationship.
Consultant’s relationship with Client is that of an independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship between Client and any
of Consultant’s employees or agents. Neither party is authorized to make any representation, contract or commitment on behalf of the other party. Consultant will not be entitled to any of the benefits that Client may make available to its
employees, including, but not limited to, group health or life insurance, profit-sharing or 

  
 1. 

 
retirement benefits. Because Consultant is an independent contractor, Client will not withhold federal, state or any other employee payroll taxes or withhold or make payments for social security,
make unemployment insurance or disability insurance contributions, or obtain workers’ compensation insurance on behalf of Consultant. 

5. Confidential Information. Consultant agrees that during the term of this Agreement and thereafter it will not use or permit
the use of Client’s Confidential Information in any manner or for any purpose not expressly set forth in this Agreement, will hold such Confidential Information in confidence and protect it from unauthorized use and disclosure, and will not
disclose such Confidential Information to any third parties. “Confidential Information” as used in this Agreement shall mean all information disclosed by Client to Consultant, whether during or before the term of this
Agreement, that is not generally known in the Client’s trade or industry and shall include, without limitation: (a) concepts and ideas relating to the development and distribution of content in any medium or to the current, future and
proposed products or services of Client or its subsidiaries or affiliates; (b) trade secrets, drawings, inventions, know-how, software programs, and software source documents; (c) information
regarding plans for research, development, new service offerings or products, marketing and selling, business plans, business forecasts, budgets and unpublished financial statements, licenses and distribution arrangements, prices and costs,
suppliers and customers; (d) existence of any business discussions, negotiations or agreements between the parties; and (e) any information regarding the skills and compensation of employees, contractors or other agents of Client or its
subsidiaries or affiliates. Confidential Information also includes proprietary or confidential information of any third party who may disclose such information to Client or Consultant in the course of Client’s business. Confidential Information
does not include information that (x) is or becomes a part of the public domain through no act or omission of Consultant, (y) is disclosed to Consultant by a third party without restrictions on disclosure, or (z) was in
Consultant’s lawful possession prior to the disclosure and was not obtained by Consultant either directly or indirectly from Client. In addition, this section will not be construed to prohibit disclosure of Confidential Information to the
extent that such disclosure is required by law or valid order of a court or other governmental authority; provided, however, that Consultant shall first have given notice to Client, if possible, and shall have made a reasonable effort to
obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued. All Confidential Information furnished to Consultant by Client is the sole and exclusive property of
Client or its suppliers or customers. Upon request by Client, Consultant agrees to promptly deliver to Client the original and any copies of the Confidential Information. 

6. No Conflict of Interest; Non-Solicitation 

6.1 During the term of this Agreement, Consultant will not accept work, enter into a contract, or accept an obligation from any third
party, inconsistent or incompatible with Consultant’s obligations, or the scope of Services rendered for Client, under this Agreement. Consultant warrants that there is no other contract or duty on its part inconsistent with this Agreement.
Consultant agrees to indemnify Client from any and all loss or liability incurred by reason of the actual breach by Consultant of any services agreement with any third party. 

6.2 During the term of this Agreement, Consultant will not, without Client’s express written consent, directly or indirectly,
engage in any activities that are competitive with the Client. 
 6.3 During the term of this Agreement and for the one (1) year
period thereafter, Consultant will not, either directly or through others, solicit, induce, encourage, or participate in soliciting, inducing or encouraging any employee, consultant, or independent contractor of Client to terminate his, her or its
relationship with Client, even if Consultant does not initiate the discussion or seek out the contact. 

  
 2. 

 7. Term and Termination. The initial term of this Agreement is for one year
from the Effective Date set forth above. Thereafter, this Agreement will automatically renew monthly for 1 month terms, unless Client or Consultant provides 14 days’ written notice prior that the Agreement shall not renew. Additionally, either
party may terminate this Agreement with or without cause, at any time upon 14 days’ prior written notice to the other party. 

8. Successors and Assigns. Consultant may not subcontract or otherwise delegate or assign this Agreement or any of its
obligations under this Agreement without Client’s prior written consent. Any attempted assignment in violation of the foregoing shall be null and void. Subject to the foregoing, this Agreement will be for the benefit of Client’s successors
and assigns, and will be binding on Consultant’s assignees. 
 9. Governing Law. This Agreement shall be governed in all
respects by the laws of the United States of America and by the laws of the State of California, without giving effect to any conflicts of laws principles that require the application of the law of a different jurisdiction. 

10. Severability. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the
legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 
 11.
Waiver. The waiver by Client of a breach of any provision of this Agreement by Consultant shall not operate or be construed as a waiver of any other or subsequent breach by Consultant. 

12. Injunctive Relief for Breach. Consultant’s obligations under this Agreement are of a unique character that gives them
particular value; breach of any of such obligations will result in irreparable and continuing damage to Client for which there will be no adequate remedy at law; and, in the event of such breach, Client will be entitled to injunctive relief and/or a
decree for specific performance, and such other and further relief as may be proper (including monetary damages if appropriate). 

13. Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this subject matter and
supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all the Services undertaken by Consultant for Client. This Agreement may only be changed or amended by mutual
agreement of authorized representatives of the parties in writing. The Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument. This
Agreement may be executed and delivered by facsimile signature, PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com). 

[Remainder of page intentionally left blank] 

  
 3. 

 The parties have executed this Agreement as of the Effective Date. 

 

			
	 CLIENT:
  

	ARS Pharmaceuticals, Inc.
		
	By:	 	/s/ Richard Lowenthal
	 	 	Name: Richard Lowenthal
	 	 	Title: Chief Executive Officer
		
	Email:	 	 
	
	Address:

  

					
		 	Marlinspike Group, LLC:
		
		 	Pratik Shah, PhD
		 	Marlinspike Group, LLC
		
		 	/s/ Pratik Shah
		 	Signature
		
		 	President
		 	Title (if applicable)
		
		 	 
		 	Email
		 	Address:	 	 
		 		 	 
		 		 	 

  
 4. 

 EXHIBIT A 

SERVICES: 
 Summary: Consultant will
utilize the efforts of Pratik Shah, Ph.D. and Sean Jeffries to provide management and business consulting services, as well as business development support, to Client as reasonably requested by Client from time to time. 

Consultant will also provide Client with use of its office space and conference room facilities in Carlsbad, CA on an
as-available basis from time to time as reasonably requested by Client. 
 Compensation: $20,000 per calendar
month due on the first of each month.

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