Document:

EX-10.13

 Exhibit 10.13 

Consulting Agreement 
 1. Agreement:
Agreement made this 1st day of January, 2013 will confirm the understanding and agreement (“Engagement” or “Agreement”) between Spring Bank Pharmaceuticals
Inc., 113 Cedar St. Suite S-7, Milford, MA 01757 (Company) and Jonathan Bates, (Advisor) an individual resident of Maitland, EL each hereinafter is referred to respectively as a “Company” and “Advisor”. 

Company hereby engages Jonathan Bates to act as a non-exclusive advisor to Company with respect to financial and corporate matters as specified below
(“Services”) as agreed to by Company and Advisor during the term of the Engagement. 
 Services: The Services may include but are not
limited to the following: 
  

	 	•	 	Management and operations support 

  

	 	•	 	Strategic advice with respect to financial matters 

  

	 	•	 	Investor relations and communications 

  

	 	•	 	Evaluation of corporate development initiatives 

 2. Term: The term of the engagement hereunder shall
initially be for 1 year from the date of this letter (“Initial Term”), and shall thereafter be extended only by a written agreement of the parties. 

3. Compensation. During the term of Advisors engagement hereunder, the Company agrees to pay the following: 

(a) Monthly Cash Advisory Fee. The Company shall pay, to Advisor a fee equal to $6,250 per month, provided, that, should this letter of
agreement be terminated for any reason prior to the end of a year with respect to which Advisor has received a Payment, Advisor shall not be obligated to return any portion of such Payment and provided further, that, the first Payment shall be due
as of the date hereof and is due the 1st of each month. 
 4. Expenses. Company shall reimburse
all reasonable and standard practice travel, dining, and business costs and expenses incurred by Advisor, but only in connection with the performance of services rendered to the Company. Expenses must be approved in advance. Payment will be
reimbursed within 10 days of Company receiving expense report from Jensen. 

  

					
		  	Jonathan Bates Advisory Agreement	  	1 of 4

 5. Company Representations. Company represents and warrants that it has all requisite corporate power and
authority to execute and perform this letter agreement; all corporate action necessary for the authorization, execution, delivery and performance of this letter agreement has been taken, this Agreement constitutes a valid and binding obligation by
Company; and execution and performance of this letter agreement by Company will not violate any provision of Company’ charter or bylaws or any agreement or other instrument to which Company is a party or by which it is bound. 

6. Confidentiality. Subject to the exclusions and limitations set forth below, all information exchanged between the Parties under this Agreement or
during the negotiations preceding this Agreement and relating either to the terms and conditions of this Agreement or any activities contemplated by this Agreement is confidential. Neither party shall disclose to any third party (other than
affiliates, subsidiaries, successors, assigns, consultants or advisors to the extent reasonably necessary to provide or utilize the Services hereunder, and as reasonably necessary in communicating with Placement and Sale prospects) any of the other
Party’s confidential information disclosed to it; unless required by law, government agency, court order, interrogation, requests for information or documents, subpoenas or civil investigative demands, or needed by a Party to assert claims
under this Agreement or defend against claims made against the party of such disclosure in a reasonable time after the disclosure. Each Party shall use reasonable efforts to obtain assurance that the recipient shall treat the information as
confidential. In addition, either Party may disclose any such information that becomes generally available to the public, provided it is not the result of disclosure in violation of this Section. Upon termination of this Agreement or request by the
disclosing Party, the receiving Party shall return all confidential information of the disclosing Party and destroy any copies and shall confirm in writing this destruction. Notwithstanding the foregoing, each Party may disclose this Agreement and
its terms to any potential investor in, a potential Sale or Placement, and their respective representatives. 
 7. Survivability. This Agreement and
any rights, duties or obligations hereunder may not be waived, amended, modified or assigned, in any way, in whole or in part, including by operation of law, without the prior written consent of, and shall inure to the benefit of and be binding upon
the successors, assigns and personal representatives of, each of the parties hereto. 
 8. Enforceability: In case any provisions of this Engagement
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this letter Agreement shall not in any way be affected or impaired thereby. 

9. Trademarks and Intellectual Property. During term of this Agreement, Advisor has a limited, royalty-free non-exclusive license to use all trademarks,
trade names, service marks and copyrights of Company solely in connection with the promotion, advertising, and/or execution of this Agreement. However, Advisor shall acquire no right, title or interest in such trademarks, trade names, service marks
and copyrights other than the license provided for uses mentioned above, nor shall he acquire any license, right or interest in any form of the intellectual property of Company by virtue of this Agreement other than those assigned through a general
partnership equity agreement to be formed. 

  

					
		  	Jonathan Bates Advisory Agreement	  	2 of 4

 10. Miscellaneous. 

(a) In their performance hereunder, the Parties are currently and willfully acting as independent contractors, until formation of a future
partnership, joint venture or other agency relationship between the Parties. 
 Neither Party shall make any communication to any person indicating that such
Party has the right to act on behalf of, bind or make promises or representatives for the other Party for any reason. 
 (b) This Agreement
and any attached exhibits set forth the entire understanding and agreement of the Parties and supersedes all prior and contemporaneous agreements and understandings, both oral and written, related thereto. This Agreement may be executed by facsimile
and in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. Only a written instrument signed by both Parties may modify this Agreement. 

(c) Any notice or communication required or contemplated hereunder shall be in writing and shall be delivered by hand, deposited with an
overnight courier, sent by confirmed email, sent by facsimile with a sheet demonstrating successful transmission, or mailed by registered or certified mail, return receipt requested, postage prepaid, in each case to the address or number listed
below. Such notice shall be deemed given as of the date it is delivered, mailed, emailed, faxed or sent. 
 (d) This Agreement shall be
binding on Advisor, Company and their respective successors and assigns. Except with respect to an assignment of applicable rights under this Agreement by Company, neither Party may assign this Agreement without the prior written consent of the
other Party, which consent shall not be unreasonably withheld. 
 (e) The laws of the State of Massachusetts shall govern this Agreement,
without application of the principles of conflicts of laws. 
 (f) The parties shall attempt in good faith to resolve any such dispute
through good faith negotiation. Any dispute which has not been resolved by negotiation within a 30 day period shall be settled by binding arbitration in Worcester County, MA in accordance with the then current rules of the American Arbitration
Association, before one (1) independent and impartial arbitrator, mutually designated by both parties. If the parties cannot agree upon such arbitrator, then the American Arbitrator Association shall be empowered to designate such arbitrator.
The arbitrator’s award shall be final and any court having jurisdiction thereof may render judgment thereon. The arbitrator may, subject to any limitations placed on remedies by the terms of this Agreement, grant any relief authorized by law,
including but not limited to, equitable relief, declaratory relief, and damages including punitive damages. In the event that any arbitration proceeding or other action is instituted concerning or arising out of this Agreement, the prevailing party
shall recover all of such party’s out-of-pocket costs and reasonable attorney’s fees incurred in each and every such proceeding. If any judicial proceeding is required to enforce an arbitration ruling or to obtain equitable or injunctive
relief, the parties hereby consent to the exclusive jurisdiction and venue of Worcester County, MA. Company: 

  

					
		  	Jonathan Bates Advisory Agreement	  	3 of 4

			
	 Douglas Jensen
 President and
CEO
 Spring Bank Pharmaceuticals, Inc.
 113 Cedar Street, Suite
S-7
 Milford, MA 01757

		
	By:	 	/s/ Douglas Jensen
	
	Date: 01/01/2013

 Accepted and agreed to as of this date first written above. 

 

	
	Jonathan Bates
	
	/s/ Jonathan Bates
	Jonathan Bates

  

					
		  	Jonathan Bates Advisory Agreement	  	4 of 4EX-10.14

 Exhibit 10.14 
  

 
 August 7, 2015 

Martin Driscoll 
 6160 Stapleford Circle 

Dallas, Texas 75252 
 Dear Martin: 

On behalf of Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), I am pleased to offer you employment with the
Company. The purpose of this letter is to summarize the terms of your employment with the Company, should you accept our offer: 
 You will
be employed to serve on a full-time basis as President and Chief Executive Officer of the Company, effective August 17, 2015. As President and Chief Executive Officer, you will be responsible for such duties as are consistent with such
positions, plus such other duties as may from time to time be assigned to you by the Company. You shall report to the Board of Directors of the Company (the “Board”), you shall perform your duties at the Company’s principal office and
you agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee of the
Company. You agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company. In addition, you will be elected to the Board as of
August 17, 2015. 
 Your base salary will be at the rate of $14,583 per semi-monthly pay period (which if annualized equals $350,000),
less all applicable taxes and withholdings, to be paid in installments in accordance with the Company’s regular payroll practices. Such base salary may be adjusted from time to time in accordance with normal business practice and in the sole
discretion of the Company. 
 You shall be eligible to receive, for each fiscal year of the Company ending during your employment with the
Company, an annual bonus of up to 30% of your annual base salary, whether pursuant to a formal bonus or incentive plan or program of the Company or otherwise. Such bonus, if any, will be approved by the Company in its sole discretion and will be
based on both individual and Company performance objectives as developed and determined by the Company in its sole discretion. The bonus payable to you for 2015, if any, will be prorated to reflect the portion of 2015 for which you served as
President and Chief Executive Officer of the Company. Any bonus earned by you and approved by the Company under this Section 3 shall be paid to you no later than March 15th of the
calendar year following the calendar year in which such bonus is earned and approved by the Company. 

 You may participate in any and all benefit programs that the Company establishes and makes
available to its employees from time to time, provided you are eligible under (and subject to all provisions of) the plan documents governing those programs. The benefit programs made available by the Company, and the rules, terms and conditions for
participation in such benefit plans, may be changed by the Company at any time without advance notice. 
 You will be eligible for a maximum
of four (4) weeks of paid vacation per calendar year to be taken at such times as may be approved in advance by the Company. The number of vacation days for which you are eligible shall accrue at the rate of 1.67 days per month that you are
employed during such calendar year. Your accrual and use of vacation time will be pursuant to Company policy, as established and as may be modified in the sole discretion of the Company from time to time. 

The Company shall grant to you stock options (the “Options”) under the Company’s 2014 Stock Incentive Plan (the
“Plan”) for the purchase of an aggregate of 1,180,190 shares of common stock of the Company at a price per share equal to the fair market value of the Company’s common stock as of the date of grant as determined by the Board. The
Options shall vest, subject to your continued employment with the Company, with respect to 25% of the underlying shares on the first anniversary of the date you commence employment with the Company and with respect to the balance of the shares in
thirty-six (36) equal monthly installments thereafter (with the first such installment vesting on the date one month after the first anniversary of your employment commencement date) and shall be subject to such other terms and other provisions
as are set forth in the Plan and in a separate option agreement. The vesting of the Options shall accelerate in full upon a Change of Control of the Company (as defined below), subject to such other terms and provisions as are set forth in the Plan
and in a separate option agreement. In addition, during your employment, you will be eligible to receive such future stock option grants as the Board shall deem appropriate. 

In the event your employment is terminated by the Company without Cause, or by you for Good Reason, then (i) the Company shall, during
the Severance Period (as defined below), continue to pay you as severance pay your base salary as in effect on the date of termination and (ii) the Company shall pay the premiums for you and the covered members of your family to participate in
continuation health coverage (“COBRA”) (less such amount as you would have paid in premiums during a comparable period of employment) for the shorter of the Severance Period or the period for which you elect and are eligible for such
coverage. Notwithstanding the foregoing, the payment of the amounts payable under this Section 7 and the provision of such benefits (i) shall be contingent upon your execution of a severance and release of claims agreement provided by the
Company that you allow to become effective by not revoking your acceptance within 60 days following your last day of employment (or such lesser period as is provided in the severance and release of claims agreement) (the “Revocation
Period”), (ii) shall constitute your sole remedy in the event of a termination of your employment in the circumstances set forth in this Section 7 and (iii) shall be subject to the terms and conditions set forth in Exhibit
A. The severance pay and benefits provided hereunder will be subject to all applicable taxes and withholdings and will be payable in installments in accordance with the Company’s then-regular payroll practices. 

 For the purposes of this letter: 

“Cause” shall mean (a) a good faith finding by the Company that (i) you have failed to perform your assigned duties for the
Company and have failed to remedy such failure within 10 days following written notice from the Company notifying you of such failure, (ii) you have engaged in dishonesty, gross negligence or misconduct or (iii) you have breached this
letter or any other agreements to which you are a party with the Company or any policies or procedures of the Company, or (b) your conviction of, or your entry of a pleading of guilty or nolo contendere to, any crime involving moral turpitude
or any felony; 
 “Change in Control” shall mean any of the following: 

(a) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934 (the “Exchange Act”) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) more than
50% of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection any acquisition directly from the Company will not be a Change in Control, nor will any acquisition by any
individual, entity, or group pursuant to a Business Combination (as defined below) that complies with clause (b) of this definition; 

(b) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or other
disposition of all or substantially all (i.e., in excess of 85%) of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, the individuals and entities who were the beneficial owners
of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined
voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include a corporation that as a result of such
transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries); or 

(c) the liquidation or dissolution of the Company; 

provided that, where required to avoid additional taxation under Section 409A, the event that occurs must also be a “change in the
ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” as defined in Treasury Reg. § 1.409A-3(i)(5); 

“Good Reason” for termination shall mean (i) a material diminution in your authority, duties or responsibilities without your
prior consent, (ii) a material reduction in your annualized base salary without your prior consent (other than in connection with, and in an amount substantially proportionate to, reductions made by the Company to the annualized base salaries
of its other senior executives), or (iii) the relocation of your place of work such that the distance from your residence to 

 
your place of work is increased by more than 50 miles. In order to establish a “Good Reason” for terminating employment, you must (a) provide written notice to the Company of the
existence of the condition giving rise to the Good Reason, which notice must be provided within 90 days of the initial existence of such condition, (b) provide the Company with 30 days thereafter to cure the condition and (c) if not cured,
resign for Good Reason within 30 days following expiration of the cure period; and 
 “Severance Period” shall mean the period
beginning on the Company’s first regular payroll cycle following the effective date of the severance and release of claims agreement and ending on the date 12 months thereafter, provided that if the Revocation Period ends in the calendar year
subsequent to the year in which your employment ends, no payment under Section 7 will be made before the first business day in that subsequent year. 

You will be required to execute an Invention and Non-Disclosure Agreement and a Non-Competition and Non-Solicitation Agreement in the forms
attached as Exhibit B and Exhibit C, as a condition of employment. 
 You represent that you are not bound by any employment
contract, restrictive covenant or other restriction preventing (or that purports to prevent) you from entering into employment with or carrying out your responsibilities for the Company, or which is in any way inconsistent with the terms of this
letter. 
 You agree to provide to the Company, within three days of your hire date, documentation of your eligibility to work in the United
States, as required by the Immigration Reform and Control Act of 1986. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the case, your employment with the Company will be conditioned upon your
obtaining a work visa in a timely manner as determined by the Company. 
 This letter shall not be construed as an agreement, either
expressed or implied, to employ you for any stated term, and shall in no way alter the Company’s policy of employment at will, under which both you and the Company remain free to terminate the employment relationship, with or without cause, at
any time, with or without notice. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at-will” nature of your employment may only
be changed by a written agreement signed by you and an authorized officer of the Company, which expressly states the intention to modify the at-will nature of your employment. Similarly, nothing in this letter shall be construed as an agreement,
either express or implied, to pay you any compensation or grant you any benefit beyond the end of your employment with the Company, except as provided herein. 

As an employee of the Company, you will be required to comply with all Company policies and procedures. Violations of the Company’s
policies may lead to immediate termination of your employment. Further, the Company’s premises, including all workspaces, furniture, documents, and other tangible materials, and all information technology resources of the Company (including
computers, data and other electronic files, and all internet and email) are subject to oversight and inspection by the Company at any time. Company employees should have no expectation of privacy with regard to any Company premises, materials,
resources, or information. 

 This offer letter is your formal offer of employment and supersedes any and all prior or
contemporaneous agreements, discussions and understandings, whether written or oral, relating to the subject matter of this letter or your employment with the Company. The resolution of any disputes under this letter will be governed by the laws of
the Commonwealth of Massachusetts. 
 If you agree with the provisions of this letter, please sign the enclosed duplicate of this letter in
the space provided below and return it to Guy Macdonald, by August 10, 2015. If you do not accept this offer by August 10, 2015, this offer will be revoked. 

 

			
	 Very Truly Yours,
  

Spring Bank Pharmaceuticals, Inc.

		
	By:	 	/s/ David Arkowitz
		 	Name: David Arkowitz
		 	Title: Board Member

 The foregoing correctly sets forth the terms of my employment by Spring Bank Pharmaceuticals, Inc. 

 

							
	Date: 8/7/2015	 		 		 	/s/ Martin Driscoll
		 		 		 	Name: Martin Driscoll

 EXHIBIT A 

PAYMENTS SUBJECT TO SECTION 409A 

Subject to the provisions in this Exhibit A, any severance payments or benefits under this letter shall begin only upon the date of the
Employee’s “separation from service” (determined as set forth below) which occurs on or after date of the termination of his employment. The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to you under this letter: 
 (i) It is intended that each installment of the severance payments and benefits provided
under this letter shall be treated as a separate “payment” for purposes of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”). Neither the Company nor you shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 

(ii) If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the
meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms set forth in this letter. 

(iii) If, as of the date of your “separation from service” from the Company, you are a “specified employee” (within the
meaning of Section 409A), then: 
 (a) Each installment of the severance payments and benefits due under this letter that, in
accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral
within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A. For purposes of this letter, the “Short-Term Deferral Period” means the period ending on the later of the 15th
day of the third month following the end of the Employee’s tax year in which the separation from service occurs and the 15th day of the third month following the end of the Company’s tax year in which the separation from service occurs;
and 
 (b) Each installment of the severance payments and benefits due under this letter that is not described in paragraph 3(a) above and
that would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if
earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any
subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to
the maximum extent that that such installment is deemed to be paid under a separation 

 
pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation
from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in which the separation from
service occurs. 
 (iv) The determination of whether and when your separation from service from the Company has occurred shall be made and in
a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this paragraph, “Company” shall include all persons with whom the Company would be considered a
single employer under Section 414(b) and 414(c) of the Code. 
 (v) All reimbursements and in-kind benefits provided under this letter
shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A. 

 EXHIBIT B 

INVENTION AND NON-DISCLOSURE AGREEMENT 

 SPRING BANK PHARMACEUTICALS, INC.

 INVENTION AND NON-DISCLOSURE AGREEMENT 

This Invention and Non-Disclosure Agreement (this “Agreement”) made this 12th day of August, 2015 is by and between Spring
Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Martin Driscoll (the “Employee”). 

In consideration of the employment or continued employment of the Employee by the Company, the Employee and the Company agree as follows: 

1. Condition of Employment. 

The Employee acknowledges that Employee’s employment and/or the continuance of that employment with the Company is contingent upon
Employee’s agreement to sign and adhere to the provisions of this Agreement. The Employee further acknowledges that the nature of the Company’s business is such that protection of its proprietary and confidential information is critical to
the survival and success of the Company’s business. 
 2. Proprietary and Confidential Information. 

(a) The Employee agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning
the Company’s business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information may include
discoveries, ideas, inventions, products, product improvements, product enhancements, processes, methods, techniques, formulas, compositions, compounds, negotiation strategies and positions, projects, developments, plans (including business and
marketing plans), research data, clinical data, financial data (including sales costs, profits, pricing methods), personnel data, computer programs (including software used pursuant to a license agreement), customer, prospect and supplier lists, and
contacts at or knowledge of customers or prospective customers of the Company. The Employee 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 Employee’s duties as an employee of the Company) without written approval by an officer of the Company, either during or after Employee’s employment with the Company, unless and until such Proprietary Information has become
public knowledge without fault by the Employee. While employed by the Company, the Employee will use the Employee’s best efforts to prevent unauthorized publication or disclosure of any of the Company’s Proprietary Information. 

(b) The Employee 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 or intangible material containing Proprietary Information, whether created by the Employee or others, which come into
Employee’s custody or possession, shall be and are the exclusive property of the Company to be used by the Employee only in the performance of Employee’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 Employee shall be delivered
to the Company, upon the earlier of (i) a request by the Company or (ii) termination of Employee’s employment for any reason. After such delivery, the Employee shall not retain any such materials or copies thereof or any such tangible
property. 
 (c) The Employee agrees that Employee’s obligation not to disclose or to use information and materials of the types set
forth in paragraphs 2(a) and 2(b) above, and Employee’s obligation to return materials and tangible property, set forth in paragraph 2(b) above, also 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 Employee in the course of the Company’s business. 

3. Developments. 
 (a) The
Employee has attached hereto, as Exhibit A, a list describing all discoveries, ideas, inventions, improvements, enhancements, processes, methods, techniques, developments, software, and works of authorship, whether patentable or not, which
were created, made, conceived or reduced to practice by the Employee prior to the Employee’s employment by the Company and which are owned by Employee, which relate directly or indirectly to the current or anticipated future business of the
Company, and which are not assigned to the Company hereunder (collectively, “Prior Developments”); or, if no such list is attached, Employee represents that there are no Prior Developments. Employee agrees not to incorporate any
Prior Developments into any Company product, material, process or service without prior written consent of an officer of the Company. If Employee does incorporate any Prior Development into any Company product, material, process or service, Employee
hereby grants to the Company a non-exclusive, worldwide, perpetual, transferable, irrevocable, royalty-free, fully-paid right and license to make, have made, use, offer for sale, sell, import, reproduce, modify, prepare derivative works, display,
perform, transmit, distribute and otherwise exploit such Prior Development and to practice any method related thereto. 
 (b) The Employee
will make full and prompt disclosure to the Company of all discoveries, ideas, inventions, improvements, enhancements, processes, methods, techniques, developments, software, and works of authorship, whether patentable or not, which are created,
made, conceived or reduced to practice by Employee or under Employee’s direction or jointly with others during Employee’s employment by the Company, 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 “Developments”). The Employee acknowledges that each original work of authorship which is made by the Employee (solely or jointly with others) within the scope of and during the
period of Employee’s employment with the Company and which is protectable by copyright is a “work made for hire,” as that term is defined in the United States Copyright Act. The Employee agrees to assign and does hereby assign to the
Company (or any person or entity designated by the Company) all Employee’s right, title and interest in and to all Developments (other than Prior Developments listed on Exhibit A, if any) and all related patents, patent applications,
copyrights and copyright applications. However, this paragraph 3(b) shall not apply to Developments which do not relate to the business or research and development conducted or planned to be conducted by the Company at the time such Development is
created, made, conceived or reduced to practice and which are made and conceived by the Employee not 

  
 - 2 - 

 
during normal working hours, not on the Company’s premises and not using the Company’s tools, devices, equipment or Proprietary Information. The Employee understands that, to the extent
this Agreement shall be construed in accordance with the laws of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph 3(b) shall be interpreted not to apply to
any invention which a court rules and/or the Company agrees falls within such classes. The Employee also hereby waives all claims to moral rights in any Developments. 

(c) The Employee agrees to cooperate fully with the Company, both during and after Employee’s employment with the Company, 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 Developments. The Employee 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
Development. The Employee further agrees that if the Company is unable, after reasonable effort, to secure the signature of the Employee 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 Employee, and the Employee hereby irrevocably designates and appoints each executive officer of the Company as Employee’s agent and attorney-in-fact to execute any such papers on Employee’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 Development, under the conditions described in this sentence. 

4. Obligations to Third Parties. 

The Employee represents that, except as the Employee has disclosed in writing to the Company on Exhibit A attached hereto, the Employee
is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Employee’s employment with the Company, to
refrain from competing, directly or indirectly, with the business of such previous employer or any other party or to refrain from soliciting employees, customers or suppliers of such previous employer or other party. The Employee further represents
that Employee’s performance of all the terms of this Agreement and the performance of Employee’s duties as an employee of the Company do not and will not conflict with or breach any agreement with any prior employer or other party
(including, without limitation, any nondisclosure or non-competition agreement), and that the Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous
employer or others. 
 5. United States Government Obligations. 

The Employee acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or
agencies thereof, which 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 Employee agrees to be bound by all such
obligations and restrictions which are made known to the Employee and to take all action necessary to discharge the obligations of the Company under such agreements. 

  
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 6. Miscellaneous. 

(a) Equitable Remedies. The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of
the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach or threatened breach of this Agreement is likely to cause the Company substantial and irrevocable
damage which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from
a court restraining such a breach or threatened breach without posting a bond and the right to specific performance of the provisions of this Agreement and the Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 

(b) Disclosure of this Agreement. The Employee hereby authorizes the Company to notify others, including but not limited to customers of
the Company and any of the Employee’s future employers or prospective business associates, of the terms and existence of this Agreement and the Employee’s continuing obligations to the Company hereunder. 

(c) Not Employment Contract. The Employee acknowledges that this Agreement does not constitute a contract of employment, does not imply
that the Company will continue Employee’s employment for any period of time and does not change the at-will nature of Employee’s employment. 

(d) 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 the Company’s assets or business, provided, however, that the obligations of the Employee are personal and shall not
be assigned by Employee. The Employee expressly consents to be bound by the provisions of this Agreement for the benefit of the Company or any subsidiary or affiliate thereof to whose employ the Employee may be transferred without the necessity that
this Agreement be re-signed at the time of such transfer. 
 (e) Severability. In case 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. 

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

  
 - 4 - 

 (g) Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts (without reference to the conflicts of laws provisions thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this
Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a
court. The Company and the Employee each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

(h) Entire Agreement; Amendment. This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company
relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company. The Employee agrees that any change or changes
in Employee’s duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

(i) Captions. 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. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 5 - 

 IN WITNESS WHEREOF, the parties hereto have executed the Invention and Non-Disclosure Agreement
as of the date and year first above written. 
  

			
	 COMPANY:
  

Spring Bank Pharmaceuticals, Inc.

		
	By:	 	/s/ Jonathan Freve
		 	Name: Jonathan Freve
		 	Title: CFO, Treasurer & Secretary
	
	EMPLOYEE:
	
	 /s/ Martin Driscoll

	Name: Martin Driscoll

 SIGNATURE PAGE TO INVENTION AND NON-DISCLOSURE AGREEMENT 

 EXHIBIT A 

LIST OF PRIOR INVENTIONS AND ORIGINAL
WORKS OF AUTHORSHIP EXCLUDED 
 UNDER
SECTION 3(A) OR CONFLICTING AGREEMENTS DISCLOSED UNDER SECTION 4 

 

					
	 Title
	  	 Date
	  	 Identifying Number or Brief Description

Except as indicated above on this Exhibit A, I have no Prior Developments to disclose pursuant to Section 3(a) of this Agreement and no agreements
to disclose pursuant to Section 4 of this Agreement. 
  

			
	EMPLOYEE:
		
	By:	 	/s/ Martin Driscoll
		 	Name: Martin Driscoll

 EXHIBIT C 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 SPRING BANK PHARMACEUTICALS, INC.

 NON-COMPETITION AND NON-SOLICITATION
AGREEMENT 
 This Non-Competition and Non-Solicitation Agreement (this “Agreement”) made this 12th day
of August, 2015 is by and between Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Martin Driscoll (the “Employee”). 

For good consideration and in consideration of the employment or continued employment of the Employee by the Company, the Employee and the
Company agree as follows: 
 1. Non-Competition and Non-Solicitation. 

(a) Non-Competition and Non-Solicitation. While the Employee is employed by the Company and for a period of one (1) year after the
termination or cessation of such employment for any reason, the Employee will not directly or indirectly: 
 (i) in the geographical areas
that the Company does business or has done business at the time of the Employee’s termination, engage or assist others in engaging in any business or enterprise (whether as owner, partner, officer, director, employee, consultant, investor,
lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-held company) that is competitive with the Company’s business, including but not limited to any business or enterprise that develops,
manufactures, markets, licenses, sells or provides any product or service that competes with any product or service developed, manufactured, marketed, licensed, sold or provided, or planned to be developed, manufactured, marketed, licensed, sold or
provided, by the Company while the Employee was employed by the Company; or 
 (ii) either alone or in association with others, solicit,
divert or take away, or attempt to divert or take away, the business or patronage of any of the actual or prospective clients, customers, accounts or business partners of the Company which were contacted, solicited, or served by the Company during
the Employee’s employment with the Company; or 
 (iii) either alone or in association with others (i) solicit, induce or attempt
to induce, any employee or independent contractor of the Company to terminate his or her employment or other engagement with the Company, or (ii) hire or recruit, or attempt to hire or recruit, or engage or attempt to engage as an independent
contractor, any person who was employed or otherwise engaged by the Company at any time during the term of the Employee’s employment with the Company; provided, that this clause (ii) shall not apply to the recruitment or hiring or
other engagement of any individual whose employment or other engagement with the Company has been terminated for a period of six months or longer. 

(b) Extension. If the Employee violates the provisions of any of the preceding paragraphs of this Section 1, the Employee shall
continue to be bound by the restrictions set forth in such paragraph until a period of one (1) year has expired without any violation of such provisions. 

 (c) Notice of New Business Activity. The Employee agrees that during the non-competition
and non-solicitation period, the Employee will give notice to the Company of each new business activity the Employee plans to undertake, at least (10) business days prior to beginning any such activity. The notice shall state the name and
address of the individual, corporation, association or other entity or organization (“Entity”) for whom such activity is undertaken and the name of the Employee’s business relationship or position with the entity. The Employee
further agrees to provide the Company with other pertinent information concerning such business activity as the Company may reasonably request in order to determine the Employee’s continued compliance with his/her obligations under this
Agreement. 
 2. Miscellaneous. 

(a) Equitable Remedies. The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of
the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach or threatened breach of this Agreement is likely to cause the Company substantial and irrevocable
damage which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from
a court restraining such a breach or threatened breach without posting a bond and the right to specific performance of the provisions of this Agreement and the Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 

(b) Obligations to Third Parties. The Employee represents that, except as the Employee has disclosed in writing to the Company, the
Employee is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or any other party, or to refrain from soliciting employees,
customers or suppliers of such previous employer or other party. The Employee further represents that his/her performance of all the terms of this Agreement and the performance of his/her duties as an employee of the Company does not and will not
conflict with or breach any agreement with any prior employer or other party (including, without limitation, any non-competition agreement). 

(c) Disclosure of this Agreement. For a period of one year after the termination or cessation of the Employee’s employment for any
reason, the Employee agrees to notify any potential, prospective employer or prospective business associate, of the terms and existence of this Agreement and the Employee’s continuing obligations to the Company hereunder. 

(d) Not Employment Contract. The Employee acknowledges that this Agreement does not constitute a contract of employment, does not imply
that the Company will continue his/her employment for any period of time and does not change the at-will nature of his/her employment. 

  
 - 2 - 

 (e) 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 the Company’s assets or business, provided, however, that the obligations of the
Employee are personal and shall not be assigned by him or her. The Employee expressly consents to be bound by the provisions of this Agreement for the benefit of the Company or any subsidiary or affiliate thereof to whose employ the Employee may be
transferred without the necessity that this Agreement be re-signed at the time of such transfer. 
 (f) Interpretation. If any
restriction set forth in Section 1 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. 
 (g)
Severability. In case 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. 

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

(i) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
(without reference to the conflicts of laws provisions thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a court of
the Commonwealth of Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a court. The Company and the Employee each hereby
irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

(j) Entire Agreement; Amendment. This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company
relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company. The Employee agrees that any change or changes
in his/her duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

(k) Captions. 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. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have executed the Non-Competition and Non-Solicitation
Agreement as of the date and year first above written. 
  

			
	 COMPANY:
  

Spring Bank Pharmaceuticals, Inc.

		
	By:	 	/s/ Jonathan Freve
		 	Name: Jonathan Freve
		 	Title: CFO, Treasurer & Secretary
	
	EMPLOYEE:
	
	 /s/ Martin Driscoll

	Name: Martin Driscoll

 SIGNATURE PAGE TO NON-COMPETITION AND NON-SOLICITATION AGREEMENT

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