Document:

EX-10.3

 Exhibit 10.3 
  

					
	 Private & Confidential
	  		  	FINAL (23 July 2020)
			
		  		  	4043241-0017

  

									
		 	DATED August 17, 2020	  	 	 	 	 	
				
	             
	 	F-STAR BIOTECHNOLOGY LIMITED	  	 	(1	) 	 	
				
		 	and	  				 	
				
		 	 NEIL BREWIS
  
	  	   
	(2  
	)   
	 	
		 	 	
		 	 SERVICE AGREEMENT

 
	  	 	 	 	 	

  
  
 

 

 Contents 

 

							
	1	 	 Definitions and interpretation
	  	 	1	 
			
	2	 	 Appointment
	  	 	4	 
			
	3	 	 Duration of the Employment
	  	 	5	 
			
	4	 	 Scope of the Employment
	  	 	6	 
			
	5	 	 Training
	  	 	8	 
			
	6	 	 Hours of work
	  	 	9	 
			
	7	 	 Place of work
	  	 	9	 
			
	8	 	 Remuneration
	  	 	9	 
			
	9	 	 Expenses
	  	 	10	 
			
	10	 	 Holidays
	  	 	10	 
			
	11	 	 Sickness benefits
	  	 	11	 
			
	12	 	 Pension
	  	 	12	 
			
	13	 	 Death benefits and medical insurance
	  	 	13	 
			
	14	 	 Restrictions during the Employment
	  	 	13	 
			
	15	 	 Confidential Information and Employer documents
	  	 	14	 
			
	16	 	 Inventions and other intellectual property
	  	 	16	 
			
	17	 	 Termination
	  	 	17	 
			
	18	 	 Severance benefits upon termination
	  	 	19	 
			
	19	 	 Post-termination restrictions
	  	 	23	 
			
	20	 	 No personal dealings
	  	 	28	 
			
	21	 	 Grievance and disciplinary procedures
	  	 	28	 
			
	22	 	 Deductions and Clawback
	  	 	29	 
			
	23	 	 Anti-corruption provisions
	  	 	30	 
			
	24	 	 Staff Handbook
	  	 	30	 
			
	25	 	 Data protection
	  	 	30	 
			
	26	 	 Notices
	  	 	31	 
			
	27	 	 Former contracts of employment or other arrangements
	  	 	31	 

							
			
	28	 	 Variations and amendments
	  	 	32	 
			
	29	 	 Choice of law and submission to jurisdiction
	  	 	32	 
			
	30	 	 Miscellaneous
	  	 	32	 

			
	 THIS AGREEMENT IS A DEED and is made on
	  	2020

 BETWEEN: 
  

	(1)	 F-Star Biotechnology Limited (Company Registration Number:
08067987) whose registered office is at Eddeva B920, Babraham Research Campus, Cambridge CB22 3AT (“Employer”/ “we”/ “us”), and 

 

	(2)	 Neil Brewis of [ADDRESS] (“you”). 

IT IS AGREED as follows: 
  

	1	 Definitions and interpretation 

 

	1.1	 In this Agreement unless the context otherwise requires the following expressions have the following meanings:

 “Board” means the Board of Directors from time to time of the Employer; 

“Confidential Information” means information in whatever form relating to the business, products, services, clients,
customers, affairs and finances of the Employer or of any Group Company from time to time being confidential to it or to them or treated by it or them as such and trade secrets (including, without limitation, technical data and know-how) relating to the business of the Employer or of any Group Company or of any of its or their suppliers, clients or customers including by way of illustration only and without limitation: 

 

	 	(a)	 any trade secret or confidential or secret information concerning the business development, affairs, future
plans, business methods, connections, operations, accounts, finances, organisation, processes, policies or practices, designs, dealings, trading, software, or know-how relating or belonging to the Employer or
to any Group Company or any of its suppliers, agents, distributors, clients or customers; 

  

	 	(b)	 confidential computer software, computer-related know-how, passwords,
computer programmes, specifications, object codes, source codes, network designs, business processes, business logic, inventions, improvements and/or modifications relating to or belonging to the Employer or any Group Company; 

  
 1 

	 	(c)	 details of the Employer’s or any Group Company’s financial projections or projects, prices or pricing
strategy, advertising, marketing or development plans, product development plans or strategies, fee levels, commissions and commission structures, market share and pricing statistics, marketing surveys and research reports and their interpretation;

  

	 	(d)	 any confidential research, report or development undertaken by or for the Employer or any Group Company;

  

	 	(e)	 details of relationships or arrangements with, or knowledge of the needs or the requirements of, the
Employer’s or any Group Company’s actual or potential clients or customers; 

  

	 	(f)	 information supplied in confidence by customers, clients or any third party to which the Employer or any Group
Company owes an obligation of confidentiality; 

  

	 	(g)	 lists and details of contracts with the Employer’s or any Group Company’s actual or potential
suppliers; 

  

	 	(h)	 information of a personal or otherwise of a confidential nature relating to fellow employees, directors or
officers of, or consultants to, the Employer or any Group Company for which you may from time to time provide services; and 

  

	 	(i)	 confidential information concerning, or details of, any competitive business pitches, or target details;

 “Data Protection Legislation” means the General Data Protection Regulation (EU) 2016/679
(“GDPR”), Data Protection Act 2018 (“DPA”), and the Privacy and Electronic Communications (EC Directive) Regulations 2003 (or any successor to the GDPR, DPA, or Privacy and Electronic Communications Regulations) and
the applicable version at the relevant time of any guidance or codes of practice issued by the Information Commissioner’s Office from time to time; 

“Employer Intellectual Property” means any Intellectual Property made, created or discovered by you during the Employment
(whether or not in the course of the Employment or during normal hours of work or using our facilities) which: 
  

	 	(a)	 in any way affects or relates to the business of the Employer or any Group Company; or 

  
 2 

	 	(b)	 is capable of being used or adapted for use in or in connection with such business; 

“Employment” means your employment under this Agreement; 

“Financial Year” has the meaning ascribed to it in section 390 of the Companies Act 2006 

“ERA” means the Employment Rights Act 1996; 

“Group Company” means any company which is for the time being a subsidiary or holding company of the Employer and any
subsidiary of any such holding company and for the purposes of this Agreement the terms “subsidiary” and “holding company” shall have the meanings ascribed to them by section 1159 Companies Act 2006; 

“Intellectual Property” means all intellectual and industrial property rights which may now or in the future subsist in any
country of the world, including without limitation: 
  

	 	(a)	 patents, utility models, supplementary protection certificates and any other rights in inventions, discoveries
and improvements; 

  

	 	(b)	 registered and unregistered trade marks, including any trade, brand or business names and get-ups(s), rights to sue for passing off or unfair competition and rights in domain names, devices and logos; 

  

	 	(c)	 registered and unregistered design rights; 

 

	 	(d)	 copyright (including all such rights in any information, know-how or
techniques relating to the Employer’s business, and in any computer software and typographical rights) database rights and moral rights; 

  

	 	(e)	 all industrial, commercial and technical and accounts records and information (wherever located) relating to
the activities of the Employer; 

  

	 	(f)	 the Confidential Information; and 

 

	 	(g)	 applications for registration and the right to apply for any registration of the above in any country in the
world; 

  
 3 

 “WTR” means the Working Time Regulations 1998. 

 

	1.2	 References to clauses and schedules are unless otherwise stated to clauses of and schedules to this Agreement.

  

	1.3	 Unless the context otherwise requires, words in the singular include the plural and in the plural include the
singular. 

  

	1.4	 A reference to a statute, statutory provision or regulation: 

 

	 	(a)	 is a reference to it as amended, extended or re-enacted from time to
time (including as a result of the exercise of powers conferred on Ministers under the European Union (Withdrawal) Act 2018 or any similar legislation); and 

  

	 	(b)	 shall in the case of a statue or statutory provision include all subordinate legislation made from time to time
under that statute or statutory provision. 

  

	1.5	 The headings to the clauses are for convenience only and shall not affect the construction or interpretation of
this Agreement. 

  

	2	 Appointment 

 

	2.1	 We appoint you and you agree to act as Chief Scientific Officer of the Employer or in such other capacity as we
may from time to time reasonably direct on the terms of this Agreement. You recognise that this position is one of trust and confidence and that you will have access to Confidential Information. This is a key position in which you have a special
obligation to further the interests of the Employer and any Group Company and to develop its or their businesses. 

  

	2.2	 You represent and warrant that you are not bound by or subject to any court order, agreement, arrangement or
undertaking which in any way restricts or prohibits you from entering into this Agreement, performing your duties under it or holding office as a director of the Employer or any Group Company. 

 

	2.3	 You warrant that you are entitled to work in the United Kingdom without any additional approvals and will
notify us immediately if you cease to be so entitled during the Employment. 

  
 4 

	3	 Duration of the Employment 

 

	3.1	 Your Employment commenced on 2 November 2015 and, subject to the provisions of this Agreement, shall
continue unless and until terminated by either party giving to the other not less than six months’ written notice. 

  

	3.2	 We shall have the discretion to terminate the Employment lawfully with immediate effect or on notice less than
that required by clause 3.1 by notifying you that we are exercising our right under this clause 3.2 and that we will make within 28 days a payment in lieu of notice (“Payment in Lieu”) to you. The Payment in Lieu shall be a sum
equal to, but no more than, the basic annual salary under clause 8.1 in respect of that part of the period of notice in clause 3.1 which we have not given to you. The Payment in Lieu shall be paid to you less any appropriate tax and other statutory
deductions. 

  

	3.3	 For the avoidance of doubt, the Payment in Lieu under clause 3.2 shall not include: 

 

	 	3.3.1	 any bonus or commission payments that might otherwise have been due; 

 

	 	3.3.2	 any benefits you would have been entitled to receive; or 

 

	 	3.3.3	 any holiday entitlement that would have accrued, 

during the period by reference to which the payment is made (“Relevant Period”). 

 

	3.4	 You will have no right to receive a Payment in Lieu unless the Employer has exercised its discretion under
clause 3.2. 

  

	3.5	 Notwithstanding the fact that we have purported to exercise our discretion to make a Payment in Lieu under
clause 3.2, you shall nonetheless not be entitled to any such payment if we would have been entitled to terminate the Employment without notice in accordance with clause 17.2. In that case we shall be entitled to recover from you any Payment in Lieu
already made. 

  

	3.6	 At any time following service of notice of termination in accordance with clause 3.1 (whether given by us or
you), we shall be entitled, by written notice to you, to place you on leave (“Garden Leave”) for the whole or any part of the period of the Employment remaining after the service of such notice. 

  
 5 

	3.7	 During any period of Garden Leave: 

 

	 	3.7.1	 we shall be under no obligation to assign any duties to you and may revoke any powers you hold on behalf of the
Employer or any Group Company and may remove you from any office held by you in the Employer or any Group Company; 

  

	 	3.7.2	 we may require you to carry out alternative duties or to only perform such specific duties as are expressly
assigned to you, at such location (including your home) as we may decide; 

  

	 	3.7.3	 you shall ensure that the Employer knows where you will be and how you can be contacted during each working day
(except during any periods taken as holiday in the usual way); 

  

	 	3.7.4	 we shall be entitled to exclude you from our premises and to instruct you not to contact (or attempt to
contact) the officers, employees, agents, clients or customers of the Employer or of any Group Company; 

  

	 	3.7.5	 your entitlement to receive your normal salary and other contractual benefits shall continue, subject always to
the relevant scheme or policy relating to such benefits; and 

  

	 	3.7.6	 you shall remain our employee and shall be bound by the terms of the Employment (other than to perform your
duties under this Agreement unless specifically required to do so). In particular, but without limitation, you will remain bound by your obligations of loyalty and good faith, of exclusive service and of confidentiality, which preclude you taking up
any other employment. 

  

	3.8	 There is no probationary period applicable to the Employment. 

 

	3.9	 For the purposes of the ERA your period of continuous employment began on 2 November 2015.

  

	4	 Scope of the Employment 

 

	4.1	 During the Employment you shall: 

 

	 	4.1.1	 serve the Employer and each Group Company to the best of your ability; 

  
 6 

	 	4.1.2	 unless prevented by ill-health or incapacity devote the whole of your
working time, attention and skill to the business and affairs of the Employer and to such other duties within the Employer or any Group Company consistent with your position as may be assigned to you during the continuance of the Employment;

  

	 	4.1.3	 faithfully and diligently perform such duties and exercise such powers consistent with your position as may
from time to time be assigned to or vested in you by the Board; 

  

	 	4.1.4	 do all reasonably in your power to protect, promote, develop and extend the business interests and reputation
of the Employer and each Group Company; 

  

	 	4.1.5	 obey the reasonable and lawful directions of the Board; 

 

	 	4.1.6	 comply with the Memorandum and Articles of Association and of any Group Company and all other rules,
regulations, policies and procedures from time to time in force in relation to the Employer or any Group Company; 

  

	 	4.1.7	 abide by any statutory, fiduciary or common law duties to the Employer or any Group Company of which you are a
director; 

  

	 	4.1.8	 not do anything that would cause you to be disqualified from acting as a director; 

 

	 	4.1.9	 keep the Board at all times promptly and fully informed (in writing if so requested) of your conduct of the
business of the Employer and any Group Company and provide such explanations in connection with it as the Board may require; and 

  

	 	4.1.10	 report your own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of the
Employer or of any Group Company to the Board immediately on becoming aware of it. 

  

	4.2	 You shall if and so long as we require and without any further remuneration carry out your duties on behalf of
any Group Company and act as a director or officer of any Group Company. 

  
 7 

	4.3	 You shall promptly disclose to the Board any information that comes into your possession which adversely
affects or may adversely affect the Employer or any Group Company or the business of the Employer or any Group Company including, but not limited to: 

  

	 	4.3.1	 the plans of any other senior employee to leave the Employer or any Group Company (whether alone or in concert
with any other employee), including, but not limited to, the plans of such an employee to join a competitor or to establish a business in competition with the Employer or any Group Company; and 

 

	 	4.3.2	 the misuse by any employee of any Confidential Information belonging to the Employer or any Group Company; and

  

	 	4.3.3	 the conduct of any employee, agent or service provider which constitutes bribery within the meaning of the
Bribery Act 2010. 

  

	4.4	 We are not obliged to ensure that you become or remain a director of the Employer, and if you are/do become a
director of the Employer, any removal from the Board in accordance with the Employer’s Articles of Association or otherwise will not be a breach of this Agreement by us. 

 

	4.5	 We take a zero tolerance approach to tax evasion. You must not engage in any form of facilitating tax evasion,
whether under UK law or under the law of any foreign country. You must immediately report to the Board any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made.

  

	5	 Training 

 

	5.1	 As a senior employee, you are responsible for identifying and attending any training that is necessary for you
to perform your duties to the high standard expected of you. The cost of such training will be normally be met by the Employer, providing that prior approval has been obtained in accordance with the Employer’s current training policy. You are
also required to attend any training that we stipulate as mandatory. 

  

	5.2	 Subject to any provision to the contrary elsewhere in this Agreement, there is no other training which the
Employer requires you to complete and which the Employer will not pay for. 

  
 8 

	6	 Hours of work 

 

	6.1	 Our normal business hours are 9:00 am to 5:15 pm Monday to Friday. 

 

	6.2	 Your remuneration package is calculated on the basis that you will not only work during normal business hours
but also such additional hours as shall be necessary in order properly to perform your duties. You are therefore not entitled to any additional remuneration for work done outside normal business hours. 

 

	6.3	 You agree that on account of the specific characteristics of your role and your responsibilities, all of your
“working time” (as such expression is defined by the WTR) is not measured or predetermined. Accordingly you agree that the exemption under regulation 20(1) WTR shall apply to the Employment 

 

	6.4	 Notwithstanding that the Employment is likely to be exempt (in accordance with clause 6.3 above), you
nevertheless agree that the maximum average working time of 48 hours for each 7 day period which is contained in regulation 4(1) WTR shall not apply in relation to the Employment. 

 

	6.5	 You may terminate your agreement to opt-out of regulation 4(1) WTR
pursuant to clause 6.4 at any time by giving three months’ written notice to us of such termination. Upon such termination the other terms of the Employment will remain in force and shall not be affected. 

 

	7	 Place of work 

 

	7.1	 Your normal place of work will be our offices at Eddeva B920, Babraham Research Campus, Cambridge CB22 3AT but
we may require you to work at any place (whether inside or outside the United Kingdom) for such periods as we may from time to time require (provided that the Board will provide you with at least two months’ notice of any change of your
workplace and you will always be entitled to be based at the headquarters of the Employer) but not outside the United Kingdom for periods exceeding one month in any one year. 

 

	8	 Remuneration 

 

	8.1	 We shall pay you a salary at the rate of £250,000 per annum, on or before the last day of each calendar
month by credit transfer to your bank account payable by equal monthly instalments in arrears (or such other sum as may from time to time be agreed). The rate of salary will be reviewed annually, but with no guarantee of salary increase.

  
 9 

	8.2	 The salary specified in clause 8.1 shall be inclusive of any fees to which you may be entitled as a director of
the Employer or any Group Company. 

  

	8.3	 In addition to your annual salary, the Employer may in its absolute discretion pay you a bonus of such amount
and at such intervals as the Employer may in its absolute discretion determine but shall not exceed 40% of your annual salary, taking into account specific performance targets as may be notified to you from time to time. If the Employer makes a
bonus payment to you in respect of a Financial Year, it shall not be obliged to make subsequent bonus payments in respect of any subsequent Financial Year. You shall in any event have no right to a bonus (or a
pro-rated bonus) if your employment terminates for any reason or you are under notice of termination (whether given by or received by you) at or prior to the date when a bonus might otherwise have been
payable. Any bonus payment shall not be pensionable. 

  

	9	 Expenses  

 

	9.1	 We shall reimburse you in respect of all expenses reasonably incurred by you in the proper performance of your
duties, subject to you providing such receipts or other evidence as we may require. 

  

	9.2	 You shall abide by the Employer’s policies on expenses as communicated to you from time to time.

  

	10	 Holidays 

 

	10.1	 You shall be entitled, in addition to all bank and public holidays normally observed in England, to 25 working
days’ holiday, in each Holiday Year (being the period from January 1 to 31 December). Your holiday entitlement shall increase to 26 working days’ holiday in each Holiday Year after five years’ service and to 27 working days’
holiday in each Holiday Year after ten years’ service. This includes your entitlement under the WTR, which shall be deemed to have been taken first. You are required to take a minimum of 20 working days holiday (including bank and public
holidays) in each Holiday Year. You may only take your holiday at such times as are agreed with the Board. Regulations 15(1) to 15(4) WTR shall not apply to the Employment. 

 

	10.2	 You shall be entitled to be paid at the rate of 1/260th of the annual remuneration set out in clause 8.1 for
each day of holiday to which you are entitled under this clause. 

  
 10 

	10.3	 The Employer reserves the right to nominate up to 4 days each year when holiday must be taken. These days are
normally reserved for the period between Christmas and New Year. 

  

	10.4	 In the Holiday Year in which the Employment terminates, your entitlement to holiday shall be deemed to accrue
on a pro rata basis for each completed calendar month of service during the relevant year. If, on the termination of the Employment, you have exceeded your accrued holiday entitlement, the excess may be deducted from any sums due to you.

  

	10.5	 Other than where you are prevented from taking holiday as a result of illness or injury, you shall not be
entitled to carry forward holiday entitlement from one Holiday Year to the next without the prior written consent of the Board. 

  

	10.6	 If either party has served notice to terminate the Employment, we may require you to take any accrued but
unused holiday entitlement during the notice period. Any accrued but unused holiday entitlement shall be deemed to be taken during any period of Garden Leave under clause 3.6. 

 

	11	 Sickness benefits 

 

	11.1	 On condition that you comply with clause 11.2 and subject to our right to terminate this Agreement (whether on
grounds of ill health or otherwise), we shall continue to pay your salary and benefits during any period of absence on medical grounds up to a maximum of 26 weeks in any rolling period of 12 months. 

 

	11.2	 You shall if required: 

 

	 	11.2.1	 supply us with medical certificates covering any period of sickness or incapacity; 

 

	 	11.2.2	 consent to the application by us to any medical practitioner treating you for a medical report, and the
provision of such a report to us; and 

  

	 	11.2.3	 undergo at any time at our expense a medical examination by a doctor appointed by us. 

 

	11.3	 Payment in respect of any other or further period of absence shall be at our discretion. Any payment to you
pursuant to clause 11.1 shall be subject to set off by us in respect of any Statutory Sick Pay and any Social Security Sickness Benefit or other benefits to which you may be entitled. 

  
 11 

	11.4	 If your absence shall be occasioned wholly or partly by any act or omission of a third party in respect of
which damages or compensation are recoverable, then you shall not be entitled to any remuneration (other than Statutory Sick Pay) but we may in our absolute discretion advance sums not exceeding the remuneration to which you would otherwise be
entitled against your entitlement to damages or compensation (including interest at such rate as you are entitled to recover in respect of a claim for loss of earnings) and you shall: 

 

	 	11.4.1	 notify us immediately of all the relevant circumstances and of any claim, compromise, settlement or judgement
made or awarded in connection with it; and 

  

	 	11.4.2	 if we so require, refund to us any amount received by you from any such third party provided that the refund
shall be no more than the amount which you had recovered in respect of remuneration (plus interest). 

  

	11.5	 Any payments made under clause 11.4 shall be subject to the maximum aggregate sum which we are permitted to
lend under the restrictions relating to loans to directors contained in the Companies Act 2006. 

  

	12	 Pension 

 

	12.1	 You may join the Employer’s group personal pension scheme or such other registered pension scheme as may
be set up by the Employer (“Pension Scheme”) subject to satisfying certain eligibility criteria and the rules of the Pension Scheme as amended from time to time. 

 

	12.2	 If you join the Pension Scheme, the Employer shall contribute an amount equal to 8% of your basic salary to the
Scheme during each year of the Employment. The Employer’s contributions to the Pension Scheme shall be payable in equal monthly instalments in arrears, and shall be subject to the rules of the Pension Scheme and the tax reliefs and exemptions
available from HM Revenue & Customs, as amended from time to time. 

  

	12.3	 The Pension Scheme currently operates via a salary exchange (“Salary Exchange”), whereby you
agree to exchange part of your salary for a non-cash benefit, (in this case pension contributions) and to give up your contractual right to future cash remuneration

  
 12 

	 	
for the amount of salary exchanged whilst you are in receipt of these benefits. Under Salary Exchange you will receive all of your eligible tax relief immediately and pay reduced National
Insurance contributions. 

  

	12.4	 Your basic salary before the Salary Exchange will be known as your ‘notional basic salary’, and any
salary review will be based on the ‘notional basic salary’. The Employer will not allow you to enter into the Salary Exchange if it takes you below the National Minimum Wage. All earnings related payments or benefits that you receive from
the Employer will be based upon the ‘notional basic salary’. 

  

	12.5	 You may opt out of the Salary Exchange arrangement if you wish. 

 

	13	 Death benefits and medical insurance 

 

	13.1	 We shall during the continuance of the employment, provide you with life assurance cover which in the event of
death during the continuance of the Employment, will pay a lump sum equal to 4 times the then annual rate of salary payable in accordance with clause 8.1 (provided that the provision of cover shall be subject to you complying with and satisfying
requirements of the relevant insurers and subject to the insurance premiums being at reasonable and standard rates). 

  

	13.2	 During the Employment you shall participate in such expenses insurance schemes as we shall from time to time
maintain for your benefit, subject to our right to terminate this Agreement and subject to the insurer accepting you for cover under the relevant scheme and at normal rates and subject to the rules of such scheme or policy from time to time. Success
or failure of a claim under such scheme is entirely a matter for the scheme insurer and we accept no obligation to take any legal or other proceedings to challenge or enforce the scheme insurer’s decision in respect of any such claim.

  

	14	 Restrictions during the Employment 

 

	14.1	 During the Employment you shall not: 

 

	 	14.1.1	 be directly or indirectly employed, engaged, concerned or interested in any other business or undertaking save
that nothing in this Agreement shall prevent you from engaging in limited external advisory or consultancy activities (or similar) and whether or not of a remunerative nature provided that such external activities shall not in any way conflict with
or interfere in any way with your obligations under this Agreement or be prejudicial to the interests of the Employer or any Group Company; or 

  
 13 

	 	14.1.2	 engage in any activity which the Board reasonably considers may be, or become harmful to the interests of the
Employer or of any Group Company or which might reasonably be considered to interfere with the performance of your duties under this Agreement. 

  

	14.2	 Clause 14.1 shall not apply: 

 

	 	14.2.1	 to you holding (directly or through nominees) investments listed on the London Stock Exchange or in respect of
which dealing takes place in the Alternative Investment Market on the London Stock Exchange or any recognised stock exchange as long as you do not hold more than 5% of the issued shares or other securities of any class of any one company; or

  

	 	14.2.2	 to any act undertaken by you with the prior written consent of the Board. 

 

	14.3	 You confirm that you have disclosed to us (and will continue to do so promptly throughout the Employment) all
circumstances in respect of which there is or might be a conflict of interest between you (or members of your immediate family) and the Employer or any Group Company. 

 

	15	 Confidential Information and Employer documents 

 

	15.1	 Without prejudice to your common law duties and your obligations under clause 25, you shall neither during the
Employment (except in the proper performance of your duties) nor at any time after the termination of the Employment (howsoever caused): 

  

	 	15.1.1	 disclose to any person, company, business entity or other organisation; 

 

	 	15.1.2	 use for your own purposes or for any purposes other than those of the Employer or any Group Company; or

  

	 	15.1.3	 through any failure to exercise due care and diligence, permit or cause any unauthorised disclosure of

 any Confidential Information, save as required by law. These restrictions shall cease to apply to any information which
shall become available to the public generally (otherwise than through your default or the default of any third party connected in any way with you). 

  
 14 

	15.2	 All notes and records (both originals and copies) wherever located and whether on paper, computer disk,
computer memory, smartphone, tablet, memory stick or other media, which contain any Confidential Information or which you have made or acquired in the course of the Employment: 

 

	 	15.2.1	 shall be and remain the property of the Employer or the relevant Group Company; 

 

	 	15.2.2	 shall not be removed from the Employer’s premises (or the premises of any Group Company) except in the
course of your duties; and 

  

	 	15.2.3	 shall be handed over by you to the Employer or to the relevant Group Company on demand and in any event on the
termination of the Employment (for whatever reason). 

  

	15.3	 You shall on demand by us and in any event on the termination of the Employment (howsoever caused)
irretrievably delete any Confidential Information stored on any magnetic or optical disk or memory, including personal computer networks, personal e-mail accounts or personal accounts on websites, and all
matter derived from such sources which is in your possession or under your control outside our premises. For the purposes of this clause 15 you agree that any business connections added during the Employment to any personal LinkedIn accounts (or to
any other personal social media accounts used by you in whole or in part for the purposes of Employer’s business) shall be regarded as the property of the Employer (whether or not Confidential Information) and shall be deleted on termination of
the Employment. 

  

	15.4	 You shall provide written confirmation that you have made a diligent search for, and delivered to us, all the
notes and records described in clause 15.2 and have irretrievably deleted any Confidential Information described in clause 15.3 when requested to do so by us, whether during or after the Employment together with such reasonable evidence of
compliance as we may request. 

  

	15.5	 Nothing in this clause 15 shall prevent you from making a protected disclosure within the meaning of section
43A ERA or a relevant pay disclosure as defined in section 77 Equality Act 2010. In circumstances where you consider it is necessary to make such a disclosure, you should first raise the issue with the Board, or if your concerns relate to certain
members of the Board, to an officer or officers of the Employer who you believe are not involved or implicated in the relevant matter. 

  
 15 

	16	 Inventions and other intellectual property 

 

	16.1	 You acknowledge that you may make, discover or create Intellectual Property in the course of your duties and
agree that in this respect you have a special obligation to further the interests of the Employer and any Group Company. 

  

	16.2	 You agree to disclose to us in writing full details of any Employer Intellectual Property promptly following
its making, creation or discovery. 

  

	16.3	 You agree that any Employer Intellectual Property shall so far as the law permits belong to and be the absolute
property of the Employer or any other Group Company as the Employer may direct upon creation and: 

  

	 	16.3.1	 to the extent that the same does not automatically belong to us upon creation, undertake to hold any such
Employer Intellectual Property upon trust for the benefit of the Employer until such time as it shall be vested absolutely in the Employer or such other Group Company; and 

 

	 	16.3.2	 hereby assign to the Employer or such other Group Company with full title guarantee by way of present and
future assignment all such Employer Intellectual Property. 

  

	16.4	 If and when we require you so to do you shall, at our expense, as the Employer or any other Group Company may
direct: 

  

	 	16.4.1	 give and supply to the Employer or such Group Company all such information, data, drawings and assistance as
the Employer or such Group Company may require in order to exploit the Employer Intellectual Property to best advantage; 

  

	 	16.4.2	 apply or join with the Employer or such Group Company in applying for patents or other protection or
registration in the United Kingdom and in any other part of the world for the Employer Intellectual Property; and 

  

	 	16.4.3	 execute and do all instruments and things necessary for vesting in the Employer or such Group Company or in
such other person as the Employer may specify, as sole beneficial owner, any Employer Intellectual Property including such patents or other protection or registration when obtained and all right, title and interest to and in them absolutely.

  
 16 

	16.5	 You irrevocably and unconditionally waive any and all moral rights in connection with your authorship of any
existing or future copyright work made or created by you during the Employment. For the avoidance of doubt, this clause 16.5 will not apply to any copyright work made or created by you in the course of your carrying out such external activities as
are permitted under clause 14.1.1. 

  

	16.6	 You irrevocably appoint the Employer to be your attorney in your name and on your behalf to execute and do any
such instrument or thing and generally to use your name for the purpose of giving to the Employer the full benefit of this clause. In favour of any third party, a certificate in writing signed by any director or by the secretary of the Employer that
any instrument or act falls within the authority conferred by this clause shall be conclusive evidence that such is the case. 

  

	16.7	 The rights and obligations under this clause shall continue in force after termination of this Agreement in
respect of Employer Intellectual Property and shall be binding on your representatives. 

  

	16.8	 Nothing in this clause shall be construed as restricting your rights under sections 39 to 43 Patents Act 1977.

  

	17	 Termination 

 

	17.1	 For the avoidance of doubt, where there are no circumstances justifying summary dismissal under clause 17.2 the
methods by which we may terminate this Agreement are not confined to the giving of notice as provided elsewhere in this Agreement or the making of a Payment in Lieu in accordance with clause 3.2. Accordingly if we terminate this Agreement without
notice or a Payment in Lieu then any damages to which you may be entitled shall be calculated in accordance with ordinary common law principles including those relating to mitigation of loss. 

 

	17.2	 Notwithstanding any other provisions of this Agreement in any of the following circumstances we may terminate
the Employment immediately by serving written notice on you to that effect. In such event you shall not be entitled to any further payment from us except such sums as shall have accrued due at that time. The circumstances are if you:

  

	 	17.2.1	 commit any serious breach of this Agreement or are guilty of any gross misconduct or any wilful neglect in the
discharge of your duties; 

  

	 	17.2.2	 repeat or continue (after warning) any breach of this Agreement; 

  
 17 

	 	17.2.3	 are guilty of any fraud, dishonesty or conduct tending to bring you, the Employer, or any Group Company into
disrepute; 

  

	 	17.2.4	 are declared bankrupt or make any arrangement with or for the benefit of your creditors or have a county court
administration order made against you under the County Court Act 1984; 

  

	 	17.2.5	 are convicted of any criminal offence (other than minor road traffic offences for which a fine or non-custodial penalty is imposed) which might reasonably be thought to affect adversely the performance of your duties; 

  

	 	17.2.6	 cease to be eligible to work in the United Kingdom; 

 

	 	17.2.7	 refuse (without reasonable cause) to accept the novation by the Employer of this Agreement, or an offer of
employment on terms no less favourable to you than the terms of this Agreement, by any company which acquires or agrees to acquire not less than 90 per cent of the issued equity share capital of the Employer; or 

 

	 	17.2.8	 resign (otherwise than at our request) as, or otherwise cease to be, or become prohibited by law from being, a
director of the Employer or any Group Company. 

  

	17.3	 If at any time you are unable to perform your duties properly because of ill health, accident or otherwise for
a period or periods totalling at least three months in any period of 12 consecutive calendar months then we may appoint another person to act in your place in any position to which you may be assigned during the Employment. 

 

	17.4	 On the termination of the Employment or upon either us or you having served notice of such termination, you
shall: 

  

	 	17.4.1	 at our request resign from office as a director of the Employer and all offices you hold in any Group Company,
without claim for compensation for loss of office, provided however that such resignation shall be without prejudice to any claims which you may have against the Employer or any Group Company arising out of the termination of the Employment;

  

	 	17.4.2	 at our request resign from all trusteeships you hold of any pensions scheme or other trusts established by the
Employer or any Group Company; and 

  
 18 

	 	17.4.3	 immediately deliver to us all materials within the scope of clause 15.2 and your
lap-top, tablet and any other computer or similar equipment, all computer and other passwords, keys, ID or access cards, credit cards, mobile phones (including the original sim card), and other property of or
relating to the business of the Employer or of any Group Company which may be in your possession or under your power or control, 

and you irrevocably authorise us to appoint any person in your name and on your behalf to sign any documents and do any things necessary or
requisite to give effect to your obligations under this clause 17.4. 
  

	17.5	 Following termination of the Employment you agree to make yourself available to, and to cooperate with, us or
our advisers in any internal investigation or regulatory proceedings arising out of matters which formed part of your responsibilities during the Employment. You acknowledge that this could involve, but is not limited to, responding to or defending
any regulatory or legal process, providing information in relation to any such process, preparing witness statements and giving evidence in person on our behalf. 

 

	17.6	 On termination of the Employment (howsoever caused) you shall not be entitled to any compensation for the loss
of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Employer or any Group Company in which you may participate. 

 

	17.7	 Any delay in exercising the right of termination conferred by this clause 17 shall not constitute a waiver of
it. 

  

	18	 Severance benefits upon termination 

 

	18.1	 For the purposes of this clause 18 the following words and phrases shall have the following meanings:

 “Basic Salary” means your basic annual salary (in accordance with clause 8.1) as at the date of the
termination of your Employment. 
 “Cause” means any of the circumstances set out in clause 17.2 and/or where the Employer
has a potentially far reason to terminate the Employment pursuant to s.98 ERA. 

  
 19 

 “Change of Control” means the occurrence of any of the following events:

  

	 	(a)	 a sale, lease or other disposition of all or substantially all of the assets of the Employer; or

  

	 	(b)	 a consolidation or merger of the Employer with or into any other corporation or other entity or person, or any
other corporate reorganisation, in which the shareholders of the Employer immediately prior to such consolidation, merger or reorganisation, own less than fifty percent (50%) of the outstanding voting power of the surviving entity (and its parent)
following the consolidation, merger or reorganisation; or 

  

	 	(c)	 any transaction (or series of related transactions involving a person or entity, or a group of affiliated
persons or entities) in which in excess of fifty percent (50%) of the Employer’s outstanding voting power is transferred. 

For the avoidance of doubt, the transactions contemplated by the Exchange Agreement shall not be considered a Change of Control for purposes of
this Agreement. 
 “Exchange Agreement” means the share exchange agreement to be entered into by (i) F-star Therapeutics Ltd; (ii) Spring Bank Pharmaceuticals, Inc.; and (iii) others. 

“Good Reason” means: 
  

	 	(a)	 a material diminution in the nature or scope of your title, duties, or responsibilities occurring without your
consent; or 

  

	 	(b)	 a material reduction in your Basic Salary, which for purposes of this Agreement shall mean a reduction of more
than fifteen percent (15%) in the aggregate, other than any reduction applying in a similar fashion to similarly situated executives of the Employer, without your consent. 

“Severance Sum” shall mean either: 
  

	 	(a)	 a sum equal to 12 months’ Basic Salary, in circumstances where a Qualifying Termination takes effect
during the 12 month period immediately following a Change of Control; or 

  

	 	(b)	 a sum equal to 9 months’ Salary, in circumstances where a Qualifying Termination takes effect more than 12
months following a Change of Control. 

 “Qualifying Termination” means termination of the Employment 

  
 20 

	 	(a)	 by the Employer (whether with or without notice) without Cause; or 

 

	 	(b)	 by you for Good Reason. 

 

	18.2	 In the event of a Qualifying Termination the Employer shall pay to you the Severance Sum (as adjusted in
accordance with clauses 18.3 and 18.4 below) in accordance with the provisions set out in this clause 18. SUBJECT ALWAYS to the provisions of clauses 18.5, 18.6 and 18.10 being satisfied. 

 

	18.3	 If the Employer terminates the Employment without Cause by giving you a period of notice, (whether under clause
3.1 or otherwise), the Severance Sum shall be reduced by a sum equal to the salary, benefits and any other payments received by you from the Employer during your notice period (whether such notice period is worked by you or whether some or all of it
is spent on Garden Leave in accordance with clause 3.6. 

  

	18.4	 If the Employer terminates the Employment without Cause by making a Payment In Lieu to you in accordance with
clause 3.2, the Severance Sum shall be reduced by a sum equal to the Payment in Lieu received you. 

  

	18.5	 The payment or provision of the Severance Sum shall be subject to and conditional on (and in consideration of)
the following: 

  

	 	18.5.1	 the Employment subject to a Qualifying Termination; 

 

	 	18.5.2	 you having complied with your obligations under clause 17.4; 

 

	 	18.5.3	 the Employer (acting reasonably) determining that, as at the Termination Date, you had met all of your
applicable performance conditions and/or targets for the Financial Year in which the Employment terminates (pro-rated as appropriate); 

 

	 	18.5.4	 you having complied with and continuing to comply with: 

 

	 	(i)	 the implied duty of fidelity and common law duty of confidentiality; and 

 

	 	(ii)	 your express obligations relating to confidentiality, intellectual property and post-termination restrictions
as set out in clauses 15, 16 and 19 respectively; and 

  
 21 

	 	18.5.5	 the restrictive covenants contained in clause 19 being reaffirmed by you so that they shall apply and you shall
continue to be bound by them, notwithstanding that the Employment may, or without the payment of the Severance Sum might, otherwise have been repudiated by the Employer. 

 

	18.6	 In circumstances where a Qualifying Termination takes effect during the 12 month period immediately following a
Change of Control, in addition to your right to receive the Severance Sum in accordance with this clause 18, any options or RSUs granted to you under any equity incentive plan adopted or to-be-adopted by the Employer shall, to the extent not assumed by an acquirer, vest in full. 

  

	18.7	 The Severance Sum shall be paid less such deductions as are required by law, and shall be in full and final
settlement of all claims or rights of action which you have or may have against the Employer or any Group Company and their respective officers, non-executive directors, shareholders, employees or agents,
arising out of or in connection with your Employment or its termination or otherwise whether arising under statute, contract, at common law, in equity or any other legislation or regulation applicable under English, European or US law. You shall not
be entitled to any further compensation in respect of the termination of your employment and you agree to waive, release and discharge any or all such rights and claims. You acknowledge that it is a condition of the receipt of the Severance Sum that
you shall enter into a legally binding settlement agreement with the Employer (and any such additional documents as may be reasonably required), in a form acceptable to the Employer (“Settlement Agreement”). 

 

	18.8	 The Severance Sum shall be paid to you within 28 days of the Settlement Agreement becoming legally binding or
the Termination Date (whichever is later). 

  

	18.9	 For the avoidance of doubt the payment or provision of the Severance Sum shall not affect your entitlement as
at the Termination Date to any of the following: 

  

	 	18.9.1	 any accrued but unpaid salary; 

 

	 	18.9.2	 any payment in lieu of accrued but unused holiday; or 

 

	 	18.9.3	 the reimbursement of your expenses, provided that all claims for reimbursement are submitted within 14 days of
the Termination Date. 

  
 22 

	18.10	 For the avoidance of doubt, the Employer shall not pay the Severance Sum to you in circumstances where:

  

	 	18.10.1	 you serve notice to terminate the Employment for any reason other than for Good Reason; 

 

	 	18.10.2	 you terminate the Employment without giving due notice for any reason whatsoever (including but not limited to
where this is in response to an alleged breach of contract by the Employer); 

  

	 	18.10.3	 the Employer is entitled to terminate the Employment without notice and without a Payment in Lieu in accordance
with clause 17.2; or 

  

	 	18.10.4	 as at the Termination Date the Employer has made a resolution for its winding up, an arrangement or composition
with its creditors or has made an application to a court of competent jurisdiction for protection from its creditors or an administration or winding-up order has been made or an administrator or receiver has
been appointed in relation to the Employer. 

  

	18.11	 If at any time during the 12 month period immediately following the payment of the Severance Sum to you under
this clause 18, the Employer subsequently becomes aware that: 

  

	 	18.11.1	 it would have been entitled to terminate the Employment without notice and without a Payment in Lieu in
accordance with clause 17.2; or 

  

	 	18.11.2	 you had, on or before the Termination Date, committed a breach of either: 

 

	 	(i)	 the provisions of clauses 14, 15, 16 or 19; and/or 

 

	 	(ii)	 the implied duty of fidelity or common law duty of confidentiality 

then the Employer shall be entitled to claw-back and recover the Severance Sum from you in its entirety. In such event, you shall, if so
required by the Employer and without prejudice to the Employer’s other remedies, immediately repay on demand an amount equal to the Severance Sum paid to you (after deductions for income tax and National Insurance) plus, if requested any sum in
respect of income tax and National Insurance paid on the Severance Sum which you can recover from HM Revenue and Customs (or its successors). The sum to be repaid shall be payable to the Employer within 28 days of the demand and shall be recoverable
by the Employer as a debt. 
  

	19	 Post-termination restrictions 

 

	19.1	 For the purposes of clause 19.2 the following words shall have the following meanings:

 “Confidential Information” shall have the meaning ascribed thereto in clause 1.1; 

  
 23 

 “Counterparty” shall mean any supplier, client, customer, person, firm,
company or other entity whatsoever: 
  

	 	(a)	 who or which is an investor in the Employer at the Termination Date or who or which invested in the Employer at
any time in the period of 12 months immediately preceding the Termination Date; 

  

	 	(b)	 who or which had regular dealings with the Employer in connection with or arising out of the business of the
Employer at the Termination Date or at any time in the period of 12 months immediately preceding the Termination Date (and shall include without limitation any person, company, or other entity with whom there was an actual arrangement for a joint
venture with the Employer or an arrangement for the provision of goods or services to, by, or in conjunction with the Employer); 

  

	 	(c)	 who or which is a client or customer of the Employer at the Termination Date or who or which was a client or
customer of the Employer at any time in the period of 12 months immediately preceding the Termination Date; 

 and in each
case, during the 12 months immediately preceding the Termination Date, (or, if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, the 12 month period immediately preceding the commencement of that Garden Leave): 

 

	 	(a)	 with whom or with which you had material dealings in the course of the Employment; 

 

	 	(b)	 of or about whom you acquired Confidential Information or trade secrets or material knowledge or material
information in the course of the Employment; or 

  

	 	(c)	 with whom or with which any employee who was under your direct or indirect supervision had material dealings in
the course of his employment. 

 “Prospective Counterparty” means any supplier, client, customer, person,
firm, company or other entity whatsoever with whom or with which the Employer during the 12 months immediately preceding the Termination Date had negotiations or discussions regarding: 

 

	 	(a)	 possible investment in the Employer; 

  
 24 

	 	(b)	 having regular dealings with the Employer in connection with or arising out of the business of the Employer;

 and in each case, during the 12 months immediately preceding the Termination Date, (or, if the Employer exercises its
rights under clause 3.6 to place you on Garden Leave, the 12 month period immediately preceding the commencement of that Garden Leave): 
  

	 	(a)	 with whom or which you had material dealings in the course of the Employment; 

 

	 	(b)	 of whom or which you acquired Confidential Information or trade secrets or material knowledge or material
information in the course of the Employment; or 

  

	 	(c)	 with whom or which any employee who was under your direct or indirect supervision had material dealings in the
course of his employment. 

 “Restricted Business” means the business of the Employer related to the
design, manufacture, production, research or sale of antibodies or fragments containing antigen-binding sites engineered into non-CDR loops, relating to the activities with which you were concerned or involved
in the course of your employment during the 12 months immediately preceding the Termination Date, (or, if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, the 12 month period immediately preceding the commencement of
that Garden Leave) or for which you had been responsible during such period. 
 “Restricted Period” means the period of 12
months immediately following the Termination Date, provided always that if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, it shall mean the period of 12 months immediately following the commencement of the Garden
Leave period. 
 “Restricted Person” means any person who is employed at the Termination Date or has at any time in the
period of 12 months prior to the Termination Date been: 
  

	 	(d)	 employed by the Employer; or 

 

	 	(e)	 engaged as a consultant to the Employer; 

and in either case is in a senior employee or a senior technical or senior advisory capacity in the Restricted Business and who was known to or
worked with you during that period. 

  
 25 

 “Termination Date” means the date of termination of the Employment
(howsoever caused). 
  

	19.2	 Without prejudice to clause 14.1 you hereby undertake that you will neither during the Employment nor during
the Restricted Period without our prior written consent (such consent not to be unreasonably withheld) whether on your own behalf or on behalf of any other person, firm, company or other organisation, directly or indirectly: 

 

	 	19.2.1	 in competition with the Employer, be employed or engaged or otherwise interested in any Restricted Business;

  

	 	19.2.2	 in competition with the Employer, in respect of Restricted Business, solicit business from or canvass or entice
away or endeavour to solicit business from, or canvass or entice away any Counterparty or Prospective Counterparty; 

  

	 	19.2.3	 in competition with the Employer, in respect of Restricted Business, have any business dealings with, any
Counterparty or Prospective Counterparty; 

  

	 	19.2.4	 interfere or take such steps as may be likely to interfere with the continuance of supplies to the
Employer in respect of the Restricted Business (or the terms relating to such supplies) from any Counterparty or Prospective Counterparty or seek to damage the relationship between any such person and the Employer; 

 

	 	19.2.5	 solicit or induce or endeavour to solicit or induce any person who, on the Termination Date, was a Restricted
Person to cease working for or providing services to the Employer, whether or not any such person would thereby commit a breach of contract; 

  

	 	19.2.6	 employ or otherwise engage in Restricted Business any person who, on the Termination Date was a Restricted
Person; or 

  

	 	19.2.7	 cause or permit any third party directly or indirectly under your control to do any of the acts or things
specified above. 

  
 26 

	19.3	 Clause 19.2 shall also apply as though there were substituted for references to “the Employer”
references to each Group Company in relation to which you have in the course of your duties for the Employer or by reason of rendering services to or holding office in such Group Company: 

 

	 	19.3.1	 acquired knowledge of its trade secrets or Confidential Information; or 

 

	 	19.3.2	 had personal dealings with its Counterparties or Prospective Counterparties; or 

 

	 	19.3.3	 supervised employees having personal dealings with its Counterparties or Prospective Counterparties

 but so that references in clauses 19.1 and 19.2 to “Employer” shall for this purpose be deemed to be
replaced by references to the relevant Group Company. The obligations undertaken by you pursuant to this clause 19.3 shall, with respect to each Group Company, constitute a separate and distinct covenant and the invalidity or unenforceability of any
such covenant shall not affect the validity or enforceability of the covenants in favour of any other Group Company or the Employer. 
  

	19.4	 The benefit of the restrictions in clause 19.3 is held by the Employer for itself and on trust for each Group
Company and shall be enforceable on behalf of each Group Company as though it were a party to this Agreement. 

  

	19.5	 You shall not at any time after the Termination Date directly or indirectly represent yourself as being
interested in or employed by or in any way connected with the Employer or any Group Company, other than as a former employee of the Employer and you shall not (whether directly or indirectly and whether on your own or through an association of any
kind with any third party) make use of any corporate or business name which is used by the Employer or any Group Company, or which is similar to or likely to be confused with any such name. 

 

	19.6	 None of the restrictions in this clause 19 shall prevent you from: 

 

	 	19.6.1	 holding an investment by way of shares or other securities of not more than 5% of the total issued share
capital of any company, whether or not it is listed or dealt in on a recognised stock exchange; or 

  

	 	19.6.2	 being engaged or concerned in any business concern insofar as your duties or work shall relate solely to
geographical areas where the business concern is not in competition with the Employer in respect of any Restricted Business; or 

  
 27 

	 	19.6.3	 being engaged or concerned in any business concern, provided that your duties or work shall relate solely to
services or activities of a kind with which you were not concerned to a material extent in the 12 months before the Termination Date. 

  

	19.7	 While the restrictions in this clause 19 are considered by the parties to be reasonable in all the
circumstances, it is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Employer or a Group Company
but would be adjudged reasonable if part or parts of the wording thereof were deleted, the relevant restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and effective. 

 

	19.8	 If your employment is transferred to any firm, company, person or entity other than a Group Company (the
“New Employer”) pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, you will, if required, enter into an agreement with the New Employer containing post-termination restrictions corresponding to
those restrictions in this clause 19, protecting the confidential information, trade secrets and business connections of the New Employer. 

  

	19.9	 You will, at our request and our expense, enter into a separate agreement with any Group Company in which you
agree to be bound by restrictions corresponding to those restrictions in this clause 19 (or such of those restrictions as we deem appropriate) in relation to that Group Company. 

 

	20	 No personal dealings 

 

	20.1	 You shall not without the written consent of the Board make or seek to make on your behalf or (otherwise than
properly in the performance of your duties to the Employer) on behalf of any other person, firm or company any contract or other arrangement of a commercial nature with any actual or prospective customer, contractor or supplier of the Employer or
any Group Company. 

  

	21	 Grievance and disciplinary procedures 

 

	21.1	 You are subject to the Employer’s disciplinary and grievance procedures, copies of which are available
from the Employer. These procedures do not form part of your contract of employment and may be modified at any time. 

  
 28 

	21.2	 If you want to raise a grievance, you may apply in writing to the Chief Executive Officer (or his nominee) in
accordance with the Employer’s grievance procedure. 

  

	21.3	 If you wish to appeal against a disciplinary decision you may apply in writing to the Chief Executive Officer
(or his nominee) in accordance with the Employer’s disciplinary procedure. 

  

	21.4	 We may at any time suspend you from any or all of your duties during any period in which we are carrying out
any disciplinary investigation involving you, or while any disciplinary procedure against you is outstanding. 

  

	21.5	 During any period of suspension in accordance with clause 21.4: 

 

	 	21.5.1	 your entitlement to receive your normal salary and other contractual benefits shall continue, subject always to
the relevant scheme or policy relating to such benefits; 

  

	 	21.5.2	 you shall remain an employee of the Employer and shall be bound by the terms of the Employment;

  

	 	21.5.3	 you shall ensure that the Employer knows where you will be and how you can be contacted during each working day
(except during any periods taken as holiday in the usual way); 

  

	 	21.5.4	 we shall be entitled to exclude you from our premises and to instruct you not to contact (or attempt to
contact) the employees, agents, clients or customers of the Employer or of any Group Company; and 

  

	 	21.5.5	 we may require you to lodge with us all or any of the items referred to in clause 17.4.3.

  

	21.6	 The provisions of this clause shall not apply to any action taken by the Employer under clause 17.3.

  

	22	 Deductions and Clawback 

 

	22.1	 For the purposes of the ERA you authorise us at any time during the Employment, and in any event on termination
howsoever arising, to deduct from your remuneration under this Agreement (which for this purpose includes salary, commission, bonus, holiday pay, sick pay and pay in lieu of notice) any monies due from you to us including, but not limited to, any
outstanding loans, advances, the cost of repairing any damage or loss of our property caused by you (and of recovering it), excess holiday, and any other monies owed by you to us. 

  
 29 

	23	 Anti-corruption provisions 

 

	23.1	 We take a zero tolerance approach to bribery and corruption. You must comply with the Bribery Act 2010 and
related procedures at all times. 

  

	23.2	 In particular you shall not during the term of this Agreement without the consent of the Board seek or accept
from any actual or prospective customer, contractor or supplier of the Employer or any Group Company any gift, gratuity or benefit of more than a trivial value or any hospitality otherwise than properly in the performance of your duties to the
Employer or any Group Company of a kind and value. 

  

	24	 Staff Handbook 

 

	24.1	 Your attention is drawn to the policies and procedures set out in the Employer’s Staff Handbook a copy of
which has been supplied to you. You agree to abide by those policies and procedures. 

  

	24.2	 The Staff Handbook also includes details of any paid leave to which you are entitled, in addition to your
entitlement to sick pay and holiday pay set out above. 

  

	24.3	 Save as set out in this Agreement or referred to in clause 24.2 you are not entitled to any other benefits
provided by the Employer. 

  

	25	 Data protection 

 

	25.1	 You agree to act in accordance with Data Protection Legislation at all times both during the Employment and
following its termination (for any reason) and to comply at all times with any policy introduced by us in order to comply with Data Protection Legislation, including any policy on the transfer of data outside the European Economic Area.

  

	25.2	 You acknowledge that we will process personal data about you in accordance with and to the extent permitted by
Data Protection Legislation in order for us to perform our obligations under this Agreement, for example paying your salary, or to pursue our legitimate interests. Personal data relating to you may be kept electronically or in hard copy format.

  

	25.3	 You acknowledge that we will process special category personal data relating to you in accordance with and to
the extent permitted by Data Protection Legislation in order for us to perform or exercise obligations or rights imposed or conferred by law on us in connection with employment, social security or social protection. 

  
 30 

	25.4	 We agree to abide by our commitments under any policy introduced by us in order to comply with Data Protection
Legislation and to process personal data (including special category personal data) in relation to you in accordance with any privacy/fair processing notices notified to you. 

 

	25.5	 In this clause the expressions “personal data” and “special category personal data” have
the same meanings as those expressions bear in the General Data Protection Regulation (EU) 2016/679. 

  

	26	 Notices 

 

	26.1	 Any notice or other document to be given under this Agreement shall be in writing and may be given personally
to you or to the Secretary of the Employer or may be sent by first class post or other fast postal service or by facsimile transmission to, in the case of the Employer, its registered office for the time being and in your case either to your address
shown on the face of this Agreement or to your last known place of residence. 

  

	26.2	 Any such notice shall (unless the contrary is proved) be deemed served when in the ordinary course of the means
of transmission it would be first received by the addressee in normal business hours. In proving such service it shall be sufficient to prove, where appropriate, that the notice was addressed properly and posted, or that the facsimile transmission
was despatched. 

  

	26.3	 A notice required to be given under this Agreement shall not be validly given if sent by e-mail. 

  

	26.4	 The provisions of this clause do not apply to the service of legal proceedings. 

 

	27	 Former contracts of employment or other arrangements 

 

	27.1	 This Agreement, and any agreements referred to in it, contains the entire understanding between the parties and
supersedes any previous agreements and arrangements (if any), relating to your employment, which shall be deemed to have been terminated by mutual consent as from the date of this Agreement and you acknowledge that you have no outstanding claims of
any kind against the Employer or any Group Company in respect of any such agreement or arrangement. 

  
 31 

	28	 Variations and amendments 

 

	28.1	 No modification, variation or amendment to this Agreement shall be effective unless it is in writing and signed
by or on behalf of each party. 

  

	29	 Choice of law and submission to jurisdiction 

 

	29.1	 The validity, construction and performance of this Agreement, and any claim, dispute or matter arising under or
in connection with it or its enforceability, shall be governed by and construed in accordance with English law. 

  

	29.2	 The parties submit to the exclusive jurisdiction of the English Courts over any claim, dispute or matter
arising under or in connection with this Agreement or its enforceability or the legal relationships established by this Agreement. 

  

	30	 Miscellaneous 

 

	30.1	 No provisions of this Agreement may be enforced by a person who is not a party to this Agreement in their own
right, and the whole or any part of this Agreement may be rescinded or varied without the consent of any such third party. 

  

	30.2	 You confirm that prior to entering into this Agreement you took independent legal advice on the nature, extent
and enforceability of your obligations under this Agreement and confirm that you were advised that each of the separate covenants set out in clause 19 are enforceable against you. You confirm you understand that your remuneration under this
Agreement has been agreed on the basis that such covenants are binding on you and enforceable against you. 

  

	30.3	 You agree that if you apply for or are offered employment or any other engagement with any other person or
organisation during the Employment, or while any or the post-termination restrictions in clause 19 remain in force, you will supply any such third party with a copy of this Agreement before entering into any such arrangement to ensure that that
party is fully aware of your obligations to us. 

  

	30.4	 There are no collective agreements applicable to the Employment. 

 

	30.5	 The expiration or termination of this Agreement shall not prejudice any claim which either party may have
against the other in respect of any pre-existing breach of this Agreement nor shall it prejudice the coming into force or the continuance in force of any provision of this Agreement which is expressly or by
implication intended to or has the effect of coming into or continuing in force on or after such expiration or termination. 

  
 32 

	30.6	 This Agreement constitutes your written statement of the terms of your employment provided in compliance with
Part I of the ERA. 

 This document has been executed as a DEED and is delivered and takes effect on the date stated at the
beginning of it. 
  

									
	 Executed as a DEED by F-STAR

BIOTECHNOLOGY LIMITED acting by a

director and the secretary:
	  	 
 
 
	)
 )
 )
	 
  
  
	  	 /s/ Eliot Forster
	  	
				
		  	 	)	 	  	Director’s signature	  	
				
		  				  	 Eliot Forster
	  	
			
			  	 Director’s name
	  	
				
	 Witness’ signature:
	  				  	/s/ Laura Hare	  	
				
	 Witness’ name (BLOCK CAPITALS):
	  				  	LAURA HARE	  	
				
	 Witness’ address:
	  				  	[ADDRESS]	  	
				
	 Witness’ occupation:
	  				  	[OCCUPATION]	  	
				
	 Signed by NEIL BREWIS as a DEED in the

presence of:
	  	 
 
	)
 )
	 
  
	  	/s/ Neil Brewis	  	
				
	Witness’ signature:	  				  	/s/ Ana Fernandes	  	
				
	Witness’ name (BLOCK CAPITALS):	  				  	ANA FERNANDES	  	
				
	Witness’ address:	  				  	[ADDRESS]	  	
				
	Witness’ occupation:	  				  	[OCCUPATION]	  	

  
 33EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of July 24, 2020 (the
“Effective Date”) by and between F-Star Therapeutics LLC (the “Company”), and Louis Kayitalire (the “Executive”). 

RECITALS 
 WHEREAS,
the Executive is currently employed by the Company pursuant to the terms of an Offer Letter dated May 24, 2019 (the “Offer Letter”); and 

WHEREAS, the Company’s parent, F-Star Therapeutics Ltd., has entered into or anticipates
entering into a Share Exchange Agreement with Spring Bank Pharmaceuticals, Inc., and certain other parties (the “Exchange Agreement”). 

NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this
Agreement, the parties hereby agree: 
 1. Employment. The Executive’s employment with the Company pursuant
to the terms of this Agreement will commence on the Effective Date. 
 2. Term. This Agreement will continue in
effect until terminated in accordance with Section 5. The term of Executive’s employment is hereafter referred to as the “Term.” The effective date of Executive’s termination of employment with the Company is
hereafter referred to as the “Termination Date.” 
 3. Duties and Performance. 

(a) During the Term, the Executive shall serve the Company as its Chief Medical Officer. In addition, and without further compensation, the
Executive shall serve as a director and/or officer of the Company and/or one or more of the Company’s Affiliates to the extent so elected or appointed from time to time. For purposes of this Agreement, “Affiliate” means any
person or entity directly or indirectly controlling, controlled by or under common control with the Company, where control may be by either management authority or equity interest. 

(b) During the Term, the Executive shall be employed by the Company on a full-time basis and shall perform the duties and responsibilities of
his position and such other duties and responsibilities on behalf of the Company and its Affiliates as reasonably may be designated from time to time by the Company’s Chief Executive Officer (the “CEO”). The Executive’s
principal work location shall be in New York, New York, subject to such business travel as is customary for Executive’s position. 
 (c)
During the Term, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates and to the discharge of
his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly
approved in advance by the CEO in writing; provided, however, that the Executive may without advance consent participate in charitable activities and passive personal investment activities, provided that such activities do not, individually or in
the aggregate: (i) interfere with the performance of the Executive’s duties under this Agreement; (ii) conflict with the business interests of the Company or any of its Affiliates; or (iii) violate Sections 7, 8 and 9 of this
Agreement. 

 (d) During the Term, the Executive shall comply with all Company policies, practices, and
procedures and all codes of ethics or business conduct applicable to the Executive’s position, as in effect from time to time. 
 4.
Compensation and Benefits. 
 (a) Base Salary. During the Term, the Company shall pay the Executive a base salary at a rate
of $450,000 per year (the “Base Salary”), payable in accordance with the normal payroll practices of the Company as in effect from time to time. The Company may review and adjust the Base Salary from time to time. 

(b) Annual Bonus Compensation. For each full fiscal year completed during the Term, the Executive shall be eligible to participate in an
annual bonus plan maintained by the Company. The Executive’s annual target bonus opportunity shall be equal to forty-percent (40%) of the Base Salary (the “Target Bonus”) with the actual amount of the bonus, if any, to be
determined by the Board of Directors (the “Board”) or the Compensation Committee of the Board, in accordance with applicable performance criteria reasonably established by the Board or the CEO. In order to earn an annual bonus under
this Section 4(b) for any fiscal year, the Executive must be employed by the Company on the date of payment. 
 (c) Employee Benefit
Plans. During the Term, the Executive shall be eligible to participate in such employee benefit plans from time to time in effect for similarly-situated employees of the Company. Such participation shall be subject to (i) the terms of the
applicable plan documents and (ii) generally applicable Company policies. The Executive shall have no recourse against the Company in the event that the Company should alter, modify, add to or eliminate any or all of its employee benefit plans.

 (d) Business Expenses. The Company shall pay or reimburse the Executive for reasonable, customary, and necessary business expenses
incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to such reasonable substantiation and documentation and to travel and other policies as may be required by the Company from time to time. 

(e) Clawback Policy. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy
that the Company has adopted or is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street
Reform and Consumer Protection Act or other applicable law. 
 5. Termination of Employment; Severance Benefits.
The Executive’s employment shall terminate under the following circumstances: 
 (a) Death. In the event of the
Executive’s death during the Term, the date of death shall be the Termination Date and the Company shall pay or provide to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in a notice
received by the Company, to his estate: (i) any Base Salary earned but not paid through the Termination Date; and (ii) any business expenses incurred by the Executive but unreimbursed on the Termination Date, provided that such expenses
and required substantiation and documentation are submitted within sixty (60) days following the Termination Date, that such expenses are reimbursable under Company policy, and that any such expenses subject to Section 5(h)(iv) shall be
paid not later than the deadline specified therein (all of the foregoing, payable subject to the timing limitations described herein, the “Final Compensation”). Other than the Final Compensation, the Company shall have no further
obligation or liability to the Executive. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive’s designated beneficiary or estate at the time prescribed by applicable law and in
all events within thirty (30) days following the Termination Date. 

  
 2 

 (b) Disability. 

(i) The Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled
during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding
the provision of any reasonable accommodation) for one hundred and eighty (180) days during any period of three hundred and sixty-five (365) consecutive calendar days, whether or not consecutive. In the event of such termination, the
Company shall have no further obligation or liability to the Executive, other than for payment of the Final Compensation due the Executive. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the
Executive at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date. 
 (ii)
The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability. Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with
Section 4(a) and to participate in employee benefit plans in accordance with Section 4(c), to the extent permitted by the then-current terms of the applicable employee benefit plans, until the Executive becomes eligible for disability
income benefits under the Company’s disability income plan, if any, or until the termination of his employment, whichever shall first occur. While receiving disability income payments under any Company’s disability income plan, the
Executive shall not be entitled to receive any Base Salary under Section 4(a), but shall continue to participate in the employee benefit plans in accordance with Section 4(c) and to the extent permitted by and subject to the then-current
terms of such plans, until the termination of his employment hereunder. 
 (iii) If any question shall arise as to whether the Executive is
disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the
Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection, to determine whether the Executive is disabled, and such determination
shall for the purposes of this Agreement be conclusive. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

(c) By the Company for Cause. The Company may terminate the Executive’s employment for Cause at any time upon notice to the
Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute “Cause” for termination: 

(i) The Executive’s willful failure to perform, or gross negligence in the performance of, the Executive’s material duties and
responsibilities to the Company or any of its Affiliates that, if capable of cure, is not cured within thirty (30) days of written notice of such failure or negligence by the Company to the Executive; provided, that the Company will not have to
provide more than one notice and opportunity to cure with respect to any multiple, repeated, related or substantially similar events or circumstances; 

(ii) Conduct by the Executive that constitutes fraud, embezzlement or other material dishonesty with respect to the Company or any of its
Affiliates; 

  
 3 

 (iii) The Executive’s commission of, or plea of nolo contendere to, a felony or crime
involving moral turpitude; 
 (iv) The Executive’s violation of any law applicable to the Company; 

(v) The Executive’s engagement in any conduct or omission which could reasonably be expected to, or which does cause, the Company or any
of its Affiliates public disgrace, disrepute or economic harm; or 
 (vi) The Executive’s material breach of this Agreement, any
material written policies of the Company, or any other agreement between the Executive and the Company or any of its Affiliates or of any fiduciary duty that the Executive has to the Company or any of its Affiliates that, if capable of cure, is not
cured within thirty (30) days of written notice of such breach by the Company to the Executive; provided, that the Company will not have to provide more than one notice and opportunity to cure with respect to any multiple, repeated, related or
substantially similar events or circumstances. 
 Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the
Company shall have no further obligation or liability to the Executive, other than for the Final Compensation due to the Executive. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the
Executive at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date. 
 (d)
By the Company without Cause. The Company may terminate the Executive’s employment hereunder without Cause at any time upon notice to the Executive. In the event of such termination is at a time other than during the twelve
(12) month period following a Change of Control (as defined below), in addition to the Final Compensation due to the Executive, the Company will pay or provide the Executive the following (the “Severance Benefits”): 

(i) the Company will continue to pay the Executive the monthly pro-rata portion of his annual Base
Salary at the rate in effect as of the Termination Date for the nine (9) month period following the Termination Date (the “Severance Period”); 

(ii) the Company will pay the Executive an amount equal to his then current Target Bonus, pro-rated
for the number of days Executive was employed during the applicable fiscal year, payable in substantially equal monthly installments during the Severance Period; and 

(iii) during the Severance Period, provided the Executive elects and remains eligible for COBRA (or mini-COBRA), the Company will pay the
Executive a monthly taxable amount equal to the portion of the Executive’s health insurance premiums that the Company paid immediately prior to the Termination Date. 

Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive at the time prescribed by applicable
law and in all events within thirty (30) days following the Termination Date. Any obligation of the Company to provide the Severance Benefits is conditioned, however, on the Executive signing and returning to the Company (without revoking) a
timely and effective general release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of the period for revoking the release of claims as specified in the release of claims) shall
have occurred no later than the sixtieth (60th) calendar day following the date of termination (any such separation agreement submitted by such deadline, the “Release of Claims”) and on the Executive’s continued compliance in
material respects with the obligations of the Executive to the Company and its Affiliates that survive termination of his employment, including without limitation under Sections 7, 8 and 9 of this Agreement. Subject to Section 5(h) below, all
Severance Benefits to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company, with the first payment, which shall be retroactive to the day immediately following the Termination
Date, being due and payable on the Company’s next regular payday for executives that follows the effective date of the Release of Claims. Notwithstanding the foregoing, if the time period to consider, return and revoke the Release of Claims
covers two of the Executive’s taxable years, any portion of the Severance Benefits that constitutes deferred compensation subject to Section 409A (as defined below) shall in all events be paid in the later taxable year. The Release of
Claims required for Severance Benefits in accordance with this Section 5(d) creates legally binding obligations on the part of the Executive and the Company therefore advises the Executive to seek the advice of an attorney before signing the
Release of Claims. 

  
 4 

 (e) By the Executive for Good Reason. The Executive may terminate his employment for
Good Reason by (A) providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Reason no later than the thirtieth (30th) day following the occurrence of that condition; (B) providing the Company a
period of thirty (30) days to remedy the condition and so specifying in the notice; and (C) terminating his employment for Good Reason within thirty (30) days following the expiration of the period to remedy if the Company fails to
remedy the condition. The following, if occurring without the Executive’s consent, shall constitute “Good Reason” for termination by the Executive: 

(i) a material diminution in the nature or scope of the Executive’s title, duties, or responsibilities; or 

(ii) a material reduction in Base Salary, which for purposes of this Agreement shall mean a reduction of more than fifteen percent (15%) in
the aggregate, other than any reduction applying in a similar fashion to similarly situated executives of the Company. 
 In the event of a termination of
employment in accordance with this Section 5(e) at a time other than during the twelve (12) month period following a Change of Control, the Executive will be entitled to receive the Severance Benefits he would have been entitled to receive
had he been terminated by the Company without Cause pursuant to Section 5(d) above, provided that the Executive signs and returns (without revoking) a timely and effective Release of Claims as set forth in Section 5(d). 

(f) By the Executive without Good Reason. The Executive may terminate his employment hereunder at any time upon thirty
(30) days’ prior written notice to the Company. In the event of termination of the Executive’s employment in accordance with this Section 5(f), the Board may elect to waive the period of notice, or any portion thereof, and, if
the Board so elects, the Company will pay the Executive the Base Salary for the period so waived. The Company shall also pay the Executive the Final Compensation due to him (other than business expenses described in Section 5(a)(ii)) at the
time prescribed by applicable law and in all events within thirty (30) days following the Termination Date. 
 (g) Termination
Following a Change of Control. In the event of a termination of the Executive’s employment within twelve (12) months following a Change of Control either by the Company without Cause (in accordance with Section 5(d)) or by the
Executive for Good Reason (in accordance with Section 5(e)) and provided that the Executive signs and returns (without revoking) a timely and effective Release of Claims as set forth in Section 5(d), then: (A) the Executive will be
entitled to receive the Severance Benefits he would have been entitled to receive had he been terminated by the Company without Cause pursuant to Section 5(d) above, except that the Severance Period shall equal the twelve (12) month period
following the Termination Date; and (B) any options or RSUs granted to Executive under an equity incentive plan adopted or to-be-adopted by the Company (a
“Plan”) shall, to the extent not assumed by an acquirer, vest in full. The Company shall also pay the Executive the Final Compensation due to him (other than business expenses described in Section 5(a)(ii)) at the time
prescribed by applicable law and in all events within thirty (30) days following the Termination Date. For purposes of this Agreement, a “Change of Control” shall mean the occurrence of any of the following events: (i) a
sale, lease or other disposition of all or substantially all of the assets of the Company; (ii) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in
which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than fifty percent (50%) of the outstanding voting power of the surviving entity (and its parent) following the consolidation, merger
or reorganization; or (iii) any transaction (or series of related transactions involving a person or entity, or a group of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s outstanding voting power
is transferred. For the avoidance of doubt, the transactions contemplated by the Exchange Agreement shall not be considered a Change of Control for purposes of this Agreement. 

  
 5 

 (h) Timing of Payments and Section 409A. 

(i) This Agreement and any payments or benefits provided hereunder shall be interpreted, operated and administered in a manner intended to
avoid the imposition of additional taxes under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Further, the Company and Executive hereto acknowledge and agree that the form and timing of the payments
and benefits to be provided pursuant to this Agreement are intended to be exempt from, or to comply with, one or more exceptions to the requirements of Section 409A of the Code (“Section 409A”).
Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a “specified employee,” as defined below, any and all amounts payable under this Section 5
on account of such separation from service that constitute deferred compensation and would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the
expiration of such six (6) month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its
reasonable good faith discretion); (B) benefits that qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject
to the requirements of Section 409A. 
 (ii) For purposes of this Agreement, all references to “termination of employment”
and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained
therein), and the term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i). 

(iii) Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under
this Agreement is to be treated as a right to a series of separate payments. 
 (iv) Any payment of or reimbursement for expenses that would
constitute nonqualified deferred compensation subject to Section 409A shall be subject to the following additional rules: (i) no reimbursement or payment of any such expense shall affect the Executive’s right to reimbursement or
payment of any such expense in any other calendar year; (ii) reimbursement or payment of the expense shall be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was
incurred; and (iii) the right to reimbursement or payment shall not be subject to liquidation or exchange for any other benefit. 

  
 6 

 (v) In no event shall the Company have any liability relating to the failure or alleged
failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. 
 (vi)
Exclusive Right to Severance. The Executive agrees that the Severance Benefits to be provided to him in accordance with the terms and conditions set forth in this Agreement are intended to be exclusive with respect to severance or termination
pay and post-employment employee benefits. The Executive hereby knowingly and voluntarily waives any right he might otherwise have to participate in or receive benefits under any other plan, program or policy of the Company providing for severance
or termination pay or benefits. 
 6. Effect of Termination. The provisions of this Section 6 shall apply to
any termination of the Executive’s employment under this Agreement, whether pursuant to Section 5 or otherwise. 
 (a) Provision by
the Company of Final Compensation and Severance Benefits, if any, that are due the Executive in each case under the applicable termination provision of Section 5 shall constitute the entire obligation of the Company to the Executive with
respect to severance or termination pay and post-employment employee benefits. 
 (b) Except for any right of the Executive to continue group
health plan participation in accordance with applicable law, the Executive’s participation in all employee benefit plans shall terminate pursuant to the terms of the applicable plan documents based on the date of termination of the
Executive’s employment without regard to any Base Salary for notice waived pursuant to Section 5(f) hereof or to any Severance Benefits or other payment made to or on behalf of the Executive following such date of termination. 

(c) Provisions of this Agreement shall survive any termination of the Executive’s employment if so provided herein or if necessary or
desirable fully to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 7, 8 and 9. The obligation of the Company to provide Severance Benefits hereunder, and
Executive’s right to retain such payments, is expressly conditioned on the Executive’s continued compliance in all material respects with Sections 7, 8 and 9. The Executive recognizes that, except as expressly provided in Sections 5(d),
5(e), and 5(g) or with respect to Base Salary paid for notice waived pursuant to Section 5(f), no cash compensation or benefits will be earned after termination of employment. 

7. Confidential Information. 

(a) Nondisclosure. At all times during the Term and thereafter, Executive will hold in strictest confidence and will not disclose, use,
or publish any of the Company’s Proprietary Information (as defined below), except as such disclosure, use or publication may be required in connection with Executive’s work for the Company or as allowed by Section 7(b) below.
Executive shall obtain the Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to Executive’s work at the Company and/or incorporates any Proprietary
Information. Executive hereby assigns to the Company any rights Executive may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns. Executive hereby
undertakes not to divulge in any manner whatsoever and use Executive’s best efforts to keep confidential any access codes, passwords, or any information which may assist or facilitate access to Company’s Proprietary Information. 

  
 7 

 (b) Notice. In the event that Executive is required by law or requested or required
(by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any of the Proprietary Information, or any information relating to Executive’s opinion, judgment or
recommendations concerning the Proprietary Information, Executive will provide the Company with prompt written notice of such request(s), to the extent practicable in such circumstances, so that the Company may seek an appropriate protective order
or other appropriate remedy and/or waive compliance with the relevant provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or that the Company grants a waiver hereunder, Executive may furnish that
portion (and only that portion) of the Proprietary Information which, upon the advice of Executive’s counsel, Executive is legally compelled to disclose. In any event, Executive will not oppose any action by the Company to obtain an appropriate
protective order or other reliable assurance that confidential treatment will be accorded to the Proprietary Information. 
 (c)
Proprietary Information. For purposes of this Agreement, “Proprietary Information” means any and all confidential and/or proprietary knowledge, data or information of the Company, whether developed by, received by, or was or
is otherwise accessible to Executive before or after the Effective Date. By way of illustration but not limitation, “Proprietary Information” includes (i) trade secrets, inventions, mask works, ideas, processes, formulas,
source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (excluding inventions not assignable under Section 8(c),
hereinafter collectively referred to as “Inventions”); (ii) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices
and costs, suppliers and customers; and (iii) information regarding the skills and compensation of other employees of the Company. Notwithstanding the foregoing, it is understood that “Proprietary Information” shall not include
information that: (A) is or becomes generally known to the public through no breach by Executive of this Agreement; (B) can be demonstrated by written records to have been known by Executive prior to Executive’s employment and/or work
with the Company; (C) is hereafter rightfully obtained by Executive from a third party who does not breach any obligation he or she may have to the Company; or (D) is approved for release by written authorization of the Board of Directors
of the Company. Furthermore, Executive understands that Executive is free to use information which is generally known in the trade or industry, which is not gained as result of a breach of this Agreement, to whatever extent and in whichever way
Executive wishes. 
 (d) Third Party Information. Executive understands, in addition, that the Company has received and in the future
will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain
limited purposes. During the Employment Period and thereafter, Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with
their work for the Company and subject to Section 7(b) above) or use, except in connection with Executive’s work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing. 

(e) Defend Trade Secrets Act. Under the Defend Trade Secrets Act of 2016, the Company hereby provides notice and Executive hereby
acknowledges that Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney and (B) is solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal. 

  
 8 

 8. Assignment of Rights to Intellectual Property. 

(a) Proprietary Rights. The term “Proprietary Rights” shall mean: (i) patents, whether in the form of utility
patents or design patents and all pending applications for such patents; (ii) trademarks, trade names, service marks, designs, logos, trade dress, and trade styles, whether or not registered, and all pending applications for registration of the
same; (iii) copyrights or copyrightable material, including but not limited to books, articles and publications, whether or not registered, and all pending applications for registration of the same; (iv) inventions, research records, trade
secrets, confidential information, product designs, engineering specifications and drawings, technical information, formulae, customer lists, supplier lists and market analyses; (v) computer programs, including, without limitation, computer
programs embodied in semiconductor chips or otherwise embodied, and related flow-charts, programmer notes, updates and data, whether in object or source code form; and (vi) all other intellectual property rights throughout the world. 

(b) Assignment of Inventions. Subject to Section 8(c), Executive hereby assigns and agrees to assign in the future (when any such
Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all of Executive’s right, title and interest in and to any and all Inventions (and all Proprietary Rights with
respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by Executive, either alone or jointly with others, in connection with Executive’s employment
and/or work for the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 8, are hereinafter referred to as “Company Inventions.” 

(c) Nonassignable Inventions. This Agreement will not be deemed to require assignment of any invention which was developed entirely on
Executive’s own time without using the Company’s equipment, supplies, facilities, or Proprietary Information and neither related to the Company’s actual or anticipated business, research or development, nor resulted from work
performed by Executive for the Company. 
 (d) Government or Third Party. Executive agrees to assign all of Executive’s right,
title and interest in and to any particular Company Invention to any third party, including without limitation government agency, as directed by the Company. 

(e) Works for Hire. Executive acknowledges that all original works of authorship which are made by Executive (solely or jointly with
others) within the scope of Executive’s employment and which are protectable by copyright are the property of the Company pursuant to applicable copyright law. 

(f) Enforcement of Proprietary Rights. Executive will assist the Company in every proper way to obtain, and from time to time enforce,
any Proprietary Rights relating to Company Inventions in any and all countries. To that end Executive will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably
request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, Executive will execute, verify and deliver assignments of such Proprietary Rights to the
Company or its designee. Executive’s obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of Executive’s employment, but the
Company shall compensate Executive at a reasonable rate after Executive’s termination for the time actually spent by Executive at the Company’s request on such assistance. 

  
 9 

 (g) Attorney in Fact. In the event the Company is unable for any reason, after
reasonable effort, to secure Executive’s signature on any document needed in connection with the actions specified in the preceding paragraph, Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as Executive’s agent and attorney in fact, which appointment is coupled with an interest, to act for and in Executive’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of the preceding paragraph with the same legal force and effect as if executed by Executive. Executive hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, which Executive now or may hereafter have for
infringement of any Proprietary Rights assigned hereunder to the Company. 
 (h) Records. Executive agrees to keep and maintain
adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed by Executive and all Inventions made by Executive during the period of
Executive’s employment at the Company, which records shall be available to and remain the sole property of the Company at all times. 

9. Restrictive Covenants. 

(a) Non-Competition. During the Term and for the twelve (12) month period after the
termination of Executive’s employment relationship with the Company for any reason, Executive will not, directly or indirectly, whether paid or not: (i) serve as a partner, principal, licensor, licensee, employee, consultant, officer,
director, manager, agent, affiliate, representative, advisor, promoter, associate, investor, or otherwise for, (ii) own, purchase, organize or take preparatory steps for the organization of, or (iii) build, design, finance, acquire, lease,
operate, manage, control, invest in, work or consult for or otherwise join, participate in or affiliate with, any business whose business, products or operations are in any respect involved in a Restricted Business (defined below) anywhere in the
Restricted Territory (defined below). Should Executive obtain other employment during the Term or within the twelve (12) month period immediately following the Termination Date, Executive agrees to provide written notification to the Company as
to the name and address of Executive’s new employer, the position that Executive expects to hold, and a general description of Executive’s duties and responsibilities, at least three business days prior to starting such employment. 

(b) Non-Solicitation. During the Term and for the twelve (12) month period after the
termination of Executive’s employment relationship with the Company for any reason, including, without limitation, as a result of a voluntary termination by Executive or involuntary termination by Company, Executive will not, as an officer,
director, employee, consultant, owner, partner, or in any other capacity, either directly or through others, except on behalf of Company: 

(i) Solicit, induce, encourage, or participate in soliciting, inducing or encouraging any person known (or should have been known) to
Executive to be an employee, consultant, or independent contractor of Company (or was an employee, consultant, or independent contractor of the Company in the twelve (12) moths prior to the Termination Date) to terminate his or her relationship
with Company, even if Executive did not initiate the discussion or seek out the contact; 
 (ii) Solicit, induce, encourage, or participate
in soliciting, inducing, or encouraging any person known to Executive (or should have been known to Executive) to be an employee, consultant, or independent contractor of Company to terminate his or her relationship with Company to render services
to Executive or any other person or entity that researches, develops, markets, sells, performs or provides or is preparing to develop, market, sell, perform or provide Conflicting Services (as defined below); 

(iii) Hire, employ, or engage in a business venture with as partners or owners or other joint capacity, or attempt to hire, employ, or engage
in a business venture as partners or owners or other joint capacity, with any person then employed by Company or who has left the employment of Company within the preceding twelve (12) months to research, develop, market, sell, perform or
provide Conflicting Services; 

  
 10 

 (iv) Solicit, induce or attempt to induce any Customer or Potential Customer (as defined
below), to terminate, diminish, or materially alter in a manner harmful to Company its relationship with Company; 
 (v) Solicit or assist
in the solicitation of any Customer or Potential Customer to induce or attempt to induce such Customer or Potential Customer to purchase or contract for any Conflicting Services; or 

(vi) Perform, provide or attempt to perform or provide any Conflicting Services for a Customer or Potential Customer. 

(c) Non-Disparagement. Executive shall not make, directly or indirectly, through any other
person or entity, any negative, derogatory or disparaging statements or communications, whether written or oral, about the Company, or any of their respective Affiliates, businesses, services, activities, business relationships, shareholders,
members, partners, directors, officers, managers or employees. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including,
without limitation, depositions in connection with such proceedings) with competent jurisdiction to order such person or entity to disclose or make accessible such information, nor will the foregoing be violated by truthful statements to any
government agency. 
 (d) Cooperation. Except as described in Section 9(e), Executive agrees to reasonably cooperate with the
Company in connection with any action, suit, or proceeding, whether or not by or in the right of the Company and whether civil, criminal, administrative, investigative or otherwise. The Company’s request for “reasonable cooperation”
shall take into consideration Executive’s personal and business commitments and the amount of notice provided to Executive by the Company. The Company will reimburse Executive for reasonable out-of-pocket expenses that Executive incurs in providing any requested cooperation, so long as Executive provides advance written notice to the Company of Executive’s request for reimbursement and
provides satisfactory documentation of the expenses. 
 (e) Whistleblower. Nothing in Sections 7, 8, or 9 shall prohibit Executive
from reporting possible violations of federal law or regulation to any governmental agency or entity including but not limited to the Department of Justice, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, and any
Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive
is not required to notify the Company that Executive has made such reports or disclosures. Executive understands that by signing this Agreement, Executive waives the right to any monetary recovery in connection with a local, state or federal
governmental agency proceeding and Executive waives the right to file a claim seeking monetary damages in any court, administrative agency or arbitral tribunal. Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from
seeking or obtaining a whistleblower award from the Securities and Exchange Commission (and not the Company) pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. 

(f) Definitions. Capitalized words or phrases shall have the following meanings for purposes of this Agreement: 

(i) “Conflicting Services” means any business in which the Company is engaged, or in which the Company has plans to be
engaged, or any service that the Company provides or has plans to provide. 

  
 11 

 (ii) “Customer or Potential Customer” is any person or entity who or
which, at any time during the one (1) year period prior to Executive’s contact with such person or entity as described in Sections 9(b)(iv), (v) and (vi) if such contact occurs during the Term or, if such contact occurs following the
Term, during the one (1) year period prior to the Termination Date: (i) contracted for, was billed for, or received from the Company any product, service or process with which Executive worked directly or indirectly during my employment by
Company or about which Executive acquired Proprietary Information; or (ii) was in contact with Executive or in contact with any other employee, owner, or agent of Company, of which contact Executive was or should have been aware, concerning the
sale or purchase of, or contract for, any product, service or process with which Executive worked directly or indirectly during the Term or about which Executive acquired Proprietary Information; or (iii) was solicited by Company in an effort
in which Executive was involved or of which Executive was aware. 
 (iii) “Restricted Business” means (A) the business
of the Company related to the design, manufacture, production, research or sale of tri-/tetra-valent bispecific antibodies (mAb2) containing antigen-binding
sites engineered into non-CDR loops or antibody fragments containing antigen-binding sites engineered into non-CDR loops or (B) any other business in which the
Company is engaged or contemplates engaging in at the time of, or during the twelve (12) month period prior to, the Termination Date. 

(iv) “Restricted Territory” means anywhere in the world. 

10. Enforcement of Covenants. The Executive acknowledges that he has carefully read and considered all the terms
and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8 and 9, and has had the opportunity to consult with legal counsel of Executive’s choosing regarding such terms and conditions. The Executive
agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper protection of the goodwill, Proprietary Information and other legitimate interests of the Company and its Affiliates; that each and
every one of these restraints is reasonable in respect to subject matter, length of time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the
period in which the Executive is bound by them. The Executive further agrees that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to
breach any of the covenants contained in Sections 7, 8 or 9, the damage to the Company and its Affiliates would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to
preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond, and will additionally be entitled to an award of attorney’s fees incurred in connection
with securing any relief hereunder. The parties further agree that, in the event that any provision of Section 7, 8 or 9 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too
great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. The Executive agrees that the restricted periods herein
shall be tolled, and shall not run, during any period of time in which he is in violation of the terms thereof, in order that the Company and its Affiliates shall have all of the agreed-upon temporal protection recited herein. No breach of any
provision of this Agreement by the Company, or any other claimed breach of contract or violation of law, or change in the nature or scope of the Executive’s employment relationship with the Company, shall operate to extinguish the
Executive’s obligation to comply with Sections 7, 8 and 9. Each of the Company’s Affiliates shall have the right to enforce all of the Executive’s obligations to that Affiliate under this Agreement, including without limitation
pursuant to Section 7, 8 or 9. 

  
 12 

 11. No Conflicting Agreements. The Executive hereby represents
and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to
any covenants against competition or similar covenants or any other obligations to any person or to any court order, judgment or decree that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on
behalf of the Company any proprietary information of a third party without such party’s consent. 
 12.
Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 

13. Section 280G. 

(a) In the event that the Company undergoes a “change in ownership or control” (within the meaning of Section 280G of the Code
and the regulations and guidance promulgated thereunder (“Section 280G”)) and all, or any portion, of the payments provided under this Agreement, either alone or together with other payments or benefits which the
Executive receives or is entitled to receive from the Company (collectively, the “Total Payments”), could constitute an “excess parachute payment” within the meaning of Section 280G, then the Executive shall be
entitled to receive (i) an amount limited (to the minimum extent necessary) so that no portion of the Total Payments shall be non-deductible for US federal income taxes by reason of Section 280G (the
“Limited Amount”), or (ii) if the amount of the Total Payments (without regard to clause (i)) reduced by the excise tax imposed by Section 4999 of the Code (the “Excise Tax”) and the amount of all
other applicable federal, state and local taxes (with income taxes all computed at the highest applicable marginal rate) is greater than the Limited Amount reduced by the amount of all taxes applicable thereto (with income taxes all computed at the
highest marginal rate), the amount of the Total Payments otherwise payable without regard to clause (i). If it is determined that the Limited Amount will maximize the Employee’s after-tax proceeds, the
Total Payments shall be reduced to equal the Limited Amount in the following order: (i) first, by reducing cash severance payments that are exempt from Section 409A, (ii) second, by reducing other payments and benefits that are exempt
from Section 409A and to which Q&A 24(c) of Section 1.280G-1 of the Treasury Regulations does not apply, (iii) third, by reducing all remaining payments and benefits that are exempt from
Section 409A and (iv) finally, by reducing payments and benefits that are subject to Section 409A, in each case, with all such reductions done on a pro rata basis. 

(b) All determinations made pursuant this Section 13 will be made at the Company’s or its Affiliates’ expense by an accounting
firm or consulting group with experience in performing calculations regarding the applicability of Section 280G and Section 4999 of the Code selected by the Company for such purpose (the “Independent Advisors”). For
purposes of such determinations, no portion of the Total Payments shall be taken into account which, in the opinion of the Company and its legal advisors, (y) does not constitute a “parachute payment” within the meaning of
Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) or (z) constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in
excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation. In the event it is later determined that (A) a greater reduction in the Total Payments should have been made to
implement the objective and intent of this Section 13, the excess amount shall be returned immediately by the Executive to the Company or (B) a lesser reduction in the Total Payments should have been made to implement the objective and
intent of this Section 13, the additional amount shall be paid immediately by the Company, or any Affiliate of the Company, as applicable, to the Executive. 

  
 13 

 14. Assignment. Neither the Company nor the Executive may make
any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that (a) the Company may assign its rights and obligations under this Agreement
without the consent of the Executive to one of its Affiliates, or in the event that the Company shall hereafter effect a reorganization with, consolidate with, or merge into, an Affiliate or any person or transfer or have transferred all or
substantially all of its properties, outstanding stock, or assets to an Affiliate or any person and (b) in the event that all of the Company’s rights and obligations under this Agreement are assigned pursuant to this Section 14, each
reference to Company herein shall be deemed from and after such assignment instead to be a reference to the assignee. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, and their respective successors,
executors, administrators, heirs and permitted assigns. 
 15. Severability. If any portion or provision of this
Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

16. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving
party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. 
 17. Notices. Any and all notices, requests, demands and other
communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified,
and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the CEO, or to such other address as either party may specify by notice to the
other actually received. 
 18. Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes and terminates all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment relationship with the Company; provided, however, that the
Executive shall remain entitled to receive the success bonus pursuant to paragraph 3(c) of the Offer Letter and the retention bonus pursuant to paragraph 3(e) of the Offer Letter, each of which will paid as soon as practicable following the Closing
(as defined in the Exchange Agreement). 
 19. Amendment. This Agreement may be amended or modified only by a
written instrument signed by the Executive and by an expressly authorized representative of the Company. 
 20.
Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 

21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original
and all of which together shall constitute one and the same instrument. 
 22. Governing Law. This is a New York
contract and shall be construed and enforced under and be governed in all respects by the laws of New York, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction. 

[The remainder of this page has been left blank intentionally.] 

  
 14 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company,
by its duly authorized representative, and by the Executive, as of the date first above written. 
  

			
	F-STAR THERAPEUTICS LLC
	
	 /s/ Eliot Forster

	Name: Eliot Forster
	Title: Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Louis Kayitalire
	Louis Kayitalire

 [Signature Page to Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]