Document:

EX-10.1

 Exhibit 10.1 
  

			
	Private & Confidential	 	 FINAL (22 July 2020)
  

4043241-0017

 DATED July 22, 2020 
  

 

							
		 	F-Star Biotechnology Limited	  	(1)	  	
		 	  
 and

 
 Eliot Forster
	  	(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 and Insurance
	  	 	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
	  	 	24	 
			
	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)	 Eliot Forster 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 Executive 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 1 October 2018 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 1 October 2018.

  

	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 remain a director of the Employer, and your 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 5:00 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 £437,750 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 50% 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 and Insurance 

 

	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.

  

	9.3	 The Employer has directors’ and officers’ liability insurance and it is intended to maintain such
cover for the full term of the Employment and thereafter if the maintenance of such cover is required to provide proper protection with regard to claims arising out of any acts or omissions by you during the Employment. 

 

	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). 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	 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.

  

	10.4	 Other than where you are prevented from taking holiday as a result of illness or injury, you shall not be
entitled to carry forward more than five days’ holiday entitlement from one Holiday Year to the next (such carried forward holiday, if any, to be taken by 31 March of the next Holiday Year) without the prior written consent of the Board.

  

	10.5	 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 are eligible for membership of the Employer’s group personal pension scheme (“Pension
Scheme”) subject to the rules of the Pension Scheme from time to time in place. Any contributions shall be payable in equal monthly instalments in arrears, and shall be subject to the rules of the Pension Scheme and any statutory or other
regulatory limits and restrictions from time to time in force. Your contributions shall be made by way of deduction from your salary. The Employer will comply with the requirement to make employer contributions and deductions in respect of employee
contributions in accordance with Part 1 of the Pensions Act 2008. In the event that you opt out of membership of the Pension Scheme due to the fact that the assets of the various pension schemes benefitting you have in aggregate reached (or nearly
reached) the lifetime allowance permitted by HMRC rules, you shall be entitled to receive a salary supplement equivalent to 8% of your basic salary from time to time in lieu of the Employer’s pension contributions that you would forego by
opting out of the Pension Scheme. This salary supplement paid will be paid monthly, subject to deductions in the normal way. This amount will not form part of your basic salary and will be excluded when calculating any payments that may be due to
you based on a percentage of base salary (e.g. bonus payments). This salary supplement will be increased each year in line with the Employer’s annual salary review (if applicable). 

  
 12 

	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 permanent health insurance and medical expenses insurance
schemes as we shall from time to time maintain for your benefit, and, in the case of medical expenses insurance, your spouse and children under 21 subject to our right to terminate this Agreement and subject to the insurer accepting you (and your
spouse and children) 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 schemes 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. 

  

	13.3	 If the scheme insurer of any permanent health insurance scheme paid for or maintained by us accepts any claim
by you under such scheme, you shall no longer, with effect from the date such claim is accepted, be eligible for or entitled to receive any remuneration or other benefits under this Agreement and you shall resign as director of the Employer and any
Group Company if so requested by us. 

  

	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), 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	 Notwithstanding clause 4.1, you shall be entitled to continue with your role as Chairman of Avacta Plc, subject
to any conflict of interests arising that would make your retention of this role untenable, and only to the extent that the discharge of your duties under this Agreement is not impaired as a result. We shall be entitled to withdraw the consent given
by this clause to pursue such activities at any time if we believe that to continue with them would no longer reasonably be considered to be in the best interests of the Employer. 

 

	14.3	 Clause 14.1 shall not apply: 

 

	 	14.3.1	 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

  

	 	14.3.2	 to the interest permitted by clause 14.2; or 

 

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

 

	14.4	 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

  
 14 

	 	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). 
  

	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 

	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. 

  

	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 

	 	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.

  

	16.5	 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. 

  

	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 

	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; 

 

	 	17.2.3	 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;

  
 18 

	 	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 

  

	 	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. 

  
 19 

	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 fair reason to terminate the Employment pursuant to s.98 ERA. 
 “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. 

 

  
 20 

 “Severance Sum” shall mean either: 

 

	 	(a)	 a sum equal to 18 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 12 months’ Basic 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 
  

	 	(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 being 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); 

  
 21 

	 	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 

  

	 	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; 

  
 22 

	 	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. 

  

	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. 

  
 23 

	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; 

“Customer” shall mean any person, firm, company or other organisation whatsoever to whom or which the Employer distributed,
sold or supplied Employer Goods or Employer Services during the twelve months immediately preceding the Termination Date, (or, if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, the twelve month period immediately
preceding the commencement of that Garden Leave) and with whom or which, during such period: 
  

	 	(a)	 you had personal dealings in the course of the Employment; or 

 

	 	(b)	 any employee who was under your direct or indirect supervision had personal dealings in the course of the
Employment; 

 “Employer Goods” shall mean any product, process, platform, design, research, development,
manufacture, production, sale or distribution of antibodies or fragments containing antigen-binding sites engineered into non-CDR loops, or otherwise relating to the activities which your duties were concerned
or for which you were responsible during the twelve months immediately preceding the Termination Date; 
 “Employer
Services” shall mean any services (including but not limited to technical and product support, technical advice and customer services) supplied by the Employer with which your duties were concerned or for which you were responsible during
the twelve months immediately preceding the Termination Date; 
 “Key Employee” shall mean any person who immediately prior
to the Termination Date was a senior employee or director or consultant of the Employer with whom you worked closely or supervised during the twelve months immediately preceding the Termination Date; 

  
 24 

 “Prospective Customer” shall mean any person, firm, company or other
organisation whatsoever with whom or which the Employer shall have had negotiations or discussions regarding the possible distribution, sale or supply of Employer Goods or Employer Services during the twelve months immediately preceding the
Termination Date (or, if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, the twelve month period immediately preceding the commencement of that Garden Leave) and with whom or which, during such period: 

 

	 	(a)	 you shall have had personal dealings in the course of the Employment; or 

 

	 	(b)	 any employee who was under your direct or indirect supervision shall have had personal dealings in the course
of the Employment; 

 “Restricted Area” shall mean: 

 

	 	(a)	 England, Scotland, Wales; and 

 

	 	(b)	 any other country in the world where, on the Termination Date, the Employer was engaged in the research into,
development, manufacture, distribution, sale or supply or otherwise dealt with Employer Goods or Employer Services; 

“Restricted Goods” shall mean Employer Good or goods of a similar kind; 

“Restricted Period” shall mean the period of twelve 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 twelve months immediately following the commencement of the Garden Leave period; 

“Restricted Services” shall mean Employer Services or services of a similar kind; 

“Supplier” shall mean any person firm or company or other organisation whatsoever which supplied goods or services to the
Employer which it required to produce Employer Goods or to supply Employer Services during the two years immediately preceding the Termination Date (or, if the Employer exercises its rights under clause 3.6 to place you on Garden Leave, the two year
period immediately preceding the commencement of that Garden Leave) and with whom or which, during such period: 
  

	 	(a)	 you had personal dealings in the course of the Employment; or 

 

	 	(b)	 any employee who was under your direct or indirect supervision shall have had personal dealings in the course
of the Employment; 

  
 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 within the Restricted Area, be employed or engaged or otherwise interested in
the business of researching into, developing, manufacturing, distributing, selling, supplying or otherwise dealing with Restricted Goods or Restricted Services; 

 

	 	19.2.2	 in competition with the Employer, solicit business from or canvass any Customer if such solicitation or
canvassing is in respect of Restricted Goods or Restricted Services; 

  

	 	19.2.3	 in competition with the Employer, accept orders for Restricted Goods or Restricted Services from any Customer;

  

	 	19.2.4	 in competition with the Employer, solicit business from or canvass any Prospective Customer if such
solicitation or canvassing is in respect of Restricted Goods or Restricted Services; 

  

	 	19.2.5	 in competition with the Employer, accept orders for Restricted Goods or Restricted Services from any
Prospective Customer; 

  

	 	19.2.6	 in competition with the Employer, entice or seek to entice away from the Employer, or otherwise interfere with
the relationship between the Employer and any Supplier; 

  

	 	19.2.7	 solicit or induce or endeavour to solicit or induce any Key Employee to cease working for or providing services
to the Employer, whether or not they would thereby commit a breach of contract; 

  

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

  

	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 

  
 26 

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

 

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

 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 Goods or Restricted Services; 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 twelve 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 Chair of the Board (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 Chair of the Board (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/ John P. Fitzpatrick
	  	
				
		  	 	)	 	  	Director’s signature	  	
				
		  				  	 John P. Fitzpatrick
	  	
			
			  	 Director’s name
	  	
				
	 Witness’ signature:
	  				  	/s/ Laura Hare	  	
				
	 Witness’ name (BLOCK CAPITALS):
	  				  	LAURA HARE	  	
				
	 Witness’ address:
	  				  	[ADDRESS]	  	
				
	 Witness’ occupation:
	  				  	[OCCUPATION]	  	
				
	Signed by ELIOT FORSTER as a DEED in
the presence of:	  	 
 
	)
 )
	 
  
	  	 /s/ Eliot Forster
	  	
				
	Witness’ signature:	  				  	/s/ Katherine Johnson	  	
				
	Witness’ name (BLOCK CAPITALS):	  				  	KATHERINE JOHNSON	  	
				
	Witness’ address:	  				  	[ADDRESS]	  	
				
	Witness’ occupation:	  				  	[OCCUPATION]	  	

  
 33EX-10.2

 Exhibit 10.2 

STRICTLY CONFIDENTIAL 
  

CONSULTING AGREEMENT 
 THIS
CONSULTING AGREEMENT (the “Agreement”) by and between F-star Therapeutics LLC (“Client”) and Darlene Deptula-Hicks, an individual
(“Consultant”) is effective as of May 1, 2019 (the “Effective Date”). 
 RECITALS

 WHEREAS the parties desire for the Client to engage Consultant to perform the services described herein and for Consultant to provide
such services on the terms and conditions described herein; and 
 WHEREAS, the parties desire to use Consultant’s independent skill
and expertise pursuant to this Agreement as an independent contractor; 
 NOW THEREFORE, in consideration of the promises and mutual
agreements contained herein, the parties hereto, intending to be legally bound, agree as follows: 
 1. Engagement of Services.
Consultant agrees to provide consulting services to include performing various services and creating deliverables related to such services for the Client and its Affiliates, such Affiliates to include the following entities: F-star Biotechnology Limited, a company registered in England and Wales; F-star Therapeutics Limited, a company registered in England and Wales;
F-star Alpha Limited, a company registered in England and Wales; F-star Beta Limited, a company registered in England and Wales;
F-star Delta Limited, a company registered in England and Wales; and F-star Biotechnologische Forschungs- und Entwicklungsges.m.b.H, a company registered in Austria
(collectively referred to herein as the “Affiliates”). These services and deliverables (collectively, the “Services”) shall include the following: (a) providing accounting services and the support
necessary to complete the financial reporting responsibilities of the business of the Client and its Affiliates and related services, including the following (i) consulting with the Client’s and its Affiliate’s Board of Directors, the
officers of the Client and its Affiliates, and the Client and its Affiliate’s staff, as required to perform the services and provide the deliverables, (ii) being responsible for overseeing all aspects of the Client’s financial
results, in particular, in preparing financial statements and the required preparation work for audits and other such financial reporting obligations of the Client and its Affiliates (iii) and generally, serving as the acting Chief Financial
Officer of the group of companies consisting of the Client and its Affiliates; and (b) other services upon request of the Chief Executive Officer of the Client (the “Executive”). Consultant shall provide deliverables
under this Section to the Executive or such other person designated by the Executive. 
 2. Duty of Care and Covenants. Consultant
agrees to exercise the highest degree of professionalism and utilize his/her expertise and creative talents in performing the Services. Consultant agrees to make him/herself available to perform such consulting Services throughout the Consulting
Period, which shall include a minimum of 20 business days per month throughout the Consulting Period, and to be reasonably available to meet with the Client at its offices or otherwise. In connection with the provision of the Services, the
Consultant acknowledges, covenants and agrees the following: 
 2.1    The Services shall be provided for such
hours and at such places as are necessary for the proper performance of the Services and the Consultant shall travel to such places (whether in or outside the United States) and in such manner and on such occasion as the Client may from time to time
reasonably require in connection with the provision of the Services. 
  

 STRICTLY CONFIDENTIAL 

 

 2.2    The Consultant shall promptly give to the Executive or to
whomsoever the Executive may lawfully direct (in writing if so requested) all such information as it may reasonably require in connection with matters relating to the provision of the Services or the business of Client or its Affiliates. 

2.3    The Consultant will provide the Services in compliance with all Applicable Law, where
“Applicable Law” means federal, state, local, national and supra-national laws, statutes, rules, and regulations, including any rules, regulations, guidelines, or other requirements of any relevant regulatory authorities,
including securities exchanges or securities listing organizations, that may be in effect from time to time during the term of this Agreement and are applicable to the Services, the Client or its Affiliates or the Consultant. 

2.4    Without limiting the generality of Section 2.3, the Consultant shall comply with all applicable laws,
regulations, codes and sanctions relating to anti-bribery and anti-corruption including but not limited to the Bribery Act 2010 and the Foreign Corrupt Practices Act, and shall not engage in any activity, practice or conduct which would constitute
an offence under the Bribery Act 2010 if such activity, practice or conduct was or had been carried out in the UK or under the Foreign Corrupt Practices Act. 

2.5    The Consultant will provide the Contracted Services in compliance with Client’s and its Affiliates
then-current (a) code of conduct; (b) whistleblowing policy; (c) anti-bribery policy; (d) data protection policy; and (e) such other policies as Client or its Affiliates makes available to Consultant during the term of this
Agreement, provided in each case that a copy of such policies has been provided to Consultant. 
 3. Compensation and Payment Terms.

 3.1    In consideration for the Services rendered pursuant to this Agreement and for the assignment of certain
of Consultant’s right, title and interest pursuant hereto, Client will pay Consultant a consulting fee of $250.00 USD per hour for Services rendered during the Consulting Period (“Hourly Fees”). 

3.2    Subject to the limits of this Section 3.2, the Client shall reimburse Consultant for all reasonable and
necessary expenses incurred by Consultant in providing the Services under this Agreement (“Expenses”), provided that all such Expenses are billed at cost, and the Consultant has submitted related receipts and documentation with the
relevant request for reimbursement (“Expense Report”). Any Expense in excess of US$ 5,000 shall require the prior approval of the Client. For the avoidance of doubt, Client will not reimburse for Consultant’s supplies,
equipment, and operating costs, except as required for the Services and for the following types of expenses: meals and entertainment; travel; subsistence; mobile phone usage, airport parking, professional expenses, and other similar expenses
associated with providing the Services. 

  
 2 

 STRICTLY CONFIDENTIAL 

 

 3.3    The Consultant will be eligible to receive each of
(1) a one-time success fee of $50,000 USD, subject to and upon completion of a cross over financing, subsequent to the Effective Date and prior to the completion of the Client’s IPO (as defined
below), with gross proceeds of US$50,000,000 or more (“Crossover Financing”), and (2) a one-time success fee of $50,000, subject to and upon completion of an initial public offering of
the Client on the Nasdaq Stock Market LLC or another recognized U.S. stock exchange (“IPO”) (each of (1) and (2), a “Success Fee”). Each respective Success Fee shall only be payable if the Consultant is
providing services to the Client at the time of the completion of the Crossover Financing or the IPO, as applicable, and neither the Consultant (for any reason) nor the Client (for Material Breach as defined below) has served notice of termination
prior to the date that the completions of the Crossover Financing and the IPO, as applicable, occur. 

3.4    Subject to the approval of the Board of Directors of F-star
Therapeutics Limited (the “F-star Board”), the Client’s Affiliate, the Client, through F-star Therapeutics Limited, shall grant the Consultant an
option to purchase 252,676 shares of F-star Therapeutics Limited (the “Option”) at the fair market value as determined by the F-star Board as of the
date of grant. The Option shall vest in accordance with and subject to the terms of the 2019 Equity Incentive Plan: Non-Employee Sub-Plan of F-star Therapeutics Limited and the related grant documentation and option agreement. 

3.5    The Hourly Fees and Expenses shall be invoiced and be paid monthly, and within 5 business days of the date
of the receipt of the invoice for the Hourly Fees and the Expenses (provided that an Expense Report has been provided). Invoices shall be issued to the person or entity designated to receive such invoice by the Client (such designation to be made in
writing by the Client) and shall include a time sheet identifying the number of hours of Services provided during the relevant period. 

4. Intellectual Property 

4.1    For the purposes of this Agreement: (a) “Intellectual Property” means patents, rights to
inventions, registered and unregistered trade and service marks, copyrights (including moral rights), rights in the nature of copyright, registered designs and unregistered design rights, rights in trade secrets and
know-how and all other intellectual property rights and analogous rights as may exist anywhere in the world for the full term of those rights together with all reversions, revisions, extensions and renewals,
all registrations and pending registrations, the benefit of any pending applications for such registrations and the right to apply for registrations or for the protection of such rights and all rights of action, powers or benefits belonging or
accrued in relation to such rights (including the right to sue for and recover damages for past infringement); and (b) “Work Product” means all Intellectual Property created by the Consultant in connection with the Services, including
without limitation, any document, discovery, development, invention, technique, improvement, design, process, formula, idea, information, computer program, copyright work (including, but not limited to, drawings, designs, graphics, reports and
typographical arrangements), business or trade name or get-up (whether capable of being patented or registered or not), including all Intellectual Property rights related thereto, made, created, devised,
developed or discovered by the Consultant either alone or with any other person during the course of this Agreement or capable of being used or adapted for use by the Client or its Affiliates or in connection with the business of the Client or its
Affiliates. 

  
 3 

 STRICTLY CONFIDENTIAL 

 

 4.2    Ownership of Work Product and F-star Intellectual Property. Consultant hereby irrevocably assigns, grants and conveys to Client all right, title and interest now existing or that may exist in the future throughout the world in and to any
document, development or Work Product, that is made, authored, developed, conceived, reduced to practice or created by Consultant, to which Consultant contributes, or which relates to Consultant’s Services provided pursuant to this Agreement,
including all copyrights, trademarks and other Intellectual Property (including but not limited to patent rights) or other proprietary rights relating thereto. Consultant acknowledges and agrees that: (a) any and all Work Product shall be and
remain the property of Client; (b) Consultant does not have any ownership interest in the Work Product or any Intellectual Property owned by the Client or its Affiliates; and (c) all Intellectual Property owned by the Client or its
Affiliates shall be the exclusive property of the Client or its Affiliates. Consultant agrees to disclose all Work Product or any other Intellectual Property made, authored, developed, conceived, reduced to practice or created by Consultant in
connection with the Services, fully and in writing, to the Client promptly after development of the same, and at any time upon request. Consultant will not include property belonging to any third party in the Services, Work Product or any
deliverables without Client’s prior written consent. 
 4.3    Assistance Relating to Intellectual
Property. Consultant agrees to execute, at Client’s request and expense, all documents and other instruments necessary or desirable to (a) confirm such assignment referred to in Section 4.2 and (b) secure to the Client and
its Affiliates the rights set forth in this Agreement with respect to the Work Product and any other Intellectual Property made, authored, developed, conceived, reduced to practice or created by the Consultant in connection with the Services,
including but not limited to: (i) apply or join with the Client or its Affiliates in applying for patent, copyright, registered design, trade mark or other protection or registration in the United States, the United Kingdom and in any other
part of the world; (ii) execute and do all instruments and things necessary for vesting such patents, copyrights, registered designs, trade marks or other protection or registration when obtained and all right title and interest to and in the
same absolutely and as sole beneficial owner in the Client or in such other person or entity as Client may specify; and (iii) sign and execute all such documents and do all such things as the Client may reasonably require in respect of any
proceedings in respect of such applications and any publication or application for revocation of such patent, copyrights, registered designs, trade marks or other protection. In the event that Consultant does not, for any reason, execute such
documents within a reasonable time of Client’s request, but in any case within five (5) business days, the Consultant hereby irrevocably appoints Client as Consultant’s
attorney-in-fact for the purpose of executing such documents on Consultant’s behalf and for the purpose of giving to Client the full benefit of this Section 4,
which appointment is coupled with an interest. Consultant shall not attempt to register any Work Product or other Intellectual Property created by Consultant pursuant to this Agreement at the U.S. Copyright Office, the U.S. Patent &
Trademark Office, or any foreign copyright, patent, or trademark registry. Consultant retains no rights in the Work Product and agrees not to challenge Client’s ownership of the rights embodied in the Work Product or any other Intellectual
Property owned by the Client or its Affiliates. Consultant further agrees to assist Client in every proper way to enforce Client’s rights relating to the Work Product in any and all countries, including, but not limited to, executing, verifying
and delivering such documents and performing such other acts (including appearing as a witness) as Client may reasonably request for use in obtaining, perfecting, evidencing, sustaining and enforcing Client’s rights relating to the Work
Product. 

  
 4 

 STRICTLY CONFIDENTIAL 

 

 4.4    Artist’s, Moral, and Other Rights. If
Consultant has any rights, including without limitation “artist’s rights” or “moral rights,” in the Work Product which cannot be assigned (the “Non-Assignable
Rights”), Consultant agrees to waive enforcement worldwide of such rights against Client. In the event that Consultant has any such rights that cannot be assigned or waived Consultant hereby grants to Client a royalty-free, paid-up, exclusive, worldwide, irrevocable, perpetual license under the Non-Assignable Rights to (i) use, make, sell, offer to sell, have made, and further sublicense the
Work Product, and (ii) reproduce, distribute, create derivative works of, publicly perform and publicly display the Work Product in any medium or format, whether now known or later developed. 

5. Representations and Warranties. Consultant represents and warrants and covenants that: (a) Consultant has the full right and
authority to enter into this Agreement and perform his/her obligations hereunder; (b) Consultant has the right and unrestricted ability to assign the Work Product to Client as set forth in Sections 4; (c) the Work Product has not heretofore
been published in its entirety; and (d) the Work Product will not infringe upon any copyright, patent, trademark, right of publicity or privacy, or any other Intellectual Property right or other proprietary right of any person, whether
contractual, statutory or common law. 
 6. Independent Contractor Relationship. Consultant is an independent contractor and not an
employee of the Client. Nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship. The manner and means by which Consultant chooses to complete the consulting services
are in Consultant’s sole discretion and control. In completing the consulting services, Consultant agrees to provide his/her own equipment, tools and other materials at his/her own expense, other than equipment required to be provided by Client
for security reasons or in order for the Consultant to provide the Services. Consultant is not authorized to represent that he/she is an agent, employee, or legal representative of the Client, other than as authorized in writing by the Executive.
Consultant is not authorized to make any representation, contract, or commitment on behalf of Client or incur any liabilities or obligations of any kind in the name of or on behalf of the Client, other than as authorized in writing by the Executive
or as is expected of the Chief Financial Officer. Consultant shall be free at all times to arrange the time and manner of performance of the consulting services. Consultant is not required to maintain any schedule of duties or assignments.
Consultant is also not required to provide reports to the Client, other than as requested in writing by the Executive. 
 7.
Consultant’s Responsibilities. As an independent contractor, the mode, manner, method and means used by Consultant in the performance of services shall be of Consultant’s selection and under the sole control and direction of
Consultant. Consultant shall be responsible for all risks incurred in the operation of Consultant’s business and shall enjoy all the benefits thereof. Any persons employed by or subcontracting with Consultant to perform any part of
Consultant’s obligations hereunder shall be under the sole control and direction of Consultant and Consultant shall be solely responsible for all liabilities and expenses thereof. The Client shall have no right or authority with respect to the
selection, control, direction, or compensation of such persons. 
 8. Tax Treatment. Consultant and the Client agree that the Client
will treat Consultant as an independent contractor for purposes of all tax laws (local, state and federal) and file forms consistent with that status. Consultant agrees, as an independent contractor, that neither he/she nor his/her employees are
entitled to unemployment benefits in the event this Agreement terminates, or workers’ compensation benefits in the event that Consultant, or any employee of Consultant, is injured in any manner while performing obligations under this Agreement.
Consultant will be solely responsible to pay any and all local, state, and/or federal income, social security and unemployment taxes for Consultant and his/her employees. The Client will not withhold any taxes or prepare W-2 Forms for Consultant, but will provide Consultant with a Form 1099, if required by law. Consultant is solely responsible for, and will timely file all tax returns and payments required to be filed with, or made
to, any federal, state or local tax authority with respect to the performance of services and receipt of fees under this Agreement. Consultant is solely responsible for, and must maintain adequate records of, expenses incurred in the course of
performing services under this Agreement, except as provided herein. No part of Consultant’s compensation will be subject to withholding by Client for the payment of any social security, federal, state or any other employee payroll taxes.
Client will regularly report amounts paid to Consultant with the appropriate taxing authorities, as required by law. 

  
 5 

 STRICTLY CONFIDENTIAL 

 

 9. No Employee Benefits. Consultant acknowledges and agrees that neither he/she nor
anyone acting on his/her behalf shall receive any employee benefits of any kind from the Client. Consultant (and Consultant’s agents, employees, and subcontractors) is excluded from participating in any fringe benefit plans or programs as a
result of the performance of services under this Agreement, without regard to Consultant’s independent contractor status. In addition, Consultant (on behalf of its/his/herself and on behalf of Consultant’s agents, employees, and
contractors) waives any and all rights, if any, to participation in any of the Client’s fringe benefit plans or programs including, but not limited to, health, sickness, accident or dental coverage, life insurance, disability benefits,
severance, accidental death and dismemberment coverage, unemployment insurance coverage, workers’ compensation coverage, and pension or 401(k) benefit(s) provided by the Client to its employees. 

10. Expenses and Liabilities. Except for specifically approved Expenses reimbursed in accordance with the terms set forth in
Section 3.2 above, Consultant agrees that as an independent contractor, he/she is solely responsible for all operating costs and profits/losses she incurs in connection with the performance of the Services. Consultant understands that he/she
will not be reimbursed for any supplies, equipment, or operating costs, nor will these costs of doing business be defrayed in any way by the Client, except for the specifically approved Expenses reimbursed in accordance with Section 3.2 above.
In addition, the Client does not guarantee to Consultant that fees derived from Consultant’s business will exceed Consultant’s costs. 

11. Non-Exclusivity. The Client reserves the right to engage other consultants to perform
services, without giving Consultant a right of first refusal or any other exclusive rights. Consultant reserves the right to perform services for other persons, provided that the performance of such services do not conflict or interfere with
services provided pursuant to or obligations under this Agreement and such activity does not cause a breach of Consultant’s obligations to provide the Services. 

12. No Conflict of Interest. During the term of this Agreement, unless written permission is given by the Executive, Consultant will
not: accept work, enter into a contract, or provide services to any Competitive Company that provides products or services which compete with the products or services provided by the Client (where “Competitive Company” shall mean any
company that is active in a business field, i.e., Fc-based protein therapeutics, not including full-length monoclonal antibodies) of the Client or its Affiliates; enter into any agreement or perform any
services which would conflict or interfere with the Services provided pursuant to or the obligations under this Agreement. Consultant represents and warrants to the Client: that there is no other contract or duty on his/her part that prevents or
impedes Consultant’s performance under this Agreement; and that Consultant does not have any express or implied obligation to any third party, which in any way conflicts with any of the obligations relating to this Agreement. The Consultant
shall disclose in advance to the Client any potential conflict of interest and immediately disclose any conflict of interest which arises in relation to the provision of the Services as a result of any present or future appointment, employment,
consulting engagement, investment or other interest of the Consultant. Consultant agrees: not to disclose to the Client or its Affiliates any knowledge, information, inventions, discoveries and ideas which Consultant possesses under an obligation of
confidentiality to a third party; and to indemnify Client and its Affiliates from any and all loss or liability incurred by reason of the alleged breach by Consultant of any services agreement with any third party. 

  
 6 

 STRICTLY CONFIDENTIAL 

 

 13. Non-disclosure Obligations 

13.1    Confidential Information. Consultant agrees to hold Client’s Confidential Information (as
defined below) in strict confidence and not to disclose such Confidential Information to any third parties. Consultant also agrees not to use any of Client’s Confidential Information for any purpose other than performance of Consultant’s
services hereunder. “Confidential Information” as used in this Agreement shall mean all information in whatever form (including without limitation, in written, oral, visual or electronic form or on any magnetic
or optical disk or memory and wherever located) disclosed by Client or its Affiliates to Consultant, or otherwise, regarding Client, its Affiliates or its business obtained by Consultant pursuant to Services provided under this Agreement that is not
generally known in the Client’s trade or industry and shall include, without limitation, (a) information relating to the current, future and proposed products or services of the Client or its Affiliates and its suppliers or end clients;
(b) information relating to the Client’s or its Affiliates’ business methods, plans, systems, finances or projects, training and development and research or development projects; (c) trade secrets, drawings, inventions, know-how, copyrighted works (including documents and software programs) or any information relating to the Intellectual Property owned by the Client or its Affiliates or the Work Product; (d) information
relating to the identity and business affairs of the Client’s and its Affiliates’ customers and clients, potential customers and clients, and including proprietary or confidential information of any third party who may disclose such
information to Client or its Affiliates or Consultant in the course of Client’s or its Affiliate’s business; (e) information relating to the provision of products or services to which the Client or its Affiliates attach
confidentiality or in respect of which they hold an obligation of confidentiality to a third party; (f) information regarding plans for research, development, new service offerings or products, marketing and selling, business plans, business
forecasts, budgets and unpublished financial statements, licenses and distribution arrangements, prices and costs, suppliers and customers; (g) information relating to the Client or its Affiliates that is not in the public domain and relates to
raw materials, research and developments, formulae, formulations, methods of treatment, processing, manufacture or production, process and production controls including quality controls, suppliers and their production and delivery capabilities,
customers and details of their particular requirements, costings, profit margins, discounts, rebates and other financial information, marketing strategies and tactics, current activities and current and future plans; (h) information regarding
the skills and compensation of employees, contractors or other agents of the Client or its Affiliates; and (i) information which comes to the Consultant’s attention or possession and which is regarded or could reasonably be regarded as
confidential, whether or not any such information is marked “confidential”. Consultant’s obligations set forth in this Section shall not apply with respect to any portion of the Confidential Information that Consultant can document by
competent proof that such portion: (i) is in the public domain through no fault of Consultant; (ii) has been rightfully independently communicated to Consultant free of any obligation of confidence; or (iii) was developed by
Consultant independently of and without reference to any information communicated to Consultant by Client. In addition, Consultant may disclose Client’s Confidential Information in response to a valid order by a court or other governmental
body, as otherwise required by law. All Confidential Information furnished to Consultant by Client or its Affiliates is the sole and exclusive property of Client or its suppliers or customers. Upon request by Client, Consultant agrees to promptly
deliver to Client the original and any copies of such Confidential Information. Notwithstanding the foregoing or anything to the contrary in this Agreement or any other agreement between Client and Consultant, nothing in this Agreement shall limit
Consultant’s right to discuss Consultant’s engagement with the Client or report possible violations of law or regulation with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations
Board, the Securities and Exchange Commission, or other federal government agency or similar state or local agency or to discuss the terms and conditions of Consultant’s engagement with others to the extent expressly permitted by applicable
provisions of law or regulation, including but not limited to “whistleblower” statutes or other similar provisions that protect such disclosure. Further, notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), Consultant
shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or
to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

  
 7 

 STRICTLY CONFIDENTIAL 

 

 13.2    Data Protection. 

(a)    For the purposes of this Agreement: (i) “Data Protection Legislation” means unless
and until the GDPR is no longer directly applicable in the UK, the General Data Protection Regulation/GDPR ((EU) 2016/679) and any national implementing laws, regulations and secondary legislation, as amended or updated from time to time, in the UK
and then any successor legislation to the GDPR or the Data Protection Act 2018; “Data Subject” has the meaning set out in the Data Protection Legislation; and “Personal Data” has the meaning set out in
the Data Protection Legislation. 
 (b)    Where the Consultant is acting as Client’s or its
Affiliates data processor for the purposes of the Data Protection Legislation, the Consultant (and Client) shall comply with the provisions of Exhibit A. 

(c)    The Consultant shall comply with all other data protection legislation in any Applicable Law. 

  
 8 

 STRICTLY CONFIDENTIAL 

 

 14. Term and Termination. 

14.1    Term. The term of this Agreement and the “Consulting Period” is for twelve
(12) months from the Effective Date set forth above, and shall automatically renew at the end of the Consulting Period for an additional 12 month Consulting Period, unless (a) terminated with ninety (90) days’ notice prior to the
end of the second Consulting Period or (b) unless earlier terminated as provided in this Agreement (i.e., Without Cause Termination or For Cause Termination). 

14.2    Termination. Either party may terminate this Agreement for any reason, or no reason, upon ninety
(90) days’ advance written notice (“Without Cause Termination). The Client may terminate this Agreement before its expiration immediately if the Consultant Materially Breaches the Agreement (“For Cause
Termination”). The parties agree that a “Material Breach” by Consultant shall occur if she: (i) fails to abide by any recognized professional standard, including any ethical standard; (ii) fails to provide
services as reasonably requested by the Executive; (iii) secures other full-time employment that prohibits his/her ability to provide services to the Client; (iv) breaches any other material obligations of this Agreement, or
(v) violates the Applicable Law. 
 14.3    Effect of Termination. Upon any termination or expiration
of this Agreement, Consultant (i) shall immediately discontinue all use of Client’s Confidential Information delivered under this Agreement; (ii) shall delete any such Client Confidential Information from Consultant’s computer
storage or any other media, including, but not limited to, online and off-line libraries; and (iii) shall return to Client, or, at Client’s option, destroy, all copies of such Confidential
Information then in Consultant’s possession. In the event the Client terminates this Agreement, or if Consultant terminates this Agreement, Consultant will not receive any additional consulting fees or other compensation as of the date of
termination. 
 14.4    Survival. The rights and obligations contained in Sections 4-6, 8-9, 13, 14.3, 14.4, and 15-23 will survive any termination or expiration of this Agreement. 

15. Indemnification. Client shall indemnify and hold harmless the Consultant for any claims brought or liabilities imposed against the
Consultant by Client or by any other party (including private parties, governmental bodies and courts), including claims related to worker’s compensation, wage and hour laws, employment taxes, and benefits, and whether relating to
Consultant’s status as an independent contractor, or any other matters involving the acts or omissions of Consultant. Indemnification shall be for any and all losses and damages, including costs and attorneys’ fees. 

16. Successors and Assigns. Consultant may not subcontract or otherwise delegate his/her obligations under this Agreement without
Client’s prior written consent. Client may assign this Agreement. Subject to the foregoing, this Agreement will be for the benefit of Client’s successors and assigns, and will be binding on Consultant’s subcontractors or delegatees.

 17. Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (i) by overnight courier upon written verification of receipt; or (ii) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission. Notice shall be sent to the addresses set
forth below or such other address as either party may specify in writing. 

  
 9 

 STRICTLY CONFIDENTIAL 

 

 17.1    In the case of the Client: 

Eliot Forster, CEO 
 F-star Biotechnology Limited 
 Eddeva B920 Babraham Research Campus 

Cambridge, CB22 3AT 
 CC: COO
and General Counsel at the same address. 
 17.2    In the case of Darlene Deptula-Hicks: 

30 Crane Crossing Road 

Plaistow, NH 03865 USA 
 18.
Governing Law. This Agreement shall be governed in all respects by the laws of the Commonwealth of Massachusetts. 
 19.
Arbitration. 
 19.1    Procedure. Any and all disputes or controversies arising out of or relating to
this Agreement and Consultant’s performance of the Services shall be exclusively and finally resolved by binding confidential arbitration by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under the then
applicable JAMS rules, in the Boston, Massachusetts metropolitan area. Any award made shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered may be entered in any court having jurisdiction
thereof. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress in any other forum, except as
otherwise expressly provided in this Agreement. By election arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State or local
court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand,
request or motion will be made for trial by jury. 
 19.2    Appointment of Arbitrators, Rules. The
arbitration shall be conducted by an arbitrator reasonably knowledgeable about the pharmaceutical, biotechnology or technology industries, with at least ten (10) years’ experience as a qualified lawyer and a partner in an international law
firm (collectively, the “Qualifications”), and acceptable to the parties. If the parties cannot agree on a single arbitrator within 30 days after a demand for arbitration has been made, Client shall appoint an arbitrator with the
Qualifications, Consultant shall appoint an arbitrator with the Qualifications , the two arbitrators shall appoint a third arbitrator with the Qualifications, and the three arbitrators shall hear and decide the issue in controversy. If either party
fails to appoint an arbitrator or the arbitrators fail to appoint a third arbitrator within 45 days after service of the demand for arbitration, then JAMS shall appoint an arbitrator for a party who has not appointed an arbitrator and JAMS shall
appoint the third arbitrator, in each case with the Qualifications, and the three arbitrators so appointed shall arbitrate any controversy in accordance with this Section 19. Except as to the selection of arbitrators, the arbitration
proceedings shall be conducted promptly and in accordance with the JAMS rules then in effect. 

  
 10 

 STRICTLY CONFIDENTIAL 

 

 19.3    Fees and Expenses. The arbitrator’s fees and
expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Client; provided, however, that at Consultant’s option, Consultant may voluntarily pay up to
one-half the costs and fees. 
 19.4    Confidentiality of
Proceedings. All arbitration proceedings hereunder shall be confidential and the arbitrator(s) shall issue appropriate protective orders to safeguard each party’s Confidential Information. Except as required by law, no party shall make (or
instruct the arbitrator(s) to make) any public announcement with respect to the proceedings or decision of the arbitrator(s) without prior written consent of the other party. 

19.5    Interim Equitable Relief. Notwithstanding this Section 19, each party shall not be precluded
from seeking equitable relief (including but not limited to interim injunctive relief) in any court having jurisdiction to protect its interests. 

19.6    Binding Effect. The provisions of this Section 19 shall survive any termination of this
Agreement, and shall be severable and binding on the parties hereto, notwithstanding that any other provision of this Agreement may be held or declared to be invalid, illegal or unenforceable. 

20. Severability. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the
legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 
 21.
Waiver. The waiver by Client of a breach of any provision of this Agreement by Consultant shall not operate or be construed as a waiver of any other or subsequent breach by Consultant. 

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

23. Entire Agreement. This Agreement constitutes the entire understanding of the parties relating to the subject matter and supersedes
any previous oral or written communications, representations, understanding, or agreement between the parties concerning such subject matter. This Agreement shall not be changed, modified, supplemented or amended except by express written agreement
signed by Consultant and the Client. 
 [The remainder of this page is intentionally blank. Signature page follows.] 

  
 11 

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

 

	
	F-STAR THERAPEUTICS LLC
	
	By: /s/ Eliot Forster, Ph.D.
	
	Name (print): Eliot Forster, Ph.D.
	
	Title: Chief Executive Officer
	
	“CONSULTANT”
	
	DARLENE DEPTULA-HICKS
	
	By: /s/ Darlene Deptula-Hicks
	
	Name (print): Darlene Deptula-Hicks

 STRICTLY CONFIDENTIAL 

 

 Exhibit A 

Data Protection 

1.    All parties to the Agreement will comply with all applicable requirements of the Data Protection Legislation. This clause is in
addition to, and does not relieve, remove or replace, a party’s obligations under the Data Protection Legislation. The Consultant shall process any Personal Data in accordance with the Data Protection Legislation 

2.    The parties acknowledge that for the purposes of the Data Protection Legislation, the Client is the data controller and the
Consultant is the data processor (where Data Controller and Data Processor have the meanings as defined in the Data Protection Legislation). Annex 1 sets out the scope, nature and purpose of processing by the Consultant, the duration of the
processing and the types of Personal Data and categories of Data Subject. 
 3.    Without prejudice to the generality of clause 1,
Client will ensure that it has all necessary appropriate consents and notices in place to enable lawful transfer of the Personal Data to the Consultant for the duration and purposes of this agreement, if any such Personal Data is to be transferred.

 4.    Without prejudice to the generality of clause 1, the Consultant shall, in relation to any Personal Data processed in connection
with the performance by the Consultant of its obligations under this agreement: 
 a.    process that Personal Data only on the written
instructions of Client unless the Consultant is required by the laws of any member of the European Union or by the laws of the European Union applicable to the Consultant to process Personal Data. Where the Consultant is relying on laws of a member
of the European Union or European Union law as the basis for processing Personal Data, the Consultant shall promptly notify the Client of this before performing the processing required by the applicable laws unless those applicable laws prohibit the
Consultant from so notifying the Client; 
 b.    ensure that it has in place appropriate technical and organisational measures,
reviewed and approved by Client, to protect against unauthorised or unlawful processing of Personal Data and against accidental loss or destruction of, or damage to, Personal Data, appropriate to the harm that might result from the unauthorised or
unlawful processing or accidental loss, destruction or damage and the nature of the data to be protected, having regard to the state of technological development and the cost of implementing any measures (those measures may include, where
appropriate, pseudonymising and encrypting Personal Data, ensuring confidentiality, integrity, availability and resilience of its systems and services, ensuring that availability of and access to Personal Data can be restored in a timely manner
after an incident, and regularly assessing and evaluating the effectiveness of the technical and organisational measures adopted by it); 

c.    keep the Personal Data confidential; and 

d.    not transfer any Personal Data outside of the European Economic Area unless the prior written consent of Client has been obtained
and the following conditions are fulfilled: 
  

  
 Exhibit A-1 

 STRICTLY CONFIDENTIAL 

 

 i.    Client or the Consultant has provided appropriate safeguards in relation to the
transfer; 
 ii.    the data subject has enforceable rights and effective legal remedies; 

iii.    the Consultant complies with its obligations under the Data Protection Legislation by providing an adequate level of protection to
any Personal Data that is transferred; and 
 iv.    the Consultant complies with reasonable instructions notified to it in advance by
Client with respect to the processing of the Personal Data; 
 e.    assist Client, at Client’s cost, in responding to any request
from a Data Subject and in ensuring compliance with its obligations under the Data Protection Legislation with respect to security, breach notifications, impact assessments and consultations with supervisory authorities or regulators; 

f.    notify Client without undue delay on becoming aware of a Personal Data breach; 

g.    at the written direction of Client, delete or return Personal Data and copies thereof to Client on termination of the agreement
unless required by Applicable Law to store the Personal Data; and 
 h.    maintain complete and accurate records and information to
demonstrate its compliance with this clause and allow for audits by Client or Client’s designated auditor. 
 5.    Client does not
consent to the Consultant appointing any third party processor of Personal Data under this agreement. 
 6.    Client may, at any time
on not less than 30 days’ notice, revise this Exhibit by replacing it with any applicable controller to processor standard clauses or similar terms forming part of an applicable certification scheme (which shall apply when replaced by
attachment to this agreement). 
 Annex 1 to Exhibit A 

Processing, Personal Data and Data Subjects 

Processing by the Consultant 

Scope/Subject matter 
 To ensure the Consultant can comply
with the obligations to Client and provide the Services to Client as required by the Agreement. 
 Nature 

Organisation, structuring, storage, adaption or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making
available, erasure or destruction of data. 
 Purpose of processing 

To perform the Services. 

  
 Exhibit A-2 

 STRICTLY CONFIDENTIAL 

 

 Duration of the processing 

The term of the Agreement. 
 Types of personal data 

In relation to existing and ex-staff of the Client or its Affiliates (including but not limited to employees,
directors, consultants, temporary works, agency workers and apprentices), names, addresses, email addresses, dates of birth, NI number, employee number, telephone number, salary information and other financial data, performance records, training
records, professional qualifications, employment history, benefits (such as medical insurance), images or photos and health data. 
 In relation to job
applicants, contact details, including name, address, email address and telephone number, dates of birth, NI number, professional qualifications, employment history and images or photos. 

Contact details of suppliers, including name, address, email address and telephone number. 

Health data of clinical trial subjects. 
 Contact details of
customers, including name, address, email address and telephone number. 
 Contact details of investors, including name, address, email address, telephone
number and financial information. 
 Categories of data subject 

Existing and ex-staff of Client and its Affiliates (including but not limited to employees, directors, consultants,
temporary works, agency workers and apprentices), job applicants, suppliers, clinical trial subjects, customers and investors. 

  
 Exhibit A-3

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"}]]