Document:

Exhibit 10.11

 

August 5, 2020

 

Michael J. Morin, Ph.D.

 

Delivered via email:

 

Dear Mike:

 

Immunome, Inc. (“Immunome”
or "the Company") is very pleased to offer you the employment terms specified in this letter. This letter amends and
restates, and supersedes in its entirety, the employment offer letter dated March 6, 2017, which is no longer of any force or effect.
Your position will be Executive Vice President and Chief Scientific Officer of the Company, and you will report to Board of Directors
of the Company.

 

The terms and conditions of your
employment are as follows:

 

		·	Commencement of
Employment: Your position as an exempt employee of the Company on the terms stated in this letter will be effective as of August
5. 2020. 

 

		·	Duties: Your
employment will be on a part-time basis, and you will devote 80% of your business time and attention to the business of the Company.
Your work location will be at the Company's principal office location, which is currently in Exton, Pennsylvania. However, you
will be permitted to work from your home office from time to time as mutually agreed by you and the Company, and in any event up
to a maximum of 50% of your time for the Company in any calendar month; provided, that the Company and you will agree upon a reduced
in-person requirement to be in effect from time-to-time during the current pandemic and until otherwise determined by the Company.

 

		·	Other Business
Activities: During your employment term, you may (1) serve on boards, committees or similar bodies of charitable, nonprofit
or for-profit organizations and (2) fulfill speaking engagements and teaching activities, in each case, so long as such activities
do not materially interfere or conflict with the performance of your duties and responsibilities under this Agreement; provided,
that the activities in items (1) and (2) are either listed on Exhibit A or approved in advance by the Company. In no event shall
your performance of these activities interfere with your obligations to the Company.

 

		·	Compensation:
The initial base salary for this position will be $280,000 expressed on an annual basis, paid in accordance with the Company's
standard payroll policies and practices. Because your position is exempt, you are not eligible for overtime. You may be eligible
for annual increases in connection with your annual performance review, as determined by the Board of Directors. You will also
be eligible to be considered for an annual bonus of up to 30% of your base salary. Bonus payments, if any, will be determined by
the Board of Directors based on the achievement of a combination of personal and Company goals set by the Board. Bonus payments
are subject to the terms and conditions of the Company's bonus program as it may be in effect from time to time.

 

    

     

    

 

		·	Stock Options:
You will be granted a stock option to purchase 686,619 shares of the Company's common stock which represents, taking into account
all existing stock options held by you, 4% of the Company's outstanding equity on a fully-diluted basis as of the date of grant.
The stock option shall vest as follows, provided that you are employed by the Company on the respective vesting date: (1) 440,834
shares will vest in forty-eight (48) consecutive monthly installments, with retroactive vesting credit to March 15, 2020 and (2)
245,785 shares will commence vesting if, and only if, the outstanding Preferred Stock Purchase Warrants issued by the Company pursuant
to the Series A Preferred Stock Purchase Agreement dated as of June 2, 2020 are exercised for at least 50% of the aggregate shares
underlying such Warrants (determined on a cumulative basis based on all exercises), and in that event such shares will vest in
forty-eight (48) consecutive monthly installments, with retroactive vesting credit to the vesting commencement date in item (1).
The exercise price will be the fair market value of a share of Common Stock on the date of grant and all terms of the option grant
shall be subject to the Immunome, Inc. Amended and Restated 2018 Equity Incentive Plan, as amended. For purposes of this paragraph,
"fully-diluted equity" means the total number of shares of outstanding Common Stock and Preferred Stock, with the Preferred
Stock calculated on an as-converted to Common Stock basis, including for this purpose the maximum number of shares issuable under
the Equity Incentive Plan (inclusive of granted options and unallocated shares reserved for issuance thereunder) and shares issuable
upon exercise of outstanding stock purchase warrants.

 

You acknowledge that you are
not entitled to any additional stock options under your employment offer letter, as in effect prior to this amended and restated
employment offer letter, and that all such obligations were satisfied as of March 3, 2020. In the event of a conflict between any
term of your existing stock options and your offer letter as in effect immediately prior to the execution of this amended and restated
employment offer letter, the terms of the stock option agreements applicable to such stock options shall govern and supersede.

 

		·	Benefits: The
Company will provide you with the opportunity to participate in Company-provided insurance, which currently includes medical, dental
and vision insurance, life and disability insurance and other benefits plans generally made available to employees of the Company,
subject to any eligibility requirements imposed by such plans. You will also be eligible to participate in the Company's 401(k)
Retirement Plan. Please see the enclosed benefits summary for more information. 

 

		·	Time Away From
Work: In addition to Company holidays, you will be granted paid vacation, which accrues at a rate of 1.67 days per month (20
days annually, prorated). Vacation days may not be carried over to the following calendar year. Any accrued but unused vacation
for a particular calendar year will be paid upon termination of employment for any reason within that calendar year.

 

IMPORTANT:
Please note that all paid time off, insurance, retirement and other benefits are subject to the terms and conditions of the applicable
plan or policy, and the Company reserves the right to change, alter or terminate at any time any plan, policy, benefit or coverage,
in whole or in part, in its sole discretion.

 

    

     

    

 

		·	At-will employment:
While we anticipate that our professional relationship will be mutually beneficial, your employment will at all times be at-will,
meaning that you or Immunome may terminate the
employment relationship at any time, with or without cause, and with or without prior notice.

 

		·	Confidential Information:
You are required to continue to abide by your Confidentiality, Nondisclosure, Development and Debarment Agreement in accordance
with its terms.

 

		·	Withholding:
All payments and forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding
and payroll taxes and other deductions required by law.

 

		·	Governing Law:
This letter agreement will be governed by the laws of the Commonwealth of Pennsylvania without reference to rules of conflicts
of law.

 

		·	Supersedes Other
Agreements: This letter agreement supersedes and is in lieu of any and all other employment arrangements between you and the
Company, but shall not supersede any existing confidentiality, nondisclosure, invention assignment or other restrictive covenant
agreement between us.

 

Please confirm your agreement to
accept this offer by signing below and sending the signed offer letter through email to me.

 

Sincerely,

 

/s/ Purnanand Sarma

 

Purnanand Sarma

Chief Executive Officer

 

	Agreed and Accepted:	 
	 	 
	 	By:	Michael J. Morin, Ph.D.	 
	 	 
	Signature: 	/s/ Michael Morin	 
	 	 
	Date:	August 5, 2020	 

 

    

     

    

 

EXHIBIT A

 

List of Outside Activities

 

Teaching engagement at University of Massachusetts,
LowellExhibit 10.12

 

CONSULTING AGREEMENT

 

CONSULTING AGREEMENT effective as of May
1, 2020 between Immunome, Inc. (the “Company”), a Delaware corporation, and Diane Marcou (the “Consultant”).

 

Recitals:

 

The parties wish to enter into this Agreement
to set forth the basis on which the Consultant will perform consulting services for the Company and with respect to certain other
matters in connection with such engagement, all as set forth more fully in this Agreement.

 

NOW, THEREFORE, in consideration of the
premises and covenants set forth herein, and intending to be legally bound hereby, the parties to this Agreement hereby agree as
follows:

 

1.                  
Engagement. The Company hereby engages the Consultant as a consultant to the Company on the terms and conditions set
forth in this Agreement. The Consultant hereby accepts the engagement described in this Agreement and agrees to use diligent efforts
consistent with good business practices and in compliance with all applicable laws and regulations in performing his duties under
this Agreement.

 

2.                  
Duties. As a consultant to the Company, the Consultant agrees to perform the services described on Exhibit A.

 

3.                  
Term. Subject to Section 5 hereof, the initial term of the Consultant’s engagement hereunder shall commence on
the effective date of this Agreement and shall continue until April 30, 2021. After the initial term, at the mutual written agreement
of the parties (which may be via electronic mail confirmation), this Agreement shall renew for successive one-year terms.

 

4.                  
Compensation; Expenses.

 

(a)               
Compensation. In consideration of the services to be performed hereunder, the Consultant shall be paid the compensation
set forth on Exhibit A.

 

(b)               
Reimbursement of Expenses. The Consultant shall be reimbursed for out-of-pocket expenses reasonably incurred by the
Consultant in performing the consulting services contemplated by this Agreement, provided that such expenses are pre-approved by
the Company, documented and submitted in accordance with the reimbursement policies of the Company as in effect from time to time.

 

(c)                
Entire Compensation. Notwithstanding anything to the contrary set forth herein, the compensation provided for in this
Section 4 shall constitute full payment for the services to be rendered by the Consultant to the Company hereunder.

 

5.                  
Termination.

 

(a)               
Death. In the event of the death of the Consultant during the term of this Agreement, this Agreement shall terminate
effective as of the date of the Consultant’s death, and the Company shall not have any further obligation or liability under
this Agreement, except that the Company shall pay to the Consultant any consulting fees accrued and any reimbursable expenses incurred
by the Consultant prior to such date.

 

(b)                Termination
by the Company. The Company may terminate this Agreement immediately upon written notice to the Consultant for any of the
following reasons: (i) the failure of the Consultant to render the services to be performed by the Consultant under this
Agreement in accordance with the terms and provisions of this Agreement; (ii) a breach by the Consultant of any material term
of this Agreement; or (iii) the Consultant shall have engaged in conduct that has injured or could foreseeably injure the
business or reputation of the Company or could otherwise adversely affect the Company’s interests. The Company may
terminate this Agreement for any reason upon 30 (thirty) days prior written notice to the Consultant. In the event that the
Company shall terminate this Agreement pursuant to this subsection, the Company shall not have any further obligation or
liability under this Agreement, except for the payment of any consulting fees accrued and any reimbursable expenses incurred
by the Consultant prior to termination.

 

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6.                  
Non-Disclosure.

 

(a)               
Confidentiality and Non-Use Obligations. The Consultant acknowledges that, in the course of performing the Services,
the Consultant may obtain knowledge of the Company’s inventions, discoveries, know-how, trade secrets, business plans, products,
processes, software, formulas, methods, models, prototypes, materials, disclosures, customers, contractor and supplier lists, names
and positions of employees and/or other proprietary and/or confidential information (collectively, the “Confidential Information”).
The Consultant agrees to keep the Confidential Information secret and confidential and not to publish, disclose or divulge any
confidential information to any other person, or use any confidential information for the Consultant’s own benefit or to
the detriment of the Company, or for any purpose other than in connection with the performance of the Services, without the prior
written consent of the Company, whether or not such Confidential Information was discovered or developed by the Consultant. The
Consultant also agrees not to divulge, publish or use any proprietary and/or confidential information of others that the Company
is obligated to maintain in confidence.

 

(b)               
Exclusions. The restrictions on use and disclosure of the Confidential Information set forth in this Agreement shall
not apply to any portion of the Confidential Information that: (i) is at the time of disclosure or thereafter becomes generally
available to the public other than as a result of disclosure by the Consultant; (ii) becomes available to the Consultant on a non-confidential
basis from a source other than the Company that has represented to the Consultant (and regarding which the Consultant reasonably
believes) that such source is entitled to disclose it; (iii) was known to or in the possession of the Consultant immediately prior
to the time of disclosure as evidenced by the Consultant’s records and files at such time; or (iv) is independently developed
or acquired by the Consultant without use of or reference to the Confidential Information, as evidenced by documentation or other
evidence in the Consultant’s possession.

 

7.                  
Inventions and Discoveries.

 

(a)               
Disclosure. The Consultant shall promptly and fully disclose to the Company, with all necessary detail, all developments,
know-how, discoveries, inventions, improvements, concepts, ideas, formulae, processes and methods (whether copyrightable, patentable
or otherwise) made, received, conceived, acquired or written by the Consultant (whether or not at the request or upon the suggestion
of the Company), solely or jointly with others, during the course of performing the Services that directly relate the Company’s
products or the field of interest of the Company (collectively, the “Inventions”).

 

(b)               
Assignment and Transfer. The Consultant hereby assigns and transfers to the Company all of the Consultant’s rights,
titles and interests in and to each of the Inventions, and the Consultant further agrees to deliver to the Company any and all
drawings, notes, notebooks, research materials, specifications, data and other materials and documents relating to each of the
Inventions, and to sign, acknowledge and deliver all such further papers, including applications for and assignments of copyrights
and patents, and all renewals thereof, as may be necessary to obtain copyrights and patents for any and all of the Inventions in
any and all countries and to vest title thereto in the Company and its successors and assigns and to otherwise protect the Company’s
interests therein.

 

(c)                
Power of Attorney. If the Company is unable, after reasonable effort, to secure the signature of the Consultant on any
application for patent, copyright, trademark or other analogous registration or other documents regarding any legal protection
relating to an Invention, whether because of such person’s physical or mental incapacity or for any other reason whatsoever,
the Consultant and such other person each hereby irrevocably designates and appoints each of the officer(s), member(s) and any
manager(s) of the Company as such person’s agent and attorney-in-fact, to act for and in such person’s behalf and stead
to execute and file any such application or applications or other documents and to do all other lawfully permitted acts to further
the prosecution and issuance of patent, copyright, trademark or other registrations or any other legal protection thereon with
respect to an Invention with the same legal force and effect as if executed by such person.

 

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(d)               
 Company Documentation. The Consultant agrees that, in connection with his services to the Company, the Consultant will
maintain careful, adequate and contemporaneous written records of all Inventions, which records shall be the property of the Company.
The Consultant shall hold for the benefit of the Company all documentation, programs, data, records, research materials, drawings,
manuals, disks, reports, sketches, blueprints, letters, notes, notebooks and all other writings, electronic data, graphics and
tangible information and materials of a secret, confidential or proprietary information nature relating to the Company or the Company’s
business that are, at any time, in the possession or under the control of the Consultant or are generated during the course of
performing services for the Company and shall return such information and materials to the Company upon the Company’s request.

 

(e)                
Trade Secrets. The Defend Trade Secrets Act of 2016 (the “Act”) provides that: (1) An individual shall not
be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (A)
is made — (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney;
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal. The Act further provides that: an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to
the attorney of the individual and use the trade secret information in the court proceeding, if the individual: (A) files any document
containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

 

8.                  
No Conflicting Activities; Nonsolicitation.

 

(a)               
No Conflicting Activities. During the term of this Agreement, the Consultant agrees that the Consultant will not, either
directly or indirectly through a third party, engage in any other business activity that would compete with or otherwise conflict
with the duties and services to be performed under this Agreement without the prior written consent of the Company. However, Company
understands that Consultant provides similar services to other companies.

 

(b)               
Nonsolicitation. The Consultant agrees that, during the term of the Consultant’s engagement by the Company and
for a period of one year thereafter, the Consultant will not, for himself or any trust, corporation or other entity in which the
Consultant may be interested as a partner, trustee, director, officer, manager, employee, agent, stockholder, lender of money or
guarantor, or for which the Consultant performs services in any capacity (including as a consultant or independent contractor)
directly or indirectly solicit, hire, contract for services or otherwise employ or retain the services of, accept business from,
endeavor to entice away from the Company or otherwise interfere with the relationship of the Company with any person who is employed
by (including, but not limited to, any independent sales representatives or organizations) or who is, or was within the then most
recent one-year period, an employee, customer, client or account of the Company.

 

9.                  
Injunctive Relief. The Consultant acknowledges that the Consultant’s compliance with this Agreement is necessary
to protect the good will and other proprietary interests of the Company and that the Consultant has been and will be entrusted
with highly confidential information regarding the Company and its technology and is conversant with the Company’s affairs,
its trade secrets and other proprietary information. The Consultant acknowledges that a breach of this Agreement will result in
irreparable and continuing damage to the Company for which there will be no adequate remedy at law. The Consultant agrees that,
in the event of any breach of this Agreement, the Company and its successors and assigns shall be entitled to injunctive relief
and to such other and further relief as may be proper.

 

10.                Certain
Representations, Warranties and Agreements of the Consultant. As an inducement to the Company to enter into this
Agreement, the Consultant hereby represents and warrants to the Company that: (a) the Consultant is not a party to or
otherwise subject to any agreements or restrictions that would prohibit the Consultant from entering into this Agreement and
carrying out the transactions contemplated by this Agreement in accordance with the terms hereof, and this Agreement and the
transactions contemplated hereby will not infringe or conflict with, and are not inconsistent with, the rights of any other
person or entity; (b) the Consultant is not: (i) an individual who has been debarred by the U.S. Food and Drug Administration
(the “FDA”) pursuant to 21 U.S.C. 335a (a) or (b) (a “Debarred Individual”) from providing services
in any capacity to a person that has an approved or pending drug product application, or (ii) an employer, employee or
partner of a Debarred Individual; and (c) the Consultant has no knowledge of any circumstances that may affect the accuracy
of the foregoing warranties and representations, including, but not limited to, FDA investigation of, or debarment
proceedings against, the Consultant or any person or entity performing services or rendering assistance relating to
activities taken pursuant to this Agreement. The Consultant agrees to immediately notify the Company if the Consultant
becomes aware of any change in the representations and warranties set forth herein during the term of this Agreement.

 

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11.               
Survival of Representations, Warranties and Covenants. The provisions of this Agreement that by their terms are intended
to endure beyond the term of this Agreement shall survive the termination of this Agreement.

 

12.               
Supersedes Other Agreements. This Agreement supersedes and is in lieu of any and all other consulting, employment and
compensation arrangements between the Consultant and the Company, but shall not supersede any existing confidentiality, nondisclosure
or invention assignment agreements between the Consultant and the Company.

 

13.               
Independent Contractor. The parties intend that the Consultant shall render services hereunder as an independent contractor,
and nothing herein shall be construed to be inconsistent with this relationship or status. The Consultant shall not be entitled
to any benefits paid by the Company to its employees. The Consultant shall be solely responsible for any tax consequences applicable
to the Consultant by reason of this Agreement and the relationship established hereunder, and the Company shall not be responsible
for the payment of any federal, state or local taxes or contributions imposed under any employment insurance, social security,
income tax or other tax law or regulation with respect to the Consultant’s performance of consulting services hereunder.

 

14.               
Amendments. Any amendment to this Agreement shall be made in writing and signed by the parties hereto.

 

15.               
Enforceability. If any provision of this Agreement shall be invalid or unenforceable, in whole or in part, then such
provision shall be deemed to be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable,
or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to
the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted or
as if such provision had not been originally incorporated herein, as the case may be.

 

16.               
Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth
of Pennsylvania, excluding that body of law known as choice of law, and shall be binding upon the parties hereto in the United
States and worldwide.

 

17.               
Assignment. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall
be binding upon, the successors and assigns of the Company. This Agreement and the obligations created hereunder may not be assigned
by the Consultant.

 

18.               
Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient
if contained in a written instrument delivered in person or duly sent by certified mail, postage prepaid; by an overnight delivery
service, charges prepaid; or by confirmed email; addressed to such party at the address set forth below or such other address as
may hereafter be designated in writing by the addressee to the addressor:

 

If to the Company:

 

Immunome, Inc.

665 Stockton Drive

Suite 300

Exton, PA 19341

Attention: Chief Executive Officer

 

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If to the Consultant, at the address set forth on the signature page.

 

Any party may from time to time change such party’s address
for the purpose of notices to that party by a similar notice specifying a new address, but no such change shall be deemed to have
been given until it is actually received by the party sought to be charged with its contents.

 

19.               
Waivers. No claim or right arising out of a breach or default under this Agreement shall be discharged in whole or in
part by a waiver of that claim or right unless the waiver is supported by consideration and is in writing and executed by the aggrieved
party hereto or such party’s duly authorized agent. A waiver by any party hereto of a breach or default by the other party
hereto of any provision of this Agreement shall not be deemed a waiver of future compliance therewith, and such provisions shall
remain in full force and effect.

 

20.               
Counterparts; Electronic Transmission. This Agreement may be executed by the parties on separate counterparts, both
of which shall be an original and both of which together shall constitute one and the same agreement. A facsimile or electronic
transmission of a scanned copy of a signed counterpart signature page hereto shall be deemed to be an originally executed copy
for purposes of this Agreement.

 

21.               
Indemnification. The Company hereby waives any and all claims against Consultant arising out of or in connection with
the services provided by Consultant to the Company or on its behalf, unless resulting from Consultant’s material breach of
any provision of this Agreement, negligence or willful misconduct (together, the “Exclusions”), and agrees to indemnify,
defend and hold Consultant harmless from and against any and all threatened or actual claims, suits, liabilities, damages, costs
and expenses (including reasonable attorney’s fees) brought against or incurred by Consultant arising out of or in connection
with such services (unless resulting from the Exclusions), provided (a) Consultant notifies the Company in writing promptly after
becoming aware of any such claim or action, (b) Consultant cooperates reasonably with the Company (at its expense), in connection
with such claim or action, and (c) the Company shall if it elects have sole control over the defense and/or settlement thereof.

 

(Signature page follows.)

 

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IN WITNESS WHEREOF, this Agreement has been
executed by the parties as of the date first above written.

 

	 	IMMUNOME, INC.
	 	 
	 	By: 	/s/ Purnanand D. Sarma
	 	 	Purnanand Sarma
	 	 	CEO
	 	 
	 	/s/ Diane Marcou
	 	Consultant - Diane Marcou
	 	 
	 	Consultant’s Address:

 

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EXHIBIT A

Duties and Compensation

 

Duties:

 

As Interim Chief Financial Officer, Consultant will report directly
to the CEO and will be responsible for accounting, contract management, banking and treasury, financing, audit, company risk management
and relationships with third party service providers to the finance function.

 

Services include but are not limited to the following:

 

·     
Lead the Company’s accounting efforts an ensure diligent maintenance of records and regular monthly, quarterly and
annual financial statements;

		·	Maintain banking relationships and participate in all banking arrangements;

		·	Develop and maintain capitalization table and administer the employee stock option program;

		·	Oversee and administer risk management program appropriate for the stage of development for the Company;

		·	Oversee month-end closing and annual financial audit; and

		·	Actively participate in financing/licensing activities.

 

Compensation:

 

For the Duties provided, the Company shall pay the Consultant
a fee of $250 per hour. Travel time shall be billed at a half of the hourly rate. The Consultant will obtain the Company’s
written consent before providing more than 40 hours of Services in any particular calendar month.

 

    A-1

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