Document:

EX-10.16

 Exhibit 10.16 

FORM FOR ARSANIS, INC. 2017 EQUITY INCENTIVE PLAN 

(MARCH 2019) 
 X4
PHARMACEUTICALS, INC. 
 NON-QUALIFIED OPTION AGREEMENT 

X4 Pharmaceuticals, Inc. (the “Company”) hereby grants the following stock option pursuant to its 2017 Equity Incentive Plan
(the Arsanis, Inc. 2017 Equity Incentive Plan). The terms and conditions attached hereto are also a part hereof. 
 Notice of Grant

  

			
	Name of optionee (the “Participant”):	 	 
	Grant Date:	 	 
	 Number of shares of the Company’s Common

Stock subject to this option (“Shares”):
	 	 
	Option exercise price per Share:	 	 
	Number, if any, of Shares that vest immediately on the grant date:	 	 
	Shares that are subject to vesting schedule:	 	 
	Vesting Start Date:	 	 
	Final Exercise Date:	 	 

   Vesting Schedule: 
  

			
	 	 	 
	 	 	 
	 	 	 
	All vesting is dependent on the Participant remaining an Eligible Participant as
provided herein.
	
[Notwithstanding the foregoing, 100% of the unvested portion of this option shall vest upon the termination of the Participant’s employment or other
relationship with the Company by the Company without Cause upon or at any time within 12 months following a Change of Control.
  

For purposes of this option, a “Change of Control” shall mean the occurrence of any of the following events: (i) any “Person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company, or any affiliate, parent or
subsidiary of the Company, or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board does not approve; or (ii) (A) A merger or consolidation of the Company whether or not
approved by the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or the parent of such entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such entity, as the case may be,
outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets.]

 

 This option satisfies in full all commitments that the Company has to the Participant with
respect to the issuance of stock, stock options or other equity securities. 
  

							
		 		 	X4 PHARMACEUTICALS, INC.
				
	 	 		 	By:	 	 
	Signature of Participant	 		 		 	Name of Officer
		 		 		 	Title:
				
	 	 		 		 	
	Street Address	 		 		 	
				
	 	 		 		 	
	City/State/Zip Code	 		 		 	

 X4 PHARMACEUTICALS, INC. 

Non-Qualified Option Agreement 

Incorporated Terms and Conditions 
  

	1.	 Grant of Option. 

This agreement evidences the grant by the Company, on the grant date (the “Grant Date”) set forth in the Notice of Grant that
forms part of this agreement (the “Notice of Grant”), to the Participant of an option to purchase, in whole or in part, on the terms provided herein and in the Arsanis, Inc. 2017 Equity Incentive Plan (the “Plan”),
the number of Shares set forth in the Notice of Grant of common stock, $0.001par value per share, of the Company (“Common Stock”), at the exercise price per Share set forth in the Notice of Grant. Unless earlier terminated, this
option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the “Final Exercise Date”). 

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to
include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	 Vesting Schedule. 

This option will become exercisable (“vest”) in accordance with the vesting schedule set forth in the Notice of Grant. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 

3.    Exercise of Option. 

(a) Form of Exercise. Each election to exercise this option shall be in writing, in the form of the Stock Option Exercise Notice
attached as Annex A, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, or in such other form (which may be electronic) as is approved by the Company, together with payment in full
in the manner provided in the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share. 

(b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be
exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees,
officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 

(c) Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except
as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such cessation. 
 Notwithstanding the foregoing, if
the Participant, prior to the Final Exercise Date, violates the restrictive covenants (including, without limitation, the non-competition, non-solicitation, or
confidentiality provisions) of any employment contract, the Non-Competition, Non-Solicitation, Confidentiality and Assignment of Inventions agreement to which the
Participant is a party, if any, or any other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation. 

  
 1 

 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph
(e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this
option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 

(e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other relationship with the
Company is terminated by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment or other relationship. If, prior to the Final Exercise Date,
the Participant is given notice by the Company of the termination of his or her employment or other relationship by the Company for Cause, and the effective date of such termination is subsequent to the date of delivery of such notice, the right to
exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment or other relationship shall not be terminated
for Cause as provided in such notice or (ii) the effective date of such termination (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination). If the
Participant is subject to an individual employment or other services agreement with the Company or eligible to participate in a Company severance plan or arrangement, in any case which agreement, plan or arrangement contains a definition of
“cause” for termination of employment or such other relationship, “Cause” shall have the meaning ascribed to such term in such agreement, plan or arrangement. Otherwise, “Cause” shall mean, with respect to
the Participant (a) dishonesty with respect to the Company or any affiliate, (b) insubordination, substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential
information, (d) breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any
affiliate, and (e) conduct substantially prejudicial to the business of the Company or any affiliate. The determination of the administrator of the Plan as to the existence of Cause will be conclusive on the Participant and the Company. The
Participant’s employment or other relationship shall be considered to have been terminated for Cause if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 

 

	4.	 Withholding. 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 
  

	5.	 Transfer Restrictions; Clawback. 

(a) This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant. 

(b) In accepting this option, the Participant agrees to be bound by any clawback policy that the Company may adopt in the future. 

 

	6.	 Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 

  
 2 

 ANNEX A 

X4 PHARMACEUTICALS, INC. 

Stock Option Exercise Notice 
 X4
Pharmaceuticals, Inc. 
 955 Massachusetts Avenue, 4th Floor 

Cambridge, MA 02139 
 Dear Sir or Madam: 

I, (the “Participant”), hereby irrevocably exercise the right to purchase
                             shares of the Common Stock, $0.001 par value per share (the
“Shares”), of X4 Pharmaceuticals, Inc. (the “Company”) at $                         per
share pursuant to the Company’s 2017 Equity Incentive Plan (the Arsanis, Inc. 2017 Equity Incentive Plan) and a stock option agreement with the Company dated
                             (the “Option Agreement”). Enclosed herewith is a payment
of $                        , the aggregate purchase price for the Shares. The certificate for the Shares should be
registered in my name as it appears below or, if so indicated below, jointly in my name and the name of the person designated below, with right of survivorship. 
  

			
		
	Dated:	 	 
	Signature
	Print Name:
		
	Address:	 	 
	
	 

 Name and address of persons in whose name the Shares are to be jointly registered (if applicable):EX-10.17

 Exhibit 10.17 

FORM FOR ARSANIS, INC. 2017 EQUITY INCENTIVE PLAN 

(MARCH 2019) 
 X4
PHARMACEUTICALS, INC. 
 INCENTIVE STOCK OPTION AGREEMENT 

X4 Pharmaceuticals, Inc. (the “Company”) hereby grants the following stock option pursuant to its 2017 Equity Incentive Plan
(the Arsanis, Inc. 2017 Equity Incentive Plan). The terms and conditions attached hereto are also a part hereof. 
 Notice of Grant

  

			
	Name of optionee (the “Participant”):	 	 
	Grant Date:	 	 
	 Number of shares of the Company’s Common

Stock subject to this option (“Shares”):
	 	 
	Option exercise price per
Share:1/	 	 
	Number, if any, of Shares that vest immediately on the grant date:	 	 
	Shares that are subject to vesting schedule:	 	 
	Vesting Start Date:	 	 
	Final Exercise Date: 2/	 	 

   Vesting Schedule: 
  

			
	 	 	 
	 	 	 
	 	 	 
	All vesting is dependent on the Participant remaining an Eligible Participant as
provided herein.
	
[Notwithstanding the foregoing, 100% of the unvested portion of this option shall vest upon the termination of the Participant’s employment by the Company
without Cause upon or at any time within 12 months following a Change of Control.
  

For purposes of this option, a “Change of Control” shall mean the occurrence of any of the following events: (i) any “Person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company, or any affiliate, parent or
subsidiary of the Company, or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board does not approve; or (ii) (A) A merger or consolidation of the Company whether or not
approved by the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or the parent of such entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such entity, as the case may be,
outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets.]

 

  

	1/ 	 This must be at least 100% of the Grant Date Fair Market Value (as defined in the Plan) of the Common Stock on
the date of grant (or 110% in the case of a Participant that owns more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary (a “10% Shareholder”)) for the option to 2 qualify
as an incentive stock option (an “ISO”) under Section 422 of the Code. 

	2/ 	 The Final Exercise Date must be no more than 10 years (5 years in the case of a 10% Shareholder) from the date
of grant for the option to qualify as an ISO. The correct approach to calculate the final exercise date is to use the day immediately prior to the date ten years out from the date of the stock option award grant (5 years in the case of a 10%
stockholder). For example, an award granted to someone on August 1, 2017 would expire on July 31, 2027 (not on August 1, 2027). 

 This option satisfies in full all commitments that the Company has to the Participant with
respect to the issuance of stock, stock options or other equity securities. 
  

							
		 		 	X4 PHARMACEUTICALS, INC.
				
	 	 		 	By:	 	 
	Signature of Participant	 		 		 	Name of Officer
		 		 		 	Title:
				
	 	 		 		 	
	Street Address	 		 		 	
				
	 	 		 		 	
	City/State/Zip Code	 		 		 	

 X4 PHARMACEUTICALS, INC. 

Incentive Stock Option Agreement 

Incorporated Terms and Conditions 
  

	1.	 Grant of Option. 

This agreement evidences the grant by the Company, on the grant date (the “Grant Date”) set forth in the Notice of Grant that
forms part of this agreement (the “Notice of Grant”), to the Participant of an option to purchase, in whole or in part, on the terms provided herein and in the Arsanis, Inc. 2017 Equity Incentive Plan (the “Plan”),
the number of Shares set forth in the Notice of Grant of common stock, $0.001 par value per share, of the Company (“Common Stock”), at the exercise price per Share set forth in the Notice of Grant. Unless earlier terminated, this
option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the “Final Exercise Date”). 

It is intended that the option evidenced by this agreement shall be an incentive stock option as defined in Section 422 of the Internal
Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) to the maximum extent permitted by law. Except as otherwise indicated by the context, the term “Participant”, as used in this
option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	 Vesting Schedule. 

This option will become exercisable (“vest”) in accordance with the vesting schedule set forth in the Notice of Grant. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 

 

	3.	 Exercise of Option. 

(a) Form of Exercise. Each election to exercise this option shall be in writing, in the form of the Stock Option Exercise Notice
attached as Annex A, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, or in such other form (which may be electronic) as is approved by the Company, together with payment in full
in the manner provided in the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share. 

(b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be
exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees,
officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 

(c) Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except
as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the restrictive covenants (including, without
limitation, the non-competition, non-solicitation, or confidentiality provisions) of any employment contract, the
Non-Competition, Non-Solicitation, Confidentiality and Assignment of Inventions agreement to which the Participant is a party, if any, or any other agreement between the
Participant and the Company, the right to exercise this option shall terminate immediately upon such violation. 

  
 1 

 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph
(e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this
option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 

(e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment is terminated by the Company for
Cause (as defined in below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment. If, prior to the Final Exercise Date, the Participant is given notice by the Company of the
termination of his or her employment by the Company for Cause, and the effective date of such employment termination is subsequent to the date of delivery of such notice, the right to exercise this option shall be suspended from the time of the
delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment shall not be terminated for Cause as provided in such notice or (ii) the effective date of such
termination of employment (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination of employment). If the Participant is subject to an individual employment
agreement with the Company or eligible to participate in a Company severance plan or arrangement, in any case which agreement, plan or arrangement contains a definition of “cause” for termination of employment, “Cause”
shall have the meaning ascribed to such term in such agreement, plan or arrangement. Otherwise, “Cause” shall mean, with respect to the Participant (a) dishonesty with respect to the Company or any affiliate,
(b) insubordination, substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by the Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any affiliate, and (e) conduct substantially prejudicial to the business of the Company
or any affiliate. The determination of the administrator of the Plan as to the existence of Cause will be conclusive on the Participant and the Company. The Participant’s employment shall be considered to have been terminated for Cause if the
Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 
  

	4.	 Tax Matters. 

(a) Withholding. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company,
or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

(b) Disqualifying Disposition. If the Participant disposes of Shares acquired upon exercise of this option within two years from the
Grant Date or one year after such Shares were acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition. 
  

	5.	 Transfer Restrictions; Clawback. 

(a) This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant. 

(b) In accepting this option, the Participant agrees to be bound by any clawback policy that the Company may adopt in the future. 

 

	6.	 Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 

  
 2 

 ANNEX A 

X4 PHARMACEUTICALS, INC. 

Stock Option Exercise Notice 
 X4
Pharmaceuticals, Inc. 
 955 Massachusetts Avenue, 4th Floor 

Cambridge, MA 02139 
 Dear Sir or Madam: 

I, (the “Participant”), hereby irrevocably exercise the right to purchase
                             shares of the Common Stock, $0.001 par value per share (the
“Shares”), of X4 Pharmaceuticals, Inc. (the “Company”) at
$                             per share pursuant to the Company’s 2017 Equity Incentive Plan (the
Arsanis, Inc. 2017 Equity Incentive Plan) and a stock option agreement with the Company dated
                             (the “Option Agreement”). Enclosed herewith is a payment
of $                            , the aggregate purchase price for the Shares. The certificate for the
Shares should be registered in my name as it appears below or, if so indicated below, jointly in my name and the name of the person designated below, with right of survivorship. 

 

			
		
	Dated:	 	 
	Signature
	Print Name:
		
	Address:	 	 
	
	 

 Name and address of persons in whose name the Shares are to be jointly registered (if applicable):

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