Document:

EX-10.17

 [*] = Certain confidential information contained in this document, marked by brackets, is filed with the
Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Exhibit 10.17 

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED LICENSING AGREEMENT 

This Amendment No. 1 (“Amendment No. 1”) to the Second Amended and Restated Licensing Agreement dated
December 30, 2010 (the “Agreement”) by and between Amunix Operating, Inc. (“Licensor”) and Versartis, Inc. (“Licensee”). 

WHEREAS, the parties desire to amend the Agreement as set forth in this Amendment No. 1 effective upon the close of
Licensee’s Series C financing (the “Amendment No. 1 Effective Date”). 
 NOW, THEREFORE, in exchange for
good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows: 
 1. Definitions.
Capitalized terms not otherwise defined in this Amendment No. 1 shall have the same meaning as in the Agreement, as amended hereby. 

2. Amendments. The Agreement is hereby amended as follows: 
  

	 	a.	The following new definition of Cover is hereby inserted in the Agreement: 

“Cover” (in all its verb and adjectival forms, such as “Covered” and “Covers”) means (a) with
respect to Valid Claims in an issued patent, that, in the absence of a license, the use, sale, or manufacture of the product in question would infringe such Valid Claim or (b) with respect to a Valid Claim in a pending application, that, in the
absence of a license, the use, offer for sale, sale, importation or manufacture of the product in question would infringe such Valid Claim, should such claims issue in substantially the same form as during its pendency. 

 

	 	b.	The following new definition of Control is hereby inserted in the Agreement: 

“Control” “Controls” or “Controlling” means with respect to any Intellectual Property
right, the possession of (whether by ownership or license, other than licenses granted pursuant to this Agreement) or the ability of a Party to grant access to, or a license or sublicense of, such right as provided for herein (a) without
violating the terms of any agreement or other arrangement with any third party existing as of the first time such Intellectual Property right is within the license (or sublicense) granted to the other Party hereunder or (b) [*]. Notwithstanding
anything to the contrary in this Agreement, the following shall not be deemed to be Controlled by Licensor: (1) any Intellectual Property right owned or licensed by any third-party entity merging or consolidating with or acquiring Licensor
where such third-party entity is 

  
 1. 

 
the successor in interest to Licensor (the “Licensor Successor Entity”) immediately prior to the effective date of such merger, consolidation or acquisition, and (ii) any
Intellectual Property right that any Licensor Successor Entity subsequently develops without practicing or otherwise using the rPEG Licensed IP. 
  

	 	c.	Section 1.6 of the Agreement is hereby deleted in its entirety and replaced by the following: 

1.6 “Covered Product” means a specific composition of matter that: (a) consists of a specific set of modifications to a
single Selected Target, including without limitations deletions, substitutions, fusions or fragments of such Selected Target to which an rPEG molecule has been attached, (b) is created using or otherwise Covered by the rPEG Licensed IP, and
(iii) is selected by Licensee for clinical development by Licensee or a sub-licensee of Licensee. 
  

	 	d.	The following new definition of Field is hereby inserted in the Agreement: 

“Field” means all therapeutic applications in humans, including the diagnosis, treatment and prevention of disease, in all
indications and forms of administrations in humans. 
  

	 	e.	Section 1.10 of the Agreement is hereby deleted in its entirety and replaced by the following: 

1.10 “Licensed Patents” means (i) those United States and international patents and applications listed on Attachment A
attached hereto, which Attachment A shall be updated from time to time by Licensor to include the patents and patent applications which are described in clause (ii) below, (ii) any other patents or patent applications Controlled by
Licensor which claim rPEG molecules, Targets attached to an rPEG molecule, or methods to make and use Targets attached to an rPEG molecule, (iii) any and all applications related to any of the foregoing, including, without limitation, any
continuations, continuations in part and divisions, (iv) and any patents issuing from any of the foregoing including, without limitation, reissues, registrations, reexamination certificates and extensions, as well as any patent applications and
patents claiming a priority to any of the foregoing, and exclusivity periods and the like of any such patents and patent applications, and (v) any and all foreign counterparts related to any of the foregoing or any subject matter thereof.
Notwithstanding the foregoing, Licensed Patents shall exclude all patents and patent applications claiming any product incorporating growth hormone (or any analog or homolog thereof) intended solely for veterinary indications. 

 

	 	f.	Section 1.18 of the Agreement is hereby deleted in its entirety and replaced by the following: 

1.18 “rPEG Technology” means all materials, know-how, and other proprietary technology with respect to rPEG, Targets to
which an rPEG molecule has been attached, or methods to make and use rPEG and attached Targets. 
  

	 	g.	Section 1.19 of the Agreement is hereby deleted in its entirety and replaced by the following: 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2. 

 1.19 “rPEG Licensed IP” means collectively: (a) the Licensed Patents to
the extent claiming the rPEG Technology and (b) Know-how, in each case Controlled by Licensor. 
  

	 	h.	Section 1.21 of the Agreement is hereby deleted in its entirety and replaced by the following: 

1.21 “Target” means any human protein or human peptide (or human homolog or amino acid fragment variant of such protein)
with a specified biological activity (e.g., agonist or antagonist). 
  

	 	i.	Section 2.5 of the Agreement is hereby deleted in its entirety and replaced by the following: 

2.5 Exclusivity and Licenses. 

(a) Grant of Rights. Licensee is hereby granted a worldwide, exclusive, irrevocable (except as set forth in Section 5.2, below),
sub-licensable right and license under the rPEG Licensed IP to research, develop, make, have made and use Covered Products and to make, have made, use, sell, offer for sale, import, export, and otherwise fully exploit up to four specific Marketed
Products in the Field. For purposes of clarification, Licensee shall not have any rights to the rPEG Licensed IP except as set forth in this Section 2.5 and in each case subject to Section 2.7, below. The foregoing grant of rights shall be
subject to: (i) the retained rights of the U.S. Government under 35 U.S.C. §200 et seq. and 37 C.F.R. §401, if any, and (ii) an obligation under 35 U.S.C. §204, if applicable, that Covered Products and Marketed Products be
manufactured substantially in the United States, unless Licensee obtains a waiver from the appropriate federal agency. 
  

	 	j.	Section 4.1 of the Agreement is hereby deleted in its entirety and replaced by the following: 

4.1 Prosecution. 
 (a)
Control. For purposes of this Section, the party controlling the filing, prosecution and maintenance of the Licensed Patent shall be the “Prosecuting Party.” Until Acquisition of Licensee by an Acquirer (the
“Pre-Acquisition Period”) and as between the parties hereto, Licensor shall have the sole right to act as the Prosecuting Party with respect to all Licensed Patents. Notwithstanding the foregoing, if during the Pre-Acquisition
Period Licensor determines to abandon prosecution, or not to pay any applicable maintenance fee, with respect to any Licensed Patent that is primarily applicable to a Covered Product, either in its entirety or in any particular jurisdiction, it will
give Licensee such advance written notice of such determination as is reasonably practicable (but no less than [*] advance notice). In such event, Licensee may, by written notice to Licensor, elect to continue the prosecution and maintenance of such
Licensed Patent at Licensee’s sole expense and in such event shall be the Prosecuting Party therefor. For clarity, Licensed Patents that are “primarily applicable” to a Covered Product are those patents and applications with claims
that Cover a Covered Product and/or Marketed Product in the Field. Licensor shall have the right to file and prosecute applications and patents, including divisionals of Licensed Patents, that [*], and such application and patents [*]. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3. 

 (b) Cooperation and Right to Review and Comment. For purposes of this Article 4,
references to a party’s right of review and comment shall mean in each case that the Prosecuting Party shall consult with the other party in good faith regarding the preparation, filing, prosecution, and maintenance of the applicable Patents.
The other party agrees to cooperate with Prosecuting Party in the prosecution and maintenance of the Licensed Patents, by disclosing such information as may be necessary and by promptly executing such documents as the Prosecuting Party may
reasonably request to effect such efforts. The Prosecuting Party shall provide the other party, upon request, with copies of all official actions and other communications received by the Prosecuting Party or its patent counsel, or submitted by the
Prosecuting Party or its patent counsel, from or to the United States Patent and Trademark Office (and corresponding foreign authorities) with respect to the Licensed Patents that are primarily applicable to a Covered Product. The Prosecuting Party
shall consult with the other party in good faith regarding the preparation, filing, prosecution, and maintenance of the Licensed Patents that are primarily applicable to a Covered Product for which the Prosecuting Party is responsible, including the
conduct of interferences, derivation proceedings, reissues, reexaminations, the defense of oppositions, post-grant reviews, inter partes reviews, and other similar proceedings with respect to such Licensed Patents. Without limiting the foregoing,
the Prosecuting Party will timely provide the other party with a copy of any proposed patent application within the Licensed Patents that are primarily applicable to a Covered Product for which it is responsible and any response or submission to any
patent office at least [*] prior to the filing or response deadline and will consider in good faith all comments made by the other party with respect to such draft response or submission. To that end, the Prosecuting Party will keep the other party
reasonably informed of the status of the Licensed Patents that are primarily applicable to a Covered Product for which the Prosecuting Party is responsible, including, without limitation: (A) by providing copies of all material communications
received from or filed in patent office(s), or received from or sent to foreign attorneys, with respect to such filing, (B) by providing a status report at least annually and (C) by providing, prior to taking or failing to take any action
that would materially affect the pendency of any such filing, written notice at least [*] in advance of such proposed action or inaction so that the other party has a reasonable opportunity to review and comment. The parties each agree to enter into
a reasonable commonality of interest agreement if deemed advisable by their respective patent counsel. The reference to “business days” means Monday through Friday, unless such day is a national holiday. 

(c) Filing, Prosecution and Maintenance Costs. Except as set forth herein, for so long as Licensor is the Prosecuting Party for any
Licensed Patent, Licensee will reimburse the Licensor for: (i) 100 percent of the reasonable filing, prosecution and maintenance costs with respect to Licensed Patents that are primarily applicable to the Covered Products and (ii) [*]
percent of the reasonable filing, prosecution and maintenance costs for all other Licensed Patents. As of the Effective Date, the Licensed Patents that are primarily applicable to the Covered Products include those Licensed Patents listed on
Attachment C hereto. All reimbursements under this Subsection shall be made within [*] from receipt of invoice setting forth in reasonable detail the services provided. Upon Acquisition by an Acquirer (i.e. after the Pre-Acquisition Period), the
reimbursement obligations of the Licensee under this Section will terminate. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4. 

 (d) Prosecution Following Acquisition. After the Pre-Acquisition Period, Acquirer shall
have the right, exercisable on [*] advance notice to Licensor, to assume the role of Prosecuting Party for the filing, prosecution and maintenance of the Licensed Patents primarily applicable to a Covered Product or Marketed Product in the Field,
pursuant to which Acquirer has obtained rights by virtue of the Acquisition, at Acquirer’s expense and using counsel selected by Acquirer and notified to Licensor, in which case Licensor shall promptly transfer or caused to be transferred to
Acquirer or its designee all files related thereto. If thereafter, Acquirer determines to no longer so file, prosecute or maintain any such Licensed Patent it shall provide Licensor such advance written notice of such determination as is reasonably
practicable (but no less than [*] advance notice), in which case Licensor shall have the right, at its sole expense, to assume the role of Prosecuting Party with respect to such Licensed Patent and Acquirer shall promptly transfer or caused to be
transferred to Licensor or its designee all files related thereto and shall have no further rights thereto hereunder. Acquirer’s rights under this subsection (d) shall be subject to Licensor’s right to review and comment under
Section 4.1(b), above. In furtherance of the foregoing requirements, Licensor and Acquirer shall enter into a reasonable commonality of interest agreement if deemed advisable by their respective patent counsel. 

 

	 	k.	Attachment A to the Agreement is hereby deleted in its entirety and replaced with Attachment A to this Amendment No. 1. 

  

	 	l.	Attachment C to this Amendment No. 1 is hereby added to the Agreement. 

 3. No other
amendments. No amendments are made other than those expressly set forth in this Amendment No. 1, and all provisions of the Agreement unaffected by this Amendment No. 1 remain in full force and effect. In the event of a conflict between
the Agreement and this Amendment No. 1, this Amendment No. 1 shall control. 
 4. Entire Agreement. This Amendment
No. 1 sets forth the entire agreement and understanding between the Parties with respect to the amendment of the Agreement, and supersedes all previous agreements, promises, representations, understandings and negotiations, whether written or
oral, between the Parties, with respect to the amendment and addition of the same. 
 5. Governing Law. This Amendment No. 1
shall be governed by the Laws of the State of California, without reference to conflict of laws principles. 
 6. Counterparts. This
Amendment No. 1 may be executed in two or more counterparts, each of which shall constitute an original, and all of which together shall constitute a single instrument. 

[Signature page follows] 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5. 

 IN WITNESS WHEREOF, each party by its designated authority has executed this Amendment No. 1
effective as of the Amendment No. 1 Effective Date. 
  

									
	AMUNIX OPERATING, INC.	 		  	 VERSARTIS, INC.

					
	By:	 	 /s/ Willem Stemmer
	 		  	By:	 	 /s/ Jeffrey L. Cleland

	 Name: Willem Stemmer
 Title:
CEO
	 		  	 Name: Jeffrey L. Cleland
 Title:
CEO

  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6. 

 Attachment A – Licensed Patents 

 

															
	 WSGR Ref. No.
	 	 Case Type
	 	 Country
	  	 Application
No.
	  	 Filing Date
	  	 Patent No. /
Publ. No.
	  	 Pat. Date /
Publ. Date
	  	 Title

	[*]	 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7. 

 Attachment C – Licensed Patents Primarily Applicable to Covered Products 

 

															
	 WSGR Ref. No.
	 	 Case
Type
	 	 Country
	  	 Application
No.
	  	 Filing Date
	  	 Pat. No. /
Publ. No.
	  	 Pat. Date /
Publ. Date
	  	 Title

	[*]	 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	
		 		 		  		  		  		  		  	

  
 [*] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8.EX-10.18

 Exhibit 10.18 

VERSARTIS, INC. 

December 20, 2010 
 Jeffrey L. Cleland,
Ph.D. 
 Dear Jeff: 
 Versartis, Inc. (the
“Company”) is pleased to offer you employment on the following terms: 
 1. Position. Your title will be Chief
Executive Officer, and you will report to the Company’s Board of Directors (the “Board”). This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other
business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would
prohibit you from performing your duties for the Company. However, it is agreed that your existing consulting agreement with Amunix is consistent with this Section 1, and your assignment as Chief Executive Officer of Diartis Pharmaceuticals is
also consistent with this Section 1. 
 2. Cash Compensation. The Company will pay you a starting salary at the
rate of $270,000 per year payable in accordance with the Company’s standard payroll schedule. This base salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. In addition,
you will be eligible to be considered for an incentive bonus for each fiscal year of the Company. The bonus (if any) will be awarded based on objective or subjective criteria established by the Board. Your target bonus will be equal to 20 percent of
your annual base salary. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year, based upon achievement of personal and corporate milestones
approved each year. Any bonus for a fiscal year will be paid within 2 1⁄2 months after the close of that fiscal year, but only if you are still employed by the
Company at the time of payment. The determinations of the Board with respect to your bonus will be final and binding. 
 3.
Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy,
as in effect from time to time. 
 4. Stock Options. Subject to the approval of the Board, the Company will grant you
an option to purchase 1,222,222 shares of the Company’s Common Stock (the “Option”). The Option will be granted as soon as reasonably practicable after the date of this letter agreement. The exercise price per share of the Option will
be equal to the fair market value per share of the Company’s Common Stock, as determined by the Board when the Option is granted. The term of the Option will be 10 years, subject to earlier expiration in the event of 

 
the termination of your employment. The grant of the Option will be subject to the terms and conditions set forth in the Versartis, Inc. 2009 Stock Plan and in the Company’s standard form of
Stock Option Agreement. The Option will be immediately exercisable, but the purchased shares will be subject to repurchase by the Company at the exercise price or their fair market value (whichever is lower) in the event that your employment
terminates before you vest in the shares. You will vest in the Option shares as follows: 
 (a) First Tranche. This
Subsection (a) will apply to the first 861,111 Option shares (the “First Tranche”). You will vest in 25% of the First Tranche after the first 12 months of continuous service, commencing on January 11, 2009, and will vest in the
balance of the First Tranche in equal monthly installments over the next three years of continuous service. The vested percentage of the First Tranche will be determined by adding 12 months to the actual period of service that you have completed
with the Company if (i) the Company is subject to a Change in Control before your service with the Company terminates and (ii) the Company terminates your service without Cause.1 

(b) Second Tranche. This Subsection (b) will apply to 194,444 Option shares (the “Second Tranche”). You
will vest in the Second Tranche only if (i) the Second Closing Milestones, as defined in the Versartis, Inc. Series A Preferred Stock Purchase Agreement dated December 29, 2008 (the “Purchase Agreement”), are satisfied on or
before June 30, 2010, and (ii) the “Second Closing,” as defined in the Purchase Agreement, has occurred. Provided that the requirements described in the preceding sentence have been met, you will vest in 25% of the Second Tranche
after the first 12 months of continuous service, commencing on January 11, 2009, and will vest in the balance of the Second Tranche in equal monthly installments over the next 36 months of continuous service. The vested percentage of the Second
Tranche will be determined by adding 12 months to the actual period of service that you have completed with the Company if (i) the Second Closing Milestones have been satisfied on or before June 30, 2010, (ii) the Second Closing has
occurred, (iii) the Company is subject to a Change in Control before your service terminates and (iv) your service is terminated without Cause. 

(c) Third Tranche. This Subsection (c) will apply to the remaining 166,667 Option shares (the “Third
Tranche”). You will vest in the Third Tranche only if (i) the Third Closing Milestones, as defined in the Purchase Agreement, are satisfied on or before April 30, 2011, and (ii) the “Third Closing,” as defined in the
Purchase Agreement, has occurred. Provided that the requirements described in the preceding sentence have been met, you will vest in 25% of the Third Tranche after the first 12 months of continuous service, commencing on January 11, 2009, and
will vest in the balance of the Third Tranche in equal monthly installments over the next 36 months of continuous service. The vested percentage of the Third Tranche will be determined by adding 12 months to the actual period of service that you
have completed with the Company if (i) the Third Closing Milestones have been satisfied on or before 
  

	1 	 Several capitalized terms are defined in Section 11 

 
April 30, 2011, (ii) the Third Closing has occurred, (iii) the Company is subject to a Change in Control before your service terminates and (iv) your service is terminated
without Cause. 
 For purposes of this Section 4, your service will include your services under the Consulting Agreement dated January 11, 2009,
between you and the Company (the “Consulting Agreement”) and your employment pursuant to this letter agreement. The grant of the Option will be in lieu of the stock purchase described in Section 5 of the Consulting Agreement. The
Board may freely assign the Company’s repurchase right in whole or in part. 
 5. Severance Benefits. 

(a) General. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a Separation
occurs, then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you have: (i) have returned all Company property in your possession, (ii) have resigned as a member of
the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against the Company or persons affiliated with the Company. The release must
be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the “Release Deadline”). The Release Deadline will in no event be
later than 60 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. 

(b) Salary Continuation. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a
Separation occurs, then the Company will continue to pay your base salary for a period of six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company’s
standard payroll procedures. The salary continuation payments will commence within 30 days after the Release Deadline and, once they commence, will be retroactive to the date of your Separation. The salary continuation payments will end when you
commence new employment or substantial self-employment. 
 (c) COBRA. If the Company terminates your employment for any
reason other than Cause or Permanent Disability, a Separation occurs, and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company
will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the six-month period following your Separation, (ii) the expiration of your continuation coverage under
COBRA or (iii) the date when you commence new employment or substantial self-employment. 
 (d) Accelerated
Vesting. If the Company terminates your employment for any reason other than Cause or Permanent Disability and a Separation occurs, and if vesting does not accelerate under Section 4, then the vested percentage of the shares subject to the
Option will be determined by adding six months to the actual period of service that you have completed with the Company. 

 (e) Exercise of Option. If the Company terminates your employment for any reason
other than Cause or Permanent Disability and a Separation occurs, you will have the opportunity to exercise the vested portion of your Option until the first anniversary of your termination. 

6. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your
employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

7. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will
be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement.
This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at
will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

8. Tax Matters. 

(a) Withholding. All 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. 
 (b) Section 409A. For purposes of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each salary continuation payment under Section 5(b) is hereby designated as a separate payment. If the Company determines that you are a “specified
employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then the salary continuation payments under Section 5(b), to the extent that they are subject to Section 409A of the Code, will commence during
the seventh month after your Separation and the installments that otherwise would have been paid during the first six months after your Separation will be paid in a lump sum when the salary continuation payments commence. 

(c) Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that
the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation.

 9. Restrictions on Transfer. You shall not be permitted to transfer the Option, or any shares of Common Stock issued
upon exercise of the Option, without the consent of Index Ventures IV (Jersey), L.P., its affiliates, or its representatives (the “Transfer Restriction”). The Transfer Restriction shall not apply to a transfer to any spouse or member of
your immediate family, or to a custodian, trustee (including a trustee of a voting trust), executor or other fiduciary for the account of your spouse or members of your immediate family, or to a trust for yourself, or a charitable remainder trust.
The Transfer Restriction shall terminate and be  

 
of no further force or effect upon (a) the consummation of the Company’s sale of its Common Stock or other securities pursuant to a registration statement under the Securities Act of
1933, as amended, or (b) a Change in Control. 
 10. Interpretation, Amendment and Enforcement. This letter agreement and
Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied)
between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any
disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the
Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in San Clara
County, California, in connection with any Dispute or any claim related to any Dispute. 
 11. Definitions. The following
terms have the meaning set forth below wherever they are used in this letter agreement: 
 “Cause” means (a) your
unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your
material failure to comply with the Company’s written policies or rules, (d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your
gross negligence or willful misconduct, (f) your continuing failure to perform assigned duties after receiving written notification of the failure from the Board or (g) your failure to cooperate in good faith with a governmental or
internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. 

“Change in Control” means (a) the consummation of a merger or consolidation of the Company with or into another entity
or (b) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company does not constitute a “Change in Control” if immediately after the merger or consolidation a
majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the continuing or surviving entity, will be owned by the persons who were the Company’s stockholders
immediately prior to the merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to the merger or consolidation. 

“Permanent Disability” means that you are unable to perform the essential functions of your position, with or without
reasonable accommodation, for a period of at least 120 consecutive days because of a physical or mental impairment. 

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code.

 * * * * * 

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing
and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. As required by law, your employment with the Company is contingent upon your
providing legal proof of your identity and authorization to work in the United States. 
  

					
	Very truly yours,
	
	VERSARTIS, INC.,
		
	By:	 	 /s/ M. De Boer

					
	Title:	 	 Chairman
 M. De
Boer

 I have read and accept this employment offer: 

 

	
	 /s/ Jeffrey L. Cleland

	 Signature of Employee
  

Dated: 20 Dec 2010

 Attachment  
 Exhibit A:
Proprietary Information and Inventions Agreement 

 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

The following confirms and memorializes an agreement that Versartis, Inc. (the “Company”) and I (Jeffrey L. Cleland)
have had since the commencement of my employment (which term, for purposes of this agreement, shall be deemed to include any relationship of service to the Company that I may have had prior to actually becoming an employee) with the Company in any
capacity and that is and has been a material part of the consideration for my employment by Company: 
 1. I have not entered into,
and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement or my employment with Company. I will not violate any agreement with or rights of any third party or, except as expressly authorized by Company
in writing hereafter, use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company. Further, I have not retained anything
containing any confidential information of a prior employer or other third party, whether or not created by me. 
 2. Company shall own all
right, title and interest (including all intellectual property rights of any sort throughout the world) relating to any and all inventions, works of authorship, designs, know-how, ideas and information made or conceived or reduced to practice, in
whole or in part, by me in connection with my employment with Company to and only to the fullest extent allowed by California Labor Code Section 2870 (which is attached as Appendix A) (collectively “Inventions”) and I will promptly
disclose all Inventions to Company. Without disclosing any third party confidential information, I will also disclose anything I believe is excluded by Section 2870 so that the Company can make an independent assessment. I hereby make all
assignments necessary to accomplish the foregoing. I shall further assist Company, at Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be
so owned or assigned. I hereby irrevocably designate and appoint Company as my agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and in my behalf to execute and file any document and to do all other
lawfully permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by me. If I wish to clarify anything created by me prior to my employment that relates to Company’s actual or proposed
business, I have listed it on Appendix B in a manner that does not violate any third party rights or disclose any confidential information. Without limiting Section 1 or Company’s other rights and remedies, if; when acting within the scope
of my employment or otherwise on behalf of Company, I use or disclose my own or any third party’s confidential information or intellectual property (or if any Invention cannot be fully made, used, reproduced, distributed and otherwise exploited
without using or violating the foregoing), Company will have and I hereby grant Company a perpetual, irrevocable, worldwide, royalty-free, fully paid-up, non-exclusive, sublicensable right and license to exploit and exercise all such confidential
information and intellectual property rights. 
 3. To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”). To the extent I retain
any such Moral Rights under applicable law, I hereby ratify and consent to any 

 
action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with respect thereto. I will confirm any such ratifications,
consents and agreements from time to time as requested by Company. 
 4. I agree that all Inventions and all other business, technical and
financial information (including, without limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the business or demonstrably anticipated
business of Company or that are received by or for Company in confidence, constitute “Proprietary Information.” I will hold in confidence and not disclose or, except within the scope of my employment, use any Proprietary Information.
However, I shall not be obligated under this paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine. Upon termination of my employment, I will promptly return to
Company all items containing or embodying Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this
Agreement. I also recognize and agree that I have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and
voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice. 

5. Until one (1) year after the term of my employment, I will not encourage or solicit any employee or consultant of Company to leave
Company for any reason (except for the bona fide firing of Company personnel within the scope of my employment). 
 6. I agree that during
the term of my employment with Company (whether or not during business hours), I will not engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person
or organization in competing or in preparing to compete with any business or demonstrably anticipated business of Company. 
 7. I agree
that this Agreement is not an employment contract for any particular term and that I have the right to resign and Company has the right to terminate my employment at will, at any time, for any or no reason, with or without cause. In addition, this
Agreement does not purport to set forth all of the terms and conditions of my employment, and, as an employee of Company, I have obligations to Company which are not set forth in this Agreement. However, the terms of this Agreement govern over any
inconsistent terms and can only be changed by a subsequent written agreement signed by the President of Company. 
 8. I agree that my
obligations under paragraphs 2, 3, 4, 5, 8 and 9 of this Agreement shall continue in effect after termination of my employment, regardless of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part,
and that Company is entitled to communicate my obligations under this Agreement to any future employer or potential employer of mine. My obligations under paragraphs 2, 3, 4, 5, 8 and 9 also shall be binding upon my heirs, executors, assigns, and
administrators and shall inure to the benefit of Company, it subsidiaries, successors and assigns. 

 9. Any dispute in the meaning, effect or validity of this Agreement shall be resolved in
accordance with the laws of the State of California without regard to the conflict of laws provisions thereof. I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under applicable California law,
such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance with its terms. This
Agreement is fully assignable and transferable by the Company, but any purported assignment or transfer by me is void. I also understand that any breach of this Agreement will cause irreparable harm to Company for which damages would not be an
adequate remedy, and, therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies and without any requirement to post bond. 

I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES
OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE OTHER COUNTERPART WILL BE RETAINED
BY ME. 
  

			
	April 6, 2009	  	 Employee
  

/s/ Jeffrey L. Cleland

		  	 Signature
  

Jeffrey L. Cleland

		  	Name (Printed)

 Accepted and Agreed to: 
  

			
	VERSARTIS, INC. 
		
	By	 	 /s/ [Illegible]

 APPENDIX A 

California Labor Code Section 2870. Application of provision providing that employee shall assign or offer to assign rights in
invention to employer. 
 (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to
assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret
information except for those inventions that either: 
 (1) Relate at the time of conception or reduction to practice of the invention to
the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work
performed by the employee for his employer. 
 (b) To the extent a provision in an employment agreement purports to require an employee to
assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 

 APPENDIX B

PRIOR MATTER

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