SEC Contract Filing

Filing Date: 2020-11-20

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>10
<FILENAME>d60619dex107.htm
<DESCRIPTION>EX-10.7
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<TITLE>EX-10.7</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Execution Version </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ExSTING ANTAGONIST CONTINGENT VALUE RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS STING ANTAGONIST CONTINGENT VALUE RIGHTS AGREEMENT, dated as of November 20, 2020 (this&nbsp;&#147;<B>Agreement</B>&#148;), is entered
into by and among Spring Bank Pharmaceuticals, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), <FONT STYLE="white-space:nowrap">F-Star</FONT> Therapeutics Limited, a company registered in England and Wales with company number 11532458
(&#147;<B>F</B><B><FONT STYLE="white-space:nowrap">-Star</FONT></B>&#148;), Computershare Inc., a Delaware corporation (&#147;Computershare&#148;), and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust
company (collectively with Computershare, the &#147;<B>Rights Agent</B>&#148;), and Martin Driscoll, acting solely in his capacity as representative of the Holders (as defined herein) (the&nbsp;&#147;<B>Holder Representative</B>&#148;). Capitalized
terms not defined herein shall have the meanings ascribed to them in the Share Exchange Agreement (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The Company, <FONT
STYLE="white-space:nowrap">F-Star,</FONT> and certain other Persons (the &#147;<B>Sellers</B>&#148;) have entered into a Share Exchange Agreement (the &#147;<B>Share Exchange Agreement</B>&#148;), pursuant to which the Sellers will sell to the
Company, and the Company will purchase from the Sellers, all of the <FONT STYLE="white-space:nowrap">F-Star</FONT> Shares (the &#147;<B>Acquisition</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Pursuant to Section&nbsp;1.7 of the Share Exchange Agreement, prior to the consummation of the Acquisition, the Company wishes to create
and issue contractual contingent value rights relating to the CVR Assets (as defined herein) to the record holders of the Common Stock (as defined herein) as of the Record Date (as defined herein) prior to the consummation of the Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Board of Directors of the Company, or an appropriately constituted and authorized committee of the Board of Directors of the Company,
has authorized and declared a dividend of one CVR (as defined herein) for each share of Common Stock outstanding at 5:01 p.m. Eastern Time on the Record Date. The payment of such dividend will be conditioned upon, and such dividend will only become
payable upon, the satisfaction or waiver of all conditions to the Acquisition and the occurrence of the time that is immediately prior to the consummation of the Acquisition. The Company will pay the dividend immediately prior to the consummation of
the Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, and in consideration of the premises and the consummation of the transactions referred to above, it is
mutually agreed, for the benefit of the Holders, as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.1
Definitions</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) all accounting terms used herein and not expressly defined herein have the meanings assigned to such terms in accordance with United
States generally accepted accounting principles, as in effect on the date hereof; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) unless the context otherwise requires, words describing the singular number include
the plural and vice versa, words denoting any gender include all genders and words denoting natural Persons include corporations, partnerships and other Persons and vice versa; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the words &#147;include&#148; and &#147;including&#148; and variations thereof will not be deemed to be terms of limitation, but rather
will be deemed to be followed by the words &#147;without limitation&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the terms &#147;hereof&#148;, &#147;hereunder&#148;,
&#147;herein&#148; and words of similar import refer to this Agreement as a whole and not to any particular Article, Secti