<SEC-DOCUMENT>0001193125-18-265035.txt : 20180831
<SEC-HEADER>0001193125-18-265035.hdr.sgml : 20180831
<ACCEPTANCE-DATETIME>20180831161136
ACCESSION NUMBER:		0001193125-18-265035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180828
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180831
DATE AS OF CHANGE:		20180831

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CATALYST BIOSCIENCES, INC.
		CENTRAL INDEX KEY:			0001124105
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				562020050
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51173
		FILM NUMBER:		181050270

	BUSINESS ADDRESS:	
		STREET 1:		260 LITTLEFIELD AVENUE
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94080
		BUSINESS PHONE:		6507450655

	MAIL ADDRESS:	
		STREET 1:		260 LITTLEFIELD AVENUE
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94080

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TARGACEPT INC
		DATE OF NAME CHANGE:	20000919
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d612321d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): August&nbsp;31, 2018 (August&nbsp;28, 2018) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CATALYST BIOSCIENCES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-51173</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">56-2020050</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>260 Littlefield Ave.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>South San Francisco, California</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>94080</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">266-8674</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934
(&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this chapter). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Executive Officer Employment Agreements </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Between August&nbsp;28, 2018 and August&nbsp;30, 2018, following approval by the Compensation Committee of the Board of Directors, Catalyst Biosciences, Inc.,
a Delaware corporation (the &#147;Company&#148;), entered into amended and restated employment agreements (each, an &#147;Amended and Restated Employment Agreement&#148; and, collectively, the &#147;Amended and Restated Employment Agreements&#148;)
with Dr.&nbsp;Nassim Usman, Ph.D., the Company&#146;s President and Chief Executive Officer, Dr.&nbsp;Howard Levy, M.B.B.Ch., Ph.D., M.M.M., the Company&#146;s Chief Medical Officer, and Mr.&nbsp;Fletcher Payne, the Company&#146;s Chief Financial
Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copies of the Amended and Restated Employment Agreements are attached hereto as Exhibits 10.1, 10.2, and 10.3, and are incorporated herein by
reference. The following description of the amendments made to the original employment agreements by way of the Amended and Restated Employment Agreements does not purport to be complete and is qualified in its entirety by reference to the Amended
and Restated Employment Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amended and Restated Employment Agreement with Dr.&nbsp;Usman </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;Usman&#146;s Amended and Restated Employment Agreement provides that if the Company terminates Dr.&nbsp;Usman&#146;s employment without
&#147;cause&#148; or as a result of &#147;constructive termination&#148; (each as defined therein), in each case outside of the &#147;Change in Control Protection Period&#148; (as defined below), Dr.&nbsp;Usman would be eligible to receive, subject
to certain conditions described in Dr.&nbsp;Usman&#146;s Amended and Restated Employment Agreement, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">continued base salary for twelve (12)&nbsp;months after the termination (the &#147;Usman Severance Period&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accelerated vesting of options that would otherwise have vested during the Usman Severance Period; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payment by the Company of the same portion of his monthly premium under COBRA as it pays for active employees
until the close of the Usman Severance Period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Dr.&nbsp;Usman&#146;s Amended and Restated Employment Agreement provides
that if Dr.&nbsp;Usman&#146;s employment is terminated without &#147;cause&#148; or as a result of &#147;constructive termination,&#148; in each case during the six (6)&nbsp;month period prior to or the eighteen (18)&nbsp;month period following a
&#147;change in control&#148; (as defined in the Company&#146;s 2018 Omnibus Incentive Plan, as amended from time to time, the &#147;Change in Control Protection Period&#148;), Dr.&nbsp;Usman would be eligible to receive, subject to certain
conditions described in Dr.&nbsp;Usman&#146;s Amended and Restated Employment Agreement, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">severance payments, equal to the sum of (a) 150% of his annual base salary and (b) 150% of his maximum annual
performance-based bonus, paid in equal installments for eighteen (18)&nbsp;months after the termination (the &#147;Usman <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accelerated vesting of 100% percent of any unvested options; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payment by the Company of the same portion of his monthly premium under COBRA as it pays for active employees
until the close of the Usman Severance Period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amended and Restated Employment Agreements with Dr.&nbsp;Levy and Mr.&nbsp;Payne
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Amended and Restated Employment Agreements with Dr.&nbsp;Levy and Mr.&nbsp;Payne provide that if the Company terminates the officer&#146;s
employment without &#147;cause&#148; or as a result of &#147;constructive termination&#148; (each as defined in the applicable Amended and Restated Employment Agreement), in each case outside of the Change in Control Protection Period, the officer
would be eligible to receive, subject to certain conditions described in the applicable Amended and Restated Employment Agreement, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">continued base salary for nine (9)&nbsp;months after the termination (the &#147;Levy-Payne Severance
Period&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accelerated vesting of options that would otherwise have vested during the Levy-Payne Severance Period; and
</P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payment by the Company of the same portion of the officer&#146;s monthly premium under COBRA as it pays for
active employees until the close of the Levy-Payne Severance Period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Amended and Restated Employment Agreements with
Dr.&nbsp;Levy and Mr.&nbsp;Payne provide that if the officer&#146;s employment is terminated without &#147;cause&#148; or as a result of &#147;constructive termination,&#148; in each case during the Change in Control Protection Period, the officer
would be eligible to receive, subject to certain conditions described in the applicable Amended and Restated Employment Agreement, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">severance payments, equal to the sum of (a) 100% of the officer&#146;s annual base salary and (b) 100% of the
officer&#146;s maximum annual performance-based bonus, paid in equal installments for twelve (12)&nbsp;months after the termination (the &#147;Levy-Payne <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accelerated vesting of 100% percent of any unvested options; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payment by the Company of the same portion of the officer&#146;s monthly premium under COBRA as it pays for
active employees until the close of the Levy-Payne <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d612321dex101.htm">Amended and Restated Employment Agreement, dated as of August&nbsp;28, 2018, by and between the Company and Dr.&nbsp;Nassim Usman, Ph.D. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d612321dex102.htm">Amended and Restated Employment Agreement, dated as of August&nbsp;29, 2018, by and between the Company and Dr.&nbsp;Howard Levy, M.B.B.Ch., Ph.D., M.M.M. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d612321dex103.htm">Amended and Restated Employment Agreement, dated as of August&nbsp;30, 2018, by and between the Company and Mr.&nbsp;Fletcher Payne.</A></TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*Denotes</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">management contract, compensatory plan or arrangement. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CATALYST BIOSCIENCES, INC.</B></P></TD></TR>
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<TD VALIGN="top">Date: August&nbsp;31, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Nassim Usman, Ph.D.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nassim Usman, Ph.D.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President and Chief
Executive Officer</P></TD></TR>
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Augustine Lawlor</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Chairman of the Board</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>27&nbsp;August 2018</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dr.</B><B></B><B>&nbsp;Nassim Usman, Ph.D.</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">965 Elsinore
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Palo Alto, CA 94303 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Dr.&nbsp;Usman: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter hereby amends and restates the terms of your employment as President and Chief Executive Officer of Catalyst Biosciences, Inc. (the
&#147;<B>Company</B>&#148;) and supersedes your previous employment letter dated 7&nbsp;September 2017. In this role, you report directly to the Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While employed by the Company, you agree to perform your duties faithfully and to the best of your abilities and to devote your full business efforts and time
to the Company. Except upon the prior written consent of the Board of Directors, you will not, during your employment with the Company, (i)&nbsp;accept any other employment, or (ii)&nbsp;engage, directly or indirectly, in any other business activity
(whether or not pursued for pecuniary advantage) that might interfere with your duties and responsibilities as President and Chief Executive Officer or create a conflict of interest with the Company. This consent will not be unduly withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your base compensation will be $40,066.67 per month ($480,800, annualized), paid periodically in accordance with normal Company payroll practices and subject
to the usual, required withholding. You will be eligible for a review of your salary in connection with the regular review of executive salaries in 2019. You will also have the opportunity to earn an annual performance-based bonus up to 50% of your
annual salary. To receive your bonus, you must be employed by the Company at the time the bonus is paid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During your employment with the Company, you will be eligible to participate in the Company&#146;s employee
benefit plans including, but not limited to, Life, Disability, Medical, Dental and Vision Insurance, 401(k), Section&nbsp;125 Flexible Spending Accounts. The Company reserves the right to cancel or change the benefit plans and programs it offers to
its employees at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a full-time employee, you will be eligible for <FONT STYLE="white-space:nowrap">paid-time-off</FONT> benefits, for such
things as sick leave, vacation time or time for personal needs, in accordance with our policies for similarly situated employees.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be eligible to
receive stock options or other equity compensation as determined from time to time by the Compensation Committee of the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event
your employment with us is terminated for any reason other than death or Disability (as defined in the relevant equity award documentation), you will have three months following the termination of employment to exercise the vested portion of any
option grant. In the event your employment with us is terminated due to your death or Disability, the vested portion of any option grant may be exercised within the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the termination of
your employment. In no event may any option grant be exercised after the expiration of its <FONT STYLE="white-space:nowrap">ten-year</FONT> term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You
should be aware that your employment with the Company is for no specified period and constitutes &#147;at will&#148; employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the
Company is free to terminate your employment at any time, for any reason or for no reason. The <FONT STYLE="white-space:nowrap">at-will</FONT> employment policy can only be changed by a written document approved by the Board and signed on behalf of
the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive Termination (each as defined below), in
each case outside of the Change in Control Protection Period (as defined below), you shall be eligible to receive (i)&nbsp;severance payments, equal to the rate of base salary which you were receiving at the time of such termination, during the
period from the date of your termination until the date that is twelve (12)&nbsp;months after the effective date of the termination (the &#147;<B>Severance Period</B>&#148;), which payments shall be paid during the Severance Period (or applicable
shorter period) in accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii)&nbsp;accelerated vesting as of the time of
such termination with respect to the unvested options held by you that would have vested during the Severance Period, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under the Consolidated Omnibus Budget Reconciliation
Act (&#147;<B>COBRA</B>&#148;) following such termination, payment by the Company of the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the Severance Period, (b)&nbsp;the
expiration of your continuation coverage under COBRA or (c)&nbsp;the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive
Termination, in each case during the six (6)&nbsp;month period prior to or the eighteen (18)&nbsp;month period following a Change in Control (as defined in the Company&#146;s 2018 Omnibus Incentive Plan, as amended from time to time) (the
&#147;<B>Change in Control Protection Period</B>&#148;), you shall be eligible to receive (i)&nbsp;severance payments, equal to the sum of (a) 150% of your annual base salary determined at the rate at which you were receiving your base salary at the
time of such termination and (b) 150% of your maximum annual performance-based bonus at the time of such termination, paid in equal installments during the period from the date of the termination until the date that is eighteen (18)&nbsp;months
after the effective date of the termination (the &#147;<B><FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period</B>&#148;), which payments shall be paid during the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period (or
applicable shorter period) in accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii) 100% percent of any unvested
options held by you will vest as of the time of such termination, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under COBRA following such termination, payment by the Company of the same portion of your monthly
premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period, (b)&nbsp;the expiration of your continuation coverage under COBRA or (c)&nbsp;the
date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any severance
benefits under this Agreement are conditioned upon your execution of a release of claims in a form provided by the Company, and any severance payments shall commence on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following your
separation, so long as you have signed a release that has become irrevocable during such period, with the initial payment including payments that otherwise would have been made during the <FONT STYLE="white-space:nowrap">sixty-day</FONT> period.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this offer letter, any cash severance payment due to you under this offer letter or otherwise will not be
paid during the six (6)&nbsp;month period following your termination of employment unless the Company determines, in its good faith judgment, that paying such amounts at the time or times indicated above would not cause you to incur an additional
tax under Section&nbsp;409A of the Internal Revenue Code and any temporary or final treasury regulations and internal revenue service guidance thereunder (&#147;<B>Section</B><B></B><B>&nbsp;409A</B>&#148;). If the payment of any amounts are delayed
as a result of the previous sentence, any cash severance payments due to you pursuant to this offer letter or otherwise during the first six (6) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
months after your termination will accrue during such <FONT STYLE="white-space:nowrap">six-month</FONT> period and will become payable in a lump sum payment on the date six (6)&nbsp;months and
one (1)&nbsp;day following the date of your termination. Thereafter, payments will resume in accordance with the applicable schedule set forth in this offer letter. You agree to work in good faith with the Company to consider amendments to this
offer letter which are necessary or appropriate to avoid imposition of any additional tax or income recognition under Section&nbsp;409A prior to the actual payment to you of payments or benefits under this offer letter. Notwithstanding the
foregoing, this offer letter will be deemed amended, without any consent required from you, to the extent necessary to avoid imposition of any additional tax or income recognition pursuant to Section&nbsp;409A prior to actual payments to you under
this offer letter. You and the Company agree to cooperate with each other and to take reasonably necessary steps in this regard. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement is
intended to comply with the requirements of Section&nbsp;409A, including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section&nbsp;409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A either as separation pay due to an
involuntary separation from service or as a short-term deferral shall be excluded from Section&nbsp;409A to the maximum extent possible. For purposes of Section&nbsp;409A, each installment payment provided under this Agreement shall be treated as a
separate payment. Any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination of employment constitutes a &#147;separation from service&#148; under Section&nbsp;409A. To the
extent that reimbursements or other <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits under this Agreement constitute &#147;nonqualified deferred compensation&#148; for purposes of Section&nbsp;409A, (i)&nbsp;such expenses or other
reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred, (ii)&nbsp;no right to such reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT>
benefits shall be subject to liquidation or exchange for another benefit, and (iii)&nbsp;no such reimbursement, expenses eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided in any taxable year shall in
any way affect the expenses eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided, in any other taxable year. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section&nbsp;409A and in no event shall the Company, any Company affiliates, or their respective employees, officers, directors, agents and representatives (including, without limitation, legal
counsel) be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; shall mean (i)&nbsp;your failure to perform your assigned duties or
responsibilities as an employee of the Company after notice thereof from the Company describing your failure to perform such duties or responsibilities, (ii)&nbsp;your engaging in any act of dishonesty, fraud or misrepresentation, (iii)&nbsp;your
violation of any federal or state law or regulation applicable to the Company&#146;s business, (iv)&nbsp;your breach of any confidentiality agreement or invention assignment agreement between you and the Company, or (v)&nbsp;your being convicted of
or entering a plea of <I>nolo contendere</I> to, any crime or committing any act of moral turpitude. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&#147;Constructive Termination&#148;</B> shall be
deemed to occur if, without your written consent, within 90 days following any of the conditions below, you terminate your employment in accordance with this provision: (A)&nbsp;the Company&#146;s material breach of this Agreement resulting from the
failure of the Company to require any successor to the Company upon a Change in Control to assume the Company&#146;s obligations under this offer letter, (B)&nbsp;a material reduction or other adverse change in your job duties, reporting
relationships, responsibilities and requirements inconsistent with your position with the Company and prior duties, reporting relationships, responsibilities and requirements, provided that neither a mere change in title alone nor reassignment
following a Change in Control to a position that is substantially similar to the position held prior to the Change in Control in terms of job duties, responsibilities or requirements shall constitute a material reduction in job responsibilities, or
(C)&nbsp;the request by the Company or its successor to relocate the principal place for performance of your Company duties to a location more than thirty (30)&nbsp;miles from your then-current principal business location; provided that (i)&nbsp;you
have provided written notice of your intent to terminate employment on the basis of a Constructive Termination within sixty (60)&nbsp;days after the Constructive Termination condition first occurs, and (ii)&nbsp;the Company fails to correct the
Constructive Termination within thirty (30)&nbsp;days after receipt of your written notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that the severance and other payments or
benefits provided for in this offer letter or otherwise payable to you (i)&nbsp;constitute &#147;parachute payments&#148; within the meaning, of Section&nbsp;280G of the Code, and (ii)&nbsp;but for this paragraph would be subject to the excise tax
imposed by Section&nbsp;4999 of the Code (the &#147;<B>Excise Tax</B>&#148;), then your benefits under this offer letter shall be either </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered in full, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered as to such lesser extent which would result in no portion of such benefits being subject to the
Excise Tax, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the Excise Tax, results in the receipt by you on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section&nbsp;4999 of
the Code. If a reduction is required and no parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, you shall be able to select which payments and/or benefits are reduced and the order of reduction. If a reduction
is required and any parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, the reduction shall occur in the following order: (i)&nbsp;options whose exercise price exceeds the fair market value of the optioned
equity, (ii)&nbsp;Full Credit Payments (as defined below) that are payable in cash, <FONT STYLE="white-space:nowrap">(iii)&nbsp;non-cash</FONT> Full Credit Payments that are taxable, <FONT STYLE="white-space:nowrap">(iv)&nbsp;non-cash</FONT> Full
Credit Payments that are not taxable (v)&nbsp;Partial Credit Payments (as defined below) and <FONT STYLE="white-space:nowrap">(vi)&nbsp;non-cash</FONT> employee welfare benefits. In each case, reductions shall be made in reverse chronological order
such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made <FONT STYLE="white-space:nowrap">pro-rata</FONT> in the
event payments or benefits are owed at the same time). The term &#147;Full Credit Payment&#148; means a payment or benefit that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section&nbsp;280G of the
Code) by one dollar. &#147;Partial Credit Payment&#148; means any payment or benefit that is not a Full Credit Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You understand and agree that by
accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not and will not during the term of your employment with the Company, enter into
any oral or written agreement in conflict with any of the provisions of this letter or the Company&#146;s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or
proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information. Also, we
expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This offer
letter and the confidential information and/or inventions assignment agreement between you and the Company represent the entire agreement and understanding between you and the Company concerning your employment relationship with the Company and
supersede in their entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. Except as specifically provided in this offer letter, this offer letter can only be
amended in a writing approved by the Board and signed by you and a duly authorized officer of the Company. Any waiver of a right under this offer letter must be in writing. The Company will require any successor to all or substantially all of its
assets or businesses to assume this Agreement and perform the Company&#146;s obligations hereunder. This offer letter will be governed by California law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of federal immigration laws, you will be required to provide to the Company documentary
evidence of your identity and eligibility for employment in the United States. Such documentation must be provided within three (3)&nbsp;business days of the effective date of your employment, or your employment relationship with the Company may be
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I look forward to your participation in the Company&#146;s future success. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Augustine Lawlor </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Augustine Lawlor, Chairman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of the Board of Directors of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Catalyst Biosciences,
Inc. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed to this </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of August, 2018 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Nassim
Usman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nassim Usman, Ph.D. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Nassim Usman, Ph.D.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>President&nbsp;&amp; CEO</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>27 August 2018</B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Howard Levy, M.D., Ph.D., M.M.M.</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">65 Van Dyke Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hopewell, New Jersey 08525 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Dr.&nbsp;Levy: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter hereby amends and restates the terms of your employment with Catalyst Biosciences, Inc. (the &#147;<B>Company</B>&#148;) as Chief Medical Officer
and supersedes your previous employment letter dated 14&nbsp;April 2016. In this role, you will report directly to Nassim Usman Ph.D., President and Chief Executive Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While employed by the Company, you agree to perform your duties faithfully and to the best of your abilities and to devote your full business efforts and time
to the Company. Except upon the prior written consent of the Board of Directors, you will not, during your employment with the Company, (i)&nbsp;accept any other employment, or (ii)&nbsp;engage, directly or indirectly, in any other business activity
(whether or not pursued for pecuniary advantage) that might interfere with your duties and responsibilities as Chief Medical Officer or create a conflict of interest with the Company. This consent will not be unduly withheld. Notwithstanding the
foregoing, the Company acknowledges and approves of the continuation of your current advisory activities to Hillhurst Biopharmaceuticals and ZZ Biotech, so long as such activities do not interfere with your duties and responsibilities to the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your initial base compensation will be $33,153.17 per month ($397,838, annualized), paid periodically in accordance with normal Company payroll
practices and subject to the usual, required withholding. You will also have the opportunity to earn an annual performance-based bonus up to 35% of your annual salary. Any annual bonus that is earned will be paid no later than March 15<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year to which the bonus relates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is anticipated that you will work
primarily from your home in Hopewell, NJ, with occasional travel to the Company&#146;s offices and for other business meetings as required. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During your employment with the Company, you will be eligible to participate in the Company&#146;s employee
benefit plans including, but not limited to, Life, Disability, Medical, Dental and Vision Insurance, 401(k), Section&nbsp;125 Flexible Spending Accounts. The Company reserves the right to cancel or change the benefit plans and programs it offers to
its employees at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a full-time employee, you will be eligible for paid time off benefits, which include sick leave and vacation time, in
accordance with the Company&#146;s policies for similarly situated employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be eligible to receive stock options or other equity compensation
as determined from time to time by the Compensation Committee of the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event your employment with us is terminated for any
reason other than death or Disability (as defined in the relevant equity award documentation), you will have three months following the termination of employment to exercise the vested portion of any option grant. In the event your employment with
us is terminated due to your death or Disability, the vested portion of any option grant may be exercised within the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the termination of your employment. In no event may any option
grant be exercised after the expiration of its <FONT STYLE="white-space:nowrap">ten-year</FONT> term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should be aware that your employment with the
Company is for no specified period and constitutes &#147;at will&#148; employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the Company is free to terminate your employment at
any time, for any reason or for no reason. The <FONT STYLE="white-space:nowrap">at-will</FONT> employment policy can only be changed by a written document approved by the Board and signed on behalf of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive Termination (each as defined below), in each case outside
of the Change in Control Protection Period (as defined below), you shall be eligible to receive (i)&nbsp;severance payments, equal to the rate of base salary which you were receiving at the time of such termination, during the period from the date
of your termination until the date that is nine (9)&nbsp;months after the effective date of the termination (the &#147;<B>Severance Period</B>&#148;), which payments shall be paid during the Severance Period (or applicable shorter period) in
accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii)&nbsp;accelerated vesting as of the time of such termination
with respect to the unvested options held by you that would have vested during the Severance Period, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act
(&#147;<B>COBRA</B>&#148;) following such termination, payment by the Company of the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the Severance Period, (b)&nbsp;the
expiration of your continuation coverage under COBRA or (c)&nbsp;the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive
Termination, in each case during the six (6)&nbsp;month period prior to or the eighteen (18)&nbsp;month period following a Change in Control (as defined in the Company&#146;s 2018 Omnibus Incentive Plan, as amended from time to time) (the
&#147;<B>Change in Control Protection Period</B>&#148;), you shall be eligible to receive (i)&nbsp;severance payments, equal to the sum of (a) 100% of your annual base salary determined at the rate at which you were receiving your base salary at the
time of such termination and (b) 100% of your maximum annual performance-based bonus at the time of such termination, paid in equal installments during the period from the date of the termination until the date that is twelve (12)&nbsp;months after
the effective date of the termination (the &#147;<B><FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period</B>&#148;), which payments shall be paid during the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period (or
applicable shorter period) in accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii) 100% percent of any unvested
options held by you will vest as of the time of such termination, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under COBRA following such termination, payment by the Company of the same portion of your monthly
premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period, (b)&nbsp;the expiration of your continuation coverage under COBRA or (c)&nbsp;the
date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any severance
benefits under this Agreement are conditioned upon your execution of a release of claims in a form provided by the Company, and any severance payments shall commence on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following your
separation, so long as you have signed a release that has become irrevocable during such period, with the initial payment including payments that otherwise would have been made during the sixty day period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this offer letter, any cash severance payment due to you under this offer letter or otherwise will not be paid
during the six (6)&nbsp;month period following your termination of employment unless the Company determines, in its good faith judgment, that paying such amounts at the time or times indicated above would not cause you to incur an additional tax
under Section&nbsp;409A of the Internal Revenue Code and any temporary or final treasury regulations and internal revenue service guidance thereunder (&#147;<B>Section</B><B></B><B>&nbsp;409A</B>&#148;). If the payment of any amounts are delayed as
a result of the previous sentence, any cash severance payments due to you pursuant to this offer letter or otherwise during the first six (6) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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months after your termination will accrue during such six month period and will become payable in a lump sum payment on the date six (6)&nbsp;months and one (1)&nbsp;day following the date of
your termination. Thereafter, payments will resume in accordance with the applicable schedule set forth in this offer letter. You agree to work in good faith with the Company to consider amendments to this offer letter which are necessary or
appropriate to avoid imposition of any additional tax or income recognition under Section&nbsp;409A prior to the actual payment to you of payments or benefits under this offer letter. Notwithstanding the foregoing, this offer letter will be deemed
amended, without any consent required from you, to the extent necessary to avoid imposition of any additional tax or income recognition pursuant to Section&nbsp;409A prior to actual payments to you under this offer letter. You and the Company agree
to cooperate with each other and to take reasonably necessary steps in this regard. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement is intended to comply with the requirements of
Section&nbsp;409A, including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event
and in a manner that complies with Section&nbsp;409A&nbsp;or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A&nbsp;either as separation pay due to an involuntary separation from service or as a
short-term deferral shall be excluded from Section&nbsp;409A&nbsp;to the maximum extent possible. For purposes of Section&nbsp;409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be
made under this Agreement in connection with a termination of employment shall only be made if such termination of employment constitutes a &#147;separation from service&#148; under Section&nbsp;409A. To the extent that reimbursements or other <FONT
STYLE="white-space:nowrap">in-kind</FONT> benefits under this Agreement constitute &#147;nonqualified deferred compensation&#148; for purposes of Section&nbsp;409A, (i)&nbsp;such expenses or other reimbursements hereunder shall be made on or prior
to the last day of the taxable year following the taxable year in which such expenses were incurred, (ii)&nbsp;no right to such reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits shall be subject to liquidation or exchange for
another benefit, and (iii)&nbsp;no such reimbursement, expenses eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or <FONT
STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided, in any other taxable year. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with
Section&nbsp;409A&nbsp;and in no event shall the Company, any Company affiliates, or their respective employees, officers, directors, agents and representatives (including, without limitation, legal counsel) be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred by you on account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; shall mean (i)&nbsp;your failure to perform your assigned duties or
responsibilities as an employee of the Company after notice thereof from the Company describing your failure to perform such duties or responsibilities, (ii)&nbsp;your engaging in any act of dishonesty, fraud or misrepresentation, (iii)&nbsp;your
violation of any federal or state law or regulation applicable to the Company&#146;s business, (iv)&nbsp;your breach of any confidentiality agreement or invention assignment agreement between you and the Company, or (v)&nbsp;your being convicted of
or entering a plea of <I>nolo contendere</I> to, any crime or committing any act of moral turpitude. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&#147;Constructive Termination&#148;</B> shall be
deemed to occur if, without your written consent, within 90 days following any of the conditions below, you terminate your employment in accordance with this provision: (A)&nbsp;the Company&#146;s material breach of this Agreement resulting from the
failure of the Company to require any successor to the Company upon a Change in Control to assume the Company&#146;s obligations under this offer letter, (B)&nbsp;a material reduction or other adverse change in your job duties, reporting
relationships, responsibilities and requirements inconsistent with your position with the Company and prior duties, reporting relationships, responsibilities and requirements, provided that neither a mere change in title alone nor reassignment
following a Change in Control to a position that is substantially similar to the position held prior to the Change in Control in terms of job duties, responsibilities or requirements shall constitute a material reduction in job responsibilities, or
(C)&nbsp;the request by the Company or its successor to relocate the principal place for performance of your Company duties to a location more than thirty (30)&nbsp;miles from your then-current principal business location; provided that (i)&nbsp;you
have provided written notice of your intent to terminate employment on the basis of a Constructive Termination within sixty (60)&nbsp;days after the Constructive Termination condition first occurs, and (ii)&nbsp;the Company fails to correct the
Constructive Termination within thirty (30)&nbsp;days after receipt of your written notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that the severance and other payments or
benefits provided for in this offer letter or otherwise payable to you (i)&nbsp;constitute &#147;parachute payments&#148; within the meaning, of Section&nbsp;280G of the Code, and (ii)&nbsp;but for this paragraph would be subject to the excise tax
imposed by Section&nbsp;4999 of the Code (the &#147;<B>Excise Tax</B>&#148;), then your benefits under this offer letter shall be either </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered in full, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered as to such lesser extent which would result in no portion of such benefits being subject to the
Excise Tax, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the Excise Tax, results in the receipt by you on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section&nbsp;4999 of
the Code. If a reduction is required and no parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, you shall be able to select which payments and/or benefits are reduced and the order of reduction. If a reduction
is required and any parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, the reduction shall occur in the following order: (i)&nbsp;options whose exercise price exceeds the fair market value of the optioned
equity, (ii)&nbsp;Full Credit Payments (as defined below) that are payable in cash, <FONT STYLE="white-space:nowrap">(iii)&nbsp;non-cash</FONT> Full Credit Payments that are taxable, <FONT STYLE="white-space:nowrap">(iv)&nbsp;non-cash</FONT> Full
Credit Payments that are not taxable (v)&nbsp;Partial Credit Payments (as defined below) and <FONT STYLE="white-space:nowrap">(vi)&nbsp;non-cash</FONT> employee welfare benefits. In each case, reductions shall be made in reverse chronological order
such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made <FONT STYLE="white-space:nowrap">pro-rata</FONT> in the
event payments or benefits are owed at the same time). The term &#147;Full Credit Payment&#148; means a payment or benefit that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section&nbsp;280G of the
Code) by one dollar. &#147;Partial Credit Payment&#148; means any payment or benefit that is not a Full Credit Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You understand and agree that by
accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into
any oral or written agreement in conflict with any of the provisions of this letter or the Company&#146;s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or
proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information. Also, we
expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This offer
letter and the confidential information and/or inventions assignment agreement between you and the Company represent the entire agreement and understanding between you and the Company concerning your employment relationship with the Company and
supersede in their entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. Except as specifically provided in this offer letter, this offer letter can only be
amended in a writing approved by the Board and signed by you and a duly authorized officer of the Company. Any waiver of a right under this offer letter must be in writing. The Company will require any successor to all or substantially all of its
assets or businesses to assume this Agreement and perform the Company&#146;s obligations hereunder. This offer letter will be governed by California law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of federal immigration laws, you will be required to provide to the Company documentary
evidence of your identity and eligibility for employment in the United States. Such documentation must be provided within three (3)&nbsp;business days of the effective date of your employment, or your employment relationship with the Company may be
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I look forward to your participation in the Company&#146;s future success. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Nassim Usman </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nassim Usman, Ph.D. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President&nbsp;&amp; Chief Executive
Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed to this </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of August, 2018 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Howard
Levy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Howard Levy, M.D., Ph.D., M.M.M. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Nassim Usman, Ph.D.</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>President&nbsp;&amp; CEO</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:71%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>27 August 2018</B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Charles Fletcher Payne</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3639 Scott Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94123 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Payne: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter hereby amends and restates the terms of your employment as Chief Financial Officer of Catalyst Biosciences, Inc. (the &#147;<B>Company</B>&#148;)
and supersedes your previous employment letter dated 7&nbsp;September 2017. In this role, you report directly to Nassim Usman Ph.D., President and Chief Executive Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While employed by the Company, you agree to perform your duties faithfully and to the best of your abilities and to devote your full business efforts and time
to the Company. Except upon the prior written consent of the Board of Directors, you will not, during your employment with the Company, (i)&nbsp;accept any other employment, or (ii)&nbsp;engage, directly or indirectly, in any other business activity
(whether or not pursued for pecuniary advantage) that might interfere with your duties and responsibilities as Chief Financial Officer or create a conflict of interest with the Company. This consent will not be unduly withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your base compensation will be $28,775.08 per month ($345,301, annualized), paid periodically in accordance with normal Company payroll practices and subject
to the usual, required withholding. You will be eligible for a review of your salary in connection with the regular review of executive salaries in 2019. You will also have the opportunity to earn an annual performance-based bonus up to 35% of your
annual salary. To receive your bonus, you must be employed by the Company at the time the bonus is paid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During your employment with the Company, you will be eligible to participate in the Company&#146;s employee
benefit plans including, but not limited to, Life, Disability, Medical, Dental and Vision Insurance, 401(k), Section&nbsp;125 Flexible Spending Accounts. The Company reserves the right to cancel or change the benefit plans and programs it offers to
its employees at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a full-time employee, you will be eligible for <FONT STYLE="white-space:nowrap">paid-time-off</FONT> benefits, for such
things as sick leave, vacation time or time for personal needs, in accordance with our policies for similarly situated employees.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be eligible to
receive stock options or other equity compensation as determined from time to time by the Compensation Committee of the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event
your employment with us is terminated for any reason other than death or Disability (as defined in the relevant equity award documentation), you will have three months following the termination of employment to exercise the vested portion of any
option grant. In the event your employment with us is terminated due to your death or Disability, the vested portion of any option grant may be exercised within the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the termination of
your employment. In no event may any option grant be exercised after the expiration of its <FONT STYLE="white-space:nowrap">ten-year</FONT> term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You
should be aware that your employment with the Company is for no specified period and constitutes &#147;at will&#148; employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the
Company is free to terminate your employment at any time, for any reason or for no reason. The <FONT STYLE="white-space:nowrap">at-will</FONT> employment policy can only be changed by a written document approved by the Board and signed on behalf of
the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive Termination (each as defined below), in
each case outside of the Change in Control Protection Period (as defined below), you shall be eligible to receive (i)&nbsp;severance payments, equal to the rate of base salary which you were receiving at the time of such termination, during the
period from the date of your termination until the date that is nine (9)&nbsp;months after the effective date of the termination (the &#147;<B>Severance Period</B>&#148;), which payments shall be paid during the Severance Period (or applicable
shorter period) in accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii)&nbsp;accelerated vesting as of the time of
such termination with respect to the unvested options held by you that would have vested during the Severance Period, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under the Consolidated Omnibus Budget Reconciliation
Act (&#147;<B>COBRA</B>&#148;) following such termination, payment by the Company of the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the Severance Period, (b)&nbsp;the
expiration of your continuation coverage under COBRA or (c)&nbsp;the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should your employment with the Company be terminated without Cause or as a result of Constructive
Termination, in each case during the six (6)&nbsp;month period prior to or the eighteen (18)&nbsp;month period following a Change in Control (as defined in the Company&#146;s 2018 Omnibus Incentive Plan, as amended from time to time) (the
&#147;<B>Change in Control Protection Period</B>&#148;), you shall be eligible to receive (i)&nbsp;severance payments, equal to the sum of (a) 100% of your annual base salary determined at the rate at which you were receiving your base salary at the
time of such termination and (b) 100% of your maximum annual performance-based bonus at the time of such termination, paid in equal installments during the period from the date of the termination until the date that is twelve (12)&nbsp;months after
the effective date of the termination (the &#147;<B><FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period</B>&#148;), which payments shall be paid during the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period (or
applicable shorter period) in accordance with the Company&#146;s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii) 100% percent of any unvested
options held by you will vest as of the time of such termination, and (iii)&nbsp;if you elect to continue your Company health insurance coverage under COBRA following such termination, payment by the Company of the same portion of your monthly
premium under COBRA as it pays for active employees until the earliest of (a)&nbsp;the close of the <FONT STYLE="white-space:nowrap">Post-COC</FONT> Severance Period, (b)&nbsp;the expiration of your continuation coverage under COBRA or (c)&nbsp;the
date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any severance
benefits under this Agreement are conditioned upon your execution of a release of claims in a form provided by the Company, and any severance payments shall commence on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following your
separation, so long as you have signed a release that has become irrevocable during such period, with the initial payment including payments that otherwise would have been made during the sixty day period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this offer letter, any cash severance payment due to you under this offer letter or otherwise will not be paid
during the six (6)&nbsp;month period following your termination of employment unless the Company determines, in its good faith judgment, that paying such amounts at the time or times indicated above would not cause you to incur an additional tax
under Section&nbsp;409A of the Internal Revenue Code and any temporary or final treasury regulations and internal revenue service guidance thereunder (&#147;<B>Section</B><B></B><B>&nbsp;409A</B>&#148;). If the payment of any amounts are delayed as
a result of the previous sentence, any cash severance payments due to you pursuant to this offer letter or otherwise during the first six (6) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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months after your termination will accrue during such six month period and will become payable in a lump sum payment on the date six (6)&nbsp;months and one (1)&nbsp;day following the date of
your termination. Thereafter, payments will resume in accordance with the applicable schedule set forth in this offer letter. You agree to work in good faith with the Company to consider amendments to this offer letter which are necessary or
appropriate to avoid imposition of any additional tax or income recognition under Section&nbsp;409A prior to the actual payment to you of payments or benefits under this offer letter. Notwithstanding the foregoing, this offer letter will be deemed
amended, without any consent required from you, to the extent necessary to avoid imposition of any additional tax or income recognition pursuant to Section&nbsp;409A prior to actual payments to you under this offer letter. You and the Company agree
to cooperate with each other and to take reasonably necessary steps in this regard. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement is intended to comply with the requirements of
Section&nbsp;409A, including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event
and in a manner that complies with Section&nbsp;409A&nbsp;or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A&nbsp;either as separation pay due to an involuntary separation from service or as a
short-term deferral shall be excluded from Section&nbsp;409A&nbsp;to the maximum extent possible. For purposes of Section&nbsp;409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be
made under this Agreement in connection with a termination of employment shall only be made if such termination of employment constitutes a &#147;separation from service&#148; under Section&nbsp;409A. To the extent that reimbursements or other <FONT
STYLE="white-space:nowrap">in-kind</FONT> benefits under this Agreement constitute &#147;nonqualified deferred compensation&#148; for purposes of Section&nbsp;409A, (i)&nbsp;such expenses or other reimbursements hereunder shall be made on or prior
to the last day of the taxable year following the taxable year in which such expenses were incurred, (ii)&nbsp;no right to such reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits shall be subject to liquidation or exchange for
another benefit, and (iii)&nbsp;no such reimbursement, expenses eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or <FONT
STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided, in any other taxable year. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with
Section&nbsp;409A&nbsp;and in no event shall the Company, any Company affiliates, or their respective employees, officers, directors, agents and representatives (including, without limitation, legal counsel) be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred by you on account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; shall mean (i)&nbsp;your failure to perform your assigned duties or
responsibilities as an employee of the Company after notice thereof from the Company describing your failure to perform such duties or responsibilities, (ii)&nbsp;your engaging in any act of dishonesty, fraud or misrepresentation, (iii)&nbsp;your
violation of any federal or state law or regulation applicable to the Company&#146;s business, (iv)&nbsp;your breach of any confidentiality agreement or invention assignment agreement between you and the Company, or (v)&nbsp;your being convicted of
or entering a plea of <I>nolo contendere</I> to, any crime or committing any act of moral turpitude. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&#147;Constructive Termination&#148;</B> shall be
deemed to occur if, without your written consent, within 90 days following any of the conditions below, you terminate your employment in accordance with this provision: (A)&nbsp;the Company&#146;s material breach of this Agreement resulting from the
failure of the Company to require any successor to the Company upon a Change in Control to assume the Company&#146;s obligations under this offer letter, (B)&nbsp;a material reduction or other adverse change in your job duties, reporting
relationships, responsibilities and requirements inconsistent with your position with the Company and prior duties, reporting relationships, responsibilities and requirements, provided that neither a mere change in title alone nor reassignment
following a Change in Control to a position that is substantially similar to the position held prior to the Change in Control in terms of job duties, responsibilities or requirements shall constitute a material reduction in job responsibilities, or
(C)&nbsp;the request by the Company or its successor to relocate the principal place for performance of your Company duties to a location more than thirty (30)&nbsp;miles from your then-current principal business location; provided that (i)&nbsp;you
have provided written notice of your intent to terminate employment on the basis of a Constructive Termination within sixty (60)&nbsp;days after the Constructive Termination condition first occurs, and (ii)&nbsp;the Company fails to correct the
Constructive Termination within thirty (30)&nbsp;days after receipt of your written notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that the severance and other payments or
benefits provided for in this offer letter or otherwise payable to you (i)&nbsp;constitute &#147;parachute payments&#148; within the meaning, of Section&nbsp;280G of the Code, and (ii)&nbsp;but for this paragraph would be subject to the excise tax
imposed by Section&nbsp;4999 of the Code (the &#147;<B>Excise Tax</B>&#148;), then your benefits under this offer letter shall be either </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered in full, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">delivered as to such lesser extent which would result in no portion of such benefits being subject to the
Excise Tax, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the Excise Tax, results in the receipt by you on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section&nbsp;4999 of
the Code. If a reduction is required and no parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, you shall be able to select which payments and/or benefits are reduced and the order of reduction. If a reduction
is required and any parachute payments constitute nonqualified deferred compensation under Section&nbsp;409A, the reduction shall occur in the following order: (i)&nbsp;options whose exercise price exceeds the fair market value of the optioned
equity, (ii)&nbsp;Full Credit Payments (as defined below) that are payable in cash, <FONT STYLE="white-space:nowrap">(iii)&nbsp;non-cash</FONT> Full Credit Payments that are taxable, <FONT STYLE="white-space:nowrap">(iv)&nbsp;non-cash</FONT> Full
Credit Payments that are not taxable (v)&nbsp;Partial Credit Payments (as defined below) and <FONT STYLE="white-space:nowrap">(vi)&nbsp;non-cash</FONT> employee welfare benefits. In each case, reductions shall be made in reverse chronological order
such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made <FONT STYLE="white-space:nowrap">pro-rata</FONT> in the
event payments or benefits are owed at the same time). The term &#147;Full Credit Payment&#148; means a payment or benefit that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section&nbsp;280G of the
Code) by one dollar. &#147;Partial Credit Payment&#148; means any payment or benefit that is not a Full Credit Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You understand and agree that by
accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into
any oral or written agreement in conflict with any of the provisions of this letter or the Company&#146;s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or
proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information. Also, we
expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This offer
letter and the confidential information and/or inventions assignment agreement between you and the Company represent the entire agreement and understanding between you and the Company concerning your employment relationship with the Company and
supersede in their entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. Except as specifically provided in this offer letter, this offer letter can only be
amended in a writing approved by the Board and signed by you and a duly authorized officer of the Company. Any waiver of a right under this offer letter must be in writing. The Company will require any successor to all or substantially all of its
assets or businesses to assume this Agreement and perform the Company&#146;s obligations hereunder. This offer letter will be governed by California law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of federal immigration laws, you will be required to provide to the Company documentary
evidence of your identity and eligibility for employment in the United States. Such documentation must be provided within three (3)&nbsp;business days of the effective date of your employment, or your employment relationship with the Company may be
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I look forward to your participation in the Company&#146;s future success. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Nassim Usman </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nassim Usman, Ph.D. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President&nbsp;&amp; Chief Executive Officer </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and
agreed to this </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of August, 2018 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Fletcher Payne&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fletcher Payne </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
