BICYCLE THERAPEUTICS plc
EX-10.11
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>2
<FILENAME>bcyc-20211231xex10d11.htm
<DESCRIPTION>EX-10.11
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.11.0.85--><!--Created on: 3/1/2022 03:36:56 AM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:12.09%;padding-right:10.7%;position:relative;"><div style="margin-top:11.35pt;width:100%;"><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt -57.8pt 0pt 0pt;"><img src="bcyc-20211231xex10d11001.jpg" alt="Graphic" style="display:inline-block;height:74.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:163.2pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><a name="_Hlk90645944"></a>Exhibit 10.11</p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt;">Dr Michael Skynner<br><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt 0pt 10pt 0pt;">January 5, 2022</p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">Dear Michael,</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;min-height:15.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Myriad Pro Light';font-size:11pt;font-weight:bold;">Amendment to your service agreement with BicycleTX Limited (the &#8220;Company&#8221;) dated 26 September 2019 (the &#8220;Service Agreement&#8221;)</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><a name="a382232"></a><a name="main"></a><font style="font-family:'Myriad Pro Light';font-size:11pt;">Following our recent discussions regarding a move from the Chief Operating Officer role to the new Chief Technology Officer role, I am happy to write to you to confirm this agreed move and to confirm the applicable amendments to the terms set out in your Service Agreement.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">With effect from 3 January 2022: </font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Myriad Pro Light';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Clause 2.1 will be amended such that you shall serve as Chief Technology Officer (&#8220;CTO&#8221;) instead of COO.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Myriad Pro Light';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Any further references in the Service Agreement to COO will now read CTO.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Myriad Pro Light';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">3.</td><td style="padding:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Clause 4.1 will be deleted and replaced with:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 36pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">Your salary will be &#163;405,100 per annum paid monthly in arrears on or about the last working day of each month (less statutory and voluntary deductions) (&#8220;</font><b style="font-family:'Myriad Pro Light';font-size:11pt;font-weight:bold;">Salary</b><font style="font-family:'Myriad Pro Light';font-size:11pt;">&#8221;). Your Salary will be reviewed annually in accordance with the Company&#39;s practices from time to time (which is expected to be by the end of the first quarter of each year). You will be notified in writing of any changes to your Salary or benefits.</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Myriad Pro Light';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">4.</td><td style="padding:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">The percentage figure set out twice in the body of Clause 4.4 will be amended from 40% to 45%.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><a name="a848164"></a><font style="font-family:'Myriad Pro Light';font-size:11pt;">The remaining terms of your employment shall continue to apply without change</font><font style="font-family:'Myriad Pro Light';font-size:11pt;">.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">Please sign a copy of this letter where indicated below to acknowledge receipt and your agreement to the terms of this letter.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><a name="a474210"></a><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">BicycleTx Limited</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Building 900</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Babraham Research Campus</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Cambridge CB22 3AT<br><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Tel: +44 (0)1223 261503</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;"><b style="color:#f79646;font-weight:bold;">www.bicycletherapeutics.com</b></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-size:8pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">BicycleTx Ltd. Company number 11036101. Registered in England.</p><div style="height:20.15pt;left:0%;position:absolute;top:741.6pt;width:201.6pt;z-index:-251658240;"><img src="bcyc-20211231xex10d11002.jpg" alt="Background image" style="left:0pt;position:absolute;width:100%;z-index:-1;"><div style="height:20.15pt;left:0pt;position:relative;top:0pt;width:201.6pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7pt;line-height:10pt;width:100%;margin:0pt;">8553711 v2</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7pt;line-height:10pt;width:100%;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:12.09%;margin-right:10.7%;margin-top:30pt;page-break-after:always;width:77.2%;border-width:0;"><div style="max-width:100%;padding-left:12.09%;padding-right:10.7%;position:relative;"><div style="margin-top:11.35pt;width:100%;"><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt -57.8pt 0pt 0pt;"><img src="bcyc-20211231xex10d11001.jpg" alt="Graphic" style="display:inline-block;height:74.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:163.2pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">If you have any questions regarding the information in this letter, please let me know</font><font style="font-family:'Myriad Pro Light';font-size:11pt;">.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">Yours sincerely</font></p><p style="border-bottom-style:none;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;padding-bottom:6pt;margin:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;margin-bottom:6pt;visibility:hidden;">&#8203;</font></p><p style="border-bottom-style:none;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;padding-bottom:6pt;margin:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">/s/ Kevin Lee</font></p><p style="border-bottom-style:none;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;padding-bottom:6pt;margin:0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;">Kevin Lee, CEO<br>For and on behalf of the Company</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;padding-bottom:1pt;border-bottom:1.5pt solid #000000;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Signed:</font></font><font style="font-family:'Myriad Pro Light';font-size:11pt;">/s/ Michael Skynner</font><u style="font-family:'Myriad Pro Light';font-size:11pt;text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:12.02pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Name:</font></font><font style="font-family:'Myriad Pro Light';font-size:11pt;">Michael Skynner</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:15.0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Myriad Pro Light';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Date:</font></font><font style="font-family:'Myriad Pro Light';font-size:11pt;">January 6, 2022</font><u style="font-family:'Myriad Pro Light';font-size:11pt;text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:29.11pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">BicycleTx Limited</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Building 900</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Babraham Research Campus</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Cambridge CB22 3AT<br><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">Tel: +44 (0)1223 261503</p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;"><b style="color:#f79646;font-weight:bold;">www.bicycletherapeutics.com</b></p><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-size:8pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Myriad Pro Light';font-size:8pt;line-height:1.19;text-align:right;margin:0pt;">BicycleTx Ltd. Company number 11036101. Registered in England.</p><div style="height:20.15pt;left:0%;position:absolute;top:741.6pt;width:201.6pt;z-index:-251658240;"><img src="bcyc-20211231xex10d11002.jpg" alt="Background image" style="left:0pt;position:absolute;width:100%;z-index:-1;"><div style="height:20.15pt;left:0pt;position:relative;top:0pt;width:201.6pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7pt;line-height:10pt;width:100%;margin:0pt;">8553711 v2</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7pt;line-height:10pt;width:100%;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><p style="font-family:'Myriad Pro Light';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:12.09%;margin-right:10.7%;margin-top:30pt;page-break-after:avoid;width:77.2%;border-width:0;"></body></html>
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