F-star Therapeutics Limited announced that in accordance with the Exchange Agreement, on November 20, 2020, effective immediately prior to the Closing, each of Timothy Clackson, Ph.D., Martin Driscoll, Kurt Eichler and Scott Smith resigned from the Company’s board of directors and any committees or subcommittees of the board of directors on which they respectively served, which resignations were not the result of any disagreements with the Company relating to the Company’s operations, policies or practices. Immediately prior to the Closing, the employment of each of Martin Driscoll, R. P. “Kris” Iyer, Ph.D., Lori Firmani and Garrett Winslow, was terminated without cause and each of such persons is entitled to certain severance payments and benefits, including the vesting of his or her outstanding options, as described in his or her severance agreements, respectively. In accordance with the Exchange Agreement, immediately after the Closing, the size of the Company’s board of directors was fixed at eight members, consisting of three members designated by the Company, who are David Arkowitz, Todd Brady, M.D., Ph.D. and Pamela Klein, MD, and five members designated by F-star, who are Eliot Forster, Ph.D., Nessan Bermingham, Ph.D., Edward Benz, Jr., M.D., Geoffrey Race, and Patrick Krol. In accordance with the Exchange Agreement, at the Closing on November 20, 2020, the board of directors and its committees were reconstituted, with Pamela Klein, M.D., Patrick Krol, and Geoffrey Race, being appointed as Class I directors of the Company, whose terms expire at the Company’s 2022 annual meeting of stockholders, David Arkowitz, Nessan Bermingham, Ph.D., and Eliot Forster, Ph.D., being appointed as Class II directors of the Company, whose terms expire at the Company’s 2023 annual meeting of stockholders, and Todd Brady, M.D., Ph.D. and Edward Benz, Jr., M.D., being appointed as Class III directors of the Company, whose terms expire at the Company’s 2021 annual meeting of stockholders. David Arkowitz, Geoffrey Race, and Todd Brady, M.D., Ph.D. were appointed to the Company’s Audit Committee (with Mr. Arkowitz appointed to serve as chair of the committee); Geoffrey Race and Nessan Bermingham, Ph.D. were appointed to the Company’s Compensation Committee (with Mr. Race appointed to serve as chair of the committee); and Nessan Bermingham, Ph.D. and Pamela Klein, M.D. were appointed to the Nominating and Governance Committee (with Dr. Bermingham appointed to serve as chair of the committee).