EX-10.2


 Exhibit 10.2 

May 2, 2017 
 Winnie Tso 

Dear Winnie: 
 This letter agreement
(“Agreement”) will confirm the terms of your separation from employment with ZP OPCO, Inc. (the “Company”). 
 1.
Separation of Employment. Your employment by the Company will terminate effective May 2, 2017 (the “Separation Date”). You understand and acknowledge that, from and after the Separation Date, you shall have no authority and
shall not represent yourself as an employee, officer or agent of the Company. 
 2. Stock Options. You hereby acknowledge and
agree that the Company granted you the options (the “Stock Options”) to purchase the number of shares of its common stock, par value $0.0001 per share (the “Common Stock”) listed in the table below on the dates and
with the exercise prices listed in the table below. 
  

																	
	 Date of Grant
	  	Exercise
Price	 	  	Shares of Common
Stock underlying
Stock Option	 	  	Vested Shares of
Common Stock
underlying
Stock Option	 	  	Unvested Shares
of Common Stock
underlying Stock
Option	 
	 April 30, 2014
	  	$	1.28	 	  	 	37,358	 	  	 	28,018	 	  	 	9,340	 
	 March 29, 2016
	  	$	2.57	 	  	 	15,000	 	  	 	4,062	 	  	 	10,938	 
	 March 29, 2016
	  	$	2.57	 	  	 	14,000	 	  	 	14,000	 	  	 	0	 
	 March 29, 2016
	  	$	2.57	 	  	 	3,500	 	  	 	3, 500	 	  	 	0	 

 Contingent on your execution and non-revocation of this Agreement, the vesting of the unvested shares of
Common Stock underlying the Stock Options listed above shall be accelerated such that all unvested shares of Common Stock underlying the Stock Options shall be deemed fully vested and exercisable. The Company hereby acknowledges and agrees that the
termination of your employment as provided herein is due to a Disability (as such term is defined in the Company’s Amended and Restated 2014 Equity and Incentive Plan) and that accordingly, the Stock Options shall remain exercisable for twelve
months following the Separation Date. 






 3. COBRA. Your participation in all Company benefit plans and programs will end on
the Separation Date. You understand your legal right, pursuant to the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA) and California COBRA (Cal-COBRA), after the Separation Date and upon timely completion of the appropriate forms, to
continue at your own expense, your medical and dental insurance coverage. Provided that you execute and do not revoke this Agreement, should you elect Federal/Cal-COBRA continuation coverage, the Company will pay the cost of such coverage for the
maximum period under the laws that such coverage is available to you and your dependent, so long as the Company sponsors a group health plan and you remain eligible for COBRA/Cal-COBRA coverage. The COBRA/Cal-COBRA payments described herein,
including COBRA/Cal-COBRA administrative fees, will be made by the Company directly to the Company’s third-party COBRA/Cal-COBRA administrator. 

4. Pay and Benefits Acknowledgement. You hereby acknowledge that you have been, or will be, paid all wages and other
compensation owed to you for all time worked for the Company, as well as all of your accrued and unused vacation days. You further acknowledge and understand that, except for the specific financial consideration and other benefits contained in this
Agreement, you are not entitled to and shall not receive any additional compensation, consideration or benefits from the Company. 
 5.
Covenants by You. You acknowledge and agree to the following: 
 (a) You are obligated to return to the Company, and you hereby
represent that you have returned, all Company documents, originals and copies, whether in hard or electronic form, and all Company property, including without limitation keys, computers, computer disks, pagers, phones and credit cards. 

(b) You remain bound by, and will continue to abide by, the Zosano Pharma, Inc. At-Will Employment, Confidential Information, Invention
Assignment, and Arbitration Agreement you signed on April 30, 2014, which is attached hereto and the terms of which are incorporated by reference into this Agreement, in addition to any other obligations created by law requiring you to protect
the Company’s trade secrets, and confidential and proprietary documents and information. 
 (c) Neither you nor any of the
Company’s directors, officers, or senior managers will make any statements, whether verbally or in writing (including in electronic communications) that are professionally or personally disparaging of, or adverse to the interests of, the
Company or its officers, directors, senior managers, or Winnie Tso. This includes, but is not limited to, any statements that disparage the products, services, finances, financial condition, capability or any other aspect of the business of the
Company. The Company and you further agree not to engage in any conduct which is intended to harm, professionally or personally, the reputation of the Company or its officers, directors, senior managers, or Winnie Tso. 

6. Release of Claims.  

  
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 (a) You hereby agree and acknowledge that by signing this Agreement and accepting the
consideration discussed in Sections 2 and 3, you are waiving your right to assert any and all forms of legal Claims against the Company1/ of any kind whatsoever, arising from the beginning of time
through the date you execute this Agreement. With the sole and limited exceptions set forth in paragraph (b) below, for purposes of this Section 6 the words “Claim” and “Claims” are intended to be as broad as the law
allows and to mean: any and all charges, complaints, and other form of action against the Company seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages,
or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees and any other costs) against the Company, including,
without limitation: 
 (i) Claims under any California (or any other state) or federal discrimination or fair employment practices statute,
regulation or executive order (as they may have been amended through the date you sign this Agreement), including but not limited to the California Fair Employment and Housing Act and the federal Age Discrimination in Employment Act; 

(ii) Claims under any other California (or any other state) or federal employment-related statute, regulation or executive order (as they may
have been amended through the date you sign this Agreement), including but not limited to the California Labor Code; 
 (iii) Claims under
any California (or any other state) or federal common law theory; and 
 (iv) any other Claims arising under other local, state or federal
law. 
 (b) Notwithstanding anything to the contrary contained in this Agreement, this Section 6 does not release (i) any
obligation expressly set forth in this Agreement; (ii) any claims arising solely after the execution of this Agreement; (iii) any claims or rights you may have to any vested benefits or rights under any employee benefit, welfare,
retirement and/or pension plans (not including equity-related plans); (iv) non-termination related claims under the Employee Retirement Income Security Act (29 U.S.C. § 1001 et seq.), as amended; (v) any rights and/or claims you may
have under COBRA; (vi) claims for unemployment compensation; (vii) claims for reimbursement of approved business expenses incurred prior to the Separation Date; (viii) rights, if any, to defense and indemnification from the Company or
its insurers for actions taken by you in the course and scope of your employment with the Company; or (ix) any rights you may have to obtain contribution as permitted by law in the event of entry of judgment against you as a result of any act
or failure to act for which you and the Company or its past, present and future trustees, officers, agents, administrators, representatives, employees, affiliates, or insurers are held jointly liable. 

 

	1/ 	For purposes of this Section, the term “Company” includes Zosano Pharma, Inc. and any of its divisions, affiliates (which means all persons and entities directly or indirectly controlling, controlled by or
under common control with Zosano Pharma, Inc.), parents, subsidiaries and all other related entities, and its and their directors, officers, employees, trustees, agents, successors and assigns. 


  
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 (c) You expressly acknowledge and agree that, but for providing the foregoing release of Claims,
you would not be receiving the payments and benefits being provided to you under Sections 2 and 3 of this Agreement. 
 7.
Understanding this Agreement. Before signing this Agreement, you should take whatever steps you believe are necessary to ensure that you understand what you are signing, what benefits you are receiving and what rights you are giving up.

 (a) By signing this Agreement, you are acknowledging that you have read it carefully and understand all of its terms. 

(b) You understand and acknowledge that, if you do not sign this Agreement, including the Release of Claims, you will not be receiving any
COBRA Payments. 
 (c) You understand that among other claims you are releasing in the Release of Claims are any claims against the Company
alleging discrimination on the basis of age. 
 (d) You acknowledge that you have read and understand Section 1542 of the Civil
Code of the State of California, which reads as follows: 
 A general release does not extend to claims which the creditor does not
know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his settlement with the debtor. 

You expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect and in any jurisdiction with
respect to the release set forth herein. 
 (e) You are hereby advised and encouraged to consult with legal counsel of your choosing for the
purpose of reviewing the terms of this Agreement and acknowledge that you have had access to the advice of counsel at all times relevant to this Agreement. 

(f) You are being given twenty-one (21) days in which to consider this Agreement and whether to accept this Agreement. If you choose to
accept this Agreement within that time, you are to sign and date below and return it to the Company, c/o Robb Anderson, Zosano Pharma, Inc., 34790 Ardentech Court, Fremont, CA 94555. 

(g) Even after executing this Agreement, you have seven (7) days after signing to revoke this Agreement. The Agreement will not be
effective or enforceable until this seven-day period has expired. In order to revoke your assent to this Agreement, you must, within seven (7) days after you sign this Agreement, deliver a written notice of rescission to Robb Anderson at the
address noted above. To be effective, the notice of rescission must be hand delivered, or postmarked within the seven-day period and sent by certified mail, return receipt requested, to the referenced address. 

  
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 8. Limitations. Notwithstanding the foregoing, you understand the following: 

(a) Nothing contained in this Agreement precludes you from filing a charge of discrimination with the United States Equal Employment
Opportunity Commission (“EEOC”) or any state fair employment practices agency (“FEPA) or participating in an investigation by the EEOC or any FEPA, but you will not be entitled to any monetary or other relief from the EEOC or any FEPA
on the basis of or in connection with such charge or investigation, or from any Court as a result of litigation brought on the basis of or in connection with such charge or investigation; 

(b) Nothing in this Agreement prohibits, or is intended in any manner to prohibit, you from reporting a possible violation of federal or state
law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected
under whistleblower provisions of federal or state law or regulation. You do not need the prior authorization of anyone at the Company to make any such reports or disclosures, and you are not required to notify the Company that you have made such
reports or disclosures. Nothing in this Agreement limits your ability to receive a whistleblower or other award from a governmental agency or entity for information provided to such an agency or entity. 

(c) Nothing in this Agreement or any other agreement or policy of the Company is intended to interfere with or restrain the immunity
provided under 18 U.S.C. § 1833(b) for confidential disclosures of trade secrets to government officials, or lawyers, solely for the purpose of reporting or investigating a suspected violation of law; or in a sealed filing in court or other
proceeding.
 9. Entire Agreement. You understand and agree that this Agreement constitutes the full extent of the
Company’s commitment to you. You further understand and agree that this Agreement supersedes any prior agreements between you and the Company, except to the extent other agreements are specifically referenced herein and incorporated into this
Agreement. No changes to this Agreement will be valid unless reduced to writing and signed by you and the Company. Furthermore, you acknowledge and agree that the benefits provided in this Agreement are not otherwise due or owing to you under any
Company employment agreement, policy or practice, and that the benefits are not intended to, and shall not, constitute a severance plan, and shall confer no benefit on anyone other than the parties hereto. 

10. Assignment. This Agreement and the rights hereunder are personal to you and may not be transferred or assigned by you at any
time. The Company may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business assets
(whether by merger or otherwise). 
 11. Choice of Law/Enforceability. This Agreement shall be deemed to have been made in the
State of California, shall take effect as an instrument under seal within California, and shall be governed by and construed in accordance with the laws of California, without giving effect to its conflict of law principles. 

  
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 12. General. By executing this Agreement, you are acknowledging that you have been
afforded sufficient time to understand its terms and effects, that your agreements and obligations under this Agreement are made voluntarily, knowingly and without duress, and that neither the Company nor its agents or representatives have made any
representations inconsistent with the provisions of this Agreement. 
 Your signature below reflects your understanding of, and agreement
to, the terms and conditions set forth above. 
  

			
	 Very truly yours,
  

ZP OPCO, INC.

		
	By:	 	/s/ Georgia Erbez
		 	Georgia Erbez


  

			
	Confirmed and Agreed:
	
	 /s/ Winnie Tso

WINNIE TSO

		
	Dated:	 	May 5, 2017


  
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